With the downturn of the market, is it a bad time to buy a house right now? I know mortgage rates are low so that's one positive side but will housing prices start dropping? We are looking to move in the next couple of months up to a year, but I'm not sure if we should jump on these low interest rates or will we risk losing equity very quickly if we buy now and the house prices drop. Just trying to play it smart since we are flexible. For what it's worth, our area is Houston, although looking in the Woodlands too.

Following

We're just beginning the process of building but plan on being in the house for long after this virus fear has subsided.

we're building right now as well. the current completion date is late August, so we have some time before we put it on the market but I'd be lying if I said I wasn't all of the sudden nervous about selling our current house. Hopefully everything quiets down in the next month to 6 weeks and we can sell it.

Rates are low, other buyers are likely staying home in fear. I'd say it's a great time.

Set to close at the end of the month on a rental in B/CS.

Not a fan of all this. But rates are crazy low.

rates were crazy low. Hopefully the drop again but not so hot the last few days.

The refi boom has been suspended. Just like sports

98Ag99Grad said:

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we're building right now as well. the current completion date is late August, so we have some time before we put it on the market but I'd be lying if I said I wasn't all of the sudden nervous about selling our current house. Hopefully everything quiets down in the next month to 6 weeks and we can sell it.

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I'm late July- early August. The plan was to list the house after spring break. Not sure how that's going to go now.

Would imagine lower prices for next 6 as rounds of layoffs near. Sellers will probably have very little showings next 30 days and will get a little desperate.

I listed late February and am supposed to wrap up a build in late May. Timing is scary. I went from thinking things were right on last Saturday to wondering if I'll get to move in this Saturday (need the same for the down payment).

Got an offer on a listing today.

Showed homes to two Buyers today.

Showing homes to two more Buyers tomorrow.

In D/FW, the low interest rates are winning out over the fear of Covid 19.....as of today.

Who knows what happens next week.

If anything, I think this helps Buyers a little at lower price points over the next 30-60 days...maybe they can avoid multiple offer situations for a few weeks and have a fighting chance.

Received three offers in the last 24 hours on two different properties. One of my listings had 4 showings yesterday.

As always, if depends on the price point but I have seen no changes in B/CS. Interest rates remain lower than ever, buying a home is a long term decision so I do not predict much disruption.

mgreen said:

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As always, if depends on the price point but I have seen no changes in B/CS. Interest rates remain lower than ever, buying a home is a long term decision so I do not predict much disruption.

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Well I hope and pray you're right.

On a macro level, the market will definitely soften for this event, regardless of what you read here.

AgsMyDude said:

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Set to close at the end of the month on a rental in B/CS.

Not a fan of all this. But rates are crazy low.

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Anyone have feedback on my situation?

Currently unoccupied but already listed for lease starting 5/1. Needs some touch ups which will be done in April.

Should I be concerned about the possibility of summer/fall preleases slowing down as people wait this out?

I expect major purchases to come to a screeching halt until economic clarity (aka job clarity) comes back.

Stable job, good salary, getting relocated to Houston. Wife and I have decided to rent for a year because I'm forecasting a buyers market on the other side of whatever this CV stuff and oil war does.

jagvocate said:

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Stable job, good salary, getting relocated to Houston. Wife and I have decided to rent for a year because I'm forecasting a buyers market on the other side of whatever this CV stuff and oil war does.

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You'll probably be ok then. But it's not exactly a sellers market now. You have a lot of power, even before the COVID madness.

Thanks. First time selling a house. Has been the most nerve wracking experience of my life even in a pretty hot market.

AgsMyDude said:

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AgsMyDude said:

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Set to close at the end of the month on a rental in B/CS.

Not a fan of all this. But rates are crazy low.

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Anyone have feedback on my situation?

Currently unoccupied but already listed for lease starting 5/1. Needs some touch ups which will be done in April.

Should I be concerned about the possibility of summer/fall preleases slowing down as people wait this out?

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I would lower my rental rate and try to get this thing leased ASAP with the glut of available properties in B/CS. We get our rentals on the market early January and try to get them signed up no later than the end of January for the next August - July term on a one year leases. Another few months you may be stuck well below markets or in a short term Aug - December lease situation where you are vacant again from Jan - July 2021.

AgCPA95 said:

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AgsMyDude said:

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AgsMyDude said:

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Set to close at the end of the month on a rental in B/CS.

Not a fan of all this. But rates are crazy low.

---

Anyone have feedback on my situation?

Currently unoccupied but already listed for lease starting 5/1. Needs some touch ups which will be done in April.

Should I be concerned about the possibility of summer/fall preleases slowing down as people wait this out?

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I would lower my rental rate and try to get this thing leased ASAP with the glut of available properties in B/CS. We get our rentals on the market early January and try to get them signed up no later than the end of January for the next August - July term on a one year leases. Another few months you may be stuck well below markets or in a short term Aug - December lease situation where you are vacant again from Jan - July 2021.

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Thanks. That's not a bad idea and we might do it. We've had it shown twice in the last 3 days. Added a stipulation in our contract to be able to do so waiting on closing.

AgsMyDude said:

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AgCPA95 said:

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AgsMyDude said:

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AgsMyDude said:

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Set to close at the end of the month on a rental in B/CS.

Not a fan of all this. But rates are crazy low.

---

Anyone have feedback on my situation?

Currently unoccupied but already listed for lease starting 5/1. Needs some touch ups which will be done in April.

Should I be concerned about the possibility of summer/fall preleases slowing down as people wait this out?

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I would lower my rental rate and try to get this thing leased ASAP with the glut of available properties in B/CS. We get our rentals on the market early January and try to get them signed up no later than the end of January for the next August - July term on a one year leases. Another few months you may be stuck well below markets or in a short term Aug - December lease situation where you are vacant again from Jan - July 2021.

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Thanks. That's not a bad idea and we might do it. We've had it shown twice in the last 3 days. Added a stipulation in our contract to be able to do so waiting on closing.

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NP. That is good you getting regular activity so one may hit pretty quickly. Your agent needs to be pretty aggressive with potential renters at this point if they are not playing up the multiple showings as time is critical IMO. Renters usually decide very quickly and move on versus buyers which can drag our the process especially if college student renters and especially where there is so much inventory.

Assuming this is college rental, make sure on this lease you have notification and re letting language where you control the process to either get a renewal in place in early January for the next year or are able to get it on the market for the next tenant. Good luck!

This is from the main showing service agents use in Houston.

Basically shows that showings fell off a cliff last Tuesday. No huge surprise.

All it takes is one, but this isn't fun...

It's a bad time to sell a house

Will it increase inventory, or will people just try to hold off before putting on the market, hoping to ride it out for as long as possible?

My guess? Folks will hunker down

Monday of this week we had two borrowers walk away from closing on $750K plus purchases. Both work in O&G and both fear for their jobs. Both lost $10K earnest money. Both transactions were scheduled as back to backs so not only did these two sales not consummate the following purchases by each seller didn't consummate and on and on. I assume this will impact market value soon enough.

Didn't thrill me but I feel worse for the Realtors. That was a shot to the chops. In mortgage we're going to see less purchase but more refinance business so while it's not ideal one balances out the other. Unfortunately for Realtors fewer sales doesn't really have any offset that I see.

I was in the midst of listing my personal property and looking at moving up North.

That's all on hold for now. I would guess the value of my home will drop by the time things "normalize", but I'm also guessing things in the Woodlands will be as bad (or worse) so it should even out.

Timeline is totally in flux right now though. We were trying to consider school years in all this but that looks to be out the window at this point.