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?
My dad is a real estate investor. Families renting brand new construction is the hot thing now.
Kind of figured that, just can't find any stories. Wonder why the mainstream media is not covering this? Oh, wait...never mind.
Renting new construction? Huh? Please explain what you mean by that.
Adjust the mill rate. What... you think they'll just trim the budget?
Where, please?
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.....
We are closing a re fi tomorrow...in front of our freaking house! They are afraid to have you in their office.
Linkee no workee.
Here in Orange County, the realtors I know are working as normal. I believe realtors were declared essential business.
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.
There are a lot of people in Illinois who want to GTFO.
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.
“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.
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.
Communist Chinese will go on a buying spree unless stopped
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.
http://www.mortgagenewsdaily.com/reports/mortgage_rates/2020/5/8/4282
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.
Hmmm, maybe I should put my house on the market. I’m looking to downsize.
Why SW Florida? it is hotter and muggier than NE Florida.
Move to solid red count of St John’s just south of Jacksonville.
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