Updated over 5 years ago on . Most recent reply
Prepare for Drop of 12-20% in Home Prices in Coronavirus Market
Investors , BRRRR, Buy and Hold, Sellers need to adjust expectations for a minimum of 12 to 20 percent drop in Home Sale Prices in the Coronavirus Housing Market.
I've been tracking data in the MD-DE-PA-VA-NJ MLS for the past few weeks. The trend indicates a minimum of 10 to 20 % drop in home prices as sellers reduce home prices due to lack of Buyers.
Current pipeline of properties under contract are closing with about 16% of contracts withdrawn.
Buyers are canceling contracts often leaving deposits with Sellers.
Investors should re-evaluate resale values in light of the new reality.
Any other regions showing similar declines ?