I completely understand the distinction, but it’s not entirely different from other assets for the typical American. The two largest wealth assets are their homes and 401k/pensions. Both those groups have a lot of friction before their gains can be realized.

And many people do downsize as they get older, meaning it’s less expensive to move events if their home value increased. Unfortunately, many people (just skim this thread) assume home values always go up so they consider them an investment.