I think rates are still really restrictive, it will likely be flat for a couple of years until all the slack in excess supply gets absorbed. Because no one is building right now, so this will add to the supply deficit as demand comes back.
You've indicated that the number of sales are down, the active listings are up (14 year high), and the average price is down 1.5%. And your question was "should homeowners be concerned about rising inventory?" and potentially their equity going down. And my answer is,,,, I am a home owner, retired with no mortgage, (as hundreds of thousands of others are), and God willing I will be on the planet for maybe another decade. It makes no difference to me if my house is worth $2 or $2 million. I use the house to protect from the rain, to keep me warm in winter, and to provide a place to eat, sleep, and wash. That's my "equity". It's therefore irrelevant what the market thinks it's worth. But if I was going to offer an opinion for those want to buy, and are sitting on the sidelines waiting for prices to drop so they can get a "deal"' I would say to them,,, " Life is not a video game where you have unlimited number of lives. We only have one life with a finite number of years on the planet, so if you want a house, don't wait. Just do it, NOW"
Yeah for sure buyers only want to buy low, but sellers want to sell high. If you had a home to sell, you’d want to maximize the price, no? In other words, no one is going to sell homes at a low price for a charity. They have a bottom line, and they always want to get above that line.
@@KennethYimHomes YA BUT IM NOT MAKING MONEY ON THE HOME PEOPLE NEED TO LIVE IN ONE IF THE PRICE IS HIGH ALL THESE OLD PEOPLE CAN KEEP SELLING TO EACH OTHER
using FSD I love it
@@luckykennyboy can’t imagine life without it
Great vlog style vid and thanks for the update Kenneth!
great info, wondering how much the RE market will change by Sept when the rate announcement will take place, hoping for reduction… ? Thanks
I think rates are still really restrictive, it will likely be flat for a couple of years until all the slack in excess supply gets absorbed. Because no one is building right now, so this will add to the supply deficit as demand comes back.
You've indicated that the number of sales are down, the active listings are up (14 year high), and the average price is down 1.5%.
And your question was "should homeowners be concerned about rising inventory?" and potentially their equity going down.
And my answer is,,,, I am a home owner, retired with no mortgage, (as hundreds of thousands of others are), and God willing I will be on the planet for maybe another decade. It makes no difference to me if my house is worth $2 or $2 million. I use the house to protect from the rain, to keep me warm in winter, and to provide a place to eat, sleep, and wash. That's my "equity". It's therefore irrelevant what the market thinks it's worth. But if I was going to offer an opinion for those want to buy, and are sitting on the sidelines waiting for prices to drop so they can get a "deal"' I would say to them,,, " Life is not a video game where you have unlimited number of lives. We only have one life with a finite number of years on the planet, so if you want a house, don't wait. Just do it, NOW"
why would anyone buy if the homes are high bring down prices and people will buy wtf
Yeah for sure buyers only want to buy low, but sellers want to sell high. If you had a home to sell, you’d want to maximize the price, no?
In other words, no one is going to sell homes at a low price for a charity. They have a bottom line, and they always want to get above that line.
@@KennethYimHomes YA BUT IM NOT MAKING MONEY ON THE HOME PEOPLE NEED TO LIVE IN ONE IF THE PRICE IS HIGH ALL THESE OLD PEOPLE CAN KEEP SELLING TO EACH OTHER