Forty deals to zero in the blink of an eye. That’s got to be a tough way to make a living, but in the current real estate market it’s becoming a reality. Ron Butler’s Twitter feed here.
On a personal note, my wife’s cousin from California was working as a mortgage broker. He is now laid off and looking for a new career. Another cousin in the GTA went from house flipping for a living to doing handyman work as house flipping now brings a negative margin.
A relative of mine got pushed out of the realesate biz in the eighties. Remember those rates? If you have cash things may be good. ish.
RE agents are somewhat responsible for various build ups in the market, that the market couldn’t really support. I’ve seen a few places around me that would normally go in 10 to 15 days hanging around for 60 to 90 even with price drops.
And there are several agents who used the “if it doesn’t sell in 90 days, I’ll buy it” model, who are getting stuck with places they can’t move unless they take the loss.
Well, that isn’t everywhere, thankfully. In my neck of the woods, at least four houses closed in the last 30 days with an average price of over $300k. Currently, I’m about to list my parents house and I had a realtor over there yesterday. He assures me it will likely sell within 30 days for over $500k.
He informed me that new house building is in the toilet mostly due to rates and supply line issues….but older houses and fixer uppers are selling rather well…and quickly.
Hard to feel sorry for a bunch of vampires that inflated the market and got people desperate for housing into bidding wars so they could inflate their profits. A military friend of mine got told that if he offered the real estate agent a bigger percentage that the government was offering through relocation services, that he would get better, preferential treatment. Very, very sketchy.
“Hard to feel sorry for a bunch of vampires that inflated the market and got people desperate for housing into bidding wars so they could inflate their profits. ”
Heh. The real vampires, the creators of this crisis, ain’t hurting at all. They’re just sitting back counting their profits and laughing.
There’s rumours Trudeau is planning a spring election presumably to beat the big drop down. Unless we’re talking March I think it’ll be way too late.
I would be pleasantly surprised if Trudeau were to call an election. Should the CPC win we would at least have a government in place that might have the skill and the stones to attempt to get us through the economic storm thats coming. If Trudeau won again, well then we were going to get ground up by him and his coterie of know nothings and backroom power players in any event.
Well you must admit the WEF has been working on bringing this reality about for a very long time. it is a feature not a bug.
I saw this coming from a long while back, I even recall a post I did on SDA about six months back re the bubble popping. If I remember correctly, I said I expected it would drop house values 25 – 30%.
After a very long slog, my home is mortgage free, and I have no plans to leave or sell. Although I would prefer it maintain it’s value, at least I will still have a roof over myself and mine if values do crash. It'[s all those who hold mortgages now, and mostly those with variable rate mortgages that saddens me. Some didn’t know better, but most did, and they still blew caution to the wind, and now they will get the shaft over the next while. I’m also of the opinion that all this upheaval, not just the housing market, but all of it, is WEF/UN/WHO etc deliberately caused. This ugly evil war against us all is now emerging from the shadows!