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Realistic outlook for the real estate market?
Posted on 4/13/20 at 1:36 pm
Posted on 4/13/20 at 1:36 pm
Are we headed for a crash? Will things remain stagnant? Housing prices increase? Buyers or sellers market?
10
Posted on 4/13/20 at 1:39 pm to whoa
Yes
Posted on 4/13/20 at 1:49 pm to whoa
I think housing prices will dip, but not anywhere near 07-09 level dips. The real price drops won't happen unitl later this year or next year when people who are blowing through cash are becoming more desperate to sell, and the number of buyers are still down as a result of the slowed economy.
Posted on 4/13/20 at 1:56 pm to whoa
I think so
This post was edited on 4/13/20 at 1:56 pm
Posted on 4/13/20 at 2:01 pm to whoa
JPM requiring 20% down and 700 credit score is interesting. If most banks adopt a similar practice, I would expect house prices to drop significantly.
Posted on 4/13/20 at 2:06 pm to hiltacular
quote:
JPM requiring 20% down and 700 credit score is interesting. If most banks adopt a similar practice, I would expect house prices to drop significantly
It would definitely crush the lower end, starter home market.
Posted on 4/13/20 at 2:07 pm to hiltacular
quote:
700 credit score
There are people out here buying houses and taking out massive mortgages with a sub-700 credit score? That's terrifying.
Posted on 4/13/20 at 2:12 pm to whoa
Following, we are in the market to buy our first house and are looking to have something purchased within a few months. I'm wondering if waiting a couple months may make this advantageous to us. I've noticed the amount of new listings seem to have slowed in the last few weeks.
Posted on 4/13/20 at 2:13 pm to GeauxPack81
I was in college during that crash so I never paid attention at the time. I just recently looked it up and saw that $200k homes were going for $140k.
If I could get a $180k home for $150k, I’d be happy as would many of my peers in the same boat
If I could get a $180k home for $150k, I’d be happy as would many of my peers in the same boat
Posted on 4/13/20 at 2:16 pm to YOURADHERE
Yep, same here.
Not an OT baller so my budget is pretty small but with what I pay for an apartment it makes no sense to continue renting.
Not an OT baller so my budget is pretty small but with what I pay for an apartment it makes no sense to continue renting.
Posted on 4/13/20 at 2:20 pm to whoa
As long as the economy is opened back up soon I think real estate will be ok. However if they drag this crap out for another month or longer then real estate could be in trouble. If that happens this thing goes from an economic pause due to a health crisis to a full blown financial crisis. I don't think anyone wants to go thru 2008-2009 again.
Posted on 4/13/20 at 2:21 pm to whoa
I'm curious if people in the larger more expensive homes wont be downsizing.
Posted on 4/13/20 at 2:21 pm to whoa
What about homes hitting the market in late May and early June? Are they going to be as hard as homes hitting the market this fall and winter?
I’m wondering if June, July and August are going to be super busy since restrictions will hopefully be loosened by then and it’s still before school starts.
I’m wondering if June, July and August are going to be super busy since restrictions will hopefully be loosened by then and it’s still before school starts.
Posted on 4/13/20 at 2:21 pm to whoa
quote:
I just recently looked it up and saw that $200k homes were going for $140k.
This is because they were never worth 200K to start with. Probably not even worth 140K to tell you the truth.
Posted on 4/13/20 at 2:26 pm to Snipe
I feel like this is the case in BR right now though. There’s homes going for upwards of $300k in Mid City worth half that much.
I’ve never understood why home prices are so high in BR.
I’ve never understood why home prices are so high in BR.
Posted on 4/13/20 at 2:34 pm to whoa
I’d say buyers market with declining prices half or so of the 2008 era, since the fundamental economy was/is fairly strong (this could also change though).
I see inventory increasing (homes have been pulled or are waiting), demand decreasing since people either have less money (or are nervous), some short term rentals folding, and now mortgage requirements increasing to eliminate buyers. None of this suggests to me that a sellers market will continue, but I could be wrong.
I see inventory increasing (homes have been pulled or are waiting), demand decreasing since people either have less money (or are nervous), some short term rentals folding, and now mortgage requirements increasing to eliminate buyers. None of this suggests to me that a sellers market will continue, but I could be wrong.
Posted on 4/13/20 at 2:38 pm to Ingloriousbastard
You think more people that were thinking of selling are now going to be more enticed to lease their property since there may be a larger pool of people renting vs buying?
Posted on 4/13/20 at 2:43 pm to Paul Allen
Maybe, but it seems like rentals are getting hammered also.
Posted on 4/13/20 at 3:07 pm to Ingloriousbastard
Good thing I went to contract on building a new house in February. 
Posted on 4/13/20 at 3:12 pm to whoa
It’s going to be bad. The longer the economy is shut down the worse the drop will be. The tighter the banks get the harder it will be hit. It could very well be as bad as 2008. I’ve only got one property going right now thank God hoping to have that one on the market in a couple weeks. Comps have already started going down.
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