[quote=Doooh]I can’t find decently priced “fixers” in decent locals.
The investors have driven the prices up to the point it doesn’t matter what condition the house is in… They sellers still use the same comps to list them on the MLS and they sell.
This would be 1 reason I still believe there’s a bit of a leg down left. Until the delapitated homes come in line with reality, then we’re still in the bubble.[/quote]
Amen, Doooh!
This is exactly why I hate flipping. It masks the real problems, and pushes up prices because idiot buyers with no/little money in the game (3-5%), and no idea for what really matters in a home, are bidding up these flipped properties all over the place.
Like you’ve said, the flippers are bidding them up well above their real value because they know that with a $20K “Pergraniteel” fix, they can charge some unsuspecting dupe $200K more than what they’ve paid for it.
The whole thing sucks, but for as long as the govt is in the mortgage business (no private lender would make a 90%+ LTV loan on a house that is selling for hundreds of thousand more than it sold for just a few months ago) this is what we’re stuck with.
