Graham Stephan
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Real estate went up.
Real estate went up even in 1981, which is the worst affordability ever.
What did happen and what allowed me to make a great call back in 2022 was transactions crashed 50%.
Transaction crashed for new homes, for existing homes.
That is a problem.
And that's the affordability problem.
Why are we not selling more homes today?
Why do 72% of people say it's not a good time to buy?
It's affordability.
But again, the lack of affordability does not mean prices fall.
It means transactions fall.
Why do you think prices don't fall when affordability goes down?
Because you don't have a motivated seller and you need waves of motivated seller.
Think about today.
You guys own some real estate.
You know lots of people that own real estate.
Most of them, I'm guessing, have interest rates below 4% and probably even below 3%.
Do you know what that means?
That means they took their second largest expense, X taxes, second largest expense, X taxes, and fixed it for 30 years.
They are now living a better life