December 18, 2005

Goodbye day traders in 2000, goodbye flippers in 2006: Real estate slump chills 'flippers'


Ah, I'll sure miss 'em. 22 year-olds with 14 houses, bartenders spouting about retiring by 30.

Note to flippers (and former day-traders): Get a job. Work hard. Contribute to society. And sorry about that Chapter 11 rule change.

Get in, get out, get the next deal. That's the code of the ''flipper. Flipping -- buying and quickly reselling homes -- has helped some investors make a killing over the past few years in markets such as the North Shore.

But with concerns rising about a slowing housing market, has the world flipped on flippers?

Some analysts and brokers think so. Short-term investors can't expect the same quick, lucrative turnarounds anymore, said Beverly realtor Pam Cote. There are many more properties on the market, and buyers are spending more time deciding, she said.

4 comments:

000000000000000000000000000000000000 said...

Many of these flippers were my customers. I will miss them and their money. No joke, I have come to rely on it.

Out at the peak said...

devestment: Are you sticking with your career (lending, appraiser, agent?) or are thinking of doing something else?

000000000000000000000000000000000000 said...

I make lighting and deal decorative objects. I will stay with it and modify to follow the new market. I have been through this before. If it is like last time there will be a 3 year period that is very slow. Remember deficit trading, trickle down economy, and Reganomics? After that there were several years of slow improvement. It was difficult to keep up my debit service in the last crash. The income shrank while the debit grew. My home lost 50% equity and could be rented or bought for half what I was paying. I walked away on a short sale as did many of my neighbors. Chicken Little is afraid because the sky whacked him on the head once before.

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