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

    @Terry Z. if an appraisal is conducted , this report is what will determine the amount the lender will be able to lend. Since you paid for appraisal the report is yours and you can present to seller to ask for a reduction if the original value came in lower. If the deal is cash then it is a different story. You must contractually abide to what was signed.

    0Reply
  • Patrick Bavaro
    Fort Lauderdale, FL · Member since 2018 · 289 posts · 342 votes
    6y

    I think the reality of the market won't set in for at least another few weeks. While I do not want to see an economic downturn, I can only imagine defaults on notes will begin happening come April and May with so many out of a job currently. At my w2 job, I work pretty closely with Medical Directors of some of the largest metropolitan EMS services across the country, one of which is my actual boss now. I still think things will get worse before they get better as infrastructure and healthcare becomes overwhelmed. Hopefully, I am wrong. 

    2Reply
  • Andrew HoganPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2016 · 560 posts · 463 votes
    6y

    Hope everyone is safe and well! 

    Not surprisingly, we're seeing our highest net worth investors talk of allocating even more capital to our platform while a few smaller investors are sounding more fearful. 

    If fear is creeping in remember the words of Warren Buffet: 

    "Be greedy when the herd gets fearful (ok I paraphrased a little...)!"

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

    @Hai Loc yes Clearwater Beach has been packed. They’re all starting to be shut down, Clearwater Beach will be shut down starting tonight at midnight. It is a popular tourist destination, a lot of people on spring break and here for spring training brought a lot of people in our area, which is typical for the end of Feb through mid April. Most of the locals avoid Clearwater beach during that time, and instead go to the other lesser known beaches. Wednesday I went to another local beach, that’s not as popular, and everyone kept their distance from each other and it was fine.

    Watch how bad it's going to be when those vacationers return home..

    I seriously hope ya'll take precautionary measures..

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

    Hope everyone is safe and well! 

    Not surprisingly, we're seeing our highest net worth investors talk of allocating even more capital to our platform while a few smaller investors are sounding more fearful. 

    If fear is creeping in remember the words of Warren Buffet: 

    "Be greedy when the herd gets fearful (ok I paraphrased a little...)!"

    I already sold a few non performing assets to unload on the stock market when its riped to enter

    2Reply
  • Tony Kim
    Rental Property Investor · Los Angeles · Member since 2018 · 844 posts · 1k+ votes
    6y
    Originally posted by @David Avetisyan:

    Let’s revisits this conversation in 30-60 days. Unfortunately, real estate isn’t the stock market, things don’t happen “overnight.” 

    Stay tuned my friends!

    Exactly! There hasn't been any slowdown in my local southern California market either, as every property I make an offer on has been getting multiple other offers well above list price. However, anyone who believes that things are not going to turn south in the next several months are probably not being honest with themselves or with their clients. I understand the need to keep your business afloat, so it's your duty to continue to portray things as business-as-usual. But just give it a few months. It's going to get ugly.

    1Reply
  • Stone Saathoff
    Investor · San Antonio, TX · Member since 2019 · 576 posts · 307 votes
    6y

    In my market (San Antonio area) we're seeing a lot more low priced cash buys from investors due to some lenders slowing down or ceasing operations temporarily. 

    0Reply
  • Paul Birkett
    Specialist · Manhattan, NY · Member since 2013 · 116 posts · 192 votes
    6y

    In theory, yes....but it will take several months for the reality to hit home. There is still a housing shortage across most of the nation...but it won't feel like one in the next 12 months or so. See below...double digit declines in starts and permits. Bad in the short run...but good for pricing in the longer run. Stay safe out there.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ 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.

    I had two try this one us and we just said no and they clsoed anyway.. we had a sale yesterday to a hedge fund that closed with no hitches we have one today in Vegas were we had a FHA buyer the only issue is they had to get a letter from their employer that they will be back to work once the 30 day closure of all Casinos' is over.. so thats closing today with no concession.. I had one in OKC were we had a bad roof they wanted an entire roof i gave them a 2k credit and they went for that.. its a rental and we had 5 offers in the first 48 hours.. Another one in Portland that is a fixer we had 7 offers 3 over ask and they go hard today on 5k non refundable release to us EM.

    So I dont know this is this week  see what next week brings.. Oh and i had a closing in Philly this week no problems.. and one in KC today no problems and one in Cleveland set for today as well..  so actually been a strong week for us.

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    4Reply
  • Katarina Schuette
    Real Estate Agent · Charleston, SC · Member since 2020 · 28 posts · 7 votes
    6y

    @Hai Loc I’d agree with many replies on here for the Charleston, SC market too. Short term rentals like Airbnb are definitely taking a hit, but it will take longer for the long term rental market to feel the effects. There are still plenty of deals going on, but buyers are more hesitant to purchase. It’ll be interesting to see what happens next, hopefully there won’t be any more shut downs for businesses on top of the current ones.

    2Reply
  • Matt R.
    Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    6y

    My zombie apocalypse lots seem to be getting good interaction. Sold one last week and might sell this one before I get the drone footage done. I got to get more is the issue so I have to learn how to contact all these adjacent owners. What's that program that gives you all that info on a aerial view? I am starting from scratch basically and my bread and butter biz is closed/ safer at home style. Good luck! 

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Matt R.:

    My zombie apocalypse lots seem to be getting good interaction. Sold one last week and might sell this one before I get the drone footage done. I got to get more is the issue so I have to learn how to contact all these adjacent owners. What's that program that gives you all that info on a aerial view? I am starting from scratch basically and my bread and butter biz is closed/ safer at home style. Good luck! 

     thats a monster brown trout !!!  

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    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Paul Birkett:

    In theory, yes....but it will take several months for the reality to hit home. There is still a housing shortage across most of the nation...but it won't feel like one in the next 12 months or so. See below...double digit declines in starts and permits. Bad in the short run...but good for pricing in the longer run. Stay safe out there.

     I am hoping this might translate into lower sub pricing.. 

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    0Reply
  • Zachary Johnson
    Real Estate Agent · Syracuse, NY · Member since 2019 · 40 posts · 5 votes
    6y

    Still a very strong sellers market here in Syracuse. I've lost a few listings due to the virus and a few buyers have backed out but most people don't seem bothered. I am also an investor and have had several tenants warn me that they will be unable to pay rent. I'm not well versed in the health risks associated with it but I know it's doing massive damage to the local economy. 

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

    @Terry Z. if an appraisal is conducted , this report is what will determine the amount the lender will be able to lend. Since you paid for appraisal the report is yours and you can present to seller to ask for a reduction if the original value came in lower. If the deal is cash then it is a different story. You must contractually abide to what was signed.

    0Reply
  • Steven Lowe
    Real Estate Agent · Scottsdale, AZ · Member since 2019 · 448 posts · 320 votes
    6y

    I have heard of a few commercial deals that cratered on account of buyers getting cold feet.  But TBH from what I've seen not a lot has changed yet.  Operative word being yet.  I think a severe market correction is coming and it's certainly going to impact the buying and selling of real estate.  I also wonder if this is the "new normal" how will it affect commercial real estate properties that are dependent on foot traffic such as strip centers, restaurants, shopping centers etc?  

    2Reply
  • Brett Peters
    Specialist · Lancaster, PA · Member since 2018 · 152 posts · 66 votes
    6y

    @Hai Loc, Both the retail and hotel sector. A large amount of retail tenants have began seeking abatements as well as severance. Hotel goes without saying, there shut down. The longer this lasts the more it will trickle down to multifamily. They only sector not affected is Industrial as well as some retail locations with consumer staples.

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

    @Hai Loc, Both the retail and hotel sector. A large amount of retail tenants have began seeking abatements as well as severance. Hotel goes without saying, there shut down. The longer this lasts the more it will trickle down to multifamily. They only sector not affected is Industrial as well as some retail locations with consumer staples.

     Speaking about commercial

    Vegas is taking a massive hit.. imagine hotels, casino, most recently Cirq Du Soleil and all those event employees, taxis it goes on and on.. 

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

    I had two try this one us and we just said no and they clsoed anyway.. we had a sale yesterday to a hedge fund that closed with no hitches we have one today in Vegas were we had a FHA buyer the only issue is they had to get a letter from their employer that they will be back to work once the 30 day closure of all Casinos' is over.. so thats closing today with no concession.. I had one in OKC were we had a bad roof they wanted an entire roof i gave them a 2k credit and they went for that.. its a rental and we had 5 offers in the first 48 hours.. Another one in Portland that is a fixer we had 7 offers 3 over ask and they go hard today on 5k non refundable release to us EM.

    So I dont know this is this week  see what next week brings.. Oh and i had a closing in Philly this week no problems.. and one in KC today no problems and one in Cleveland set for today as well..  so actually been a strong week for us.

    Online poker will be thriving during these times lol

    0Reply
  • Mayer M.
    Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    6y

    @Jay Hinrichs

    What is everyone’s take on the multi family market? Is it more insulated than other real estate?

    I would think it is and when the economy/stock market tanks people will turn to multi family investments. Additionally, with the interest rate as low as it is it can drive multi family values up

    0Reply
  • Mayer M.
    Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    6y

    @Jay Hinrichs

    What is everyone’s take on the multi family market? Is it more insulated than other real estate?

    I would think it is and when the economy/stock market tanks people will turn to multi family investments. Additionally, with the interest rate as low as it is it can drive multi family values up

    0Reply
  • Ben McMahonPro Member
    Investor · San Diego CA · Member since 2014 · 341 posts · 139 votes
    6y

    I am In San Diego, every day that goes by I see the attitude changing.  Its funny just to look at posts about the Corona Virus 1 week ago and see how outdated it is.  No two crashes are the same, so this will be different than the last one.   I do believe that things are going to tank.  I am heavy into the construction world, and there are a ton of people that got laid off this morning.  This is going to play a role as well as all the other industries that are already laying people off.

    If I am to guess though its going to be commercial that takes the biggest hit.  We know the trend has generally been moving away from brick and mortar.  Now we are going to have all these Restaurants, bars, mom and pop stores that have no reserves and replacing them with other tenants is going to be very tough.  

    Other commercial sector I would be interested in is manufacturing.  We are going to see a big resurgence and American manufacturing.  Nobody wants the supply chain issues we are currently dealing with, plus people in general are pretty unhappy with the Chinese government.  

    Also posible that I have no idea what I am talking about.  

    6Reply
  • Allan C.
    Rental Property Investor · Member since 2018 · 826 posts · 810 votes
    6y

    @Hai Loc What % of your market buyers are domestic vs foreign? With extended oil price wars your domestic buyers will lose buying power as CAD gets devalued. Canadian properties will start to look cheap, so possibly more foreign interest?

    0Reply
  • Victor Vella
    Flipper/Rehabber · Cleveland, OH · Member since 2014 · 173 posts · 121 votes
    6y

    @Hai Loc

    Listed a unoccupied duplex in Cleveland Ohio last week. 33 showings in 4 days and is under contract.

    I have two more properties listing in next week

    Duplex in Lakewood Ohio and mid price poijt house I wonder if being unoccupied is a major advantage.

    Also wonder how multi family will do over the next 6 months.....

    Fingers crossed. Hoping to sell recapitalize, run to the hills and live to fight another day.

    1Reply
  • John Fish
    Rental Property Investor · Philadelphia, PA · Member since 2020 · 37 posts · 21 votes
    6y

    @Hai Loc

    Generally searching Philadelphia on Zillow all listing state ‘virtual showing only’ as the entire state is in lockdown of non essential

    Businesses.

    0Reply
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