Even fixer-uppers are outrageously priced now. People think, probably correctly, that these low mortgage interest rates aren't going to be around long now that Traitor Joe, the Ho and their cabal of incompetents are in charge.
There have been numerous articles and mentions of us going to a jimmie carter enconomy. In 1980, I bought a new house at 13% interest rate on the mortgage...my neighbor had 18%.
Millinials don’t buy fixer uppers. They want turn key. They don’t even want to paint. They want neutral colors on walls.
I stopped buying, flipping and building new in my area -
sh!t boxes are going for $550-600k, plus material costs & shortages, all the subs buried in work and months out.
Even with high housing prices, margins are too thin
From what I’ve read pension funds are buying whole neighborhoods of 1500+ sq foot houses.
I think you’re right about people worrying, but I also think the Fed is going to keep the rates artificially low to protect Harris, CornPop and their administration. They need people to keep borrowing money and high rates won’t allow that.
My uncle’s buddy just had the contract on a new construction canceled by the builder. Work didn’t start and with the rising costs the builder would have been underwater on the build, given the contract price, so he had to pull out.
Everything revolves around oil and the ability to get it out of the ground and put it in a fuel tank or take old oil and turn it into rubber and plastic. Ol’ CornPop, or should I say his puppet masters, are dead set on destroying the industry and everything else.