Zillow has decreased the value of my house 🏠 dramatically, but I still was FORCED to pay the inflated property tax valuation just this month. My Tax Commissioner Refused To Lower The Valuation!!! 😡😡😡
still extremely overpriced where I live. $500K gets you a 900Sf boomer home with shag carpet, wall paper, white appliances/kitchen sink, and pink bathroom plumbing fixtures, and 1 car garage
A toxic housing market. Overpriced for the bad condition of the homes. Seeing this a lot in my area. The "I know what I got" mentality is pervasive in my area leading to insane prices.
@@dklaufI love it too. Complete devastation without Blackrock and the ultra wealthy conglomerates as competitors. We didn’t expect the people that we fund, out bid us or compete with the individual for nice quality study homes.
I'm closing in on retirement and I'll love to move from Minnesota to a warmer climate, but home prices seems ridiculous today even tho there is a current decline on zillow, home prices still pretty much on the high side, do I go ahead with buying a house anyways, or look at other sectors of the market as of now?
consider talking to a well-seasoned advisor about which sectors of the market is thriving to focus your portfolio on, diversification is actually key to good investing.
Agreed, amid covid-19 outbreak, i simply adopted the services of a certified financial planner instead of panic, and thankfully, I've accrued nearly $1m ROI after subsequent investments to date, marking my most significant milestone
Personally, I delegate my excesses to someone of great expertise ''Annette Louise Connors'' preferably you can look up the name on the internet, her qualifications speak for itself.
Buyer on sidelines like myself are probably waiting due to the uncertainty of the markets and jobs. My best guess is that majority of people would rather wait and see than get FOMO'd into buying an outrageous priced home.
@@MLagarde0425not everybody is broke a lot of people are using cash to buy. Also if you noticed rates are dropping. When rates drop create affordability and homeowners who had 7% and above can easily refinance to 5% and save hundreds or thousands of dollars. Google and use the mortgage calculator and you’ll find out 😂
Salt Lake City- a loan officer talked about a low payment. The housing market here is overpriced. Salt lake county does not pay well. Therefore high amount of homeless families. Homes are sitting on the market longer and lies about accepting more offers is a bogus lie to allure buyers.
@@MireyaRodriguez-cf5bh because “work from home forever” was a lie. Rocky Mountain and beach cities are gonna struggle from now on when the laptop unions keep returning to office work in a city 1,000 miles away. Have a place outside Missoula, MT. Home prices and apartment rents there have been getting crushed for a year now.
Literally what happened to the starter home next door. Sold for $250K in 2018, sold last year for over $500K. Glad we moved into our home in 2019 before the insanity ensued.
I’m not buying a home until the prices are cut by 40-50%. Or I’ll catch all building materials and appliances on sale and purchase building materials and land BUILD! I refuse to pay for this weak-wooded bad built close-houses that are nothing more than new projects. I will build.
The crash is not happening, especially when interest rates are falling. This guy has been saying crash for the past few years and ten years from now, he'll still be preaching the same thing.
@@et6794 you may be right. Seems to me the fallen ones who control the politics of life and the powerful, intend to have a reset and not a crash. With housing prices this high we are on an automatic lockdown almost.
@@et6794 I don't think you are listening. A buyer is refusing to buy until prices drop by a lot. I am also one of those potential buyers. I will NOT overpay for a home and get into a debt trap. I agree with what the poster said. We are real people who are fed up with the greed!
Honestly I'm sick to death about hearing about assets and money and accumulation. It's disgusting to wake up and think about f****** money all day are you kidding me.
I think about this a lot. I feel very bad for people who spend so much time thinking about money. I think it must be driven by intense fear and insecurity.
I don't think home prices will go down much. Maybe in my city in Austin prices are going down and inventory is spiking. But, when interest rates go down, home prices will stagnant or go up again. Remember they have been predicting a crash in 2020, 2021,22,23 and now 24. Stay tuned for crash predictions in 2025, 2026 etc... With the amount of money printing that is about to happen, your purchasing power will decline. Home inventory and foreclosure is still very low in the country. It is not like 2008.
That didn't work last time... the FED starting cutting in 2007, right? And then they kept cutting and cutting and cutting... but despite lower and lower rates RE prices still collapsed and didn't really bottom until 2012. And the inverse just happened for a while... rates went up and up and up yet for a while, so did RE prices. There is a huge lag between cuts/hikes and that showing up in the economy. But you could be right in the sense that if investors are looking to protect their dollars from inflation they could starting buying RE again as an investment, pushing up prices.
Our house we sold right outside of ATX in May 2022 has gone down about 20% since then. Most of its decrease was within 6-9 months. It had gone up 111% 2018-2022.
I wouldn't be calling out price declines of 0.4% or 0 point anything. That to me is statistically insignificant. Let's hear about BIG drops and where to buy in 2+ years from now.
I live in a very atypical market so it's good to hear what's going on elsewhere, knowing it's just a matter of time before things eventually get to my area. We typically have low inventory (
go into the foreclosures, short sales, etc. Thats coming soon. Over supply foreclosures, short sales, distress, etc. Can't sell your home. Market flooded.
@@defrank1870yep. Chicago ran out of covid money and actually included it in their yearly budget. Also, there’s at least 30k pre-foreclosures, tax liens, and bankruptcies in Chicago right now. It’s about to get real.
@@nrtwiztid4 Nah. I have an office on Michigan Ave downtown Chicago and the south side may be an improvement from what I’m seeing in the Gold Coast area. It’s a disaster. High retail vacancies, the streets aren’t clean, and the homeless people are taking over with unauthorized street vending. Also, foreclosures are accelerating in the suburbs. Check Palos Park, Burr Ridge, Hinsdale, etc. it’s not good.
Its Just seasonal Travis.. Recession and Housing Crash season. It will rebound hard by 2038. Bubble buyers just need to date the interest, prop tax, insurance and maintainance cost until then.
I really appreciate the no-nonsense approach you take to the news and the markets, A lot has changed and that's about it but the truth is that I don't even care much about the bull or bear market anymore because Ashley Anderson gat me covered while I'm doing comfortable. 15k every week and I'm still counting thanks to her❤️
Not completely true I live in north ga but I’m shopping Woodstock and Acworth and west and east Cobb areas folks are cutting prices ever week winter is coming and prices are gonna get even more slashed But it’s all location specific not saying all of what your saying is false because some cities are climbing and selling
@@highwayrunner9719 very true. I’m Gainesville area. Prices here are up every month. Sold a double wide in 1 acre in Cleveland last month for 285K, which was unbelievable, until one popped up down the street for 319,900 last week. I think already under contract.
I am NOT looking at the interests rates. It is the PRICES that need to drop by a lot, like 40-50% before I buy, and I have the money right now to do so. I will NOT overpay. I can wait.
He has given you the reason why. He is saving more money by renting, since it is more expensive to buy right now. That is a smart financial decision. Save the cash, so that you can jump on deals when they come. Right now, there are no deals. Everything is way overvalued. It is a bubble that is starting to pop. I can wait, and save even more money, which means an even larger down payment when the time comes. I also refuse to pay these overvalued prices.
These rates are still way to high. They are reducing $100 on only mortgage, while we need it to be down by $1000 for median homes. They are one order of magnitude out of their dang minds. The insurance and taxes are also excessive. When tax + insurance is equal to or greater than mortgage.. people have gone nuts. Quit paying for that garbage, people. P.S. My area, rent is going up 10% per year, but is still super-cheaper than buying right now. Home prices adjust based on past 3 years average rent, so we will see a big drop in FY 25-26 around June, because it will be a second year where rent is below mortgage and so it will curve mortgages down. By FY 26-27 in June? Prices will be tanked the most (assuming rent doesn't jack up before then). Cheers. We are no where near an end in sight to this awful housing market.
@@Userxyz-z2d why not? Property prices have consistently increased for hundreds of years. Maybe a little bump here and there but overall it’s an increasing line.
It makes total sense because when people buy a home there's a common shared fantasy that the price will never go down when they're looking at sellers having to lower their prices. That illusion is shattered and now they have to think about the possibility. So that's going to create a lot of drag on the number of buyers even when interest rates and prices go down further. In fact, the bigger the drop, the more terrifying it will be to a potential buyer since they have to be sure that there's no chance they will get laid off even as the economy tanks
For some that is correct. However, I am a buyer who could buy right now, but I won't. These prices are ridiculous and I will NOT overpay for a house. I don't care at all about the interest rates. It is the PRICES that I am looking at. I am not the only one with this attitude.
had to extend my HELOC earlier this year (over budget renovation). Had to go away from the lender i had become close to because his advice was to refinance a 2.5% rate instead of taking on a higher rate HELOC…. what awful advice it was, & you cannot tell me banks dont have these “inn-n-out secret menu incentives” to get anyone out of a sub 3% rate
Zillow has no customer service at all. My ranch has gone up to 950k back to 400k. There is no rhyme or reason for this. It's value is like 1.4 million. I'm glad to see Zillow losing lots of money...
Seriously I used to review Zillow values on properties as a form of entertainment.Zillow can be way out of the park, so beware . Our market has changed radically from mid 2023. Instead of selling immediately homes languish for months .
Silicon Valley stupid prices are not being affected. Zillow is ridiculous! All they do is adjust their prices when the valuer keeps the prices inflated for higher property taxes !! Rich people dont need to move, with ultra low interest rate loans locked in for years, and you also get to pay off the principal as well as interest. Menlo Park Atherton - The Rich isnt moving, thats for sure- ridiculous
Even if home prices don’t decline, they’re still not growing as fast as other asset classes like gold. That in itself should be enough for people to reconsider home purchases right now. So it’s gonna go down whether people like it or not (for me) because I’m making sure the asset class I own outpaces home growth.
This "soft landing" language is absurd -- markets are dynamic; so much of the anticipated rate cut is already priced into securities, bonds and mortgages. The DJIA is literally at an all-time high. Find your home, speak up about concessions, negotiate and refinance down the line. Don't try to catch a falling knife, and stop throwing money away.
Exactly but that fact doesn’t attract clicks and views. Inventory increases and price reductions increase every fall like clockwork. With lower rates prevailing next spring, prices will continue rising.
Yes seasonal decline. Home sales volume will be lower in spring 2025 than 2021-24 though. Demand in '24 has been lower than '23, which itself was lower than '22. The record low interest rates for over a decade pulled forward a ton of demand. The snatching up of multiple properties by especially corporate landlords has faded and isn't returning any time soon.
That's funny. You criticize Zillow all day long for one thing or another. Now you advocate using Zillow to find bargains. How about don't use Zillow at all, given that it's such a terrible company? There is a word for this type of behavior. But let's leave that for the audience to decide.
Housing prices are tied to jobs. Even at the reduced prices, home prices in some regions almost doubled. That is a bubble. Please provide more context on Real Estate Mindset on the correlation between job markets and the home prices in those metro areas. The story in housing is almost always employment.
We just returned from a week of house shopping in FL. Found some new builders with price drops & definitely price drops in resale homes. New builds with 3.99 or 4.99 interest rate.
Some of this issue has more to do with generational preferences than economics. As boomers ride off into the sunset some of those big houses will face less demand.
I look forward to the headlines and effects of the inevitable mass selloff of AirBnB properties. Most of them are losing money, so when prices decline more than the usual seasonal effects I suspect many of them will get spooked and sell.
lets face the bottom line. the only way for prices to come down is if the people living in these homes who ARE NOT SUPPOSED to be (for any reason) are FORCED out of them.
😂 They are not SUPPOSED to be??.Prices will go down when it becomes obvios to all the zombies out there that there is no upside to buying anymore. It will be a run for the EXIT door. Exit now or get stampeded.
Yup, sure you can find houses, but the affordable ones means you will have neighbors with pitbulls ontop of you and druggies on the corner. Very few pockets of worth it places to buy. And you will pay
these studies need to add home afordabilty based on the local job market wages.. and everytime they do.. they show again these homes are mostly UNAFORDABLE BY THE VAST MAJORITY.
I went to the Zillow source and still don't understand the column "did not also buy" in the first chart. It WOULD make sense if "also bought" and "did not also buy" added up to "total sellers". And the totals are too similar.
the prices have to come down for three years here in Maryland before taxes come down..we are in for a long slog. this is the insanity in my area of Maryland. i bought the house in 2000 for 74k look at the tax explosions. Maryland assess every three years so it's going to take a while and a huge drop that is sustained for a decade before this insanity begins to abate. 2024 $3,300 +20.3% $202,200 +16.7% 2023 $2,742 +20% $173,333 -14.3% 2022 $2,285 +25% $202,200 +74.9% 2021 $1,829 +6.2% $115,600 2020 $1,722 +6.6% -- 2019 $1,616 +6.4% $115,600 +21.2% 2018 $1,519 +35.8% $95,400 2017 $1,118 -32.9% $95,400 +1% 2016 $1,667 $94,467 +0.5% 2015 $1,667 $94,000
"Houses affordable again"? Hardly. You will know the bubble is over when the average person can buy the average house.
Buy?
You can try ....but newer gonna own it.
We live in Scam System.
That’s never happening again
At which point you'll be made to rent it.
Do not let corporations buy residential housing or let other countries buy our land. Wow, it dropped 100 dollars/month. No thanks.
Zillow has decreased the value of my house 🏠 dramatically, but I still was FORCED to pay the inflated property tax valuation just this month. My Tax Commissioner Refused To Lower The Valuation!!! 😡😡😡
Class action lawsuits for the property tax frauds across the country!😊
still extremely overpriced where I live. $500K gets you a 900Sf boomer home with shag carpet, wall paper, white appliances/kitchen sink, and pink bathroom plumbing fixtures, and 1 car garage
A toxic housing market. Overpriced for the bad condition of the homes. Seeing this a lot in my area. The "I know what I got" mentality is pervasive in my area leading to insane prices.
Boomer home lol
Gotta love those pink and blue bathrooms
Ya its crazy these people think they can do zero upkeep and maintenance on their homes and still demand such high prices
@@level1life79bUt tHE gRaSS iS ALwaYs MoWed.
Doesn’t matter if it went down $100 a month, insurance and taxes went up more than that for the next year
It’s not enough. There needs to be massive layoffs and bankruptcies. We need bread lines and cars abandoned on the road.
I like it!
@@dklaufI love it too. Complete devastation without Blackrock and the ultra wealthy conglomerates as competitors. We didn’t expect the people that we fund, out bid us or compete with the individual for nice quality study homes.
That might be a little too much lol…if that were to happen, home purchases would be the least of your worries
Yup. They're quite niave. Do they have defenses? Do they kive in the sticks? Do they have a garden? Livestock? Yup, niave.@@jrobinson5661
I second that for sure im tired of all of this shit. The arrogant people who guarantee that can't happen here will be the worst off
I'm closing in on retirement and I'll love to move from Minnesota to a warmer climate, but home prices seems ridiculous today even tho there is a current decline on zillow, home prices still pretty much on the high side, do I go ahead with buying a house anyways, or look at other sectors of the market as of now?
consider talking to a well-seasoned advisor about which sectors of the market is thriving to focus your portfolio on, diversification is actually key to good investing.
Agreed, amid covid-19 outbreak, i simply adopted the services of a certified financial planner instead of panic, and thankfully, I've accrued nearly $1m ROI after subsequent investments to date, marking my most significant milestone
@@beautifulpeoplealways this is great! once you hit a big milestone, the next comes easier... who is your CFP if you don't mind me asking?
Personally, I delegate my excesses to someone of great expertise ''Annette Louise Connors'' preferably you can look up the name on the internet, her qualifications speak for itself.
very much appreciate this.. was able to look up Annette by her full name and at once found her consulting page, she seems impeccable !
They're eating the dogs They're eating the cats
They're driving cars into buildings, with no driver's licenses. No tiktok dance for my statement though.
What if they start eating humans?
@@carolanderson2773 Such is tradition
The ducks aren't safe either
@@carolanderson2773Look at what they did to the White plantation owners and mixed race mulatoes. Not good!
Buyer on sidelines like myself are probably waiting due to the uncertainty of the markets and jobs. My best guess is that majority of people would rather wait and see than get FOMO'd into buying an outrageous priced home.
Prices may go up when rates falls and demand hits a market with supply issues.
@@MavRick69Price and rate will continue to fall because people are broke.
@@MLagarde0425 broke don’t stop people from spending.
@@MLagarde0425not everybody is broke a lot of people are using cash to buy. Also if you noticed rates are dropping. When rates drop create affordability and homeowners who had 7% and above can easily refinance to 5% and save hundreds or thousands of dollars. Google and use the mortgage calculator and you’ll find out 😂
Salt Lake City- a loan officer talked about a low payment. The housing market here is overpriced. Salt lake county does not pay well. Therefore high amount of homeless families. Homes are sitting on the market longer and lies about accepting more offers is a bogus lie to allure buyers.
@@MireyaRodriguez-cf5bh because “work from home forever” was a lie. Rocky Mountain and beach cities are gonna struggle from now on when the laptop unions keep returning to office work in a city 1,000 miles away. Have a place outside Missoula, MT. Home prices and apartment rents there have been getting crushed for a year now.
@@benjackson8103 Salt Lake Metro is a Tech Hub, Lehi UT is called Silicon Slopes. Those WFH folks won't have to travel far to get back to the office.
Sales here are in the toilet. They want 500k for 250k houses.
They want 3 dollars for a 1.50 carton of eggs.
Literally what happened to the starter home next door. Sold for $250K in 2018, sold last year for over $500K. Glad we moved into our home in 2019 before the insanity ensued.
@MavRick69 lol 🫠🫠 😬
Same here in Massachusetts...it's so ridiculous!!!
Don’t buy a house now until them prices come down they to high.
Don't catch the falling knife in 2024.... Just stay on the sidelines and enjoy the DEFLATION 😈😈
Yeah, just like it happened before in history...oh, wait
Just like 2008. Home values declined over -40%.
And Property tax appraisals just keep going up! up! up! up!!
I’m not buying a home until the prices are cut by 40-50%. Or I’ll catch all building materials and appliances on sale and purchase building materials and land BUILD! I refuse to pay for this weak-wooded bad built close-houses that are nothing more than new projects. I will build.
The crash is not happening, especially when interest rates are falling. This guy has been saying crash for the past few years and ten years from now, he'll still be preaching the same thing.
@@et6794 you may be right. Seems to me the fallen ones who control the politics of life and the powerful, intend to have a reset and not a crash. With housing prices this high we are on an automatic lockdown almost.
@@et6794 I don't think you are listening. A buyer is refusing to buy until prices drop by a lot. I am also one of those potential buyers. I will NOT overpay for a home and get into a debt trap. I agree with what the poster said. We are real people who are fed up with the greed!
@@sues3218 I hear you but suckers are born in every second. "You snooze, you lose."
Honestly I'm sick to death about hearing about assets and money and accumulation. It's disgusting to wake up and think about f****** money all day are you kidding me.
I think about this a lot. I feel very bad for people who spend so much time thinking about money. I think it must be driven by intense fear and insecurity.
By the time they start cutting rates it’s too late. The market is toast. Only worse from here.
Please let us know when you find the perfect house at 2019 prices.
Good job T! 👍 I hate that my area in the northeast is still climbing, but I just have to be patient. Thanks for the update.
I don't think home prices will go down much. Maybe in my city in Austin prices are going down and inventory is spiking. But, when interest rates go down, home prices will stagnant or go up again.
Remember they have been predicting a crash in 2020, 2021,22,23 and now 24. Stay tuned for crash predictions in 2025, 2026 etc...
With the amount of money printing that is about to happen, your purchasing power will decline.
Home inventory and foreclosure is still very low in the country. It is not like 2008.
That didn't work last time... the FED starting cutting in 2007, right? And then they kept cutting and cutting and cutting... but despite lower and lower rates RE prices still collapsed and didn't really bottom until 2012. And the inverse just happened for a while... rates went up and up and up yet for a while, so did RE prices. There is a huge lag between cuts/hikes and that showing up in the economy. But you could be right in the sense that if investors are looking to protect their dollars from inflation they could starting buying RE again as an investment, pushing up prices.
💯
Go buy then.
Our house we sold right outside of ATX in May 2022 has gone down about 20% since then. Most of its decrease was within 6-9 months. It had gone up 111% 2018-2022.
@@resnonverba3351 i did
Excellent tutorial on finding Comps!!
With price & rate cuts these houses are still no where near affordable.
Thank you for adding value to society ❤
I wouldn't be calling out price declines of 0.4% or 0 point anything. That to me is statistically insignificant. Let's hear about BIG drops and where to buy in 2+ years from now.
I agree. I need major drop in price for me to buy. I’m also looking at the property taxes too.
Gwinnett county GA 40% property Taxes increased even 256K more than Redfin house value but the board denies my protest.
I live in a very atypical market so it's good to hear what's going on elsewhere, knowing it's just a matter of time before things eventually get to my area. We typically have low inventory (
Property insurance and taxes, are a major reason.. Pay off your properties , and drop insurance.
Exactly!
@@troyb.4101 buy a “catastrophic” policy only for fire, storms, etc. much cheaper
Great content! Thank you for this video.
Lol when is a seller ever not motivated to sell. If they aren't motivated then they aren't a seller.
go into the foreclosures, short sales, etc. Thats coming soon. Over supply foreclosures, short sales, distress, etc. Can't sell your home. Market flooded.
I’ve heard that before since 2016 and what year are we on now?😂
@@House_hacker_619 exactly the ten year real estate cycle up, down, and all around.
Yep. I live in Chicago and finally, the prices are in decline.
That's because of the $1B budget crisis, the tax spike and illegal migrants.
It would be worth to buy place for $150k if possible, as a foreclosure
@@defrank1870yep. Chicago ran out of covid money and actually included it in their yearly budget.
Also, there’s at least 30k pre-foreclosures, tax liens, and bankruptcies in Chicago right now.
It’s about to get real.
You must be on the south side because the north side ain’t dropping
@@nrtwiztid4 Nah. I have an office on Michigan Ave downtown Chicago and the south side may be an improvement from what I’m seeing in the Gold Coast area. It’s a disaster. High retail vacancies, the streets aren’t clean, and the homeless people are taking over with unauthorized street vending.
Also, foreclosures are accelerating in the suburbs. Check Palos Park, Burr Ridge, Hinsdale, etc.
it’s not good.
@@nrtwiztid4 West side
This was very Informative ! Thank you so much
Corporate set employees free , now they call them back. So you may have bought a home remotely, now you have to relocate . Talk about screwed.
This housing market is absolutely insane and is completely out of reach for the average hard working american.
How about 90-120k for extremely well-built homes with a couple of acres as well? That’s what I call reasonable
Its Just seasonal Travis.. Recession and Housing Crash season. It will rebound hard by 2038. Bubble buyers just need to date the interest, prop tax, insurance and maintainance cost until then.
I really appreciate the no-nonsense approach you take to the news and the markets, A lot has changed and that's about it but the truth is that I don't even care much about the bull or bear market anymore because Ashley Anderson gat me covered while I'm doing comfortable. 15k every week and I'm still counting
thanks to her❤️
I think I'm blessed if not I wouldn't have met someone who is as spectacular as expert Ashley Anderson.
Highly recommend 👌
Yeah 210k from Ashley Anderson, looking up to acquire a new house in California🇺🇸
it's a blessing
Please I'm new to this, how can she be contacted?
She's on tele grams
@Anderash
That's her user name
Not in North Georgia. Prices continue to climb and houses sell very quickly. If they cut rates it’s only going to add fuel to the fire.
Not completely true I live in north ga but I’m shopping Woodstock and Acworth and west and east Cobb areas folks are cutting prices ever week winter is coming and prices are gonna get even more slashed
But it’s all location specific not saying all of what your saying is false because some cities are climbing and selling
Lol😅
@@highwayrunner9719 very true. I’m Gainesville area. Prices here are up every month. Sold a double wide in 1 acre in Cleveland last month for 285K, which was unbelievable, until one popped up down the street for 319,900 last week. I think already under contract.
I’m just inside 285 above Decatur. A 3/2 just sold for $765k with a list price of $750k. And it was only on the market for 4 days.
His msg does not apply to ga
BRING THE CRASH I AM READY
Days on market are bullshit. I see the house is listed for more than a year but they only say they've been on the market for 10 days.
I’ve seen that too. Listed then 30 days later Removed then 10 days returned to market with reduced price
My place in the PNW has only dropped 1-2% in the past 30 days. Nowhere even close to the drops I'm expecting and have been expecting for awhile.
Price is still high. 1950's house sold $125K in 2016 is $450K-500K in Sacramento, Cali.
I am NOT looking at the interests rates. It is the PRICES that need to drop by a lot, like 40-50% before I buy, and I have the money right now to do so. I will NOT overpay. I can wait.
Take a moment to take this in: The guy giving you real estate advice is a renter himself.
He does also own a property that he rents out.
He has given you the reason why. He is saving more money by renting, since it is more expensive to buy right now. That is a smart financial decision. Save the cash, so that you can jump on deals when they come. Right now, there are no deals. Everything is way overvalued. It is a bubble that is starting to pop. I can wait, and save even more money, which means an even larger down payment when the time comes. I also refuse to pay these overvalued prices.
These rates are still way to high. They are reducing $100 on only mortgage, while we need it to be down by $1000 for median homes. They are one order of magnitude out of their dang minds. The insurance and taxes are also excessive. When tax + insurance is equal to or greater than mortgage.. people have gone nuts. Quit paying for that garbage, people. P.S. My area, rent is going up 10% per year, but is still super-cheaper than buying right now. Home prices adjust based on past 3 years average rent, so we will see a big drop in FY 25-26 around June, because it will be a second year where rent is below mortgage and so it will curve mortgages down. By FY 26-27 in June? Prices will be tanked the most (assuming rent doesn't jack up before then). Cheers. We are no where near an end in sight to this awful housing market.
Oh its just lies and lies these guys have been saying this for literally years the housing market is not in decline its just BS.
Based on historical averages and house price to income ratios the average 3bd 2ba 2 car garage house should be between $200-250,000
No! Not on an older out dated home. That’s where people mess up.
In So Cal where I own homes they are still strong. going up in price & selling but it cant continue forever.
@@Userxyz-z2d why not? Property prices have consistently increased for hundreds of years. Maybe a little bump here and there but overall it’s an increasing line.
It makes total sense because when people buy a home there's a common shared fantasy that the price will never go down when they're looking at sellers having to lower their prices. That illusion is shattered and now they have to think about the possibility. So that's going to create a lot of drag on the number of buyers even when interest rates and prices go down further. In fact, the bigger the drop, the more terrifying it will be to a potential buyer since they have to be sure that there's no chance they will get laid off even as the economy tanks
Prices are declining. What about asking prices being way too high.
Lower rates = higher inflation, The average person is tapped out and not able to buy a house.
For some that is correct. However, I am a buyer who could buy right now, but I won't. These prices are ridiculous and I will NOT overpay for a house. I don't care at all about the interest rates. It is the PRICES that I am looking at. I am not the only one with this attitude.
had to extend my HELOC earlier this year (over budget renovation). Had to go away from the lender i had become close to because his advice was to refinance a 2.5% rate instead of taking on a higher rate HELOC…. what awful advice it was, & you cannot tell me banks dont have these “inn-n-out secret menu incentives” to get anyone out of a sub 3% rate
It is still overpriced and out of reach for most people 🤷♂️
If they are releasing old data, then you know the new data is worse.
Sorry none of this is going to make a difference in getting buyers back
Zillow has no customer service at all. My ranch has gone up to 950k back to 400k. There is no rhyme or reason for this. It's value is like 1.4 million. I'm glad to see Zillow losing lots of money...
haven't found one listing Zillow is correct on. Biggest scam in the real estate industry.
It's Bonkers brother
Seriously I used to review Zillow values on properties as a form of entertainment.Zillow can be way out of the park, so beware . Our market has changed radically from mid 2023. Instead of selling immediately homes languish for months .
Silicon Valley stupid prices are not being affected. Zillow is ridiculous! All they do is adjust their prices when the valuer keeps the prices inflated for higher property taxes !! Rich people dont need to move, with ultra low interest rate loans locked in for years, and you also get to pay off the principal as well as interest. Menlo Park Atherton - The Rich isnt moving, thats for sure- ridiculous
Buyers are also avoiding homes with an HOA. Who wants to buy a overpriced home, and have a Karen dictate how to enjoy it?
Even if home prices don’t decline, they’re still not growing as fast as other asset classes like gold. That in itself should be enough for people to reconsider home purchases right now. So it’s gonna go down whether people like it or not (for me) because I’m making sure the asset class I own outpaces home growth.
Rent increased in California %8.9 the seniors community should not be increased %8.9 🧐🤨😱😱
My landlord says most likely we will have a soft landing so keep renting is the smart move.
Not going to use a comp from 3 yrs ago
Just wait till price fall and people start selling not to loss there wealth
Nobody is making a large purchase right now.
This "soft landing" language is absurd -- markets are dynamic; so much of the anticipated rate cut is already priced into securities, bonds and mortgages. The DJIA is literally at an all-time high. Find your home, speak up about concessions, negotiate and refinance down the line. Don't try to catch a falling knife, and stop throwing money away.
Powell thinks a couple of basis points are going to get him thru his first semester of economics 101?
END THE FEDERAL RESERVE AND START OVER?
Seasonal decline. Home sales will pick up again in spring.
Exactly but that fact doesn’t attract clicks and views. Inventory increases and price reductions increase every fall like clockwork. With lower rates prevailing next spring, prices will continue rising.
Yes seasonal decline. Home sales volume will be lower in spring 2025 than 2021-24 though. Demand in '24 has been lower than '23, which itself was lower than '22. The record low interest rates for over a decade pulled forward a ton of demand. The snatching up of multiple properties by especially corporate landlords has faded and isn't returning any time soon.
Meanwhile stock market: un fathomable triple top
That's funny. You criticize Zillow all day long for one thing or another. Now you advocate using Zillow to find bargains. How about don't use Zillow at all, given that it's such a terrible company? There is a word for this type of behavior. But let's leave that for the audience to decide.
I haven’t notice prices dropping in East Tennessee, in fact, idiots keep raising them!
Housing prices are tied to jobs. Even at the reduced prices, home prices in some regions almost doubled. That is a bubble. Please provide more context on Real Estate Mindset on the correlation between job markets and the home prices in those metro areas. The story in housing is almost always employment.
And the buyers pay their buyers agent!!!!
We just returned from a week of house shopping in FL. Found some new builders with price drops & definitely price drops in resale homes.
New builds with 3.99 or 4.99 interest rate.
there are no jobs in FL.. good luck.(except for low paying wages)
Some of this issue has more to do with generational preferences than economics. As boomers ride off into the sunset some of those big houses will face less demand.
Zillow still shows my house severely overvalued.
I look forward to the headlines and effects of the inevitable mass selloff of AirBnB properties. Most of them are losing money, so when prices decline more than the usual seasonal effects I suspect many of them will get spooked and sell.
The prices are still super high in Phoenix and property taxes/insurance throuh the roof.
One percent 2 percent. To be honest that is really nothing in the scheme of things.
If the real estate market is in decline, why is the P/E for real estate equities increasing? Look at the P/E for XLRE.
lets face the bottom line. the only way for prices to come down is if the people living in these homes who ARE NOT SUPPOSED to be (for any reason) are FORCED out of them.
😂 They are not SUPPOSED to be??.Prices will go down when it becomes obvios to all the zombies out there that there is no upside to buying anymore. It will be a run for the EXIT door. Exit now or get stampeded.
And who are "the people", exactly?
Wait, what are the any reasons 👀
@@FreddyPrays oh you know, the ones who sit there without paying a mortgage.
@@nspencer257 NO PAY NO STAY
Go Travis. 2007 deja vu. Get ready.
Let’s all file for bankruptcy
ok you first
@@tobyk5149 let’s do it
I think working less remotely is in regard to returning to the office or working a hybrid schedule. Not less income.
Not in New Jersey
Dark times over here, me and my fiance make almost 120k with almost no debt and the pickings are... nightmarish
Yup, sure you can find houses, but the affordable ones means you will have neighbors with pitbulls ontop of you and druggies on the corner. Very few pockets of worth it places to buy. And you will pay
We were outbidden all the times by the cash buyer this year and I see the market going through the roof next spring as the interest rates go down.
these studies need to add home afordabilty based on the local job market wages.. and everytime they do.. they show again these homes are mostly UNAFORDABLE BY THE VAST MAJORITY.
Illinois has gotton ridiculous considering how many ppl have left the state the whole Midwest phenomenon is ridiculous
Nobody in their right mind would by in Illinois
I went to the Zillow source and still don't understand the column "did not also buy" in the first chart. It WOULD make sense if "also bought" and "did not also buy" added up to "total sellers". And the totals are too similar.
I don't think any current trends can be understood from a report almost 11 months old.
A guy I work with is selling his house because of divorce.
Totally Bonkers Kid 😮
Thanks Travis
I have caught agent’s changing the Zillow estimate…. I don’t trust Zillow
Well Done Sir!!!
Lol. Not in michigan. Price is still record high and we are the auto manufacturer state.
the prices have to come down for three years here in Maryland before taxes come down..we are in for a long slog. this is the insanity in my area of Maryland. i bought the house in 2000 for 74k look at the tax explosions. Maryland assess every three years so it's going to take a while and a huge drop that is sustained for a decade before this insanity begins to abate.
2024 $3,300 +20.3% $202,200 +16.7%
2023 $2,742 +20% $173,333 -14.3%
2022 $2,285 +25% $202,200 +74.9%
2021 $1,829 +6.2% $115,600
2020 $1,722 +6.6% --
2019 $1,616 +6.4% $115,600 +21.2%
2018 $1,519 +35.8% $95,400
2017 $1,118 -32.9% $95,400 +1%
2016 $1,667 $94,467 +0.5%
2015 $1,667 $94,000
What camera are you using. Spectacular megapixel
I wish prices would drop by me.
Why would working remotely less often mean a drop in income?
Virginia Beach is still high old broken dwn homes r 365
Sweet a 2.5% price reduction on a house that has doubled since 2018 lol.
Eventually it will
All come down 🤙🏽