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1 in 4 flippers sold their homes for LESS $$$ than expected in our 4Q22 survey. Elevated rates and falling home prices are scaring buyers wary of buying on the way down, but investors are clearly looking to acquire now and refinance later. 🧵Flipper comments to follow ->
#Austin flipper: “Austin has an overinflated housing market that is compounded by elevated interest rates. This has resulted in a downward spiral in qualified buyers. The fix and flip market is pretty much gone. Prices in most areas are down about -30% or more in recent months.”
#Baltimore flipper: “We’re looking forward to a big 2023. I hate to say it, but a lot of it’s going to be on the backs of consumers with hardships, or circumstances where they have no other options. But that’s our bread and butter.”
