I talk to buyers, sellers and renters every day, and no one here is waiting for a collapse. They buy and sell if they have a reason, just like always. They rent due to many factors, individual affordability, mobile lifestyle, poor credit, temporary situations due to divorce, job changes, building a new home, drug lifestyle, gang lifestyle and so on.
“People who want to sell, but aren’t finding buyers are becoming landlords.”
There is a little of that, mostly in the condo market. But the supply of rentals is going down overall. Properly priced homes are selling just fine here. Most upside down sellers are in recently bought condos. That inventory is dropping, so we should see improvement there by next year.
I think the FED can hold off the large downturn that is coming for about 3-4 years. That one will hit most markets in the country.
How’s the foreclosure situation in Colorado Springs?
When I was there in July, the rental homes were pretty obvious and plentiful in every neighborhood with houses under 200k.
Do you “Fool Around” with real estate there - or is that outside the scope of your ant-farm?