Overnight Buyers Market

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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
6y

Still a very strong sellers market here. All 6 offers I wrote in the last week were multiple offers. Sold a listing yesterday and it was well over list.

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  • David N.
    Lender · Elmhurst, IL · Member since 2018 · 100 posts · 24 votes
    6y

    I have a few airbnbs. All March and April bookings have canceled. How are things in Canada?  

    2Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y

    Still a very strong sellers market here. All 6 offers I wrote in the last week were multiple offers. Sold a listing yesterday and it was well over list.

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  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @David N.:

    I have a few airbnbs. All March and April bookings have canceled. How are things in Canada?  

    Was superhot in Toronto area since January. Some pockets still hot.. Still multiple offers but not as many as last week.. Some areas that jumped 10-15% in a month kind of leveled off.. 

    0Reply
  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @Russell Brazil:

    Still a very strong sellers market here. All 6 offers I wrote in the last week were multiple offers. Sold a listing yesterday and it was well over list.

     It may gradually change as sellers may not be interested in allowing showings and potential spread

    1Reply
  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    Some fear in buyers but inventory is actually still very strong and steady and now it's time for some buyer power again. I'm really excited for my buyers at the moment. 

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  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @Lien Vuong:

    Some fear in buyers but inventory is actually still very strong and steady and now it's time for some buyer power again. I'm really excited for my buyers at the moment. 

    So Boston was a sellers market and now transitioning?

    1Reply
  • Allan Smith
    Contractor · Nashville, TN · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    I've heard several stories of buyers getting cold feet. Renegotiating or backing out, rescinding offers, etc. It's the uncertainty. We don't know if the economy will bounce back but no one wants to be the one caught with their pants down by buying a house that turns out to not sell or rent because the next guy doesnt want to get caught with pants down. It's a cycle of uncertainty. 

    I think the next month will be very telling as MSA stats roll in and it could be that buyers held back so inventory is up and prices floundered some.

    6Reply
  • Nick Gann
    Real Estate Agent · Murfreesboro, TN · Member since 2019 · 194 posts · 181 votes
    6y

    0 changes here in Middle TN. So far...

    1Reply
  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @Allan Smith:

    I've heard several stories of buyers getting cold feet. Renegotiating or backing out, rescinding offers, etc. It's the uncertainty. We don't know if the economy will bounce back but no one wants to be the one caught with their pants down by buying a house that turns out to not sell or rent because the next guy doesnt want to get caught with pants down. It's a cycle of uncertainty. 

    I think the next month will be very telling as MSA stats roll in and it could be that buyers held back so inventory is up and prices floundered some.

     I am in the market of 20-30 offers on a property.. I am sure the ones who missed and lost out on bids are still hunting..

    Lots of cold feet too

    0Reply
  • David Sisson
    Architect · Providence, RI · Member since 2016 · 258 posts · 195 votes
    6y

    I'm an architect, so my primary business is in the rehab / remodel /additions / new construction market. As of 2 weeks ago, the phone stopped ringing for new work. I haven't had any clients cancel current projects yet, but I'm sure it'll happen. Boston just canceled all construction in the city (how is that even possible??) and I wouldn't be surprised if MA (my primary market) follows along. We are doing remote work on our current projects, and it's not perfect by a long shot, I'd much rather be in the office. On my RE investment side, no effects yet, but I'm not looking at buying anything new now - going to wait until I see the effect on my pocketbook - honestly, trying to protect my cash right now in case this gets worse. I do have 2 units under construction right now - had planned on having them online as airbnb's in spring - if I'm even able to finish them up by spring, they'll be traditional rentals, and probably at a lower rate. Tough days for all of us. 

    10Reply
  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y

    @David Sisson

    That’s brutal. How can they stop construction? So much impact on jobs, completion delays, etc..

    Then again they want everyone to stay home..

    0Reply
  • David Sisson
    Architect · Providence, RI · Member since 2016 · 258 posts · 195 votes
    6y

    @Hai Loc the mayor of Boston announced it several days ago, very little detail. I have a feeling it might go statewide, but hope it does not.

    https://www.boston.gov/sites/default/files/file/2020/03/Temporary%20Guidance%20for%20Construction%20in%20the%20City%20of%20Boston.pdf

    1Reply
  • Alex Olson
    Real Estate Broker · Kansas City Metro · Member since 2015 · 2k+ posts · 1k+ votes
    6y

    @Hai Loc Time will tell. Just keep doing what you were pushing forward. Airbnb market is rough, buyers getting cold feet but others waiting in the wing to pounce. The real guage is 21-48 days from now.

    7Reply
  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    6y
    Originally posted by @Hai Loc:

    Who is suffering in a market from Covid-19 so far?

    Serious buyers and investors are hanging in there and just trying to renegotiate. Deals that are already under contract have buyers/investors negotiating for seller credits at the closing table - but nothing more than 1-2% of purchase price at the moment.

    Some tenants and owner-occupants are hesitant to let folks see their homes which is keeping some deals in limbo as well.

    As mentioned on here, the next few weeks will give us a clearer picture.

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  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @Alex Olson:

    @Hai Loc Time will tell. Just keep doing what you were pushing forward. Airbnb market is rough, buyers getting cold feet but others waiting in the wing to pounce. The real guage is 21-48 days from now.

     Airbnb and hotels are taking a beating.. Can't imagine those A class mortgages with no income coming in..

    1Reply
  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @Account Closed:

    This is a joke, right? Real Estate moves at turtle speed. Sellers may be on their knee in the future, but it's going to take some time. As for now, seeing pretty much the same ******** prices as last month. 

     I here ya.. There are still a ton of buyers out there that want to take advantage of the low interest rate. I think speculators took a back seat. I do not expect a major dip in price in my market. Definitely not lower than when 2020 started

    2Reply
  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @Abel Curiel:
    Originally posted by @Hai Loc:

    Who is suffering in a market from Covid-19 so far?

    Serious buyers and investors are hanging in there and just trying to renegotiate. Deals that are already under contract have buyers/investors negotiating for seller credits at the closing table - but nothing more than 1-2% of purchase price at the moment.

    Some tenants and owner-occupants are hesitant to let folks see their homes which is keeping some deals in limbo as well.

    As mentioned on here, the next few weeks will give us a clearer picture.

     I was discussing with other agents and the vacant listings will be the ones that are most common on the market. Owner occupied will be limited. Tenant occupied.. good luck with that.. 

    1Reply
  • Jenny Roman
    Lender · Member since 2020 · 89 posts · 69 votes
    6y

    @Allan Smith @Nick Gann @Hai Loc @David Sisson Thanks to each of you for sharing each location current situation. As a lender I see the buyers are in the driver seat.  I am experiencing investors boldly and confidently grabbing the opportunity to renegotiate contracts to the sellers disadvantage in lieu of their uncertainty and somewhat desperation. 

    3Reply
  • Kim Flowers
    Realtor · Arlington, TX · Member since 2020 · 2 posts · 3 votes
    6y

    @Hai Loc

    I think time will tell. Right now, not much change. If this goes on for too long, I could see people not wanting to do new listings due to fear of having to do all the showings and open houses.

    2Reply
  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @Jenny Roman:

    @Allan Smith @Nick Gann @Hai Loc @David Sisson Thanks to each of you for sharing each location current situation. As a lender I see the buyers are in the driver seat.  I am experiencing investors boldly and confidently grabbing the opportunity to renegotiate contracts to the sellers disadvantage in lieu of their uncertainty and somewhat desperation. 

    Isn't lending backed up to the 9s. So much refi's and delays with appraisals etc..

    0Reply
  • Jenny Roman
    Lender · Member since 2020 · 89 posts · 69 votes
    6y

    @Hai Loc Maybe for owner occupied loans not investment

    2Reply
  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    @Hai Loc Was a very strong sellers market where sales prices kept breaking the ceiling and now we are seeing less showing requests and offers. Properties, esp multis, are still experiencing multiple bids and over ask but 3-5 offers as opposed to the 15 of the previous month. 

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    0Reply
  • Hai Loc
    OP
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y
    Originally posted by @Lien Vuong:

    @Hai Loc Was a very strong sellers market where sales prices kept breaking the ceiling and now we are seeing less showing requests and offers. Properties, esp multis, are still experiencing multiple bids and over ask but 3-5 offers as opposed to the 15 of the previous month. 

     Very similar to Toronto as we are still getting bully offers in certain low inventory pockets

    0Reply
  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    6y

    So far I've had one small multifamily deal fall through. It was due to a shockingly low appraisal. The seller was willing to drop his price, but it was enough to completely spook my buyer. There were multiple bidders on this deal, and we weren't even the highest. I think the low appraisal was completely the result of Coronapocalypse.

    Our vacation rental business has seen some drop off, but not as much as I expected. There has been an uptick in shelter in place bookings.

    The really surprising thing has been how many new investor inquiries I've received in the past week. There are tons of people in NY and CA that think this is the time to jump into San Antonio real estate. I know we have a reputation as a relatively safe haven, but people are really coming out of the woodwork. If this keeps up, I don't think we'll have any price drops here, unless things really go south.

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  • Karen MargraveBusiness Member
    Moderator
    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
    6y

    @Hai Loc we have demand and offers being made daily. However; many areas are being told to shelter in place. Here's something that will tamp down everything until this virus passes. I know there have been a lot of rumors, but here's some real information. Check this out from Army Military Times

    1Reply
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