Buying A House In This Craziness

[Anonymous]

Friend is stuck in closing hell right now. Sold his house and bought one to move into. (With the seller also buying a new house). Everything was supposed to happen at the same time—sellers close on their new house, my friend closes on the house they bought, then close on the house they are selling. Had the moving truck practically all packed up ready to go...
Then the sellers can’t get some sort of verification or document from their work because it’s been closed. So the sellers can’t close on their new house. So my friend is stuck in an empty house living out of boxes until that gets sorted out. It’s been over a week.

[Anonymous]

Goldman Sachs just predicted a 24% retraction in the economy. Do people understand what that means?

20% unemployment possible, and many business outlets are not talking a recession but a depression. No one comes out of this unscathed no matter what region you live in.

[Anonymous]

Anonymous wrote:Friend is stuck in closing hell right now. Sold his house and bought one to move into. (With the seller also buying a new house). Everything was supposed to happen at the same time—sellers close on their new house, my friend closes on the house they bought, then close on the house they are selling. Had the moving truck practically all packed up ready to go...
Then the sellers can’t get some sort of verification or document from their work because it’s been closed. So the sellers can’t close on their new house. So my friend is stuck in an empty house living out of boxes until that gets sorted out. It’s been over a week.

tip of the iceberg

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, we are in the same situation. We thought about backing out but our jobs are safe for at least three years and we meant this purchase to be our forever home so even if the housing market tanks it will rebound eventually. The novel part of this disease will end within two years and we won’t be sheltering in place for that whole time. If anything, the market will completely dry up in the area we are buying as many people will hold onto their house and few buyers will buy while they wait this out. Things feel crazy right now but as we learn how to better handle this virus we will adjust to a new normal. These are extraordinary times but we will get through this and the economy will come back.

As for closing, so far things are humming along and it seems like we can close on time with how everything is set up in VA. Some places though things are paused because the courts are closed. Just depends on where you live.

+1. This is the most reasonable, practical, mature comment I have ready thus far. Yes, life will continue. Adjustment will be required.

+2

So many of the households with owner occupants in this area have at least 1 person, if not 2 spouses, able to telework so there’s still tons of income coming in. Plus there is going to be mortgage forbearance. The market decreases right now are highly situational to a situation that will have an end (or at least a new norm soon). Not to mention there is so much pent up demand that I’m willing to bet a lot of people on the sidelines are ready to pounce at even a small dip in home prices.

If anything, I’m more worried about the growing income divide than house prices in the DMV (at least closer-in) plummeting. On the one hand you have high income knowledge workers still paying their mortgage as they telework. On the other you have gig/hourly employees unable to make rent. Some landlords may be hurting so this may add inventory to the market if they decide to sell, which may plateau things a bit.

[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?

Try to negotiate a better month to month rate if you can. I doubt your landlord wants to try to find new occupants right now.

[Anonymous]

Do not listen to the doomsayers. You should buy now. This crisis will be over in a couple of weeks. Jobs should be safe.
The fundamentals of the economy are strong. The only problem is that we are stuck at home. Once we are allowed to resume our activities, everything will go back to normal.

[Anonymous]

Many of the people who are saying not to purchase a home are the same ones who would tell you not to buy stocks right now. Never mind that you may see a very nice discount versus waiting a year or two.

It does take nerves of steel to step up in a challenging time, but those are the times you can also score better prices and over a long-enough time-frame a better investment too.

If that is not enough, think of the outcomes post-virus - more work from home, possibly less travel, desire for space from others. If you can find a single family home you like and that you would enjoy living in, I would still move ahead and just negotiate. A significant reason home prices increased in the early 2000s was a lot of tech money and people sheltering after 9/11. That was a terrorist act in only a few locations. What do you think will happen with a nationwide outbreak? Everyone will be home more and want to enjoy their homes!

[Anonymous]

I don't know anyone who purchased their house in 2009 AFTER the real estate crash and wished they had bought a year or two earlier for 100K more. Now is not the time to buy a house but in another year or two it will be a great time.

[Anonymous]

Anonymous wrote:Do not listen to the doomsayers. You should buy now. This crisis will be over in a couple of weeks. Jobs should be safe.
The fundamentals of the economy are strong. The only problem is that we are stuck at home. Once we are allowed to resume our activities, everything will go back to normal.

Is Trump on DCUM?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do not listen to the doomsayers. You should buy now. This crisis will be over in a couple of weeks. Jobs should be safe.
The fundamentals of the economy are strong. The only problem is that we are stuck at home. Once we are allowed to resume our activities, everything will go back to normal.

Is Trump on DCUM?

I was thinking the same. Lol

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do not listen to the doomsayers. You should buy now. This crisis will be over in a couple of weeks. Jobs should be safe.
The fundamentals of the economy are strong. The only problem is that we are stuck at home. Once we are allowed to resume our activities, everything will go back to normal.

Is Trump on DCUM?

I was thinking the same. Lol

I wouldn't be surprised!

[Anonymous]

almost never come to this site if you want objective feedback. most have been priced out and have been waiting for an economic collapse to help them feel better about themselves.

There are a lot of unknowns now and everyone's family situation is different but rates are incredible. No one knows whats going to happen. If the Dems get their way, we will be in a great depression, if the Repubs get their way, we all will go to work with the virus and live/work as long as possible.

If you plan to be in the house for a while then you are probably ok. If the world comes to an end because of this virus then what do you have to worry about. The world will be like the move "The Road" and money and real estate will be worthless anyway.

I will say personally, having a house given this virus and social distancing guidelines that will last probably for years, I'd feel better in a house than a townhome or apartment, especially with kids. May lose money in the short term but given the area plus thinking SFH will be in more demand in the future may make sense

[Anonymous]

Anonymous wrote:Many of the people who are saying not to purchase a home are the same ones who would tell you not to buy stocks right now. Never mind that you may see a very nice discount versus waiting a year or two.

It does take nerves of steel to step up in a challenging time, but those are the times you can also score better prices and over a long-enough time-frame a better investment too.

If that is not enough, think of the outcomes post-virus - more work from home, possibly less travel, desire for space from others. If you can find a single family home you like and that you would enjoy living in, I would still move ahead and just negotiate. A significant reason home prices increased in the early 2000s was a lot of tech money and people sheltering after 9/11. That was a terrorist act in only a few locations. What do you think will happen with a nationwide outbreak? Everyone will be home more and want to enjoy their homes!

You must be a real estate agent. This is absurd nonsense.

[Anonymous]

Anonymous wrote:almost never come to this site if you want objective feedback. most have been priced out and have been waiting for an economic collapse to help them feel better about themselves.[/b]

There are a lot of unknowns now and everyone's family situation is different but rates are incredible. No one knows whats going to happen. If the Dems get their way, we will be in a great depression, if the Repubs get their way, we all will go to work with the virus and DIE[b].

If you plan to be in the house for a while then you are probably ok. If the world comes to an end because of this virus then what do you have to worry about. The world will be like the move "The Road" and money and real estate will be worthless anyway.

I will say personally, having a house given this virus and social distancing guidelines that will last probably for years, I'd feel better in a house than a townhome or apartment, especially with kids. May lose money in the short term but given the area plus thinking SFH will be in more demand in the future may make sense

Fixed that for you.

[Anonymous]

Anonymous wrote:almost never come to this site if you want objective feedback. most have been priced out and have been waiting for an economic collapse to help them feel better about themselves.

There are a lot of unknowns now and everyone's family situation is different but rates are incredible. No one knows whats going to happen. If the Dems get their way, we will be in a great depression, if the Repubs get their way, we all will go to work with the virus and [/b]DIE[b] while working.

If you plan to be in the house for a while then you are probably ok. If the world comes to an end because of this virus then what do you have to worry about. The world will be like the move "The Road" and money and real estate will be worthless anyway.

I will say personally, having a house given this virus and social distancing guidelines that will last probably for years, I'd feel better in a house than a townhome or apartment, especially with kids. May lose money in the short term but given the area plus thinking SFH will be in more demand in the future may make sense