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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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What do you think will happen to the housing market?
Do you think it will bounce back? We stood to make a pretty good profit off the sale of our house. Now we are considering renting it out but I hate the thought of dealing with tenants...
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Posted 4/2/20 3:18 PM  |
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Long Island Weddings
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Re: What do you think will happen to the housing market?
Honestly, I think it will tank for sellers.
DH and I were planning to sell our house this year, and we also stood to make a decent profit. We like our location, but our house is tiny; I think that once this horror ends, we will have to consider renovating instead.
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| Posted 4/2/20 3:32 PM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: What do you think will happen to the housing market?
Unfortunately I think that it will tank however if you are trading up that's probably a good thing because you will pay a lot less for whatever house you were planning to purchase. I guess the only downfall would be if you end up underwater in your current house and don't have the money for a downpayment on the new house.
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| Posted 4/2/20 3:33 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: What do you think will happen to the housing market?
Posted by lululu
Unfortunately I think that it will tank however if you are trading up that's probably a good thing because you will pay a lot less for whatever house you were planning to purchase. I guess the only downfall would be if you end up underwater in your current house and don't have the money for a downpayment on the new house.
It’s a different situation, we are moving into a house owned by family and will be renting it out. The house we own is in an area that’s going swiftly downhill sadly . We just aren’t sure what to do at this point so everything is on hold...
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| Posted 4/2/20 3:38 PM |
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mrsdukes
LIF Adult
Member since 1/09 943 total posts
Name:
Liz
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What do you think will happen to the housing market?
It’s really hard to say what will happen. My sister is in NC and sold her house this week for full asking price the first day on the market without the buyers seeing it in person. She had several other people calling who were interested in it. They can’t do any showings in person, but it didn’t seem to matter. You never know. Good luck
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| Posted 4/2/20 3:47 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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What do you think will happen to the housing market?
I have a family member in the mortgage business. He just spoke about this the other day and said this is gonna be worse than '08... Said it's gonna tank but mortgage rates will be low for awhile for people to refinance and renovate. Prediction is that many of those who lost their jobs, and who bought in the last few years, are going to face foreclosure b/c the values will drop
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| Posted 4/2/20 4:05 PM |
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LuckyStar
LIF Adult
Member since 7/14 7272 total posts
Name:
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What do you think will happen to the housing market?
We are in contract to buy and sell right now. Every day is a new nightmare. We'll probably close in 2025, if ever.
That being said, some people NEED to move. So I wouldn't say it's impossible to sell. I don't know about LI, but I still get alerts for other areas and virtual showings are big.
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| Posted 4/2/20 4:35 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What do you think will happen to the housing market?
Posted by oldtimerocknroll
Honestly, I think it will tank for sellers. .
Tank? In Long Island which is one of the hottest markets in the country?
Not a chance in hell.
People may be spooked out to go look right now. But for every person that is spooked out, there will be another family looking for “a deal”. Sellers shouldn’t budge because frankly there is no need to.
Rents are sky high here. There are more buyers than sellers for houses. Why does anybody think the housing market is going to crash? Interest rates are still at historic lows.
Even for a family who lost income because they lost a job. Are they now going to rent and pay $1900 a month for a legal one bedroom?
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| Posted 4/2/20 4:59 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: What do you think will happen to the housing market?
I would think right now a lot of people would be hesitant to buy because of the current economic situation and the unknown.
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| Posted 4/3/20 5:42 AM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: What do you think will happen to the housing market?
I think it'll go down a bit. I wouldn't say tank. They introduced those modification programs back when it went down around 08. I can't see a lot of people losing their homes this time around. It takes a long time to foreclose and then a very long time to evict. I know a family that stopped paying their mortgage back in 09 and didn't start repaying until almost 2014. They're still in their home. So a lot of people might be forced to stay put while not paying their mortgage, but as soon as they are able to start paying again they will qualify for a modification.
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| Posted 4/3/20 5:49 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: What do you think will happen to the housing market?
Posted by SecretlyTTC14
I think it'll go down a bit. I wouldn't say tank. They introduced those modification programs back when it went down around 08. I can't see a lot of people losing their homes this time around. It takes a long time to foreclose and then a very long time to evict. I know a family that stopped paying their mortgage back in 09 and didn't start repaying until almost 2014. They're still in their home. So a lot of people might be forced to stay put while not paying their mortgage, but as soon as they are able to start paying again they will qualify for a modification.
The house across the street from me had squatters living in it for almost 10 years and not paying a penny. The bank finally got to auction the house 9 years later. And then the new owner who bought it at auction had to cut a deal with them and PAY them to leave to avoid taking them to court which could take even longer to get them out.
So yeah....
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| Posted 4/3/20 5:53 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: What do you think will happen to the housing market?
from what i've seen and what i've heard/read... i believe the housing marking will take a good hit, but i don't believe it will tank.
i've been toying with the idea of buying. i might start to look in a month or two to see who might be wanting to get out.
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| Posted 4/3/20 6:18 AM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: What do you think will happen to the housing market?
Posted by NervousNell
Posted by SecretlyTTC14
I think it'll go down a bit. I wouldn't say tank. They introduced those modification programs back when it went down around 08. I can't see a lot of people losing their homes this time around. It takes a long time to foreclose and then a very long time to evict. I know a family that stopped paying their mortgage back in 09 and didn't start repaying until almost 2014. They're still in their home. So a lot of people might be forced to stay put while not paying their mortgage, but as soon as they are able to start paying again they will qualify for a modification.
The house across the street from me had squatters living in it for almost 10 years and not paying a penny. The bank finally got to auction the house 9 years later. And then the new owner who bought it at auction had to cut a deal with them and PAY them to leave to avoid taking them to court which could take even longer to get them out.
So yeah....
That's so crazy! I know the courts take forever here, but that's awful. It's awful that it would take so long to get someone out that an owner would have to pay them just to leave to avoid court. On the other hand, I feel awful for the families that have no choice but to live with the constant threat of foreclosure/eviction.
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| Posted 4/3/20 7:08 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: What do you think will happen to the housing market?
Posted by SecretlyTTC14
Posted by NervousNell
Posted by SecretlyTTC14
I think it'll go down a bit. I wouldn't say tank. They introduced those modification programs back when it went down around 08. I can't see a lot of people losing their homes this time around. It takes a long time to foreclose and then a very long time to evict. I know a family that stopped paying their mortgage back in 09 and didn't start repaying until almost 2014. They're still in their home. So a lot of people might be forced to stay put while not paying their mortgage, but as soon as they are able to start paying again they will qualify for a modification.
The house across the street from me had squatters living in it for almost 10 years and not paying a penny. The bank finally got to auction the house 9 years later. And then the new owner who bought it at auction had to cut a deal with them and PAY them to leave to avoid taking them to court which could take even longer to get them out.
So yeah....
That's so crazy! I know the courts take forever here, but that's awful. It's awful that it would take so long to get someone out that an owner would have to pay them just to leave to avoid court. On the other hand, I feel awful for the families that have no choice but to live with the constant threat of foreclosure/eviction.
It was nuts and these people let the house fall into such disrepair that it was an eyesore and a danger.
The roof was almost collapsed.
And these were not people who just fell on hard times and couldn't pay their mortgage.
The owners were elderly and died within a year or so of each other- they had no kids and some family friend or not sure who got access to the house somehow and started living there and not paying the mortgage.
The bank would be knocking on my door a lot asking if I knew anything.
It took literally 9 years.
By the time it went to auction the amount owed the bank was astronomical.
Thankfully the new owner flipped it and it's now beautiful.
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| Posted 4/3/20 7:12 AM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: What do you think will happen to the housing market?
Posted by MarathonKnitter
from what i've seen and what i've heard/read... i believe the housing marking will take a good hit, but i don't believe it will tank.
i've been toying with the idea of buying. i might start to look in a month or two to see who might be wanting to get out.
Yeah, it will probably be a good time to buy right? We're in our forever home, but looking to buy a vacation home in the near future. As long as we're not looking to sell, the market going down would be good for us right?
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| Posted 4/3/20 7:12 AM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: What do you think will happen to the housing market?
Posted by SecretlyTTC14
Posted by MarathonKnitter
from what i've seen and what i've heard/read... i believe the housing marking will take a good hit, but i don't believe it will tank.
i've been toying with the idea of buying. i might start to look in a month or two to see who might be wanting to get out.
Yeah, it will probably be a good time to buy right? We're in our forever home, but looking to buy a vacation home in the near future. As long as we're not looking to sell, the market going down would be good for us right?
Yes, there is no doubt that the housing market will take a significant hit and the vacation property market will be the first to see it.
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| Posted 4/3/20 7:15 AM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: What do you think will happen to the housing market?
Posted by NervousNell
Posted by SecretlyTTC14
Posted by NervousNell
Posted by SecretlyTTC14
I think it'll go down a bit. I wouldn't say tank. They introduced those modification programs back when it went down around 08. I can't see a lot of people losing their homes this time around. It takes a long time to foreclose and then a very long time to evict. I know a family that stopped paying their mortgage back in 09 and didn't start repaying until almost 2014. They're still in their home. So a lot of people might be forced to stay put while not paying their mortgage, but as soon as they are able to start paying again they will qualify for a modification.
The house across the street from me had squatters living in it for almost 10 years and not paying a penny. The bank finally got to auction the house 9 years later. And then the new owner who bought it at auction had to cut a deal with them and PAY them to leave to avoid taking them to court which could take even longer to get them out.
So yeah....
That's so crazy! I know the courts take forever here, but that's awful. It's awful that it would take so long to get someone out that an owner would have to pay them just to leave to avoid court. On the other hand, I feel awful for the families that have no choice but to live with the constant threat of foreclosure/eviction.
It was nuts and these people let the house fall into such disrepair that it was an eyesore and a danger.
The roof was almost collapsed.
And these were not people who just fell on hard times and couldn't pay their mortgage.
The owners were elderly and died within a year or so of each other- they had no kids and some family friend or not sure who got access to the house somehow and started living there and not paying the mortgage.
The bank would be knocking on my door a lot asking if I knew anything.
It took literally 9 years.
By the time it went to auction the amount owed the bank was astronomical.
Thankfully the new owner flipped it and it's now beautiful.
OMG, how ridiculous! It's too bad the town doesn't do anything about homes like that. Like how can they let someone occupy the house while the roof is almost collapsing? That's seriously crazy. I'm glad the new owner was able to flip it.
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| Posted 4/3/20 7:16 AM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: What do you think will happen to the housing market?
Posted by ave1024
Posted by oldtimerocknroll
Honestly, I think it will tank for sellers. .
Tank? In Long Island which is one of the hottest markets in the country?
Not a chance in hell.
People may be spooked out to go look right now. But for every person that is spooked out, there will be another family looking for “a deal”. Sellers shouldn’t budge because frankly there is no need to.
Rents are sky high here. There are more buyers than sellers for houses. Why does anybody think the housing market is going to crash? Interest rates are still at historic lows.
Even for a family who lost income because they lost a job. Are they now going to rent and pay $1900 a month for a legal one bedroom?
The housing market was starting to get cold on Long Island last spring. We were on the verge of a downturn to begin with. We are on the verge of a major economic crisis that could be worse than any recession that we have ever seen in our lifetime. I would love it if you were right, but unfortunately when people can't afford to pay their mortgage, most of them will look for an alternative and they won't wait for the bank to foreclose on them.
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| Posted 4/3/20 7:56 AM |
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SecretlyTTC14
LIF Adult
Member since 12/13 1770 total posts
Name:
B
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Re: What do you think will happen to the housing market?
Posted by lululu
Posted by ave1024
Posted by oldtimerocknroll
Honestly, I think it will tank for sellers. .
Tank? In Long Island which is one of the hottest markets in the country?
Not a chance in hell.
People may be spooked out to go look right now. But for every person that is spooked out, there will be another family looking for “a deal”. Sellers shouldn’t budge because frankly there is no need to.
Rents are sky high here. There are more buyers than sellers for houses. Why does anybody think the housing market is going to crash? Interest rates are still at historic lows.
Even for a family who lost income because they lost a job. Are they now going to rent and pay $1900 a month for a legal one bedroom?
The housing market was starting to get cold on Long Island last spring. We were on the verge of a downturn to begin with. We are on the verge of a major economic crisis that could be worse than any recession that we have ever seen in our lifetime. I would love it if you were right, but unfortunately when people can't afford to pay their mortgage, most of them will look for an alternative and they won't wait for the bank to foreclose on them.
Really? I'm not in that position, but if I was I think I would stay as long as possible. Why would I start paying rent if it could take them years to foreclose and evict me and my family? It's not like they just come in one day when your gone and throw all your stuff out. You're notified of all the court dates and motions.
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| Posted 4/3/20 8:30 AM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: What do you think will happen to the housing market?
Posted by SecretlyTTC14
Posted by lululu
Posted by ave1024
Posted by oldtimerocknroll
Honestly, I think it will tank for sellers. .
Tank? In Long Island which is one of the hottest markets in the country?
Not a chance in hell.
People may be spooked out to go look right now. But for every person that is spooked out, there will be another family looking for “a deal”. Sellers shouldn’t budge because frankly there is no need to.
Rents are sky high here. There are more buyers than sellers for houses. Why does anybody think the housing market is going to crash? Interest rates are still at historic lows.
Even for a family who lost income because they lost a job. Are they now going to rent and pay $1900 a month for a legal one bedroom?
The housing market was starting to get cold on Long Island last spring. We were on the verge of a downturn to begin with. We are on the verge of a major economic crisis that could be worse than any recession that we have ever seen in our lifetime. I would love it if you were right, but unfortunately when people can't afford to pay their mortgage, most of them will look for an alternative and they won't wait for the bank to foreclose on them.
Really? I'm not in that position, but if I was I think I would stay as long as possible. Why would I start paying rent if it could take them years to foreclose and evict me and my family? It's not like they just come in one day when your gone and throw all your stuff out. You're notified of all the court dates and motions.
Because most people do not want their credit completely destroyed. There are ramifications of staying in a house and defaulting on your mortgage. The biggest being that your credit is destroyed and it will make it nearly impossible to take out another mortgage or lease any type of rental.
The typical response to no longer being able to afford your mortgage is not to stay as long as possible in default.
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| Posted 4/3/20 9:25 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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What do you think will happen to the housing market?
No one is going to be able to qualify for a mortgage soon...the banks are tightening guidelines by the hour. I work in the mortgage industry and deals are dying left and right. It's mayhem right now. People are backing out of deals. It's causing a panic-- even though rates are low-- we just don't know what's going to happen in 3 months, 6 months, etc.
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| Posted 4/3/20 9:45 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: What do you think will happen to the housing market?
Posted by lululu
Posted by SecretlyTTC14
Posted by lululu
Posted by ave1024
Posted by oldtimerocknroll
Honestly, I think it will tank for sellers. .
Tank? In Long Island which is one of the hottest markets in the country?
Not a chance in hell.
People may be spooked out to go look right now. But for every person that is spooked out, there will be another family looking for “a deal”. Sellers shouldn’t budge because frankly there is no need to.
Rents are sky high here. There are more buyers than sellers for houses. Why does anybody think the housing market is going to crash? Interest rates are still at historic lows.
Even for a family who lost income because they lost a job. Are they now going to rent and pay $1900 a month for a legal one bedroom?
The housing market was starting to get cold on Long Island last spring. We were on the verge of a downturn to begin with. We are on the verge of a major economic crisis that could be worse than any recession that we have ever seen in our lifetime. I would love it if you were right, but unfortunately when people can't afford to pay their mortgage, most of them will look for an alternative and they won't wait for the bank to foreclose on them.
Really? I'm not in that position, but if I was I think I would stay as long as possible. Why would I start paying rent if it could take them years to foreclose and evict me and my family? It's not like they just come in one day when your gone and throw all your stuff out. You're notified of all the court dates and motions.
Because most people do not want their credit completely destroyed. There are ramifications of staying in a house and defaulting on your mortgage. The biggest being that your credit is destroyed and it will make it nearly impossible to take out another mortgage or lease any type of rental.
The typical response to no longer being able to afford your mortgage is not to stay as long as possible in default.
A lot of people do this actually
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| Posted 4/3/20 9:51 AM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: What do you think will happen to the housing market?
Posted by Mrs213
Posted by lululu
Posted by SecretlyTTC14
Posted by lululu
Posted by ave1024
Posted by oldtimerocknroll
Honestly, I think it will tank for sellers. .
Tank? In Long Island which is one of the hottest markets in the country?
Not a chance in hell.
People may be spooked out to go look right now. But for every person that is spooked out, there will be another family looking for “a deal”. Sellers shouldn’t budge because frankly there is no need to.
Rents are sky high here. There are more buyers than sellers for houses. Why does anybody think the housing market is going to crash? Interest rates are still at historic lows.
Even for a family who lost income because they lost a job. Are they now going to rent and pay $1900 a month for a legal one bedroom?
The housing market was starting to get cold on Long Island last spring. We were on the verge of a downturn to begin with. We are on the verge of a major economic crisis that could be worse than any recession that we have ever seen in our lifetime. I would love it if you were right, but unfortunately when people can't afford to pay their mortgage, most of them will look for an alternative and they won't wait for the bank to foreclose on them.
Really? I'm not in that position, but if I was I think I would stay as long as possible. Why would I start paying rent if it could take them years to foreclose and evict me and my family? It's not like they just come in one day when your gone and throw all your stuff out. You're notified of all the court dates and motions.
Because most people do not want their credit completely destroyed. There are ramifications of staying in a house and defaulting on your mortgage. The biggest being that your credit is destroyed and it will make it nearly impossible to take out another mortgage or lease any type of rental.
The typical response to no longer being able to afford your mortgage is not to stay as long as possible in default.
A lot of people do this actually
Yes, people do it, but MOST people do not sit in the house after they can no longer afford their mortgage. Most people try to sell their house and move to a situation that they can afford. Of course there will be people that fall on hard times that have no choice and of course there will be many people who just want to scam the system, but the majority of people are afraid of a house foreclosing on them for many reasons. But to say, yeah I can't afford my house anymore so I will just stay and let it go into default is not typically what people will do.
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| Posted 4/3/20 10:02 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: What do you think will happen to the housing market?
Posted by lululu
Posted by Mrs213
Posted by lululu
Posted by SecretlyTTC14
Posted by lululu
Posted by ave1024
Posted by oldtimerocknroll
Honestly, I think it will tank for sellers. .
Tank? In Long Island which is one of the hottest markets in the country?
Not a chance in hell.
People may be spooked out to go look right now. But for every person that is spooked out, there will be another family looking for “a deal”. Sellers shouldn’t budge because frankly there is no need to.
Rents are sky high here. There are more buyers than sellers for houses. Why does anybody think the housing market is going to crash? Interest rates are still at historic lows.
Even for a family who lost income because they lost a job. Are they now going to rent and pay $1900 a month for a legal one bedroom?
The housing market was starting to get cold on Long Island last spring. We were on the verge of a downturn to begin with. We are on the verge of a major economic crisis that could be worse than any recession that we have ever seen in our lifetime. I would love it if you were right, but unfortunately when people can't afford to pay their mortgage, most of them will look for an alternative and they won't wait for the bank to foreclose on them.
Really? I'm not in that position, but if I was I think I would stay as long as possible. Why would I start paying rent if it could take them years to foreclose and evict me and my family? It's not like they just come in one day when your gone and throw all your stuff out. You're notified of all the court dates and motions.
Because most people do not want their credit completely destroyed. There are ramifications of staying in a house and defaulting on your mortgage. The biggest being that your credit is destroyed and it will make it nearly impossible to take out another mortgage or lease any type of rental.
The typical response to no longer being able to afford your mortgage is not to stay as long as possible in default.
A lot of people do this actually
Yes, people do it, but MOST people do not sit in the house after they can no longer afford their mortgage. Most people try to sell their house and move to a situation that they can afford. Of course there will be people that fall on hard times that have no choice and of course there will be many people who just want to scam the system, but the majority of people are afraid of a house foreclosing on them for many reasons. But to say, yeah I can't afford my house anymore so I will just stay and let it go into default is not typically what people will do.
I think it is what people typically do...
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| Posted 4/3/20 10:33 AM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: What do you think will happen to the housing market?
Posted by Mrs213
I think it is what people typically do...
The mentality that someone should stay in their home as long as they can after they go into default instead of trying to sell their home and find an alternative housing that is affordable to them is disturbing. Given that your home is typically in default for a long time before it's foreclosed upon, you have had a long time to get things in order. I really hope that that is not what the "typical" response would be. I think you would be hard pressed to find exact statistics but that would be a sad statement about the mentality of Americans. I won't even stay in a hotel room past the check out time without breaking into a sweat so I am fairly certain I couldn't live in a home that I am in default on for any extended amount of time. I'm sure someone will come at me for not being sympathetic to people falling on hard times, and I assure you I am, but it's one thing to get stuck in a bad situation and it's another to DELIBERATELY stay in a home that was foreclosed on which is the situation we are speaking about.
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| Posted 4/3/20 10:55 AM |
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