Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
Our agent said both sides have dropped pretty equally in our area. Although significantly reduced demand is still higher than supply.
We went to the home improvement store yesterday, it was an absolute zoo. Looked like any other busy Saturday afternoon with people getting moving on their spring projects (except everyone wearing masks). I think people are REALLY wanting to get back to normal. Hopefully that goes for buying & selling houses too.
The question is, will people be able to get mortgages? Even though rates are fantastic, higher lender overlays and people likely disqualified due to using forbearance could be a big issue.
Where I am, per the title, it has "eliminated more sellers" because April listings were off 20% from '19, but April sales were only off about 15%.
Where I am, per the post, it's anecdotal because it's not tracked, but fewer multiple offer situations or fewer total offers seem to be occurring.
If you got 10 offers 2 months ago but only 3 now ... a Seller probably didn't do as well as they might have before, but they're still selling on pretty good terms.
There aren't as many new listings for homes in my area prior to COVID-19 and the ones that were on there prior to this hitting have dropped prices, some of them multiple times.
People just aren't moving much around here. The same goes for rentals. There are still a few rental listings but nowhere near the normal volume.
With these huge numbers of job losses, people who would have comfortably qualified for the mortgage two months may be unemployed. In light of future risk, what banks wants to issue a mortgage now?
With these huge numbers of job losses, people who would have comfortably qualified for the mortgage two months may be unemployed. In light of future risk, what banks wants to issue a mortgage now?
In the end they'll be more sellers I'm afraid. My thing many now realize how fragile the economy and their finances are and won't want to put themselves in that position again. As soon as the backlog and buyers and sellers are off the market it will drop in price especially. Also banks might want more money down regardless of credit score
Sales are down no matter where because many homes are off the market and many do not get as much traffic due to lockdowns and just more difficult to get things done these days There are still many people looking to move out of big cities so I do see a trend of people moving out and trying to buy elsewhere.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
