According to David Elian, a Realtor and broker associate with Coldwell Banker Vanguard Realty, most remote workers are moving from California, New York, Minnesota, Oregon and Washington.
Elian said the rush of remote workers is a big reason why the market is so hot. Houses in St. Johns County are on the market for 16 days on average before getting snatched up, according to data from the Northeast Florida Association of Realtors.“A lot of them are coming with cash and it’s very tough for the local buyer usually that doesn’t have $400,000 or $500,000 cash,” he said.“People’s taxes go up. Their insurance goes up. Really everything is going up,” Elian said.
The United States could see a recession next year, according to predictions from some banks and economists. Joe Krier, Partner at IIWII Trading, LLC is here to discuss the situation and what it may mean for you and your pocketbook.“We know that probably a recession is coming so much in our society it’s cyclical,” Elian said. “We don’t feel like it’ll be anything like ‘07, ‘08 or ‘09 when we had a crash.
If a recession happens, Elian said he predicts the market will likely level out and then pick back up once the recession passes.
Wish it’d been this way in 2014. And or 2007.
IBuyers driving a Ponzi scheme
When I sold my house a year ago, the inventory was down by almost 40 percent. It sold quickly and I made a huge profit. The problem I was told at that time was the cost to build houses went up exponentially. Also, building materials were reduced because of the pandemic.
Remote workers are not the problem that's creating the strain on the housing market is the poor policies of the past days creating this chaos is that we have not been willing to address from one generation to another