Ever since the housing market has emerged from its pandemic-driven freeze 🥶 in late spring 🌱, there has been a frenzy 🚨 of home buying and a sharp rise ⏫ in prices. The common explanation is that the pandemic has swollen the ranks of those who need more private space for work 👔 and play 🏌️♂️ and safety 😷, typically farther from urban centers 🌃.
State lawmakers ⚖️ are quietly 🤐 reviving plans for an annual tax 🧾 on second homes 🏘 in New York City 🗽. The reach for revenue goes beyond the rarefied condo towers 🌇 of Manhattan’s Billionaire’s Row, with different taxing methods 💸 for every category of homes owned by part-time 📆 residents across the boroughs.
It's hard to imagine 🤔 the market turning when, every month, properties are selling for higher ↗️ and higher ↗️ prices 💵. It would be rare for a market to plunge ⏬ overnight the way a stock market 📉 could. It's just not the same. Although we have seen sudden changes in real estate, the following indicators ⚠️ can usually be seen weeks 📆 in advance:
As economic uncertainty 🤷♀️ from the pandemic continues to upend expectations for 2020, the tight housing market is a leading indicator 📊 of where Americans 🇺🇸 want to spend 🛍 their money.