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A significant percentage of buyers in some markets are investors/flippers
I don't see how a guy buying a home for $80,000 in January and selling it for $130,000 a year later is a benefit to anyone, except him and the real estate agents involved.
I don't even see how it benefits the new owner.
It depends on what the seller does with the $50K gain after taxes. If it sits under his mattress or in a savings account it does little good. If it is spent into his community, that's about all the good one could hope for in a weak economy.
It depends on what the seller does with the $50K gain after taxes. If it sits under his mattress or in a savings account it does little good. If it is spent into his community, that's about all the good one could hope for in a weak economy.
Money in a saving account needs to be re-lent out to society in order for the banks to earn a profit, thus even putting them into a saving account is a positive to the economy.
But to a flipper, they arent homes, they are rental properties, designed to make money. Homes arent designed to make money to the occupant.
Thats true, but this thread is discussing homes, and once again, if you're a flipper, you arent buying real estate for a home.
So you dont see any benefit to anyoen else, so what? I dont see a benefit to people buying cars except to the sales agent, and the buyer who doesnt need to walk anymore, but that doesnt mean benefits dont exist.
Doesnt matter.
Many homeowners disagree with you.
I know quite a few people who are buying property now in hopes of turning a nice profit in a few years.
Money in a saving account needs to be re-lent out to society in order for the banks to earn a profit, thus even putting them into a saving account is a positive to the economy.
Sounds like it should make common sense, but these days it isn't very applicable. Banks make money sitting on money these days and will only lend money out to reliable borrowers. Whether you place your savings there or not.
Not everywhere. Where do you build more houses in NYC? or San Francisco? or Boston? or Miami? or a lot of other places??
Dunno about the other cities, but the outer boroughs of NYC have a lot of single-family neighborhoods which could be built more densely.
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