CNBC reports a real mismatch between home sellers and buyers in the real estate markets. This is most pronounced in large cities, e.g., Los Angeles (my home), San Francisco and New York, where the disparity between the listed prices for homes vs. buyer affordability, is even greater.
The gap doesn't just affect first-time home buyers or less-affluent shoppers. Well-educated, high-income young physicians, attorneys, IT staff and other professionals are frequently included in the category of just not being able to compete in today's market. Physicians who choose to purchase using "doctor loans" are often being shut out of sales in markets for which older buyers can easily out-compete with 20%, 30% or more for down-payments.
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