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I thought it might be an opportune time to buy property. We'll see.
It still might be. These are early numbers so I wouldn’t conclude anything yet. Mortgages are now much harder to get also. That might affect the market adversely going forward. Pricing may follow.
By the way, buyers: If you are buying and haven’t gotten a credit-checked pre-approval lately, don’t wait until you find a home. Speak to your mortgage professional today. The lending landscape has changed pretty drastically in the last 30 days. If you were going to do a 3% down FHA, that may no longer be on the table as an option. If your FICO is below 700, there might be issues. Lock down your mortgage scenario BEFORE going out and looking for a home.
Last edited by Marc Paolella; 05-09-2020 at 12:04 PM..
Thank you great information, I am currently experiencing sellers who are unwilling to even let realtor in to do video tour.. they prefer we either see pictures or that 360 degree thing that doesnt show everything or feel as real as realtor on skype- I would love to see Middlesex county included in your next analysis!
Some sellers are going to be like this, but you have to get tough with them. Even with Covid-19, the vast majority of buyers will not make a purchase decision without getting in and becoming intimate with their future home. If as a seller you are not going to tolerate in-person showings, don’t bother listing. 3D tours and video can help reduce showings and restrict the audience to those who are very interested. But those that are very interested will need to come inside and see what they might be buying and living in. That’s just reality. Might there be someone who buys off a video? Yeah, 1% of all buyers. Everyone else needs to come in. Don’t list if you don’t want buyers coming inside.
As for Middlesex, I’m not in that MLS unfortunately. However any local agent should be able to do this study for you. If they can’t, they shouldn’t be selling homes!
Some sellers are going to be like this, but you have to get tough with them. Even with Covid-19, the vast majority of buyers will not make a purchase decision without getting in and becoming intimate with their future home. If as a seller you are not going to tolerate in-person showings, don’t bother listing. 3D tours and video can help reduce showings and restrict the audience to those who are very interested. But those that are very interested will need to come inside and see what they might be buying and living in. That’s just reality. Might there be someone who buys off a video? Yeah, 1% of all buyers. Everyone else needs to come in. Don’t list if you don’t want buyers coming inside.
As for Middlesex, I’m not in that MLS unfortunately. However any local agent should be able to do this study for you. If they can’t, they shouldn’t be selling homes!
Would you happen to know if big renovation jobs are suspended for now? I thought I read something to that effect.
So if I were to buy a house soon I can't do a big reno job until the pandemic lock down is over?
Would you happen to know if big renovation jobs are suspended for now? I thought I read something to that effect.
So if I were to buy a house soon I can't do a big reno job until the pandemic lock down is over?
Our next-door neighbors are going forward with their MAJOR renovation. Adding onto the back of the house to connect the garage, and adding a second floor. IIRC, they said there weren’t going to be more than four people on the regular construction crew even before this hit.
Our next-door neighbors are going forward with their MAJOR renovation. Adding onto the back of the house to connect the garage, and adding a second floor. IIRC, they said there weren’t going to be more than four people on the regular construction crew even before this hit.
That's with projects already underway though right? I don't think I would be able to start reno if I bought a house?
Prices are not gonna drop especially owners who are under water or jobless can easily negotiate a forbearance with lenders. I know someone in the neighborhood that was trying to sell since last year stopped selling and ended up renting out the house instead. People are fleeing NYC for NJ, that's the quickest and easiest thing to do.
What we will see is a shortage of inventory and house prices increasing. A family member of mine had a house listed and took it off the market so it doesnt go stale. At the same time they are trying to buy a house in a different state and their options are limited. A flip house down the street from me is off the market.
People who lost their jobs wont be selling anytime soon and those who need to buy have a shortage of supply. Mix this with record low mortgage rates, people not having to move at the moment, an exodus of urban area rentals and you will probably see a spike in housing for the suburbs.
I was hoping prices would go down, since houses have been overpriced the last 3-4 years. We’ve been patiently waiting for that.
I will stay hopeful. Maybe I can snag a home that could’ve sold in the lower 600s last year in the upper 400s.
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