Real Estate During a Pandemic

25 May 2020, 07:26 PM

On Friday of last week, my 91 year old Mom signed the contract to sell her home in Lewes, Delaware, inland from Rehoboth Beach.

She got 3 offers by by Sunday afternoon.

The winning bid was over list price, cash, sight unseen. A couple who want to retire to the neighborhood as their friends live there. It helps that the models are similar and my Mom's house is in a great location so they are pretty familiar with the homes there.

So now I am planning a road trip during a pandemic..I have to rent a van and drive the 7 hours to pick up items promised to my side of the family and do some clean out. My sister will do the same a week or so later.

I will sleep at the house as at this point, no hotels are open. Hoping I can deal with rest stops...plan to bring my own food...and wipes.

A bit nerve wracking but at the same time we are glad to have this behind us. Mom is thrilled!

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"Wealth is like manure; spread it around and it makes everything grow; pile it up, and it stinks."
MillCityGrows.org

25 May 2020, 07:35 PM

CHAS

Your post started on a high note. Then...
Sorry for the need to travel and the rest.
Hope it goes as well as you hope.

25 May 2020, 08:03 PM

ShiroKuro

Wow!!!

The logistics you have to deal with will definitely be challenging, but you got the house sold (and didn't have to deal with months of randomly having people come in to look at it) so that's a pretty good thing!

Moving is just a PITA no matter the circumstances or age of the movers, but you'll have some additional struggles. Best of Luck as you deal with getting everything done!!

25 May 2020, 08:58 PM

Wow, that was fast and easy then.
Might it not be awhile before you need to travel, before the closing?

I don't envy the trip, but you can do it...I used to travel that to Pa on a regular basis. First 3 hrs the worst, then just routine road, it seemed.

Yup, goodies to eat on the way.

Any one to travel with you and help?

Best wishes for safeness...

25 May 2020, 10:12 PM

Steve Miller

From what I’ve seen, what little real estate there is for sale sells very quickly at top dollar. I’m in the middle of cleaning up a house for an estate and we’re trying to get it done quickly to take advantage of the current market.

Have a safe trip!

25 May 2020, 11:11 PM

Amanda

quote:
Originally posted by Steve Miller:
From what I’ve seen, what little real estate there is for sale sells very quickly at top dollar. I’m in the middle of cleaning up a house for an estate and we’re trying to get it done quickly to take advantage of the current market.

I suspect that behind this RE surge (despite the difficulty showing houses/apartments) are two critical factors:

1) low/almost nonexistent interest rates

2) the completely unpredictable market which makes the only really safe investment, real estate - most of all perhaps, rental properties.

As always in such uncertainty, the cost of the indebtedness goes down over time at the same time that rents continue to go up no matter what. Protection from both inflation and deflation.

25 May 2020, 11:13 PM

Amanda

Another Beelady family miracle! (Of the G-d helps them who help themselves variety.)

You make it sound so smooth and easy. Ha!

26 May 2020, 09:32 AM

QuirtEvans

Prices haven't crashed yet, I suspect in part because there just aren't that many sellers. And anyone looking to buy is in a good financial position.

When we get past this, I expect to see prices tumble down, because many people will have depleted savings during the crisis, or be unemployed. When sellers are ready, they will outnumber buyers.

That's my prediction, anyway.

26 May 2020, 10:57 AM

jodi

So glad your mom’s house sold, Beelady - but sorry you have to do a long drive during all of this!

Real estate does not feel like a safe investment to me. (but it’s never felt like a safe investment, maybe because we’ve moved around so much) I am so very glad we currently only own one house. I thank my lucky stars that this pandemic did not happen last year, when we still owned the house in Maine...

26 May 2020, 01:06 PM

ShiroKuro

quote:
I thank my lucky stars that this pandemic did not happen last year

We have been saying this over and over to each other. Imagine trying to move during it all, trying to get the house set up, or worse, having problems with the lender or other issues related to covid impacts.... Also, we did bargain-down the price (if that's the right way to describe it), and maybe if it was in a context of more limited inventory, we wouldn't have been able to do that. You can never tell, but we have certainly counted our blessings!

26 May 2020, 05:07 PM

BeeLady

My sister and my Mom went to the house over the weekend, a day trip for them. Sounds like they got a good load and will do so again so that by the time I go, I should be able to get in and out pretty quickly.

No one has lived in the house since February, so it is safe for me to stay there.

The hope is that my trip will be the last one of the clean out. I am very thankful that my Mom is a minimalist.

--------------------------------
"Wealth is like manure; spread it around and it makes everything grow; pile it up, and it stinks."
MillCityGrows.org

26 May 2020, 07:09 PM

CHAS

quote:
Originally posted by BeeLady: I am very thankful that my Mom is a minimalist.

A good reason to be thankful.
My parents asked whether I wanted the house.
Told them no. All the carp was a major reason.