I own an airbnb in the Virginia mountains - 2 hours west of DC. It's a small cabin that we use as a getaway - and we rent it on airbnb when we're not using it. We actually had two different requests in the last week for long term rentals - people are working from home and figure they want to get away from the city for 15-30 days. We denied both requests, which was a few thousand dollars - because we want to use it here and there and don't want somebody in there for a full month.
Anyhow, I think it's inevitable that we're going to see a housing slump within the next 3-6 months. How bad will it be is the only question. If the economy comes back and people get back to work it will be soft....but if people can't get back to work within the next year they're going to have to sell or go into foreclosure. I can't imagine the government will bail people out for more than 12 months.
I'm planning to move within a year or so - and where I live I think I'll be protected well (the DC housing market)...moving to Tampa area, where I see the prices dropping a lot more than where I live. It's definitely something I'll be watching closely over the next 12-15 months.
Anyhow, I think it's inevitable that we're going to see a housing slump within the next 3-6 months. How bad will it be is the only question. If the economy comes back and people get back to work it will be soft....but if people can't get back to work within the next year they're going to have to sell or go into foreclosure. I can't imagine the government will bail people out for more than 12 months.
I'm planning to move within a year or so - and where I live I think I'll be protected well (the DC housing market)...moving to Tampa area, where I see the prices dropping a lot more than where I live. It's definitely something I'll be watching closely over the next 12-15 months.
Im a loan officer by trade. Most of us were expecting this summer to be the beginning of the slump. Obviously we didn't see this one coming to be the reason. The real concern among us is will the people laid off be able to find work again. If not, tighten your seat belts.
As far as my industry, its upside down now and our reasoning is changing from hour to hour.
As far as my industry, its upside down now and our reasoning is changing from hour to hour.
Well, I was in the market to pick up 1-2 rentals, or a rental and some recreational land, and still am as my position isn't affected by these uncertain times...
So, why not Vegas, if the deals are there. My question is how to get started and handle this from 2k miles away. Is there a company that can do it all, etc?
https://www.zerohedge.com/personal-...rything-pandemic-crushes-overleveraged-airbnb
[h=1]"Holy God. We're About To Lose Everything" - Pandemic Crushes Overleveraged Airbnb Superhosts[/h]
azzkick(&^
[h=1]"Holy God. We're About To Lose Everything" - Pandemic Crushes Overleveraged Airbnb Superhosts[/h]
azzkick(&^
https://www.wsj.com/articles/a-barg...due-for-overextended-airbnb-hosts-11588083336
[h=1]‘A Bargain With the Devil’—Bill Comes Due for Overextended Airbnb Hosts[/h]
[h=1]‘A Bargain With the Devil’—Bill Comes Due for Overextended Airbnb Hosts[/h]
To make matters worse, and this is exactly what we warned about last month, Airbnb Superhosts are now panic selling properties:
Greg Hague, who runs a Phoenix real-estate firm, said Airbnb hosts are "desperate to sell properties" in April.
<iframe width="560" height="315" src="https://www.youtube.com/embed/4cia_v4vxfE" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Greg Hague, who runs a Phoenix real-estate firm, said Airbnb hosts are "desperate to sell properties" in April.
"There's been a flood of people. You have people coming to us saying, 'I'm a month or two away from foreclosure. What's it going to take to get it sold now?'" Hague said.
And here's what we said in March: "We might have discovered the next big seller that could ruin the real estate market: Airbnb Superhosts that need to get liquid."
<iframe width="560" height="315" src="https://www.youtube.com/embed/4cia_v4vxfE" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Pretty late response but just contact a local realtor. They can do virtual tours and honestly will know the local market better than anyone else. Just my opinion but I would not buy right now. We're projecting mortgage volume to be down 20% in 2022 but that will be mostly from the refi market. I deal with rich a-holes so don't think I'll be impacted as much as others.
Only other advice I will offer is once you have an accepted offer your then negotiating the terms of the sale. Included in that is contingency dates for the appraisal, mortgage approval, and closing. Talk to an LO about what is realistic because at that point realtors care more about getting their money and "always" have someone who can get it done. I've been seeing some appraisals literally take 2 months to come in. With that 17 day contingency you're now out of contract and looking to negotiate. That will likely change next year but for now that's been the biggest delay I've been seeing. I work with 6 different appraisal vendors and depending on locale they're all about the same right now.
The market is finally softening up a bit here..Some amount of price reductions but it could be AirBB's are being phased out over 5 years in our county.
We also doubled or more this year. Sorta reminds me of 03-07 when everyone was talking about the money they'd made on paper with their homes...by mid 08 the same people were upside down.
Never know.
We also doubled or more this year. Sorta reminds me of 03-07 when everyone was talking about the money they'd made on paper with their homes...by mid 08 the same people were upside down.
Never know.
I used this guy last summer and is the best mortgage broker I’ve ever dealt with over my lifetime. He, we were anxious about the line up for appraisal he explained buyers have priority over refinancing and got it done.
Paramount Lending
Just bought the house l was renting and this Adam guy was great Johnny on the spot every time l texted him. He gutted out 5k on my closing cost. We waited on buying points and it went down $500. He and Paramount Bank are license in all 50 states. If your in the market no need to sign up online...
www.therx.com
