Is anyone seeing the market slowing down? I keep thinking we are going to hit a brick wall due to the uncertaintly about the future due to this virus, but I keep getting orders faster than I can accept them. I don't even respond if someone is looking for a bid. It's crazy.

Dont worry your slow down is coming. your almost last on the work chain. Only title is after you. The lenders are backed up. Took me 10 days for review and usually 3.

Also the mortgage market is in complete turmoil. I have not locked a loan in 3+ weeks. I think next week will be better but my pricing changes by the hour so hard to quote a rate

I think investors are taking a pause. Anyone that was looking for a primary residence and still has a secure job is still looking to move forward with rates where they are. As long as we can get this mess improved in the next 5-6 weeks, I don't see a major hit to RE.

aggie appraiser said:

---

Is anyone seeing the market slowing down? I keep thinking we are going to hit a brick wall due to the uncertaintly about the future due to this virus, but I keep getting orders faster than I can accept them. I don't even respond if someone is looking for a bid. It's crazy.

---

Is that sales or refis?

Absolute said:

---

aggie appraiser said:

---

Is anyone seeing the market slowing down? I keep thinking we are going to hit a brick wall due to the uncertaintly about the future due to this virus, but I keep getting orders faster than I can accept them. I don't even respond if someone is looking for a bid. It's crazy.

---

Is that sales or refis?

---

Both

aggie appraiser said:

---

Is anyone seeing the market slowing down? I keep thinking we are going to hit a brick wall due to the uncertaintly about the future due to this virus, but I keep getting orders faster than I can accept them. I don't even respond if someone is looking for a bid. It's crazy.

---

Yes. Have a contract we just extended that did not close this week as expected.
Buyer is to develop a new subdivision from raw land. Gave them an extension.
Where is new housing headed with the Houston oil/gas issues?
Can't be good.

What's your price point?

I locked quite a few refinances this week with the market much better. I expect appraisers will be much slower to deliver due to the surge in volume. I'm not talking to many people looking to buy.

Sorry man

Pretty much all of my buyers and sellers around the state that hadn't listed/made an offer yet decided to press pause this week. Before this week it was 50/50. I have a listing that went forward in the Fort Worth area and we've been inundated with showings and I expect to have an offer shortly, if not today. And with WTI at $20, Houston will be hurting, that's a for sure, but how long can the Russians/Saudis keep this up?

My inspection call volume has dropped off for sure, I only have one in the next 7 days. We've lowered our prices a bit and we're still missing out on some due to price, sometimes by $100 or more. Most of what I am doing is new build pre-drywall and finals for clients that I did the pre-pour foundation or pre-drywall already.

My wife earned her RE license last September and had her 3rd and 4th deals, a buyer and a listing, press pause. The buyer was an Army PCS and with the travel ban any military deals are pretty much on hold for now.

The buyer for our house backed out the day before closing. He is in oil and gas and was uncertain about his employment.

We kept all the earnest money. Now back to square one again.

My buyer Inspections have dried up as well. I am currently planning to sit out next week and honor the stay at home thing. Had a few experiences that made me REALLY uncomfortable last week. I will do new construction or vacant homes but not occupied in that time.

I am scheduling warranty inspections for the week of the 6th, with the caveat that it may be pushed back a week. Good news is that this might thin the inspection herd some. The low priced leaders will be the first to fold. Won't hate seeing that happen.

Honestly, being in the market to buy ourselves, it is really hard to imagine not pushing pause right now. We have. There are at least two houses in the area we are looking that 4 to 6 weeks ago we would have made full priced offers on, now....just can't. My wife is in the corporate world and things are not good even for those not laid off. I know the real estate gurus are saying this won't affect pricing, but not sure I believe that. Seems safer to wait than to buy and have prices go down 20%.

My dad is a subdivision developer in DFW and he told me yesterday homebuilders are still buying lots from him

The question you need to ask your dad is are they building homes? Lots are relatively a small cost of a home and very safe place for assets. It land. They won't walk away.

My guess is they'll build homes. Construction draws = cash flow. Also, they want to keep subs busy so they don't lose them.

ETA: Most developers require homes to be started within x days.

Ok just spoke to my dad again and he clarified, they are buying lots as part of their quarterly takedown agreements that they agreed to.

They either buy them or risk default and lose their earnest money. He says nobody has stopped buying yet and hasn't heard of it happening anywhere so far.

SPF250 said:

---

ETA: Most developers require homes to be started within x days.

---

I'm not in that part of the business, but I'm curious. How is that provision usually enforced? Is there some penalty ($$/week) that attaches as a lien to the lot?

Once that lot is sold, does the developer really want it back?

Thanks.

In a bad market, no. If it means the continuity of sales in their development, maybe.

Things have slowed for sure, but not stopped. Showings are down because some Sellers are not willing to show and some Buyers have paused. But there is still a segment of each that are still active.

I wrote a new purchase contract yesterday. So did my assistant. That's new activity. Had 3 closings last week, but those were well into the cycle before this crisis really hit, so I don't really count those as "new activity". I'll list one or two new homes for sale this week. One for sure where Sellers are okay with showing the home. The other, we may wait but not sure yet. I have a few other listings that are waiting as of this moment. I have an appraisal tomorrow on a home that I'm selling that is under contract.

Again, things have slowed. But in D/FW I just don't see the bottom falling out of Real Estate unless this thing drags out a LOT longer (which it could!).

We are being smart with all showings. Hand sanitizer, gloves on, trying not to touch anything/open cabinets like we are used to doing. I just got a shipment of gloves in from Amazon that I'm providing to my clients. No overlapping showings to prevent lots of people in the house at the same time. If clients are at all uncomfortable, we are not showing at all. If anyone has fever, no showing. If anyone even feels bad, no showing.

God Bless you guys...hope you are all hanging in there.