For the last few years I had been living very frugally and saving for a big DP on a house. Prior to mid February, the plan was to buy a house this summer/fall and rent out my condo for breakeven rate.
Now everything is on hold. But, at least in my area, the large majority of people who can afford to own a house, are working jobs that allow them to telecommute or are not hit “too” hard by the quarantine policies in place. But the rental market is getting hammered with cash flow for landlords totally drieing up as people legally delay rent payments. Additionally, every real estate agent I’ve talked to doesn’t expect RE to drop much if at all due to the crisis.
I came into the workforce right after the collapse in 2009, and had to claw and scratch for a few years. Started getting where I wanted to be and was right on the cusp and then boom! This big setback. I know that is all it is: a setback, not a start over or gameover… But it does suck.
I wonder if there are big companies out there looking to offer a cash infusion to some small businesses in exchange for equity. The small guy would have little leverage so there would be great deals out there. I think buyouts are coming- ie Budweiser buying microbreweries, MCD buying local burger/diner chains, Facebook/Google buying entire main streets near their sattelite campuses.