Real Estate Crash thread

[puma]

Sorry, not trying to piss in your Cheerios. Good luck with the move!

ETA: One silver lining of the COVID thing is that even with the state starting to open back up, congestion and traffic are still far more tolerable than they were before. Lots of large tech employers having staff WFH, combined with schools being closed has made a big difference there. So savor that!

Nah, you speak the truth. I piss in my own cheerios everytime I look at Redfin and get notifications on favorites that are pending almost instantaneously.

That is a good silver lining. We are expanding working from home both at my job, and wives job...so that's good too! I commuted weekly between PDX and Seattle for a year, and dealt with the 405 love every day. It's all upside from there...

[californiagrown]

Nah, you speak the truth. I piss in my own cheerios everytime I look at Redfin and get notifications on favorites that are pending almost instantaneously.

That is a good silver lining. We are expanding working from home both at my job, and wives job...so that's good too! I commuted weekly between PDX and Seattle for a year, and dealt with the 405 love every day. It's all upside from there...

FWIW, my experience was that redfin and zillow were late on every single listing i was interested in. When i finally used a realtor, i was notified and visited spots days before they were listed on redfin or zillow. Im currently looking at buying a house and maybe selling my condo, but dont want to buy at the top of the market so im just using redfin and zillow to get a feel for the market in the neighborhoods i like. When i actually get serious ill preapply for a loan and get with a realtor... possibly OftPiste on here.

[liv2ski]

We are expanding working from home both at my job, and wives job...so that's good too! I commuted weekly between PDX and Seattle for a year, and dealt with the 405 love every day. It's all upside from there...

Good for you. I love not having to of gone into the office for the last 6 years now. Be patient and maybe do a 6 month rental. The market is tougher / stronger this time of year than after September. Also, with 15% of all home owners now delinquent on their mortgages, you may see a lot more inventory 90+ days down the road.

[puma]

Good for you. I love not having to of gone into the office for the last 6 years now. Be patient and maybe do a 6 month rental. The market is tougher / stronger this time of year than after September. Also, with 15% of all home owners now delinquent on their mortgages, you may see a lot more inventory 90+ days down the road.

Thanks. Renting is certainly an option. I am just not sure. Obviously, nothing is insulated from a major downturn, but Seattle feels much less likely to see significant decreases. Additionally, getting into the place our son will goto school without a change, and the move once not twice...makes us want to get a place off the bat. But, tough to know. I'm sure I am the first person to ever feel this way, but I sure wish I could predict the future with regard to the real estate market, and which route to go. (for that matter, stock market future prediction would be nice too...)

Stressful times on so many levels, but at this point, we've got good jobs, friends and family are healthy, and I should stop my crying!

[Ski220]

Starting to get unsolicited letters from realtors again.

"We have active buyers with cash. etc. etc.."

Been a couple of years.

[Conundrum]

Starting to get unsolicited letters from realtors again.

"We have active buyers with cash. etc. etc.."

Been a couple of years.

Same here. I think there are buyers, maybe not as many sellers right now. I've been telling them sure I'm willing to sell and then give a 2x price of what my house is worth.

Weird that they are now coming through text too.

[schuss]

If they didn’t make the jump over the last 20 years, they probably won’t suddenly see NH as anything other than cow hampshire ever.

That being said the farm stand in Kensington is proudly a safe space with plenty of signage explaining so. I couldn’t help but tell them they didn’t need a sign, it’s already written on the license plates but they didn’t get the joke.

Eh, plenty of tech still concentrated in downtown to shift...

[Core Shot]

Why wouldn’t you use a realtor?

If buying on mls. Seller gets double dip. Good for them.

But don’t you know any realtors?
Give them some love.

[The AD]

Here's your chance to own your own private island. The perfect COVID-19 retreat! I see just one slight issue...
https://www.redfin.com/WA/Decatur-Is...home/161408969

edit: I was curious why a private, nearly 30 acre island would only have a 1,000 sq ft home on it. This is why: https://www.bizjournals.com/seattle/...and-chain.html

[Toadman]

Big spike in demand, but supply hasn't caught up yet.



The big question is whether this demand surge will be a quick burst of buyers who deferred their plans during the shutdown or if it’ll last much longer as people hunt for more space and more affordable homes. Search data from Redfin.com suggests that migration from expensive metropolitan hubs to smaller cities and towns has been happening for years, but it seems to be gaining steam since the coronavirus outbreak.

[schuss]

Yep, my sis is picking up and moving back east and her (now vacated) house in MN is getting 14 showings today

[liv2ski]

Fuck...it must be a deal

[schuss]

Fuck...it must be a deal

Nah, just desirable neighborhood.

[liv2ski]

Talking to clients thinking of buying, they all want to know when prices will correct and my short comment is years end into 2021 if people in forbearance end up in foreclosure. And this just in...

[Stu Gotz]

CT on the rise

Corona castles more popular than ever

https://www.dailymail.co.uk/news/art...nnecticut.html

Counterpoint - our neighbors just listed their house for 15% less than they bought it for. In 2005.

[liv2ski]

^^^^^^Fucking oooouuucch!

[Toadman]

Just the local take on things here in Bend, OR. Will be interesting to see how things trend into the fall. But new home construction is not slowing here.

When April 2020 Bend single family home sales are compared with April 2019, the following differences can be noted:

Homes available for sale down 16% from 971 to 811*
New active listings during the month down 35% from 364 to 236
Pending home sales down 41% from 296 to 172
Homes closed down 6% from 202 to 188
Sold Volume up 1% from $116,745,137 to $118,479,010
Average sales price up 9% from $577,946 to $630,208
Percentage of list price to sales price unchanged at 0%

[Benny Profane]

Counterpoint - our neighbors just listed their house for 15% less than they bought it for. In 2005.

My condo is still worth about 25% less than the recorded sale price in 2005. I bought it in 2014, and haven't seen much at all in appreciation. At least I nailed the bottom.

[Dantheman]

Counterpoint - our neighbors just listed their house for 15% less than they bought it for. In 2005.

Ouch.

If there's a crash coming suburban Utardia is deep in denial. This is near me, asking price blows my mind: https://www.zillow.com/homedetails/1...12914897_zpid/

The interior looks nice enough, but it's a damn small house for 6 beds and 3 baths. It's also a weird lot and their landscaping doesn't look nearly as good as the pics make it seem. The current owners built the garage themselves. It took at least two years, probably did it without permits. Be sure to scroll down the pics far enough to see their super classy mailbox.

[liv2ski]

I bought it in 2014, and haven't seen much at all in appreciation. At least I nailed the bottom.

Location matters. Since 2014, my hood is up 100%, as is most of coastal CA.

[Benny Profane]

California doesn't count. It's the land of burst bubbles.

[liv2ski]

California doesn't count. It's the land of burst bubbles.

Eeee, it is like the stock market, with it's booms and busts. Thing is, so far every bust has come screaming back 10 years later. Always a new high and less of a low when it eventually pops to do it again. CA RE has been a long term money maker. My only fear is what happens when we have no water from GW? Hopefully, I am dead by then.

[Stu Gotz]

^^^^^^Fucking oooouuucch!

That's a mere flesh wound. This one is an ouch.

https://www.zillow.com/homedetails/3...57327295_zpid/

2014 - $11 million. 2020 - $5 million.

[liv2ski]

That's a mere flesh wound. This one is an ouch.

https://www.zillow.com/homedetails/3...57327295_zpid/

2014 - $11 million. 2020 - $5 million.

I had to laugh when I looked at the listing in my Zillow feed. I guess it is to far from where I want to be.

[mcsquared]

California doesn't count. It's the land of burst bubbles.

I bought an investment property in 2009 in Denver for $137K. Identical house next door just sold for 400k. I make a grand a month in rent as well.