With a red-hot housing market, times are good for real estate professionals.
Demand for second homes more than doubled during the pandemic, according to economists at the national real estate brokerage Redfin. Home prices in many metropolitan areas around the country have jumped significantly, reaching record levels.
I witnessed the price rise first hand. I recently returned from a family vacation in the North Carolina mountains, where many homes now sell for double or triple the price compared to just a couple of years ago.
As a result, anyone working in real estate has likely seen their income balloon during the last 12 to 18 months. Agents are turning listings over more rapidly, receiving strong commissions and moving on to the next deal. For real estate investors, they are seeing price tags soar and homes selling at a premium.
The Danger to Real Estate Professionals
With all of this cash flying around, people making their living…