A friend of mine wanted to start flipping houses back in 2006 or so. He was going to build up his credit so he could buy multiple houses at the same time.
I told him housing prices were far more expensive relative to personal income than was historical. It was going to crash.
He said this time is different. The market is going up and will never go back down. Up up and away! The sky’s the limit! To the moon!
Last year I was talking to a young realtor. She’d been in the business for about a year. She said the housing prices were reflecting a “new normal” because this time it’s different.
I told her housing prices were far more expensive relative to personal income than was historical. It was going to crash.
Then she informed me the market is going up and will never go back down. Up up and away! The sky’s the limit! To the moon!
Probably about 20-30 years from now people will be saying the exact same thing again.
Yup—house flippers and realtors are a dime a dozen.
Smart ones are true Unicorns!
(Stevie Wonder coulda seen this disaster coming...)