Even with Trump in the WH its going to take years (maybe a decade) for America to socially recover from this.
There is a big IF in that statement. IF we recover from it. that is still debatable. We have more Americans out of work now than the '08 recession and the Great Depression COMBINED. We need to get those people (myself included) back to work as fast as possible or else we ain't recovering.
If the choice is watching me lose everything I worked to gain and my kids go hungry or pick up my rifle and go out and do bad shit, well, doing bad shit beats going hungry. And I live near Seattle, which, from a bandits perspective, is as rich and soft a target environment as it can ever get.
The housing market operates on a longer timescale than toilet paper.
Person decides they want to buy a house, saves up, talks to a loan agent, gets approval, starts looking in their price range, (the smart ones) spend up to a year getting to know the market and find a good deal.
People who were approved before the virus, have only been slowed down in their ability to look for a house, and maybe thinking twice about getting that mortgage just yet. The number of people looking for and getting approval may have fallen significantly, but it hasn't had enough time to impact the market. Expect three to six months from now the houses sitting will start dropping in price, but ONLY if we don't get back to work and have a major boom in jobs. If recovery happens, or is happening, three months from now, expect little more than a low dip in newly listed homes.
No one who has a house listed right now wants it to drop in price, and would rather keep it listed until things are back to normal. Only a desperate or a fool will start dropping prices now, when the purchasing market is already depleted and
There is a big IF in that statement. IF we recover from it. that is still debatable. We have more Americans out of work now than the '08 recession and the Great Depression COMBINED. We need to get those people (myself included) back to work as fast as possible or else we ain't recovering.
If the choice is watching me lose everything I worked to gain and my kids go hungry or pick up my rifle and go out and do bad shit, well, doing bad shit beats going hungry. And I live near Seattle, which, from a bandits perspective, is as rich and soft a target environment as it can ever get.
It will recover. Everything's already in place for that to happen.
If it's such a disaster then why is the housing market STILL such an overinflated ripoff?
Runwaway immigration
Prices are high but nobody's buying.
I know right
The housing market operates on a longer timescale than toilet paper.
Person decides they want to buy a house, saves up, talks to a loan agent, gets approval, starts looking in their price range, (the smart ones) spend up to a year getting to know the market and find a good deal.
People who were approved before the virus, have only been slowed down in their ability to look for a house, and maybe thinking twice about getting that mortgage just yet. The number of people looking for and getting approval may have fallen significantly, but it hasn't had enough time to impact the market. Expect three to six months from now the houses sitting will start dropping in price, but ONLY if we don't get back to work and have a major boom in jobs. If recovery happens, or is happening, three months from now, expect little more than a low dip in newly listed homes.
No one who has a house listed right now wants it to drop in price, and would rather keep it listed until things are back to normal. Only a desperate or a fool will start dropping prices now, when the purchasing market is already depleted and
Thanks for the thoughtful reply