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Residential Real estate market during Covid
Posted on 6/29/20 at 3:56 pm
Posted on 6/29/20 at 3:56 pm
How do you see Covid impacting home prices right now? I’m living in a house in BR, and my landlord just informed me that he intends to list it for sale.
13
Posted on 6/29/20 at 3:59 pm to kingbob
In Chattanooga, housing prices have continued to rise. It's baffling.
Posted on 6/29/20 at 4:15 pm to kingbob
Through the roof in a lot of southern cities.
Posted on 6/29/20 at 4:19 pm to go ta hell ole miss
quote:
Through the roof in a lot of southern cities.
New Orleans/Metairie seems un-phased.
Posted on 6/29/20 at 4:19 pm to kingbob
Interest rates have stimulated the market during COVID for those in a position to buy. Once the buying frenzy is over and this federal foreclosure deferral ends, I think we see the housing market fall on its butt.
Posted on 6/29/20 at 4:28 pm to kingbob
Home sales outside NYC are booming. People are buying homes over $1.5M sight unseen. Putting offers on homes based on pics because the listings go so fast.
Posted on 6/29/20 at 4:29 pm to kingbob
Low interest rate environment has stimulated home buying & "refi's". Relative of mine is in home inspection field - biz is booming with real estate closings.
Expectation is that interest rates will remain low for at least the next couple years as the "Fed" tries to stimulate the economy.
Depending on specific situations when you "run the numbers"; it is better to own than rent.
Expectation is that interest rates will remain low for at least the next couple years as the "Fed" tries to stimulate the economy.
Depending on specific situations when you "run the numbers"; it is better to own than rent.
Posted on 6/29/20 at 4:30 pm to IM4LSUTIGERS
The real estate market is on fire. Sucks for the buyers.
Posted on 6/29/20 at 4:38 pm to IM4LSUTIGERS
I’m worried that with my down payment that I won’t end up coming out ahead on rent vs mortgage+property taxes+maintenance and also drain my savings.
This post was edited on 6/29/20 at 4:39 pm
Posted on 6/29/20 at 4:56 pm to kingbob
Just closed on a house today in rural SE LA. The week realtors were allowed to show houses again, we had three look at it and all made an offer.
Crazy thing is that the appraisal was 38% higher than the sell price which has everyone on both sides baffled. We thought we were lucky as hell to get the asking.
Although, it only used 6% back to buyer which was part of two of the offers. I’m guessing that lenders are pushing this to protect themselves even more.
Crazy thing is that the appraisal was 38% higher than the sell price which has everyone on both sides baffled. We thought we were lucky as hell to get the asking.
Although, it only used 6% back to buyer which was part of two of the offers. I’m guessing that lenders are pushing this to protect themselves even more.
Posted on 6/29/20 at 4:59 pm to Volt
My problem is I don’t know what they plan to list it at, and they’re not gonna tell me. I have to figure out what to offer them (or whether I want to/can make an offer at all) this week or they list it. I know what they paid for it two years ago and what they unsuccessfully tried to sell it for a year ago.
This post was edited on 6/29/20 at 5:00 pm
Posted on 6/29/20 at 5:00 pm to kingbob
My neighbor listed her 1100 sq ft house for sale for $759 and sold it in two weeks. L.A.
I have another friend who put her 2300 sq ft house on the market for $2.4MM and it sold in 3 weeks. Also L.A.
But, house down the street has been on the market for several months for $1.2MM, had a contingency offer that fell through. It's back on the market.
I have another friend who put her 2300 sq ft house on the market for $2.4MM and it sold in 3 weeks. Also L.A.
But, house down the street has been on the market for several months for $1.2MM, had a contingency offer that fell through. It's back on the market.
This post was edited on 6/29/20 at 5:01 pm
Posted on 6/29/20 at 5:33 pm to kingbob
Old metairie market is on fire still.
Posted on 6/29/20 at 6:30 pm to kingbob
Buy now with rates this low
This post was edited on 6/29/20 at 6:30 pm
Posted on 6/29/20 at 8:31 pm to kingbob
Good for selling right now for sure. My house hit the market this past Friday evening. Less than 24 hours later I had a full asking price offer that we accepted.
Posted on 6/29/20 at 8:39 pm to kingbob
Transactions are up. Housing market hasn't taken any notice of covid. I do fear at some point that the printing of money and loss of jobs will catch up. Maybe a really slow fall/winter. We will see.
Posted on 6/29/20 at 9:07 pm to onelochevy
Well...f$&k me then 
Posted on 6/29/20 at 9:09 pm to Displaced
We were at a 4.5% rising rate market last year and now we are at a 3% market for 30 yr. fixed. 2019 was a slow bad year in a lot of residential real estate markets where prices had been relatively flat for 2-3 years. Houses are now $85 cheaper a month per every $100k in loan. A lot of buyers that held out last year are pulling the trigger this year.
Posted on 6/29/20 at 9:31 pm to kingbob
I went to view a home in the Birmingham area yesterday. It went on the market Friday. While I was there, the listing agent called the realtor showing me the house. A full cash offer was made and accepted for the asking price of the house.
It was a dumpy house (lots of potential for future value). Needed at least $50k worth of work.
I’m not sure why and I haven’t found any explanations, but the market is hot for sellers right now.
It was a dumpy house (lots of potential for future value). Needed at least $50k worth of work.
I’m not sure why and I haven’t found any explanations, but the market is hot for sellers right now.
Posted on 6/29/20 at 9:33 pm to kingbob
definitely depends on the residential area.
people are looking for more space and avoiding density. Condo developments in urban environments are cooling.
Suburban residential is hot. Property is hot.
people are looking for more space and avoiding density. Condo developments in urban environments are cooling.
Suburban residential is hot. Property is hot.
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