Just think about it, all oil companies are in the process of reducing costs. Even if there are a few that are not considering laying off some of its employees just yet, they are certainly not going to start hiring right now.
Basically, those laid off during the current price war will have to sit at home and pray this ends before their severance (if there even is one) runs out.
I’m APC legacy and my severance ends in November. What’s everyone else’s situation like?
So Commercial Real Estate will take a plunge too. I decided some time ago NOT To ever buy a home in Houston. Too much flooding in different places all around town and suburbs, if change jobs want to be able to move closer to the job,
No zoning ordinances, anytime a liquor store and or strip joint can be built next to your home on an empty lot that backs up to your home somewhere, look at the Jones Road area, etc.
Hate to say it but there were already no jobs in oil before the pandemic and price war.
I feel for you homeowners, but I've been renting since I got out of school and I'm pretty sick of it. Been saving aggressively over the last few years for a home purchase later this year, say September. If this pandemic means these outrageously inflated home prices in Houston tank a bit, then I say bring it on. Can't wait to buy the dip.
Sit tight on the houses. Not a good time to sell. They will come back up.
Who would buy a house in the middle of a Virus pandemic AND an oil crash???? In HOUSTON??? People gonna lose their asses on their homes, especially if they own luxury homes $500,000 and above.
They might be cyclical but my severance is only a year!!!
Low oil prices will not last forever! It’s a commodity, it’s inherently cyclical.
Next time, just rent an apartment! You just give notice when the lease is up and move on. So much easier than having a significant amount of you net worth tied up in some illiquid asset.
All these posts make me think “run on the banks” except it’s a run on real estate buyers.
After reading all the comments in the post, I guess I'll be putting my house on the market.
Anyone wanting to sell their home quick should try a ibuyer like Opendoor or Offerpad
That’s why you have to obtain a career that transfers to any industry not just oil and gas. The oil and gas industry will always go up and down.
like the guy said earlier–stop looking for jobs in oil and gas! Yes, you're pay will prob be cut by a third since you aren't with some big cushy MAJOR, but at least you can keep your house!
Im really in no position to sell. Where would I move to that is more cost efficient? I dont own an outlandish home. I have three kids so I can't downsize like some of you guys. Im just hoping my severence is enough until I get a new job.
To be honest, I do know a few former colleagues who put their homes up. I know two who own vacation homes that are now on the market. One guy already traded his brand new beemer in. People are positioning for tough times ahead.
You won't like this news. I put my house on the market in November after accepting early retirement. It's still not sold. I've dropped the price $15,000 already. I would suggest selling now before the market gets even tighter and everyone runs out of their severance.
I'm putting our house on the market next month. Things are just too uncertain right now. A year can go by so fast before you know it, and then boom, my severance runs out. My wife is already talking about going back to work. This is depressing.
Can confirm. IT jobs are hot.
For what it's worth, IT jobs are still good and plentiful. I just got a sweet gig in the banking industry and former colleague just got a good job as an IT director at a public school and is actually getting paid very well. There is life after gas and oil fellas.
We are def putting our house on the market. I'm not going to be the last man standing on this one. I'm getting out while the gettins good.
Just have to look into becoming a Starbucks Barista......in a non-oil town!
OP...that's a good point. I wonder how many folks took early retirement but really don't plan to retire? I wonder how are the job prospects for folks in that position? I'm fully retired but I know of several who just weren't really ready.
That's easy to say IF you are one of the lucky ones who got a big payout. Saying that, I'm looking at selling, too. Don't need a big house at this point in our lives anyway. Hopefully, I can even make a nice little profit and it'll be a win-win.
geez everyone relax. Those of you who got huge payouts are good for at least a year. No need to panic sell. Just wait until everything bounces back. You'll be fine.
My wife's in real estate. She said to expect a market drop. It would be a smart move to downsize if you can.
Im in the same boat with the house situations. Anyone know somebody in real estate who could give us some inside information or a heads up? I think we are putting our house on the market too.
Maybe time to seek a career outside of oil. Plenty to do. Like...healthcare!
Bro I put my house on the market on Monday. I'm getting the hell out of dodge.
Damn. I just bought a huge house last May. My wife and are took the voluntary retirement package last fall but we are barely in our fifties and didn't plan of fully retiring I'm thinking of trying to sell our house because I don't see any good jobs in the the near future for either one of us. Any advice?
It's time for Houston real estate to take a bit of a plunge. Prices are absurd right now.
And on top of that Houston Real Estate will take a huge hit....