I read an article today on the National Public Radio Website that suggested that Cash Flippers are propping up the Real Estate Market. You can read it here.
Believe it or not, I received a phone this afternoon from someone who had seen the same story! Apparently it had been on the radio today as well, he had heard it and he wanted a ridiculously underpriced home to buy. But there was an issue…
Maybe it’s me and maybe it’s the markets that I work in (which are spread all over the Dallas/Fort Worth Metroplex) but I’m just not seeing this sort of inventory or opportunity. The investor they refer to in the article is in the Baltimore area, but locally we are just not seeing the sorts of drastically underpriced properties that flippers would be clawing at one another in a bidding war to purchase and rehabilitate.
As our friends at the National Association of REALTORS® have been pointing out for a long time now, all markets are local markets. I had to do a lot of educating about that to my caller. I’m glad that the Baltimore market is being propped up by cash paying investors, but that’s simply not the case here in Dallas. Our market is certainly a bit slower than we would like for it to be, and there the slight softening of prices that we often see at the end of the summer once school has begun for the children… but from what I am seeing, our market is holding its own. Do you think I can get NPR to put that on the news?
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