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Checked the listings for the neighborhood for the first time in a while since there wasn't much new over the last few months. Right now $300K and above seem to be actually going higher while below $300K is starting to show price drops. Could be people trying to push a sale in pandemic or sign of things to come
The demand is there but I don't think the money or credit is.
If people still have solid income, there is money to be lent. Interest rates are still very low.
Personally, we just closed on a refinance this past week. Buyer client under contract without any hitches in their funding either.
It is possible that if a part of the market is going to be hit hardest or first, it will be the lower end starter homes. First time buyers may be those most likely to be suffering some income setbacks right now.
I haven't seen price drops here, yet..... listings are scarcer than buyers, and it's still pretty competitive.
Last edited by Diana Holbrook; 05-09-2020 at 09:34 PM..
If people still have solid income, there is money to be lent. Interest rates are still very low.
Personally, we just closed on a refinance this past week. Buyer client under contract without any hitches in their funding either.
It is possible that if a part of the market is going to be hit hardest or first, it will be the lower end starter homes. First time buyers may be those most likely to be suffering some income setbacks right now.
I haven't seen price drops here, yet..... listings are scarcer than buyers, and it's still pretty competitive.
listing scarcer than buyers-lol but so true
Our neighborhood or zip code was already saturated with investors prior to the virus with flippers buying and fixing and investors apparently buying the renovated properties at top dollar which I'm still trying to to figure out. The 08 crash had already put alot of commercial owners in the market and now it's investors and/or groups of people buying one property.
To me it's what happens after the initial onslaught of delayed sales including those who had planned to sell or buy in March and April. After that is the true test. My guess the backlog will clear out pretty quick judging by how many sales actually took place during the lockdown which surprised me.
Location: Stuck on the East Coast, hoping to head West
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My current town has changed from seller's market to a balanced market, according to the realtors I follow. It definitely appears that way from the listings and activities.
My previous town was a seller's market with a median price of $365,000. I don't see any houses any more at that price. I see condos/townhouses flooding the market that are 200-250,000 range.These houses are around 1200 sq feet and 2 bed/1 (sometimes 1.5) bathrooms. DOM are up, but they are moving.
I'm also seeing houses in the 500 + market and they seem to be moving. However, houses in between those 2 prices are just not on the market.
As far as 3/2 single family homes go, they just aren't there. It is really weird.
Additionally, I'm not seeing houses with all of the upgrades that I'd been seeing, either. DOM are going up, too. Pre-pandemic, they were sitting around 30 and offers coming in 24 hours. Now, they are at 45 days.
Interesting WSJ article on mortgages
"The Mortgage Market Never Got Fixed After 2008. Now It’s Breaking Again."
Discusses role of nonbanks in mortgage lending. Interesting read.
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