What a change from the last few years, those years where no one dared to say the B-word. Heady days.. You couldn’t lose on real estate speculation. Seems that opinion is shifting rapidly, much more rapidly than even I could have imagined.
I’m not sure if anyone caught the NY Times article from yesterday:
Slowing Is Seen in Housing Prices in Hot Markets
“More sellers are putting their homes on the market, houses are selling less quickly and prices are no longer increasing as rapidly as they were in the spring, according to local data and interviews with brokers.”
It’s something the RE bears have been noticing for some time, the growth rates were entirely unsustainable, and it was only a matter of time before the house of cards tumbled back to the ground.
I’m happy to start seeing articles of this nature in print, in the past, you seldom saw anything but Real Estate cheerleading in the press. These articles will, no doubt, have a strong impact on buyer psychology..
grim
Negative Sentiment is changing rapidly in this day of interent and 24 hr news.
The real estate industry could manipulate info much more easily in the past due to greater transparency today.
News travels quickly and the secret is out. The housing market is neading down.
Don’t rush out the door to quickly.
I have a bid and it’s 50% lower.
It’s time to sell. And buy back in a year or two at 20% – 30% lower than the current price.
Rental market price is so low that it does not justify to buy an investment property to rent it out, unless one is counting on the 20% appreciation, which is NOT likely in a near future.
so many people I know bought $1M-$2M investment houses hoping to flip them within a year or two with 5% money down, with 1%-2% Interest Only payment option.
I hope these Greedy investors will learn their lessons soon.
I am all for sound investment, but too many people are making mistakes hoping to get 100% return within a year.