The Housing Bubble is Starting to BURST
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- čas přidán 29. 08. 2024
- The latest news about the housing market shows that certain markets in the US is starting to see prices come down. This is welcome relief for many homebuyers. Buyers are at the brink and they’re saying no to these high prices. In this video I’m going to talk about which markets are starting to see that bubble burst. And I’ll also talk about which markets that are still hot. I’m kind of excited about this one. Maybe this is a sign that a balanced market is returning.
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Jacqueline "Jackie" Baker
NJ License 1541448
Coldwell Banker Realty
Allendale/Saddle River
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#realestate #jackiebakerrealtor #jackiebakersellsnj #homebuyingtips #homesellingtips #realestateinvesting
In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
In the early 1990s, I bought my first residence in Miami, and at the time, initial mortgage rates ranged from 8 to 9% to 9% to 10%. People will have to concede that it's possible that we'll never get back to 3%. Lower assessments will ensue if sellers are forced to sell, which will force property prices to drop. I'm fairly certain that my train of thought is not unique.
It will, if anything, worsen. Affordable homes won't be available for much longer. Therefore, I will advise everybody who wants to do anything to do it right now because tomorrow's prices will look lower than they did today. I believe that frenzy brought on by rogue inflation will continue until the Fed tightens its controls much further. It is impossible to tear off the bandage halfway.
The high mortgage rates and stringent regulations may cause you to contemplate shifting your investments from the real estate market to financial markets or gold. Before things stabilise, home values could need to decline dramatically. Making informed financial decisions may benefit from consulting with a financial advisor with market knowledge.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
I find this informative, curiously explored Vivian on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
2.5-4% is a total anomaly. Rates that low were never seen before and never will be seen again. 6-8 is a normal rate range.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Prices are too high. With rates not subsidised in ’24 and mortgage still high , currently seeking alternatives to maximize savings without an RV move or taking a loan. I’m seriously contemplating the latter.
Affording our mortgage is tough as well. I have suggested cashing in, renting or relocating, and investing the rest in the stock market.
if you are looking to invest in the stock market, I suggest you Consider a fiduciary with mortgage-backed securities knowledge for guidance. Prices today may look like dips tomorrow.
Thats true, working with a financial advisor has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.
this is all new to me, where do I find a fiduciary, can you recommend any?
Well, I chose Vivian Carol Gioia as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification.
There's nothing to stop investors from buying up homes and renting them out to people who would normally be buying those homes. There need to be safeguards put in place that prevent homes from being bought up by corporations.
Unfortunately this is all a staged plan. They will eventually buy everything and everyone will have to rent. Not sure if it’s 20 years from now or 75 years from now, but I’m positive that is their plan. They feign incompetence to fool people but it’s all by design
I agree!
These vultures are sitting with lots of stock in Florida and are due all the pain they are about to feel! Nobody's moving so nobody is renting!! : )
@@lancefarmer2508 Plus if some areas of Florida and the rest of the South East flood soon because humans tried to move rivers and nature is biting back after all these years, it’ll wipe out entire towns.
@@ErutaniaRosethe cause of flooding is the seeding of the clouds that going on since the 30s and 40s.
Image how advance they are now with geoengineering. It's ALL over the world no such thing as crazy weather, ozone or climate change. It is totally purposeful and destructive
Home prices all time high, credit card debt all time high, auto loan all time high, student loan all time high, food prices all time high, medical expenses all time high, living income same as always. Something’s got to give.
Isnt that why they are getting ready for a war? 1900s mentality "A world war will get us out of financial peril."
Democrat policy on full display. Not a shocker for those of us paying attention.
That's Bidenomics for ya!
@@jenniferraymond9766 Don't see this as political. Just a fact of unfettered Capitalism during which nothing can remain high forever. Save your cash, because there won't be much else left once the economic readjustment begins.
@@johnmichaeloneal8231 You dont understand political fiscal policy. $ounds like you voted for Crooked Clone Grandpa Dementia
I'm in Florida, alot of people are buying 2-3 houses at a time around Ocala area for 300000-350000 because they sold 1 house in Miami , New York California for 1.5 mil CASH !!! Feels like they are squeezing out the middle class!!
If we could have less people from the northeast come down then things will get better. I remember when they would come down and pay 50-120k over asking price and waiving inspections. If we could have migration from up north to Florida back to normal levels home values will return to where they should be.
@@Ja56780 exactly, and the same goes for TN. They have pushed locals out of the housing market. Locals NOT happy nor exhibiting southern hospitality. They are frustrated.
@@JubeeBijou Most people who lived in California originally came from the midwest, south, and east. They're just moving back "home" now.
@@tylertyler82 “most”? Ok 😂
Most people who believe they are middle class are not middle class
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
I agree, It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
The housing market has always had its ups and downs, but it's true that this time feels different. Having a portfolio manager will save you a lot in the market , My portfolio currently has 200% increase last couple of months with the help of my advisor.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of lose.
There are many financial coaches who excel in their profession, but for the time being, I employ “Amber Dawn Brummit” because I adore her methods. You can make research and find out more.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
My CFA, Desiree Ruth Hoffman, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Somebody dropping their asking price by 10% after asking for double what they paid for the house 5 years ago is not even a housing rout let alone a housing crash.
Exactly. The market in our area see at THE MOST, 10% drop. The price cuts are usually in the 3-5% range, which isn't anything considering the run up since 2020. In fact, some see a price INCREASE, as mentioned in the video. Depressing times indeed for those who're looking to buy.
Anybody following the market closely knew it would play out like this. It's called a correction, not a crash. Between housing shortage and cash investors, the drops are only going to go but so low.
US real estate is the second largest asset class on the planet. Like a massive Aircraft Carrier the real estate market takes a long time to turn. These initial price cuts are just the captain cutting the wheel.. the actual turn hasn't really started. These things take time.
Problem is you money is worth about 25% less then what it was 5 years ago. How can they fix the housing crises when it’s really being caused by inflation ?
@@NukSooAL Because much of the "appreciation" of home values was driven by speculation- not "inflation". No doubt inflation has contributed to home prices going up however that is hardly the only force that pushed home prices higher.
Not in NYC. Long Island is out of control. Entry level homes went from $550k to $800k in just months. Everything is selling. I just don't know how these buyers are committing to almost $6k mortgages.
crazy.. buyers need to take their power back and stop paying 50k +++ over ask.
They will lose the home.
Houses did not rise as fast as the stock market or m2 money inflation/devaluation. Nobody seems to realize how badly global fiat has fallen in buying power. They like to compare to other fiat but never pay attention to the devaluation that is 96% loss of purchasing power since 1914.
That's why South Jersey is still hot. Down by Long Beach Island inland. All NY money.
The last home I bought in Nassau County, a four bedroom two-bath Cape on a corner lot in good school district, sold in 1956 for $16,100 dollars (I know because I have the original mortgage paperwork from the previous owner). Adjusted for inflation, $16,100 dollars in the year 1956 equates to $183,000 dollars in the year 2024. So that brand new home right now should be selling for $183,000 dollars if all things are going to be equal with the deal people recieved in the 1950's, but instead that very same home is selling for $700,000 dollars. This situation is not fixable, it is not reversible, the time for the government to act on the "flippers" and "Real Estate Investment Trusts" was 40 years ago, there is no solution. Soon 75% of America will be homeless. It's time to get out of this burning building and find a new country, this one is finished.
There is a house in my city that was sold for 384k in 2020, it was relisted for 489k on May 1st 2024, it already has a pending offer. I live in central PA which is a pretty affordable market but these prices are so delulu
Tried to buy foreclosure in my hood. Offered lender $150,000, cash-$72,000 over amount owed-and they refused. YET- a week later sold to a CALIFORNIA INVESTOR for $6,000 BELOW my offer, at $144,000. They relisted after crap job for $339,000, after fixing NOTHING. Some creepy insider deals going on! 😢
It’s not delusional if someone is willing to pay that.
You are right Mrs Baker, no one benefits of this crisis except financial institutions and the counties across the US, the obscene way we’re being taxed. The losers are the buyers especially the younger generations.
Credit card debt is at a historic high. People are going broke slowly but surely. Housing will inevitably follow at some point.
The auto industry is suffering too! repossessions are on the rise, auto auction lots are packed to the gills! Credit card debt is at an all time high!
I've been waiting for the BIG housing crash for the past 2 years.
@@benpang1103 If you dont think its gonna happen, then go ahead and buy something today!
Let's see - housing prices dropping in Texas and Florda. What a shocker! People came into these areas unaware of the awful weather and MAGA nuts, and then after a year or two say to hell with this!
I think housing will continue to be bought up by corporations and investment groups and the majority of Americans will be renters. Super sad.
Marry the house, date the rate!!! 😂🤣😂 I saw a real estate agent post that advice this week! Feels like 2006!
Until you can get a 3 bedroom for under 300k, I don't see where a the drop in a million dollar home is helpful.
I live in the Triangle and it's still hot. Projected to go up another 6 percent this month. They are building these giant hamster people farms now, that's what I call them, just rows and rows of townhomes stuck together. Or they will tear down a small historic home and build some giant mcmansion on it. It is incredibly clear the disparity between those with A LOT of money and those of average means.
It is very depressing.
I live in the Triangle too. As long as blue states keep emptying out and people keep moving here, prices won't be coming down anytime soon.
You will not get it for the same prices as 2005. Inflation does play a part, but the house prices are ultra inflated. Compensating for inflation and I'd say 400 is where it should be.
You can in some towns.
Hamster people Farms 🤣 that's a good one
It all matters. Don't believe that realtor clap trap of price bands and islands. Yes, the bands matter at times, and they can certainly do their own thing for a good while, but when push comes to shove and houses need to sell, the carnage in the higher bands DOES have a knock-on effect on the ones directly below (and above for that matter). Some enclaves manage to be islands forever, but there aren't enough of those to prevent price discovery from sweeping across an entire market. If the government weren't printing to the moon and playing so many games with toxic loans/mods/forgiveness and moratoria, we'd be much further along with the Covid correction by now.
Noticed this in my part of LA- recently houses have been sitting longer and prices are coming down. I thought it's starting to bust here- and about time. A small 1500sq ft house going for 1.2 and higher is just obscene
Ughhhh, I live in Connecticut, in Shelton, which is the tip of Fairfield County, during the pandemic New Yorkers flooded us, even yes, Jersey~! It sucks here, prices are crazy high.
San Diego, specifically North County…prices are never going down 😖
Just moved out of San Diego. It will never be within reach for those with less than $500k income
I was shocked by the deals I saw in SF. Also shocked Seattle is nearly as expensive as SF. Seattle grocery and restaurants the most expensive in the country. Three years ago I counted something like 80 cranes from a single view in downtown Seattle. Today there’s maybe 4. A bunch of buildings cleared out to be demolished and redeveloped during the same period are sitting vacant, growing vibes, getting burned by squatters, etc. They don’t seem to be in such a big hurry anymore.
Amazon
Softening is because of the high interest rates...no buyers.......as soon as rates drop, prices will go thru the roof..
High rates? They have been historically low the last 20 years, all the house flippers and HELOCers caused this mess, they will soon feel the pinch.
Which is precisely why rates cant drop anytime soon. The last thing the FED wants is to see home prices go through the roof..
Then they won't drop
If they can’t afford the homes now how will they afford them when the prices increase? The rates aren’t high, they were far too low for far too long. We will never see rates in the 2-3% ever again. Money isn’t free. Those low rates are a HUGE part of why we are here.
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Mine In Arizona just went down another $10,000. Feel for the people that just bought six months ago.
People who bought in AZ, FL, TX in 2022 better be prepared to hold 10 years, or pray for inflation to bail them out sooner than that.
If you bought in a boom town you better be able to hold on to that house for the next 15 years if you plan on breaking even
@@Alwaysbeclosing1774 I am predicting a couple years of a deflationary episode followed by rampant inflation as the government spends like crazy to 'heal" it all. So inflation should rescue even bubble buyers in less than 15 yrs imo.
@@CaptainCaveman1170 how will inflation help?
Step in the right direction but still peanuts for what people need to afford a house.
Don’t trust a agent just like I don’t trust lawyers
SW FL gulf area. Prices are absolutely dropping here, inventory is at a record high and houses sit on market for months. Too many empty new construction homes and rental homes for sale.
The hurricane couldn’t have helped. What have you seen in regards to that? Ft Meyers/Cape Coral in particular
I miss spending Christmas in Venice, FL
@@ryangtrask I’m sure the increase in home insurance post Ian has prompted many moves. However, many realtors believe it’s more to do with developers overbuilding here.
@@Airbender-kl7cu Venice is my favorite place here 😊
They will have to drop by 75% to be back to normal.
List price is not as important is the final sales price
Not in Northern Virginia. There are a hundred buyers for every house. I get offers for my house every month. A decent condo in the city costs over 350k
Very true. Although there was once this beautiful 3 BR 1,400 sq ft home in Stafford listed for just 250K not so long ago that I really wanted to go check out. Reason why it was priced that way was likely because there was some rehab work that needed to be done. Still would’ve been worth checking out for that kind of price though. But someone else (possibly an investor) had already put in an offer unfortunately. 😔
In areas where corporations can buy residential homes, such as Florida, prices jacked up to stupid highs.
My market in California is picking up. I’m not saying that prices have cooled, but it’s getting more busy
Not in Kansas City lady. All homes below 200k have minor reductions but still unaffordable when a person only makes 60k a year.
The fact that there are houses under $200k is insane. You can’t find that where I am in NC & I’m not even in a major city.
Going by the 28/36 rule, I would think 60K would be enough to afford a 200K house.
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Please I'm a beginner where can someone reach Mavis?
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Wow!!! I wasn't shocked that Mavis name was mentioned and recommended. I learn and earn through her analysis. Which speaks volumes about her.
Mavis understanding of market indicators is excellent. She knows exactly when to enter and exit trade for maximum profit. Her signals are top notch. It was amazing feeling when my profit hits, my trust wallet 110k last week.
*What is this comment section?* 💀💀💀
Aint gonna happen. a minor blip at best, prices are not going down until we have a massive financial crash.
Bingo! A few percentage points drop ain't enough. 😳
There are retireees with money and there are inheritor's with money.
Good luck with a massive financial crash
The only thing holding that off is a recession, which is bound to happen soon.
@@BillySBC we’re in it already
I'm in San Diego prices haven't gone down here.
I am sooooo happy I bought my house in September 2019 with a 3% rate before ALL of this craziness occurred. Lol... And I'm NOT selling anytime soon.
Same! July 2021
Same! July 2021
You better sell it..People need your house to live in..?
My wife and I bought in 20 at an even lower rate. She wants to upgrade so bad, but she's out of luck. We ain't going anywhere any time soon.
Paying to get a lower interest rate, but no one will tell you about it at the bank. You must ask about "buying down your interest rate". Also RE-CASTS are never promoted, and one must ask about it, and look into it.
A combination of elevated mortgage rates, higher home prices and tight inventory is posing affordability challenges to most homebuyers in New York.
In addition to higher borrowing costs, the 2024 election is another reason the housing market may continue to stagnate in the upcoming year.
“Presidential election cycles can have short-term negative impacts on housing,” according to global financial services firm BTIG.
I feared a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
With rates climbing like never before in ’23 coupled with uncontrollable inflation, and our own mortgage at now 7.5% what are the best alternatives/strategies for avoiding a crunch and maximize my $600k savings other than moving in to an RV with my two kids and wife
Nice to see your channel starting to take off..well done.
Thanks 👍 Appreciate you being here!
As the late Paul Harvey said, "Excesses are inevitably their own undoing."
My aunt passed and I inherited some of her portfolio and cash savings, I’m 28 with about 400k cash in savings and as usual everybody’s preaching invest, so what stocks are a good long term buy, only major purchase I intend to make is buying a home in 5years from my returns
Lucky you, I’d buy a lot of tech stocks and Dividend portfolios with that.
Don’t come to CZcams looking for CZcams advise, instead contact a fiduciary for proper guidance.
Same, I just use CZcams for research purposes, I run all my major investment through an investment adviser, the market is just too unstable to handle things on your own.
@@AshleyKeith-vw7ws How do I reach out to a financial advisor? my portfolio has been struggling since 2022 and I’ve been holding on by the skin of my teeth.
Desiree Ruth Hoffman is her name, browse about-her, you’d find details if you wish to reach out her. over half of the year 850k was way little of what I got it’s was a pretty awesome year for me
Fairbanks, AK 😂
"Where can I move to where I can freeze to death in the winter?"
We wanted to move to Florida but a mortgage was almost $4k. So we haven’t moved…. Absolutely insane
What I think is affecting affordability is the swarm of house flippers who underpay for houses and oversell them. My neighbor recently sold his elderly mother's home for 300k and a flipper fixed it up (painted the brick exterior, SMH) and now has it for around 600k.
Holy cow! Insane!
Yeah these flipper parasites are all over the Tampa area. Buy a 300k rat hole , omgwtfbbq!!!!granite countertops, "luxury" bulk purchased vinyl floor plank garbage and a repaint. Then the home is relisted for 600k. Same crap roof, same crap windows, same original 1963 bathroom, same undercut cracked foundations, just some cosmetic lipstick on the pig stuff. Never buy a flip here. Most are absolute garbage.
Yup. I’ve been house hunting for years and because of the insanely low interest rates I kept loosing out to flippers and investors. People are forgetting that low interest rates are like free money for millionaires. Fewer and fewer homes with owners occupying them drives up the demand for rentals. Regular people are getting squeezed. I don’t know how anyone can afford anything right now. I hope the prices drop soon.
Chicago area - North West suburbs -
The prices are rising by the hour.
No properties available on the market.
For real. I can’t even afford a decent house. Literally all I can afford is Southside. A vacant home in maywood is going for 185k… everything else is 320k and up. It’s so discouraging. but we’ll get through it. Stay up.
Yes. I have a friend. A single woman. She has been trying to buy a condo or townhouse for more than 2 years. And no luck. Very few available properties. Everything is sold very quickly with multiple offers. She placed a few offers. But no luck so far.
@@Skygirl777 are you familiar with the south shore area? Found a few homes that way but not sure about the area. Mexican male 25
@@timo3683 I am not familiar. Sorry.
I have experience and knowledge with North West suburbs - Palatine, Schaumburg, Arlington Heights,………
Jackie, thank you for being so transparent and helpful. I've learned so much from you.
You're so welcome!
I’m in Redding ca and bought my house 2017. It’s worth almost double now and to think it’s going up, oof!
Theyre still building in austin don't believe the hype. Still not affordable.
I wish this was the case here in the northeast just in my area houses that were 300k 7 years ago are 500-600k now and the buyers aren’t even touring the house or getting an inspection! These buyers are paying over asking price and are paying cash . One house near me sold 6 years ago for 350k now is on the market for 800k !
It's still insane here for sure. Hoping it calms down.
I just looked at a property in S.F. The realtor contacted me after the showing the price for the area was close to what we were considering. I told him that we were willing to wait for prices to lower a little more he said “You’re going to miss out as soon as rates are lowered the prices will shoot up again”. He also said you can’t time the market. That’s why I see realtors like you who are rare most are buy now. The only time I would talk to a realtor is when I know what I want and am willing to buy. Other then that everything out of most is buy buy buy. The simple fact that he obviously hadn’t known or was lying that the Fed isn’t lowering rates anytime soon makes my interaction with him even more of a waste of my time. Realtors need to weed the pure trash that has infected your profession as 1 out of the 5 I’ve personally dealt with were garbage.
You're wasting everyone's time
"As soon as rates are lowered prices will shoot up again".... lol so the realtor literally explained to you exactly why rates cant come down anytime soon.
@@karlabritfeld7104 let me guess, Realtor? In California you don’t even need a high school diploma to get a realtor lic. Clearly from your comment you must be in California.
@@jonathantaylor6926 so your argument is the intelligence of the realtor that I dealt with. Well he didn’t tell me the fed wasn’t going to lower rates anytime soon I told you that (That’s a direct quote from the feds last meeting). I simply said he as a “realtor” should know what the current state of the market is. Instead he said “buy now” like parrot not predicting or coming up with an intelligent argument. I highly doubt he had any information or knowledge of the Fed stance on interest rates.
@@mike7972 He probably mentioned intelligence because anybody wanting to live in SF obviously has mental issues.
You were talking about CA BUT NO SAN DIEGO. CAN PLEASE GIVE ME SOME INFO ABOUT IT.
THX
Hey I'm in the CA Bay Area, right now they are building housing structures in my nearby city that looks literally like the project housing of Buffalo, NY where I went to college. These homes are going to start at 1.2 million for 2 bed/2 bath condos and up to 2.5 million for single family homes. They are being cheaply made too and on top of each other, mind you this is in the middle of a really quaint suburban town too. It's so odd, and there people buying them like crazy, I'm so surprised. Mostly tech engineers who can't afford Silicon Valley, which is 45 minutes south of here. So, I hear that area is more like 3-4 million for a house. Oh well, someone is making these purchases and still going on regardless of increased mortgage rates.
Absolutely. Was re investor from 93 to 2007. When prices went thru the roof i talked with my financial lawyer. He was so sure it would crash.i listened. Its ready to happen again, no matter what mortgage lenders say.....wouldnt buy now nope nada.
Prices are actually up in Denver,CO +4%
I live in staten island new York it time to move but don't know were to go I watch your channel and you make me think about the dos and don't
I'm from Fairbanks and I was absolutely gobsmacked when I saw the price of housing there recently. Alaska has never been affordable and I have no intentions of moving back. But I just couldn't believe how expensive these ugly ass houses are, in a place where the winters reliably get down to -30.
Myrtle Beach SC is softening.
office towers that sold for $200 million 5 yrs. ago are now selling for $3 million, so no meltdown in sight, hell no ! lol
yeah in Detroit
So if home prices go down what about property taxes? They seem to use prices as a reason to raise taxes but i don't see much action to reduce property taxes when prices come down.
What is NJ looking like? I guess specifically Northern NJ. Thank you!🙏
For the most part it’s still pretty hot. Multiple offers, appraisal waivers, all the things😞
So glad we got out of NJ in early 2019. In SC retirement is good. 😊
all the New Englanders since 1978 listening to Jeff Villa and "renovating" their homes by borrowing off their mortgages lol
Not the Grindr sound at 6:08 💀
House purchases are simply unaffordable and are way over the top and hanging over. Your average individual, couple and families will never be able to afford to buy a house!
I'm watching a certain swath of homes in Bakersfield, CA. Not a cookie-cutter tract, but still very uniform. On Redfin, all the little green (for sale) rectangles would lead anyone to believe, unequivocally, that it is a squarely 400k+ neighborhood. But when you flip over to the blue (sold) rectangles the values ALL become 355k-385k. That's a big difference and it shows people are negotiating and getting better deals than we are being led to believe...during the peak selling season no less. But there's still a long way to go down imo because even $385k is a lot to pay for a ho-hum 3/2 in Bakersfield, and there's a ton of nearby "500k" new builds waiting in the wings (with a giant cartoon sledgehammer).
Great content!
Seems the higher it is in Cali the more they move & drive up prices in Oregon & Washington & the rest of the country😬. Since the mid 80s! (Was a Seattleite moved close to the mentioned Mt Vernon).
Thanks!
We don’t call it Cali!
@@Oldcrow77 Others do🤷🏼♀️
Same… we’re in the Stanwood area.
Watching from New Zealand 🇳🇿 it’s remarkable how similar our national markets are, given the differences in size. Currently New Zealand has this 2 market affect, but our National Economy is officially in recession- high interest rates, high cost of living via inflation at above 4%, rising unemployment. Recently discovered you and find your content interesting and relevant.
Hi Jackie. Very nice presentation. Informative and helpful.
Unfortunately the prices aren't going to come down hardly at all. Too many corporations hoarding houses without tenants artificially inflating prices across the country.
These interest rates are normal...average..but prices are crazy
I know. Something's gotta give!
Hawaii Island, prices are starting to drop.
GOOD! We need a market full of livable 150,000 dollar homes.
The rich people will just buy them all
@@karlabritfeld7104 Not if you impose ownership limits.
It's not just interest rates it's the reality of the whole economy setting in.
As the dollar's value continues to drop everything will become more expensive including insurance and taxes.
I'm selling everything now!!!
i sold my condo in Stuart FL
$320,000 paid $180,000 in
2020 (covid hit) sold 2023
happy with $140,000 profit
Put in Netflix stock. no regrets.
get out now! HOA up , property tax up & Marriott golf membership tripled. too high carrying costs for 740 sq ft
I see the bubble burst finally starting to happen out here in LA and surrounding counties. What’s worse is that the vast majority of home buyers fell for the “we’ll fix everything after we close” narrative. We didn’t although my wife literally works for a top general contractor and we had been approved for rates as low as 2.25% to 2.50% during the pandemic lockdowns. These agents can no longer manipulate higher price ranges for larger commissions.
Nyc is due for a reality check. A run down house in a run down community (aka GHETTO) is 1mil or very close to it. People who can afford it will never consider buying and those who live there can't afford to buy it.
In Southwest Florida, we've been experiencing a buyer's market for several months now, with around 7 months of inventory available. There's a wide range of new construction properties available, from $300,000 up to $6.5 million. Builders are keen to sell their inventory, offering enticing incentives such as rate buydowns and covering buyers' closing costs. Plus, prices are still open to negotiation. For instance, an agent from my office recently secured a new construction property for $442,000, despite the asking price being $500,000. I agree with Jackie - while there may be price reductions, I don't foresee a market crash.
My daughter and SIL just bought a house in Milwaukee. That property market is so competitive. There were 3 offers on the house that they bought. My SIL's aunt was their agent, and she communicated to the sellers that they are newlyweds and wanted to raise their children in the house (which is illegal, but she got around it some way). The sellers took their offer, which wasn't the highest but was close.
I was just shocked that Milwaukee was such a hot spot. But, there isn't a ton of quality affordable inventory.
where I live houses were never 1 million dollars, most people are middle class or poor but recently there are so many homes for 800k-3mil and people buy them! WHO is buying them? There's very limited high salary jobs here
All the houses I am looking at in northern SC are all showing prices reduced.
If you're concerned about a housing crash in Florida or anywhere else in the U.S. in 2024, you can take a deep breath. That's because home prices aren't going to drop substantially. In fact, prices are actually more likely to go up.
Great work! Thanks!
Six months ago, I purchased a home in an old neighborhood north of Detroit. The interest rate was ridiculous despite my stellar credit score. If inflation and then the prime lending rate decrease, I believe soft housing markets will again rebound. As for me, I’m hoping to refy as soon as rates drop 2.5% or more.
Rates will never go that low.
based on past predictions from these sources, at least 1/2 of these predictions will be wrong.
I like the way you think lol I agree
Did u just a vid that said We will regret buying a House this Year?
I'm glad I'm not a homeowner. I'm 55 and moving back home to Alabama from Florida and will buy my first house ever.
I dont think the high orices is just inventory based, theyre keeping them high to keep crime out. Airbnb are also hurting renters. Prices are soaring for one big reason, keep criminals away and far as possible. Also prices are high because people are over pricing preying on others desperation. Insurance will soar this will be a horroble summer, lots of damage.
Yikes, my town is on the list of rising prices 😮
Thankfully if we buy, the home we are interested in is not actually on the market and will likely be a private sale.
It's the corporate investors that are manipulating home supply and demand and prices.
Home prices may go down, but then rental prices go up. You pay high prices either way .
Great info. Would love to get your insights on New Jersey housing market.
New Jersey is still pretty hot. Homes going for over asking, appraisals waived. Of course homes that were asking a pretty high price out of the gate are still sitting.
Austin is a big tech market. If you moved to Austin during the pandemic, you ultimately can find something in Austin.
San Antonio however is a different story.
no matter where you buy or want to live, please factor in climate change, in tX I'm seeing storms that are unreal, been here over 50 yrs, now rains, hail, tornados can hit anytime, in the past this didn't happen, last summer was worst ever recorded in Houston, seven weeks no rain with triple digits, no realtor talks about this, you can research this
Percentage of investor buying, please
The housing sector is currently enjoying a surge, fueled by rock-bottom mortgage rates and a shortage of available homes, sparking fierce competition and escalating prices. The pandemic-induced craving for spacious, new surroundings has bolstered demand significantly. Nonetheless, experts predict a potential easing as mortgage rates creep up and government safeguards against foreclosures expire. Nevertheless, the market continues to buzz with activity, offering enticing prospects for both buyers and sellers.
Something I've learned from my first bear market:
You don't have to outperform, just survive. If you can survive and let your competitors blow up you'll be the only one left and in a better position than before.
Building a good financial-portfolio is more complex so I would recommend vou seek professional support. This way you can get strategies designed to address your unique long-term goals and financial dreams.
Glad to have stumbled on this conversation. Please can you leave the info of your investment-advisor here? I'm in dire need for one.
Jennafer Beaver Turner is the licensed expert I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
thank you for sharing your insights Your point was incredibly useful and has provided me with valuable perspective on the matter, i will make my research.
As long as there is a strong job market, we’ll see no crash.
Is Chicago,Il on the price upswing ?
Hi, could you please give us more indepth explanation about living or why not living in san francisco? Or if you have already a video about where it is best to live in the US? Thank you
I rent. I cannot afford my own home. Rents are continuing to go through the roof where I live in CA. Dumb question but will rents ever stabilize??? I am guessing No.
I wait for the prices in NYC to decrease. It's like to be endless.
If you have time, can you make a video about South Carolina's housing market? I'm interested to know what you think about it and if it's a doable market or not.
You didn’t talk about NJ, but I’d venture to say that appreciation here is going to be higher the other places you listed.
Tennessee is going up. A house that would sell for 120000 now sells for 500,000
What we call inflation, home depot calls profit margins. Lower the input costs and hoiusing prices will come down. Otherwise you're dealing with $27 4.5 gallon joint compound and $500/square shingles etc