I love helping people find a place to call home. When the market was very hot here in Port Saint Lucie it was clear that one of the reasons for the sharp rise in prices was the practice of flipping. Now let me say from the beginning that I do not see anything wrong with a person investing money in real estate to make a profit. But the more dollars that flew into the market for a quick flip, the more the demand increased and supplies shrank. Well as any other cycle goes those flipping dollars built more homes at what would become a higher asking price then there were buyers to buy. You combine that with some sub prime troubles and OOPs.
But less we think everybody should buy a tent and keep our money in a cookie jar let's look at the upside. What upside you say?
The facts are that homes are much more affordable now and even if they came down a little more would that hurt a person buying a home today that intends to live there for more then a year or two? Of course not, once the dust clears on this market prices will again be on the rise, more slowly to be sure, but on the rise never the less. Now I can not answer for other areas of Florida or the country but this I know. Port St Lucie is still a great place to live. Miles of unspoiled beaches great golf just an all around great place to live and raise a family. And here in any market you could get more bang for your housing dollars then you could in the counties to our south. So flipping a house that's( flipped on outa here). But if more people will be able to get a Home not just an investment but a Home that will suit their needs at a price they can afford well then maybe it's not such a bad thing. This market will pass and our communities will end up being stronger for it.