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AUriptide
Minnesota Fan
Member since Aug 2009
4134 posts

Potential home buyers in the future market.
The next two quarters of 2020 could yield some great opportunities to renters and first time home buyers. Home values should hit a decline with the market getting flooded with foreclosures and people looking to get out from under house notes.

I purchased my first two houses in an area just starting to grow during the down market. Sold the first one and doubled my money and may look to do again.

Anyone else looking to strike?


fightin tigers
Downtown Prairieville
Member since Mar 2008
52055 posts

re: Potential home buyers in the future market.
How you gonna buy with no job?


soccerfüt
Location: A Series of Tubes
Member since May 2013
42194 posts

re: Potential home buyers in the future market.
Naw, if a wonderful opportunity avails itself I’ll probably pass on it.

I’ve got enough already.

Money Bored


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42
LSU1018
LSU Fan
Baton Rouge
Member since Feb 2007
6869 posts
 Online 

re: Potential home buyers in the future market.
I don’t suspect we will see that decline until late 4th quarter and 1st qtr 2021. I do agree that you should have some good opportunities!


ForeverLSU5
LSU Fan
Member since Mar 2019
807 posts

re: Potential home buyers in the future market.
I'm shooting to buy my first one in 2021, hopefully the market is still good for buyers then.


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LasVegasTiger
LSU Fan
Las Vegas
Member since Apr 2008
6633 posts

re: Potential home buyers in the future market.
Decided to hold off on buying a new house last month. Curious to see how the Vegas market gets hit with so many people out of work here.


jimbeam
USA Fan
University of LSU
Member since Oct 2011
62027 posts

re: Potential home buyers in the future market.
I don’t see how renters will benefit. If people are selling en masse (good buying opportunity), it is very likely these sellers will then be renting. Thus, increasing rental demand. Why would rental prices not rise accordingly?


kingbob
LSU Fan
Sorrento, LA
Member since Nov 2010
53704 posts

re: Potential home buyers in the future market.
quote:

How you gonna buy with no job?


This. I’m working now, but definitely concerned budget cuts might eliminate my position. I can’t imagine how screwed I’d be if I dumped all of my savings into a down payment on a house and then lost my job. I’d be homeless and bankrupt in no time.

As for renters, rent prices are like crawfish prices in that no matter what happens, it always somehow causes prices to increase, and never decrease.
This post was edited on 5/20 at 3:17 pm


Tiger Prawn
LSU Fan
Member since Dec 2016
15726 posts

re: Potential home buyers in the future market.
quote:

I don’t see how renters will benefit.
The ones who are renting for now with plans to buy in the near future. Other than that, I don't see another benefit for renters


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30
AUriptide
Minnesota Fan
Member since Aug 2009
4134 posts

re: Potential home buyers in the future market.
quote:

How you gonna buy with no job?


Well, you probably wouldn't be in the spot to do it.


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funnystuff
Member since Nov 2012
6416 posts

re: Potential home buyers in the future market.
I was originally planning to buy my first house sometime around next summer, but may move that up to the fall if the right opportunity becomes available.


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20
Dominate308
Citadel Fan
Baton Rouge
Member since Jan 2013
1091 posts

re: Potential home buyers in the future market.
20% down and 700 credit score, you have no problem.


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90
AUriptide
Minnesota Fan
Member since Aug 2009
4134 posts

re: Potential home buyers in the future market.
quote:

I don’t suspect we will see that decline until late 4th quarter and 1st qtr 2021. I do agree that you should have some good opportunities!


Very well could be. It's honestly still moving pretty good right now. Not much out there.


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AUriptide
Minnesota Fan
Member since Aug 2009
4134 posts

re: Potential home buyers in the future market.
quote:

Decided to hold off on buying a new house last month. Curious to see how the Vegas market gets hit with so many people out of work here.


Good call.


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10
zacata88
LSU Fan
Member since Mar 2014
1629 posts

re: Potential home buyers in the future market.
Was going to buy when my lease ends in August but can’t decide if I should wait another 12 months in case things bottom out some.


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fillmoregandt
Ole Miss Fan
Over the Mountain
Member since Nov 2009
13748 posts

re: Potential home buyers in the future market.
I would want to know the percentage of people laid off that were actually homeowners


In April the supply of homes for sale actually went down (granted its still early)


Eta: and with the potential for a rebound sooner rather than later, coupled with the forbearance and relief efforts from mortgage services, I’m not sure we’ll see the surge of foreclosures like in 08-09
This post was edited on 5/20 at 3:33 pm


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20
Picayuner
Member since Dec 2016
1905 posts
 Online 

re: Potential home buyers in the future market.
You'll need at least 20% down payment firm. Maybe more. The banks aren't going to risk financing more than the balance of that. And interest rates will rise to mitigate the risk. But housing is a lot like crawfish, somehow, against all reason the prices stay high.


AUriptide
Minnesota Fan
Member since Aug 2009
4134 posts

re: Potential home buyers in the future market.
quote:

kingbob


That's a tough spot man. I understand your feelings.



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funnystuff
Member since Nov 2012
6416 posts

re: Potential home buyers in the future market.
Weren’t crawfish prices ridiculously low this year?


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jimbeam
USA Fan
University of LSU
Member since Oct 2011
62027 posts

re: Potential home buyers in the future market.
Yeah I’ve heard 20 is minimum for a lot of banks now. Luckily (maybe) I got in at 10% a few months back. As long as I don’t sell, no harm no foul right?


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