Whose market is tanking?

Buying & Selling Real Estate

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Whose market is tanking?

Hai Loc

Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes

I saw a post on facebook from a realtor that her market dropped 52%

Anyone seeing drastic decline?

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Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

to me that's bull Sheet no market has fallen 52% in 4 weeks

there might be some distressed buys out there but a whole market falling by 50% no way

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Steve Frye
Real Estate Agent · Nashville, TN · Member since 2018 · 123 posts · 74 votes
6y
I’m a realtor in the Nashville market. Market is still really hot here. If things are priced well, they still move quickly. I’ve had two listings sale in a day recently. Prices seem to be holding steady for now but days on market fee like they’re ticking up some.
Short term rentals are a tougher sale right now and I’ve seen them become more available and prices drop on those but truthfully they were all priced with a strong premium anyway and needed to settle down...including the ones I’ve got listed.
I have had several contracts blow up in the last month due to job loss and other financial issues but I’m also picking up others from investors and those looking to house-hack.
I do worry about the tighter lending restrictions around FHA slowing down the market more than just the general demand and supply. We shall see!!
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Michael Ablan
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
6y
Things have slowed down to a crawl here in Upstate New York. We are on full lockdown and military PSCing has been halted completely. Military PSCing is our primary economic driver for residential housing activity. We are definitely very affected up here.
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Brie SchmidtBusiness Member
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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
6y
Maybe she said inventory dropped 52% but values haven't waivered yet. Everyone is just holding off to see what happens
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Nick Gann
Real Estate Agent · Murfreesboro, TN · Member since 2019 · 194 posts · 181 votes
6y

Originally posted by @Hai Loc:
Originally posted by @Nick Gann:
Middle TN still hot. But I think that is partial overestimate of what the cost of money will end up being as we move along. The virus is only part of the story. Money pumping is going to change many things.

Isn't Nashville a large hub for short term rental? That market didn't get impacted at all?

Perhaps it did. I am not much into the STR market nor do I have clients who are. We are all long term. I should clarify I was speaking specifically in relation to house sales. But I do see it coming in the near future.
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Santhosh Nair
Investor · Member since 2020 · 6 posts · 1 vote
6y
Will be interesting to revisit this thread 6=10 months from now..
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Xinhuang Huang
Investor · Member since 2018 · 7 posts · 0 votes
6y
I have a selling deal in PA; FHA load. It was originally set to close for 3/31/20; but buyer finally got the loan commitment, hopefully we can close it on 4/10/20.
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Jayne Overbeck
Real Estate Agent · Lowell, MI · Member since 2016 · 42 posts · 7 votes
6y
@Rich Bultema - hey Rich - most of banks for gov't loans including FHA are requiring a higher credit score and lower debt so FHA would accept a credit score of 620 and now the minimum is 660.
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Maurice Smith
Member since 2018 · 211 posts · 164 votes
6y
no significant changes in my market yet. ( las vegas / bay area) im seeing a couple price drops. right now im focused on the inventory. currently there are 59 multi- family available. Just the other week it was 66
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Sam Shueh
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
6y
NO OPEN HOUSE ALLOWED. WHEN SHOW HOME there can be just 1 person viewing at a time. LENDERs tighten the requirement in fear of layoffs coming and decommit preapproval. Offers are submitted w/o looking at inside VIRTUALLY. Buyers want to know if they got a job after all this. April is supposed to be the busiest month. This year it is virtually dormant.
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Mike D'ArrigoPro Member
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
6y
@Hai Loc I have to question that also. Anything that we're getting so far is anecdotal. It's too early to have any quantifiable data. That data comes from the local real estate boards and none would have March data at this point. Even if they did, it won't give the full picture. We won't have a handle on things until we see what happens in April when we have a full month under our belts. If we want to talk about anecdotal information, I can tell you that our markets, Indianapolis and Kansas City are both still very strong. Pending sales are strong, contracts aren't being canceled in any significant numbers and purchase mortgage applications are strong.
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Alex Olson
Real Estate Broker · Kansas City Metro · Member since 2015 · 2k+ posts · 1k+ votes
6y
@Mike D'Arrigo I agree with that info regarding the KC market. Nothing out of the ordinary...yet. Good deals will be had from this but will not be a flood, assuming this doesn't last through May.
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