Jun 29, 2020
Today we talk with Colin Murphy about how the COVID19 crisis
is affecting the single family market. Colin is active in the
affordable single family home market - $150k-$180k concrete block
homes - and they have been remarkably resilient which means he
hasn't seen many discounted prices or special deals as a result of
COVID19.
At least in the near future, Colin doesn't think we will see a
wave of short sales or foreclosures. Some of the reasons for this
are that banks aren't giving out the bad loans now that they were
giving out 12 years ago. Also, a record number of home owners have
refinanced which has given them additional cash flow to weather a
storm. There is just not as many distressed homes on the market to
get a discounted price or deals. This can all change, however,
as real estate is a lagging indicator and is a couple of
months behind the wider economy.