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Potential home buyers in the future market.
Posted on 5/20/20 at 3:02 pm
Posted on 5/20/20 at 3:02 pm
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?
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?
22
Posted on 5/20/20 at 3:03 pm to AUriptide
How you gonna buy with no job?
Posted on 5/20/20 at 3:04 pm to AUriptide
Naw, if a wonderful opportunity avails itself I’ll probably pass on it.
I’ve got enough already.
Money Bored
I’ve got enough already.
Money Bored
Posted on 5/20/20 at 3:04 pm to AUriptide
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!
Posted on 5/20/20 at 3:06 pm to AUriptide
I'm shooting to buy my first one in 2021, hopefully the market is still good for buyers then.
Posted on 5/20/20 at 3:06 pm to LSU1018
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.
Posted on 5/20/20 at 3:09 pm to AUriptide
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?
Posted on 5/20/20 at 3:13 pm to fightin tigers
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 5/20/20 at 3:17 pm
Posted on 5/20/20 at 3:20 pm to jimbeam
quote: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
I don’t see how renters will benefit.
Posted on 5/20/20 at 3:21 pm to fightin tigers
quote:
How you gonna buy with no job?
Well, you probably wouldn't be in the spot to do it.
Posted on 5/20/20 at 3:22 pm to AUriptide
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.
Posted on 5/20/20 at 3:22 pm to AUriptide
20% down and 700 credit score, you have no problem.
Posted on 5/20/20 at 3:23 pm to LSU1018
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.
Posted on 5/20/20 at 3:23 pm to LasVegasTiger
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.
Posted on 5/20/20 at 3:25 pm to AUriptide
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.
Posted on 5/20/20 at 3:27 pm to AUriptide
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
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 5/20/20 at 3:33 pm
Posted on 5/20/20 at 3:28 pm to AUriptide
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.
Posted on 5/20/20 at 3:29 pm to kingbob
quote:
kingbob
That's a tough spot man. I understand your feelings.
Posted on 5/20/20 at 3:32 pm to Picayuner
Weren’t crawfish prices ridiculously low this year?
Posted on 5/20/20 at 3:32 pm to Picayuner
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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