Buying A House In This Craziness

[Anonymous]

Anonymous wrote:

Anonymous wrote:We picked a great time to buy our house. We have a ratified contract, appraisal, and interest rate locked. We are about three weeks from closing but are worried about what would happen if a shelter in place order is made. Can we still close? Will we lose our interest rate lock?

If you are in DC area..do not close. You are going to lose 20% value.

oh baloney. when this ends, there will be a jaw dropping surge in demand for sfhs the likes of which even this area has never seen before. The DMV, with its usual core of largely recession proof jobs will hum along, and get even richer due to the money Biden and the Dem Congress will throw at healthcare, tech, and defense consulting. no one is going to be as interested in condos anymore. IF it's safe, proceed as reasonable.

[Anonymous]

If you are realistically pragmatic about this virus, the vast majority (95%) of infected cases survive just fine. Many if not most won't even know they had it. The deaths are predominately elderly with underlying health problems. You do know 650,000 Americans die of heart disease every year? Who are mostly elderly? There are some unfortunate cases of younger people with underlying health problems who do die. And a very tiny number of mysterious deaths of younger people. But when you get down to it, 99%+ of the people who get the virus will survive and that percentage increases even more so for the under 70s.

This is not the black plague. And everyone, even the karens shrieking that we're buying our heads in the sand and won't someone think of the children, all agree that there will be a vaccine in 18 months at most. (I guess 17 months now).

The big crash to the economy is the sudden drying up of service sector spending. People have stopped spending money because we can't, outside food and drugs. Once the spigot reopens and we're allowed to go back out and patronize restaurants and go to the dentist, it's probable that the economic rebound will be quick and lasting. It may take a few years to get back to where we were in January 2020. If you have job security, go ahead and buy.

[Anonymous]

Anonymous wrote:If you are realistically pragmatic about this virus, the vast majority (95%) of infected cases survive just fine. Many if not most won't even know they had it. The deaths are predominately elderly with underlying health problems. You do know 650,000 Americans die of heart disease every year? Who are mostly elderly? There are some unfortunate cases of younger people with underlying health problems who do die. And a very tiny number of mysterious deaths of younger people. But when you get down to it, 99%+ of the people who get the virus will survive and that percentage increases even more so for the under 70s.

This is not the black plague. And everyone, even the karens shrieking that we're buying our heads in the sand and won't someone think of the children, all agree that there will be a vaccine in 18 months at most. (I guess 17 months now).

The big crash to the economy is the sudden drying up of service sector spending. People have stopped spending money because we can't, outside food and drugs. Once the spigot reopens and we're allowed to go back out and patronize restaurants and go to the dentist, it's probable that the economic rebound will be quick and lasting. It may take a few years to get back to where we were in January 2020. If you have job security, go ahead and buy.

Literally not the same but ok

[Anonymous]

There is no reason to hold off. There is so much demand in the DMV that the worst thing that will happen is prices stay flat

[Anonymous]

You mean the best case is prices stay flat

[Anonymous]

Anonymous wrote:So is the overall consensus that those of us who were planning to buy should wait? My lease is up in late June and I had planned on giving my two months notice in April. Should I extend the lease for a few months? The month to month increase is extraordinary (103%) so there is no way I can or will go that route.

Additionally, if I stay, should I negotiate the increase my landlord has provided considering that none of the amenities, which are included in the rent, are operational?

The housing market will still be there. There are just too many things that can go wrong trying to buy during a pandemic that shuts down the country. Personally, I'd just hold off until next year at the minimum. What if you buy and you can't move in because the governor puts in a mandatory stay in place for months, yet you get kicked out of your apartment or will get stuck paying month to month, because you can't move in, while simultaneously have to pay a new mortgage? What if you lose your job? What if you can't even hire a moving company? So many things that can go wrong.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you are realistically pragmatic about this virus, the vast majority (95%) of infected cases survive just fine. Many if not most won't even know they had it. The deaths are predominately elderly with underlying health problems. You do know 650,000 Americans die of heart disease every year? Who are mostly elderly? There are some unfortunate cases of younger people with underlying health problems who do die. And a very tiny number of mysterious deaths of younger people. But when you get down to it, 99%+ of the people who get the virus will survive and that percentage increases even more so for the under 70s.

This is not the black plague. And everyone, even the karens shrieking that we're buying our heads in the sand and won't someone think of the children, all agree that there will be a vaccine in 18 months at most. (I guess 17 months now).

The big crash to the economy is the sudden drying up of service sector spending. People have stopped spending money because we can't, outside food and drugs. Once the spigot reopens and we're allowed to go back out and patronize restaurants and go to the dentist, it's probable that the economic rebound will be quick and lasting. It may take a few years to get back to where we were in January 2020. If you have job security, go ahead and buy.

Literally not the same but ok

Ok? The Italian numbers and Chinese numbers show it's elderly people with heart disease and hyperextension who are at high risk of the virus. The average age of death from the virus is 80. We cannot pretend or ignore there would be an overlap between the annual deaths from heart disease and this virus. If you have the heart disease that will kill you this year and you get the virus, you will most likely die from the virus, just a bit sooner. Do you understand what a compromised immune system and health problems means when you get infected with the virus?

So no, it's not "literally not the same but ok."

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would be happy to get out of it. You are going to be sitting on a goose egg for a decade or more before you will dig out of this hole.

Agreed.

At this point you would be so lucky to get out of that contract! Prices are going to be at least 100-200K lower next year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you are realistically pragmatic about this virus, the vast majority (95%) of infected cases survive just fine. Many if not most won't even know they had it. The deaths are predominately elderly with underlying health problems. You do know 650,000 Americans die of heart disease every year? Who are mostly elderly? There are some unfortunate cases of younger people with underlying health problems who do die. And a very tiny number of mysterious deaths of younger people. But when you get down to it, 99%+ of the people who get the virus will survive and that percentage increases even more so for the under 70s.

This is not the black plague. And everyone, even the karens shrieking that we're buying our heads in the sand and won't someone think of the children, all agree that there will be a vaccine in 18 months at most. (I guess 17 months now).

The big crash to the economy is the sudden drying up of service sector spending. People have stopped spending money because we can't, outside food and drugs. Once the spigot reopens and we're allowed to go back out and patronize restaurants and go to the dentist, it's probable that the economic rebound will be quick and lasting. It may take a few years to get back to where we were in January 2020. If you have job security, go ahead and buy.

Literally not the same but ok

Ok? The Italian numbers and Chinese numbers show it's elderly people with heart disease and hyperextension who are at high risk of the virus. The average age of death from the virus is 80. We cannot pretend or ignore there would be an overlap between the annual deaths from heart disease and this virus. If you have the heart disease that will kill you this year and you get the virus, you will most likely die from the virus, just a bit sooner. Do you understand what a compromised immune system and health problems means when you get infected with the virus?

So no, it's not "literally not the same but ok."

I said what I said. Your logic is attenuated at best.

[Anonymous]

Anonymous wrote:There is no reason to hold off. There is so much demand in the DMV that the worst thing that will happen is prices stay flat

Why lie so blatantly to the OP? Do you have some vested interest or are you just delusional?

[Anonymous]

This thread is frustrating and useless because there are two polar opposite opinions on it.

[Anonymous]

Agreed

[Anonymous]

FWIW, we're planning to list our house in about 7 days. If it looks like there isn't demand for our target price, or the logistics make it impossible we will just hold and rent it out. Not looking at giving it away in a fire sale. And if you're looking for a fire sale, it will take at least a year for a flowing pipeline of foreclosures and distress sales to build up. Foreclosure and eviction moratoriums have already been announced. We bought in 2009, not knowing if prices would go up or down from that point. Probably stayed flat for another year or two before going back up. No doubt, there will be fewer buyers and fewer sellers.

[Anonymous]

I would not buy a house right now. Too much uncertainty to make such a big purchase.

[Anonymous]

Anonymous wrote:This thread is frustrating and useless because there are two polar opposite opinions on it.

which is exactly why you shouldn't buy.