Big Changes Coming to the Housing Market?
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- Опубліковано 29 тра 2024
- The US housing market has experienced a wild ride so far in 2024. Redfin recently reported that the median sale price reached a new record high but in today’s video, I discuss early indicators of our housing market so we can gauge which direction we are headed. I discuss NAR’s pending home sale index, Google searches for “homes for sale”, real estate agent showings, mortgage applications and more. I also have an update on mortgage rates as well because on April 25, 2024 average 30 year fixed mortgage rates spiked to a 5-month high per the Mortgage News Daily. Links to my sources are below.
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Video I mentioned about Redfin's report about record high home prices:
• The Housing Market is ...
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Reports I covered in today’s video:
www.redfin.com/news/housing-m...
www.investing.com/economic-ca...
www.nar.realtor/newsroom/pend...
www.mortgagenewsdaily.com/mar...
www.mortgagenewsdaily.com/mor...
www.nar.realtor/foot-traffic/...
www.mba.org/news-and-research...
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.5% for the current mortgage rates (at the time of filming this video for borrowers with exceptional credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)
jason@meetjasonwalter.com
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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Great info! Thanks! I pray that rates are not reduced because, as you can see, consumer spending is still going strong, and prices are still inflationary, including housing! If rates went down, our limited supply that is slowly creeping up would be gone in a second!
Agreed! Thank you for commenting.
But what will it take? We cannot even afford a home half the average price in our area. If we wait until interest rates let up, houses will be so expensive we won't qualify for anything! This is simply unsustainable for those who hasn't had funds to purchase yet, but are trying to. It feels like a class war in real estate 😪
consumers will only stop spending when their credit is cut off. if lending stops, so does everything else
The Florida market has turned into a freak show. Only the rich will be able to buy, probably for good. Middle class is completely priced out. Insurance rates and high taxes will shake out lots of home owners in the near future.
I have a FL condo update coming on Saturday :)
I think one of the biggest issues is, the square footage of newer homes and lot size.. most new homes that are being built in my area are 1500+ square feet!! I think if builders would build smaller homes at around 900-1200 square feet homes on smaller lots could be a lot more affordable for a first time buyer. But at average $250 a square foot.. 2000 square feet is crazy expensive for a new family.
Glad to see you back to posting every day, Jason! Thanks for the info and good morning!
Thank you for supporting the channel!
What peaks my interest is the implications this boom will have over time. So, fascinating to say the least. The housing market and its sharp rise will have a lasting impact for many years.
I would love to see statistics illustrating the comparison of investment companies purchasing homes vs the average home buyer. I need more meaning behind the numbers because I have not heard a single person in my network talk about wanting to sell their current home and/or buy a new home here in Utah.
Agreed....
Either the doom and gloom folks are wrong and we really have a healthy buyers pool or we have something far more suspicious
I always feel much better informed after watching your videos! Have an awesome weekend!
You’re too kind. Thank you, Cindy!
Thx for the updates. Appreciate you
My pleasure! I appreciate you.
Thank you Jason, really appreciate you
You too Matt!
Thank you for the informative update!
Any time!
Rates continue to rise along with home prices. I agree with person who asked..who's buying? Maybe with cash or bank of mom and dad? Or maybe those who have no problem being house poor? Even on the low end. 200k gets nothing. 300k maybe a little better. Beyond that 400k 500k..must be earning a whole lot more than what I previous considered a good income. Ave income 70k. They are priced out. So much for the American dream.
The higher the interest rates go, the better it is for buyers, because the investors have to get out. Asset prices go through the roof when interest rates are low, and we held them artificially low for 2 decades. When the investors who are leveraged start getting pinched on rates, they'll get out. That is the only way we'll get inventory and that is the only way prices will return to something reasonable. It may never happen.
I’m really hoping affordability will improve so more people will be able to buy houses.
Houston, Texas resident here. A house in the neighborhood next to us was sold for $870k and the buyer listed for rent a month after. Who buys a house for almost a Million dollars and list it for rent 😳 clearly big institutions
Wow! I wonder if they paid cash for the house.
The Governemnt.
6 years ago 2 guys were owners of a condominiums in small city. The Government forced him to sell it.
Thank you, Jason for your outstanding analysis!
You bet and glad you enjoyed it!
I listed my townhouse in california for 660k on monday and already have an offer for 665k. open house tomorrow.
Nice! Keep us posted.
Thank you so much for stellar content.
Thank you for supporting the channel!
Happy Friday Jason 😊
Good morning!
These rates are going to get expensive. We were able to lock in a rate on rental property at 3% in 2021 and were upset because owner occupied was getting 2.5%. The market has really changed.
Great rate for an investment property!
@@JasonWalter1 yes we were very happy with the rate. They were all over the place from 3% up to 5%. No way were going to pay that exorbidant 5% rate! Sigh, 2021 seems like a world ago.
I've been saying these interest rates are going nowhere soon. I might be wrong. They might go up. They are not going down.
Volatile to say the least. Going down today.
@@JasonWalter1 Daily resolution is a little too fine. I'm talking a little longer term.
You are absolutely right. I agree with you
@@olabodefehintola4251 I've been wrong about everything else, so it wouldn't surprise me if I'm wrong about this...
I just get that feeling that this time is not the same and not to expect a housing crash. In fact a lot of people are waiting for rates to go down meaning that would put a floor on the housing market. If you can afford a house now you can always refinance later.
I’m not expecting a crash either based on the data we have today. Let’s keep a watchful eye on the labor market though.
Smart
That's why I like your videos because your not sensationalist. A lot of fear mongers out there as well some reckless people. You just report the numbers and that's it. Let the data do the talking, not my opinions. Keep it up brother.
Even if you don’t have enough equity or can’t pay the closing cost to refinance?
@@KurplodeHi Travis. I see you renamed your sock puppet account. 🤣
What ? is it against the law for sellers to ask less for a home ?
Haha :)
@@JasonWalter1 If a seller was really wanting to sell and relocate , why wait on a baited bet that it might sell at a price set by realtor associations ?
Why does demand have so much to do with rates???? Shouldn’t demand come from population growth?
Jason on ARMs is there a lock that prevents refinancing within a certain amount of time.
Good question! Nope there are no prepayment penalties.
Mahalo higher they buy the further they fall. 🌴👍🏽🇺🇸
Happy Friday
Told yall no crash....where my crash bros
I don't get who is buying houses right now???
Buying like crazy in colorado. They will pay whatever is asked. Crazy
People with equity or old money
Multiple offers here in Sacramento. I’m seeing well qualified people buying.
@@billricheter5678young couples with good careers. Just to get divorce and homes will be sold in less than 5 years .
@@billricheter5678 CO is where I'm at, unfortunately. I'm seeing homes in the neighborhood I rent in, that in 2021 were selling for 220k now going for 350k!
I love the folks bragging about getting sub 3% interest rates on their loans with royalty memes. Perhaps their budget only allows for expenses at that 3%. I wonder if they are feeling great where they are or if they are itching to move. The average person wants to buy a new home every 3-5 years. Will that happen? Will they wait? Can they afford it?
I think interest rates are sticking around for sure, so keeping those who are locked into that 3% interest rate associated budget are stuck. Folks who paid off debt and saved can get a good deal on a house with that higher interest rate and keep it, because they have not become accustom to cheap money.
Live by the 3% rate, die by the 3% rate. It is very interesting times.
1😊
Happy Friday!
But all the foreign aid is coming back to us😂
Now do Florida 😂
FL condo video coming this afternoon 😊
Condos in Miami-Dade aren’t doing too well. After the building collapse we had in Surfside insurance and assessments are ridiculous.
Sw Fl has 8 months of inventory!
@@user-xj3ck5oy2x I am in the Tampa area. Most of that inventory is 1100sf vintage 1960's trash heaps. Utter garbage for 400k. The 500k 1960's vintage types that have been flipped (and believe me you don't want these cheap flips, the work is garbage GARBAGE) are sitting on the market for months at the 500-600k mark. This is just what I see in my corner of the world. YMMV.
These percentage comparisons are quite non sensical other than some year over year.
How so? Are you referring to the PHSI comparisons?
@@JasonWalter1that was one part which you explained maybe why at end given rates.
Home values will continue to decline for over a decade.
How so?
Tag ! Found the 🤡''s post. 🤣
@@JasonWalter1 Can you mute this guy on your channel?