Seattle Bubble decided to aim a few barbs at Rain City Guide today about an optimistic article they published about the Seattle real estate market. Seattle Bubble’s take is that we’re on the verge of a huge real estate crash and when the bubble bursts, we’re all screwed. (They also call RCG a blog “by realtors, for realtors” but I just looked at the contributor list and saw only one Realtor out of 12 regular writers, the rest being mortage bankers, agents, lawyers and techies…. And I must say, many of the entries and comments I’ve read there appear to be anti-National Association of Realtors or at least, anti-NAR policies.)
Though I concede that we could be in for a market correction or a slowdown in housing sales and prices, I disagree that it will be of the mammoth proportions that many Bubble devotees believe it will be.
Everyone needs a home, and no matter what the value is, no one will lose money if they don’t sell it. Real estate has always been a buy-and-hold investment and if you’re a flipper, then understand the risks of that….
John Cook’s Venture Blog discusses a general internet bubble on his new Bubble Meter.