Distressed Buyers due to the Epidemic

[Stocker Steve]

I have been getting a record number of listing solicitations. I called a local realtor to get some background. He said he had more motivated buyers than listings because of the corona and the riots. Lots of "distressed buyers" looking for rural land as a get away destination when things get worse.

Are you seeing this?

 

[Nesikep]

No one has come here yet, let alone with a suitcase full of cash

 

[Nesikep]

Then again, not surprising, this place takes a lot of work

 

[sstterry]

Then again, not surprising, this place takes a lot of work

They would have to find you first! :lol2:

 

[Nesikep]

Then again, not surprising, this place takes a lot of work

They would have to find you first! :lol2:

hahah, true!
I'm not worried about stalkers.. people can't find me when I give clear instructions!

 

[sstterry]

I heard this morning that buyers are flocking to the smaller towns. With more folks working from home, they are no longer concerned about a commute or living close to work.

 

[Stocker Steve]

No one has come here yet, let alone with a suitcase full of cash

They are being short stopped by the border closing. The realtor I spoke with promised record price per acre and a quick sale. :banana:

 

[Nesikep]

I heard this morning that buyers are flocking to the smaller towns. With more folks working from home, they are no longer concerned about a commute or living close to work.

My ex lives in the city and works from home, she's looking to move out as well.. Husband is a handyman kinda guy.. find a little place, have a few sheep, goats, chickens, etc and live simply

 

[TennesseeTuxedo]

I am closing the sale tomorrow on a house that needs about $50,000 worth of work and 140 acres in Lawrenceburg, TN. My buyers are from New York and want out of the mayhem. They are millennial types and will telecommute. I bought the property in January.

 

[Stocker Steve]

I heard this morning that buyers are flocking to the smaller towns. With more folks working from home, they are no longer concerned about a commute or living close to work.

No room in the 2,000 to 5,000 pop. towns here. Welfare mamas who "work" from home have already moved in mass from the big city seeking lower rent. I was thinking about connecting Aaron with one of these ready made families. :nod:

 

[Brute 23]

I am closing the sale tomorrow on a house that needs about $50,000 worth of work and 140 acres in Lawrenceburg, TN. My buyers are from New York and want out of the mayhem. They are millennial types and will telecommute. I bought the property in January.

Make sure to make the sale contingent on them not voting the same way they have been. Make them hold up their right hand and admit that they caused their own problems in NY and swear they will not destroy another town. :lol:

 

[Aaron]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

I need to start robbing banks apparently.

Although one realtor site informs me that with my annual gross income and a 30 year mortgage, I am good for $600k before it gets into the questionable risk range.

I guess I am not meant for this present day world. If I can't pay for something within 10 years, I really question the value it brings. I can't fathom these people that will spend their entire lives paying to own something.

 

[sstterry]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

I need to start robbing banks apparently.

Although one realtor site informs me that with my annual gross income and a 30 year mortgage, I am good for $600k before it gets into the questionable risk range.

I guess I am not meant for this present day world. If I can't pay for something within 10 years, I really question the value it brings. I can't fathom these people that will spend their entire lives paying to own something.

I believe down in the States, 30 year mortgages are the norm. But TT would know better than I.

 

[TennesseeTuxedo]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

I need to start robbing banks apparently.

Although one realtor site informs me that with my annual gross income and a 30 year mortgage, I am good for $600k before it gets into the questionable risk range.

I guess I am not meant for this present day world. If I can't pay for something within 10 years, I really question the value it brings. I can't fathom these people that will spend their entire lives paying to own something.

I believe down in the States, 30 year mortgages are the norm. But TT would know better than I.

Correct and at 3% or less it's pretty hard to resist. 15 year mortgages are below 2.5%.

 

[TennesseeTuxedo]

I am closing the sale tomorrow on a house that needs about $50,000 worth of work and 140 acres in Lawrenceburg, TN. My buyers are from New York and want out of the mayhem. They are millennial types and will telecommute. I bought the property in January.

Make sure to make the sale contingent on them not voting the same way they have been. Make them hold up their right hand and admit that they caused their own problems in NY and swear they will not destroy another town. :lol:

They are in for quite the culture shock. I wish them well. Farm Credit is their lender but these kids sure aren't planning to farm the place.

 

[jltrent]

I heard this morning that buyers are flocking to the smaller towns. With more folks working from home, they are no longer concerned about a commute or living close to work.

The wife has a lot of family close to your area. If you know somebody needing a house she has two family members selling houses in the Morristown area at absolute auction 8-29. I have been in both houses several times and the one in Brockland Acres 4424 Woodhaven Dive is pretty nice and a good location IMO (great neighborhood as she has family all around this area) The other is on 828 Overlook Drive and gotten to be pretty much a Mexican subdivision area.

Appalachian real estate has them, wife's uncle's son, and will sell to the highest bidder at auction.


https://www.auctionzip.com/Listings/3462446.html

 

[Aaron]

People going nuts here too. Old houses 20 miles out in the bush have 10 buyers fighting over it. Little acreage, 120 acres, 3 miles from me was sold in a week to a local girl that had been looking for a suitable horse place for a few years. $350k, no problem for a 25 year old.

I need to start robbing banks apparently.

Although one realtor site informs me that with my annual gross income and a 30 year mortgage, I am good for $600k before it gets into the questionable risk range.

I guess I am not meant for this present day world. If I can't pay for something within 10 years, I really question the value it brings. I can't fathom these people that will spend their entire lives paying to own something.

I believe down in the States, 30 year mortgages are the norm. But TT would know better than I.

I know. They are the norm here too.

Good for bankers. Bad for anyone who wants to do anything but pay off debt for the rest of their lives.

I have a much different way of thinking about how things operate in the world, than the majority of the populace.

 

[Dave]

This town is too small. Nobody flocking here. But I know a electrician over in Baker City who told me a builder he does work for has 9 new houses to get built. That is a lot for the area.
The long term mortgage keeps the payment low. Nothing against paying it off early. I know that the wife didn't like the idea of a mortgage that we would have to live into our late 90's. But we have several things that will happen in the future which will pay it off well before the 30 years. In the mean time our payment is very doable.

 

[Stocker Steve]

Lots of short term winners and losers from the corona. Recreation property values are a winner and New York City income receipts are a loser. Not sure where/what the restaurant workers will move on to? They may not have the skills to become day traders.

Hard to see where this unprecedented Federal spending will take us. I still think farming could get ugly when the Trump checks from CCC end.

So I am trying to reduce purchased inputs and increase gross margins, again. Feels like a treadmill some days.

 

[Stocker Steve]

I have a much different way of thinking about how things operate in the world, than the majority of the populace.

How do you approach selecting "investments"?