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In my area, not really. There were some price reductions, but mostly just the typical ones when a house has been on the market for months and not selling. Houses were still selling early on in this back in March and April.
Now that lockdowns are over in my state, things seem to be moving forward again and gaining steam.
If you asked me back in March or early April, I would say I'd expect there to be a price reduction. But the way things are going now, I don't think there will be. But can't say for certain, I think a lot remains to be seen as far as what the virus does or if shutdowns have to happen again.
Long term, I don't think much will happen to prices, at least not in direct relation to the virus.
Due to a decreased number of listings, it looks like our homes are, on average, selling faster. Certainly haven't seen a dip in prices. We may have even had prices increase due to supply issues, but I'm not certain on that yet.
Supply severely constrained, overall prices up. Most RE apps (inaccurate though they tend to be for many singular properties) are showing valuations up $50-100k on ~$1M homes in our neighborhood. I don’t see that trend continuing though and expect at least a slight drop but overall mostly stable over the next couple of years.
It’s all new territory though and I also expect specific markets to suffer significant price drops, namely urban condos with fewer city amenities open/available and scruffy but still expensive (California) suburbs seeing a bit of an exodus as many decamp to more affordable locales.
Low supply right now is holding prices steady and making things sell. There is a backlog of spring homes that never got listed, so there could be a very fast boost in supply once everything starts opening up again and this could bring down prices. I'd imagine it would be short lived and wont be anything like the 08 crash. Unless of course it's a vacation area, those areas could get hurt if people still have the fear of CV19.
In our area (NOVA) it's still not dropped at all. In fact, prices are increasing due to the fact that we have less inventory and higher demand since the C-Flu seems to be ending.
I suspect when things open up this summer, we will have more sellers since more people will opt to move around, so I am thinking we're just having a delayed spring market.
*local builder just reduced every home price by 20k.
*Was looking at a home in Bend that dropped 15%
That's kind of interesting. I had heard lumber had gone up a lot, partly related to mills shutting down so I'm surprised to hear them going down now. Sometimes builders lower costs during recessions though, but I don't think they're at that point right now. Not sure what happened in 2008, but I heard in 1992 they were building for a lot lower sq ft prices due to the slowdown at the time.
That's kind of interesting. I had heard lumber had gone up a lot, partly related to mills shutting down so I'm surprised to hear them going down now. Sometimes builders lower costs during recessions though, but I don't think they're at that point right now. Not sure what happened in 2008, but I heard in 1992 they were building for a lot lower sq ft prices due to the slowdown at the time.
Also anecdotal, but been tracking 6-8 houses for the last three months that I may be interested in. All but 1 are still available. I made two offers last week and both came back with "full ask or bust." Both are still available. One dropped the price by 5k immediately. Maybe it's me lol
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