Circumstances Flip Housing Market

We hear that the market for flipping houses is suffering.
The art of “flipping” a house, or buying property and reselling quickly for a significant profit, has been a hot market for several years.
Today, however, there are so many investors specializing in that real estate strategy that bargains are to just too hard to come by.
“And, sellers can get any idiot to buy,” groused a local contractor/speculator close to the market. He commented that often buyers are too eager and wind up paying too high a price for a property, which cuts their profits.
Two other factors are putting a huge damper on the market:
House Bill 1804, a strict reform bill meant to discourage illegal immigration, goes into effect Nov. 1. The contractor said many immigrant workers, who were employed in the housing construction and renovation market, have left Oklahoma.
“They are afraid. They’ve left for Mexico,” he said.
Thirdly, the collapse of the sub-prime market, which triggered the stock market to react last month, has dried up a lot of capital.
“There’s not the easy cash now,” he said.
So, what’s he doing now?
“I’m sticking to apartments.”



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