Has anyone seen any deals due to this pandemic?

[fried1765]

I think RE is lagging the rest of the economy. People ready to buy have been buying according to what my Brokers tell me. Houston is seeing a downturn right now though.

>>>>> HOUSTON – The local housing market’s strong start to the new year was abruptly interrupted in April as the full impact of the coronavirus outbreak was felt across Texas and the rest of the country.


According to the Houston Association of Realtors, home sales had been outpacing 2019’s record volume prior to April as consumers took advantage of historically low interest rates. However, year-to-date sales are still running 1.4 percent ahead of last year’s level.

Last month, 6,199 single-family homes were sold across the metro, down from 7,666 sales a year earlier, a 19.1 percent decline. This ended a nine-month run of positive sales growth.

Pricing, however, showed little impact. The single-family average sales price was $310,331, less than $100 lower than the average prices in April 2019. The median sales price increased 2.4 percent over the year to $251,000.

Single-family inventory tightened by 0.3 months to 3.6 months. The Real Estate Center considers six to 6.5 months of inventory a balanced market.

Last month, there were 7,125 single-family pending sales, down 17.6 percent from April 2019.

Sales of all property types totaled 7,192, down 21.6 percent over the year. Total dollar volume for the month fell 20.4 percent to slightly more than $2.1 billion.<<<<<

Big drops in RE sales in April, will likely be followed by even bigger drops in new tractor, and automobile sales this Fall and Winter
Unemployment now heading for 20%, will mean that many people simply will not be able to borrow money for large purchases.

 

[Huckleberry Ranch]

I know all regions are different, and market segments, but does anyone have any notions as to what the real estate market is going to do, in what may turn out to be the biggest bust since the Great Depression?

We have a house in Northern California, Contra Costa County, city of Antioch, closing tomorrow.
On market a week or so, 2 offers at asking price ended selling a bit above asking. Btw, just where Zillow RE had it estimated.

However, escrow was long and laborious, had to be pushed out a couple times.. A major concern is will the buyers still have jobs at end of escrow? Wanted buyer tax filing sent from IRS will not happen right now, stuff like that.

Selling this place for asking just as the virus was shutting us down amazed me at what I consider to be great luck.

 

[Industrial Toys]

Yes. It may turn out that you are VERY lucky.

 

[Steppenwolfe]

Yeah hahahahaha :laughing:
全cuse me while I go cut the back forty on my VA retirement farm. :laughing:

And she is a beauty... :thumbsup:

 

[MessickFarmEqu]

Most of the tractor markets are flat, or Up! people are at home working on their properties. Equipment sales have been very, very good. Little reason to see prices drop, if anything they may go up if we start seeing supply chain problems and healthy sales.

 

[Industrial Toys]

I also wonder if MAD MONEY handed out will have any impact. Sure many need it to pay the rent, but I have little doubt, many will get it that don't need it.

 

[/pine]

I got a check from my insurance co...and you don't have to worry about getting many bills paid on time to avoid a late fee as they are being waived...gas is cheap...just sayin...

 

[RickB]

Exactly coincidental with some travel and business restrictions being relaxed was a 20 cent increase in gas prices (here).

 

[Hay Dude]

Wife paid 1.43/G at Costco today

 

[Hay Dude]

And she is a beauty... :thumbsup:

Those union carpenter jobs must pay very well. :thumbsup: