Vacancies in OFFICE space is overwhelming!

My son had asked me to drive him to his doctor's this morning.

Since this is a slow time of year (at least that's my experience), I picked him up, drove to the doctor's office, and was going to wait for him while he was there.

However, a nurse/nurse's aid came out, finalized some paperwork with him, and politely told me I would have to come back to pick him up.

Okay.  (Change of plans?)

She took my cell number and said they will text me once his appointment is complete.

Since there were chairs in the hall/lobby of the building, I thought of just waiting there.  But, my son said, just go.

So, as I left -- being a (curious) real estate broker -- I thought I'd wander the nice building.

NOT to my surprise, I found it to be about 50% vacant.

Now, if you don't know why this is, take a look around you at just how many people don't believe the coronavirus is real; OR, they think it's just a bad case of the flu.

This virus has hasten more and more office workers to be working at home.

Since a lot of offices are maintained via computer, that frees up people to just stay home, log in, and do any work from there.

Thus, the high vacancies in nice office buildings.

Since I work in Real Estate, I can work from home, too.  I don't need to maintain a high profile office, either.

Curious about Las Vegas Real Estate?

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

If You Are NOT In Escrow By The End Of September, You Won't Close Any More By Year's End!

Years ago - probably about 29 Years Ago -- the 1st Broker I ever worked for said this.

At that time, he had been a Real Estate Broker for 34 years.  So, I took him at his word.  And, he has been correct ever since. Well, he passed away in 1993, the year I upgraded my license to Broker from Salesperson.

And, ever since those long gone days, a lot of what he advised has proven true.

And, since it is late September, "and I really should be back in school," (Thank You Rod Stewart!), it is getting very, very close to NOT closing another Escrow in 2020.

But, given everything that has happened this year, I still had a pretty good year real estate wise.

Yet, I do believe deep down, we are heading in the wrong direction and the economy is going to take a tremendous hit.

I guess the only thing to do is hunker down, brace yourself and ride out the storm as best you can.

AND, there will be another bunch of homes available post foreclosure in the next 12 months.

So, be prepared -- as the Boy Scout Slogan states!

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Frozen Foreclosures are happenning!

Even though I do NOT list or sell Single family homes as a Commercial Real Estate Broker, I do follow and occasionally buy homes for my own sake.

And with the economy headed into the toilet, again. (Thank You Donald Trump!)

I have heard that there are thousands of homes in pre-foreclosure. This means the home owner hasn't made any mortgage payments for months. Thus, here is one explanation:

The temporary freeze on foreclosures applies to Fannie- or Freddie-backed, single-family mortgages only. The pause on evictions applies only to tenants who live in properties that have been acquired by Freddie or Fannie through foreclosure. It does not apply to tenants in homes that have not been foreclosed on.Aug. 27, 2020

So, with homes about to be foreclosed upon; and the amount of homes already foreclosed but still being occupied by the owner or tenant, we are going to see, probably at the beginning of the new year, another tsunami of homes for sale via foreclosure or portfolio sales just as we saw in 2009.

So, if you are a home investor, kind of like me, you are going to see another opportunity like in 2009, to acquire rental properties on the cheap.

Since I was looking to buy another rental property this summer, the wife and I decided to hold off to see just where prices were headed.

I think down.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!