No one wants to talk about it. Climbing unemployment hurts real estate. While the Fed pumping money into our relatively stable stock market helps it.
mark
Of course it’s been difficult for agents to show homes with distancing regulations. A friend of mine at a very large firm says her company well before this began creating “virtual tours” of the homes they are offering for sale. She says this has really helped to move deals along, but people are still understandably reticent to sign on ANY line with the way things are at the moment.
I am interested also.
Want to buy in SW Fla.
Trying to decided to wait or go for it now as NE types will be getting TF out of that region.
I read where prices will drop 1 to2 % over the remainder of the year and go back up
Who knows ?
Interest rates were falling. Anyone know the short term outlook?
It’s tanking in our towns in Western MA. No one is looking. Few showings. And getting a mortgage is getting tougher.
Things are slow because showing inhabited properties is difficult under the current social distancing guidelines.
However... If you own a home in a small town less than 100 miles from a major city, expect your property value to increase a whole lot in the next couple of years.
My son sold his house and moved in the middle of April. I expect sales are going to drop, making it a buyers market.
In a condo now that I own outright. Best move I ever made. I can't imagine trying to sell that 3,000 sq ft monstrosity in today's climate.
just a data point. helped prep a house that sold in april. so things are still moving, somehow.
We have a family member who is a small broker/realtor in Florida-she isn’t selling much of anything, not too many showings, etc.
I have an extended family member who is a realtor. Almost all her clients right now are people who are relocating for work. Both buyers and sellers. Other than that the market is pretty much dead.
Good luck as having cash on hand is the only way as we are heading into a deflation period and Banks are not making loans and if they do its tough...
A real estate agentette I know tells me it’s deader than a door nail. Also, I just got a super low ball appraisal for a refi that factored that in.
My dad is a real estate investor. Families renting brand new construction is the hot thing now.
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.....
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.
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.
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.