Where Are The Discounts On House Deals Now?
Where are all of the discounts on properties which were expected in the wake of COVID-19?
As states begin to reopen and get back to normal, many real estate investors are asking where the deals are. Some may be disappointed we didn’t fall into a full on apocalypse. A lot of investors were expecting more motivated sellers and deeper cuts to pricing. So, where are they?
While there have certainly been disruptions, it doesn’t appear that there is as big of a financial and economic impact from the virus as anticipated. At least not yet.
People are filling hours of online content with memes and appear relatively carefree. While there are rumors of mass unemployment and lines for assistance, the retailers that remain open appear sold out of non-essentials like swimming pools and new TVs.
This is likely the result of a lag in the impact. Companies are still hiring hundreds of workers. Many can’t find enough. The temporary deferment of credit card and house payments, and promise of a ban on foreclosures and evictions, as well as token stimulus checks may be lulling millions into a false sense of security.
We are now entering a new phase when the help is fading, but regular incomes may not be bouncing back yet. At best many have depleted their savings. This gap will probably catch many by surprise in the weeks and months ahead. Expect it to snowball.
This could also be compounded by the usual annual spree of tornadoes, wildfires, hurricanes, unexpected healthcare costs and the legacy of personal tragedy from the virus.
Of course wealthy buyers are still splurging on luxury homes and big real estate funds are still buying units in bulk.
So, the best discounts on houses may still be to come. Sellers are cutting asking prices. More will be motivated as the ends don’t meet.
Investors could be specifically looking for deals among:
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Vacation rentals
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Non-performing annual rentals
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Second homes
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Urban residences and condos which are longer desirable with promise of recurring viral outbreaks and quarantine measures
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Areas likely to rise in crime
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Investors with pipelines they aren’t sure they want to close on now
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Mature home listings ready to expire
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