1
0

Fake News From Realtor.com ?!


 invite response                
2020 Jun 15, 6:44am   996 views  7 comments

by bill   ➕follow (2)   💰tip   ignore  

Pagin' Patrick--

Past time to return to your pastime featuring, Un-Real Estate, Patrick rides 'em yet again?!

https://www.forbes.com/sites/alyyale/2020/06/12/these-housing-markets-are-closest-to-recovering-from-covid-setbacks/#6f15c35b536a

I believe this writer is either SUPID or a SHILL. Mmmm, a shill gets paid, so cross off STUPID!

I left above writer a rude comment :)

Oh, Patrick, I still fondly recall that nice group that met on Waverly in Palo Alto (fondly) and the coffee ya bought me at the Starbucks, downtown Menlo Park :)

.Time for another get-together. PS: I traded in VIM for VSC -- Take Care and Two (2) Aspirin, Bill :)

Comments 1 - 7 of 7        Search these comments

1   WookieMan   2020 Jun 15, 7:19am  

My buddy just put his house on the market here in IL. Got a contract in 3 days. IL really isn't a hot market, at least for his suburban area. If anything, I think the stimulus just gave a shitload of people not able to save the downpayment up, $3,400 for a family of four. If you already had $5K saved up, that's an FHA downpayment for a $240k house. I know CA and coastal areas are expensive, but that gets you a decent house in a shitload of places.

Basically this turned a ton of would be home buyers into actual home buyers. And unless you have to sell, you're not listing your home. So inventory is low while demand just got a government kick in the ass with free cash.
2   Patrick   2020 Jun 15, 8:24am  

I think US real estate has to take a hit from the massive unwarranted damage caused to the economy by the politically-motivated Wuhan virus panic.
3   WookieMan   2020 Jun 15, 9:53am  

Patrick says
I think US real estate has to take a hit from the massive unwarranted damage caused to the economy by the politically-motivated Wuhan virus panic.

I don't care what happens to real estate mostly. I'm just not seeing it yet as far as a downturn goes. It could happen, but residential would need to see a flood of defaults. That's not happening. 2006/7 was an anomaly in the housing market. There's nobody getting the loans they were pumping out and a family of 4 was given $3,400 and if they're unemployed an extra $600/wk on top of normal benefits. Anyone missing mortgage payments right now is a moron and probably doesn't own a home anyway.

Oddly enough, I think housing prices in the under $500k range are going to increase. There's restricted supply and everyone just got some free money that is still working.
4   joshuatrio   2020 Jun 15, 10:12am  

WookieMan says

Basically this turned a ton of would be home buyers into actual home buyers. And unless you have to sell, you're not listing your home. So inventory is low while demand just got a government kick in the ass with free cash.


Yeah, seeing the same thing down here in Atlanta. Homes are being scooped up in 1-2 days.
5   SunnyvaleCA   2020 Jun 15, 10:44am  

I've noticed a bit of advertising activity from companies offering to "offer to buy your home with no obligation." Presumably, they buy your home, whitewash all the problems, and then resell at a profit. Sort of a big-business version of "flipping." Is this anything new at all? Is it just a scam towards desperate owners needing to liquidate immediate? Might the housing market move towards this type of business model? I'm just wondering, since the usual expenses of selling an expensive silicon valley shack are high and if I "only" lost 10% market value through one of those scammy deals, it would seem a viable alternative to the scammy Realtors™.
6   HeadSet   2020 Jun 15, 2:23pm  

I've noticed a bit of advertising activity from companies offering to "offer to buy your home with no obligation."

They low ball the hell out of you. When I sold my last rental property, I gave that "We Buy Ugly Homes" franchise a call. They offered literally half what the house was worth, and then expected me to pay their loan closing costs. I presume they are just looking for someone who just inherited a house and will sell low just to get quick cash. I thought such a company's business model would be to have their own fix up crews and cash on hand so they could profit from cutting costs. Not so, this guy brought nothing to the table but a stupidly low offer.
7   BayArea   2020 Jun 15, 10:29pm  

Patrick says
I think US real estate has to take a hit from the massive unwarranted damage caused to the economy by the politically-motivated Wuhan virus panic.


I agree. I tend to think we start seeing signs in CY20Q3 and CY20Q4.

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions