Rental Property Investor · New York, NY · Member since 2020 · 3 posts · 1 vote
When do you speculate Single Family Residential seller's asking prices will bottom out in Jacksonville, FL from COVID-19’s economic impact on their local real estate market?
This is all just starting. We have no certainty of the future. What I do know, is that companies are getting absolutely hammered with very little revenue coming in, coming to job losses...people can't afford payments which will mean foreclosures- and with a high supply and low demand. Homes won't be selling anywhere as near as high as they have for the past 2 years- in my opinion.
@Nathan Harding It really depends on unemployment. I had 2 buyers tell me they wanted to walk away from a deal at one of my properties because both are in the service industry and are now both unemployed. Its really about how the unemployed impact the market, because buying across many sectors will slow down. We won't know this for months or years. Of course it would be nice to see the prices come back down a bit too in this over heated market.
I am about to close on my first SFR in Jacksonville very soon, which I went under contract for before the pandemic. Currently it seems like the demand/prices haven't been affected yet, Jack may be right about not seeing the impact for a while. Until then, stay safe everyone!
Idk about you but our cancellations have been insane and with Airbnb issuing full refunds it’s not been pretty.
Especially the ones that will book Friday, sat, Sunday and then cancel 1 hour before they are supposed to arrive.
Or even the ones that never cancel and then the next day after they were supposed to arrive reach out to you and ask to cancel
has been a real eye opener the amount of people that don’t care how it affects owners or hosts when they block your schedules up and then don’t show up and get full refunds.
good luck with your first one! Wish the situation was better but I am sure you will be fine after we can all get through this.
This is all just starting. We have no certainty of the future. What I do know, is that companies are getting absolutely hammered with very little revenue coming in, coming to job losses...people can't afford payments which will mean foreclosures- and with a high supply and low demand. Homes won't be selling anywhere as near as high as they have for the past 2 years- in my opinion.
It was reported today that the Mortgage Service Providers, the ones that process the loan payments and then fund the bonds or Mortgage Backed Securities have nothing coming in and will need a $100 billion bailout as well. The virus will wreck every part of the economy.
I was supposed to close on a "deal" this week, but I am going to hold off and see how it all shakes out. There will always be more deals, there will be even better deals as prices come down and fewer are buying. I think its better to sleep more at night that worry, which was what I did in 2008 with 10 rental properties.
Plus the NEFAR data will be out mid-april for march. So we will know more about what happened in NE Florida in April, and see if we are hearing more from Realtors on their progress.
Interesting times. Following this thread. I wanted to begin my journey REI in Jacksonville and then this pandemic happens. I'm now debating if investing remote now or waiting for market correction and buying at reduced price. FYI. my goals are to cash flow Brrrr'ing. A part of me thinks- it's always a good time to Brrrr, if the numbers workout AND there is a great tenant. But waiting for better equity sounds smart too!