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

    @David Abbate

    Prices have not moved as realtors advice to their clients is to hold and not reduce for now. However, sales have pretty much stopped (NJ/PA) and will continue to as both state are shutting down non essential business. The longer this continues the weaker the market will get. If a seller needs to sell you’ll see prices begin to fall.

    1Reply
  • Svetlana G.
    Member since 2019 · 12 posts · 1 vote
    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.

    Russel, that’s  because you are a super star!!! We also saw things going very well in our area/neighborhood in Rockville. Finally we renovated our house and put it on the market, after 25 showings in the first 10 days and very good feedback there were only two offers: one was terrible and the other one, which we accepted, includes 3% back to the buyer. We have seen worse(dated, worse street) houses going for more and quicker a month ago, not sure what to think.


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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y
    Originally posted by @Svetlana G.:
    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.

    Russel, that’s  because you are a super star!!! We also saw things going very well in our area/neighborhood in Rockville. Finally we renovated our house and put it on the market, after 25 showings in the first 10 days and very good feedback there were only two offers: one was terrible and the other one, which we accepted, includes 3% back to the buyer. We have seen worse(dated, worse street) houses going for more and quicker a month ago, not sure what to think.


     Well you got the appropriate amount of offers. I estimate every 10 showings produces an offer.  Your agent should have made it clear, coronavirus was not going to create any discounts on the situation. 

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

    @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?

    I will never in my lifetime expect properties in Toronto to be relatively cheap for most investors.. There are already luxury condos that broke the $2000 sqft mark.. Perhaps surrounding cities over 100 miles will be enticing 

    Our local market got flooded with over 200,000 immigrants in 2019. I would say more than half that are looking within a 100 mile radius from Toronto.

    I believe the % of owner occupied locals is under 50%.. the rest are immigrants and investors 

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

    @Hai Loc

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

    Businesses.

    Local realtors are bashing open houses this weekend and are contacting host realtor to shutdown.. The local real estate board is not doing anything yet

    0Reply
  • Austin Steed
    Real Estate Agent · Columbus, OH · Member since 2016 · 593 posts · 664 votes
    6y

    Columbus Oh is still a sellers market from what I can tell. Last weekend we sold a flip and got 5 offers over asking. And some of the properties that I had scheduled showings for is now in contract. Although I will say we were ranked one of the hottest RE markets in the nation.

    Nationally all of US has had a sharp decline in showings. So we'll see what happens.

    1Reply
  • Account Closed
    Investor · Northern MN & WI · Member since 2020 · 55 posts · 64 votes
    6y

    @David Abbate This is unprecedented. It is not the same game where real estate trends move at a snail’s pace. We are on the verge of a nationwide quarantine which will halt all nonessential transportation. People aren’t going to be moving, and thus the market is going to change very fast. Resources like stocks have been severely depleted, hundreds of thousands of people have lost jobs and the government has put a halt on evictions and foreclosures. Landlords may not receive rent and have no recourse. This uncertainty is going to drive a buyers market for investment properties, second homes, anything that the owner does not have to live in. Buckle up.

    4Reply
  • Account Closed
    Investor · Northern MN & WI · Member since 2020 · 55 posts · 64 votes
    6y

    @Allan Smith I cancelled a contract literally two days ago.

    0Reply
  • Amanda McAvena
    Real Estate Agent · Brooklyn, NY · Member since 2018 · 17 posts · 15 votes
    6y

    I'm a real estate agent in New York City, and I'm still seeing deals happen. Many showings have switched to virtual open houses, but buyers have all the leverage now to negotiate. 

    Cash is also king and great discounts can be had for anyone that doesn't need a bank. As of Sunday evening, all non-essential businesses are closed, so no more appraisals. There are some excellent multi-family properties on the market in Brooklyn. Message me for more details and I can send you info. 

    2Reply
  • Avinash Tuta
    Folsom, CA · Member since 2019 · 8 posts · 1 vote
    6y

    @Austin Snowdon

    yes your right interest rate are increasing. I signed a contract for a new home in Folsom California ,un less I get a good interest rate and I want to re negotiate my home price with builder. if they agree then only I am going to proceed my buy or else I am backing out my contract

    0Reply
  • RC Lupton
    Contractor · Denver, CO · Member since 2019 · 12 posts · 4 votes
    6y

    @Hai Loc, Owner occupied home permit inspections have been halted here last week in Metro Denver until further notice...

    0Reply
  • Steven Lowe
    Real Estate Agent · Scottsdale, AZ · Member since 2019 · 448 posts · 320 votes
    6y
    Originally posted by @Ben McMahon:

    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.  

    I think Dave Chapelle said this...I'm paraphrasing here...something about if they made iPhones in America they would cost $10,000.  I don't see the world turning their backs on Chinese manufacturing.  The world is going to need cheaper products going forward.  

    I also think the commercial sector will be ok short term with help from banks but if it ends up being a long term shutdown things will get dicey.

    Let's all hope and pray that this situation gets under control quickly, that a vaccine or effective treatment is quickly developed, and that this mass shutdown of our economy is only short term.  

    2Reply
  • Michael S.
    Huntsville, AL · Member since 2018 · 578 posts · 864 votes
    6y

    It is still a strong sellers market here in Huntsville as there is still minimal inventory here in good neighborhoods, and minimal SFH construction in progress near downtown Huntsville and Madison. Doubt it changes anytime soon unless inventory increases quickly. Perhaps it will change in 6 to 8 weeks, but with only 6 reported cases of COVID 19 at this moment in Madison county, we are not in the same disaster mode as other areas...yet. We also do not have much in the way of tourist revenue, as Huntsville is heavily dependent on health care revenue and government jobs/funding - right now, those sectors aren't getting clobbered like others are.

    1Reply
  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    @Hai Loc here in Columbus it's still a very strong sellers market.  My Mother in-law is 1 of 5 bids on a house that went up earlier this week.  However, I anticipate seeing some flipping to a buyers market in certain pockets of the city. 

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

    @Steven Lowe

    American Manufacturing is going to be based on politics and tax incentives.  So some of that is going to depend on who is in office.  Also, manufacturing in general will have a lot to do with tech developments.  Again, if investors are incentivized to bring home manufacturing, it will happen.  Which we are years away from happening.  Thats why I think this will be a good time to invest in that sector.  Gotta have deep pockets though.  

    1Reply
  • Ben McMahonPro Member
    Investor · San Diego CA · Member since 2014 · 341 posts · 139 votes
    6y

    @Steven Lowe

    I mentioned this before, but its likely that I have no idea what I am talking about.  But in the words of Mike Rowe " Thats the way I heard it" 

    0Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    6y
    Originally posted by @Austin Steed:

    Columbus Oh is still a sellers market from what I can tell. Last weekend we sold a flip and got 5 offers over asking. And some of the properties that I had scheduled showings for is now in contract. Although I will say we were ranked one of the hottest RE markets in the nation.

    Nationally all of US has had a sharp decline in showings. So we'll see what happens.

    Very true, whoever thinks columbus is a buyers market is hilarious. i'm still in multiple offer situations on the majority of properties we are offering on  

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  • Avinash Tuta
    Folsom, CA · Member since 2019 · 8 posts · 1 vote
    6y

    @Allan Smith. I am thinking to back out my agreement unless I get a better interest rate and better negotiating price .I purchased in folsom California

    0Reply
  • Prasanna K.
    Rental Property Investor · Austin, TX · Member since 2017 · 17 posts · 2 votes
    6y

    Beginning to see SFHs falling through contact /coming back to market in north Austin as a result of buyers cold feet

    0Reply
  • Neil Narayan
    Real Estate Broker · Austin, TX · Member since 2015 · 715 posts · 527 votes
    6y

    In Austin I am seeing <$300K props still going into multiple offer situation as of this week.

    0Reply
  • Brian Garlington
    Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
    6y

    Here in the Bay Area, particularly the East Bay in areas like Oakland, Richmond and Antioch where there are more residential multifamily properties I am still seeing those sell with multiple offers. Some of the offers are over asking, some aren't. More people are realizing how these types of properties can be a hedge against inflation. Where we are seeing a slowdown are in the SFR and condo space....that is where buyers are becoming more hesitant in the East Bay and sellers are starting to panic.

    If a buyer wants a deal out here right now, and i mean bargains, I've been telling them to look at for SFR's with In Law Units.....you can still "househack" them.

    5Reply
  • Eric Bilderback
    Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    Things seem to be heading south.  We are on a a semi lockdown at the moment so that should be expected.  With all of these folks losing the jobs I see much more to potentially lose by getting in to early then I see any kind of upside in getting in to late.  In the mid to long term though plenty of opportunity should be coming up from other peoples missteps.  At the moment I will be be making sure I am on solid footing.  The bankers I spoke with this week were all pessimistic and felt that things will be drying up very soon.  

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

    Things seem to be heading south.  We are on a a semi lockdown at the moment so that should be expected.  With all of these folks losing the jobs I see much more to potentially lose by getting in to early then I see any kind of upside in getting in to late.  In the mid to long term though plenty of opportunity should be coming up from other peoples missteps.  At the moment I will be be making sure I am on solid footing.  The bankers I spoke with this week were all pessimistic and felt that things will be drying up very soon. 

    Portland metro is still going pretty strong at the median price points and new construction still selling.. I know central OR is a much thinner market.  I talked to my bank on Wed and it was still all system go for my first 12 spec loans on my Canby project.. 89 homes  first phase ready to go vertical in May/June.. so we will have product for Late Q 4 to Q 1 so nothing for sale during this crisis time.. but hopefully we can keep the wheels moving on the construction side not worried about subs they are working no problem.. it will be county and city staff.

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

    In Austin I am seeing <$300K props still going into multiple offer situation as of this week.

     I think across the board the entry level owner occupied properties always have demand. 

    0Reply
  • Jennifer S.
    Investor · Wakefield, MA · Member since 2019 · 31 posts · 73 votes
    6y

    @Victor Vella

    Did you have to reduce your rental price at all compared to pre-virus market rate?

    Up here in Boston, we are under contract for a multifamily house and will have two units to rent for annual leases (not STR). I'm wondering if we will still be able to rent at pre-coronavirus rates or if we will need to reduce a smidge to get the units rented amidst a lot of unfortunately newly unemployed folks and/or people hesitant to move. Am curious to hear what folks in other cities are experiencing in that regard.

    1Reply
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