Re: Real Estate people: I want to buy a house, advice?
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FWIW I don't think spex or any of my RE friends are going to find themselves unemployed soon. Specific markets like the high end LV strip condo things might end up taking a bath for long periods, but I'd be more hesitant to thing housing prices are going to drop considerably for extended periods.
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Are your friends investors or realtors? Realtors will make money regardless of the direction. There is a huge overhang of houses, in PHX unsold inventory has increased 150% over the last two years. They will eventually be sold, and I can't imagine any other scenario than fire-sale prices, but either way the realtors will get their commissions.
Investors are in a tougher boat. But regardless of macro conditions, if you make smart decisions, i.e. buy the few homes that will rent at positive cash flow, you'll probably do fine.
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