Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Real Estate News & Current Events
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

22
Posts
18
Votes
Kevin Parekh
  • Pensacola, FL
18
Votes |
22
Posts

Is the market going to go KABOOM?

Kevin Parekh
  • Pensacola, FL
Posted

*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!!!

Most Popular Reply

User Stats

373
Posts
303
Votes
Matt Jones
  • Real Estate Agent
  • Pensacola, FL
303
Votes |
373
Posts
Matt Jones
  • Real Estate Agent
  • Pensacola, FL
Replied

I can't speak to what the overall economy and housing market will do but I was listening to a recent interview with one of the largest brokers and developers in Pensacola who is known for really digging into the market statistics and trends.  He said that Pensacola has a shortage of inventory(definitely true) and that it would take 3-5 years for inventory to catch up with demand.  If those 17 million unemployed people don't go back to work fairly quickly that will have a long term impact on our economy but assuming we don't head into a major recession it's unlikely that prices plummet.  Could they stagnate or drop a little?  Sure.  A major price drop seems very unlikely though.  I have put 4 homes under contract in the last week.  None of them lasted more than 3 days on the market and that is only because the owners were sorting through 3+ offers for each which means 2 or more buyers for each house that went under contract are still looking.  I believe in setting your buying criteria and sticking to it(don't overpay because the market is hot or you feel impatient) but if the right property hits the market now and meets your criteria I wouldn't pass on it in anticipation of getting a 2008 type deal 6 months from now.  

Loading replies...