Discover and read the best of Twitter Threads about #fortwayne
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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.”
Big takeaways from our survey of fix-and-flippers last week: 1) Rates have massively slowed transactions and prices are falling broadly. 2) Lots of talk about flippers changing strategies, holding-and-renting instead of flipping, or exiting the space entirely.
COMMENTARY 🧵->
COMMENTARY 🧵->
#Atlanta flipper: “Many highly-leveraged flippers will need to go out of pocket to sell or will default on no-recourse loans. We will not see improvement until the 2nd half of 2024. Many will not make it to that point and there will be some bargains for cash-flush investors.”
#Baltimore flipper: “Sellers are still not reacting to market shifts. Sellers need to lower prices.”
