• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

Home sales and Coronavirus

5.7 hemi

FBBO Gold Member
FBBO Gold Member
Local time
4:48 AM
Joined
Dec 21, 2008
Messages
17,564
Reaction score
19,280
Location
TEXAS
We need to relocate due to the wife accepting a job a few months ago and now that Coronavirus is in full bat **** crazy, seems as though home sales are taking a dump and may not recover for a year.

Thoughts on this??
 
Even the banks are having a hard time with the loans,cant keep up do to so many people refinancing there homes.No call backs. If you can rent it out if you can afford to and sell when everything calms down.
 
It’s not that big of a deal for us since the wife can stay at my dads place during the week and come home on weekends.

But I’m sure it’s gonna hurt others real soon. Hope this **** comes to a screeching halt!
 
I just saw where Zillow has suspended ALL home sales! They say it is to preserve the cash they have on hand, however that impacts selling a house?????
 
Paso Robles......wine country. All of our family lives either in Atascadero or Paso, and this job opportunity came up so she took it.
 
We need to relocate due to the wife accepting a job a few months ago and now that Coronavirus is in full bat **** crazy, seems as though home sales are taking a dump and may not recover for a year.

Thoughts on this??


I'd sit tight. Banks and liquidity are going to be a massive issue. If this starts to clear soon.......if it doe not, we'll see a quantum shift in real estate values and financial credit drying up.......destroying growth and investments. Total anarchy.
 
I just saw where Zillow has suspended ALL home sales!

Never knew Zillow to actually sell homes..... purely an information site, as far as I ever knew..... people in Ohio are still trying to buy for sure.. whether you can pull off a mortgage remains to be seen. And peeps trying to refi will be crucified with the rates right now for sure.
 
Zillow buying homes is relatively new.

We have a friend that’s a realtor, I’m gonna call and see what she has to say.

Getting a loan for a home will be easy as I’m a Disabled Veteran and a loan for someone like me, credit worthiness of course, is guaranteed.
 
Well I wish you the best of luck with the new position. That being said...I personally wouldn't even budge right now regardless. Just sit tight and ride it out. Hopefully home sales will re-pick up and then make your move if that position is still available. Me I am just staying put and not even in the selling mode or re-finance arena. Just think back to the last time that the housing market took a hit and then compare to today's situation. Most back then either had sub-par loans and terms that caused them to get upside down and loose everything. And those that re-financed with cash outs had the same thing happen. But best of luck in this whole situation...cr8crshr/Bill:thumbsup::thumbsup::thumbsup::usflag::usflag::usflag:
 
I see CA having a huge economic crunch after all this -- the housing market won't be too bad right away as most companies are suspending mortgage payments and what not for several months --- but I see a bunch of foreclosures on the horizon when people who live paycheck to paycheck can't come up with the payments when they come due again.
 
Talk to our realtor friend and she says this......no in home showings (they can be done by pi’s or virtual tour) everything can be signed electronically and homes for sale are isn’t much which helps us (sellers market), prices haven’t gone down (in my area) so things look rather good.
 
prices should start to come down (from their all time highs) once sellers and agents realize no one is buying.

if you've got a good down payment and good credit, you should be good to go.
 
I'm closing on a mtge tomorrow. It's a refi on a rental property I own. I tried to get them to close electronically, but they insisted it had to be signed in person, so I have to go to the office tomorrow. I'll be wearing a mask and gloves. I was thinking of not doing the loan with all the economic uncertainty, but then figured if they want to give me the money, I'll take it now since I don't know if the property will qualify with a reduced rent roll if some tenants don't pay me or I have vacancies. I'm not worried about property values as this is a long term investment in a great rental market ( high population density).
 
Never knew Zillow to actually sell homes..... purely an information site, as far as I ever knew..... people in Ohio are still trying to buy for sure.. whether you can pull off a mortgage remains to be seen. And peeps trying to refi will be crucified with the rates right now for sure.

I'm confused by that last sentence. Rates are dropping, they haven't been this low since 2013. Wouldn't this be a good time to refinance? I know a lot of sources predict that home sales will soften, but that's one of the reasons the prime rate was lowered.
 
I'm confused by that last sentence. Rates are dropping,

They are back to fluctuating..... time is of the essence on these statements tho. Late last week there were multiple rate hikes per day, which is highly unusual. A quick look at Ohio today shows some morgage rate types are raised, other types are slightly lower.
 
Refi rates are headed up cause everyone wants a lower rate, according to my loan company. They quoted my dad 3.9 for a refi and he’s at 3 right now, needless to say, he didn’t do it.

I’m being quoted 3.2 for s VA guaranteed loan, and it might go lower in the next few weeks, so I’m told.
 
I just finished my application on a VA 3.5% for 15 years with 0 points. I could have got 3.2 but would have to pay points. Plan on payiny it off in 7 years.
 
Auto Transport Service
Back
Top