Quote:
Originally Posted by Biggd
The biggest difference I see today is a lot of properties are selling for cash, no mortgage means no foreclosure. So unless we see a major recession I don't see it any time soon but I do think the market will slow down.
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Right you are.
This isn’t 2008. What is far more likely to happen, is available inventory will go up once forbearance ends. That will have (if only temporarily) a flattening effect, but it’s highly unlikely to affect this area. This is a vacation area and an area of wealth with many cash buyers.
What a house is worth isn’t determined by shocked locals who have seen a milder market in the past. Sure, covid has unexpectedly compounded this, but the effects on demand may be permanent: Every day, more professionals and executives have the option and make the decision to telecommute. Covid gave this a big boost, but many of the effects will be lasting: Companies don’t need a large, expensive, central office to be successful.
Where are you going to live when you can live anywhere you want?
Most of us know the answer to that
09-05-2021, 08:34 PM
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