[Ch28]

Originally Posted by RiceIntegraRS

I know i was ready to buy an investment property right before the pandemic but i thought prices would drop cause of it. Man was i wrong.

Saw this on RFD that sums it up pretty well

This is truly a unique time, as a result of COVID. Many BUYERS "need" and/or "desire" more space. Many SELLERS currently neither "need" nor "desire" to change their spaces.

Significantly stimulated BUYING, significantly squashed SELLING.

Because of my work, I meet buyers and sellers each week in an indirect way. Regardless of all the many normal reasons (and government-incented reasons) why prices are going up in these COVID times (monetary policy, interest rates, etc.), the above most basic concept is dominating. I've met many elderly owners of large houses and even multiple properties. Normally they'd be selling around now, but because of COVID, they don't want all the many interactions. Also, the rapid acceleration in prices over the past 3-6 months is also supporting their desire to not sell yet.

The only house sellers that I've been seeing recently, fall into these categories:

- sellers that want even more house
- separating couples
- people that are eager to unload problematic or less-desirable properties
- investors that see rents stagnant/absent/declining (or having problem-tenants) that see these prices as a great time to cash out or migrate to new property investments

Absent is the traditional reason: move location because of a job location change. Because of all this, it's a great time to unload a property that is less desirable or difficult to sell in flat/down markets. It seems almost anything is able to be sold now.