Impact of Coronavirus on housing market?

[aquabliss]

So investment properties owners, what happens if the current situation trickledown and they claim hardship and can?t pay rent?

?The Department of Housing and Urban Development is providing immediate relief to renters and homeowners by suspending all foreclosures and evictions until the end of April,? Trump said.

End of April?  That's right when all our severance $ will run out and we won't be able to pay our mortgages... sheesh.

 

[daedalus]

Not a single person, at this point, is at risk of getting foreclosed upon due to the job losses that have started trickling in over the past few weeks.

 

[irvine buyer]

So investment properties owners, what happens if the current situation trickledown and they claim hardship and can?t pay rent?

In cities that enacted an eviction moratorium, all the property manager can do is issue a 3 day notice and tack on late fees.  Even in cities that have not issued an eviction moratorium, people in the business I've talked to have indicated a hesitancy to file an unlawful detainer for unpaid rent while this pandemic is ongoing.  Based on my experience, the majority of renters cannot make back up a month's worth of rent in one payment so I envision a situation where either the landlord forgives rent down the road, works out a payment plan with the renter, or evicts the renter.  Retail landlords are already receiving requests for rent concessions from struggling businesses.  My guess is that both apartment and retail landlords will suffer significant hits to cash flow.

 

[eyephone]

Had 6 buyers come out to my 109 Henson open house today, a pleasant surprise.

How's that volume  compared to a month ago?

On a side question, the restaurant's are a ghost town.  That service industry and those that support it are going to hurt really fast.  By May, maybe even by April rents that may come home to landlords of service employees.  Any landlord's think about their response or just autopiloting standard pay or quit notice? 

Have I missed any emergency declarations on that?

Oh really?
You compared me to a homeless man ranting. But guess what? I complained and many others about the ventilators. Finally Trump used the defense act with GM. A government order requiring them to produce generators. (Only for the generators with GM)

But where are the medical supplies! People talk and public opinion matters!

 

[Halos]

Any predictions on when would be a good time to buy?

Huge mistake IMHO shutting down the economy...but that's too late.

 

[Liar Loan]

Any predictions on when would be a good time to buy?

Huge mistake IMHO shutting down the economy...but that's too late.

It's always a great to buy! -Realtor

 

[Agent Joe]

Any predictions on when would be a good time to buy?

Huge mistake IMHO shutting down the economy...but that's too late.

Depends on your situation. Are you buying your first primary residence, upgrading from your current home or buying an investment property? If buying your primary residence, do you need to move out of your current place by a certain time?

No one can predict the bottom. All we can do is to make the best choice based on available info and our own situation.