Hey, we suffered through SARS 
Unfortunately I was sleeping. Didn’t stock up on N95 respirators. Can I run over to get a few?
Thanks to NBA and Tom Hanks. NBA suspension means apocalypse.
If even kale got sold out then we know apocalypse is upon us.
As long as we can sell the house in the next couple months even If it was 5% less than expected we’ll be fine… but until that happens I’m having daily anxiety attacks. Will people just stop buying homes right now as a jerk reaction? We’re on the starter/ low end of market which I feel should help not hurt but who knows…
If I could sell it today for 50k less than desired just for peace of mind I would jump at that. if anyone knows anyone interested in investing in Pleasanton 3/2 SFH lmk.
I dug out an old Zillow article looking back at the dot com era.
We are just starting to go into recession. If history is any guide home prices will be somewhat slow to react. There is still time to sell. I think just get it on market ASAP and things will be fine. There were buyers even at the depth of the 2008 financial meltdowns.
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Yeah that’s what im thinking too. Stuff shouldn’t stop overnight but probably on the downward trajectory.
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It is not knee jerk reaction. Like manch said, few qtrs negative growth leads to lay off, then buyers get reduced by job loss, income loss which we may be heading to some time after six months if issue continues to haunt normally of businesses. Looks like you are at safer position now.
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Meanwhile, Airbnb is allowing guests to cancel with no charge.
This has of course made hosts furious .The longer this policy is in effect the real danger that undercapitalized hosts will go out of business.
Disclosure: I own no short term rentals.
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We will be lucky if stuff starts to recover by fall…
Does anyone know what’s happening in China? Reading that housing market has come to a halt. I feel like the same thing is about to happen here.
In China, where the majority of confirmed coronavirus cases have been reported, the housing market has basically shut down. Despite a number of apps and services that allow people to tour homes virtually, activity has slowed to a crawl.
Do not compare China and Bay area.
If I guess, most of the US corona virus clinical trials are stage 3 level, it may take another 2-3 months to get a vaccine or preventive medicine or cure.
By that time, this economy gets impacted which will be reflected in Q2 results. It means Q1 and Q2 are downturn, which results Q2, Q3 & Q4 lay off.
Naturally Dec 2020 is likely low price hit starts for real estate and may stay around 3-6 months or even more months until dec 2021 and then recover.
But, with prices coming down low, mortgage is coming down low and FED buying mortgage backed securities, potential chances real estate can recover faster than normal.
This is pure speculation of events, no back up data.
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Why do you think the stall in real estate that is happening there due to quarantine etc could not also happen here?
China’s economy was thrown into a deep freeze. Many private firms didn’t survive the lockdown and unemployment shot up. Dozens of property developers went under as credit ran out.
I think the Chinese economy is operating at 40 to 60% capacity now. Government has pumped in a lot of liquidity and fiscal spending soared. I think later in the year their property market will perk up. China’s car sales crashed too. I remember it went down 90% or some insane numbers?
one good thing is even after the layoff, tech is always short on talent, i think those can recover pretty fast
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We just had the lowest unemployment rate in 50 years before the virus hit. I guess there will be a sharp but short recession here.
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I feel like the same thing could easily happen here.
Yes the same is happening in the US. But the Bay Area real estate market is dominated by techies. How much will tech companies be impacted? I really don’t know. Anyway a sharp recession seems unavoidable now that we are effectively closing down the entire service economy.
I think I’m more worried about people being on house arrest and not wanting to go out to even look at houses. If non-essential services shut down how will people even be able to move? I feel like purchasing could easily come to a halt overnight.
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I assume renters will stop paying rent if unemployed. The government has created one huge mess. I doubt if thereis a plan to bring us back from economic collapse. When food gets scarce there will be riots. Shutting down the whole economy seems way worse than the virus.