[k3oni]

I'm really not expecting to see a significant drop in home prices at least until close to the end of the year. While some vacation rentals owners might have listed their properties for sale they are doing it pricing those close to the current market value based on other properties for sale in their respective area. We're looking for a vacation home and i'm monitoring the prices in a few areas pretty close, but i don't think we'll do anything until the start of 2021.

Remember you need surplus to drive price down. Also keep in mind that the foreclosure process is currently on hold, once this opens again we'll be able to get a closer look at the impact all the closures had/have on the RE market.

[xoxoy]

I’m seeing 50 homes under $1M in San Francisco listed in last 30 days. That’s much more in that price range than I recall seeing in a very long time

[dcolkitt]

One thing to keep in mind is that SF is a very high-income/high-price metro. Whereas the stimulus and unemployment boost is not adjusted for cost-of-living.

Therefore we'd expect places like SF to see the least support from the stimulus.

[refurb]

Listing prices can be a bit deceiving. Usually real estate agents play with listing prices - to get a bidding war going, they'll price well below market price. It's not unusual to see overbids of 20-30%.

[3fe9a03ccd14ca5]

In places like SF you might see more sales because people are afraid to rent these homes. They may never get any rent and it would be very hard to evict a tenant because of local laws and policy.

[k3oni]

Also to keep in mind that RE markets are regional. SF/NYC for example are out of bounds when it comes to this. Question is what is the actual value for each property, they might be under 1M but it might just be that that's their actual value, just more ppl trying to sell now.

[squnch]

Single family homes? Or condos?

[rcpt]

Or land value goes up because of the money printer

[amiga_500]

It won't in real terms, unless the USA establishment really have lost their minds. Output is going to be down for a significant time, that feeds into land prices. Add in WFH from anywhere, and the next leg is down.

[arethuza]

I had a quick look at Edinburgh - which has 7000+ Airbnb properties and I the number of properties for sale doesn't look unusually high and there are still a few ~£1million pound two/three bedroom flats which seems a bit optimistic even the best of times!

I don't think there will be any real pressure for 3 to 6 months until the economy actually restarts properly and property transactions actually start happening again.

[amiga_500]

AirBnb landlords are going to first all flood back into the long-term rental market (yearly renewals). Many came from there but didn't do the math on maintenance so migrated to airbnb for "gold". Rents in long-term will drop due to unemployment / increasing supply, then many will become forced sellers. As these hit prices will drop and everyone else will be caught in this wave.

[martinald]

Scottish Land Registry is currently closed so nothing can actually be sold atm, as far as I'm aware.

[jdhn]

Agreed. There may be short term movements, but like you said, we’ll see the full effect once the courts reopen and things start moving again.