Has covid eliminated more sellers or buyers? (sales, prices, inspector)
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I agree with vition33f. The current market in most areas effected by Covid has reduced both sellers and buyers. But I see decent activity in Florida still. Yes, with fewer sellers, but people want to move and especially out of large and expensive areas. This trend will change and flow where jobs become available and the virus is less prevelant It is tough when banks are restricting some loans and unemployment is so high, for there to higher volumes of sales.
I heard a talking head the other day speculate that after the initial rush of big city sellers and/or renters this will increase supply and lower rents by in particular which is a huge affordability issue in big cities. That drop in rents will lure or keep many in a city.
The realities of home ownership will still be the same ie upkeep, taxes, insurance and mortgage. An apartment in the burbs still requires a trip into the city for work which means traffic or public transportation.
My neighbor across the street put their house up for sale around the second week of April. They’ve had numerous looky-loos, but no offers. They’ve dropped the price a couple times already.
I don’t know their personal situation, but I think they should have waited. The Phoenix market is still strong. The house will sell eventually, but now it shows multiple price drops.
I know there isnt a formula, but is there "generally" ballpark time frame that if a buyer looks at a home( and decides to make offer), when they actually make an official offer? Just curious as my wife an I have purchased 2 resell homes over the years and we made offers the same day within a few hours of leaving the properties. We tend to commit when we are on the same page quickly but Is that not the norm?
I heard a talking head the other day speculate that after the initial rush of big city sellers and/or renters this will increase supply and lower rents by in particular which is a huge affordability issue in big cities. That drop in rents will lure or keep many in a city.
The realities of home ownership will still be the same ie upkeep, taxes, insurance and mortgage. An apartment in the burbs still requires a trip into the city for work which means traffic or public transportation.
Actually the opposite will happen, a lot of big corps will just take the properties off market. They will get a big loan or free money from the Govt. They've been wanting a bailout for awhile since NYC and CA passed many restrictive rent freeze and pro-tenant laws. This will allow them to reduce many rent stabilized properties. The big corps are not going under. The small landlords are gonna get hurt.
Actually the opposite will happen, a lot of big corps will just take the properties off market. They will get a big loan or free money from the Govt. They've been wanting a bailout for awhile since NYC and CA passed many restrictive rent freeze and pro-tenant laws. This will allow them to reduce many rent stabilized properties. The big corps are not going under. The small landlords are gonna get hurt.
The smaller landlords will be hurt the most I agree but if there's minimal demand I think the corporate property companies won't be eager to buy property the can't rent /fill at current rates.
Indirectly, that means there is then a downstream lack of sellers, so the industry in essence starts to lock-up in the short-term.
Most home buying in our area falls into one of two categories:
- Younger buyers typically wanting to move out of their smaller "starter homes" into a bigger, often-newer build house.
- Older buyers that bought their McMansions 20-30 years ago now looking to downsize.
I know of at least 3 couples in broader friend circle, mid-30s with or expecting children that listed their homes in early-March and have since pulled them off the market. Instead they are fixing-up their current places and hunkering down.
Some of one or both spouses furloughed in the short-term. One of them listed their house last summer with no success but they were way over-pricing the place. I'm sure they will try again the next 1-2 year.
Now isn't the time to be stretching that budget or reaching for the stars, particularly when I've got people in rock solid professions like dentistry complaining about how bad their income is down with all of this.
We are used to this in Michigan, when the national economy catches a cold, Michigan catches the flu with the economy predominately directly or indirectly tied to affairs of the automotive industry. We've seen how this plays out about every 10 years or so.
I think many now realize how fragile things are and long term plans have to be taken less seriously and more seriously at the sametime. People won't assume or take for granted the way they did in the past. Also many got caught by emergency expenses. It's one thing to plan for it but after actually experiencing the use of their emergency funds or having scrape the bottom of the barrel I think many will give themselves much more financial leeway going forward.
Ah snowbirds that want to transition into a sea gulls. I get it.
That and the media is telling people this winter is going to be much worse than this spring was.
Florida didn't get hit near as bad as predicted or expected.
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