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      03-15-2020, 11:11 PM   #1
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COVID-19 and the Housing Market?

Anyone have thoughts on what this will or could do to the market?

I am in the final stage of selling a home. As in paperwork is being made up for me and the buyer to sign off on. They gave me less than 30 days for everything to be finalized. Think I will be okay?

My hope is to seal this deal and then let the market drop so I can buy another home.
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      03-16-2020, 12:29 AM   #2
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parabolic market, depending on how long you can wait or how fast you can sell, should be fine. The market WILL dip due to consumer confidence being through the floor and everyone sucking up their resources waiting for the crash- thus causing the crash. Just do business as usual, save, invest, sell.

As far as your house, you are fine until about April when the infected rate hits a couple million. Then people will really start freaking out as supply chains have huge delays due to sick or protocols slowing things down greatly. Invest in video games to ride it out.
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      03-16-2020, 08:47 AM   #3
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I just bought my 3rd house the other week and am interested to see what happens too
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      03-16-2020, 08:50 AM   #4
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Zero rate now = the beginning of the end. The market will likely crash back down to Earth soon. Good for those of us looking for housing.
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      03-16-2020, 09:12 AM   #5
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It’s not the end of the world for me if this deal doesn’t go through. It just mean I get less money or I wait forever to finish this part of the divorce
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      03-16-2020, 09:13 AM   #6
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      03-17-2020, 03:31 PM   #7
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I guess we'll have to wait and see how many people lose their jobs or experience credit score dips. If too many loose the jobs or if their credit scores/savings dip, we will probably see a dip in housing prices for a while.

My guess is we'll recover pretty quickly from this since we're hearing all this talk about stimulus packages and a vaccine. Home prices may lower a bit in California, but not for long, maybe a year. Again, this is only a guess.
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      03-17-2020, 05:59 PM   #8
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I guess we'll have to wait and see how many people lose their jobs or experience credit score dips. If too many loose the jobs or if their credit scores/savings dip, we will probably see a dip in housing prices for a while.

My guess is we'll recover pretty quickly from this since we're hearing all this talk about stimulus packages and a vaccine. Home prices may lower a bit in California, but not for long, maybe a year. Again, this is only a guess.
My hope is for the deal I am currently in will go through. Just waiting on the paperwork from the title company and thats it.
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      03-17-2020, 06:25 PM   #9
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Quote:
Originally Posted by obert View Post
Anyone have thoughts on what this will or could do to the market?

I am in the final stage of selling a home. As in paperwork is being made up for me and the buyer to sign off on. They gave me less than 30 days for everything to be finalized. Think I will be okay?

My hope is to seal this deal and then let the market drop so I can buy another home.
There's a high probability that the lender will have to obtain, with regards to your buyer, a verbal verification of employment within ten business days of closing.

So obviously there is a possibility of a problem if the buyer has been laid off. As time ticks on that probability may increase.
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      03-17-2020, 06:31 PM   #10
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My hope is for the deal I am currently in will go through. Just waiting on the paperwork from the title company and thats it.

You're almost done.

I remember being in your shoes a few years back. I was going through a divorce and I needed it sold. The deal fell through once, but we found a buyer within a week and it went through.

Did the real estate agent say what the buyers do for a living?
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      03-17-2020, 07:12 PM   #11
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You're almost done.

I remember being in your shoes a few years back. I was going through a divorce and I needed it sold. The deal fell through once, but we found a buyer within a week and it went through.

Did the real estate agent say what the buyers do for a living?
The buyer is my ex.........she has to buy it from me instead of doing a refi to cash me out. She works from home for the credit union she is getting the home loan through. Don’t think she will lose her job over all this.
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      03-17-2020, 07:25 PM   #12
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Short term volatility. Lower rates support prices somewhat but fear will likely slow sales activity and layoffs would obviously adversely impact prices. Medium term, construction slow downs will limit inventory, driving prices back up once fear begins to subside while rates remain low.
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      03-17-2020, 07:30 PM   #13
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Short term volatility. Lower rates support prices somewhat but fear will likely slow sales activity and layoffs would obviously adversely impact prices. Medium term, construction slow downs will limit inventory, driving prices back up once fear begins to subside while rates remain low.
My concern is the next 30 days and after the deal closes I dont care what happens. It would be nice if prices would drop so I could buy another home.
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      03-17-2020, 08:56 PM   #14
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Quote:
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Quote:
Originally Posted by someguywithanm3 View Post
You're almost done.

I remember being in your shoes a few years back. I was going through a divorce and I needed it sold. The deal fell through once, but we found a buyer within a week and it went through.

Did the real estate agent say what the buyers do for a living?
The buyer is my ex.........she has to buy it from me instead of doing a refi to cash me out. She works from home for the credit union she is getting the home loan through. Don't think she will lose her job over all this.
Ahh, okay well then you're probably GTG.
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      03-17-2020, 09:06 PM   #15
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I’m in the real estate biz in Dallas it’s been business as usual around here. Only major hold-ups I’ve been seeing potential of is A) appraisers are overloaded with sales and refinance business and can be 2-3 weeks booked out around here and B) county offices closing and deed filings being delayed if the county doesn’t offer electronic filing. Otherwise things are going as normal. Next thirty-days should be OK cause the real estate market can be slower to react to these things, but might be a good idea to just keep and eye out and if possible try to push things up wherever you can. Title companies can usually get documents done quickly. It really boils down to the lenders and appraisers in most cases holding deals up so if I were you I would be the squeaky wheel with them making sure they’re doing their end of the deal. Hopefully your ex isn’t using a big-bank lender case they, in my experience, tend to be slower and not so great about customer service.
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      03-17-2020, 09:47 PM   #16
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Im in the real estate biz in Dallas its been business as usual around here. Only major hold-ups Ive been seeing potential of is A) appraisers are overloaded with sales and refinance business and can be 2-3 weeks booked out around here and B) county offices closing and deed filings being delayed if the county doesnt offer electronic filing. Otherwise things are going as normal. Next thirty-days should be OK cause the real estate market can be slower to react to these things, but might be a good idea to just keep and eye out and if possible try to push things up wherever you can. Title companies can usually get documents done quickly. It really boils down to the lenders and appraisers in most cases holding deals up so if I were you I would be the squeaky wheel with them making sure theyre doing their end of the deal. Hopefully your ex isnt using a big-bank lender case they, in my experience, tend to be slower and not so great about customer service.
Thanks

So she has already been approved and we have signed a buyer/seller agreement and of course they have already appraised the home. The deed is also in the hands of the title company already.

This part is making me crazy but we are doing this without a relater to save some money. Me calling the title company shouldnt be an issue just to check up on things?

Thanks for all your replies. I have been pushing for this for 5 years so I want this to be over with badly.
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      03-18-2020, 10:26 AM   #17
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Thanks

So she has already been approved and we have signed a buyer/seller agreement and of course they have already appraised the home. The deed is also in the hands of the title company already.

This part is making me crazy but we are doing this without a relater to save some money. Me calling the title company shouldnt be an issue just to check up on things?

Thanks for all your replies. I have been pushing for this for 5 years so I want this to be over with badly.
Sounds like your have all the parts in place so I wouldn't get too panicked. Just check in with title and make sure your county is able to do e-file for deeds or their offices are still open. Don't be afraid to be the squeaky wheel with title. You'll get it across the finish line!
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      03-20-2020, 09:18 PM   #18
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My deal is going as planned thankfully. But I will say the twin cities were an insanely crazy sellers market and a day after COVID-19 hit I saw like 20+ houses go on the market. Still appear to be selling for high prices since the demand was so high.

Three years of people not being able to buy/afford houses does some crazy things to the market
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      03-20-2020, 09:45 PM   #19
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I will follow up on Monday. The title company is waiting on the underwriting to be done by the bank.
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      03-21-2020, 08:59 PM   #20
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appraisers are overloaded with sales and refinance business and can be 2-3 weeks booked out around here
By sheer luck I locked my rate at the dip right before they went back up. Will be closing in a few days at 3.25% for a 30yr fixed. A friend is about to close on a refinance for a 30yr fixed at 2.999%
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      04-22-2020, 08:30 PM   #21
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Signing the papers tomorrow to sell.

Paying off my car and bills, paying a years worth or child support just to be ahead of things, thinking of putting a big down payment on a Ducati 848 super sport used. The rest will be saved for a down payment on another house
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      04-22-2020, 10:03 PM   #22
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Всем привет

Доброго вечера!

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