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Real Estate market during COVID

lbhsbz

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I was unsure how this would go, but I'm pleasantly surprised...Tenants finally got all their shit out on the 26th of June, I jammed for 4 days fixing everything and painting...and screwed the last wall plate back on at about 12:55 last wed....the first scheduled showing was at 1:00. Showings have been booked relatively solid every day since...even had 6 or so yesterday on the 4th. 9 offers in so far, one at full asking price and the rest of them over. Offers are all due tomorrow by noon. I know of at least 3 more coming in that should be significant. The suspense is killing me.
 

95Enforcer

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Thats awesome. Hope you get what you want for it or more. Market is hot right now. Where is the home located?
 

SoCalDave

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Yeah things are on fire in the RE market. Daughter/SIL just sold their condo in the lower end area of Lakewood for $385k, paid $120 for it 9 years ago.
House down the street from me sold in two days for $765k. Prices in this area when we moved here in 2013 were in the mid to upper $400's.

Good luck on the sale.
 

lbhsbz

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Thats awesome. Hope you get what you want for it or more. Market is hot right now. Where is the home located?

Long Beach. Top 3 offers so far are 2 at $590K and one at $595K.
 
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DWC

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Long Beach. Top 3 offers so far are 2 at $590K and one at $595K.
Small world. Spent the first few years as a kid and most every weekend at my grandparents.

58070C3A-2D93-45AF-A4A1-8AB46D7DEE92.jpeg
 

95Enforcer

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Long Beach. Top 3 offers so far are 2 at $590K and one at $595K.

Thats awesome. Nice looking place.
 

boatdoc55

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Some good friends of our's put their house in Oregon up for sale last Wed. They had 4 offers in the first 6 hours and ALL were over asking price. They excepted one and the person want's a 30 escrow and has NO problem with money. Guess were they're moving to, it's about 1200 miles South and about 40 degrees warmer??? 😁
 

Willie B

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... Friend of mine just sold his Canoga Park home for a believe $825,000 nice cul-de-sac neighborhood ..,two-story home ...he hasn’t done one bit of improvement in the 40 years he’s lived there he doesn’t need it anymore because he just built a palace in Havasu...
... it was on the market for two days...
 

Bigbore500r

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We just sold our home, 40+ showings and 6 offers in 4 days. Closing escrow this Thursday. It was nuts!
Now I have to find a new one.....
 

OldSchoolBoats

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It names Havasu in there...lol

I always take these articles with a grain of salt. They have been calling for price declines everywhere since 2015, yet here we are. Simple supply and demand points towards higher prices.
 

HB2Havasu

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As long as interest rates remain low and unemployment keeps going down I don't see the market slowing down anytime soon. What I'm seeing today is Covid-19 has allowed a lot of people who were previously locked into office jobs have now been permanently transferred to Work at Home Positions now have the option of moving anywhere in the country, so this could drive the market for a few years. (as long as rates remain at the current level)

Believe me if you asked me what the RE Market was going to be like back in March I would have told you Depression. Nobody seen this coming!
 

Magic Mike

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I sold and bought in Feb.
Wanting to buy in Parker/Havasu/Bullhead after 30 years of boating there, came close to buying a few times but couldn't pull the trigger.
I'm glad people are killing it right now in RE, but don't see how it can last.
Probably wait a bit and see.

Which Bullhead waterfront condos would you guys recommend or not?
Roadhaven marina, the newer red ones across from the casinos?
 

gqchris

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As long as interest rates remain low and unemployment keeps going down I don't see the market slowing down anytime soon. What I'm seeing today is Covid-19 has allowed a lot of people who were previously locked into office jobs have now been permanently transferred to Work at Home Positions now have the option of moving anywhere in the country, so this could drive the market for a few years. (as long as rates remain at the current level)

Believe me if you asked me what the RE Market was going to be like back in March I would have told you Depression. Nobody seen this coming!

I have a handful of buddies that work in Mortgage Loans and Refi. Big time they are cranking right now. But, they predict in two months this will all change and they will be unemployed again. Right now they are making around 50-60k a month take home. They have so many loans that they dont even care if some dont get done. They told me this the 4th of July this Sunday.
 

RCDave

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I was just providing the article as a devils advocate perspective on the current state of the market. Just another side of the coin to consider when deciding to buy or sell.

It does make sense though that prices will be impacted by the substantial increase in unemployment. Even if the the economy charges ahead, there will be many that have a very difficult time finding a job.

The more portable job base will likely propel certain regions and hammer others. Will be interesting to see what the markets look like in 3, 6, 9, and 12 months out.

One thing for sure though. When industry insiders start saying you can loose by investing in real estate, history indicates that is a big red flag! LOL
 

Singleton

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Wife and I keep talking about selling and downsizing while moving closer to beach.
problem is the townhomes closer to the beach have done up in price over the last 6 months.
1/2 the size home for twice as much, makes no sense. Current one is paid off in 10 years, and aligns with the youngest graduating from HS.
 

lbhsbz

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Had over 10 offers in 5 days. Best offer ended up being a strong one at 600K. We countered a couple of the lower ones and should be rolling today.
 

hallett21

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Is everyone still marketing their property 5-10% under market value and letting the buyers drive it up?

Or are you guys/gals getting offered more than fair market value?

100k being marketed at 80k and selling for 98k is 2k under value in my book. No matter how much over asking it went.


Sent from my iPhone using Tapatalk
 

HB2Havasu

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I have a handful of buddies that work in Mortgage Loans and Refi. Big time they are cranking right now. But, they predict in two months this will all change and they will be unemployed again. Right now they are making around 50-60k a month take home. They have so many loans that they dont even care if some dont get done. They told me this the 4th of July this Sunday.

What is changing in 2 Months?
 

Jefftowz

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My wife does Real Estate here in the SFV and has 5 escrows, one of them a 1250 sq ft house directly across from our house had 18 showings the first day and 5 strong offers in escrow 25k over ask. It’s amazing while it lasts.
 

warpt71

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My home is in escrow, I think we got it sold in under 2 weeks, we did take a less that listed offer but we listed high. My purchase has me a little nervous only because of the step up in price vs. what the market will do. Its a long game for us though, I have no need to sell/upgrade for hopefully another 15 years or ever. Id like to think that this is my last home purchase buy ya never know!!!
 

hallett21

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They think the rates will change and the Refi market will shutter up once the PPP Fraud Money and Stimulus dries up.

I heard the opposite from our friends/family in the mortgage industry lol. Funny how people in any industry can be at 2 extremes.


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gqchris

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I heard the opposite from our friends/family in the mortgage industry lol. Funny how people in any industry can be at 2 extremes.


Sent from my iPhone using Tapatalk

Yea I take it with a grain of salt as these guys are fast talkers anyways. LOL...but their whole world is dependent on that rate, at least in Refi.
 

lbhsbz

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Is everyone still marketing their property 5-10% under market value and letting the buyers drive it up?

Or are you guys/gals getting offered more than fair market value?

100k being marketed at 80k and selling for 98k is 2k under value in my book. No matter how much over asking it went.


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I think it’s real tough to put a proper value on some areas...in mine, for example...no 2 houses are the same. They built 3 different versions back in ‘42, but almost all have been added on to and upgraded and all kinds of different manners. I think we started out on near the low end, but really wasn’t sure. I would have been happy with anything north of $590K
 

shintoooo

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I don't think rates will go up for a while but I do think that a lot of people are hurt because of the shutdowns and they will start unloading their toys soon in order to pay their bills. I'm already seeing people saying in their classified ads that they are selling because their business has gone to shit and they need the money to stay afloat. If this thing drags on much longer, the next thing to go will be vacation homes. I hope things turn around soon.
 

Meaney77

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We just listed our rental on Saturday afternoon and accepted a great offer last night with 5 back up offers. We haven't touched the place, we were going to paint, replace carpet, etc... and our agent recommended leaving it as is. The to be new owner is happy because they can choose there own colors, etc... Its crazy times, we never thought this place would sell as fast as it did.
 

BHC Vic

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I don't think rates will go up for a while but I do think that a lot of people are hurt because of the shutdowns and they will start unloading their toys soon in order to pay their bills. I'm already seeing people saying in their classified ads that they are selling because their business has gone to shit and they need the money to stay afloat. If this thing drags on much longer, the next thing to go will be vacation homes. I hope things turn around soon.
I’ve been looking at trucks. What I’m seeing is a shit load of used inventory. Lots of 2018 and 2019 trucks hitting dealer lots. To me that’s a sign but maybe not... who knows I’ve been told to wait a few months and I’ll be able to pick up a pretty good deal.
 

lbhsbz

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We just listed our rental on Saturday afternoon and accepted a great offer last night with 5 back up offers. We haven't touched the place, we were going to paint, replace carpet, etc... and our agent recommended leaving it as is. The to be new owner is happy because they can choose there own colors, etc... Its crazy times, we never thought this place would sell as fast as it did.
I was thinking about that, but the place really looked like shit inside. I probably spent $1000 (new sod in the back, new ceiling fans, a good scrubbing and some paint)...and 4 days of my time. I have a hard time selling something that’s not in good shape. I had to at least make it look presentable, which implies, to some extent, that I gave a shit about the place as the owner...which I figured would help make the property more attractive to buyers.
 

boatpi

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In my HB neighborhood at the end of graham Street , wetlands area, only 2 on the market. Small houses are 1,500 sq. feet, nothing under 1.1Mil now unless it is a rare dump.
 

sirbob

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When I hear all these sales at over list and MULTIPLE offers it make me think they might have been a little underpriced???

My next door nieghbor hit the market mid March and I think he is about to take his off the market and rent it. I thought he was priced too high?

When we sold our last house we had 4 offers the first day and not one over list - even though the last three showings knew the first had made an offer. In that situation it's hard to say we were under priced when no one went to list or over.

It felt like we got all the money on that one.
 

lbhsbz

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When I hear all these sales at over list and MULTIPLE offers it make me think they might have been a little underpriced???

My next door nieghbor hit the market mid March and I think he is about to take his off the market and rent it. I thought he was priced too high?

When we sold our last house we had 4 offers the first day and not one over list - even though the last three showings knew the first had made an offer. In that situation it's hard to say we were under priced when no one went to list or over.

It felt like we got all the money on that one.
I’d rather have 10 offers over asking because I listed it a bit low than no offers because I listed it a bit high. The value is determined by what people are willing to pay. Lower listing prices get more views.
 

sirbob

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I’d rather have 10 offers over asking because I listed it a bit low than no offers because I listed it a bit high. The value is determined by what people are willing to pay. Lower listing prices get more views.


I get that - My point was its hard to get the listing number right sometimes...
 

D19

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I have been crazy busy. My wife and I work in the IE, North OC and SGV. When the stay at home orders went into effect, I started working harder because I knew a lot of competitors would drown in negativity and be apprehensive to work. Prices aren't soaring, but they're creeping up. Low inventory and low rates are causing this.

It will be interesting to see what happens when all the free money and forbearance runs out.

Regardless, there are lots of good opportunities for buyers and sellers right now!
 

mbrown2

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I don't think rates will go up for a while but I do think that a lot of people are hurt because of the shutdowns and they will start unloading their toys soon in order to pay their bills. I'm already seeing people saying in their classified ads that they are selling because their business has gone to shit and they need the money to stay afloat. If this thing drags on much longer, the next thing to go will be vacation homes. I hope things turn around soon.

I think it awesome the market is doing what it is doing and being in the mortgage biz I see the company with backlog for months. That said Covid has hurt people; on just my litter river street I have one commercial plumber that has went from 40 to 8 people working and is selling his riverfront place. I know others that are also hurting.....I know friends who worked for irvine company for 20+ years let go cause they don't need the engineering staff to maintain these empty corporate complexes... Hope things change....I definitely see the vacation home, toy market getting better (cheaper) in the next year. This is a big hole to dig out of.
 

Todd Mohr

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I went under contract in March on a new build, the same model is now 27k higher. Covid got serious 1 week after I signed, I thought for sure thing would get
ugly. We will see what it looks like when it's finished in Nov, hoping the market stays strong.
 

boatnam2

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I think it awesome the market is doing what it is doing and being in the mortgage biz I see the company with backlog for months. That said Covid has hurt people; on just my litter river street I have one commercial plumber that has went from 40 to 8 people working and is selling his riverfront place. I know others that are also hurting.....I know friends who worked for irvine company for 20+ years let go cause they don't need the engineering staff to maintain these empty corporate complexes... Hope things change....I definitely see the vacation home, toy market getting better (cheaper) in the next year. This is a big hole to dig out of.
When they stop handing out that free money we will get to see the real story, IMO it won't be pretty.
 

boatpi

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I’ll update the photo soon but they have six houses under construction in Southwest Las Vegas Valley with his huge RV garage

two of the houses being construction the garages are attached . Still no sign for the builder and I don’t know what the pricing will be I’ll update because it’s in my neighborhood I’ll drive by a few more times.
96615714-3DF8-4686-B725-73673B81AAB1.jpeg
 

HB2Havasu

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When they stop handing out that free money we will get to see the real story, IMO it won't be pretty.

Pretty sure the Unemployment Checks will get extended with Covid-19 apparently surging. Possibly another round of Stimulus Checks also. (I never received one the last time)
 

boatnam2

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Yea sounds like another couple trillion coming down the pipe, little chump change for unemployment checks and some more big PPP loans.
 

boatpi

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Hey, it's "Trump Money, but where did he get it from??? Like Obama;
 

boatdoc55

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What amazes me is that people are spending money like its candy. Does anyone realize once the free money spigot dries up we all fucked in a major way?!
I've been blowing that horn since all this shit started!! Falls on deaf ears. 20-40 yo's have never been through something like this and are going to pay a BIG price. I sure hope the rest of us don't have to pay for them.
 
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