Communist Chinese will go on a buying spree unless stopped
In my area, central CA, it’s a buyers market. I want to buy a bigger home with a pool. No problem, but difficult to sell my existing home without taking a beating.
Kind of off topic, but rental car companies are doing very badly now. Hertz may file for bankruptcy. There are so few cars being rented that the rental companies have no place to put the cars. Airport parking lots are full, and the rental car companies are leasing space at sports arenas to park cars. Expect great deals on used cars later this year.
I’m actively searching for a new home, and it seems like the number of residential listings in my area is way down. I suspect it’s because a lot of people are in a state of employment uncertainty and may be dealing with their own mortgage situations right now.
Seller’s market in Albuquerque. Houses going in days or hours in some cases.
This interests me as well
NY State has declared there can be no evictions or late-fee collections on all renters of both residential and commercial property until at least August 20.
Think what it means for all property owners (at least any below the level of Wall Street Banks) future investment decision-making that NY has basically cancelled all contracts for six months. NY is trodding into Venezuela territory here
NY State deserves all the future collapse and demographic decline that’s coming to it.
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.
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,
Qualifying for loans is a problem I hear.
Houston is not doing well.
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”.
I’ll be there are lot of landlords who are eager to sell since they can’t collect any rent.
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
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.
They are going on as usual in my summertime county.
There are 256 real estate submarkets in America. It’s what is happening in yours that matters.
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.
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.