Real Estate Amid COVID-19

Ryan_Cunningham · Ryan_Cunningham's Garage

Anyone else either buying or selling currently? What has your experience been having to deal with the limitations set forth due to the current pandemic?

We put our house on the market last Thursday and by all accounts, it has been incredibly popular on Zillow. According to some research houses that generate at least 280 views and 30 or more saves tend to receive a competitive offer within 14 days of listing. We've had ten times the views and about 2.5 times the saves but only one tour which causes me a bit of concern. Are the inflated numbers simply due to the extra time people now find themselves with or are the limited showings due to the rules in place due to the virus?

I'm also concerned that the economy will negatively effect our ability to purchase a home in San Diego that we'd be happy with. Having spoken with a lender earlier this year we'd be comfortable with around a $1.3-1.5m purchase using the VA jumbo loan. Fearful lenders have now placed "in-house" rules limiting VA jumbo purchases to $1m. Was hoping to purchase our final home once we head West but I'm thinking that may no longer be possible.

Anyone else feeling the pain that the uncertainty has placed upon the real estate market?

LWJ · 04-09-2020, 04:15 AM

Great questions.

If you can sell, I say do it.

Go to SD and rent.

The mortgage restrictions are temporary and it is not in the mortgage company's best interest to limit like this.

You will have some time to figure out the market and laser in to the perfect home when the smoke clears.

I just shot a letter off to a cool house that is pretty expensive and not has lingered on the market for waaay to long. I offered to rent / rent-to-own / or do a contract. The seller couldn't do this but we agreed to stay in touch. Why? Because I like his place BUT I can't sell yet.

Sell. That gives control and options to you.

tdw28210 · tdw28210's Garage

^^^ Definitely rent before you buy.

And my refi got pushed out 2 weeks because the"investor" could not get their due diligence completed in time. The IRS is not processing tax transcript requests in a timely fashion. Cost me an additional $800 but i have a really killer rate locked that I can not get today.

jhynesrockmtn · 04-09-2020, 06:12 AM

I listed our small apt. building for sale just as the limitations were taking hold. The market has been super hot for multifamily residential in our area. It has definitely been affected talking to our agents but they still expect we will see some offers. Luckily with commercial there is no expectation of a tour and inspection until an offer has been accepted as you are buying on the net operating income.

Seahawk · 07:02 AM

I'll be following this thread. We are renting my wife's Mom house to a really super lady. She may be moving in a few months.

In this area we can always rent but we are looking to sell.

We'll see.

Great thread.

Ryan_Cunningham · Ryan_Cunningham's Garage

Quote:

Originally Posted by tdw28210

^^^ Definitely rent before you buy.

And my refi got pushed out 2 weeks because the"investor" could not get their due diligence completed in time. The IRS is not processing tax transcript requests in a timely fashion. Cost me an additional $800 but i have a really killer rate locked that I can not get today.

If the housing market doesn't right itself prior to us moving out there in July/August then we will. After discussing the issue with my wife we'd prefer to do a longer term Airbnb vice a standard year-long lease in order to give us more flexibility once we sell our home here in Virginia. That way if anything were to come on the market in San Diego and the arbitrary loan limits were removed we could be in a more advantageous position to buy.

That's good. Its pretty wild how varied the rates are from watching them day-to-day. Apparently massive amounts of refinances has caused a delay and artificially caused higher rates to limit applications.

HardDrive · 04-09-2020, 07:06 AM

I've been surprised by how quickly houses have been moving in our neighborhood.

RANDY P · RANDY P's Garage

I'm trying to unload some property in WA that turned into a FSBO deal, and the title Co. is holding things up. Buyers are taking their own sweet time as a result.

UGH.

rjp

fintstone · fintstone's Garage

The market is good in most places if you have a vacant house that people can go see. The inventory is very low as are the interest rates. The same for rental homes (at least for now). My tenants have all paid early this month.