January 2023 Housing Market Update
Vložit
- čas přidán 9. 09. 2024
- The US housing market continued to cool in December as housing inventory and days on the market rose whereas pending home sales remained below 2017 through 2021’s levels. In today’s housing market update, I provide a summary of what happened in December with the US housing market from Realtor.com and how that compares to 2017-2021. Enjoy! Like and subscribe!
➜➜➜ Get Connected To a GREAT Real Estate Agent in Your Area
homeandmoney.c...
Compilation of Housing Market Forecast videos:
• Housing Market Predict...
Source of Realtor.com data: www.realtor.co...
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.1% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
----------------------------------------------------------------------------------
Products I use and like: ad
Tubebuddy www.tubebuddy....
Virtual Assistants (video editing) bit.ly/3lYRujQ
***
Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com
➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about personal finance & real estate related topics, please subscribe & then hit the bell notification here ➜ bit.ly/31kAR73
➜ PLAYLIST: Videos about Living in Sacramento
bit.ly/2TkXZSh
Royalty Free Music from Bensound
Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty One Group in California under DRE 01923240.
#realestate #housingmarket #homeprices
Please SUBSCRIBE HERE bit.ly/31kAR73
Products I use and like: #ad
Tubebuddy www.tubebuddy.com/jason808
Virtual Assistants (video editing) bit.ly/3lYRujQ
Looking to buy or sell a house in the US? Get Connected To a GREAT Real Estate Agent Here:
homeandmoney.com/jason
Buyer FOMO is over.
On another note. Love how many new listings have the "Zestimate" deactivated in Zillow. The real estate crooks trying to "hide" historical "data". Buyers beware.
Yes. I have seen the same thing happening since 6 months ago
@@blakejohnson3864 fomo is still crazy here in st Louis mo. Stuff still flys the first weekend
@Blake Johnson certain markets are slower to the crash I've noticed too. Mainly in the South like Georgia and Florida, but they're next up. As California goes ...
@@blakejohnson3864 FOMOs are on a leash now. They just can't affort the monthly payment. If you lower that, they will flood the market overnight!
I have seen some listings where zestimate is below list price. Even Zestimate has caught on but some stubborn sellers have not!
Simple Math : How many Americans can afford or qualify for the average priced home of $425K ? You would need a sizeable down payment. 700+ credit score. $100K+ income. Maybe $125K. Very low credit card debt. Only a fraction of current Americans fit that scenario. The "Cash" sales are over. The millions of slugs that left the blue states have now dried up. First time buyers can not get near that new home mortgage.
At 50, good employment history and future, with a good amount of wealth tied up in funding a retirement a decade from now and would never sign for more than 250k for 4 bedrooms at and a roof at 6% if I were selling a 200k 3 bedroom at 3%. My mythical oldest kid would be living in the basement. Income for that 42 year old earners, family of 4, needs to be $180k or more for $300k houses while also funding property taxes, retirement and property taxes. There just are not that many $250k/year couples not living in the insane markets who can sign at 6% for 30 years without a sign that a 4% mortgage will return again.
You can thank the 💩 Brandon Administration.
It doesn't work that way though. People leave the cities that are not attractive, for attractive places to live. What's attractive? Where work pays well, and where the weather is best...or both. Building is usually restricted in these areas, and the few buyers will find a way to qualify and get in if they really want to. It's a vicious cycle, with very few interruptions. We saw a major one in 2009, and many thought we'd see one again this year. It's not coming. Sellers simply won't sell their homes, and builders aren't going to dump $300k of materials and labor into a home for a $30k profit, or whatever. They will simply slow down the building process, and sell for a profit slowly over time IMO.
@@wreckimthe smaller general contractors in the 1970s-2000s built houses just to keep their companies and their quality subs in food and heat multiple times per decade as there was business cycle that everyone expected. That is part of the risk reward cycle. The regulatory barriers to home building have to be lowered to make the affordablity of housing most of the US needs.
Bought 500k, no credit debt, 100k down, got 5.75 and 8000 off closing this month renovated 70s home in good neighborhood and my wife and I make approx 125k we can swing it as our vehicles are paid off and it's a neighborhood where houses don't sell until people die.
Will report back in a year if I regret the decision LOL
Couple says to the Realtor at Open House : "Nice place......but we want to look at houses $100K cheaper."
Realtor : "OK - we'll meet back here next week."
love it
@@njerseydavid You mean a couple of morons lol
Tampa inventory up 171% yoy, watch them prices fall 🎉
Finally!¡
Prices are crazy but what I don’t get is how people can afford a 400k home at 7% interest I bring home 120k plus have no vehicle payments or no other debt and my current house payment is below 1000 a month and with three kids and the cost of living I can’t afford that kind of payment for a new house in this market am I alone
You are not alone! I look around and see people spending like crazy here in California. It's just me and the wife and we are looking to move. Make similar money as you and when I do the math
25% down payment leaves a huge monthly payment. Not worth even considering because we would be house poor.
$400K at 7%>> ~$3000/mo
3 kids>> ~$4K taxes
My property tax on my $400K home is under $800/yr
$400K is 3bd, 2 bth 2500 sqft + 2bd, 1 bth 1000 sqft ADU on 1.5 acres
The FED literally said they were going to slow and crash the market I don't understand how people still think they can somehow beat the FED lol you can lead a horse to the water but you can't make it drink.
Fed will Win I guarantee
When did they say that? And when are they planning on crashing it?
@@Casper847 Powell indicated that it was time for a housing price “reset”, and a few Fed officials came out and said that we may see a 20% decrease in home prices.
How about the houses that get relisted over and over again, does all that time get factored into time to sell?
In IL we have sellers sitting for 100+ days on market living in 2021.....im talking houses that need 50k in updates that are 100k over priced its laughable......no more lines of unintelligent buyers with a low rate to back a poor decision.
Have you seen the prices in Mchenry county? Who wants to live in a place like Marengo, Poplar Grove or Harvard where there isn’t anything to do and hardly any work that pays enough to live in these way overvalued cities 100k for a house is a lot for people that live in these cities but 300k now that’s just banning local youth from living in their own communities
@@maxswagcaster5315 Hey, yeah Mcherny is laughable as well but properties that haven't been touched since 2005 with tiny lots and need pretty much everything are like 385k. Not sure who is buying these houses still but I guess people really want to buy an asset that was worth 250k a few years ago for almost 400k....at least the property taxes are better than in Lake County but I'm sure as all these houses are reassed people mortgage payments will go up 400+ a month thanks to all the over paying by their new neighbors...IL is overall is pretty miserable place to live so it's crazy to think a normal house is 400k and property taxes could be 14k a year.....why do people live here hahaha I know I want to leave.
Thank you Jason as always providing heaping helpings of actual value and education unlike your competitors on CZcams. Your content is so valuable.
I appreciate that!
Question for realtors (and everyone) my sister will be representing me btw. So homes on average are 200k more than 2018. 150k more than 2020 plus interest! Don’t get me started on 2016/17 when I wanted to but but was advised the market was crashing lets say 300k more than 2017…. Ok so if I literally offer 100k less than asking on every home (back to 2021 pricing but still higher interest) will they get offended? I feel like I should be offended that Im getting asked to pay 200k more than 2-3 years ago after a global shut down. If anythibg it should be cheaper than pre covid bc working folks lost money. Only gainers were super rich or those who left to collect govt assistance or who flipped homes and played stocks correctly.
Zillow and the like are mastering prices that are simply not true. Just because a house got sold to 550k to a person that came from Bay Area for instance, doesn't mean that all the houses around are at the same quality and they will sell to the same price even though those people in the same neighbor will ask for same crazy value.
@@alexandruiavorovschi9205
I live in a cookie cutter subdivision, they're all the same.
all built in one year, 100's of houses
Your updates are truly a must watch! Love it!
Actual facts and statistics, well organized/laid out, easy to understand. Contrast this with folks just blabbing. Great video!
Widespread accessibility to cheap debt is the greatest fiscal threat of our time
Statement of the decade!
What about the unemployment numbers, lower $ portfolios, and those people that bought airbnbs (from experience staying in over a dozen this past year - I noticed quite a few hosts do not have pride of ownership and got used to just giving you a lockbox code and not wanting to be bothered. Running this type of business should take people skills and business acumen for sure. I believe this business is directly effected by the market and we're seeing some insightful numbers on this already) and those Sellers that took off their homes ready to list in the spring.? This seems to spell: "Inventory" - I think we're going to see it coming on soon along with lower prices.
Thanks Jason for all the videos!
Btw I was expecting Jan 2023 updates but you presenting Dec 2022 report? Did I miss something in the video?
Edit: I am particularly interested in Jan data because I am hearing from multiple realtors that the buyers are coming back in big numbers atleast in NoCal
Those realtors are pulling the wool over your eyes, were not even half ways through January lol what data do you want or expect to even have ?
Since intrest rates have dropped, slightly, the fomo's are back at it. Let them fall of that cliff
I don't really find this news to be all that surprising. When you compare year over year when the rates were 3% to now when they're over 6% what did all of you think was going to happen??? Down 36%. Yes, why wouldn't that be the natural order of things? You had a pandemic boom in home sales coupled with low interest rates. Today we have no pandemic and double the interest rate, so what did you think was going to happen exactly? Was the thinking that sales would go up? No, that would be a stupid conclusion. Did you think sales would be the same? No, that would also be a stupid conclusion. Did you think sales would go down? Yes, that makes sense, duh.
you are very rational (like I am), but the market is not rational. If people will be scared by , say, inflation, then they will , probably, think about buying a second house
Soggy Saturday Stats with Jason Walter! Stay dry brother & Coffee Cups up ⬆️
Happy Saturday!
Prices are tanking in Fort Worth!!! Let’s goooio
aaaaand welcome back! ;)
Good morning!
@@JasonWalter1 top of the morning to you! ☕️
Jason, what percentage of homes are not owner occupied? Do you think there will be in an increase in those listings? Thanks!
Great video, what’s up with Milwaukee’s market going up so higher?
Market is doing fine east of the Mississippi
Anyone know why Redfin data is not available for 2023? Only see updates through the end of 2022.
I have people bugging me to sell my home or other property. Feel bad for realtors but who can afford to move unless you rent.
𝘿𝙞𝙩𝙩𝙤. 𝙒𝙚 𝙝𝙖𝙫𝙚 𝙢𝙪𝙡𝙩𝙞 𝙛𝙖𝙢 𝙞𝙣 𝙣𝙤𝙧𝙩𝙝𝙚𝙖𝙨𝙩 & 𝙩𝙝𝙚𝙧𝙚'𝙨 𝙖𝙡𝙬𝙖𝙮𝙨 𝙧𝙚𝙖𝙡𝙩𝙤𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙘𝙖𝙧𝙙𝙨 𝙞𝙣 𝙩𝙝𝙚 𝙢𝙖𝙞𝙡𝙗𝙤𝙭. 𝘾𝙤𝙪𝙡𝙙 𝙨𝙚𝙡𝙡 𝙤𝙛 𝙘𝙤𝙪𝙧𝙨𝙚 𝙗𝙪𝙩 𝙬𝙤𝙪𝙡𝙙 𝙙𝙞𝙨𝙥𝙡𝙖𝙘𝙚 3 𝙩𝙚𝙣𝙖𝙣𝙩𝙨 ❌
Great data Jason. After being stagnant over the holiday season, inventory picked up this week in Tarrant County TX. Just some really interesting dynamics last week with Wells Fargo, T-Mobile and Goldman Sachs etc. capped off with an increase of home refinancing. Just for fun and giggles we're going to go look at a house that has fallen out of escrow twice because due to the buyers inability to obtain financing. The broker said the seller is pretty upset. I can imagine. Be prudent, be patient. We'll keep watching though our fingers.
Leave Texas. Ugly, terrible weather and high insurance rates
Hopefully after 5-10 years of owning my home, I can leverage at profit if I decide to move out of state or into a larger property.
Lower inventory can be affected much more heavily by ANY individual fire sales...
Data from realtor, Zillow, etc is total BS, I’ve been trying to buy a house in San Diego for two months offering asking price (and closing cost even), get outbid everything F*ing time! Who TF has a million dollars in cash or a 500K downpayment
China..
There are smart buyers who knew this would come and have positioned themselves very well to take advantage of the opportunity. Your time will come as well.
Okay Jason watch you and liked you. But it’s the same narrative without given us anything that helps us on a deal. Rates came up, inflation is up, private investors for the last few years made housing into a bubble. Meaning taking inventory off the market. Now rates being higher individual that own at a low rate and don’t need to move will not sell. This will decrease inventory. In the end first time home buyers are being squeezed out, homes still cost a lot more than 2019 and rates are higher. Unfortunately the public is being played and wealthy companies and people like me are doing fine, but everyone else is getting screwed.
Another 15% to go down, and the prime frothy properties in high property tax states have another 30%-40%. Get that Loan Refi company together for mid 2024.
Thanks for covering the Midwest.
Welcome back it’s Jason Walter here 😏
Good morning!
Lol dude houses' prices in Florida is still going up.. I don't see any price cuts anywhere
@@blakejohnson3864 amazing they say houses going up but give no direct address's...hummm....lol
Please name this city in Florida with house price increases. EVERYTHING I have seen has shown slightly lower prices and at BEST stagnant prices.
Spring Hill, Wesley's Chapel, Brooksville, Land O Lakes
Buyers market coming soon
End of 2024 once all the savings run out and foreclosure go into effect
2019 Active at 1M and 2022 at 700k. 2022 Pending just 70k under 2019 even though there were 300k more homes available? That tells me it’s still a pent-up market. That’s nationally. I’m a Zillow Flex agent in JAX and the spring buying season started last Sunday when my phone started blowing up and has been consistent since. I’ve seen 3 homes that my buyers have been circling go Under Contract just this week. I will say that I don’t know if this is the remainder of first time home buyers who got shut out last year. I have a feeling that non first time buyer homes are sitting.
Frustrating to hear all this, my local market in Montreal is still insane😢
Went to see al reasonably prices duplex and was told I had to offer 100k over asking (12%) to have chance.
This in a market that has not corrected in 30 years and with more than 50% recent buyer with variable rates. Nothing makes sense!
Sorry to hear that
Predictions there will be a correction in the housing market in Q4 or the beginning of 2024.
Lol Denver BTFO 🤣
Mortage rate is not decreased.
Some of this decrease in demand is also seasonal. We just had such a crazy market over the last few years we forgot about seasonal changes.
As soon as they lower the interest rate and affordablity goes up, we will see bad buyers flooding market!
We will be back to square one in no time. People blame it all to seller's greed, I say also the bad buyers' greed leading them to offer much higher with low credit and measly down payment which in turn triggers seller greed ---> higher home prices!
Unaffordability works a leash on the bad buyers which will eventually bring the prices down. IT MUST!
FOMO is not over, FOMOs got kicked out cuz they can't even afford to buy in this current market and afford the monthly payment.
Keep it this ways if you want to see a SANE market 🤞
"Back to square one in no time"? Yep, Sean, with employment as strong as it is, with all the pent-up demand, once they lower the interest rate, we'll be off to the races again.
Tennessee up, Suffolk county long Island NY up I'm good
𝙏𝙪𝙣𝙚𝙙 𝙞𝙣 ☕️
Good morning!