The Housing Market Is Finally SHIFTING
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- Опубліковано 29 чер 2024
- Inventory is growing, housing affordability is getting worse while house prices continue to rise BUT there looks to be a change on the horizon. How will this affect the 2024 housing market? In this video, we discuss the changes that I'm seeing as a 20 year veteran of the real estate market to help you make better decisions of you're planning on buyer or selling a home in 2024.
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Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty
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#housingmarket #firsttimehomebuyer #realestate - Розваги
Thanks for the update, Jeb!
I’m in LA. I don’t get how there’s all cash offers unless these people are selling their homes for more than the next one they’re buying. But with average home price in LA probably over 1.5 million, who would sell their house to go into something cheaper. Where is the money coming from?
The "all cash" deals are actually a cleaver financial trick. What is happening is people are able to take a "loan" against their stock portfolios for the difference. Here is a deal I just processed last month; Buy was buying a $750k home. They had $515k equity from the sell of their prior home. They did not want to take a $245k loan at 7.5% so what they did was "borrow" that money out of their 401k accounts at 0.5% interest. On paper this looks like a cash deal but in reality it is not.
The video is very difficult to watch as it’s constantly shifting zooming in and out.
Great video, thank you for the updates
Your support means a lot, thanks!
⏩ Buy Now or Wait? Should You Buy A House in 2024? -ua-cam.com/video/vMCAkRl0740/v-deo.html
✅ - Work Directly with My Team (Mortgage and Real Estate Nationwide) - www.jebsmith.net/referral
🏠 - First Time Home Buyer Course - bit.ly/4clhsse
thank you for the advice
No problem!
Great stuff. I use your channel to stay on top of the general housing market.
Your videos and information is coming out better each time. Amazing summary mate
Thanks for your great videos
My pleasure! Appreciate the feedback.
Thanks
Congrats on 100k subs. Your channel helped guide my wife and I in purchasing our first home 3 years ago. Keep up the good work 👍
Not expecting a buyer's market anytime soon. I'm grateful to be done shopping for a home.
Yup I don’t think it’s going to happen quickly as well.
Agreed and congrats!
@@JebSmith thanks, I only wish I had found your channel sooner!
It looks like it is in my neck of the woods buddy
Buyer's market... need more houses around and less inflation for that to happen. Neither are happening anytime soon
All rich people with cash on hand can buy the house right now , nobody can afford $3000-$4000 monthly payment.
Not everyone is in the same boat.................
That might get you a shack in California.
I've seen people take $5000 to $😮8000 payments. It really depends on where you're at in life. If you're making a quarter million dollars a year, husband and wife, six grand isn't a big deal.
I agree with what you said. A lot of people don’t like a quarter of a million dollars. So a lot of people can’t afford $3k-$4k per month.
@@JebSmith True but the median household income gives some clues. Just because someone can qualify for a mortgage doesnt meant they can really afford it. And median income Americans can not afford a median price home. Sure, some are in a better situation but those people likely also have elevated tastes to accompany the income. How many top earners want to live small and purchase a median priced home?
Show us the offers from all the buyers. So we can see if it's true that the offers of the buyers who wanted some compensation for using you as their agent were not as good..... i would love for you to prove our thoughts wrong!!!
I don’t think it is ideal for Jeb to share his clients information on this channel. But what were your thoughts? Crash? Like the other comment said, crash bros can just keep push back the assumption of the crash timeframe to make them happier.
I've met Jeb. And he does the business he says he does. I look at his listings all the time in the mls. I know he's getting what he says he gets. I, as a real estate broker who buys and fixes properties, always has multiple offers on my properties. There is no need for Jeb to have to prove it.
Congrats on 100k, love your content! It is super helpful.
Im just completely confused by this market I see house prices very high low inventory but not alot of homes moving to contract in past month I have a home I put up for sale at what i felt was competitive to the others i feel and was immediately low balled with a cash offer but felt it was way to soon to accept a lowball offer in week but was under thought that homes were selling in 30 day but see many still 60 days listed are we in a holding pattern or are we slowing Im just wondering if i should have accepted the immediate offer sometimes they say the first offer is the best you might see
No, it was a foreign investor most likely. Housing bubble is about to burst. People did not realize the property taxes and insurance when intreat rates were low and they got in on the shark frenzy. Now 50 percent of there income is housing costs. Unreal
Always appreciate your updates. As a potential first-time homebuyer, i need all the knowledge i can consume. I am still deciding if renting is a better option for my situation. Keep em comin!
Yes. Buy at double or triple the price after the flippers and Invetsors have hoarded everything. You will be in great shape.
Glad to hear you're finding these updates useful, @jk8424! Deciding between renting and buying is definitely a major decision. It all comes down to your financial stability, lifestyle and long-term plans. Begin with evaluating your budget, understanding your housing needs and consider professional advice to analyze market trends. This will help you make more informed choices.Good luck with your journey!
@@JebSmith tl;dr: Rent is pretty much cheaper everywhere that anyone wants to live. RE agent can't be honest about that tho
In Denver , homes in the high 800s up to 1.5 million are moving quickly and are majority cash. Homes under $800k to $700k are very loan dependent and are moving slower and must be priced well and show well to move.
I see that in SoCal too
I see that in SoCal. 1.7-3M moving fast. Wverything under 1M are loan dependent
When you tell a crash bro theyre wrong they just change the time frame of the crash.
What do people think will happen to the low housing supply when the million of migrants start working and want a house?
Not just that, them large institute like Blackrock need to stop spending billions of dollars buying up all the houses.
The crash has been coming since 2014 for these QTip simpletons who have an internet connection and too much time on their hands!!😂Meanwhile, they got priced out of the market!
@@gravity-zero2917They have bought up roughly 2% of the market. A drop in the bucket!
lol right! Changing the time frame just make them look right when they were wrong. Crash Videos really took off in 2020 and that’s when people started waiting.
The good times will never end. The record amount of flippers and investors colluding together and hoarding everything insight will definitely not have any consequences. Better jump in now that values are double or triple the price. Get in now before they double or triple again. Home prices don’t ever go down!!!!’
If $5000 per year for home insurance too much? Nothing fancy, $1600 soft. That's what insurance companies have been quoting these days.
Wow. I’m only paying $890 a year for homeowners insurance and I live in 1833 ft.² home that’s worth about $550K. But then again, I live in Idaho.
Broken record+housing market booster=unreliable source of information...Sellers are overflowing and he is still boosting...This is the nail in the coffin for the boosters.
Of course million dollar homes. Home prices are outrageously priced.
It really doesn’t matter how many houses come on the market when none of them are affordable anyway. Every time I see a new subdivision it’s all really expensive houses. Of course, half those subdivisions are empty. If they started building affordable houses, they would sell them very quickly. But I guess that’s not what they want. Greed.
I watch these videos and there’s something very off about dude.
To my surprise homes are definitely moving quickly! We purchased our home 2 years ago and a home across the street just sold last month for 95k over asking and within 2 weeks of going on the market. The Bay Area in CA is still a desirable place to live!
Right now things are just sitting unsold. It's like the sellers weren't serious to begin with and just listed for fun.
Where are you seeing homes just sitting? Which market?
East ST Louis
@@JebSmith Texas? Travis (Real Estate Mindset) has been showing ridiculous levels of inventory from DFW and Austin.
Santa Barbara/Goleta here. We have lived in our apartment complex for a decade - it is very nice, and I walk to work. A year ago we looked at houses to buy. I must have been asleep because I was shocked at the prices. Let's just say we are renewing another year at our apartment (my wife drives to work an hour away, but she goes against the traffic.). Our kids are graduating from high school and college soon (2 of them), so we can get by with less room, although we like the space we have. I have 2 rules for buying a house: 1. The house we buy should be at or less than 10 to 15 years of rent (at this point, it is 20 to 25 years of rent - too much!), and 2. The potential rent on the property must be higher than the monthly carrying costs (hard to do). We owned a home in Dayton, Ohio from 2004 to 2013 - it lost 60% of its value by the time we sold it. We don't want to do that again. What I would like to do if I could find a way to swing it: Buy a property with multiple units (such as an accessory dwelling unit with 1 or 2 apartments). It is easier to do that sort of thing. PS: Moving is not an option - my wife and I have jobs that require us to be physically present. She is a children's librarian, and I am an electrical engineer who needs to be where the hardware is.
You live in the land of uber wealth, Santa Barbara. For what you're describing you want, you need to move. I'm not CA is the state where you will find it. Consider, even after purchasing you now have a huge property tax and huge insurance expense. You also will have to deal with a state that favors renters over landlords. CA is a state of haves and have nots that's why people are leaving.
Congrats, very good planning, be sure you invest in stocks and fund your retirement account
i feel like you would say the market is not crashing even if it falls on your head because you want to keep getting buyers who want to live in Fla . Thats what realtors do
Where I live the home insurance tripled. Some can't get insurance at all!
That’s definitely a problem in areas where natural disasters are more prevalent. Where are you located? Florida?
Thenyou lose your home. Unreal
Definitely Florida. From 3k to $9000. Next year will be even more. I’m done with this Bs
Giving them Commission giving or not you can’t represent them. Dual agency would mean you are not representing the seller or the buyer you’d need to disclose and step back from both.
My brother made two offers on million dollar houses in SoCal and was outbid on both. The first house he offered $80k over list and lost. The house sold for $1.15M. The second house he offered $100k over list price and lost. It sold for $1.25.
I’m in the Cincinnati area and bought my first home with my wife late December. Your content and advice really helped me in my process. Thank you for sharing your knowledge for guys like me.
Hi @DanielKG6,
I appreciate your kind words and I'm delighted to know that my content was beneficial in your home buying process. Congratulations on your new home! It's always a great joy to know that my experiences and advice are helping others. If you have future questions or need additional advice, please don't hesitate to reach out. Cheers to this new chapter of your life!
Wishing you all the best.
@@JebSmith Really appreciate it, thank you!
I agree, great information and I found Jeb and Josh right in time. They showed me what a good realtor and lender should be and I found just that... the crazy part is that my great realtor and great lender are youtubers as well.
Where do so many people come from where they can afford to pull all cash out of their asses to buy all of these homes? I feel like I’m part of the lost portion of millennials. We want to have a kid and get out of this apartment which is located in a dangerous part of our area. We did everything we were “suppose” to do. Went to college, obtained decent jobs, got married, saved up a good chunk of change throughout my 20s (for a house). Now time is ticking to have kids…and we are stuck in this crappy neighborhood. This is incredibly frustrating. Been looking for a house for so long now. I know we are not alone. I’m just venting my frustration.
Are y'all able to afford to rent a house? Personally, I would recommend starting a family in a rental home that's in a safer neighborhood with a better school district. While waiting for this market to becomes more sensible, and then buy a house to your liking (especially if y'all decide to grow your family even more). For some reason our generation has been taught that you have to "own" a house in order to start a family, but when in a lot of places it is cheaper to rent than own (in the short-term), it doesn't make sense. Plus you have to outweigh the benefits of putting off a family to potential issues when y'all get older. Just my 2 cents.
Is now really a good time to buy a home? I hear it's going to be a madhouse in couple of weeks. Just sold few houses in Tampa area for pretty good cash and I'm about converting to stocks while home crash sets to happen. I just want to preserve and keep growing my wealth.
@kiindhearthow can you buy a house for cheap that is not in the ghetto..I live in Cincinnati
@kiindheart "Learn how to buy properties for cheap" and then says "never time the housing market." Can't make this shit up.
I wish I watched your videos since 2021, I missed a lot of opportunities cause of people talking about crush since that time, now houses prices very high and mortgage rate almost 8%
It's unfortunate that the whole crash thing has become the norm and so many trying to emulate it because it pays well even though it's been completely WRONG. That said, rates will come back down, it may be a bit longer than I thought but it will happen and affordability will improve. You got this!
Agree
@@JebSmith Tell us, Jeb, how average American incomes can support an ever increasing price of homes while interest rates stay elevated? I would love to hear your wisdom on how we can continue to squeeze more blood out of a turnip to sustain this market since you seem to imply that it is rational. Are we going to 40 year mortgages next? Interest only loans? What exactly is the catalyst that will keep the party going?
My last four buyers had their closing cost paid by the seller. It wasn't offered, but I negotiated it. ~ John Rainey Real Estate, Washington State
You forgot about grandparents wanting to get near grandchildren!
I listed my home in Frisco, it is in range 900K, close to 3800 SQFT, 2020. It is in Estate at Rockhill, Frisco. let me know if any one is interested
Things are softening, here in California affordability has never been worse but as inventory continues to grow (which levels out prices) and when interest rates drop significantly and/or inflation rates come near the 2% Fed target prospective buyers who are on the sidelines will come back in the market and snap up whatever new inventory and if not drive prices higher they will certainly provide upward pressure on prices.
Of course the Crash cheerleaders will continue to sell that a recession will tank prices, (I happen to think we are in the midst of one now, but the Fed has yet to officially call it) and while an economic downturn might push prices down modestly in some markets, recessions are almost always short-lived (no longer than 18 months) and the fundamental problem of a lack of available inventory to meet able demand will again fuel another rise in prices (probably not the double digit annual gains we saw during the pandemic), but even 2-4% annual growth sustained over a few years will only erase whatever drop in value a recession might bring.
Agree with all of that!
Real estate is already dropping in real terms. What makes you think a nominal drop is impossible? RE has detached from American income fundamentals.
Hi
I want to start studying real estate
Does it have good job opportunities right now?
Absolutely! Real estate can offer very rewarding career opportunities. The market can have its ups and downs, but people always need houses, making it a fairly secure industry. Many positions pay on commission, so your earnings may directly reflect the effort you put in. Additionally, with the rise in virtual real estate transactions, more opportunities have been created. It's challenging but equally gratifying. Keep in mind that like any other profession, it requires dedication and continuous learning.
Yeah, if you're a good swindler lol
I know someone that is selling their house because its haunted.
My friend who owns the house said his family would hear a woman weeping in the basement from time to time. Doors would shut and open on its own. At night the sink would turn on and off and chairs can be heard sliding in the kitchen floor. There were apparitions that was seen multiple time by family members.
Happy house huntin to you all 😅
it sounds like the next homeowners might be in for quite an experience with their new house mate!
la llorona... or someone crying cause they missed out...LOL
Where is this house? State or city
Charge the spectre rent to help offset the mortgage. :D
Indian market crees kab
Sadly I didint buy a home years ago now at 25 I’m screwed getting a home later this year
While it may feel like you're late to the game, you're actually in a great spot to learn from others' experiences. Buy what you can afford, negotiate successfully, and understand your mortgage terms thoroughly. It's never too late to make a smart, well-informed purchase.
100% on point. Great video! Love the doom and gloom UA-camrs who say inventory is rising swear that every house listed is desirable. They can’t fathom anything else besides the flat number. Love your critical thinking.
Would you like to buy a 2MM home that was 500K just 2-3 years ago here in south Florida. The inventory is now back to 2019 levels. But as you know, it only goes up except during all the last bubbles. But you should still buy now cause this time is seriously different this time. Hurry
@@shanerogers9386 did you get your inventory level analysis from graham this time or the guy who keeps saying bonkers?
@@jonathandalton7012 If you are going to diss Travis (Real Estate mindset) then at least state what data he posted that was inaccurate?
Enlightening 😒
Man I hope inventory picks up in IL near St. Louis. I’m in the market and dang.. slim!!
All UA-cams make video about house market, but nothing new
Some markets are seeing more change that others.............Real estate is local. Pay closer attention to your local market than the broad market if you want to see what's really going on.
What about the life event were peoples property taxes went up, car insurance, fuel, food, credit card, debt and all these unnecessary things they bought during covid all these toys can am, new cars, and got laid off lol that’s a life event.
wages are still increasing around 4% annually which is keeping track with current inflation…..Now that doesn’t mean some people won’t have issues but many homeonwers have locked in low fixed rates either by refinancing which in turned lowered their payments considerably or purchased with a low fixed rate and put them in a pretty solid financial situation when it comes to housing……….You’re also assuming that everyone did the same thing and went out and spent outside of their budget and bought a bunch of unnecessary “toys”. I personally don’t know of anyone that did that…..Remember, each person’s financial situation is different.
People keepwaiting but they also spending alot money buying tvs iphones buying cars how the economy is going dowm if theres alot money moving around
The government should do something to stop the house rising . That’s ridiculous.
The last thing we need is the government trying to fix something like housing. It would create infinitely more problems.
Dump the immigrants
@@JebSmith So you are fine with institutional investors owning tens to hundreds of thousands of units?
Add in outrageous insurance and property taxes, going to buy land dig a hole for tornadoes and live in a mobile home if possible dang
Heck I see these greedy floridian trailers going for almost 300k Totally ridiculous
@@Kl7714686 yep i lived there 2 years stay away from Orlando south. My friend list everything in the last hurricane. Self insured state. Retirement would not cover 10,000 deductible and then the 6k a year just to insure the trailer.
@@Kl7714686 oh investors bought those trailers. Not average American needing a home. I am homeless . Saving every penny. The crash is coming. Hope those foreign investors get the hell out of this country's home buying
Highly looking forward to the algorithm changing and creators moving away from the weird editing, clickbait titles, and thumbnails and just being more genuine. I get that you put tons of hours and energy into this channel and need a return on your investment but these current trends are getting to be a bit much.
This is all good and all but you also have states with squatter's rights haunting landlords out there... 😖👻
Landlords beware when putting up your properties for rent.
you gotta wait for the orange man to get in before you even think about buying or selling.
Your third example of someone looking to downsize is the first example I've heard of a Boomer looking for a smaller place. I keep hearing of Boomers talking about wanting a larger home in my neighborhood.
You said you don't need buyers the way they need you but that's a lie. Agents area service of comfort . No one needs agents. If the housing g market crashes you'll still need buyers to co tinge making money. That's why you make UA-cam videos. So hopefully when ktcrashes you'll still have a source of income. Don't lie and say we aren't headed for a crash when the market is doing exactly what happened in 2008
Agents overestimate their own importance. Many agents became such after a week of study. For any decently educated person who wants to devote a few weekends, they don't need an agent.
more talk
Real estate is local 😂 1.35 mil house has a line of cars waiting to see the open house. When I go to a 1.5 mil house I see minivans or 2 family cars packed waiting to see the home. House prices are going to remain high, it’s like ppl are buying because of the fear it’s going to go up. A few days after open house it’s under contract. Crazy! Golden handcuffs suck 😂
Stagflation
So now the blame will shift to construction companies again.
It's certainly a complex issue with many factors at play. Blame isn't quite the right mindset though, more so understanding the various components. After all, the industries are interconnected.
Where I live, they are building like crazy. I love to see it.
😂
If we have a third world war (which we are very close to), is that gonna bring the price of houses up or down? Anyone?
Get a grip!!
I would imagine many Americans would flee the country causing prices to go down.
@@davidmacgown321 thank God 😆
@@ms.b9093 :)
@@ms.b9093 It's a valid question.
DONT LISTEN TO THIS MAN
Why? Because he doesn’t tell you the fantasy you wasn’t to hear!!😂
Do you care to elaborate?
Thanks for supporting his channel.
I'm not saying what they want to hear 😂
I believe & i want the real estate market to get back to normal....I think with this rising interest rate & Tesla laying off 10% of their employees & apple & along many other company & even so many new home builder COULDN'T sell their inventory that's why...the new home builder try give away free incentive but still wont sell & lots of FORECLOSURES & credit card debt is rising car repo is also on the rise...& sure people still buy & sell home but if you dig deep the one who's benefiting is people who's paid cash or high interest rate & if you factor in the property tax plus homeowner insurance plus inflation you'll may have the home but without the food..... not trying to bring the bad news....I wish truly the housing market would go back to normal again......& realtor or broker like to cheer....I get it but go with the fact if you want to cheer with the right data & fact so that way...it wont be miss leading...but cheering I believe is not the time to cheer in this current market were in but warning is more like it....so saying the buyers market is good its....a little hard pill to swallowed...& think u guys probably already know the answer to that.....this is just the fact today's market .....as up now & I hope it changes for the better in the future