A home buyer who buys a home with cash can make more than he or she bargained for, according to a new report.
A real estate agent who sells a home in a hurry can make far more than the buyer bargained, the Institute for Supply Management says.
“Real estate agents are more likely to sell a house that is at risk of foreclosure than one that is safe,” said Mark Schlosser, chief economist at the institute.
Schlosser is the author of a new book, “The New Economics of Real Estate,” which argues that the market is in a bubble.
The boom in real estate values that followed the 2008 financial crisis and the rise of social media has created an unprecedented opportunity for homebuyers to make a quick profit.
Since 2000, the average price of a home has jumped more than 200 percent, from $5,300 to $12,500.
The average sale price for a home sold within six months has jumped from $1.9 million in 2006 to $2.2 million in 2016.
The average sale time has jumped by nearly a decade from a year and a half to nearly a year.
Real estate values are up by $4.9 trillion, or about 5 percent of the nation’s economy, according the National Association of Realtors.
That’s a huge jump, but economists caution that the value of houses is only one component of a much bigger picture.
Real estate bubbles aren’t limited to the United States.
In fact, there are at least 13 countries in which the price of homes is higher than it was before the housing bubble burst in 2008.
In Australia, for example, home prices are up nearly 90 percent since 2006.
The report also showed that many Americans are finding it increasingly difficult to buy homes.
In the past three years, the number of Americans who have paid less than 30 percent of their income on their home is up nearly 300,000, according data from the National Credit Union Administration.
This year, the median home price in California is $1,900,000.
And if you live in New York City, you are likely to be among the first to see the effects of the city’s housing crisis.
In the past decade, the city has lost nearly 10,000 homes, according for the RealtyTrac Real Estate Council.
New York is also among the most expensive cities in the country for home purchases, according TOHO data.