Quote:
Originally posted by Wayne at Pelican Parts
My house just closed! Profit is locked in. I'm going to open a bottle and celebrate!
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You barely got to the line, Wayne. Congrats!
Here's another quote from mrlandlord.com Q&A forum. The thread is entitled,"It's Starting."
"It is starting to happen. We have a 3/1 apartment available. We got a call last night from a lady who has always rented, but decided to buy a house. Now she can't afford the $1200/month payment (probably PITI) and is interested in my $725/month apartment."
Another landlord in TX reported filling 6 long-term vacancies within the span of a couple weeks. I'm honestly very surprised the turn is so quick. It's almost overnight.
I feel the market is teetering. In some areas, the fallout will be nasty, while other areas see more stagnation. The potential downside is huge given the massive appreciation we've experienced the last 10 years. I fear for RE brokers/agents, builders, contractors, and mortgage companies. They've had it so good for so long.
motion, you listening?