What is currently going on with the real estate market in Brevard? (Orlando: renter, condos)

[Nypafl4u]

Being in a lock down state currently, the only reasons I might see leaving my state would be to seek medical help in an emergency, if granted or to help another state with a job deemed necessary in this time.
I am sitting tight right where I am. As much as I want to travel now, I won't.

[Rabflmom]

Originally Posted by Nypafl4u

Being in a lock down state currently, the only reasons I might see leaving my state would be to seek medical help in an emergency, if granted or to help another state with a job deemed necessary in this time.
I am sitting tight right where I am. As much as I want to travel now, I won't.

4 of our current cases are new arrivals from NY(only here a couple days) and 3 are in the hospital-which means serious-because most are sent home without a test and told to self quarantine and only come back if they can't breathe-so glad to hear you are looking at this in the right way. So far our great hospitals and medical staff have not lost a patient to c-19 yet but 8 are on machines.


Florida will still be here on the other side....Stay well. Think July for your next trip down. Hopefully some things will be able to be up and running by then.

[DreamingofSunshine]

Sorry I am unable to edit the post. I left off "vacation." People should not be traveling now for VACATION. There are stay at home orders all over the country. Of course some people have to travel for their critical jobs and for other reasons but it's not a time to vacation.

Originally Posted by buenos

People can have million legitimate reasons for traveling. Even though there are a few common reasons (vacationing, escape, sales trip) that are in observers minds, there are many other reasons too.

[buenos]

Originally Posted by DreamingofSunshine

Sorry I am unable to edit the post. I left off "vacation." People should not be traveling now for VACATION. There are stay at home orders all over the country. Of course some people have to travel for their critical jobs and for other reasons but it's not a time to vacation.

Agree, don't travel for vacation now. But critical in this context is often communicated as "critical" is something for society. But, what if something is critical for a person? A career move, or some external circumstance that only applies to a particular person?

[Rabflmom]

Originally Posted by buenos

Agree, don't travel for vacation now. But critical in this context is often communicated as "critical" is something for society. But, what if something is critical for a person? A career move, or some external circumstance that only applies to a particular person?

Stay at home orders in effect. Not sure what that means. Possibly more turn around at the border and not leaving the state. We will know more Predicting in peak in early May 7000 will die in Florida by the first or 2nd week. Not really a place to move to till things settle.

[Nypafl4u]

With Covid 19 seemingly fading away and traveling is picking up, I have noticed more homes going pending and closing in this neck of the woods (especially some of nicer higher priced ones, at least on my watch list). It seems like there were a lot of buyers just waiting to get out there. So it will be interesting to see if the so called predicted real estate "crash" really happens here or the market just continues to hum along nicely. I guess time will only tell in the comming months.

[lio45]

Originally Posted by Nypafl4u

So it will be interesting to see if the so called predicted real estate "crash" really happens here or the market just continues to hum along nicely. I guess time will only tell in the comming months.

Out of curiosity, what exactly are the reasons to believe a crash is coming...?

I could definitely see people forecasting a plateau of flat prices / no growth, sure (they're high enough already compared to other local metrics; they can't just continue to climb and the higher they get the more likely it is that they've hit their max) ... but a crash? Interest rates are going to stay at historical lows for the forseeable future.

[Nypafl4u]

Many in the financial world had predicted a crash based on the huge amount of unemployed people and potential of more mortgages defaulting based on the inability to pay back all that was owed when they deferred their payments. If enough people default, with following short sales and foreclosures, it will drive prices down (think 2008 - 2011).
Just a thought, but not nesisarly factual. Covid is not done and now hitting this area hard. Time will tell what comes of this.

[lio45]

I'd be surprised if the banks are stupid enough to foreclose on Covid-impacted mortgage holders. They likely have programs to help people (deferred payments, etc.) and in turn, the government will help the banks.

(I have a bunch of Brevard County properties, but no loans there; I also have a (larger) portfolio of stuff here in Canada, so my experiences with banks (all from north of the border) may not match yours, but the general concepts likely still apply )

[City Guy997S]

Originally Posted by Nypafl4u

Many in the financial world had predicted a crash based on the huge amount of unemployed people and potential of more mortgages defaulting based on the inability to pay back all that was owed when they deferred their payments. If enough people default, with following short sales and foreclosures, it will drive prices down (think 2008 - 2011).
Just a thought, but not nesisarly factual. Covid is not done and now hitting this area hard. Time will tell what comes of this.

A few things working against your theory:

1. People are getting paid with govt money/stimulus so the unemployment is less of a factor
2. Mtg deferral is fine, but if they sell now they likely still have equity since the prices haven't crashed


I know a 35 yr old guy that was under contract for a 550K house that he was currently renting. He backs out of the contract, thinking that prices will drop due to Covid. Owner gets house under contract with someone else for a couple dollars more. Renter is pissed his plan failed. Market is still hot, renter is now under pressure to find something else.