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What is happening with real estate sales now?
The News | 10 May 2020

Posted on 05/10/2020 1:49:31 PM PDT by MeneMeneTekelUpharsin

What is really happening with real estate sales right now? Any stories out there? Seems to be one of the best kept secrets right now. Anyone have any truthful information?


TOPICS: Business/Economy; Chit/Chat; Education; Miscellaneous
KEYWORDS: down; economy; estate; homebuying; housing; market; real; realestate; realtors; realty; sales
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To: MeneMeneTekelUpharsin

My dad is a real estate investor. Families renting brand new construction is the hot thing now.


21 posted on 05/10/2020 2:04:24 PM PDT by conservative98
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To: lodi90
Other than that the market is pretty much dead.

Kind of figured that, just can't find any stories. Wonder why the mainstream media is not covering this? Oh, wait...never mind.

22 posted on 05/10/2020 2:04:24 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: Bonemaker
Families renting brand new construction is the hot thing now.

Renting new construction? Huh? Please explain what you mean by that.

23 posted on 05/10/2020 2:05:38 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: MeneMeneTekelUpharsin
Interesting. And, if prices fall, what will governments do with property taxes? Hmm???

Adjust the mill rate. What... you think they'll just trim the budget?

24 posted on 05/10/2020 2:05:40 PM PDT by gloryblaze
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To: Bonemaker
A real estate agentette I know tells me it’s deader than a door nail.

Where, please?

25 posted on 05/10/2020 2:06:12 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: MeneMeneTekelUpharsin

I’m in Alexandria, Va. A suburb of DC. Hot market here. Houses going fast, no drop in prices. However, many less houses on the market. Many sellers are waiting.....


26 posted on 05/10/2020 2:06:52 PM PDT by clarissaexplainsitall
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To: JennysCool

We are closing a re fi tomorrow...in front of our freaking house! They are afraid to have you in their office.


27 posted on 05/10/2020 2:06:57 PM PDT by Bonemaker (invictus maneo)
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To: MeneMeneTekelUpharsin

Linkee no workee.


28 posted on 05/10/2020 2:08:05 PM PDT by Blood of Tyrants (Tyrants don't just give you your freedoms back. You have to take them.)
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To: MeneMeneTekelUpharsin

Here in Orange County, the realtors I know are working as normal. I believe realtors were declared essential business.


29 posted on 05/10/2020 2:09:12 PM PDT by dinodino
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To: MeneMeneTekelUpharsin

The trend in cities like Nashville TN was high-rise condos whose owners could rent them via Airbnb to tourists. Tourism in Nashville has died. Condo owners are stuck with unrented condos they cannot afford without renters.

A trend has to be flight from dense, downtown living. I heard some expert on talk radio saying the pandemic is causing a flight to suburban and rural living.

Downtowns are now seen as inherently unhealthy because of population density that will not allow for social distancing.

We have been recently taught to keep our distance from each other and those who live in downtowns because of “the action” there will abandon downtown because there is likely to remain NO ACTION there for some time to come.


30 posted on 05/10/2020 2:09:25 PM PDT by Gnome1949
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To: Bell Bouy II

There are a lot of people in Illinois who want to GTFO.


31 posted on 05/10/2020 2:09:38 PM PDT by Bonemaker (invictus maneo)
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To: MeneMeneTekelUpharsin

Anecdotal, but my neighbor listed his house for what I consider 20% above market. It sold the same day for cash, no inspections, 3 weeks to move out.
Seems city dwellers are flocking to suburban Idaho.


32 posted on 05/10/2020 2:10:10 PM PDT by axxmann (If McCain is conservative then I'm a freakin' anarchist.)
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To: Vermont Lt

“And getting a mortgage is getting tougher.”

Is it ever! I just refi’d and would rather go through an IRS audit than deal with bank underwriters.


33 posted on 05/10/2020 2:11:59 PM PDT by Bonemaker (invictus maneo)
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To: MeneMeneTekelUpharsin

Expect drops, possibly steep drops in tourist areas. Tourist travel is almost at zero now. Which means that rental houses are not being rented. AirBnB rentals are near zero. Many owners of these rentals can’t pay their mortgages now and will be forced to sell. Later this year there will be great prices.


34 posted on 05/10/2020 2:12:17 PM PDT by Vince Ferrer
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To: MeneMeneTekelUpharsin

Communist Chinese will go on a buying spree unless stopped


35 posted on 05/10/2020 2:13:10 PM PDT by Starcitizen (Communist China needs to be treated like the pariah country it is. Send it back to 1971)
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To: dpetty121263

Deflation should happen. That’s the normal cycle. Gives the younger a chance to buy in. But deflation takes away from the money lords and I doubt they will let that happen.


36 posted on 05/10/2020 2:14:29 PM PDT by RushingWater
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To: Phinneous
I get this for mortgage news.

http://www.mortgagenewsdaily.com/reports/mortgage_rates/2020/5/8/4282

37 posted on 05/10/2020 2:14:54 PM PDT by moovova
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To: dennisw

I am a Realtor in the Richmond, VA area. I have sold 12 homes in the past 30 days. From low $220,000 range to mid $500,000 range. Almost every one of my buyer sales have been been multiple offer situations. Low rates and less fear among my clients at least is driving our market. As much as I do not like our Governor he left Real Estate along so we could do our jobs.

I am guess that about 25% of Realtors sheltered in place and tried to promote virtual tours as a way to purchase a home. But the truth is not matter what your political identity is you have do go into a home and smell, see, feel and listen to a home before you make a purchase. You want to see the neighboring homes and see how large the rooms actually are as modern wide angle lenses make rooms look much larger than they are.

I am an economist by education and I do not see a major slowdown in the future at least in the Richmond area. Now, if the contagion of the Blue States and their economic damage to their states spread across the country we may have a future recession after the current 2 quarter recession.


38 posted on 05/10/2020 2:15:03 PM PDT by RealtorRick (Just Spoke to Bob)
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To: axxmann

Hmmm, maybe I should put my house on the market. I’m looking to downsize.


39 posted on 05/10/2020 2:16:37 PM PDT by Kirkwood (Follow your Inner Trump)
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To: Bell Bouy II

Why SW Florida? it is hotter and muggier than NE Florida.
Move to solid red count of St John’s just south of Jacksonville.


40 posted on 05/10/2020 2:17:03 PM PDT by entropy12 (covid-19 separates the fearful from the freedom loving! If I am not afraid, no one should be.)
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