Will the real estate price crash after Covid is over from the inflation it has seen? (appraisal, foreclosures)
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In my area, I don't expect any crash TBH. There are plenty of people who have not been financially impacted by CV19 and have maintained their jobs. Houses are still selling quite quickly.
When the virus is over? I think the change in demand for high density city residential space wont come back to where it was. I think commercial space is headed down to never come back in my life time. WFH was coming the virus just accelerated it so even if the virus were to disappear we wont return to where we were. Prices are over heated in some areas now as the spike in demand was too high too fast for supply to respond to. So the peak we see will be chopped back some maybe a 5% drop at most.
I think the vaccine will help but not return us to normal meaning to where we were. Also what is to stop the next novel virus? Living like sardines in a can in a big city to be near all the things to do will not return as the things to do wont survive or return once they go under. Curb side pickup for better restaurants is here to stay....some nicer places are building new facilities with a drive thru option to address the changes we see that wont go away in my judgment.
Real estate is very location dependent and very local dependent as well so your mileage my vary, my prediction is more for my city than all cities though I dont think so really
Things here move swiftly, but we don’t have the employment base or a lot of out of area transplants to run prices up. People aren’t beating down the doors to get into northeast TN.
Things here move swiftly, but we don’t have the employment base or a lot of out of area transplants to run prices up. People aren’t beating down the doors to get into northeast TN.
I am househunting in the Baltimore region, city and suburbs, and while most properties sell briskly when fairly priced, there's been no real appreciation or rise in prices. Many properties in the city, even in nicer areas, are still selling for what they sold for 5-10 years ago.
Washington, on the other hand, is an entirely different beast. Expect 10 offers above asking for any property. Baltimore is just 50 minutes away and you'd think it would have a trickle down effect, but apparently not.
In NJ and NY suburbs of NYC the prices have exploded. Totally exploded. I have a dumpy little house about 7 miles from NYC that I've been renting out and based on comps it looks like it went up nearly 25% compared to what I paid for it 6 years ago. Wild times.
I'm trying to get the tenants out as quickly as possible (month to month tenants) so that I can sell it before it all comes crashing down, fingers crossed. These prices can't possibly be sustainable.
PreCovid inventory where I live was at 1 month, after covid , 10 days of inventory. My zip code has 14,000 housing units, currently 28 for sale and on the market. Prices ranging from 190k (1bd/1bth/700sqft, looks like an apt) to 1.3m (5bd/5bth/5,000 sqft)
Prices up 15% since covid started.
Even if inventory goes up 200% pre covid, we will be at 3 months, still a sellers market.
Employment seems good. Even businesses that hire low wage workers, like Starbucks, are having to limit their store hours because they can't get enough workers to cover all the shifts. My daughter got a new job paying a higher wage last week. It is a no degree, mid skill job, pays $18/hr. She had no problem getting it, happened fast, they didn't even bother to drug test. Employment market seems pretty solid.
I am not worried about any type of doom and gloom crash here.
Last edited by High Altitude; 11-18-2020 at 01:07 PM..
PreCovid inventory where I live was at 1 month, after covid , 10 days of inventory. My zip code has 14,000 housing units, currently 28 for sale and on the market. Prices ranging from 190k (1bd/1bth/700sqft, looks like an apt) to 1.3m (5bd/5bth/5,000 sqft)
Prices up 15% since covid started.
Even if inventory goes up 200% pre covid, we will be at 3 months, still a sellers market.
Employment seems good. Even businesses that hire low wage workers, like Starbucks, are having to limit their store hours because they can't get enough workers to cover all the shifts. My daughter got a new job paying a higher wage last week. It is a no degree, mid skill job, pays $18/hr. She had no problem getting it, happened fast, they didn't even bother to drug test. Employment market seems pretty solid.
I am not worried about any type of doom and gloom crash here.
Yep. I was wrong. I thought Covid would destroy the housing market, and it has been slow in some markets, but it hasn't. Now, once Covid is over, people return to work, sellers will increase supply but I think the demand will still exceed it
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