I think our friend from Texas is back because no one in the area can afford a $600k home. A quick check of labor stats for Potter county show the average weekly income of $667.
He is thinking that someone here who had a mortgage on a $400k home that was sold last year for $1.1mil might have the equity to buy it. Unfortunately, those gains were mostly on paper and very few people cashed out. A lot of the people who did cash out hang around here, so he is targeting the right audience. The catch is: if you were smart enough to cash out last year, are you now foolish enough buy again this year (especially in a location were the economy can’t support the price)?
