Home Prices in Tennessee Set to BLOW (Nashville and Knoxville Housing Market Warning)
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- čas přidán 25. 08. 2024
- #housingmarket #housingcrash #realestate #housingbubble
Tennessee Housing Market on the Precipice Nashville and Knoxville Real Estate Warning
The housing crash is continuing to unfold across the country, but certain states are falling faster than others, and the state of Tennessee has now taken the mantle as the largest housing bubble in the US housing market. Markets like Phoenix and Austin used to be thought of as the largest housing bubbles, but over the last six months those metros have begun to see their home values fall, but Tennessee has not, instead residential real estate in Tennessee is still appreciating in value.
If you are thinking about buying a house in the Nashville metro, or the Knoxville metro, or really anywhere in Tennessee this video is a must watch. We do a deep dive on the entire Tennessee housing market and go over the counties that are most overvalued right now, and where homebuyers and home sellers should consider buying or selling based on the historical data.
The data used in this video comes from Zillow, Realtor.com, and the US Census Bureau.
This video is not financial advice.
If you want access to the housing market maps and data I use in these videos, they come from my company's new product Snapforce Real Estate Insights which is available here: app.snapforce....
I live in Tennessee and the housing market seems delusional at this point. I live outside a small town (Wartrace, TN) and the asking prices just keep going up and up. I saw a mobile home listed on five acres for 399,000 which sold two years ago for 77,000. They rehabed it but NO WAY IN HELL is it worth 399k. Land prices are crazy as well. Not four years ago land on my road was selling at 3000 an acre and now they are asking 20,000 an acre. It is my belief that these sellers are waiting for people that sold in a high cost of living area to move here and buy at inflated prices. Sad thing is many have,. People need to LOOK AT the property values through a local historical basis rather than "Wow; that seems cheap compared to back home".
People are learning. This will be a generational event that will shape ideas and thoughts of real estate for a good few decades to come. Kinda like the destruction of the belief in the Voting System or Educational system or FBI in this country on and on. These changes are permanently set in the pyche of us that lived it. It has an effect on the landscape. Those buyers from other places are drying up. I am sure the guy that sold boat trips in the Sahara desert when it still had water is really pissed right now. Prices MUST drop. And they will ultimately.
federal reserve go brrrrr, home prices go up as currency is diluted. Simple as that.
i paid way less then that for my 10 acres thats crazy people are paying these prices
it is getting as expensive as California!
Agreed you can still find good deals just hard we love tennesse and wanna leave Michigan but it’s just not doable prices for acreage have to more then here and it’s 10k or more per acre here I. Wine and fruit country
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
I have experienced significant losses, and I am holding on with the hope of recovering them. It is evident that I am in dire need of assistance. Could you please share the name of the investment adviser who guides you?
Insightful... I was curious after reading what you shared, so I Googled her name. I came across her webpage.
Have you given any thought to the idea that "assistance" as in free money during Covid, etc. is what has caused the inflation? When you oversupply the money, then the price of goods goes up. We need less assistance, not more.
It is so sad to see the farmland gobbled up with houses, apartments, huge multi-level storage units with each complex. As fast as they build them, they fill up. What made TN so special is being killed off faster than a blink of an eye. Makes me tear up every time I leave my home. Truly, this beautiful state and the people are being over run and out priced.
Same thing in Florida. In the last 10 years, we have lost virtually all of the pastures in our small town and the neighboring towns too. It is all becoming mega-retirement-golf communities. For the life of me, I don’t understand why anyone would want to live in one of those neighborhoods. I grew up in Hendersonville & Gallatin TN BTW.
I sold my log cabin on Center Hill Lake last September for 58% more than 2019 appraisal value and bought a 17 acre farm 20 miles east of Center Hill Lake. Enjoying the farm life now. Plus I still own some lake property near my old cabin. Might build another cabin on the lake in a few years. So, it's a win win for me. Best of both worlds.
Same thing outside Dallas- Fort Worth! Apartments as far as the eye can see, not a forest in sight.
White girls in Nashville, Michigan and Chicago facks, and everyone from Florida that hates the yankees over running us here. Sad state if affairs man. Worst case scenario for conservative southern Americans. Damn shame.
Same thing in TX, my nice rural acreage is becoming less rural by the day. Farm land is being sold off as 1 acre lots for trailer parks or larger plots for custom homes. I can only hope the property values go up enough that I can sell and flee to a more rural setting for the peace I was looking for that has now been shattered.
It's extremely frustrating. We were finally able to save a solid down payment up and that's when the market exploded. I grew up in Rutherford county and I can't even afford to buy a house here or in any of the surrounding counties. We have been "looking" for over 2 years now but homes are just too far out of our budget.
I hear you, same situation.
And you're still looking even though there's a bubble? You should be grateful you can't afford one.
Watch what's about to happen. If you had bought in, you would be losing your home very soon
Just understand you're part of the reason prices are going up. The only way they will go down is if everyone collectively stops "looking".
Correction is coming and those who are prepared to move on the properties will be rewarded for their patience. Be glad you didn't stretch to buy at the peak.
That's my story here in DFW.
I'm so mad at all the people that have been promoting and propping TN up and trying to make it trendy so they can be the first to make a profit when they turn it into a big city. None of us from here wanted this. It's all greed and locals are getting pushed out. The average income is still really low compared to the people from other states moving here. Half the license plates you see on the interstate are out of state and there's articles everyday about out of state investors with billion dollar projects coming here. It pisses me off.
Yep..
TN is being destroyed
Then stop voting for the "pro-business"/n*zi party, of course they're sellouts
as a true local i feel the same.i grew up in the country.now there's no open feilds or wooded areas safe anymore from a damn hoa neighborhood etc. i say pick another state we are full here ...leave our natural habitats alone ...
It happened in Florida. Ruined the state forever. Happening in Tn now. Buckle up, ain’t gonna get any better.
A lot of people from California, Illinois, etc moving in.
Houses are way overpriced here in Tennessee.
They are overpriced everywhere.
Over priced homes and minimum wage jobs.
Amen. Kin folk said Jed move away from there 🤠😞
We live in Sevier County and it’s nuts out here. We’re trying to get out and hopefully further south west of Knoxville where it’s actually still a small town(Roane, Monroe etc.) Been here 20 years and the flood of new cookie cutter neighborhoods being built on all the farmlands is just ugly and sad.
No doubt they are ugly
i live in roane, no better
The same thing is happening here in Montgomery county. Houses popping up like mushrooms. It’s disgusting.
Blount as well, Maryville is becoming a south suburb of Knoxville...
Heck even Alcoa just annexed some farmland up the road in order to have a development build a small community like springbrook even though it is not even connected to the city limits (The county is fighting it because they got nothing for it, betcha that hits a supreme court level case easy, and you know they will probably side with the developer/city)
I just listed my land if you're interested. I've got another 5 acres attached to this as well.
As a TNer I can tell you that a lot of people that work remotely have moved here because there isn't a state employment tax. Many of them are learning that their companies are recalling people to work in person. I have met 3 people casually that are having to now sell their house or lose their jobs. 2 of the 3 have already returned to their prior state and now trying to rent or sell their houses for less minus closing costs. People are finding that they can't get the services they need from auto to medical and they are unhappy about it. Rental prices have already started to decline about 300-500 a month from peak last June.
I'm in Northeast TN
Really I thought all these people moving to red states were doing so because of your great business climate. I guess thats way wrong. LOL They cant find replacement jobs that pay anywhere near the blue states do so they are going bye bye.
Im in Southeast TN.
Taxes and politics. Tennessee is recruiting "primary residences" and ultra maga migrants.
I'm in Middle Tennessee.
We can thank Blackrock and Vanguard for that.
no.. thank a democrat who doesn't care about you high taxes and high crime
Institutions owns less than 1% of single family homes.
@@theraddadinvestor1000actually 20%. Mostly five investment entities
Invitation Homes, American Homes 4 Rent, FirstKey Homes, Progress Residential and Amherst Residential.
Why did u lie?
I live in Murfreesboro and it's really discouraging to see the unrealistic prices that have been put on housing (rent and buying). I was all set to buy before COVID and then prices went crazy! Everyone cannot afford a $400-500,000 house! 😢😢
Probably don’t want to use Sevier County as your case study. Sevier county is 100% investor-driven. Very few people actually move there, and the ones who do, live in a different style residential home that is actually quite affordable. The rest are short term rental cabins that cost $500k on the low end up to multi millions on the higher end. There are literally tens of thousands of these in the Pigeon Forge/Gatlinburg area. I don’t see a big crash in the foreseeable future in Sevier County, and if it does happen, investors will rejoice.
Sup, STS fam!
Plus Dollywood serves up so much sales tax property taxes there are some of the lowest you will find anywhere
Agreed. There was some misunderstanding of the local market going on in this video. Prices could crash in Sevier County, but because it is at the main TN entrance to the Smokies, odd dynamics are at play. It's more like being right outside Disney or Yellowstone or Taos or something.
@@yankeegonesouth4973 You have to factor in Dollywood. It brings in so much sales tax revenue, Sevier Co has some of the lowest property taxes in the country
The states need to start jacking up prices for investment property and reduce for primary homes.
4 reasons for this.
1 Extremely low property tax
2 No state income tax
3 TN property values were way too cheap compared to the rest of the nation for such a desirable part of the nation.
4 Working remotely changed our country
TN natives just dont have any idea how expensive high tax states are.
Very true. I live in a high taxed state. My husband gets 24% of his income taken before he sees his check, not including health insurance. The property tax for a $400,000 house is $600/mo.
...and dont even get me started on the state closing for 18 mo and all the children that suffered immensely. Theres way more than money reasons too. Many are running away to a more free state in case theres another pandemic.
@@annar3068 I’m in a very similar situation in Wisconsin
I've lived here my whole life and I love Tennessee. If it wasn't for my daughter being here I would move out of state in a heartbeat. The wages just haven't increased for the average person to match the demand of the housing market you can't pay twice the amount for a home 10 years ago but only be making 40% more.
Just curious, where would you go if you left TN?
As long as you are not a fool perpetually renting, and you are staying in your current home, you're good to go. Why move if your house payment does not change. Instead, put extra toward the principle and pay that thing off. It's a gold mine.
Also, do not let family ties hold you back from ensuring your prosperity. If you move a few hours away, so what. This isn't the days of the covered wagons. They did it. You can certainly hop in your air conditioned car and drive a few hours.
@@Jester33347 Where would you go, Brandon?
Forgot to mention earlier, do not expect your employer to give you huge raises. No matter what, they will only give you 3-5% if you're fortunate. You MUST job hop if you want 30% increases. Do it while you're young because eventually you tire of changing employers, and change in general. Then you land somewhere good and get comfortable, and then then work smart and prove your value. Always ensure your employer knows you are producing far more than it costs to employ you.
More like 3 times the price from 2014
Stay out of TN. I'm ok with seeing my house value go down 50%. The traffic in Rutherford has gotten ridiculous.
You are my bro.
My family has been here for 300yrs. My Scottish ancestor did the masonry work on the Rutherford Co. Courthouse on the Square which was completed 1 month before the Civil War started. Always considered myself blessed for growing up here and looked forward to making my life and retiring here as well.
But, now the Carpet baggers are invading en mass and making life miserable.
Like yourself, I care not for riches associated with my home, I just want to live peacefully where my little family can be safe but, it looks like the NWO isn't going to allow that.
Anyway, good luck out there and I promise it isn't me who cuts you off or rides your bumper on Memorial Blvd, or, as I now call it, Thunder Dome Blvd.
I live in East TN and am a builder. You would probably be correct in most cases...but there is actually a shortage of homes available out here vs people wanting to live/move here. Also, the inflation prices have caused new home construction to stay high. This is causing homes to keep their value as new homes are still too costly to build. So as far as supply vs demand...we dont have enough supply and the demand is staying solid. And the people that have moved here are holding tight on their homes cause of the increase in interest rates, keeping supply of available homes down.
The prices might go down a little... but a "bubble"... doubt it! Im thinking the prices are here to stay with minor fluctuations.
People have been saying the bubble is gonna pop for 7 years, it hasn’t! With the influx of people still moving here from all over the country, I still don’t see it happening. 🤷🏼♀️ Especially not in Nashville!
Born and raised middle Tennessean. Nashville is the new Atlanta. It’s crazy.
The housing has to crash. People make maybe 10%-20% more than they did in 20-teens but houses are literally x2/x3 what they were from like 2015
I feel for ya I moved back to Chattanooga years ago to get away from Atlanta. Then had to flee to East Ridge. Got 7acres in Cleveland for now. Just trying to stay outa the crowd.
@@saneauto I commuted to work in Cleveland in the 90s and early 2000s and am amazed at how much it's been developed since then. Paul Huff Pkwy and the area near the mall look like Gun Barrel Rd in Chattanooga now.
@@saneauto That is to say that I don't consider Cleveland a place you go to "get away" from the city anymore. Of course, I'm sure it's nice having seven acres there, anyway.
@@saneauto Isnt North of Georgia nice?
@@saneauto cleveland is nice. so is lookout mountain area
I was born and raised in Nashville and bought my house in 2017 for 120k and sold in 2021 for almost 400k! It doesn’t feel like home anymore so I moved 2 hours away to get back to my roots… I just found out that they will be building a freaking surf club with 400 houses and they will probably be million dollar homes! It’s scary to think of what Tennessee is becoming 😢
I live in Pigeon Forge - was once an isolated spot in the middle of town and they are currently building 3-story apts in my backyard... to go along with the freakin' church gymnasium in my front. It's heart breaking!
@@msgatlinburg - Do you think you'll move to a less bustling part of TN?
Did you move to another area in TN?
@@Castleknight And if you move to a less bustling rural area, you are sure to get saddled next to a bunch of trashy hoarders because that's where they live too.....the sneaky realtors will sell you a nice house first, then after you get settled in they will sell the one beside you to the hoarders.
Californians are spreading their crazy all over the country. Fastest way to bring it down is to infiltrate everywhere and work to bring their ideas and change what was once good. Sad, but true.
I feel it. I’m a Smyrna native and I feel like I did well. Went to school and worked in the trades for a few years starting in 2019. Spent all my free time learning software development and changed careers in 2022 working on software. I am looking to buy and with a single earner income of 80k absolutely everything in the Nashville area I’m priced out of. Can’t afford to live in the town I grew up. The only affordable housing is in BFE and would require 1 1/2 hours commute into work one way. Hoping this market cools off soon
The same thing is happening everywhere though. South Carolina, Alabama, Florida, and Georgia, all have increased as well.
Well, the people who bought 74 acres last year next to me have lost their minds. They paid around 220k for it . 40 acres is mountain the other 37 is in a flood plain. They cut it in half and put worst half up for sale at 580k. The drug use in this state is out of control.
They will call some people in California to buy it... " So cheap" was all I heard in Oregon from the locusts from the south....
Land between the Lakes also has Elk. I was there two days ago. I bought my house in 2000, and paid 49,000, next door house (a comp for my house) just sold for 230,000. I am glad I bought when I did.
One factor is no personal income tax, low property tax (one of the lowest in US), and low chance of natural disaster (which means low home insurance). Mild weather also is another factor that ppl want to move here. I am about to move to TX and was shocked by the property tax and home insurance. Wish I could stay in TN.
Coming from CA , I’m very happy I just bought in Tennessee. Beautiful country!
I’m a Realtor in Sevier County, TN and people are coming from all over to buy. Many are done with politics in their home states and others were snowbirds that have decided to avoid the Florida hurricane season all together.
You can thank Swain, Jackson, and Graham County North Carolina for that - we lag so far behind on Telecoms thanks to Thom Tillis that we are just now getting reliable internet. Sevier County, on the other hand, had future minded congressmen like Lamar Alexander so the telecom infrastructure was laid 20 years ago...where as, it is just beginning on the NC side of US441.
I live an Nashville and trying to find a home below 400 is almost impossible. I hate it here and can not wait for the market to crash
Great video…I don’t think the majority of the influx of people moving to TN are moving there for affordability reasons. Therefore, I think any reduction in TN demand (enough to reduce prices significantly) will trail the entire country so long that the shift could begin to take place before it is even fully realized there. They are likely to come down off the peak but will never return to long standing averages with the influx of higher wage earners maintaining a demand ahead of supply. That said, I’ll keep my powder dry for another 6 months and see how this video (and comment) ages. 😜.
This 👆
He does a good job of analyzing the charts, but the charts do not account for the reasons behind migration.
@@TENNESSEE-B I agree, this is a multifactorial dilema. There is still a supply shortage and he is using the P/E ratio as basis for overvalued market. He however failed to dive in to why a market would have such disproportionately priced homes to the earnings of the local community. The reason why is because Sevier county is home to Pigeon Forge, Gatlinburg and the most visited national park in the nation the Great Smokey Mountains. Sevier coins a AirBNb Heaven as the highest earning area for Short Term Rental due to lack of hotel rooms. So yes the homes being sold are all rental cabins at disproportionate prices because they are businesses not residential homes for locals. Knoxville is still affordable and the data is based on wages of US Labor department emphasis on LABOR. As in Employees. We have huge amounts of local businesses and owners, retirees and influx of not just high cost of living state transplants but also foreign countries that come work at the National Lab, University and large corporations that are based here. Our economic drivers are in the top 5 for the nation and we have amazing beautiful land as well as weather that is relatively mild. So in conclusion TN is leading the nation in many ways and that will not result in a housing crash or major correction. At worse we would just stop seeing double digit appreciation and be in the single digits.
@TENNESSEE-B I agree, this is a multifactorial dilema. There is still a supply shortage and he is using the P/E ratio as basis for overvalued market. He however failed to dive in to why a market would have such disproportionately priced homes to the earnings of the local community. The reason why is because Sevier county is home to Pigeon Forge, Gatlinburg and the most visited national park in the nation the Great Smokey Mountains. Sevier coins a AirBNb Heaven as the highest earning area for Short Term Rental due to lack of hotel rooms. So yes the homes being sold are all rental cabins at disproportionate prices because they are businesses not residential homes for locals. Knoxville is still affordable and the data is based on wages of US Labor department emphasis on LABOR. As in Employees. We have huge amounts of local businesses and owners, retirees and influx of not just high cost of living state transplants but also foreign countries that come work at the National Lab, University and large corporations that are based here. Our economic drivers are in the top 5 for the nation and we have amazing beautiful land as well as weather that is relatively mild. So in conclusion TN is leading the nation in many ways and that will not result in a housing crash or major correction. At worse we would just stop seeing double digit appreciation and be in the single digits.
I blame the show NASHVILLE and Jake Hoot🤣
@@kellyhartman2278 You have high income cash flush folks moving here from blue blue states for lifestyle and crime. That is more than just numbers.
Sell now? I’ve got a 2.875 interest rate. And a ton of homeowners are sub 4%. Why would they sell and have to rebuy back into a housing market in the 6-7% rate range? The housing market is going to cool in TN. It already has a little. But there seems to be a lot of fear mongering in this video.
I think Tennessee is appealing for being south of the cold winters and north of the big hurricanes
They get plenty of tornadoes though
Florida too...and we got HIGH taxes , HIGH insurance , Hurricane and FLOODS. BUT TN is way CHEAPER.@@mandydholzer
I was thinking same. And, some pretty cold weather. I'm in Chesapeake, Va. And it's generally warmer here. Very little snow...none this yr., so far.
Brother. Ived lived in Nashville TN the last 20 years. I'm telling you, there wont be a bust whatsover in TN, and especially Nashville. Youre simply incorrect on this bursring bubble. There maybe a slight correction, (so far, its about 10% in Nashville) but the economy is raging in this state and its importing peiple from California and Illinois like crazy. Tennessee is THE draw of the southeast. One company after another relocating to TN, no incone tax, the most visited national park east if the mississippi. TN was wildly undervalued until very recently but the seeds for all this economic growth was planted 15-20 years ago. Im telling you, theres nit going to be a bust in TN. Too many big metro transplants bringing loads of cash in. Im seeing it first hand, bruh.
i tend to agree with your points. are you a builder?
@@ThriftyCHNR negative. just a guy in TN.
Slight correction 10%. Is not slight. The downturn hasn’t even gotten started. Let’s see how that % looks in Nov 23 24 25.
I’m in TN. This is true. A normal $225,000 house are mostly selling for a half million now. It’s rediculous. And people are buying them! A lot of new listing going up lately look like large newly painted abandoned sheds(the kind you put in the back yard). They get listed for $200,000. And sell within days.
A lot of them retired public employees from states like NJ. They cut all their tax bills by more than 50% and still get the guaranteed pension from their state
Just purchased a home with four acres on the Cumberland plateau for $172,000. It was on the market for just one month.
Yes! It blows my mind how people afford this. Where do they work lol. Not everyone has a six figure job and then daycare and vehicles and just living. I have no idea how folks do it
Finally some valuable information on TN and not just Nashville. Keep it coming super helpful. Sold regretfully 2/22 and still searching for another home while renting. Need real time info. And u have it!
TN is ridiculous right now!
mainly due to the fact these realtors all working together buying up any decently priced properties then placing back on market in a couple of weeks….literally nothing hits open market that isn’t 2x or more overpriced what they are doing should be illegal
Properties that are twenty plus years older than when they were bought for about 70k-110k are now in the 190-240k range….20 years OLDER it’s laughable
You talking in areas where most people don’t even make over 50k
I’ve been wanting to buy a house for the past two years have money saved up and everything but I absolutely REFUSE to buy in this market YOUNGER GENERATIONS not going to be in 30yr mortgage as a debt slave
Screw the system I’m retiring and going to work part time at 45 simple as that
Younger generations watched our parents and grandparents scrape buy in debt
NO LONGER IT STOPS WITH US
The right-wing goons on here promote a brutal ethos of unbridled capitalism, and fascistic cultural ideals that justify trampling on others to get ahead. This mutant ideology holds an eroding middle class hostage, rewarding few and chastising the rest--the Amerikan 'conservative' pathology is a grotesque collective narcissism manifest
@@coldsnap999 your more stoned than St Stephens corpse. Guess you wish for someone to think you should get a free home just because your a 'heck of a fella'.
Murfreesboro, TN last week neighbor listed their house $470k, sold in 6 HOURS for $630k CASH. Been trying to buy our first home for 3 years in Tennessee, 77 bids all lost almost exclusively to cash offers.
TN home prices are too inflated, needs to come down drastically.
I live here and it is completely unaffordable. Prices are starting to come down a little, but inventory is still low. Inventory and low unemployment rates are temporarily propping our housing market up, but once that changes this Spring….I do believe we’ll see a big correction.
it is turning into California!
Maybe THIS now IS the correction…
Hubby & I went thru this in the late 80's in CA. We knew then that CA would not be where we would live out our entire lives. We left in 2011 (I was unable to get a job & hubby took an early retirement) and traveled for nearly 12 yrs looking for our final home (while sightseeing the country). We ended up in KY (things worked for us) and don't regret our choices.
Sevier county is an outlier with high tourist areas like Gatlinburg, pigeon forge and the smoky mountains, earnings are low because it’s seasonal employment or hospitality and values are high cause almost all houses are rental properties.
Would be the last place in Tennessee I'd move
What the hell?? A home in Tenn costs 404k? That's ridiculous. Nothing there.
I live in Williamson County in the Nashville Metro. I purchased a home in late 2016 for 725k. I just sold it for 1,450,000.00 . It was on the market for 3 weeks and sold for all cash, 10 day escrow, no appraisal, and no contingencies. Ready for this? Purchased another short-term house a month later in Dec for 558k put 30k in new flooring, paint, etc. Lived in it 6 months and sold it last week for 750k no appraisal, all cash. Closing tomorrow. It has been crazy!
I think you are missing the point that for a long time Tennessee was the best kept secret for quality of life in the country, especially Eastern Tn. No more, people are flocking here from CA, NY, and other parts of the country and still find it very cheap in comparison. They pay cash for the house and don't care a whit for interest rates.
Once they get tired of living next to drug addicted hoarders, they will move on. This state is FULL of those types, especially in rural areas that would otherwise be peaceful and heavenly to live in.
@@reesedaniel5835 Exactly. I was born and raised in middle TN and you couldn’t pay me to move back there. Meth heads and fake, pushy, religious people. Tennessee was high crime back in the 60s and 70s before meth. It’s the only state I’ve ever lived in where we were robbed, more than once. My Dad’s motorcycle was stolen during his funeral in 2011, for God’s sakes!
Yes, it may pause a bit, but it will never go back to where it was.
@@reesedaniel5835 You think that drug addicted hoarders don't exist in Illinois, California, New Jersey? Trust me, they are everywhere
Bugs and humidity. Bugs and humidity. No thanks.
I live in Grundy county. It's consistently ranked near last for household income. We got people coming from out of state building left and right (summer homes). Prices are ridiculous for most locals. We have homes that haven't been updated for 40yrs going 250-300k. With 2 incomes, locals might make 50k if they are lucky. Many are well below the poverty line. Yet, the whole top of the mountain is being destroyed for rich summer homes.
I hear you, I'm over in Sequatchie and they're trying to take every inch of the valley. Keep up with your local politics. If we give any more ground this area we love will be just another housing development.
As an appraiser who works in Sevier County, I think that RJ failed to mention that the majority of the sales in Sevier County are properties that are offered for overnight rental rather than owner occupancy. Also, there was a wildfire in Sevier County in 2016 and a lot of the new construction which is overnight rental is much larger than the properties that they are replacing that burned in the fire. Although the properties may be counted as residential, they may be more similar to commercial properties.
So are you saying many were replaced with larger more valuable homes?
I came
Here to say that, your right, he doesn’t understand that county and why it’s expensive and gone up
You are correct
as soon as air BB becomes heeavily regulated or locals outlaw it because of instability, or people simply tire of the latest craze and having to wash their own sheets take out the trash and clean someone elses property while paying 275 a night... there is going to be a huge deluge of former B&B being dumped on the market at fire sale prices which will help reverse the trend.
We moved to TN from Florida in 2019 and were never leaving. We’re on the Cumberland Plateau and it’s beautiful.
Republican-run Zero Income tax State. Many new California residents have already started organizing protests over stuff like "abortion rights" I used to have to put up with that sort of thing living in Atlanta. I got the heck outa there. I hope they don't ruin beautiful TN. I have 7 acres in Cleveland TN and am considering selling.
Rest assured, they will ruin it. They shit on everything they touch. That's the disease of "liberalism".....
Doesn’t Tennessee still tax food?
The California invaders expect the locals to adopt their lefty views
The price may go down, but who is gonna give these young people 3-5 years of their life back? Impaired family formation, lower quality of life, and fewer children born -all because some rich person wanted to earn an extra $500 in rent per month. Enjoy the grandchildren you'll never have. And if you do, yours will have no one to grow up with.
No, all because the government wanted to keep interest rates artificially low forever, so that their asset and stock prices could wildly outpace "normal" inflation. The criminality is at the top, and deficit spending is the root cause.
@@CaptainCaveman1170True, but who do you think those government people work for?
@@AB-fq4mr Not for us, I can assure you.
@@CaptainCaveman1170 czcams.com/video/hk9S_o4LW94/video.html
@@CaptainCaveman1170 "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...." ~Thomas Jefferson
I can't speak to the rest of Tennessee but I've been a property owner in east Tennessee for over 20 years and sold a lot of my property in the last year because I saw the peak. And I can tell you why our market has exploded. People, particularly conservatives, are heading to the hills and east Tennessee is the "red" hills. Not to mention, our property values were significantly undervalued until recently. GO VOLS, LOL.
It's true. MANY Conservative "refugees" are fleeing the blue zones (they didn't create but got stuck in). It will balance out and the speculators who are trying to capitalize on this migration, will sell after the tide turns again them. Then the time to buy or buy back in, will arise. Nice job on your timing.
We sold in Maryville in 2019 at a great price to go to Pensacola FL for work, but heading back home to Tennessee soon because I can't stop wishing I was on old Rocky Top!!
Hello neighbor. I sold a place in East Brainerd and 2 places in South Chattanooga at the top. Im hanging on to my 7 acres in Cleveland.
Exactly. Blue state refugees
@@HomesteadForALiving And these demotards are like gypsies. When they muck up one camp, they pack up and move to a nice area and muck it up too.....
You failed to take into account replacement cost. We do have a bubble in a few areas, but our prices are not going to drop that much. I've been a builder here for 30 years. We were underpriced for a long time.
8th generation Tennessean here. I can concur that the market is insane, I just sold a over grown zero lot for 30k. I'm just saving my money until it crashes then I'll be shopping l.
I've been a residential builder in rural TN for along time. Middle Tn. I remember when home prices broke 100$ per square ft. I thought "Holly Shit" Now even in rural areas 200+ $ /sqft. This shit is ridiculous. I don't know what young people are gonna do. It is what it is, but it's a mess.
It will come to violence eventually
@@coldsnap999 ....or there will be a big economic correction and prices will fall.
Hi sir I live in Knoxville area . Do you still build houses now ? I’m looking for to build beginning of next year
Tennessee's best days are behind it, you can bet your ass on that
Very true...makes me sad...anywhere you go you hardly ever hear our dialect anymore
@missdeeva2266 That's for sure, sometimes when I'm out I think I must have fallen asleep and woke up in Michigan or some damn where
Our local officials in Coffee County used this quick boom as an opportunity to increase our property tax last year. Nearly a 30% increase!
All part of the plan....
@@reesedaniel5835 Ok Q...
Freaking insane. Doesn’t help that here (Bedford) there are places selling well over a million that should reasonably be priced 300-600.
I live in Upstate NY. I can tell you that many many folks are moving out of NY for southern states like TN. It drives up purchase prices and taxes in TN, but with fewer homeowners and businesses in NY, the state almost tripled property and school taxes to make up for the loss, making it harder and harder to survive here. I want to move out too, but where would I go that's not as bad as here, or worse than here? The damn Desert? NO. Just. No. Florida is just as bad. My brother bought a 50 year old mobile home with the lot for $8000. Refurbished it himself, and sold it 2 yrs ago for $87,000.
Same in WNC!
You have my sympathy. Where my wife and I live in northern Michigan, the locusts from Chicago, California, and New York are coming in jacking up our real estate prices. They need to stay where they are and not screw things up for natives.
You're talking about Native... Americans? Nah, of course not.
If we don't support the politics of those leftist areas which are drowning in debt and taxes are skyhigh, why should we be forced to stay? Would YOU want to live in Shitcago or LA?
@PsyQ they have their own reservations
You are missing the reason TN is so solid. It is a conservative refuge, low taxes, low crime, great people, great leadership, awesome climate.. There is no bubble to pop!
Low crime my ass! The crime rate in TN has always been high in my lifetime and I’m 62. I think it’s ranked 4th in the nation for the most crime.
Low crime? Nashville has a Democratic mayor like most metro cities.
Stepdad was with the Robertson country sheriff's dept for 16 years. Not exactly what I would call low crime. It's a lot of crime that is t portrayed as "real crime" like the big city/ghetto, but it's there for sure. Crazy amount of domestic violence.
I suppose Mississippi and Alabama are also conservative refuge with the worst life expectancy in the nation all republican leadership. Stop it. We aren’t here to play politics we are talking about housing market and simple economics
Lololololol
Thanks!!! Since snap force is subscription only, i screenshot your maps. We are currently looking to buy, and either
A: pick a dark county and offer half
Or
B: pick a light colored county and pay a fair asking price.
People would rather pay for freedom and live in a free state. Large number of people and businesses are moving from blue states to TN. Centrally located in the southeast.
Excellent analysis! I have been looking at houses in TN and I came to the same conclusion: gross inflation and no value.
I owe $200,000 on my home in nor cal ? On an acre! An hour and a half from Tahoe.. just got back in March from Nashville looking at homes with property. Just trying to stretch my dollar in retirement. What I saw for the inflated prices? I laughed and got back on the plane and came home… the first thing out of my mouth was !! I’ll wait to it crashes then think about it. Numbers aren’t there yet for me. Then this video pops up… wow was I correct.
I bought a brand new house in Nashville in May 2022 for 385k at 3.79% and even though I know the price will fall I don’t want to sell it because of how low my interest rate is.
Bro mine was at 2.25% in 2021 peak refinance time. VA loans are like 2.5x that now. I am never going to be able to sell bc I will never get that again.
You can always buy down an interest rate by loading up the pts on back - you pay several thousand on the closing but you save that in your 1rst yr or 2 , after that you're good to go a a lower rate.
10 months later, housing values here are still strong.... and growing.
Great video. I understand how the influx of people drives up demand for housing...what I don't understand is why the OUTflow of people towards the "Zoomtowns" didn't leave a demand vacuum behind in the places they fled from. Prices went up almost as bad in the states that were (and are) losing population. There's been a decent retracement in those places since, but not nearly enough. LA needs to shed another 20% easy. Las Vegas...40% to make sense.
There has been a large influx of foreign investors and "I Buyers" who don't seem to understand the population shifts or even care for that matter. Since Clause Schwab wants to put a billion people here I believe they will start shipping them in.
@@BucketClinger There's gotta be A reason like that because the migration math doesn't add up. I wouldn't be surprised if the administration shipped 1000's of the wealthiest Ukrainians over here, spreading them out all throughout the country and labeling them "down and out refugees" (refugees that can afford Mcmansions and G-Wagons).
I think there is also price fixing across the country through online services that cause real estate agents and landlords to move in unison and even hold back inventory to ensure prices stay high.
@@zwatwashdc that’s it! But for how long?
@@yvonnemitchell9381 it would probably take a serious and sustained drop in demand. Agents and owners need to feel some sustained decline in income. Right now they are enjoying the easy money, and they will fight to keep it. When demand returns, however, the fixing will start again because the tools are well established in the industry now. Government seems like a willing accomplice, so consumers might have to lean into a serious buyers strike and come up with alternatives. In my opinion, the key problem is that everyone wants the boomer life, but haven’t realized that it is out of reach for most people. Millennials probably won’t be able to break out of the mold. So we have a ways to go.
Well I met two families this week alone that were from Reno and Cocoa Beach.
Both said the same thing they left the areas because of the people and influx of crazy. Very nice people and they wanted away so they come to TN. I’ve lived in KY, WV, and OH and I can tell you almost everything is better in TN.
I’ve been all over the country in every state and TN has the friendliest people, best food, best scenery, great roads, good education.
I don’t see the housing market crashing here. I meet people all the time from NJ and NY and CA. They want out.
There is a huge migration from the left coast and above the Mason-Dixon Line.
I am in sales and literally every industrial plant I go in needs people and can’t find them.
I purchased my ranch in 2020 and remolded it and it’s worth more than $125K than I paid.
Prices may dip because of the national landscape but they will rise again .
There are all kinds of so-called experts out there with an opinion on what’s going to happen they are just rarely are ever right.
We run an A-E firm here in the Sevier county area and we still can't keep up. I am doing engineering while my wife is doing architecture. My house is now appraised at 50% over what it was before all of this.
I live in Sevier county. Bought an old house on two acres ten years ago, paid 65,000. It's worth more than 200,000 now and I haven't spent more than 10,000 on renovations since I have been here. I believe the property value in my county will continue to hold it's value for quite some time based on the availability of rentals (including apartments). The builders can't keep up with the growth. Sevier county is also a tourist hot spot. The growth in that sector is amazing. Because of all the tax revenue generated due to tourism the county property taxes are the lowest in the state. God bless Tennessee. And go Vols!
Yes, and you get fentanyl, poverty, poor job market in Tennessee at no extra charge
And at twice the price. No thanks lol
@@silentrunning9847 so true..... and plenty of trailer parks to beautify the landscape too
I would bet that NONE OF YOU are even from Tennessee!
Yes please don’t move to tn… it’s terrible here 😉
@@Aikynbreusov And don't forget all the HOARDERS!!! TN IS FULL OF THEM!! In rural areas every 3 or 4 houses there will be a JUNK PILE full of vehicles, swing sets intek pools, dog pens, trash, junk etc with some idiot living there completely oblivious to the misery he is causing his neighbors and the community. What's really FUN is when you have a couple of nice houses for sale side by side and you buy one of them and get established. THEN a family of HOARDERS buys the one beside you and you watch the hoard escalate and grow each year like a mushroom. Whatever crap they leave in their yard STAYS THERE FOREVER and only gets added to with MORE CRAP. And then YOU ARE STUCK! Because nobody will buy your home no matter how much sweat equity you put into it!!
Moved to TN in spring of 2022. Paid way more than we wanted to but had to. Conservatives flocking here, west coast buyers continue to come in. Listed my house in Williamson County for about 4% less than I paid at the peak and discounted another 1%. Sold it in 4 days. Florida is even worse than TN right now.
YOUR part of the problem
Rent and home prices are through the roof in East Tennessee right now. There are people with money coming here and buying or renting just for temporary residence while they have something built. It's driving prices up every where.
I've been in Knoxville for 13 years now. Was super blessed to buy a new home in 2019 for 136k. I recently sold for 221k. Used the cash to start an aggressive investment that's getting 16 percent. What's disgusting is there is absolutely nothing I can afford due to income being stuck in 1995, and the 250k houses are condemned shacks on a 1000 square foot lot.
Sevier county is Gatlinburg and Pigeon Forge driven. There was and probably still is driven by people investing in the very tourist hot rental market. TN is a halfback state, the NE folks moved halfway back from Florida. I bought in a small town in 2018 outside of Knox, it was very very cheap. It has not appreciated as much, so probably not going to go down as much either.
I live in this area and houses are still super over-priced and people are buying !
I'm a full-time Realtor in TN. You're missing two huge reasons TN housing prices will not see the collapse experienced by Austin and Phoenix. 1) With the advent of Covid and work-from-home options, many flocked here from high tax states to buy up relatively cheap housing WHILE still earning higher incomes from the states they fled. They're still coming. 2) Land in TN is getting scarcer. Scarce land = higher land values and higher building costs. As long as buyers flock here, prices will not go down. New construction will slow, and with reduced availability, prices remain stable or higher. Why are Phoenix and Austin different? They're run by liberal politic, which always raises costs. ( They demand more amenities.) TN, FL and the Carolinas are still run by conservatives and thus not as prone to provide expensive amenities. TN has the second best bond rating in the country. Our politics believe in a balanced, conservative budget.
Crunching numbers is one thing. But when you add the human element, the outcome can be way different.
Yes, it may pause for a few months but the trend is up. I've seen about a 5% decrease in sales prices where I live and houses sitting for months that was unheard of a year ago, so there is a slow down happening
Just sounds like a realtor panicking lol
completely wrong analysis designed to pump houses. 1) all the tech workers moved to tn for qual of life) there is still the same amount of land in tn there has always been, its not scarce. It may be temporarily more expensive. When overbuild low quality areas and homes cant find buyers the prices will crash hard, and those left holding the bag will try to sell while its still worth something to avoid being wiped out. 4) when most of the population can no longer live in the towns and cities they have lived in or afforded, the prices will collapse without a major draw- say, like hawaii. Even high end cities like santa barbara, san francisco..hell even boise are seeing price declines of 20-30%..what makes you think nashville is some kinda special? its industry? i mean how many waiters and future musicians can afford 500K houses? not many- and with screwed up school unaffordable benefits and regressive policies thanks to a redneck government when people from more enlightened areas realize that you dont get parks, eldercare, public transport or decent schools to say nothing of womens healthcare... they are going to become disillusioned with your extremist right wing vaccine denying ways...stop deluding people so you canpump adn dump more overpriced houses
@@danf4447 If wealthy people keep coming from other states, it doesn't matter how many poor waiters there are who can't afford the million dollar homes. The inflow of outsiders will continue to support sales. You sound bitter LOL...
I don’t believe Realtors, they will tell you anything to make the sell! Your Analysis is true but you forgot to mention remote working and layoffs are causing forest sale!
I agree with your overview, born and raised in ETn, housing market is way Over valued for last 1.5 years, now end of March 2023 I'm seeing house pricing come down. I would hate to think I paid more for my house last year, NOW same house is selling for less
Used to joke about $250K trailers, but that's reality now and the joke is $500K double-wides.
That is realistic pricing in Southern California’s inland empire
I have talked to friends who are Realtors in Florida and Tennessee. They have already sold all the properties they own and are renting right now. They said they're waiting for about 18 months before they even consider buying again.
They most likely won't ever get the chance. They should hve held onto at least one property. They shot themselves in both feet. The underlying agenda with all this inflation is to make us all homeless.
Not the smartest Realtors, selling to rent? When rent right now equals the price of 3 to 4 mortgages? Seriously?
@@lgtvstick368 That's why they have more money than you. They understand how it works and you don't. They sold houses that have gone up by almost 100% in 5 years, taken hundreds of thousands of dollars out of their real estate portfolio and are paying $2,500 a month in rent while waiting for the market to drop so they can buy more houses and do it all over again. But YOU know better....right genius.
I've been looking at Tennessee already for a year. I want to leave New York so bad.
So the bubble is about to burst? This means it will go down 30% after increasing 100%? Oh boy!! Affordable!
Also, such a click bait post title. “TENNESSEE IS SCREWED”. Congrats. You got me.
TN isn't all sunshine and rainbows. Job market is poor, wages are low, a lot of poverty, racial issues, high crime areas, meth epidemic, etc. There are awesome places to visit in TN, but i personally wouldn't want to live there. It's like stepping back in time, and that's both good and bad.
You must not know much about TN. Racial issues? Give me a break. There are few states safer and the people extremely kind. Try spending some time in the area.
You are correct about TN wages being low for how high the cost of living has become. There’s poverty but nothing worse then what I’ve seen in California. Is there a drug issue going on yes it I’ve seen that in many states. The people are so kind for the most part in east Tn.
TN has beautiful countryside and I haven’t noticed any racial division. Black and whites live just fine together in the same neighborhoods. Are there a few rednecks that can be stupid? Yes! However stupidity can be found in every state.
@@chays19751 Few states safer? You have the 4th highest violent crime rate in the nation, lmao. I've spent some time in TN, i think you're the one that needs to travel.
I live in Scottsdale so clearly I travel quite well thank you. As for crime rates those are population based and on the far West end of the state a leftist city is included that no one even wants to visit and that’s Memphis. Does Compton define CA? No! The rest of the State is amazing. Nashville, Knoxville, Chattanooga, and the tri-cities are destinations as this video shows. I wouldn’t move back to St Louis but that doesn’t make MO a dangerous state. You went to Nashville for a bachelorette party I’m sure.
Haze, Your assumption would be incorrect. I live in east Tn and originally from California. I don’t need a lecture and I don’t care if you are well traveled. God bless and have a good one.
I cant fathom how Macon County became one of the most unaffordable counties in the past 10 years. I graduated in 2001 - and everyone was on the Free Lunch Program because Macon County was so broke.
Edited to add: Trousdale County had a 5,000 bed Prison built in the 2010s - which would also cause the 50% population increase, so while the numbers don't lie - Trousdale County hasn't really grown super economically but Macon County has.
Very good info, I have half a dozen friends move to TN over the last 5 years and they keep pushiing me to move down there. After this video i'm definitely waiting.
Stay " U:P there" please......
@@ricksmith4736 lol
Besides the " Go Biden" signs in their yards...
@@ricksmith4736 I thought most of the people moving there were republican looking for less restrictions, land, and animals. Am I understanding it wrong? 😅
We're full especially for anyone up there or west coast
Same will happen here that happenEd in Florida. Average person will get priced out. Won't be able to own will be forced to rent. Properties that have been in families for GENERATIONS are being sold off to investors.
Protect our FREEDOMS careful who you sale to. Your greed could cost your children dearly.
A crash in tn cant come soon enough... it truly is not a joke that properties have literally doubled in price in just a few years here... complete insanity...
I wouldn't necessarily say there was a housing bubble, more like a price correction due to decreased demand.
Does this take into account the ratio of rentals purchased to residences purchased? Lots of houses there are only owned as a seasonal rental unit. That will decidedly increase individual values, even in primary residences.
Hey RJ, it’d be great to see an update to this video on TN! Thaanks, love the channel
One of the things things you didn’t mention in your video is one of the main reasons that people are moving to Tennessee is because we are still free-In a lot of ways that other states are not. Tennessee is a conservative very red state and during the lockdowns, we were not locked down And the attitude is very different here. We are being flooded with people from other places, and the main concern among many people here is they will change the atmosphere that keeps us so free, and the these newcomers will bring their beliefs and politics with them, and cause Tennessee to become like the places that came from. I have many friends in the California West Coast area, and I find that they have changed in the way they have viewed things before the lockdowns and now find the thoughts and way of doing things in places like Tennessee much more desirable. So, hopefully, these new folks will come in and acknowledge that and try to preserve what made this place the way it is that caused them to want to come and be a part of us. You didn’t mention Chattanooga -Chattanooga has one of the top 10 fastest Internet systems in the entire country, and the cost of living is much less there, even though housing has indeed gone wild. I own acreage and my property has more than doubled in value, but I’m holding onto it because I don’t wanna leave my state and if I go to buy more property after I sell mine I’m still going to be looking at huge prices. The Sevier County Gatlinburg, Pigeon Forge area has always been more expensive than where I live And it is super expensive and Nashville is also.
The reason people want to come to free State is to be free! Unless they are activist with an agenda To infiltrate and change the politics so watch out for those kind of people otherwise be accepting. Most are coming with Red Vote and with your money
My house in middle TN is apparently "worth" about 2.5x what I paid for it back in 2012, and I'd sell if we had a 2nd home, but, well, we'd need a place to live and that's tough around here, so we'll just sit back and watch the world burn until things have burned down enough for us to move to a house we like better.
I was warning that this would happen in TN last year. They did not want to hear it. It will get bad this year and next. Just wait.
Just had two houses go under contract down the block in less than a week. One at $300 sqft and another for $400 sqft. We’re bullish
More like bullshittish
I’m glad we didn’t over pay for our home. We are an hour east of Nashville. We came from WA.. wanted more land for gardening and farm animals. Tried looking in Idaho and it was even more expensive. Glad I’m in TN though I love it here
Please don't vote for stupid people. Nashville is already lost.
Honestly I hope it does collapse, then maybe these people from DC Jersey New York , California Chicago Michigan might go back where they came from.
The trash along the roads since mid 2020 have exploded
Amen!
I honestly dont think itll help much, they will still keep coming. A lot of folks moved to TN because their state was ran so bad. Or brutally locked down for 18 months and their children suffered immensely. It isnt even about money for many.
I live in E TN (moved here before it was cool) and worked in the mortgage industry in 2004 ( southern CA) when the avalanche was just starting. Ppl keep saying "this time is different" to them I Just said 🤷" we will see" it took a couple of years last time for the whole house of cards to tumble.
YOU are part of the problem....
I live in Cleveland TN born and raised. I swear to god in 2020 I moved to Cali, couldn’t afford to live there so moved back at the end of 2021 and the cost of living suddenly was just as demanding in my home town. I can’t find a job that will pay any rent in this town. I mean god we barely have housing for all the younger population. We’re paying our last dollar to live in a shitty duplex with bug issues we can’t control cause our neighbors are nasty. We can’t find anything decent for less than $1000. Groceries are outrageous too. We are living off soup, frozen dinners, and ramen. We aren’t living we’re surviving but can’t maintain this long. It’s just horrible cause we can’t move for the fact we can’t afford to save more than our change in a piggy bank. I hate the current economic state everywhere
I am a process server in TN
Every single neighborhood I drive to people are selling trying to cash in
But the politics will keep people coming as they flee states like Illinois, New York, Pennsylvania and California.
"Fleeing" you mean the few n*zis left are engaging in white flight
Can you do a Florida deep dive
Yeah we're being overrun and the prices of land and homes.
Still no crash in prices here in TN. It’s definitely slowed down but far from a crash.
IM THINKING OF BUYING A TINY HM IN NEWPORT,TENNESSE.SINGLE NOW AND DONT WANT TO TAKE CARE OF A BIG HM ANYMORE.SO I THINK TENNESSE IS STILL A GOOD FIT FOR ME.LIVED IN FL FOR 28 YRS.NOW ITS WAY SO EXSPENSIVE AND HURRICANES ARE GETTING MORE DANGEROUS
As a native Floridian myself, I totally understand the appeal of Tennessee.... FL is unaffordable. My parents are actually planning to retire by selling their home in FL (still have mortgage) and moving to GA where they can get a place, a small manufactured home, paid off in full. Its nuts down there. Traffic too.
Tennessee is becoming tornado alley. The grass ain't always greener so stay in Florida
You also have to factor income tax rate and property tax rate into affordability....That's often missed. Ohio home prices look low, but the real estate taxes are very high and income tax is high. Those aren't included in mortgage P&I payments.. Southern states have low income and low property tax which means you can afford more home price....
Very true. It can be 5 to 10K less per year than OH. That adds up over a decade to a big savings
Born and raised in Nashville. Bought in 1984 and in 1999. Not leaving.
Ok
I’m in Chattanooga. It’s been insane here.
It only affects real estate agents and people wanting to sell in the next couple of years. No one else is screwed.
Or people HAVING to sell. What happens if we go into a deep recession and jobs are cut?
@@Wartrace good point.
Well the people who can’t even afford a house anymore AT ALL are really the ones that are screwed…not people selling 3x over what their house is worth over the past 2-3 years and making bank
@@jomr4249 prices are going to drop, they always do.
@@davidwelty9763 They are never going to drop down to affordable for the majority of people from TN…there is too much demand. We are really the people that are screwed (the people who didn’t yet own a home before this). Not real estate agents.