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So basically the decrease in inventory matches the decrease in demand. Maybe prices stay flat.
That's what I'm thinking.
I think what's really gonna hurt is all these forbearances that the banks will be handing out and not setting up proper repayment plans. When people don't pay those back in full, that's going to hurt.
I think what's really gonna hurt is all these forbearances that the banks will be handing out and not setting up proper repayment plans. When people don't pay those back in full, that's going to hurt.
Yeah, even when covid goes away, a lot of people will be in for a rude awakening when they figure out they have to pay back the months missed. Gonna get ugly I think
Yeah, even when covid goes away, a lot of people will be in for a rude awakening when they figure out they have to pay back the months missed. Gonna get ugly I think
It's amazing that you're verbally able to get approved for the forbearance. That's going to be really insane. I doubt many banks will be smart and add the missed payments to the backend of the loan. But many banks I've seen want the money all paid back upfront once the forbearance period is over, which is suicide.
It's amazing that you're verbally able to get approved for the forbearance. That's going to be really insane. I doubt many banks will be smart and add the missed payments to the backend of the loan. But many banks I've seen want the money all paid back upfront once the forbearance period is over, which is suicide.
Coronavirus fallout has slashed Southern California house hunting to the lowest level in six-plus years, according to one real estate tracker.
ReportsOnHousing tracks brokers’ listing services to gauge how many existing homes are for sale and pending sales contracts. The latest results, as of April 2, show both buyers and sellers extremely cautious.
My (the columnist's) trusty spreadsheet, filled with that data through April 2, found these market conditions …
Demand: 8,837 new escrows opened in the previous 30 days. That’s down 30% in two weeks and down 33% in a year. The last time it was lower? January 2014.
Supply: 24,107 homes listed on the market, up 0.4% in two weeks but down 31% in a year. It’s the smallest inventory since November 2018.
There is a problem with this. The key to the problem is the term, "Southern California". LA County alone has 88 incorporated cities and innumerable unincorporated areas. Southern California is comprised of 5 other counties so we're talking a statistic spread over a wide swath of area without focusing on any specific area like the Northeast part of the city of Los Angeles, the subject of this thread. Sales in Orange County are going to be entirely different from sales in LA County. Here in the Northeast part of the city of LA people are tripping over themselves to get in here despite the low inventory, one reason being Mt Washington has the highest rated elementary school in the LAUSD. That's usually at the top of reasons parents with kids are desperately bidding against each other. While it is not quite as fierce as it was pre-Corona I'd say based on the Redfin emails I get of sales in the area that the enthusiasm factor has dropped from 100% to maybe 85-90%. It is still strong in this particular part of SoCal.
Here in the Northeast part of the city of LA people are tripping over themselves to get in here despite the low inventory, one reason being Mt Washington has the highest rated elementary school in the LAUSD. That's usually at the top of reasons parents with kids are desperately bidding against each other.
I hope that they can all keep their jobs.
A mind-numbing 1.5 million Californians have filed for unemployment benefits since mid-March as coronavirus protection measures, including strict limits on home selling, put a stranglehold on the state’s economy.
Various “stay at home†orders, limiting work to a modest list of “essential†industries, have shut much of California. This immediate impact of 1.5 million job losses boggles the mind.
Basically, those layoffs equal to 1-in-12 California workers. Or almost half of the 3.4 million California jobs created since the Great Recession.
Real estate is about three simple words: Jobs! Jobs! Jobs!
How can you continue generating business when everything is on lockdown?
You do what you do in a market where you cannot be face to face. You firm up your online presence, your digital marketing, design postcards for later, write in your blog. Doing stuff that IS important but has been deferred.
All things that will pay off when lockdown is over.
My webstuff is getting overhauled. Moved to a new host. Working on content. Have a great clean desk, cleaner than in years.
It will all pay off.
We look to be on stay at home for at least another three weeks. Maybe 6 weeks. I expect to have a truckload of stuff that is new, revised, updated, what have you.
Now if I could only get a haircut and a new headshot...
If you need a paycheck every week or even every month, you are under-capitalized to be in real estate.
Harsh, but true.
Doomsayers are completely forgetting that Americans dependent on having a job and steady income and good credit are competing fiercely against foreigners who bring cash to deposit into escrow. If you're a seller and you have 2 couples submitting bids, one a sweet American couple buying their first dream house who are asking you to have patience while they gets approved for a bank loan for one million dollars, and the other a foreigner with a suitcase filled with a million dollars ready to put into escrow, which do you choose?
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