Posted on 05/10/2020 1:49:31 PM PDT by MeneMeneTekelUpharsin
Daughter is a realtor - swamped. Sold 4 houses last month - severe shortage of houses on market, high demand in spite of economy.
She’s working on maybe half a dozen more deals right now.
Central Virginia
It is not going to be pretty and most people are going to be bushwhacked when they realize what is happening. I think the economy has already been destroyed. I’m not usually so pessimistic, but I just don’t see a lot of good stuff in the near, and even distant future. I live in a town with 2 colleges. One of them just let it’s employees know that the Fall semester is going to be online. This means tens of thousands of students don’t need to live here or drive in for the day and leave money. That won’t be a ripple here, that will be a Big Ben bell toll for this town.
It is not going to be pretty and most people are going to be blindsided when they realize what is happening. I think the economy has already been destroyed. I’m not usually so pessimistic, but I just don’t see a lot of good stuff in the near, and even distant future. I live in a town with 2 colleges. One of them just let it’s employees know that the Fall semester is going to be online. This means tens of thousands of students don’t need to live here or drive in for the day and leave money. That won’t be a ripple here, that will be a Big Ben bell toll for this town.
A LOT of university towns are going to have major economic problems. A LOT of liberal professors and administrators are supporting the party that is going cause them to end up in poverty. Yet, they still support them. That means: Their politics IS their religion.
Not all...my daughter & SIL (and kids) are uber conservative; Trump supporters, etc., and they want out of Illinois as fast as they can, too.
Not too far from somewhere where folks have a lot of money. Huge numbers of areas in the U.S. are not like that.
“Which town? My home town of Wallingford, CT took a drubbing after Bristol-Myers-Squibb packed up and left.”
And they moved to NYC!! lol lol lol
I suppose because all the “creatives” live there and all the great restaurants and entertainment options.
I’d imagine getting loans may be a bit more difficult for the 30 million currently w/o jobs...
Who knows? Prolly the Fed boys will use our future taxes to make loans now. Oh, never mind, they’re already doing it.
yes, ,my wife is a OC realtor but most home have been taking off the market-very tough to sell using only a virtual open house so its frozen right now
Bkmk
Not her clients......generally houses $200k - $350k.......just average young couples in their 30’s, 40’s.......
I agree - no way to tell what’s really going on in the market and how it will trend over the next few months...some folks will try to leverage for better deals and some will take places off the market in hopes of a better price down the road...I’ve heard folks claiming the housing market is gonna tank but haven’t seen anything good or bad myself.
Here in Atlanta its a sellers market. My best friend is a closing attorney. She’s slammed with closings.
The interest in this vanity post breaks all records. Wonder why there are almost no stories to post about real estate on the national news. Hmmm???
Real estate is obviously extremely local. One area can be booming while another is dying. Depends on innumerable factors.
For example:
We’re looking at selling our place in western WA. Despite dire predictions from our realtor when the Wuhan Virus kicked off, property values have been largely unaffected. We should be able to sell in about the next month and make a nice profit.
Simultaneously, we are buying a house in NC that sat on the market for almost a year. It’s a gorgeous place in a gated neighborhood. It’s undervalued by at least $10-20K. As much as I like the house, I love the deal even more.
Real estate in GA is likely different than real estate in NY. In GA there has been little new construction since 2008. What construction is going on is in the $375,000 and up price range. There are no new houses at $150,000-$250,000. My sister in law just sold a rental property for $175,000 in four hours. We are readying our house for sale at $210,000 and will likely have a full price offer in two weeks or less.
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