Are we considered an essential service?

[BarbaraNJ]

don't get side tracked by those who have an undisclosed financial stake.

The governor's website.

The Official Website of Governor Phil Murphy

The official website of the 56th Governor of New Jersey State, Phil Murphy.

nj.gov

But the bigger question should be, not if you have to stay home, but if BUYERS have to stay home,
do you have an OPEN and COMPETITIVE market. Does "the market" pose any undue stimulus as of the effective date?



View attachment 44705


And when those borrowers are underwater later,
and are still under lock down,
do you think they will look to recoup their losses,
by at least reading their recent appraisal?


.

Very good point !!

 

[Carnivore]

This is the under-Contract & Closings in the last five days in Charlotte/Mecklenburg County

I did not look up 35 days ago, but I can do that..... This was just to demonstrate that people are Signing contracts and there are people closing.

The other one is 1 year earlier for same 5 day period

To break it down last year in this five day period 285 sale
this year same time period 255 sale

So its lower by 30 sale this year. almost 11-12% lower

The numbers might be more significant if i used the last thirty days one year apart Try to smooth it out a little bit with larger sample.

What I think is we have to be careful until our area Peaks on the Covid-19 Cases.. Also right now we are under a Stay at Home Decree by the State Governor that began friday 3/27

 

[bnmappraisal]

This was just to demonstrate that people are Signing contracts and there are people closing

Yup! I've spoken with 2 agents I know here locally and both had a closing this past week

Granted the agent wasn't allowed to be there in person with their client, but they were via phone (one on speaker, other on FaceTime)

 

[Meandering]

You should get a Law Degree and become a Lawyer. I see real opportunities for you as an Ambulance Chaser

Just projecting future markets.

Kinda like a momentum trader.

Oh, you had a "market" of competitive buyers and sellers?

Really? But you had six month old data, when no one heard of COVID-19?

Yup,

gonna be lots and lots and lots of review work.

.

 

[Meandering]

This is the under-Contract & Closings in the last five days in Charlotte/Mecklenburg County

I did not look up 35 days ago, but I can do that..... This was just to demonstrate that people are Signing contracts and there are people closing.

The other one is 1 year earlier for same 5 day period

To break it down last year in this five day period 285 sale
this year same time period 255 sale

So its lower by 30 sale this year. almost 11-12% lower

The numbers might be more significant if i used the last thirty days one year apart Try to smooth it out a little bit with larger sample.

What I think is we have to be careful until our area Peaks on the Covid-19 Cases.. Also right now we are under a Stay at Home Decree by the State Governor that began friday 3/27

People may be signing contracts and buying properties.

There are lots of different kinds of values.

But the "value" defined on the 1004 requires certain buzz words

open, competitive and fair sale.

It is possible your seller is considering this sale as "liquidation" because buyers have been ordered to stay at home,

and now you have to justify why the buyer did not stay at home and went out to buy property, oh, wait, investment value can trump orders of the Governor?

See,

should have taken that class.

.

 

[Carnivore]

Yup! I've spoken with 2 agents I know here locally and both had a closing this past week

Granted the agent wasn't allowed to be there in person with their client, but they were via phone (one on speaker, other on FaceTime)

What I showed is not granular enough. I am working on a way to get it there. But maybe thats not the way to do it. Maybe its better to be more Geographicaly. Broad.

I don't really know because I just started thinking deeper into what I need to know and report. the Issue is, we ar enot supposed to move around, stay in place they say.

Side not. I thought it humorous that zillow suspended all sale. What they really mean is they have suspended all purchases(subsequent resale by then for profit) by them.

 

[Carnivore]

Well there are many issues to deal with. We can just stay at home and not do anything, Or we can figure out how to do our work in these Troubling Times.

I am paying attention to the Path of the Covid in my area...right now its going up. Not fast in the counties surrounding Charlotte/Mecklenburg. but it is rising. So Charlotte is the Key.... How bad will it get there?

i heard this several times on the news that the covid seems to go away in warmer weather. If so, then we are here are entering warm seasonal weather.

Hey BRN how bad is the covid in Saint Pete

My County Gaston of 200K+ Peeps has 18 cases
Mecklenburg of 900k Peeps has 298
Cleveland 35K peeps west of me and where my Gal Friend lives has 3

COVID-19 North Carolina Dashboard | NC DHHS COVID-19

The North Carolina Department of Health and Human Services (NCDHHS) continuously works to improve the timeliness and accuracy of our data. Due to implementation

www.ncdhhs.gov

 

[bnmappraisal]

Hey BRN how bad is the covid in Saint Pete

I haven't kept up with exact numbers. There have been some deaths in the County, but I haven't looked into it that much

I just notice the empty streets/highways and empty grocery shelves

 

[TC]

Even in good times, we've NEVER been considered essential.

 

[NJAPRAZE]

Just some thoughts:
1) real estate markets are inherently inefficient
2) if COVID affecting both buyers and sellers similarly -- does that not yield some market equilibrium?
3) valuation is as of a specific date/point in time; if we know market activity (over preceding months), a reasonable conclusion may be determined [BASED ON CURRENT ASSUMPTIONS...]; thus - it is critical to comment what assumptions you're utilizing/operating under to formulate a value opinion
4) the challenge in yielding a credible opinion of value will be 3-6 months from now... as there will likely be significantly less market activity/data to extrapolate from...
5) IMO -- the greatest impact of COVID is on reported estimated exposure period (which I'm assuming/communicating - in my reports - will likely be extending in coming months vs data trends for prior periods); none of us has a crystal ball and can say for certain what will occur in the future!

Lastly -- be safe out there [for yourselves AND your families]!