Jason Hartman talks with Patrick Parry, Orange County realtor & former investment counselor, about what signs Pat is seeing in the Orange County market that give him pause when it comes to the housing market. Days on market have escalated (some rather significantly) in every price bracket, and inventory continues to increase.
The two also discuss commercial real estate, and how it’s a totally different game (with significantly less room for error) than residential real estate.
[5:17] Signs the housing market is cooling?
[7:29] Time on market has doubled as inventory increases
[13:42] The difference in the landlord/tenant relationship of residential vs commercial real estate
[18:58] Jason has been flat out lied to by commercial landlords
[21:14] You do not have protections in the commercial real estate world, you better have good lawyers and great research
[23:25] Commercial investors have a very high tolerance for loss due to vacancy
[29:07] The increase in home days on market based on sales price
[33:01] People are always looking in the rear view mirror when it comes to markets, except sellers, they’re often banking on the greater fool theory when they price their wares