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?
Texas has been doubly hit by the plummet in oil and covid bullshit.
Thousands have been layed off, especially in the Permian Basin. Give it 3-6 months and there will be fire sales on houses.
Hmmm...we'll see.
Yes, if you have put down roots there, no need to move far away. I picked St John’s county, and am very happy with the selection. The hurricanes seem to bypass us by staying on the ocean.
Is that even a "thing" any more?
Sold mine mid Dec, the place needed 20K of work, took a 40K shortage and still made a good profit.
Glad I sold it then, the guy that bought it has it listed at 175K, Good luck.
Good for you
“what will governments do with property taxes?”
Raise them to pay for the Corona bailout!
Well, you can bet that commercial real estate will never be the same now that office workers have figured out that they can work from home just fine in many cases,
It’s quite possible those folks are now freshly minted conservatives.
I got to Jax in 68.
Wasnt all Duval at that time, later became all one.
Out by 95 was grass and scrub pines and Palmetto palms. Boars,Armadilos and rattlers.
Now I hear its golf corses and New Yorkers.
I never liked it much was always gray all winter, was S Georgia to me.
St Aug is and alway was nice.
Qualifying for loans is a problem I hear.
Houston is not doing well.
No. Built to rent.
Internet changed much of that years ago.
Brokers, hedge fund guys could do there trading from a place on the coast in Maine if the could get a T1,so they bailed.
Service has gotten better so more will be taking advantage.
Why have the overhead of office space when your peeps can do it all from home.
Go ATT and Verizon and the rest.
Once things open or reality hits, this RE market will make 2006-2009 look like a vacation. It will “help” some folks who turn 65 this year(or next year) AND their states allow for a property tax freeze at the recession or lower “appraisal”.
...trying to sell that 3,000 sq ft monstrosity in today’s climate.
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In March, we closed o our 2100 sq ft home/80 pristine acres/1000 ft waterfront on Class A trout stream/1600 sq ft shop/studio. Had been on market off & on over 3 years and sold while off-market. Buyer assumed _all_ costs and we walked away for what we would have cleared had it sold at our price, which was $25k higher.
Many twists and turns to the closing. We were also offered rent-free occupancy through June (before lockdown)in exchange for expert property management.
We looked for 6 weeks. Properties in the under $150k/rural/some land category were being snapped up sight unseen from urban dwellers across the country. Beaters in the $80k-$100k range were selling quickly. People flew in from West Coast and offered over asking price in one instance. Properties went contingent in days, then returned to the market as people could not get financing, mostly due to market crash and lost jobs. Lenders requiring proof of 1-year’s mortgage payments before underwriting. We had to show proof of cash for sale before escrow was accepted.
I think we toured 2-3 occupied properties. Rest were unoccupied. Found nearly what we wanted and got a $10k price reduction from original ask for cash sale. Seller was nearly moved out and had already dropped $5k and we offered $5 under that.We close in a couple weeks and due to very understanding buyers, we have leisure to move.
Worst delays may come from inspection waits, as inspectors are swamped. Also, we need some major appliances and one gas-to-electric hook up made, so will be dependent on retailers/service personnel available and willing to work. Luckily, we are moving to a conservative area with many current and retired military, where what my husband calls *cuck muzzles* are rarely worn and people are upbeat, confident and situationally-aware, so we expect people to be working, even though we have a D governor (but an R legislature and State Supreme Court)
Look online and you will quickly be able to see if the area you are interested in is experiencing quick turns. Look for how quickly properties go from *for sale* to *contingent* to *pending*, then how quickly they return to *for sale*. We had realtors in 3 different areas looking for us. We noticed price drops all through April and this is unusual, as people list in April and don’t usually drop until June.
It will depend on your area, price point and whether you are a cash buyer or need financing. Conservative areas will allow more viewing of occupied properties. Also, your time frame.
We’re retired and wanted a small property with less work/maintenance/cleaning. Lots of huge, expensive places for sale. Didn’t track them because that’s not what we wanted. Realtors we know are busy, but no way to know how many closings are happening. Our March closing was like a drug deal: took place in the title company parking lot, no one touched anything, we stayed in our car and title employee was gloved & documented procedure on her phone.
I’ll be there are lot of landlords who are eager to sell since they can’t collect any rent.
...people in Illinois who want to GTFO.
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Got that right. Our buyers are from a SW suburb of Chicago.
When I was looking online 1 of the areas we wanted was close to the WI-IL border, so I saw the NW Illinois listings with VERY low asking prices compared to WI.
People are telling us (& we have also observed), a lot of IL plates in our SW WI rural area. They are not observing the lockdown and this began happening in March.
Houses are selling fast and for comparable pricing as early 2020.
My agent in Phoenix is pretty busy and has been so since the Fall
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