After reading the comments from the CEO of Redfin I’m not sure what’s worse, the super low inventory (apparently nationwide) or the fact that everyone wants to hold on to their home, buy a second home and become an AirBnB host.
Don’t get me wrong. I love AirBnB but at some point the economics stop working. If everyone lists their property on AirBnb the economics start working against you, not to mention that the willingness of municipalities, neighbors and hotels have a threshold for what they are willing to take.
This all smells too familiar yet very few want to call it that way.
So you can blame super low inventory and Air Bnb for the fact that home prices in El Segundo have increased 70% in five years. Anyone get a 70% raise in that five year time frame?