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

    Seattle market seems to be holding strong....inventory is being held back for the most part so I think when lockdown is lifted there will be a surge of homes (and buyers).

    That being said we just got an accepted offer on a family home for us.  We love it, it works for us, we got it under asking and no competitors which was amazing. The monthly payment amount still makes me panic but hoping for a great rate which will help with that.  Even if our home decreases in value in the impending recession I think long term it will come back and we didn’t want to lose it...fingers crossed for all of us!

     Totally agree.. I notice a lot of sellers who dont actually sell in a short period just suspend the listing overall.. I don't see desperation where the price keeps on dropping.. At least in my market.. I forsee a stalemate until this is all over and we are back to normal.. 

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  • Tristan Church
    Rental Property Investor · Wilmington NC · Member since 2020 · 20 posts · 3 votes
    6y

    Here in Wilmington NC, the market has been on fire for the last year or two. Definitely a sellers market. I was honestly hoping that it would cool off and prices would drop for a bit so that I could buy another property or two. For whatever reason, it seems that it is still holding strong and not dropping. Time will tell as this virus and economy continue to unfold. 

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

    Here in Wilmington NC, the market has been on fire for the last year or two. Definitely a sellers market. I was honestly hoping that it would cool off and prices would drop for a bit so that I could buy another property or two. For whatever reason, it seems that it is still holding strong and not dropping. Time will tell as this virus and economy continue to unfold. 

     Forget about the Covid-19 ticker..   They need a US unemployment ticker by State and County..

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  • James P. HillPro Member
    Realtor · Surf City, NC · Member since 2015 · 60 posts · 13 votes
    6y

    The market hasn't changed its trajectory in Coastal North Carolina from Jacksonville, NC to Wilmington, NC areas including the Camp Lejeune USMC military members. Some buyers and sellers are deciding to delay their real estate transaction that are not already under contract. From my research, transactions under contract are continuing to close. The buyers and sellers who really can't wait for months till the COVID-19 travel and work restrictions are listed are still going under contract while practicing deliberate social distancing. The spring market is still happening but it feels a little delayed. I talked with a number of real estate agents and a lender on a zoom meeting recently who believe we will likely see a flurry of action from pent up buyers and sellers, but not significant price shifts when the travel and work restrictions are lifted in the future. 

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  • Scott Spiker
    Real Estate Agent · Member since 2020 · 2 posts · 0 votes
    6y

    Our market is generally pretty brisk with many multiple offers in popular price ranges . As of 4/7/20 we are back on limited showings with a significant drop in number of offers due to a drop in buyer pool. Some listings also on hold. Probable positive environment in the next several weeks for investors and those job stable and pre-approved.  

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  • Charlotte Casey
    Member since 2019 · 18 posts · 14 votes
    6y

    Seattle still seems strong with offers coming through.  Buyers who previously lost properties to bidding wars are standing more of a chance now, myself included.  Financing is harder with banks declining approval for jumbo loans (go credit unions!).  But interest rates have been great.  So buyers who were already preapproved, ready to pounce, stable jobs in essential businesses and maybe going with credit unions, are making offers.  I also think that since schools have been canceled for the year here it will impact the timeline for families who were going to wait for school to be out to move/list.

    I think we will see a dip in Seattle obviously, and the Spring/Summer relocations will be different as people will be staying with current jobs (happy to have jobs plus hiring freezes).  Seattle will be ok.  I hope the rest of the country will too.

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  • Ben Buckley
    Real Estate Broker · Seattle, WA · Member since 2017 · 25 posts · 5 votes
    6y

    I had a listing in a suburb of Seattle that reviewed offers yesterday and we had a total of 17 offers. We underpriced a bit because we didn't know what the market would be like but the sales price escalated far beyond what we thought was possible. 

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  • Michael HaasBusiness Member
    Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
    6y

    I agree with your stalemate comment @Hai Loc. REI has always been about supply and demand- for this to be a buyer's market you need an imbalance in demand, with lots of sellers (which we aren't seeing here in Seattle).

    No such thing as an "overnight buyers market". Things move slowly in REI- we're in a recession that may get worse and you may find some respite for buyers, but a lot of seller's aren't interested into selling into a recession if we do in fact have the "V shaped recovery" so many have predicted...

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

    I agree with your stalemate comment @Hai Loc. REI has always been about supply and demand- for this to be a buyer's market you need an imbalance in demand, with lots of sellers (which we aren't seeing here in Seattle).

    No such thing as an "overnight buyers market". Things move slowly in REI- we're in a recession that may get worse and you may find some respite for buyers, but a lot of seller's aren't interested into selling into a recession if we do in fact have the "V shaped recovery" so many have predicted...

     Sellers will sell if they really need to.. Their are plenty who tested the market and just backing off and suspending the listing..

    At the same time there are still pockets with high demand that are selling over market value.. 

    It's still early but I dont see any kind of buyers market.. Sellers are still stern with the price that they want and not giving away properties that easily.. 

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