Posted on 05/10/2020 1:49:31 PM PDT by MeneMeneTekelUpharsin
I’m a real estate investor in Colorado with one active listing per March 13, the worst timing possible. We had 21 showings then, BOOM, shut down! We loosened up here a few days ago and had immediate bookings. Overall, price decreases were 2.5%. Many just pulled their homes off market. Bottom line, in this market, it was a hiccup as we’re still seeing growth. Lending will tighten up and anyone using the deferment options will have a harder time getting any govt backed loans for the next two years. The big companies will generally be more strict with credit scores and down payments. The Buyer pool will supposedly be cut by 25%. Right now, many folks with second homes are selling. After grace periods end, we’ll see foreclosure notices hit counties in September, big time. Two to three years, we’ll see distressed sellers trying to solve tax lien issues.
I’ll be heads up to help sellers as best I can but I’m thinking it’s gonna be a busy Q4.
Have a manufactured home for sale in one of the nicest and affordable parks in naples. No bites yet as usual, spring is the busiest time as snowbirds make a decision on returning next year etc.
Have another home for sale in NE. Buyers mortgage got denied as lenders are tightening up on requirements especially those that sell the loans. Low rate of return with anything but good to excellent credit isn’t worth much to re sell.
They are going on as usual in my summertime county.
SH*t. I was thinking of retiring there...
There are 256 real estate submarkets in America. It’s what is happening in yours that matters.
“Renting new construction? Huh? Please explain what you mean by that.”
Builders are renting newly constructed home on short term leases, 6-12 months, to just keep the homes occupied and not ransacked and to make enough money to move to building the next home. This keeps the employees working and the company alive.
The real price movement on real estate won’t start happening until the 8+ percent of all mortgages in forbearance come due as a lump payment in about August.
Until then the industry is going to say “There has never been a better time to buy than now!”. Oh wait, they always say that.
New home construction is continuing as normal in the Prescott AZ area. Most of it is sold to retirees who come here because of the temperate climate, lower population density and affordable housing.
Everyone makes mistakes. Builders live in theirs’.
I am getting unsolicited offers to buy my house (likely to lowball I may use that to my advantage ... get 3 of them and take that to my County that has Overpriced my Property Value for years...
I turn 65 this year ... so I can take those 3 estimates and lock that new low value in for the rest of my inhalations and exhalations.
Genius idea.
Oh, okay.
I’m a realtor and I don’t think we are being told the truth. I haven’t heard anything about the number of homeowners who didn’t make their mortagage payments for May.Lots of listings have stepped back because of the virus. The companies, Keller Williams and others, are blowing smoke up agent’s skorts. They are trying to make everyone think that it’s all going to be fine soon. They know that real estate is going to crater. There are still a few houses that will sell before loans are unavailable and everyone will be squaters. And that is my least worst senario.
I’m a flipper. Find a cheap distressed property, tart it up a bit, and let it fly. I avoid both lenders and tenants.
Haven’t tried to sell anything in the past few months. It’s PA and not too badly hit by virus, but the hysteria is everywhere. And my landlording acquaintances are suffering, because their tenants aren’t paying. Some have dozens of tenants and depend on them, which is a bad idea even in good times.
Me, I wait ‘til a place is vacated by evil tenants, and the disgusted owner or the tax claims office offers me a bargain. So I figure in about a year and a half I should be buying. In the meantime I am not looking to sell anything unless it’s full cash. Cheapest house on my hands right now is around $20k, but I’m not in any hurry to show it.
Home in our suburban neighborhood were not on market for a while. One being flipped after foreclosure and rehab went on the market Friday at 260k, next day sale was pending for 265. Low rates appear to be enabling market to still be good for sellers in the burbs.
Where? Not here in South Central Texas.
My wife studied for her real estate license when we lived in another state. My question was rhetorical, just wanted to see who would tell the truth...and who wouldn't. You told the truth. Quite a few on her did not. People mark themselves for lying and never realize it. There is no way in hell the real estate market is going to hold up with what is going on, but almost no media is reporting anything about it. The worst corruption I have EVER seen in my life (and I promise you I've seen a LOT) comes from the real estate industry. Autos are second. Thanks for your honesty.
Our property here in Central Mass goes on the market tomorrow. No one really knows how things will shake out. We felt we had to act on this if we wanted out this year at a good price. (We’re in a small town about 35 mi. west of Boston.) The realtor, who is very experienced and respected, doesn’t think we’ll have a problem. I’ll let you know....
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