P. Jeannie discussed on Joel Riley

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P. Jeannie a real estate expert are you doing this morning JP Hey good morning guys I'm doing great what they are today Thursday yes there really you don't know what day it is Amanda quarantine look do you're not alone I was I went to visit my mom's birthday was yesterday I went up to visit and I walked in the front door my dad said daisy you what the answer to this is the last day so yeah twenty twenty I developed here will never forget that's absolutely right you may not know the day but you definitely know the error so tell me a real estate expert put on that hat I'm I'm seeing reports this morning that home prices are actually going up during the pandemic what what's up with that you know it's inventory there's no there's no holds up there for sale it's a different price ranges so builders of course has slug down the slow down the key construction and they are they were little I have said this is you would imagine homeowners that you know returning on appeals because over forty per homes on the market the spring is always where the inventory starts flourishing starts starts growing you know hello it didn't happen so are now we've got this this case fever cabin fever for people to pick it up we've got people that there are are are fearing another second coronavirus quarantine in the fall whether it happened or not people people are fearful that so they would hurry up and get involved you got crazy low interest rates if they are just a general population that needs a home guess what got the perfect storm for home prices increases because people are getting in multiple visits in in offers it in fifty percent of the homes across nine states we've seen many wars it's crazy yeah well the last time you and I talked you know the nature of buying a home is so different I mean it used to be kind of thing where you jump in the car with your agent you went and visited you know eight or ten or however many houses trying to get a look at the lay out near the decorum how's the landscaping now because your neighbors and all that stuff now it's almost all virtual now you're you're taking a chance on a house that you're seen pictures of it may be a little video inside well that looks good so what do you think yeah dude rocked by it said you know what will make it ours doesn't matter other than the current apartment condo or or time you know right yes so so I mean do you think that has much impact I mean are people more or less likely to buy based on pictures rather than actually being in the physical plant I think it's a let's let's be real if you're gonna buy a home the very small percentage of people are going to go into by Saddam's enough to call it but we are seeing a good percentage of that I would say about ten percent of the homes that were fine really about the example to a lot more so that's not really a pretty much as before but during the quarantine during a lockdown you have a picture of the homes were silent scenes where I can't imagine signing my name to a loan for two hundred two hundred fifty three thousand dollars on a place I can set foot in yet yeah I mean if that is your best option and you can look at the photos that you win that you even have to pay for it let's let's face it if you're if you're buying a home started seeing you likely have to bit give her so yeah I mean you're you're buying it and then if you don't you have a look at it you gotta realize that at the current situation that I've had yeah I I guess I understand is there any regional difference in that I mean that what's going on in Texas is going on in California is going on and York now you got it you know that's that's always real C. right you look at New York because those guys New York you see an exodus of of of residents there so they're they're getting flooded with inventory unfortunately nobody wants violence yeah so it's too early to ask because our prices up to decline in New York it will because of the inventory surplus is commercial and residential real estate right people live in a country in the statement live into a California believe it out of the question of the Florida the two of Texas third so just bear with us state or city so that's that but the taxes of course were absorbing the brunt of east coast west coast it west all around here in in situations pretty dire cities like Austin becoming the next Silicon Valley the bricks the couple the next day yeah yeah Texas Dallas even the the the help for everybody else you know financial with hospitality in the manufacturing so it is about this I guess boil it down if it continues to be a seller's market yeah it's gonna be like this for the rest of the summer unfortunately just because of inventory so low most places we only have about two months worth of inventory and healthy market a balanced buyer seller market requires almost six months worth of inventory wow just to give an idea in the crash of two thousand seven we have three years worth of inventory so you know the crash is not anywhere happening you know the thing that we were concerned with was job losses what's gonna happen to these people that can afford to make mortgage payments at the big board was for parents remember yep people are looking that up on wikipedia in Oxford dictionary what is for parents what does that mean and it's not forgiveness first of all so does does that could make the mortgage payments or rent payments we're were also given a couple of months but they have to pay it back and the treasury secretary how came on last night and said we're gonna pick your housing stadium Friday set if you haven't been able to make your payment don't worry about it you're gonna make it all the inputs so you're all so it's it's not found very tough J. P. great stuff we appreciate the time of the visit much J. P. peace meaning he's a real estate expert here on newsradio six ten WTVN.

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