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They built too many homes. Builders on verge of completely abandoning projects.
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- Опубліковано 17 сер 2024
- Home builders across America are building a record number of housing units and many will be forced to abandon projects in 2024.
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Especially in a Housing Market like Nashville. Where builders like DR Horton and Pulte Homes are building a huge number of new homes. And are now being forced to reduce prices on those homes due to excess inventory.
This trend is especially apartments in housing markets where home buildings build the most homes. Like Texas, Tennessee, and Florida - markets with the highest building permit percentage.
Be careful buying house in these home-building communities in 2024. Because while the lower prices and mortgage rates might look appealing, these builders have been very aggressive in cutting prices so far in 2023 and into 2024. Meaning that the value of your house could go down after you buy it.
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I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Interesting. I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call.
fear 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.
Contemplate shifting your investments from real estate to other dependable options such as stocks, cryptocurrencies, or precious metals. Severe recessions present potential buying opportunities in the market, but it's essential to approach them cautiously due to the volatility that can provide short-term trading possibilities. While not offering financial advice, it could be prudent to consider investing, given that holding onto cash may not be ideal during this period.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?
Finding financial advisors like Melissa Terri Swayne 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.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
Real estate and stock investments may be good decisions, especially if you have a solid trading strategy that can see you through prosperous days.
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
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.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Margaret Johnson Arndt for the last five years or so, and her returns have been pretty much amazing.
Margaret’s profile appears to be fairly knowledgeable, therefore I must say that I value the advice. After locating her online, I thoroughly read through her resume, educational background, and qualifications, and I must say that they were quite impressive. We have set up a meeting after she replied to my message.
High interest rate causes house market declining, less people are buying houses. more empty comericial buildings are converted into residential condos which results in rental declining.After covid, more people are working at home, artificial intelligence technology has eliminated many office jobs, and commercial buildings are vacant and converted into apartments.
With all these changes, I'm thinking it might be a good time to revisit our overall financial strategy. Maybe consulting with a financial advisor could provide some insights into how to navigate through these shifting economic landscapes.
That's a smart idea. A financial advisor can help us assess our current financial situation, including housing costs, and develop a plan that aligns with our goals. Especially during times of market turbulence, having a professional guide can be invaluable.
Please how do I find and contact this financial counselor ?
The advisor that guides me is “ Vivian Carol Gioia’’, most likely the internet is where to find her basic info, just search her name. She's established.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Question: During the pandemic, a man was arrested and charged for price gouging of N95 mask and hand sanitizer. Today, when we have a shortage of homes in the market, sellers are asking for over 200k above home value. How is this not price gouging?
Because the govt is in on the scam
If only they taught the basics of economics in school.
Because there is no shortage, it's a trick to get you to buy more stuff at higher prices. Just like Rolexes, PlayStations, supercars, etc.
Because prices are set by comps, not arbitrarily. also, another distinction is that the guy you are referring to bought up all the inventory, so nobody else could buy it, and set the price high because he was the only one that had the supply. All the homes on the market in any given area are not owned by one person or company.
"price gouging" isn't a thing
There is no way I’d pay $450K-$600K to live in a community that’s packed so close together and then pay an HOA…still waiting.
Probably wait until you're 50 which is probably 5 years from now
@@vishnu2699 Not sure if you’re being sarcastic or not, but time is not an issue, I’ll keep waiting. I’m in no rush to overpay, but other people are welcome to.
No land no privacy no thank you.
450-600k is nothing in a major metro unfortunately . if you want a place with land and privacy with good schools it’s gonna be a million +
@@ChrisGenXer lol by the time you are ready to buy, prices have already gone up 4-5% yoy
50k price cut...haha...how about a 200-250k price cut...
And that would still be higher historically but real estate investors will fight tooth and nail because they've already made uneducated bets on this current housing market.
eeeeehehehehehhehehehehheheheheheheheh!!!!!!!!
STAGFLATION IS HERE
how about a cut on your salary ?
Correct plenty of overpriced homes 😒 1/2 a MIL is 😬absolutely crazy, but I guess you need that price tag to pay DIVIDENDS to shareholders 🤢 jacked up prices much like every other industry to gouge the hell out of consumers and/or buyers giving the excuse about the cost of materials 😳 freaking bonkers man 🤮 I'll pass on the madness 😠 from Shysters 🤥 I'm NOT having it 🤬
I have lived abroad as a U.S. expat for several years. I purchased a turn key beachfront home in Central America, for $240,000.00. Constructed earthquake proof with concrete reinforced with rebarb. The homes in the U.S. look so cheaply constructed and furnished, at their outrageous price points!
They are it's all greed
Idk how safe a place is, if its made from rebarb. You usually use that for pie.
@@brodiepeif8392lol
Its the area. Some areas prices are ok.
@@brodiepeif8392it’s rebar 😂
We live in central Texas. We moved here from Cleburne in 2014. Our land we bought in 2006 specifically to retire on. When we moved here in January of 2014 we lived in our RV while we built our house ourselves, no builders or outside contractors involved. We built a small house just under 1000 sq ft with 2 bedrooms 1 bath and a utility room. The house cost us $20,000 in materials and we couldnt be happier. It is metal construction with metal outer walls. The metal building that became our house my husband and son had built a few years earlier. My husband converted it into our house. Its an all electric home with a woodstove. Our electric bills went from $300+ in the 2400 sq ft house in Cleburne to about $95 a month here. Our water is from a well we had dug so we dont pay a monthly water bill. We live on 17 acres in ranch country and its all paid for! Praise the Lord!
And we are armed to the teeth.
So what is the point of your comment? Anything pertinent for today?
Last thing! Solar grid! DIY makes returns on investment of less than 7 years! And you get to own your power for 30 years plus!
@Joce123 yep. Learn and live the principle of delayed gratification.
Good for you! Being unencumbered by a mortgage is freedom. My hubby and I built our own little house back in the mid-1980's and never having debt has been so freeing. Good luck to you and your family. God bless.
It's not interest rates that deter me, it's the price. I'd gladly buy at even higher rates if home prices were at fair market value and truly reflected the quality/type of construction, because you can always refinance when rates decline. But you can never refinance the price.
Exactly! Rate will go down to all time average 5-6%. May be even lower than that! Price once signed can't be changed!!! overpriced by 300K is total BS!!!
Preach! Let’s hold and let them lose $$$. Houses in the fucking ghetto are unaffordable….
What real estate market are you in?
How low do you need prices to go before you buy?
@@cabot100 With all respect, it's my decision to make and I don't need to justify when or whether I buy a home to you. The fair market value for a typical home (total cost of construction, plus builder's markup) is well below the price for homes all over the U.S. Now, if you don't mind getting ripped-off, knock yourself out, but I do. And I'll buy when - I - think it's appropriate. But if it really chaps your hide, you're welcome to buy a home for me. I'll accept the keys to any property you want to buy me.
$550s is insane. No matter where.
Overpriced cookie cutter houses
You should see Orange County, CA You get lost in your own community because it all looks the same. And massively overpriced. But..... There are a lot of Asian families here and they don't mind if the houses are stacked with zero lot lines.
Vinyl sided junk.
I'll take a "cookie-cutter" house...but no way at current prices OR mortgage interest rates. I expect (!) by late 2025, it will be more of a Buyers Market...and I (in TX presently) can return to CO (Springs) to buy a property. For me, that means a smaller new/newer town-home/carriage-home in a new/newer subdivision/community...so I hope SUPPLY is up big-time by then to help reduce home prices. And the interest rate is way lower. ;-)
-- BR
Houses in neighborhoods that are consistent in value hold value better than houses where values vary widely.
Easy now, builder had to buy the rights to those plans. All the other plans are tied up in court.
I have a HUGE PROBLEM with houses being so close to each other...I want be away from neighbors as far as I can get...but what I'm looking for is sooo hard to find, unless you have a huge amount of money in your bank account!!😢
What are you talking about? Plenty of property like that in Kentucky
@@porcudraculuiNot new construction they are all built on lots less than 7000 sq feet and they cost over $400k.
It’s ridiculous.
@@NOBODY-zf5nt And you’re talking about $500k and up for a dated old ranch. Believe me I’ve been looking for two years.
Going to be hard to find that with any new construction.
@@wfk3rdsame here in Maryland! Prices are still too high for old houses. I’ve been looking for three years.
Nashville has 16,000 empty apts with another 20,000 units under construction…. Nashville home prices are going to collapse!!
Of course. Just wait
I hope so, I notice your also a listener to Nobody Special (Jack) seems we have similar tastes.
You can be absolutely positive that the City of Nashville will subsidize those empty apartments with all of the newly relocated illegals that have flooded across the border AND the city or county you live in will dramatically raise your property taxes to compensate for the free housing they're giving the illegals.
Embrace the suck.
@@BirdBrainInvestmentsone of the best guys out there
Atlanta too
That couple bought at the peak in a new neighborhood where multiple houses are now for rent. And the builder keeps building. It was nice of you not to point out that they are screwed.
I was thinking the same thing!
There are places where folks bought in new neighborhood and putting up for rent for $5400 - $7300 per month LOL. Go to redfin then click rent and you will see in your area.
They are not “screwed”. They said that they intend for that house to be their final house. Are they screwed by buying the house at the top of the market when they intend on living in that house for the next 30 years or more? The answer is no. Further, escapees from Cali often purchase such homes in all cash, so they might not even have a mortgage. Yet some think they-of all people-are “screwed” lol. :)
They are screwed 😂. It doesn't matter if it's your main home to live in for the next 30 years. The house is still an investment. If the neighborhood tanks in value because none can afford them that couple will lose the value of their investment. Imagine that couple bought the house for 600k and now it's worth 300k.
@@TheLeadAttorneylove your channel bro. But a lot of “escapees” from California are folks not doing too well. For every software engineer that moves to Austin you get a handful of people that aren’t educated or high earners that are leaving. More millionaires are moving to California than any other state. The people leaving are often the ones that can’t afford to be here, not educated high earners fleeing the state. That’s a right wing myth.
People escaping California have screwed up Montana prices so much! You’re not getting anything move in ready for less then $600k!
They did the same to utah
What’s sad is I went to college outside of Atlanta and the prices in that area are a better deal?! When you consider house size, age of the house and property size.
well surely they're building a lot of houses there to keep up with demand right/? if that's the case, the prices will fall quite a bit eventually
Californians wont be able to stand the cold in MT. They will leave soon enough🤣
@@OldLion64 I thought the same with our Texas 115 degree weather. More are coming every day. Sucks.
I hate HOA's. That will make me instantly pass on any home. I'm also getting sick of that being snuck in the description. So, if you already tried to lie to me about there being an HOA then what other serious issues are you not telling me about. Plus, I want 5 acres min. I have zero desire to be so close to everyone like that. Plus, with all the renters those prices in that neighborhood need to be cut in half. Renters have no investment in a place and a lot don't know how to behave. More specifically when they have 3 or more single people all living in the same house.
well said!
$550K home, with 20% down, with 6.5% interest. Insurance and property tax. You looking at $3.5k+/month for payment without HOA. You need $150k income for this smoke show.
Agree, the whole thing is stupid
that's how much 2b apartment cost in California lol
Don't forget your $100k pickup truck!
Oh no, you're saying you need $150k household income to afford to buy a brand new house? People forget that the first part of the American Dream is working hard. If a couple isn't truly working hard then you're right that they don't deserve a brand new house. Go buy a 20 year old house.
The Mrs and I do around 150k and I wouldn't borrow anywhere close to those numbers. Our mortgage payment started out a little under $1300. The highest I wanted to go was like $1500.
It’s weird in my area new apartment complexes are breaking ground , but the same company is dropping rents and having trouble filling their existing units. Some weird stuff going on
Its just because that area is bad.
A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
These are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The bigger the red candles, the bigger the green ones.
Investing in stocks can be a wise decision, especially if you have a dependable trading system that can lead to successful outcomes. Personally, I've been working with a financial advisor for about a year now. Starting with less than $200K and I'm now just $19,000 away from making half a million in profit.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
Ofcourse no one wants to admit that $500K for a 1,000 Square foot home is unsustainable and unaffordable.
Yet they continue building homes expecting to sell them for almost a Million dollars.
Definition of insanity.
They have no basement.
Those neighborhoods look exactly like what Pulte and DR Horton builds in Ca. Prices should be under $300k in TN
250k tops. For very nice houses. Regular house, 175k tops
Those builders pay for the plans once and stamp them out like cookies. Having no regard to building homes that look like they belong in the surrounding landscape.
I bought a new home in 2009 for 1/3 the price of the original price in 2007.. I hope it happens again. Screw the greedy builders and the idiots that think this will not happen again.
Very ignorant comment. Builders are not greedy. The market dictates price. You need to learn the fundamentals of homebuilding before making comments like that.
People
Also lost their jobs, kids went homeless and hungry, families were broken up.. that is what you piece of turd materialistic obsessed people are hoping for , just to buy a freaking house
holy shit i had no idea it dropped that much back then. no way in hell i'm buying right now.... wow
That is the problem with fast and aggressive appreciation... RE that appreciated by 2 or 4% a year would probably never be able to crash by 20% in a year.. that mild appreciation is durable.. but when prices go up 10-20% a year for years, that can then easily happen in reverse because the same forces that created the rapid appreciation also work in the opposite direction.
So you want prices to drop but hate home builders. Without home builders do you think prices go up or down? 👆
Nick, you just ran a short outlining how Blackstone is buying 40,000 homes. In a down market. This video you describe precipitous price drops. Interest rates are zoomed. Financing nearly impossible to obtain for retail customers. This perfectly describes the core elements of an antitrust case. All cash buyers come into a market, buying under the names of shell companies, throwing the shells under the bus for the losses, and acquiring enough homes to hijack a rental market. If a politician wants to get very popular very fast, s/he will promise to and actually enact a task force to investigate and start litigation and/or enforcement actions on these bad actors. This isn't "free market activity". This is collusion and price fixing, plain and simple. It's fraud, and by extension it could be labeled as racketeering. The FTC needs to get the handful of people left working there into action checking this crap out. But as usual it'll probaby be left to the USASDNY or New York or California Attorneys General to get dealt with. Unfortunately, they're kinda tied up right now. The feds - and the Fed - are bought and paid for. None of this is a coincidence. It's the 1890s all over again, if not 2008...
Love this comment
Facts...
Now that you put it that way, wow 😮. Get someone like Katie Porter on it-she can help explain it on her whiteboard. Simple, and she always owns the crooked, paid for corp types!
Exactly! I feel like the system is rigged against ordinary buyers
Yes!
Just let all the Californians, investors and FOMO crowd buy up all these overpriced properties that they want. There’s a glut of housing available here in the Phoenix, AZ area. It cracks me up to monitor rental homes that drop the rent $5-10 a month, trying to entice someone to rent…when then really need to drop them $500-1K. New sale listings are, also, increasing faster than home purchases. Homes are still, likely, 25-50% overvalued in most areas, while more houses continue to be built. Until we either get the average price of a home down to $150-250K or we raise minimum wages to $30-40/hr, the demand for people to pay $500K+ for a home or rent a 3 BR home for $3K per month isn’t going to materialize. Investors can keep trying to push that scenario on society, but it’s not going to work and isn’t happening. People will just keep cohabitating and finding cheaper ways to live and survive. Not everyone is willing to or able to work 2 to 3 full time jobs to keep up with this insanity. There are some trying…but they are just running themselves into the ground. It’s not sustainable.
Good to know Az is still overvalued
Does it still have a water problem?
Yeah. Im leaving arizona in a few months. It keeps getting more expensive and i cant even get approved for enough to afford anything in greater phoenix metro. There are no starter homes available. I made 82k last year by myself.
Left Tucson after 4 years last Sept. Came back East. Not great in NC either but still better than that craziness out there.
@@johnp5250 I can honestly say I can tell my water pressure is being slowly throttled over the years I’ve been here. Filling a tub used to take a few minutes and now can take upwards of 15-20 minutes. The desert wasn’t designed to handle 5 million people. The past governor Ducey already looked into building a desalination plant in Mexico and pumping the water up here. They estimated it would double everyone’s water bill. It’s easy to see the direction of the market here when you look on the fringes…places like Florence, Maricopa and Buckeye are starting to have overpriced homes pile up. The suckers from CA, who bought these overpriced homes in Buckeye a few years ago will lose half their equity in those homes over the next few years. I guess it was equity they probably should’ve never had in the first place, due to cashing out of their overvalued homes in CA to get to this stage.
@@Thegreendingler you need to make a 6 figure salary here now to even squeeze into a home an hour out of town on the fringes…with no yard, wall 10 for out your back door, and neighbors house within reach of sticking your arm out your window. It’s stupid and not worth the $$$. Any sucker paying $300K+ for anything like that was part of the FOMO crowd who will lose half their equity when prices come back down to the natural, sustainable, level. You can see where investors continue to buy, inventories are low, and prices are going up still…it’s shitsville Midwestern cities, where people are desperate to move to in order to be able to afford a house…but also places where no one in their right mind really wants to live. It’s the final stages of the real estate investors squeezing every last ounce of $ they can out of the housing market before the whole thing caves in on everybody.
In my small city in Tennessee, homes that were selling for $400k at the peak and now selling for $275k 😅
what city in TN?
BS
@@Way2EasyDIY i don't think it is BS, as I have seen reductions of up to $300k in TN.... It depends on the area. If it is rural, I do not doubt the prices are tanking. That $275k house is still only worth $175k by 2020 values and the fact that they were asking $400k just shows how delusional sellers were thinking the frenzy would continue. Most of them are flippers. I would caution everyone to stay away from flipped homes in TN.
You’re not near a major city center - that’s why. Housing markets have become bifurcated. The mediocre locations’ prices will come back to Earth while the primo locations’ (that don’t even have available inventory let alone that at any prices that are remotely affordable) prices will only keep going up for many years to come.
In Daytona Beach area there is a ton of new construction of both apartments and duplexes. One neighborhood built by D R Horton has currently 23 new homes for sale that are completed. They have dropped the price from 340k down to 306k just recently and they still have over double that under construction plus more of the community is developed just not building yet. There are over 3500 homes for sale in the area and most existing are showing prices cuts...going to be a wild ride as sellers chase the market down.
@@iebuilt8241it’s much easier to get insurance in north Florida. South FL is where it’s expensive, same as the west coast. You can get it, you just gotta pay the piper. Citizens will always take you because they are a state run insurance company. They have to take you if no one else will.
have you seen lpga, williamson, and clyde morris! to much building
@@iebuilt8241 it is a real problem. You can get it but it is almost getting prohibitively expensive…coupled with high interest rates and now most people are out of the market. One thing I have heard is that lots of beach condo owners have had their insurance dropped and can’t find anyone to cover them which is creating a condo specific problem.
Was in Daytona in January and noticed this in just 2 days visiting. Flagler and Palm Coast looking similar. St John's seems like it's holding value for now.
@@generalhodler St. John’s is building like crazy too. What do you think? I think inventory there will continue to build.
Bingo! You nailed it, exactly how I feel. Bored looking. I've been looking for almost 3 years, and it's depressing.
many people still on the sideline. Which means price won't drop... as if they drop they get snatched up easily. Demand is STILL there. massivly. and you are part of it.
I totally agree, been looking off and on since 2021 and now I just look on Zillow and laugh. The prices for existing homes in my area are nuts and the prices for new-builds are also nuts even with the price cuts and rate cuts. I never want to be in a situation where I’m upside down on a mortgage because I bought in a bubble, so I’m sitting out for now.
@@melina.leany-g 100% agree.
@@melina.leany-g what if this is the dip
That sucks. What kept you on the sidelines 3 years ago? Rates were extremely low in 2021 and, although it didn't seem like it at the time, prices were also relatively low.
Was is lack of affordability, competition from other buyers, fear of a market crash or something else?
I live near Nashville and everything you pointed out in this video is spot on. I know several people that wanted to buy but when they looked at the mortgage payment plus taxes, HOA fees and insurance they were priced completely out of the market.
Absolutely not! I am a working professional and could never afford a house price in that range with these very high rates of interest. Crazy to take on that risk right now with layoffs & an unstable economy.
These aren't High rates of interest. The 50-year average is 7.6%. These are normal interest rates
@@rangerdoc1029 Problem is, when the rates were really high in the 80s, home prices were $50-100k. Not this garbage for $550k
Richmond America in Denver sent an email on homes ready or near ready and that one builder had 210 homes available in the metro area all at a discount. These builders can only keep prices high for so long with incentives. I would only buy at the lower prices as that dictates so much of the future. Most these new neighborhoods are terrible looking anyway with houses stuffed together. Mass market builders in Colorado do a terrible job.
For $600k I can buy a huge brick mansion in Prague , Czech Republic . Not this ugly plywood shed .
Go live there lol
@@danman1287 haha
100% agree, American cardboard houses for half a million is a shame. If you have an option to work remotely just run, run. Nobody ever will buy Toyota Corolla for 80k, why should we.
Yeah but in Prague you have to always wonder if “Vladimir” will ever want to cement his legacy as a modern day Peter The Great. 😂
@@Fx_- there’s no war in Czechia
It’s not just home prices need to fall. They need to change they way they build in terms of structural, architectural, planning and sizes
Not just "too much inventory" but it's the high property taxes and ridiculous, ever increasing HOA fees and rules that people are tired of. Even if you pay cash for your home you will never own your home. Those days are gone.
Don't buy a newly built too is a bad deal you be hit with taxes for improvement we buy in a older neighborhood but new development business came in to built garbage homes near our older neighborhood we got hit with those taxes buy where there is no more built land that I learned guys never again we will buy where there lot's of land my home is 2006 great quality built home but lot's of land around so we pY extra $200 more for taxes after 1 year living in this beautiful home love the home hate the new development business is ok great for employment we needed more business around here but will never buy in areas that is not fully completed in development thank you so much I will keep buying older homes 2006 home haven't had any issues great condition and contruccion never buy those garbage that are framed in one day yes garbage 😮shame on you all development how can you sale something like that to consumers still sleep at night knowing the dangers of those homes to kids you are very lucky that I don't work for the city you will not pass inspection trust me I will stop all garbage on till you built it right but those city inspector don't know what codes are shame on the city too they should all be fired those rich development buy this inspectors all bay area san Joaquin valley contra Costa central valley and all surrounding cities you are not building homes paying millions for garbage I get very angry what my husband tells me is a mess but you buyers are at fault too for not inspecting your homes if builder's refuse don't buy it put in your purchase contract before you seal the deal truth me pay your own inspector before they put sheep rock and stucco or is to late don't but homes with wet wood plywood this happen all the time what do you think it will be inside afterwards mold mildew yes pest poison make sure all floors are cleaned before put carpet flooring cabinets cleaned wall from all materials dust
Is cancer and asthma air out your home for 3 days before moving in for fumes to go out but think first before you buy this garbage all is so cheap the only things I liked was the new appliances the rest I pass 😮😮😮😮
I own a house with 16.5 acres and my only fee is $118 in property taxes.
@@Retarded229where do you live? Property taxes are outrageous in Michigan
Welcome to Cape Coral, Florida. Stupid people STILL moving here.
@@perlamaru6751This shit is hard to read. Construct your words into sentences and break the wall of text into paragraphs.
No way are those houses even close to the true value.
How do you calculate true value?
Utter ridiculousness. Artificial bubble that is blown way way way too large.
Those homes should not be over 150k max! They are ripping people off!
You nailed my sentiment about two thirds of the way through the video. I've basically stopped looking and I'm even getting bored with the housing market videos. I can wait a lot longer than the sellers and builders can. I have no urgency to buy at all given how cheap my current rent is.
same here! lol
Same here.
“Escaping California,” then pay over half a million for a house an hour outside Nashville.
Then CALIFORNIA the new place and then run to other places to CALIFORNIA the places they move!!! Lol
@@jojopapa7521a lot of us who left California are far more conservative than the states we are moving to.
@@thedopplereffect00 I know that's what y'all think, but history doesn't seem to support this.
@@T4nkcommander I think things are quite different this time. Everyone I've met so far who left Commiefornia did so for freedom. Also a lot of liberals are thankfully leaving the conservative states because the governments are no longer putting up with their degeneracy.
The 'history' has shown that your kids in public schools are voting blue no matter who. This is a homegrown problem, so look in the mirror @@T4nkcommander
Imagine moving to Tennessee to pay half a million dollars for a bungalow.
lol no thanks
I really like that you are talking to some of the folks in the locations. This gives a wider perspective of what is going on.
One of the budget airlines canceled most of their CA to Austin flights "due to lack of demand"! Finally.
That could mean that it is because almost all of them are here now.
I think it's the rain sir LOL
cancel the nerd-bird
Austin's job market is getting bad.
I've seen dozens of apartment complexes built within 5 miles of where I live in Texas. Not so much houses, but about 10k brand new apartments went up over the past 12 months. Rents are still about $2,500+ per month. Pre 2020, rents were about $1500/month.
Owning is still 40% more expensive than renting in the SA/Austin area, and double that in the DFW area.
Game over for Texas
Same w CA but vacancies are skyrocketing because no one can afford it
Those houses are some of the homeliest I’ve seen. They are completely lacking in the details that denote a well-designed house. For example, the absence of roof overhangs probably will lead to water damage in future years.
SHOW US WHAT YOUVEBUILT.. ARE THEY AFFORDABLE?
HR Horton builds cheap houses. I’m renting one now and would never buy from them. Absolute garbage.
@@danielmankinde1706chill out, dude
@@danielmankinde1706 HA HA you think $550k is affordable? I'd maybe give them a buck seventy five, MAYBE.
@@DIYDaveT which one have you built
I live in an old well developed neighborhood. I wouldn’t want to move in a new neighborhood in the middle of nowhere. You have to drive 5 minutes to get out of your neighborhood and 30 to get to a grocery store.
A bunch of for rent signs in a neighborhood can't help sales.
I sure wouldn't want to buy my forever home and a neighborhood full of rentals
@rangerdoc1029
Only marginally better than living in a block full of airbnbs
I'm a mail man and I see a lot of vacant homes on my route with "Invitation Homes : For Lease"
I live in Pennsylvania and this is not happening where I live. In my township and in the neighboring township there are ordinances in place that dictate you need an acre of land to build a house, and there are literally no builders building homes without buyers. There are only a few subdivisions, and since all the plots are at least an acre of land, they are spacious and private. You can't get a builder around me to build a smaller, affordable home (that isn't a modular home) because it's not worth their time. The only new homes being built are at least 2500-3000 sq ft.
There is a Housing neighborhood in South Austin which has closed the gates, with about 10 house in process! Just deteriorating! Sad😢
I'm 48. Global population doubled in my lifetime. I think by the time my lifetime is up, it will be back down to where it was when I was born. That means all of these builds will become-OR REMAIN-vacant within the next 40 years. Birth rates are crashing.
Immigration?
Good they need to! The European INVASION of America decimated the Native population which was kept in balance with nature.
From another planet?
We’ve imported 8 million “migrants” in the last 3 years. That’s the population of a decent sized state.
Dating nowadays is just as crazy as the housing market
We need 60% cuts in Florida!
Kentucky too!
I could never, ever live in a home development like that. No matter how nice it is. It reminds me of the home developments on the 60 fwy outside of Los Angeles an hour away or the 10 fwy. Where is the community like the corner market, library, coffee shops, restaurants, pubs and antique stores where you can walk to everything. It would be very depressing to live in these developments since I work from home 24/7.
It comes down to affordability. Homes skyrocketed the last 4 years. Now add interest rates going up, people just cannot afford a home.
And yet, prices aren't coming down
Sadly, true. In some places, they’re still going up.
@@favor4afavor823yes prices are dropping in the Sun Belt
@@tobyk5149No, they aren't.
Californinflation.
lol
You fell for the narrative that the greedy corporations want you to believe, which is blame California. In reality is the realtors and buillders that are reaping the profits taking buyer's money and laughing at you people all the way to the bank.
100%
When the GM plant collapses from lack of EV demand what will that do to these subdivisions
Few people working at GM could afford any of these homes, especially nobody on the manufacturing floor. Management maybe by that's about it.
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
Hello, I’m 47 and I am not worth much yet , please help me out. Bought my first house last month and I can't seem to make any other smart investment.
I knew someone would mention Chrissy Barymoer, he is perfect in helping beginners grow. I would not recommend anyone else.
Being able to withdraw 80,000$ after 2weeks was just unbelievable
{}That's true I know Barymoer. I met him at a conference in New York in 2022 where he introduced us to his business strategy, he helped me cover my student loans with ease and so many more to be mentioned
When I saw testimonies all over the place I thought it was all made up stories till I was convinced and gave it a try and honestly I don't regret the move i made because I invested in a big way
What is going on in Tennesee? $550K is insanity 0:23. What jobs in Nashville support that type of purchase?
They're literally built for West Coast Boomers.
Non it requires wealthy people to move in like he encountered in this video.
Exactly, see my comment above
None. They are relying on Out of staters. Who will get soaked if they buy this overpriced garbage.
The job of having cash money. And no debt.
Depends on where you are. Here is Houston it's not slowing down. Neighbor's house just had an offer in three days. new homes are selling before they are finished.
Yep our entire area stays on fire.
Oil and gas prices it high, otherwise it's not
I’m a Realtor in North Atlanta. The builders can’t build homes fast enough here. The lots are sold the minute they are released. People are lined up at the door on the weekends waiting for the sales center to open. Some builders have limited it to 2 contracts written per month for hot neighborhoods because they can’t keep up with the demand. Just wanted to point this out because not all markets are experiencing lower demand.
Atlanta is not necessarily representative of the whole country, though.
That’s my point. All markets are local. You can’t say demand is down in Austin and believe that to be true for every market. This is the most hyper-local market I’ve experienced in my 20+ years in real estate where you really can’t give an analysis of the market as a whole. Each is so unique…
People are really stupid. Have fun paying for overpriced, crappy built 🏘.
Remember folks, the crash may have happened in 2008, but housing prices bottomed out in 2011. Hold steady, prices will come down. May take 2-4 years.
Buying now seems like it’s not the end of the world. A couple more years of decline vs long term appreciation is a wash if you plan on staying put. We’re past the peak, but not yet at the bottom
You know somebody doesn't know what they are
talking about with the housing market when their
frame of reference is continually 2008.
@@JimFriend-iw3ev Please elaborate
@RogueTravel I think the comment is self explanatory.
I would genuinely like to hear your opinion.
The real estate rhythm seems off lately. Are we dancing on the edge of a housing market crisis, especially in the USA?
Remember, everyone makes mistakes, but learning from them is key. If you're unsure, consider seeking advice from a financial professional who can provide personalized guidance.
Carl Jason Cohen he is the maestro of real estate acumen. My UK property symphony, orchestrated by him, turned uncertainties into a harmony of wealth. A real estate virtuoso, indeed.Carl Jason Cohen he is the maestro of real estate acumen. My UK property symphony, orchestrated by him, turned uncertainties into a harmony of wealth. A real estate virtuoso, indeed.
Your real estate sonnet resonates. Can I venture into this property melody with him if I'm just a novice in the real estate rhapsody?
Absolutely! He isn't just for seasoned players; he embraces real estate novices. Your first steps into the property minuet will be guided with finesse.
I would like to hear it from him directly though, no offense. How do i contact him?
550k for a house with only 3 windows on the front of the house😬
The price of houses is way too high. Builders need to drop the price way down if they want to sell those properties.
Buying a new home these days is like buying a new German automobile...It's going to be way overpriced, fall apart by the time the warranty expires, and have horrible resale value.
It’s not just the interest rate or the prices it’s the quality of the home we recently walked through a DR Horton home and they use the cheapest of everything cabinets flooring very cheap. Very disappointing.
Twenty years ago, I thought $175,000 for a new home, which went up to $225,000 in a few months, was overpriced.
That increase was a mix of people choosing upgrades, and plain dealer markups.
When they get to $200k I'll take a look.
Here in florida you will find it difficult to make more than 20 an hour, even with a degree! Yet you have to make 3x your rent in order to live here. Rent is from 1800 to 3000 a month.
They need to lower the prices to under 250 for the average person to buy
Well Jesus Christ the reason they can't sell them is because the prices are way too high. those 550,000 dollar houses need to be closer to 175-200. People just don't have the money for all of these big expensive houses. Also, those look like HOA houses, too. I couldn't imagine having to pay all of this money for a house and then be told what I can and can not do at that house. That idea is so damn depressing to even think about.
I HATE HOA's!!!!! but Im hoping that they have rules about renting houses. I wont live in a community and pay HOA fees if the place is going to go to sh)t because of renters and I dont want to loose value in my house because renters will trash the community either.
Lennar, Ryan and a local realtor in metro Nashville, have been sending me emails for 2 years in that area. I drove Columbia/Shelby/Murrieta/Smyrna/ also Whitehouse and Knoxville. Ive witnessed what Nick is providing, first hand and we definitely have reconsidered and changed our plans on where to move. Traffic there is also a mess.
Yep! Spring Hill traffic is awful.
This mite be the case in some new build markets, but Still no meaningful comp price cuts for EXISTING homes though in most markets. The existing inventory just is not there.
Yeah they're gonna have to start cutting tomeet demand
*might
Those existing houses will sit unsold for 10 years. Happened before.
@@WhyteHorse2023 nope. Try 10 hours in my market. It is still very hot! Crazy
@@vitalsigns6403where?
I’m curious about the square footage of those unfinished homes. To me they look way too small to go for anywhere near the 550 - 600K range. Myself personally, I’m actually looking forward to buying up a small plot of land for no more than 70K to put a small (under a thousand SF) modular home on. For what I make as a single person, the total price (house + land) should not exceed $220K. I don’t know why some people are trying to buy as a much home as they can possibly afford. Always look for cheaper alternatives to avoid hidden or unexpected costs.
And it looks like Builders are preparing an unprecedented ramp up for the coming summer season.
They are over building here in Sarasota county..
They are building housing for escapee retirees from California where housing is much higher. That is fine for part of the market. It will not keep the whole market alive.
$550k for that? Omg I wouldn’t pay more than $250k for that. I need another $300k price cut this is insane!!
I wouldn’t pay 150k!
Very professional "on the fly" convo.
Landlords everywhere absolutely LOVE this guy.
That's right, get your $700k house and $140k truck before they sell out!
@danielstarr8957 Yup. Paid for by YOUR rent.
Thanks tenants. Thanks Nick !
@@HappyandBlessed-wj7gc so you think 100k is a good price for a truck? 🤢
I’d love to see home prices come down here in Southern California. Riverside county is crazy in pricing with no sign of relief.
yet
@@tobyk5149"Have you paid your rent foe February "yet"?
Lol
By the way your comment doesn't even make sense here. 🤡
Those houses look like they should cost 300K
240k tbh
For that price/size/architecture ratio no need to leave Cali :))
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
I recently sold my home in the Boca Grande area and am considering investing a lump sum into the stock market before the anticipated rebound, couple of folks have been discussing a potential rally, speculating on which stocks may experience substantial growth during the festive season. Do you have any insight into which stocks these might be?
The issue is most people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, invt-advisors are ideal reps for investing jobs, and at firsthand encounter, since Jan.2020, amidst covid outbreak, my portfolio has yielded nearly 300%, summing up to 7-figure as of this month. I am going to sit back and observe how this all plays out because i have my advisor who chooses entry and exit orders.
I’m intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with
In San Diego, nobody is building SFR with a yard anymore. All new construction is either a 3 story townhouse or a detached propery with 3 feet of clearance from your neighbors. In the 1 millions.
Yes the builders everywhere have reduced lot sizes to almost nothing.
Immigration.
Bosa Brothers came down from Canada to San Diego to show the world how to build high =-rise concrete.......25 years ago. I did the waterfront 12 story for the Winter Olympics in 2009. This is the way housing is going: all condos get smaller and smaller, and each one comes with a tiny........asian girlfriend. Get used to it.
One thing you may want to consider is Nick, is its possible all or even most of those homes do not help rise the inventory, as if they cut prices enough, they will likely sell off large portfolios to hedge funds, which has already been happening. As long as vacancy rates increase that could prevent at least some of that, builders wont be belled out in every market but some they will.
Nice job talking with the couple that bought the house. From what I saw of that neighborhood; I wouldn't be spending that amount of money; but to each their own. I was happy to hear them say it is their forever house, and are pleased.
Never an easy route.
Too many information out there , one could get easily overwhelmed. Gosh 😢
At 62 years , I need to restrategize and get a retirement plan in one way or another.
The importance of a finance advice can not be over stated.
@@RakdgsiMaisgsuah
Mismanagement of funds will surely suffice if intense control isn't achieved. However a thorough research is vital to find a trust worthy financial advisor.
Well I wouldn't let anyone manage my funds for me. Hard to place such amount on someone's hands knowing people are irrational.
I'd rather manage my funds Myself
Even here in Poland ,
The plans here are always dodgy and consuming.
A financial advisor is always the solution
No i dont understand why people move to cities where it 100 degrees for 6 straight months.. its way worse than an indiana winter...its really strange..
I appreciate the respect you showed the people you encountered by not showing them on the camera. I also like your videos:)
If you think prices are coming down now, it's just beginning. Average wages are about $40K/ year.. Average home prices exceed $400K.. Who can afford that on those wages, at current interest rates? We've seen trauma in the housing market before. Some of those houses will rot and cave in before they are sold.
Generally speaking
$225/sqft for average house
$300/sqft for luxury
Anything more and your drawing the loosing stick.
225 is already too much. just 4 years ago it was 125-160.
Flippers get to homes FIRST and turn practical affordability into cheap, impractical "luxury" with a several hundred thousand mark-up.
If builders can’t get what they put into the houses, would there be a chance they’d just walk away instead of selling at a loss? Leave 1000s of units abandoned or half finished?
Saw a report this morning that property owners are complaining about loosing equity due to the fact that airbnb restrictions. Investors are cutting the price by 25%
Oh yeah ? Where , exactly, did you see this "report"?
I always told people that there was no such thing as a 'housing shortage'. If one was willing to venture even one hour outside of a city, they would realize the vast amounts of property/homes that are out there. People only desire to stay in certain areas where many others look for the same thing, which gives off the illusion of a shortage. America is vast.
I’m in Florida and I’m seeing unfinished homes being put to the market. Maybe 50% completed.
I wish we had new homes like you are showing us. We have some new developments, but the homes are $1 million
Something isn’t adding up. He’s been talking about a crash forever but it doesn’t seem to be happening. DR Horton, Pulte, and Lennar stock prices are near all time highs. If everything is so doom and gloom for this market you’d think we would have seen it by now.
0:47 We need new inventory closer to the city center
It just hit me that the insane crazy policies and prices of housing in California has directly impacted the housing in the rest of the country. Which in a sense ruins and out prices the original natives in the town because those California escapees sold their homes for nearly Quadruple or triple the cost of a house say in Nashville or Texas before the big surge.
bingo!
CA homes sell high for a number of reasons. A big one is Prop 13. With Prop 13 your property taxes are based on your purchase price with a max 2% annual increase. This means people stay in their homes for much longer and constrains the number of homes for sale. It is not unusual to see an older couple in a 4-bedroom home because their property tax bill is dramatically lower (20-30% as much) as a similar home a door or two away with a new family moving in.
I’m glad there are more home owners over the age of 50 who are either leaking in their life in the workforce or retiring because that is a ticking timebomb for lowering of home prices. The subject of “aging and stuck in place” is going to be thoughts of nightmares eventually a too many people will want to change this situation a get out of these homes. Many of these people are facing consequences of delaying and procrastinating for too long are going to flood the housing market unleashing too much inventory all around the same time periods. I put this more around 2027 and beyond . The aging of these home owners will be getting older and older a the challenges of making money will get harder and harder.
I’ve wondered about the baby boomers all dying off at once and their homes. But they will probably just leave them to their children
@@r.dennison5042 Leaving the home to the children is a highly likely scenario but the there is a very limited future for most homes that are inherited sitting vacant an the liabilities of insurance, property taxes, repairs and maintaining. It’s all depends on the property and up keep. Both the Boomers and Generation X dominate to many subdivision neighborhoods are well past the family development cycle have to worry about who will try to sell first scenario an the number of potential qualified home buyers will to take a home off of them at the high end of that’s possible at all. Taking on a 30 mortgage is looking more insanely problematic seeing the trends taking place with technology and retirement of two large generations of homeowners over the age of 50 colliding against each other. A younger buyer must know it’s going to be bad luck to purchase seeing two generations like to phase their way out of several millions of single family homes.
It will be a good idea if you add the city and state where it's happening. Here in NC, GA the prices are sky rocketting. 🚀
Waiting for 4 yrs to buy home
The is one of the more interesting channels I came across I’m in the construction industry in Tampa FL I see a lot of what he is saying from just being in the industry.
Great content
To support "the typical pre-2008 interest rates" of around 7% for a standard great credit borrower, with average incomes, these so-called "Starter" homes need to drop to below $299k. At that price, it's easy for typical wage earners to save up 20% down payments and pay off the balances in 15 years ... something highly unlikely for the $600k price point "Starter"...
The states that have less home building because that's where people are escaping from and higher regulations probably more costly and lengthy for builders.
Nick the time
You stopped to talk to those people you were able to get a lot of insights. Maybe you should do that more often when you are walking around the neighborhood
I am in this area and it is crazy. Greed . Greed. Greed.
Well played, well played. Interest rate cuts baited these home builders to produce, but they got the rug pull.