Home sales and Coronavirus

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  1. 5.7 hemi

    5.7 hemi FBBO Gold Member FBBO Gold Member

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    We need to relocate due to the wife accepting a job a few months ago and now that Coronavirus is in full bat shit crazy, seems as though home sales are taking a dump and may not recover for a year.

    Thoughts on this??
     
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    • davek

      davek FBBO Gold Member FBBO Gold Member

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      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.
       
    • 5.7 hemi

      5.7 hemi FBBO Gold Member FBBO Gold Member

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      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 shit comes to a screeching halt!
       
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      • Darius

        Darius FBBO Gold Member FBBO Gold Member

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        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?????
         
      • Dennis H

        Dennis H FBBO Gold Member FBBO Gold Member

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        Relocate to where?
         
      • 5.7 hemi

        5.7 hemi FBBO Gold Member FBBO Gold Member

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        Paso Robles......wine country. All of our family lives either in Atascadero or Paso, and this job opportunity came up so she took it.
         
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        • Durandal25

          Durandal25 FBBO Gold Member FBBO Gold Member

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          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.
           
        • Lefty71

          Lefty71 FBBO Gold Member FBBO Gold Member

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          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.
           
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          • 5.7 hemi

            5.7 hemi FBBO Gold Member FBBO Gold Member

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            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.
             
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            • cr8crshr

              cr8crshr Well-Known Member

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              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:
               
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              • rolling_Thunder

                rolling_Thunder Well-Known Member

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                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.
                 
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                • 5.7 hemi

                  5.7 hemi FBBO Gold Member FBBO Gold Member

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                  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.
                   
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                  • YY1

                    YY1 Well-Known Member

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                    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.
                     
                  • NJRR

                    NJRR Well-Known Member

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                    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).
                     
                  • Photon440

                    Photon440 Well-Known Member

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                    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.
                     
                  • Lefty71

                    Lefty71 FBBO Gold Member FBBO Gold Member

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                    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.
                     
                  • 5.7 hemi

                    5.7 hemi FBBO Gold Member FBBO Gold Member

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                    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.
                     
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                    • T2R9

                      T2R9 FBBO Gold Member FBBO Gold Member

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                      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.
                       
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