We’re selling our albatross of a beach house.

Hopefully sooner than later.

Honestly I think most things will bounce back pretty quickly. We’ll see.

It seems to be very dependent on the location. Our little housing market has remained quite strong and I don't expect prices to change downward. It's not 2008 all over again, despite what many would-be buyers may think. We are seeing banks firming up their requirements and there's a massive amount of re-fi's taking place which pushed rates up and increased closing times.

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Originally posted by reloader-1:

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Originally posted by Aeteocles
There's also a ton of millennials just waiting in the fringes to snap up anything that remotely looks like a good deal, so even if there's a drop in price, it might not be a very deep drop.

Agreed. I believe Aeteocles and I are both part of that cohort, (apologies if I am mistaken), and I just purchased a home in South Florida. Remember that the youngest Millennial is now 24, with the oldest 39, and therefore most are looking at single family residences than “the newest high-rise”.

Correct, I'm 37 and a millennial. My cohort of early to mid 30's lawyer friends are just now settling into homes and starting families. The recession of 2008 hit just as people my age were starting their careers--so we've been set back a couple years in terms of wealth building. There's so much pent up demand, but prices were sky high for the last couple of years. Wife is a real estate agent and we're constantly getting people asking about the next crash--people have the down payments, they're just waiting for prices to come down.

As soon as this is over and people are allowed to go house hunting, every stale listing is going to get lowballed all at once. Houses are going to get snatched up, inventory is going to dry up, and then people are going to bid up prices again.

We already have clients taking their houses off the market, to avoid driving their own prices down with a stale listing.

People are going to be shy about losing money on their house. There will be fewer listings. There are going to be people who *need* to move because of growing families or new jobs, and those people are going to compete with the millennial deal hunters, plus all the people who would have normally transacted between this March and June. It's gonna be a cluster, but I'm not convinced that prices will come down all that much.

This message has been edited. Last edited by: Aeteocles,

House next door to mine 4br/2ba 3,000 sq ft., 2 story, went on the market at $185k on 4/8/20 and was under contract 5 days later. Our market seems insulated from nationwide crazyness. Even 2008 didn't hurt values much here.

I just wish the owners would get their "grass" cut. Their weeds are seeding out and no doubt transplanting into my bermuda.

Pennsylvania has prohibited showing houses, as well as a moratorium on closings under contract as of a certain date. I forget what the date(s) are/were, since Wolfe has vacillated on that like just about everything else. Some realtors ahve been doing "virtual" showings, but I'm not sure how they're getting to the closing phase.

Here in Massachusetts the market has slowed may be 40%. However it is not due to lack of buyers. There just aren’t enough people wanting to list. My fiancé had the same buyer low ball 3 of her listings and he lost every time. He was expecting deals because of virus. But that simply isn’t the case. For example one of my fiancé’s buyers just bid $25,000 over the asking price on a listing and lost. The house had 15 offers. She has recently had a lot of activity on her new construction listings.

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Originally posted by frayedends:
Here in Massachusetts the market has slowed may be 40%. However it is not due to lack of buyers. There just aren’t enough people wanting to list. My fiancé had the same buyer low ball 3 of her listings and he lost every time. He was expecting deals because of virus. But that simply isn’t the case. For example one of my fiancé’s buyers just bid $25,000 over the asking price on a listing and lost. The house had 15 offers. She has recently had a lot of activity on her new construction listings.

Our closing (buying) was moved from June 15th to May 26th. Our plan was to list after we empty our current house because it's 1000sqft and it's doubling as a storage unit for half of my girlfriend's stuff (other half is in an actual storage unit) but now our agent wants us to list in the next couple of weeks BEFORE closing on the new house. She believes that in the next couple of weeks they expect to be able to show houses again and it will be a mad rush. She doesn't think there will be a problem selling it either way but we should try to take advantage of the spike to get it sold faster and possibly for more money (over asking).

Our issue is that we would need to rent a second storage unit and I'm having trouble finding a contractor with an opening in the next couple of weeks to take care of a few things. That and the shed needs to be either moved or torn down and removed because it's on the sewer easement (it's on a slab). I don't think showing the house with the shed there is a good idea if I'm going to just have it torn down.

But as far as the market in this area, I still receive new listing notifications from our agent and from the various real estate apps. New inventory slowed down about a month ago but the past week I've been getting daily notifications for homes being listed. What's really amazing is that I at least one or two daily notification that a house went under contract. People buying sight-unseen or based on a virtual tour.

We are just outside northeast Philly, minutes from Trenton, NJ and an hour or so from NYC.

South Florida here,
We are still way short on inventory.
Sellers are seemingly not wanting to trade up until the dust settles from Corona. Many buyers who need financing are missing a paycheck or two and that is screwing up their financing.

There are still plenty of cash buyers to suck up the little inventory that is left.

Also seeing investors move away from stocks and back into renovation flips, waiting to pounce on anything close to a value that needs work.

Its a strange market for sure.
While I expect prices to hold stable, that is really due to lack of inventory, otherwise they would fall somewhat, not a cliff by any means like in 08 but a pull back or longer on market would be expected.

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Originally posted by dkjbama:
House next door to mine 4br/2ba 3,000 sq ft., 2 story, went on the market at $185k on 4/8/20 and was under contract 5 days later. Our market seems insulated from nationwide crazyness. Even 2008 didn't hurt values much here.

I just wish the owners would get their "grass" cut. Their weeds are seeding out and no doubt transplanting into my bermuda.

I need to move to where you live, you couldn't buy a studio around here for that. My half the size house of that is worth well over double that price, and I live in a shitty neighborhood. Round here if that's a desirable neighborhood, it would go for 600,000.

Residential, not so much. So many homes were pulled from the market that it dried up supply here around Charlotte. Those that were empty and stayed on the market found themselves with 4 to 6 cash offers, and bidding wars have broken out.

Some friends of our who moved to Tucson in the last week of February got 6% over asking price, and all cash, because their house was the only one in the neighborhood, and only of only six in the zip code for sale.

In the Northern VA area I believe it comes down to neighborhood by neighborhood in terms of pricing. I'd say in general, it is slower. So glad I sold my parents' house last March.