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  1. #1
    Registered User RWC5113's Avatar
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    Question Corona Housing Market

    What’s everyone’s thoughts about buying a house right now?
    Over the past year I’ve paid off all my remaining student debt, and was able to save up for a down payment to buy a home. Got into the meat of my search in the weeks before Covid flipped everything on its head.
    What are everyone’s thoughts about buying a home right now? Of course I’m worried that I may be buying right before a housing crash. At the same time, not much has changed in my local market as far as number of homes going up for sale, foreclosures, etc.
    Have to make a decision pretty soon on a new construction home set to be closing ~end of year.
    Of note, first time homebuyer. This would be moving out into my first home. So no need to worry about being able to sell where I currently live. I’m just not sure what to make of the housing market as a whole in all this.
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  2. #2
    SUPERNOVA SouthDakotaBrah's Avatar
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    I'm also looking at buying a home, and I don't think there will be much of a housing market crash. There might be additional houses coming onto the market soon if people had purchased them hoping to rent them out via airbnb or something, but I don't think there will be as many people defaulting on their mortgages as people had been thinking a couple months ago when things were starting to look bad. Home owners have 12 months of mortgage forbearance (CARES act) before they have to worry about paying again. Unless things get really ugly, almost everybody should be able to get on their feet in the next 12 months and not have to default on their mortgage. On the bright side of buying a house now, interest rates should be very low.

    Commercial real estate will be impacted most from all of this
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  3. #3
    Registered User shawn2020's Avatar
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    sold house in march
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    Registered User paulinkansas's Avatar
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    I've got 23 short term rental houses in this town. 83 beds total. 2 months ago I had 73 contractors in all of my houses. Last week I had 2 (and they are now unemployed). I can foresee the value of houses going down in the next 12 months. Supply and demand. Supply will be the same or increase, demand will go down.
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    Registered Developer lockdev's Avatar
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    Originally Posted by paulinkansas View Post
    I've got 23 short term rental houses in this town. 83 beds total. 2 months ago I had 73 contractors in all of my houses. Last week I had 2 (and they are now unemployed). I can foresee the value of houses going down in the next 12 months. Supply and demand. Supply will be the same or increase, demand will go down.
    This.

    It's going to be very location/market dependent, like all real estate.

    The market might be elevated and propped by the Treasury and Fed's actions, but just LOL if you think that 20% unemployment isn't going to have an effect on "main street".

    Demand will go down, and in turn cause a higher supply.

    You'll likely see more foreclosures, which will also increase supply.

    Prices are definitely going down.
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    Serenity Now! FrankCostanza's Avatar
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    I just closed on a place in Hawaii.




    The real drop will be after **** gets really known economically around March.

    I’ll be renting it out in the near future for probably 9 months out of the year.9
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    Registered User MountainLion84's Avatar
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    Originally Posted by FrankCostanza View Post
    I just closed on a place in Hawaii.




    The real drop will be after **** gets really known economically around March.

    I’ll be renting it out in the near future for probably 9 months out of the year.9
    What are the purchasing rules like for foreigners?

    Extra tax and conditions?


    Place looks amazing anyways, what Island did you buy on?
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  8. #8
    Registered User boredmeathead's Avatar
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    You can't really have a real estate crash when you didn't have a real estate bubble.
    If anything, prices are crashed a bit now from what they would have been if we had not had the virus.
    It is different if you are talking an investment property but I am not sure what else you could ask for if buying your first home to live in right now.
    Of course in any speculation you would want to buy the low tick or short the high tick but that is just not realistic.
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