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Thread: Real Estate Crash thread
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03-24-2020, 06:31 PM #8301
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03-24-2020, 08:10 PM #8302
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03-25-2020, 07:58 AM #8303
Strange times. Average 30yr mortgage rate.
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03-25-2020, 09:04 AM #8304
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03-25-2020, 09:20 AM #8305Funky But Chic
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Got a viewing request for the house today. Told them to beat it. wtf like we want some coronavirus-unworried people traipsing through the house? And where exactly were we supposed to go while they walked around coughing on our shit? The state is basically locked down, nothing's open, not to mention that it's pouring out and 45 degrees. We don't need to sell the place that bad.
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03-25-2020, 10:13 AM #8306
Buddy of mine listed his place last week and got an all cash offer for 1% under list with a 14 day close. Thought that was pretty solid in a tourist town.
I personally wouldn't sell now. If the resulting recession is short but deep RE will be fine and continue its trend. 18 months and sustained periods of unemployment will change my tune.Live Free or Die
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03-25-2020, 11:58 AM #8307
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03-25-2020, 12:15 PM #8308
Cross posting from the Stock market thread. But basically the mortgage folks don't have a clue right now where mortgage rates are going to go. The two I have talked to this week have gone from the busiest ever since they have been in the biz, to stone cold zero activity.
FWIW, I'm seeing price drops on some 7 figure houses for sale here in Central Oregon. I don't think that will entice anyone to buy though."We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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03-25-2020, 12:37 PM #8309
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03-25-2020, 01:16 PM #8310
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03-25-2020, 01:25 PM #8311
Hey page 333 same hour as rat flu. Strange days.
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03-25-2020, 01:52 PM #8312
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03-25-2020, 02:02 PM #8313Registered User
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03-25-2020, 02:05 PM #8314
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03-25-2020, 02:07 PM #8315
I thought I heard about it here, but for example, the Bay Area has seen a 50% uptick in weekly long term rental listings year on year as Airbnb and short term rentals get posted up for long term leases now.
Live Free or Die
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03-25-2020, 02:20 PM #8316Registered User
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The short term rental market in Breckenridge and summit was over saturated with rentals anyways everyone thought they were original and going to kill it needs a correction to bad this one is pretty ugly
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03-25-2020, 02:27 PM #8317
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03-25-2020, 02:34 PM #8318
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03-25-2020, 02:42 PM #8319"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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03-25-2020, 03:07 PM #8320
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03-25-2020, 03:15 PM #8321
listings are way up in utardia north of slc, though buyers seem to be still on point and enjoying the increased inventory, for now
Day Man. Fighter of the Night Man. Champion of the Sun. Master of Karate and Friendship for Everyone.
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03-25-2020, 03:24 PM #8322Registered User
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We make enough to pay for our place for the year over the winter. We hardly rent at all in the summers anyway. I also haven’t seen a massive increase in inventory or drop in prices yet. People aren’t panicking. Many aren’t stupid enough to not have a backup plan at least to get through a few months without income.
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03-25-2020, 03:40 PM #8323
Dude, I'm sure that, if you've been listening to or watching media the past few weeks, you've heard about the oft told quote from the Fed last year, that 40% of Americans can't come up with 400 dollars cash in an emergency. Now, you may scoff and think, oh, that's the Deplorables, which it is, of course, but don't kid yourself that that scales up to the other half, minus the top 1%, who have built a nice house of cards out of their financial life, based on credit and probably dual salaries, that could disappear in the matter of months if spending isn't reeled in pronto. I mean, the entire, the entire fucking restaraunt industry didn't just vanish in '08, just to mention one business. Poof.
Now, I'm more surprised than anybody that mountain RE bounced back after 08. I thought I'd have the pick if the litter at closeout prices. Nope. Just the opposite. We'll see what happens now. Maybe, in white privilege land, mom and dad save the kids from harm, and the economy bounces back, and its back to the races to an even more unequeal society. Maybe not. But, there has to be a ton of mountain RE people who are in the edge of affordability, and will liquidate out of necessity, especially if they are jobless for a while. Deals may only last a few years, if at all, so, I'm watching.
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03-25-2020, 03:44 PM #8324
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03-25-2020, 03:49 PM #8325
I know a nice young family that recently upgraded/closed on a very expensive house and see that their old house just went on the market. They must have some good coin in the bank to get approved for the new place before selling the old one but I cringe at the timing.
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