I realize it may be a while before we see any major impact on the real estate market from COVID-19, but I'm curious if anyone is seeing lower prices on properties in their respective markets?
In my market alone, several businesses have already shut down (mostly restaurants and small retail establishments). Of course... this doesn't mean the landlord is automatically selling their property for a lower price or defaulting on their loans, but I'm sure some of this will happen in time.
Has anyone seen any notable difference in property prices yet?
I just bought a bank owned home for 25k under value, do to the fact I was a "cash buyer".
That being said the housing market still seems strong in the midwest.
I have bought some recent land deals and have more under contract. Seems to be a lot of people wanting to cash out and sell land cheap now. I actually just did a mailer and put a line in there about "taking advantage of this cash offer in these uncertain times"
@jawollbrink I’m seeing the same thing in the Midwest. Outside of land, it doesn’t seem like many people I’ve encountered are willing to sell cheap for fast cash, yet. I do think it’s a reasonable point to make about the uncertain times though... if ever things were uncertain, it’s now (not sure how long that will last though... probably depends on the seller and how the situation is impacting them).
I'm still new to land investing but I work in the construction industry full-time, specifically in Heavy Civil / Underground. Some projects have been cancelled (commercial and hospitality) but some are bullish (data centers, warehousing). But we're definitely seeing a lot of change.
Our local industry news letter published a report by an economist that listed down the following below:
The past few months have been one of the busiest for us. A lot of it I think is because our state classified construction as an essential service. But I think Seth is right. Too early to tell the real economical impact due to covid.
Hope this helps.
I still hope to send out my mailers and make a purchase in the next month or so..
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Oddly eough in the mid sized midwestern town I call home the bulk share of jobs were deemed essential. That being said I thought construction would slow down, but I am having a hard time getting a contractor for a remodel I am doing to a rental at the end of this month.
I heard Billy Gene say on a facebook ad recently "there is the still the same amount of money out there folks, people are just being a little more careful in what to spend."
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