Bad time to list home? (Raleigh, Cary: homes, neighborhoods, prices)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Agree, this is my main concern. I don't need to move, I want to move. I really don't want to sell and be forced to settle or rent due to lack of inventory.
I hear this all the time..."I don't NEED to move". It is a valid point but the fact that you are looking and even thinking about moving means you WILL move!
I say...never settle. Take your time. The perfect home FOR YOU will come on the market. However, you have to be ready to pounce! If you own a home, you have to have your house under contract to sell and you have to have a LOCAL pre qual letter.
It is difficult to get the timing right where you list, go under contract and immediately go under contract with the house you are buying. It all depends on where you are selling and where you are buying. It is stressful for my clients when we do this but it is done often.
Your agent should be able to give you an idea of how quickly your house will sell and how fast you'll need to be ready to go under contract with your next home.
We found our house a month ago (thank goodness) and I think you’re spot on. Buyers will still need a place to live or to move (we sure did). I think it’s possible the bigger concern is inventory goes even lower with the virus concerns. I doubt the number of buyers will decrease.
I have a couple of buyers right now. They are HOPING the virus issue will eliminate some of the buyers and will make it easier for them to find the right house and with some buyers eliminated, they can find their new home faster!!!
All my current sellers are under contract so I haven't heard much from sellers, at this time. I'll know more, next week, as I have a couple of sellers that are "thinking" about selling!
Making a rushed decision to buy a home today, given the worldwide turmoil created by covid19, might not be in your best interest. This covid19 crisis will pass, hopefully within the next few weeks, but there are major concerns about economic shocks to the system which could be quite severe. Nobody knows for sure at this point.
Lots of good reading in today's paper, both about covid19 and the potential economic hangover after the crisis passes. Banks are healthy, but corporations are loaded with very high levels of debt, accumulated over the past few years because of easy and cheap borrowing costs. A major slowdown in business could possibly bring massive bond defaults in the trillions of dollars. Seems like we repair the banking system, which is now very healthy, yet another potential crisis financial crisis is looming in the background. This is over and above other troubles industries such as airlines, shale oil, etc. Also, unlike the 2008 crisis, there is no defined worldwide governmental coordination to address some of these conditions.
If you need to move, then move; there are several legitimate reasons for doing so now. However, I can't help but think that economic uncertainty will pull some buyers out of the market, and slow down the rapid price increases. There is a chance that you could be buying at the peak of the market. Then there are the recession uncertainties.
1) Should I still go ahead and list now, knowing house may sit on market longer than normal, which will accumulate more Days on Market than normal and does longer Days on Market create a negative stigma?
or
2) Should I wait 1-2 months before I list and hopefully housing market ticks back up if Covid passes.
1) Should I still go ahead and list now, knowing house may sit on market longer than normal, which will accumulate more Days on Market than normal and does longer Days on Market create a negative stigma?
or
2) Should I wait 1-2 months before I list and hopefully housing market ticks back up if Covid passes.
1) Should I still go ahead and list now, knowing house may sit on market longer than normal, which will accumulate more Days on Market than normal and does longer Days on Market create a negative stigma?
or
2) Should I wait 1-2 months before I list and hopefully housing market ticks back up if Covid passes.
I don't know if current events have affected this market yet or not. Did see in the news today that the housing market has been negatively affected in Seattle, so it's reasonable to think that markets throughout the country will be as well. Lots of unknowns at this point, and things seem to be changing on a daily basis.
My friend had her first showing yesterday in the over $1 million range, making an offer. I thought for sure she would sit awhile, truly shocked. Been on the market 3 days.
I don't know if current events have affected this market yet or not. Did see in the news today that the housing market has been negatively affected in Seattle, so it's reasonable to think that markets throughout the country will be as well. Lots of unknowns at this point, and things seem to be changing on a daily basis.
is there a source for this?
I googled and saw a March 4 FoxBusiness article entitled "Coronavirus slumps Seattle real estate demand", based on a Redfin blog post that mentioned Sellers de-listing and 1 buyer cancelling a contract.
Next day, Seattle Times had this: "Amid coronavirus concerns, Seattle homebuying frenzy continues"
I googled and saw a March 4 FoxBusiness article entitled "Coronavirus slumps Seattle real estate demand", based on a Redfin blog post that mentioned Sellers de-listing and 1 buyer cancelling a contract.
Next day, Seattle Times had this: "Amid coronavirus concerns, Seattle homebuying frenzy continues"
This crisis is progressing much faster than the economists can track its effects, based upon most info that I have read. By the time the Seattle Times printed that article, it could already be outdated. I stated that it's much too early to see the effects here (or possibly even Seattle) but many economists are concerned about the economic shockwaves world wide, particularly if this covid19 takes 60 plus days to cycle through the peak. Loss of corporate and consumer confidence etc. Damage to corporate profits and small business getting crushed.
Fed is jumping out with aggressive moves, but monetary policy won't fix this by itself.
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