Home Builders In MASSIVE Panic! FIRE SALE!
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- čas přidán 25. 07. 2024
- Are New home builders are running to sell their inventory and dump their lots? Many are struggling as mortgage rates have pushed buyers out of the market. Yet, many are still selling. So what gives?
#homebuilder #crash #housingmarket
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This happens when there's a glut of new construction, first it kills the resale market, then later, the new construction starts feeding on itself.
@@rockingredpoppy9119 It's pretty much killed the resale market in Kyle.
@@matteosummer79 How long do you think it will take to recover?
@@rockingredpoppy9119 I wish I knew!
THEY NEED TO LOWER PRICES. Nobody wants an overpriced home with $100k of cabinets and door knob incentives if the house cant sell for that price again for 10 more years. The market is telling us the prices are too high, and the "incentives" arent working bc people arent dumb, altho the devs think they are
What an absolute scam they are trying to pull on texans
Thank you for the market update.
@@samsuner absolutely!
Great video Jeremy as usual.
Those are very interesting numbers, thanks.
I do not look at year over year when it comes to builder permits, I look at pre pandemic levels. The numbers have to go down yearly because what builders did the last few years was crazy.
As mentioned, builders can get a different price than a year ago, but I assume the costs of building a home do not go down similarly.
I can buy a home, but I don't know if this is the right time. If we get a recession after the election with a 6% or 12% U-3 unemployment rate, many people have to sell their homes in Austin no matter what.
Austin is more of a one-sided tech city and not very diverse like Dallas. We will see if that is an advantage or not.
Will we see a recession?
If yes, a lot of things will change, if not, I do not expect massive changes.
@@stefanforest7582 🙌
In less than 2 years there will be a shortage of new construction due to Builders pulling back. Prices will then once again rise. Right now is the best time to buy.
Austin is similar to San Antonio in that there is 1 vacant quick move in home per 700-800 residents while other similar sized cities are Baltimore 1 per 8000 residents, Riverside 1 per 3100, Vegas 1 per 3400
If i wanted a home now, id offer them $100k under ask and demand the $75k incentives. 😂
We looked at couple of neighborhoods and builders are not in a hurry to sell houses where the construction has not started. They do have incentives but nothing is negotiable. Are you seeing the same?
Hey Jeremy, thanks for the videos.
We are headed back to Austin after our stint in the east coast.
What are some good zip codes to look at? I have to commute into the domain and would rather not spend over $700k
I know a few people who live in new-er housing developments (2015-2020) who are having major quality issues with their homes now. Do you have any local developers you think are above reproach? How do you advise buyers to avoid "lemon" houses?
Having a good inspection helps, yet isn’t the only way. We’ve worked with so many builders it’s easy for us to know who to look out for. It all comes down to the project manager.
This is really really bad for buyers long term, if builders aren't building then as people buy houses we will see a big supply problem.
But, it I say you should buy because of this…. Then I’m a sleezy realtor… but, it’s a great time to get a “deal”
@@JeremyAKnight and you get taken out of context by newsweek
@@ehren5347 indeed.
It's a cycle. They overbuild, then underbuild. Then overbuild, then underbuild.
Builders are awful about predicting the market - they always react after-the-fact at least in part because the pipeline for product delivery is so long.
I think it depends on what happens after the election. Right now, the government spends money like during a war, which is one reason why the US is not in a recession.
Is it sustainable? I do not think so. At one point government spending has to go back to a reasonable level.
The housing market in Austin may get a big hit if we have a 10% official unemployment rate. If we do not get a recession... and that is also possible, I do not think Austin can fall another 20%.
More and more people may move to Austin again if we not get a recession. Currently, Austin itself is losing people for the first time. If we get a recession, Austin will lose a lot more people due to the affordability issue. This will hit multi family landlords the most.
Hey Jeremy! are you looking for a video editor for high quality edits? let me know, I can help.
You keep saying "tons of incentives" - can you explain in more detail what type of incentives are being offered by the new developments? Aside from percentage points, what is being offered (and are any not worth the hype)?
Every one is different. The one that’s helpful is interest rates under 5%. I saw one 6% towards closing costs. Money off the price.
Austin and areas around Austin are way overpriced
Why do you say that?
@@JeremyAKnight Statistics say Austin is very expensive. I’m surprised you asked me why I say that.
@@fayejordan175 have you actually looked? Or, just followed the headlines?
@@JeremyAKnight Both
@@fayejordan175 If you truly want overpriced, try looking at Denver, CO. Austin is nowhere near that comparatively speaking.
8:22 'we've only seen prices go up'.....just a few minutes later you show us completely empty lots and devs begging people to buy
Its all fake