Investor · Charlotte, NC · Member since 2020 · 41 posts · 14 votes
Hi Everyone, Stock market has crashed, there are mounting global economic worries, we are at the edge of moving into a recession. Companies are tightening their belts. I know the impact firsthand, I work for a financial services company, they have been laying off employees and the hiring has been frozen.
Currently real estate does not seem to be impacted negatively in Charlotte area, it looks like the other way around. It is difficult to get good deals, there is a lot of competition. What are your thoughts for the near future, and in a few years? (i.e, If more employers start to lay off employees, will it cause them to miss their mortgage payments? I read conflicting analysis..)
I did notice the workout gyms (several) had some cars in the parking lots (brave individuals). Most resturant, gas station and business parking lots were barren of cars. Texas's largest grocery store HEB limiting hours to slow the runs on supplies.
If there are layoffs, or failed businesses, this is going to be hard on those who work with the public (fast food, retail, salons, etc...), and that will trickle up the economy to Landlords for sure.
I suppose we will see the welfare roles go up for a short time. Hopefully they can handle the influx, so people who suffer losses because of this can eat and have shelter.
If this thing runs on for some time, we're all going to have just hunker down and ride it out.
Hi Scott, Yes, everywhere it is so empty, we cannot see people out at all. Schools/colleges and many workplaces are closed and no-one wants to step outside, except to buy necessary supplies. My husband is in healthcare field, so he has to go to work to take care of patients. We are scared for his safety, as well as our whole family's exposure from him. Hopefully this comes to an end sooner and everything is normal again. If it trickles down to landlords, who has to make payment based on the rental income, in addition to home-owners who cannot pay their mortgage, we are not looking at a good picture.