Housing Prices Just Broke A NEW Record High
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- Опубліковано 19 лип 2024
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I am an agent in Ormond Beach, FL close to Daytona Beach and yes home prices are high, however, we are seeing a lot of price reductions. Definitely seeing a slow down
I’m in Port Orange, FL (very close by for non-Floridians). Seeing the same thing.
Florida, Texas, Idaho. Most overvalued and overrated states in the entire country. Lots of buyer remorse in those areas.
A "frozen seller's market" . . . that is a fantastic term that really captures it well.
Thank you so much for all your help!❤
I keep seeing price cuts in my own neighborhood. Everyone overpriced and coming down 40k at least. Houses are sitting longer 70 days on average but we all built for around 325-400k in 2020/21 and houses are selling for average 600k-750k
Which is that?
Keep up the good work Jaspreet, this Channel is great.
Screw this market and screw the sellers and screw the banks and government!
The real estate industry is about to crash.
not so sure it will crash, but should correct somewhat. Doubt we will see a 2008 crash, but you never know with all that debt out there.
Where can I get the best DSRC loan??
This is a supply issue, not a rate issue. Cutting rates will increase supply. Market inventory is being suppressed by the high rates. Until the rates hit~5%, many don't give up their~3% rate. AND the pawns have no money to take advantage of the upcoming opportunities.
Just wild
I think a lot of what will happen with the market will hang in the balance if the election. If we do not have a change in administration, it will not
Change and probably get worse. Many more jobs will be lost and with so many people living outside their means or on the cuff of it, the market will be flooded with homes with few buyers. However, this will benefit anyone that can afford to pay cash or finance 50% or less of home value
Homeless levels get high enough you better be ready for civil war and collapse because not everyone will just become a drug addict on the street.
I don’t think we can have a lot of buyers entering the market. a lot of people credit are shot after what happened in the last three years. On top of that we will have massive supply it will be 2014 all over again. Sellers will start to put in great looking deals for buyers.
Some lenders have programs where they will purchase home in cash for buyers and then buyers pay them mortgage to win the bidding wars with cash offer. Any thoughts on those programs? One is NAF CASH and I heard of another from bank of america.
What a mess.
Motivation
The record being broke every single second and has been for decades is the national debt and deficit.
Hopefully they leave rates alone.
You would have to net that much money and have 20% down to be able to “afford” the median house in America now. Not good at all.
I give up
Just work on wealth creation and then one day you’ll have enough to pay cash for the home of your dreams.
Interesting
Hopefully the Fed leaves rates alone. These home prices are ridiculous.
Agree 💯
should raise another 0.5% over this year, but they won't because of the election.
I gave up not buying.
I think we'll have an opportunity in the fairly near future..... just keep saving and keeping debt low. You'll get there!
How much has easy access to mortgages distorted housing prices? I see old beat up houses raising in value and people willing to pay more and more for them. In my mind they are just older and older and will need more work or to be demolished and a new one built in its place. If there were no mortgages what would houses cost relative to what they cost now? Also, how much can you save by buying a house with cash even though its "value" has been inflated by easy access to mortgages?
Interest rates need to increase more before they start cutting. We need a real correction and if they cut rates before the correction. Then we could get stuck in limbo, just like Japan
They definitely won’t lower them this year (or at least they shouldn’t). I could only see them lowering for political reasons leading into the election but after Biden’s blunder in that debate, I’m not so sure it matters. Seems like they’re just kicking the can down the road until Trump gets in and they’re going to crash everything then.
Best way to get a more affordable mortgage is to get a lower price. This will also bring down taxes and insurance. Don't go nuts just because interest rates are low.
I hear they will cut interest rates before 2025, but I'm hoping it won't until 2025, BUT I understand if it doesn't. I know the economy is struggling, but it's needed to balance out the massive printout of money we had during the pandemic.
When a free market isn't free
All thats left is the ghost of free market capitalism. Just like all we've had for decades is the ghost of money.
💯
Prices will stay high and climb higher because buyers/investors are sitting on boat loads of cash AND sellers refuse to sell while they hold low interest rate loans. Both variables keep demand high and supply low. The only way housing will come down is if rates are decreased such that builders are enticed to build new homes. Additionally, the supply of materials to build new homes needs to be increased such that the overall cost of constructing a new home is decreased. The current administration will fix none of these issues because they print money like there’s no tomorrow while simultaneously restricting material supply through regulations (especially on energy)
Houses with no upgrades are not selling
How much does a .5% rate cut even really help? Same question with putting down an additional 20k-40k? Absolutely nothing is the answer. The market is terrible. I see homes/condos not selling, all sitting on the market unsold. Rent is cheaper by a long shot. If you are not looking for an investment property that a renter pays your mortgage, stay out of the housing market. Remember, you pay 200% over the purchase price over the 30 year mortgage term.
I think anyone who has brought a house since Covid or is looking to shortly is playing with fire
Banks want 200k down payment for a 450k house now 💀
There are
Many wealthy people home rich but cash flow poor
Prices slowing dropping. We all think our house is worth more than it is. Gas prices and home prices similar. Go up like a Rocket but come back down like a feather
They take the elevator up but take the stairs down.
Jaspreet-what would happen if mortgage rates were set at 6%and frozen to let the market settle on it's own without intervention by theFed?
My biddy lives in colorado and hes seeing price drops, and im in Alabama with the same going on around me. This is the first video on this channel im not on board with.
A lot of these home sellers are also buyers. People are moving from one home to another.
rich people have their own market for stocks and RE. middle class and below aren't spending
Normal process. It'll change.
Hard to believe. Inventory is rising
Headache
People are Obsessed with buying houses
Yep, around me in Ottawa Canada people are currently paying 800 to a million for very basic houses that would have sold for 200-400 k not that long ago. Most of these homes are built in the 70’s and havent seen a reno since. Pretty crazy.
After you sell your home where do you go?! 😮
Rent? 🤷🏻♀️
This is my dilemma. I stand to make 250-300k but it doesn't help me at all when the houses are 800k and up with 7.5 interest rates.
WHEN THE U.S. DOLLAR SINKS TO ITS CURRENT LOW VALUE (in real purchasing power), then HIGH PRICES are the norm.
Think about it : when fiat currency is dropping in its ability to purchase REAL goods - then ANY PRICE is acceptable.
BIG HEDGE FUNDS know this, and continue buying up new houses - and then renting them to the general public.
There has literally never been a worse time to buy a house yet people are still in a manic buying frenzy.
Less than asking but prices at all time high? Ignore this BS. The reason the prices are going up is because the only people buying houses are not price sensitive. Someone making $300k/year has a lot of wiggle room when it comes to monthly mortgage payment. The average American is on the sidelines and out of the market.
God has blessed me with incredible mercy, and I praise His name daily. Our family is happier now and financially secure, even in retirement, thanks to an amazing $67k weekly return. This has transformed our lives after many struggles. I owe much of our success to the invaluable house advice we received, which guided us through this journey.
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Maria Angelina Alexander I really appreciate her efforts and transparency.
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This is a definition of God's unending provisions for his people. God remains faithful to his words. I receive this for my household.🙏
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They need to lower home prizes
Honest question: Who is "they?"
Once they lower Rates its going to be 2021 again of where houses are sold over 50k of asking price bidding wars will start again.