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kingbob
LSU Fan
Sorrento, LA
Member since Nov 2010
53804 posts
 Online 

Residential Real estate market during Covid
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.


Displaced
LSU Fan
Member since Dec 2011
27837 posts

re: Residential Real estate market during Covid
In Chattanooga, housing prices have continued to rise. It's baffling.


go ta hell ole miss
New York Yankees Fan
Member since Jan 2007
8200 posts

re: Residential Real estate market during Covid
Through the roof in a lot of southern cities.


TheWiz
LSU Fan
Third World, LA
Member since Aug 2007
10701 posts

re: Residential Real estate market during Covid
quote:

Through the roof in a lot of southern cities.


New Orleans/Metairie seems un-phased.


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20
LigerFan
LSU Fan
Member since Jan 2014
2466 posts
 Online 

re: Residential Real estate market during Covid
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.


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71
MSTiger33
LSU Fan
New York City
Member since Oct 2007
15976 posts

re: Residential Real estate market during Covid
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.


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30
IM4LSUTIGERS
LSU Fan
Member since Dec 2006
801 posts

re: Residential Real estate market during Covid
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.


tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
5527 posts

re: Residential Real estate market during Covid
The real estate market is on fire. Sucks for the buyers.


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21
kingbob
LSU Fan
Sorrento, LA
Member since Nov 2010
53804 posts
 Online 

re: Residential Real estate market during Covid
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 at 4:39 pm


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11
Volt
LSU Fan
In the woods near Kentwood
Member since Nov 2009
2625 posts

re: Residential Real estate market during Covid
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.


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kingbob
LSU Fan
Sorrento, LA
Member since Nov 2010
53804 posts
 Online 

re: Residential Real estate market during Covid
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 at 5:00 pm


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NoHoTiger
LSU Fan
So many to kill, so little time
Member since Nov 2006
44684 posts
 Online 

re: Residential Real estate market during Covid
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.
This post was edited on 6/29 at 5:01 pm


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20
Tiger Attorney
LSU Fan
New Orleans
Member since Oct 2007
17558 posts
 Online 

re: Residential Real estate market during Covid
Old metairie market is on fire still.


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10
SDVTiger
Hawaii Fan
Off the Wall
Member since Nov 2011
44445 posts
 Online 

re: Residential Real estate market during Covid
Buy now with rates this low
This post was edited on 6/29 at 6:30 pm


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onelochevy
LSU Fan
Slidell, LA
Member since Jan 2011
14016 posts

re: Residential Real estate market during Covid
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.


rmc
LSU Fan
Zachary, LA
Member since Sep 2004
24866 posts

re: Residential Real estate market during Covid
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.


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kingbob
LSU Fan
Sorrento, LA
Member since Nov 2010
53804 posts
 Online 

re: Residential Real estate market during Covid
Well...f$&k me then


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HYDRebs
Ole Miss Fan
Houston
Member since Sep 2014
1164 posts

re: Residential Real estate market during Covid
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.


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10
StringedInstruments
Auburn Fan
Member since Oct 2013
11937 posts

re: Residential Real estate market during Covid
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.


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21
DaleBrown
LSU Fan
Slidell la
Member since May 2019
1609 posts

re: Residential Real estate market during Covid
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.



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