Is the market going to go KABOOM?
*This thread hasn't been written to instill fear or troll other investors!
So I am a new investor in the market (in Pensacola, FL). Important to note, that even though I have a professional degree and make over $100k a year, I have not bought a house bc I was waiting for the market to slow down. Needless to say, houses do not stay on the market very long in PNS. Most low income houses ($100-150k) stay on the market for 15 min... not very long. Larger, more expensive house ($350k+) stay on the market for 2-3 months.
I have a good chunk of money saved for a cash offer and a withering 1031 that I am pondering to trash. Why? I really think the market is gone wildly out of control in PNS. United Airlines just released information about laying-off 50% of their workforce, 17 million are on UE, and the $600 UE is about the expire... and the leads me the conlsuion that many houses may be on the market in 6 months.
What do you think is going to happen? Are you trying to save cash for the impending housing crash?
Thanks yall!!!