10%? First timers 3-5% and repeat 15-20%
If you don't want to waste the pandemic, why not buy investment property on the cheap as well, so that you can continue to take advantage of the pandemic and not just have a one off.Fedup said:
I've been waiting more than a decade for this. I want to see housing prices in Austin collapse so I can pick up a nice town lake condo cheap. Never waste a good pandemic.
Much of the buying opportunity in 2008/2009 resulted from foreclosures and an oversupply in the housing market in general. Consensus in the last several years is that the builders never recovered to meet supply, particularly in Texas.Diggity said:
You won't see the effects of O&G/Covid materialize in Houston overnight, but I would imagine in 6-9 months, there are some good buying opportunities.
Not saying the market will not be impacted. Saying the idea of a bust or steep declines in pricing / bargain hunting may not happen as people are thinking. And I do believe there will be a hit from O&G but not from COVID.jja79 said:
Those stats are from March before the full extent of closures was upon us. I have to believe we're in for some grief in the Houston market and as Diggity says we won't really know until summer to fall what that may be.
Shooter McGavin said:
Trying to help my Aggie son buy a house in East Dallas. We are battling others in multiple offer situations.
Real estate is local.
I forgot to check in with you. I mean, you know our real estate market area and local economy so much better than anyone else. How silly of me.WoMD said:Shooter McGavin said:
Trying to help my Aggie son buy a house in East Dallas. We are battling others in multiple offer situations.
Real estate is local.
Tell him to wait 6 months until the potential fall out of covid happens. He may get some good deals by waiting. Worst case, he is in the same situation he's in right now. Best case (for him), well, you refuse to acknowledge the potential for best case, so I won't try to convince you.
You know the current listings and pricing is not an accurate reflection of what's going on in the world today. There is a delay. Everyone with a brain knows that.
Shooter McGavin said:I forgot to check in with you. I mean, you know our real estate market area and local economy so much better than anyone else. How silly of me.WoMD said:Shooter McGavin said:
Trying to help my Aggie son buy a house in East Dallas. We are battling others in multiple offer situations.
Real estate is local.
Tell him to wait 6 months until the potential fall out of covid happens. He may get some good deals by waiting. Worst case, he is in the same situation he's in right now. Best case (for him), well, you refuse to acknowledge the potential for best case, so I won't try to convince you.
You know the current listings and pricing is not an accurate reflection of what's going on in the world today. There is a delay. Everyone with a brain knows that.
I'll let him know you said to wait it out.
Hey son, the condescending a-hole from San Francisco on the internet says everyone with a brain knows that you shouldn't buy a house right now in Dallas.
You're welcome.WoMD said:Shooter McGavin said:I forgot to check in with you. I mean, you know our real estate market area and local economy so much better than anyone else. How silly of me.WoMD said:Shooter McGavin said:
Trying to help my Aggie son buy a house in East Dallas. We are battling others in multiple offer situations.
Real estate is local.
Tell him to wait 6 months until the potential fall out of covid happens. He may get some good deals by waiting. Worst case, he is in the same situation he's in right now. Best case (for him), well, you refuse to acknowledge the potential for best case, so I won't try to convince you.
You know the current listings and pricing is not an accurate reflection of what's going on in the world today. There is a delay. Everyone with a brain knows that.
I'll let him know you said to wait it out.
Hey son, the condescending a-hole from San Francisco on the internet says everyone with a brain knows that you shouldn't buy a house right now in Dallas.
Glad you took a break from being the only one who can have an opinion on real estate to give me that opportunity. I appreciate it.
It must be tiring knowing more than everyone else. You should rest a bit.
Shooter McGavin said:
Trying to help my Aggie son buy a house in East Dallas. We are battling others in multiple offer situations.
Real estate is local.
Didn't read the thread, just the first post. Whatever. Unless this virus knocks the SE asian population down by 20% oil will be back shortly. What I am seeing is a lot more people better prepared and less leveraged than before.agneck said:
When oil gets cheap in Texas you have people lose their jobs and lose their houses. Lenders will repossess then after a while they'll sell them cheap. Sometimes auctions have occurred. Save your money it's coming. They'll be lots of commercial properties get repoed too. Way over lended on that. N
Deats99 said:Didn't read the thread, just the first post. Whatever. Unless this virus knocks the SE asian population down by 20% oil will be back shortly. What I am seeing is a lot more people better prepared and less leveraged than before.agneck said:
When oil gets cheap in Texas you have people lose their jobs and lose their houses. Lenders will repossess then after a while they'll sell them cheap. Sometimes auctions have occurred. Save your money it's coming. They'll be lots of commercial properties get repoed too. Way over lended on that. N
There are so many damn programs in place now to prevent foreclosure that it is avoidable.
Prices are not dropping. There is a decreased supply. Just my .02 cents from Washington State to Maine along the West, Gulf, and East Coast where I am licensed.
The market has jumped so much in recent years, most people will be able to sell before foreclosure.SteveBott said:
Remember residential RE is an extremely lagging indicator. Think about it. You will pay the mortgage as long as you can. Months after losing your job. Then it's months more for a lender to foreclose.
SteveBott said:
Remember residential RE is an extremely lagging indicator. Think about it. You will pay the mortgage as long as you can. Months after losing your job. Then it's months more for a lender to foreclose.
SteveBott said:
It's a discussion forum. But if you want to be a predictor you need those data sets now. Per Red Pear thread there was a 20% drop in sales in the first month of the virus. That is significant. Inflation has dropped dramatically. And of course unemployment.
So instead of looking a laggard indicator we should watch leading ones instead.