Across every investment class there has been a trend of buyers needing to become more financially irresponsible in order to participate in the market.
Need to buy a house? bid 20% more than asking, if you don't - someone else will.. in cash.
Need to build a ride-hailing app? prepare to pay people to ride indefinitely.
Need to own a growth stock? prepare to pay upwards of 100x multiple on revenue.
All around, there have been too many dollars chasing too few assets. I suspect the pendulum is swinging now that housing got to the price point where employees demanded equivalent pay increases to housing cost increases.
Need to buy a house? bid 20% more than asking, if you don't - someone else will.. in cash.
Need to build a ride-hailing app? prepare to pay people to ride indefinitely.
Need to own a growth stock? prepare to pay upwards of 100x multiple on revenue.
All around, there have been too many dollars chasing too few assets. I suspect the pendulum is swinging now that housing got to the price point where employees demanded equivalent pay increases to housing cost increases.