ES Journal - 2019/2020

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vanzandt said:
So a lot of these houses are not going to enter the market.
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I just got off two calls, one with a friend of mine trying to buy a home in the suburbs of Dallas, another trying outside of Philadelphia. Both said the same thing: little inventory and what there is is going for way over offer.
 
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vanzandt said:
Buy this dip.
3045
I wish I'd have been here earlier. I'd have screamed at 3030.
Why?
I can't give ya a reason.
But its going up.
Ignore the noise.
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There's 3059.
I gotta dip out... so for 'journal integrity' ... take the money and run.
Noise on the way.
We are going higher though. Pretty sure.
See ya'll tommo.
 
Gaslight Capital said:
Both said the same thing: little inventory and what there is is going for way over offer.
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Yep. I'm actually in Philly and can confirm this. Well, this just makes sense since no one is moving for a job as now the jobs are AT HOME ! No need to move....thus no need to sell. That just explains the current RE market to-a-tee. You would think there are some hurtin people out there that need to sell....but that isn't the case.....yet. We need much more pain in the job market and lowering incomes for the market to change from a sellers market to a buyers market.
 
We didn’t experience our typical buying spree spring market due to Covid here in NYC - North Jersey... As well as across the nation.. has pent up buyers all bidding on existing lower than average inventory here.. combine that with a tremendous Exodus out of NYC and the five boros into the North Jersey burbs... w historically low rates has sellers naming their price....
I have buyers bidding on a $1.3MM home that couldn’t sell last year at 995K... 2 DOM and there are 7 offers... all above ask and waiving inspection contingencies... makes me wish I was Long a bit more Properties right now... Holding what I have now , as I trade property just as I trade these markets....

Main reason for lower inventory is due to Covid... sellers simply don’t want strangers coming into their homes touching handles, door knobs, etc. .. putting their family in jeopardy... as primarily a listing agent, this is a major component of lower inventory... not so much the lack of motivation to sell....
 
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Looking for the PA to establish a rythem here in the am session.... Laid out some shorts in the 90`s last night before I went to bed & was hit on a few of them ...Monday mornings are typically observation mode for me unless a cherry presents itself....
 
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