What’s the real estate market looking like in the future

[BigBeto]

looking to purchase a river pad. Seems like prices are dropping. Does it look like market will crash pretty soon? is it a good time to buy or wait to see what happens?

 

[CoolCruzin]

I see the prices going up
Buy now

 

[chvynhra]

@OldSchoolBoats

 

[Havasu blue label]

What part havasu

 

[BigBeto]

Looking into Parker

 

[Havasu blue label]

Personal I like havasu always something to do winter summer in the long run havasu market is a great investment start small

 

[BHC Vic]

I’m sort of looking as well.... bhc area. My thoughts are buy a lot and hold onto it for a while and build later. If I were buying a house ready to be used I’d probably wait a season and see what happens

 

[HB2Havasu]

looking to purchase a river pad. Seems like prices are dropping. Does it look like market will crash pretty soon? is it a good time to buy or wait to see what happens?

Crash? You probably will never see another crash like the one in 2008 if that’s what your referring to?

I think what your seeing is an over inflated market coming back down to earth. The only prices I have seen drop are on houses that had an asking price well above reality.

It’s called a Real Estate MARKET for a reason. It goes up & down like all commodities! If your buying a vacation home for the sole purpose of making money you probably should put your money somewhere else. J/S

 

[BigBeto]

Not looking for rental property. Looking for second home. Something in the 250-300k. We were going to buy a new RV but it makes more sense to buy a home that in time will appreciate. We keep our toy hauler out in Parker in the summers but it’s a drag towing boat up to river then going to storage to pick up trailer and set it up. Payment on new rig is around $800-1000. I figure spend a bit more and buy a pad.

 

[adam909]

Not looking for rental property. Looking for second home. Something in the 250-300k. We were going to buy a new RV but it makes more sense to buy a home that in time will appreciate. We keep our toy hauler out in Parker in the summers but it’s a drag towing boat up to river then going to storage to pick up trailer and set it up. Payment on new rig is around $800-1000. I figure spend a bit more and buy a pad.

buy a house and rent a rv... or buy a used rv.. I would never want to take the hit on buying a new rv..

 

[2FORCEFULL]

buy a house and rent a rv... or buy a used rv.. I would never want to take the hit on buying a new rv..

buying them right is the key,,,up to 40 %mark up..and always trade them in to get the tax credit...

 

[2FORCEFULL]

so here's what I'm hearing.... can't get materials,...and prices going up...this corona deal is slowing down the builds and driving home prices up...the only way existing home prices will drop is if there is a lot of new homes sitting empty..if new homes are sitting, no one wants to build spec homes....if they stop building spec homes.... there will be a housing shortage in 6 mo. or so... probley a some what buyers market right now.... but that'll go away by july,... my self I have a brand new river home sitting empty, and plan to let it set till spring of next year, or get a fair price for it...the home i'm building in havasu, my sister rents the little house, so she can keep an eye on things...so it'll be just a place to stuff money..seems like the best safe place to put the money..

 

[Raffit78]

Real Estate is in a world of hurt. Commercial and residential.

There will be a ton of supply here shortly.

Not many can qualify when you don’t have an income.


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[2FORCEFULL]

Real Estate is in a world of hurt. Commercial and residential.

There will be a ton of supply here shortly.

Not many can qualify when you don’t have an income.


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loll....not many are gonna be walking from their homes when they get to stay payment and rent free for the next year.....

 

[Raffit78]

The most anyone is getting is 90 days and then you have up to 12 months to pay that back, plus your mortgage. Wonder how that will work out.


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[2FORCEFULL]

The most anyone is getting is 90 days and then you have up to 12 months to pay that back, plus your mortgage. Wonder how that will work out.


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you get 90 days as of today,... then, if nothing changes , another 90 days to start forclosure...thas 180 days... contested ..under dodd frank,... they have to work with you...I see it taking 1 to 1.5 years to finally get your property back...that's why never do private lending on primary res.. laws don't apply to vac, or rental property's... guys that have rental property's right now are pretty much screwed, only way they can come out if if they own free and clear... and can afford the long haul...there is no protection for investment property's...except for the tenants...like my rental.... my sister rents from me... most likely never get a dime,... but at least she has a comfortable home to finish out life..

 

[2FORCEFULL]

I know people with multiple rental units....in the beginning...they all said the same thing..." talked to my tenants and they all said they would be paying the rent for april…" but,... so far no one I know has got paid...there's a wisper going around that the gov. is gonna pick up the rent... but if you pay it you get nothing...

 

[2FORCEFULL]

I think what the gov would like to do is stop the building,... or slow it way down, the building of single family property's.. and build more apartments,take away cash, and only electronic funds.... every one will be hamsters... walk out the door and walk to your work place, get in the wheel till time to go home

 

[84miller]

I plan to do the opposite, sell my mobile and get a RV. If anyone thinks that owning a mobile home is easier than a RV it is not. It takes just as much time keeping up a mobile home if not more than keeping up, setting up a RV. Also, as you will see on RDP, getting any type of professional help...electrician, plumber...you name it, in the Parker area is impossible. If you do find someone, be prepared to be completely ripped off with no ability to get corrective action as most are not bonded or honest. I have friends who live and have businesses in Parker. I have asked them for referrals, they have told me if I find someone let them know because they have the same problems. As far as real estate right now...I always go by people always need a place to live, prices are drive by what people can afford. I do not see people being able to afford today's prices in the future, real estate goes with the current economy. Interest rates are great for buying right now, but when they go up there is the possibility of being upside down. I do not think it is a good time to buy, wait a year, keep the RV thing you have going on now.

 

[2FORCEFULL]

I plan to do the opposite, sell my mobile and get a RV. If anyone thinks that owning a mobile home is easier than a RV it is not. It takes just as much time keeping up a mobile home if not more than keeping up, setting up a RV. Also, as you will see on RDP, getting any type of professional help...electrician, plumber...you name it, in the Parker area is impossible. If you do find someone, be prepared to be completely ripped off with no ability to get corrective action as most are not bonded or honest. I have friends who live and have businesses in Parker. I have asked them for referrals, they have told me if I find someone let them know because they have the same problems. As far as real estate right now...I always go by people always need a place to live, prices are drive by what people can afford. I do not see people being able to afford today's prices in the future, real estate goes with the current economy. Interest rates are great for buying right now, but when they go up there is the possibility of being upside down. I do not think it is a good time to buy, wait a year, keep the RV thing you have going on now.

I don't think OP has an rv,.. but , when you saymobile home, you mean park model correct?

 

[NicPaus]

I don't think OP has an rv,.. but , when you saymobile home, you mean park model correct?

Thats the fancy term Lol. Majority of the mobiles in our park are from the 70s. Constant work unless you bite the bullet and rehab the whole thing. I have slowly upgraded mine. Not enough time to do it all at once. And like mentioned nobody out there to hire. My buddy is out there doing work now. He is reliable and getting things done for several other neighbors.

 

[Heylam]

I just closed escrow on one of my rentals I sold, and no way I’m putting the proceeds back into real estate right now. I’ll wait and reinvest in about 6-9 months, gambling the real housing market will drop. Also, no way I’d want another rental right now until the virus issues with renters is resolved.

 

[Springfield]

Real Estate is in a world of hurt. Commercial and residential.

There will be a ton of supply here shortly.

Not many can qualify when you don’t have an income.


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I stopped in Chase Bank, Private Client a week ago. Wanted to ask a MLO about non owner occupied no cash out rates. Everything in alignment for A rate, got quoted 5.125 with 1.5 points........ya WTF. Was quoted 4.5% and no points this time last year.
Yesterday I read Chase Bank is now requiring 20 percent down minimum on purchases and refi's (mine is 55% LTV).

There is more to the future just unknown at this time and this Big 5 is covering their ass early.

 

[just_floatin]

I just closed escrow on one of my rentals I sold, and no way I’m putting the proceeds back into real estate right now. I’ll wait and reinvest in about 6-9 months, gambling the real housing market will drop. Also, no way I’d want another rental right now until the virus issues with renters is resolved.

My portfolio follows the 33% rule. I too am rethinking my strategy given CA executive order N-28-20 governor newsom signed. I have elderly renters with fixed incomes. Should they move out I may sell the property versus accepting new renters. Too much risk and maybe smarter to be more liquid given an unstable market. I plan to keep my snowbird property in AZ because I use it.

 

[Heylam]

I was just lucky that my renters decided to move and vacated the property prior to the pandemic. Listed and sold it right away, and again lucky that the escrow closed and funded during this mess.
I’m not usually this lucky, but it all came together this time.