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In some non-COVID related local RE drama.....anybody planning to buy and/or sell a property in Durham County this week and next is SOL. The registrar of deeds having been hacked and server crashed....no recordings until at the earliest March 20th.
I have no closings scheduled for Durham, this month. How SAD for those folks that are scheduled to close and have no where to go.
Has anyone heard any news as to when this issue will be resolved and closings can continue?
I have no closings scheduled for Durham, this month. How SAD for those folks that are scheduled to close and have no where to go.
Has anyone heard any news as to when this issue will be resolved and closings can continue?
Typically probably about 2/3 of my closings are in Durham County. Fortunately I have two this week that are not (one in Chatham and one in...Pitt)
My understanding was that as of yesterday they are getting things back online. But yikes what a nightmare for all of those buyers and sellers for the past two weeks!
I am in a peculiar situation. I made an offer on a home in Apex that was accepted. The home belonged to the deceased mother of the couple selling it. Turned out there was four who inherited it.
They never did the probate on the property. Yes they are legal owners but the title insurance company wouldn’t issue title insurance until they completed probate. Long story short I’m still technically under contract but I could easily back out of it because they were unable to close on time. And I’m really on the fence whether I want to proceed or not due to what is happening with the country. I’m a history buff and I also am pretty knowledgeable of the markets and such. And I truly believe that we are heading into another great depression in this country. This is not just a passing winter storm, this is going to stick with us for at least a couple decades. So long story made short here, I see real estate values, (yes even in the triangle) dropping by probably half over the next year or two. Now many of you may I think that’s crazy but I don’t think most of you grasp what a great depression is. It’s basically hitting the reset button on everything. And that’s what we chose to do with our handling of this virus. If I were out there with cash to buy property right now I would wait about six months and see what happens.
I am in a peculiar situation. I made an offer on a home in Apex that was accepted. The home belonged to the deceased mother of the couple selling it. Turned out there was four who inherited it.
They never did the probate on the property. Yes they are legal owners but the title insurance company wouldn’t issue title insurance until they completed probate. Long story short I’m still technically under contract but I could easily back out of it because they were unable to close on time. And I’m really on the fence whether I want to proceed or not due to what is happening with the country. I’m a history buff and I also am pretty knowledgeable of the markets and such. And I truly believe that we are heading into another great depression in this country. This is not just a passing winter storm, this is going to stick with us for at least a couple decades. So long story made short here, I see real estate values, (yes even in the triangle) dropping by probably half over the next year or two. Now many of you may I think that’s crazy but I don’t think most of you grasp what a great depression is. It’s basically hitting the reset button on everything. And that’s what we chose to do with our handling of this virus. If I were out there with cash to buy property right now I would wait about six months and see what happens.
I know what you are saying. But I could be more worried.
I would like to buy my "Perfect Forever Home" and if I find it, I will be an aggressive buyer.
Buying when there is little motivation? Probably not smart in any market.
I am in a peculiar situation. I made an offer on a home in Apex that was accepted. The home belonged to the deceased mother of the couple selling it. Turned out there was four who inherited it.
They never did the probate on the property. Yes they are legal owners but the title insurance company wouldn’t issue title insurance until they completed probate. Long story short I’m still technically under contract but I could easily back out of it because they were unable to close on time. And I’m really on the fence whether I want to proceed or not due to what is happening with the country. I’m a history buff and I also am pretty knowledgeable of the markets and such. And I truly believe that we are heading into another great depression in this country. This is not just a passing winter storm, this is going to stick with us for at least a couple decades. So long story made short here, I see real estate values, (yes even in the triangle) dropping by probably half over the next year or two. Now many of you may I think that’s crazy but I don’t think most of you grasp what a great depression is. It’s basically hitting the reset button on everything. And that’s what we chose to do with our handling of this virus. If I were out there with cash to buy property right now I would wait about six months and see what happens.
I don't think that things will be as dire as you predict, but there's no question that it will be ugly for a while. I just posted this on the "is it a bad time to list" thread, and it is relevant on this one as well:
Per recent CNBC article (in part):
As Americans sit at home watching the value of their retirement funds crater, it is no surprise the spring housing market is about to crater as well. Home sales could fall by 35% annually this spring, compared with the last quarter of 2019, according to new analysis by Capital Economics. That would mean total home sales of around 4 million annualized, the lowest since the start of 1991. “Increasingly restrictive measures on people’s movement, and an imminent surge in unemployment,” are the key reasons, according to Matthew Pointon, a property economist at Capital Economics. Real estate agents canceled scheduled open houses last weekend, and now half of all agents are reporting a drop in buyer interest, according to a survey just released by the National Association of Realtors. That percentage tripled in just a week. Fewer agents are reporting no change in the number of homes on the market due to the coronavirus outbreak, as more potential sellers decide now is not the right time to list. Some sellers are pulling their homes from the market.
When things turn around, this real estate market will still be one of the strongest in the country IMO.
I'm watching the mortgage rates like a hawk recently. I just refinanced last August to the mid 3's, but when I saw them under 3% I started watching closer.
The problem is mortgage rates are actually increasing now because there was so much demand when they initially dropped that lenders have a backlog and no reason to keep it low until they catch up. If this uncertainty and recession continues then I'm hopeful in a few weeks that the rates will drop again.
Yep, my current mortgage bank and USAA were both showing 4.875 !!!! this morning to re-fi 30 year fixed. Nuts. I'm eyeing them like a fiend, as well, over the coming weeks to re-fi our higher rate mortgage - northern Durham County.
I'm wondering: are new home purchase rates lower than re-fi's, or do they go hand in hand. Anyone know?
Yep, my current mortgage bank and USAA were both showing 4.875 !!!! this morning to re-fi 30 year fixed. Nuts. I'm eyeing them like a fiend, as well, over the coming weeks to re-fi our higher rate mortgage - northern Durham County.
I'm wondering: are new home purchase rates lower than re-fi's, or do they go hand in hand. Anyone know?
One reason for the temporary increase:
Unexpected yield increase on 10-year treasuries due to massive institutional "rush to cash" panic. Fed injected much needed liquidity in order ease that bottleneck (among other actions) so yields will drop.
Rates will no doubt decline, and sooner than later. Fed is doing everything possible to make that happen.
I don't think that things will be as dire as you predict, but there's no question that it will be ugly for a while. I just posted this on the "is it a bad time to list" thread, and it is relevant on this one as well:
Per recent CNBC article (in part):
As Americans sit at home watching the value of their retirement funds crater, it is no surprise the spring housing market is about to crater as well. Home sales could fall by 35% annually this spring, compared with the last quarter of 2019, according to new analysis by Capital Economics. That would mean total home sales of around 4 million annualized, the lowest since the start of 1991. “Increasingly restrictive measures on people’s movement, and an imminent surge in unemployment,” are the key reasons, according to Matthew Pointon, a property economist at Capital Economics. Real estate agents canceled scheduled open houses last weekend, and now half of all agents are reporting a drop in buyer interest, according to a survey just released by the National Association of Realtors. That percentage tripled in just a week. Fewer agents are reporting no change in the number of homes on the market due to the coronavirus outbreak, as more potential sellers decide now is not the right time to list. Some sellers are pulling their homes from the market.
When things turn around, this real estate market will still be one of the strongest in the country IMO.
Good post, good info. I’m so on the fence about following through. It’s a home in established neighborhood. Paying $330,000 for it. I keep having these thoughts in a year I’ll be upside down and it’s worth $190 or something. I can totally see that happening. I looked for six months to find this home. But the investor mind side of myself is screaming to hold that cash and wait. I could deal with a 10-15% drop for a few years, I mean hey I’m gonna live there, but not if it everything crashes and I could have bought two homes for the price of one. Lol
a 50% drop? i don't see it. Especially in a $330K nabe in Apex. The people who will feel the most pain are those who paid a premium for brand new tract homes in the reaches of west Cary over the last 5 years or so. But I don't see that dropping by 50%. Of course we are in uncharted territory but I think most people would stay put rather than take that hit.
Location: River's Edge Inn, Todd NC, and Lorgues France
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Originally Posted by Rvguru6338
Good post, good info. I’m so on the fence about following through. It’s a home in established neighborhood. Paying $330,000 for it. I keep having these thoughts in a year I’ll be upside down and it’s worth $190 or something. I can totally see that happening. I looked for six months to find this home. But the investor mind side of myself is screaming to hold that cash and wait. I could deal with a 10-15% drop for a few years, I mean hey I’m gonna live there, but not if it everything crashes and I could have bought two homes for the price of one. Lol
There's something to be said for peace of mind.
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