Frankie Boyer, Andrew, New York discussed on The Frankie Boyer Show


It is Frankie Boyer. This is biz talk radio and joining us and welcome back and to reduce that he is the CEO. Of R E. M Realty in New York. And he's a licensed real estate broker Sellers, representative specialist Accredited buyer representative and short sales and foreclosure resource specialist and we hear Andrew all the time in the media talking about real estate issues. And where are we for this year? 2021. Andrew. What are the four housing market predictions that you have for 2021? Hey, Welcome back. Yeah. What I have predicted for this year is pretty interesting. So based on what's been going on with, you know, the real estate market being hot right now, properties are in few and far in between is not a lot of properties listed, and a lot of that is due to social distancing. People obviously don't want to have strangers walking through their homes, and then there's still a bunch of people who don't want to be going through other people's homes. So With all that in mind. My prediction is assume, is this right now They're distributing vaccines and as the vaccines get out there, and we have to get through a normal flu season. At some point, we could probably get some good news that that make life is probably gonna return back to normal sometime around mid spring. What's gonna happen is a whole bunch of people are going to start putting their houses on market that wanted to sell and just have not begun the process of relocating because again, they're trying to practice or something. And what's going to happen is that there's these people coming on and then in addition to that all the foreclosures Have been put on hold. And I'm talking about foreclosure sales from 18, 4019 and 2020 because there's usually a backlog of properties to be sold off at auctions. Courthouses. All of those are going to begin coming back. And there's gonna be a flood of properties sometime, you know, around maybe the beginning of summer. So the market the way that you're looking at it, the market is still going to be on an upswing. Right. So what's gonna happen? Is it soon as we have this injection of properties there's gonna be two things that take place one. You're gonna have the smart savvy buyers who are paying attention and realizing a while things are open. They're going to run out there and grab property. At the same time, there will be a little bit of a dip. And what people offering because, you know, obviously when there's more when there's more inventory than there's a surplus, the price will go down a little bit, but it's not going to stay there for long. Because as soon as everyone catches wind that allow, look, look how many more properties of popping up look how much more inventory there is, from the foreclosures, investors themselves to have been waiting. They have not been able to purchase properties to eat a rehab them or you know what I mean by rehabbing I mean, flip them. Or Dubai and holds an open up rentals. All of those people who have been waiting and keeping their eyes on foreclosure sales and auctions are going to see it when it starts. They're gonna grab it. And then there's probably gonna come to market. The smart buyers will quickly grab the property. Once everyone catches wind, like the whole market knows what's going on. You could expect the prices to start climbing again. So we're gonna have a good look like a U shape on on a chart. Do you understand? I'm saying Yes, Yes, I get it. Yes, yes. Andrew. What's going to happen with all of the foreclosures and evictions and people not able to make their payments? That kind of thing. That's a very It's a very debated topic at the moment, because you actually in New York. I just saw that they are proposed the legislation like thinking I'm pretty sure it's about the past or if it did not pass already. That was saying that now Not only are they providing relief for renters, but they even included landlords. In this Relief and the bill. What it said was, you know if you can claim a financial hardship if your landlord that I think it was that owns less than 10 rental units. You can claim a financial hardship and you cannot be penalized by the bank if you have not been able to make your mortgage payments. And that's specific to New York. Now, whether that's going to trickle out to every other state is up for grabs, because some will some won't There's something has to be done.

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