Home sales tank. Redfin reports "biggest drop in a year".
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- Опубліковано 17 вер 2024
- New data from Redfin showed a big drop in homebuyer demand on the US Housing Market. With pending sales down 7.8% from their levels last year. In yet another sign the 2024 housing market downturn continues.
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The biggest drop in sales came in Florida, where home prices are starting to go down. Meanwhile, seller price cuts jumped to the highest level in a decade. Home prices are also on the decline in cities like Austin and Dallas, TX, where subdued buyer demand and rising inventory is causing sellers to cut prices.
Many housing market analysts thought that lower mortgage rates would spur more homebuyer demand. But that's not happening so far in 2024. Homebuyers are on the sidelines due to sky-high prices.
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We will have the updated August 2024 values from Zillow posted this weekend.
This is more incorrect clickbait garbage
It takes a special kind of 🤡 to say that a 6% of listings with minor price reductions becomes "25%" if extrapolated over a month when the graph already represents a FOUR WEEK ROLLING AVERAGE. Which it says right above it.
Learn how to read a redfin chart dude. 🙄
@@JimFriend-iw3ev his business model of clickbaiting dumb people for views and subscription to his BS website would be ruined if he told the truth
If prices ever do regress back to normal levels then we are going to have an epidemic of people who are WAY under water on their mortgages.
Which means a lot of them will walk away, which means all derivatives built on those mortgages will collapse.
So!? That means I have to overpay for a house that ran up 30 years worth of appreciation in a year and half?
They can't say that they weren't warned. They listened to the greedy realtors.
History repeats
Boo Hoo! Those who will be underwater are the same ones complicit in driving the prices up.
Housing is hinged to income. If the value of these homes are 40% higher now than it was in 2020, it doesn't matter what interest rates does. A lot of people who bought between 2022 through 2024 are on high financial stress.
They are hinged to inflation too though
False false income matters much more The reason why inflation can be accepted is because wages go up If you don't raise wages inflation staying up is death
Not as long as they pay their mortgage and stay put for the long term …. Flippers on the other hand , might get burned but that’s true for any risky investment
There is a big shortage too, which adds to the equation
No doubt.... I feel for them as it's not going to be a fun ride.
In the 50's my Dad worked a modest job, Mom stayed at home and raised the kids, and they lived a nice middle class lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Soon the kids and family dog will need to work to keep this household going. It's the destruction of the American dream right before our eyes.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
Many assumptions ppl have disposable income to get into the market in the first place 😐
Yep, the will have to decriminalize polygamy. Need 4 incomes to afford a house now.
Future home buyer here. We are waiting for these insane prices to go down.
Hold tight. The downfall has started.
Hold on for about another 12-18 months. Prices are dropping very quickly in my area (Tampa), and Florida generally. I can’t speak for other areas though.
Me too. Glad to see prices slowly coming down here in Dallas.
I’ve yet to see any drops in Florida prices
Income will fall with house prices.
Something very promising in my corner of the world… My son‘s friends are very aware that the cost of home ownership is much more than just the principal and interest payment. They now understand that there are property taxes, which will likely go up, crazy high insurance costs, home repairs, and maintenance, and for certain young adults homeowner association fees. I’m glad they’re going eyes wide open… Finally!
A huge thank you to people like you who are educatingor young people. They don’t always listen to Mom and Dad lol
As a gen z we grew up on the internet and we are wired to look up anything we dont know before going into something. And also everyone my age cant even afford a regular house even with a good job so we are renting still.
True but rent just goes UP and UP and UP with no end in sight.
Keeping up with the Jones’. Have to constantly update your property. New this , new that.
A 30 to 50 % decline is needed to restore affordable home prices. Get rid of ABNB rentals and big investment funds in sigle family homes. Speculators should speculate in the stock market not single family homes.
200%. Home ownership is sacred in America and should never be subject to speculation.
That is communism.
Clear and concise. Exactly what needs to happen, these corporate landlords are creating a monopoly
@@the_derplerare you scaring people with communism ? Scare tactics huh. Who cares
50% decline will lead to prices that will be below the cost of construction, its not going to happen. 20% decline at max
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
You're correct!! I make a lot of money without relying on the government.
Investing in stocks and digital currencies is beneficial at this moment.
Yes I agree with you on that. I was once a holder with about 3BTC, 7ETH and $8000 worth of lite coin but now after investing have about 17BTC and 21 ETH.
Started with 5,000$ and Withdrew profits
89,000$
I'm glad to write her tay I do hope she will help handle my paycheck properly☺️☺️☺️
Can I start with as low as $1,000?
3:00 spot on. Not only is it that I don't want to buy, because I do, but the uncertainty of what this world will look like in the next 5 years? No thanks.
Thanks to Kamala it will look a lot worse
When they get below $200,000 for a 2bedroom in a neighborhood where you won't hear gunshots every night, then I'll consider buying.
I got a 2 bedroom for 230 because my neighbor was eager to sell. I got lucky, but these property taxes and insurance rates are no joke.
Same. The cheap houses out here in Dallas are in South Dallas. You will literally see naked crackheads in the middle street screaming at you and they want $350k for the house.
New places in Vegas for under 350.000.
@@brianmatthews4149 I won't live in LV. They are going to have big water issues soon.
I live in the San Francisco Bay Area and just where i live there are 110 houses already in foreclosure and almost 1000 houses in 5 cities. It’s going to be a mess. It’s crazy !!!
Where is that, @catrachosf?
Fake news
@@Catrachosf It has barely started it could take at least 2-3 years to bottom out maybe more and some of the worst housing markets will probably go down 50% or more from the last peak before they stabilize.
A lot of people can’t keep up with insurance, change in their escrow loans… and HOA
No
During the last crash there were 3 price dips between 2006-2012 in my area. We are currently experiencing the first
In my area 2012 was the very bottom. 2013 things where going up
No
FINALLY!!!! Someone gets it. Its ALL about the over priced houses - not the interest rates! No one in their right mind would buy a home at these prices.
The American economy is just overrun with greed. I understand a seller wanting to get a decent, fair price, but yes, some of them are just delusional! I know people bragging about how their houses are now worth TWICE what they bought them for five or six years ago. Yeah, we'll see what they actually get for them, anyway. Buyers need to hold out until prices come back to sane levels.
@@jayogee913 Are these braggarts stupid enough not to understand that after they sell their overpriced house they have to live somewhere and either buy another overpriced house or pay exorbitant rents.
Just think about this for a second----if you make about the average USA household wage of ~$80K/year then half of the population can afford to buy a house more expensive then you can.
In other words, with housing supply being as low as it is (again just taking averages, your market may vary) and the demand for housing being a constant (everyone needs housing although some choose to have less "house" then others) then at least half of the population might buy a house at a price you think is "too high". The price is only too high if you can't afford it or justify the cost relative to your needs, let's be honest here.
@@hfarthingt Disagree to some extent. Many people are getting more and more sick and tired of being ripped off by greedy price gouging. They're not taking it anymore, and lots of people who can put off purchases both small and large are doing so until the people selling those things, from eggs to real estate, start reducing prices to sane levels. I personally know people who flip houses, buy the cheapest buildings possible (smart) and then do a cheap, junky "renovation" and try to charge sky-high, over bloated prices. People aren't taking that anymore. And that's to say nothing of the McMansion developments of houses built of literal plastic and particleboard that start "mid-400s." Lol, no. We'll wait.
Will reality sink in? Home prices are ridiculous and way out of reach for the majority of Americans. This home affordability crisis is insane and must be corrected. Will evil greed continue or will American real estate come back to reality?
It won’t. Remax and Redfin will donate $$ to politicians for bailouts and the fed will simply print more money to prevent deflation
It’s not greed, it’s what the market will bear. Would you sell a house 25% below what you could get?
@@michellerahn it is greed but I'm not blaming the everyday American for trying to capitalize and sell their artificially inflated overpriced home. The scrutiny should be on CAD Central Appraisal Districts and The Federal Government for creating an artificial housing market that is absolutely smothered in corruption and greed
Almost no one trusts they will have a job in the next year or two to jump into a mortgage.
Leaving a comment to support one of my favorite consistent pages on the tube.
Add the increases in taxes and insurance and the income to cost ratio is far worse than it has ever been.
Yes. And not by accident.
I’m 35 and I have about $250k liquid in savings which I plan to put towards becoming a homeowner but based on the current high prices on real estate, do you suggest I hold from buying or do stocks for now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Lucia Alicia Cruz is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I'm in Florida. I said it back in 2021 to some folks rushing; almost in a panic to buy, experiencing extreme FOMO to buy a house that this would not end well. Since then....Insurance skyrocketing, taxes skyrocketing, areas being deemed flood zones after the fact...being mandated flood insurance at much higher rates than in a zone x, cost of repair skyrocketing, auto insurance skyrocketing,....and now....that hope of building equity is gone as home values plunge back to reality. ALSO...I know some of those new homeowners that were hit with damages from Hurricane Ian....got shafted with insurance claim settlement. I AM SO GLAD I RENT IN FLORIDA. yeah...my rent went up.....but I can move quite easily too.
I didn't become financially independent until I was in my late 40's and I'm still in my 40's. In addition to having purchased my second home and earning money on a monthly basis through passive income,I've also achieved three out of five goals .l just hope this inspires someone to realize that it doesn't matter if you don't have any of these things yet,you can start today no matter your age.Change your future by investing! I made a rather big decision by investing in financial market...
Investing in many source of income that are independent of government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Good assets and digital currencies are still good investment at this time.
To be honest, investing rightly today can save you a whole lot of stress in the nearest future.
This is superb! Information, as a noob it gets quite difficult to handle all of this, and staying informed is a major cause, how do you go about this are you a pro investor?
All thanks to Jaspreet Singh with his investment advice, at least I can afford a good home and also have to retire early.
As a beginner in this, it’s essential for you to have a mentor to keep you accountable.
Jaspreet Singh is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
In Winston-Salem we are seeing homes listed say $330k drop 25k after sitting for weeks or months. Most of these are 50s-70s homes which need updated. However, 300k is still 50+k off prepandemic prices. Listings have fallen off a cliff since Aug. Most homes are unoccupied and seem to be estates. Seems to be very little voluntary selling. Market feels as though softening.
Nick, I see pre-foreclosure home listings around Tampa area skyrocket according to Zillow. It would be great to hear from you in this regard. Thanks!
Is the stock market actually getting better or is this the Election time manipulation to entice new investors, I'm currently sitting on an inheritance of 300k and i'm wondering do I invest in stocks or Gold?
market crash is inevitable, but there are actually strategies to mitigate risk and profit consistently, tho such executions are usually carried out by investment experts
Agreed, people often underestimate the role of financial advisors. Over 50 years of data reveal that those who work with advisors typically earn more than those who do it alone. I've been fortunate to work with one for 5 years now, resulting in a million portfolio.
i'm blown away! mind sharing more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one as well
*Layan Talia Chokr* is the licensed advisor I use. Just google the name and you'd find basic info. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Excellent share, curiously inputted Layan Talia Chokr on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal
You got that right I am on sidelines for past 6 months as I observe what you have been saying . Prices are dropping and it will go further down. Unjustified very high appreciation 2019 thru now is ridiculous it has to comeback to reality before I make a move and I believe many others are as well
The knife is falling. No one wants to catch it…
I can absolutely attest that my wife and I are postponing any serious house hunt until after the election, mainly because the political events of the next 180 days may be the reason we finally leave California. I also think there's something to be said of the general uncertainty, I personally don't want to make a decision for the next 5-10 years with as big of an unknown as the election, especially when it costs you nothing to wait another few months. It may be irrational but i think it's human psychology.
If a curtain one of them get installed as pres the whole USA will be like California within 3 yrs
There's been plenty of reason to leave CA for quite a long time. Anywhere else is better.
The only problem is that Congress keeps passing $ 2 trillion deficit spending bills. If you dont know what that means, it means we are going to keep seeing inflation scream higher. This also means the cost to build a new house is just going to keep going up. This also means that the cost of used homes are not going down anytime soon. We'll see sales slow down a TON, but over 40% of homeowners dont have a mortgage, and even more have interest rates around 3%.
Sure, Americans are broke and they refuse to tighten their belts and opt instead for more and more credit cards spending, so the pool of potential home buyers is shrinking, but that just means builders will build fewer and fewer new homes.... Unless congress/The Fed stops printing trillions, the housing market will never be affordable again.
Interesting.
What you are referring to is cost-push inflation, which is generally not good for the real estate market. Unless the government sends out stimmie checks again, demand for real estate will continue to plummet due to high upkeep and carrying costs. What mass consumer product did not subsequently experience severe price declines when its sales had fallen to multi-decade lows?
The RE market is set at the margins. Only those who buy and sell set the comps. In addition, financial hardship trumps low rates. Can't afford any type of mortgage without a good paying job.
Even if builders were to stop building today, they would still be sitting on a ton of unsold inventory. Imagine what happens to existing and new inventory when the economy experiences the full brunt of the recession.
Finally! Someone gets it!
Kammie wants to give out free money so people can buy homes. That will make prices go up…
You get it. Inflation is killing us. Today's $500k home will be $1M in 10 years because of inflation. And our wages will "catch up" in 20 years by then repeating the cycle. Get real estate while you can! Only the richest top 25% will be able to afford it in the near future.
People have too much debt. They are going to wait on home purchases until prices have dropped significantly, interest rates are low and they have paid off a lot of their debt.
I see some homes getting delisted & then relisted for a lower price, and Redfin is now wiping the listing history so it appears as a brand new listing with zero days on Market... rather than weeks on the market relisted with a price cut.
Based on my observations Redfin doesn't always do this, but just started doing this once again.. I noticed this happening last fall when the market cooled off a bit. Then all of this year Redfin resumed including all the listing history up until very recently... then I noticed this happening again.
Got to keep the data showing low # of days on market & high % sale price over list price!
Anyone else seen this?
Interesting?
have seen this happening in SWFL. I saw homes that were listed with price decreases a few weeks ago. They are now relisted with the lower price as if it was a first time listing.
I haven't bought, because it doesn't make sense to me why houses doubled or tripled in price.
It makes sense that covid inflation caused that but it also makes sense that they come down in price
The answer is greed. Housing prices would historically climb slowly and steadily over years and years and decades. Now, someone buys a house, "renovates" the inside with Home Depot stick-on tiles and particleboard fixtures, and wants to resell it a year later for 3X what they paid. People who do this are going to take a bath.
@@jayogee913 I really hope so. I have seen some listings that sold and 5 days later were relisted for 40-65% more. I doubt they did anything in those cases.
@@danielstarr8957 Yeah, with mortgage rates reaching into 7% I thought prices would come down, but so I have been wrong.
Your dollar is literally worth less from insane amounts of money printing. Guess we all found out why you can’t just print money.
100%. I’m looking at a home in Nevada purchased for $600,000 in 2008 and now they want $3.2M. Even with a 4% YoY growth this should be max $1.6M.
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people at least in California, where I currently reside are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
This happened with the 2004 housing boom - home prices were greatly inflated, meaning people couldn't sell later because they owed more on the house than they could sell for. I know quite a few people who bought then, thinking they were making a good investment to sell later, but it's taken until the COVID housing boom for the prices to come back to those original amounts.
To balance out your real estate holdings, I suggest investing in equities. If you're cautious, even the worst recessions can present fantastic buying opportunities. Additionally, volatility can produce fantastic short-term purchase and sell opportunities. This is not financial advise, but you should buy immediately away because money isn't king right now!
Yes I concur, I've been talking to an advisor for long now, mostly because I lack the knowledge and energy to deal with these ongoing market circumstances. I made more than $220K during this slump, demonstrating that there are more aspects of the market than the average individual is aware of. Having an investing counselor is now the best line of action, especially for those who are close to retiring.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
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 Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
I located her through google, sent her an email, and scheduled a call; hopefully, she will reply because I want to start the new year off financially strong.
Home prices and mortgage rates don't help too much because insurance and property taxes have gone up by a massive amount.
Great news 😁. Now for JPowell to raise the rates and a 50% drop in the price of housing 😊
Moved to Florida 3 years ago. Looking to buy a house on large water. Still waiting for prices to come down.
Ex put her house in Flower Mound, Texas (upscale suburb of DFW) on the market about 2 months ago. She used redfin, put it up for $570k as per realtor recommendation. Had two offers fall through and is down to $525k asking now. She's not chasing dollars, either. We bought it for $340k in 2019
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
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.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
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.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
My two cents. 40% of homes paid off, around 80% have mortgages under 5%, institutions moving into single family market, billions printed during covid, I just do not see a 50% drop. Maybe some regions see a dip, but nationwide…not happening. This guys been saying crash since 2020.
you're correct. this guy has been talking about a housing crash since 2021 and it still hasnt happened. he actually lives in nashville, where home prices contrinue to climb
@@clyde19788I started to view his channels starting from 2021. I am waiting for him to acknowledge that he was totally wrong in the prediction. Unfortunately, it has not happened yet. My real estate equity has increased by well over a million and my rental income has increased by close to 40% since 2020. I like to watch his videos although I don’t agree with him at all.
I've seen a lot of price cuts in Newport Beach area on Zillow. Please go down more. 😂
My question is, how will banks and investors react to all this? In the mid 2000s the Banks and investors had no experience and no idea what to do so panic foreclosures, selling and huge reductions in prices. Today these greedy people have experience and I am afraid they have a plan to use this situation to their advantage while the average person will see little to no benefit. i would not be terribly surprised if much more of the inventory of homes ends up with these people when everything is settled.
That's a good point, on the flip side of that we have the gen z buyers coming into the markets with their game stop tactics and destroying systems with memes and chat apps, so that could mean a different unforeseen outcome as well. I could see them pulling off a meme boycott to take down a big company.
You hit the nail on the head.
What fueled this boom was a loop that is now broken. Cheap and easy money allowed rapid price increases. Those gains were realized by selling and then put into purchasing more expensive homes. Now that money isn't cheap and easy which is not allowing aggressive price increases, people can no longer sell for insane profits to continue bidding up prices further. It's over. People surely aren't making more money than they were and surely don't have more disposable income.
I agree with you Nick. Houses in my neighborhood are selling in less than 30 days. If a buyer finds the right house at the right price they are buying.
IF
Dr Horton had me locked at 50% debt to income ratio I was shocked I got out of deal
Almost all cities show price increase except like Memphis or Chicago from what I see in Zillow. Are you sure this Reventure thing really works? You say price is down 30% or higher in FL but Zillow shows 1% increase in almost all FL cities each week.
Florida may be declining but in the northeast homes are still selling instantly for 10% over asking.
Yes! I would like to understand how this area has been so damn different. Neighbor polishes a turd and sells it as a golden egg and then idiots fight to overpay, completely mind boggling.
Lots of people leaving the south and head back north.
Yes. Only the price matters. On anything. Only price matters.
I’ll sell you my two million dollar property for only a million.
With a 30% interest rate. Deal?
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 56.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
Finding financial advisors like Jessica Lee Horst 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.
This Jessica lady looks great.i looked her name up. We have about $300,000 in IRA and 401(k) and 403(b) assets. Is that something she can manage? I already left a message, what’s the response timing like?
I wonder how much of the price declines are due to seasonality.
That’s why I like graphs like the one at 0:30.
Demonstrates that the low demand isn’t really a seasonal thing.
@@SigFigNewtonI agree that the demand is low, I'm just talking about the price drops which typically happen every year about this time.
The new one-sided buyer's agreements will also halt sales. In our area, around PHX, AZ, almost every agency is making their agents have their buyers sign a 3% commission buyer's agreement. I have talked to numerous agents, and there is no negotiation. There is a 6% price fix going on. If the seller refuses to pay a full 3% to the buyer's broker, their house does not get shown. As well, what almost every agent is hiding is the fact that if the house deal fails to close, for any reason, their buyer's agreements make the buyer legally liable to pay the commission anyway! What buyer these days can afford to lose 3% to their agent on a house that falls out of escrow? And what justifies an agent, who puts in about 8-10 hours per client, to make more money than a lawyer?
Good info friend. Had no idea about that rule. Thanks🙏
You can pay 250.00 and list the house yourself. Screw these money hungry realtor.
In my little neighborhood, there are now 5 houses for sale. They are listed at almost double what they would have been 5 years ago, and most of them just sit on the market. All we need is one person to crack on price, and that will bring the comps down. I don't understand these people, listing so high when there are so many houses for sale and rent. I am in Dallas. I also am seeing so many house rentals on the market. I have never seen this many. But, they are priced too high. I think the property taxes going up so much has put landlords in a bind. If your property taxes increased $400 per month, you might lose on your rental.
Just let them go bankrupt. They want to play a game of chicken but they will lose because they're the ones paying taxes, insurance, mortgage, and maintenance. Potential buyers are just paying rent and more rental units keep coming online. I just locked in a year lease for $800/mo less than the mortgage payment would be if I bought the house I'm renting. So I've got a whole year of fixed housing costs while speculators have a whole year of losses.
@@WhyteHorse2023 I am 61 yrs old, and I think it might never be a good time to buy a house again. I lost a lot of money in 2009 when the economy crashed. I am so glad to not be involved with this one.
@@CroisMoi That's a possibility but professional investors will dump houses and run when it gets bad. Flippers are already going out of business.
You are right, pricing is too high. Even when pricing is correct, people still want to wait for rates to drop further when Fed has only started cutting rates. You don't want to pay 6.2% today only to find the rate drops to 4.2% in 12 months later.
The election is important from the standpoint that the wrong candidate will support/promote policies that will be detrimental to the economy…
Harris has more of a plan to increase housing supply
Absolutely, Harris wants to tax on unrealized gains up to 28%. That would be devastating to home owner and stock traders.
@@americatoday1104 “up to”
Meaning billionaires are the people who would be paying the highest rate
How would it devastate home owners? They still get most of the free money. And it would help solve our housing affordability crisis by making homes-purely-as-assets less appealing. Lower housing costs is not something that would devastate the American people.
@@SigFigNewton Harris wants to increase corporate tax rates from 21% to 28% that put US businesses in uncompetitive position to compete against China and the rest of the world. Remember the US is not alone in the world. This means US companies will move their businesses oversea to stay alive, meaning a lot of job losses, high inflation, high gas prices, more debts. Increase taxes will cause companies to increase costs of products that lead to consumers paying more and even higher inflation. The term taxing the rich is a ploy used by politicians to get votes. In addition, a tax on unrealized gain means if you own your home and it goes up, you have to pay taxes when most Americans don't have money, meaning they have to sell their houses to pay taxes. The same goes with stocks. This is devastating to all Americans. This is communism. Remember the bread lines of the old Soviet Union when people search the trash cans for foods.
@@SigFigNewtongotta love those people that think it’s fine to eat the rich. Income tax was initially soaps that way too, and it was single digits. Government has grown too much and you people think that’s a good thing.
You are right, home.Prices are much too high for anybody to purchase.Regardless of the rate has come down and that they're projecting , it will come down mid butt
I have people in my area willing and ready to overpay. People selling for over 100k the price they bought for without doing anything but living in it the past few years.
Housing prices likely won’t drop significantly until supply increases. The U.S. is short millions of housing units and isn’t building fast enough. Demand remains high, and even a small dip in prices attracts many buyers. I’m looking to buy affordable houses in September and maybe invest in stocks. When’s the best time to invest in stocks? Some say it’s profitable, but others warn it’s risky. Any advice?
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on UA-cam videos but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Could you recommend your advisor? I'd appreciate some help.
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.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Bx (Blackstone) stock is now $150 a share. An all-time high. Very strange.
Or an interesting bubble?
That's not their real estate company. It's BXMT and it's down almost 50% over the past 5 years.
@@WhyteHorse2023 thanks for the info. I appreciate that very much.
THANK YOU NICK !
Normal level is what ever anyone is willing to pay for a place .Location , location , location ..Las Vegas is still booming and everything is way overvalued yet idiots are still buying
same was said repeatedly 2006/2007
@@tobyk5149I believe it more now for specific cities. Boomer retirement destinations. They’re the generation with the wealth and now they’re done working so are free to move to warmer pastures
@@tobyk5149 2006, 2007 were a cesspool of subprime loans to people who had no business getting a loan and everyone thought they were a house flipper ..That’s what caused the crash . The crash happening in Florida is from HOA insolvency and insurance. Las Vegas real estate doesn’t have that problem because it’s not in a natural disaster zone , they have a housing shortage as corporations are buying up all the real estate and turning them into rentals as 48% of Las Vegas real estate are rentals ..
I am still seeing really delusional asking prices in my area. I think it is probably realtors that are pushing for the extra high asking prices. The Redfin estimates are considerably lower than the asking.
So, nothing in the northeast part of the country is going down?
Supply supply need supply
Glad I live somewhere with a booming construction industry
Nope. Just here in the south
It has been talked for years in bubble but till very very high price
Unique properties on the water are not dropping.
New Jersey desperately needs more inventory. We're still seeing multiple offers and a few bidding wars here and there. This summer felt like the winter season.
The city councils and boards in most towns are opposing this because they don't want their property values to drop.
Vacancy tax, vacancy tax, vacancy tax
Some supply that isn’t there doesn’t even need to get built in order to appear on the market.
Vacancy tax.
@@SigFigNewton Very interesting
@beedee8238 They hate lowering the taxes but we have homes that almost tripled in price. So when the home values drop, people are going to have a fit.
Fantastic repot, Nick! You are SPOT ON with your assessment of why people are waiting to buy! Price, price, price! And thank you for mentioning my home state of Hawaii! That trend is great news for me and so many other people here!🍍🏖️😎
Finally, you are saying what I have been saying for a long time now that prices are too damn high. And yes, interest rates are slowly coming down and that will help a little, but prices need to come down by a lot before people can afford to buy.
He's been saying this for years. You? Probably weeks.
@@jctai100 I understand.
They need to go down to 1970 levels.
Median Price of a house in 1970 : $24,000
Median House Price Today : $412,300
Median Income 1970: $8,730
Median Income Today : $50,000
Today's house prices are 17.179x higher than 1970.
House price:income 1970 = 2.75
House price:income today = 8.246
Keep on the great content , @Nick, especially im curious to see if really no soft landing will take place, as you think is likely to happen
Lets go for another drop of 50% next year.
Just like the auto market…greedy companies made things worse.
ITS ALL GOING TO CRASH!
Trump fault..
Yet redfin stock is up 26% today, tell me the market isn't manipulated
It really depends on what market you’re in. I work for a builder in the Charlotte market and we sold 68 homes in July and 17 in August only because construction couldn’t keep up with the demand. As rates continue to drop prices will increase. Builders aren’t having the same issues as resale.
Moved to Florida 3 years ago from Baltimore. Rented my house for two years then bought my house last year. Paid cash for it. Still looking for a house on big water.
You're underwater
It's absolutely the prices
Yo, I'm in Elk Grove, California, and I ain't seein' no price drop around here. Trust me, I've been lookin'.
Interesting that Redfin's stock was up 25% today. Obviously somebody has some inside info.
excellent update, keep it up young man!
None of these statistics or trends apply to Southern California. Prices are up 11% YOY and up 60% over 2020 prices with some areas over 100%!!!!
California has a lot of wealthy foreign buyers paying cash. Totally different ballgame.
I was looking at Tennessee today. All the new listings are lower than recent purchases. You know what that means - people will be walking away and foreclosures.
Yet my property taxes in two different Florida cities both went up. what's going on?
Weird flex but ok. You didn’t learn after the first one? Good, stay in Florida. You deserve each other.
The other problem people don't see is that property taxes and insurance costs are also elevated due to the overvalued prices. They need to come down accordingly as well. Otherwise, the property is still going to be unaffordable.
I agree I grew up in the 70s with a stay at home Mom. My Dad had a modest job and they owned their home in Glendale California. We would take vacations every year. I did the same thing in the 90s. Now my kids who are college grads who make great money, can't afford to buy a home anywhere in So. California. So sad we need to see homes go down 20-30%.
The prices are still too high, but, yes, some buyers are holding off on setting down roots until the election pans out. I would say more on the state level rather than the federal. A lot of people, especially women, wouldn't stat in states that pass an abortion ban. So they're kinda in a holding pattern until after the election. Ditto for OB/GYNs physicians and nurses and their families. If bans go through, they might need to move states. (Waves from IN that implemented a ban and lost a bunch of OB/GYNs).
Of course rates are coming down. Why buy yet? Prices need to come down 30-50% and then with 3-4% mortgages things will be good.
Housing in Ventura County still hot market, houses selling at asking price or over within weeks, we don’t see prices going down here.
As a retired senior, we operated for many years based on several consumer data points, especially presidential elections! I say wait until we have more stability!
As someone trying to get into their first home seeing homes bought a year ago then having cheap floors put in and that ugly gray wall paint then seeing it relisted for 120k more is getting annoying.
If sales are down 7 percent that means 77 percent. No bank loans
I have never ever thought about who is president when considering whether to buy a house or not. If you buy a house based on whose president, you probably believe in Santa and eat crayons
I can tell you don't live in the uk 😂 here the leader can cause a recession, high rates and high tax like this idiot starmer is doing. 20% tax on property sales going up to 40% now!!!
If you are making the biggest purchase of your life not based on who controls monetary policy then you are one of those ppl who get a foreclosure.
Maybe those that are waiting work in a field affected by policy? Fracking, coal mining, gas or oil and other differences between the 2 candidates? I wouldn't call people stupid so quickly.
@@rossperreault833 I don't see any correlation between the party in the whitehouse and interest rates or median home prices in the last 50 years. Do you believe there is one candidate in 2024 that is obviously going to increase or decrease home prices vs. the other? If so, why?
@@timballenger1416 exactly 💯💯 the guy who wrote this has no economic knowledge at all. Some would say he eats crayons
Irrational exuberance is what got us here, and to a degree we've never seen. Sellers are idiotic to not have done what it takes to sell this past season. Bye equity.
Were all hoping this is true! Great stuff
I explained it to my kids this way, you can rent and move as soon as prices come down OR rent from a bank at high prices and be stuck. Mortgages are renting from the bank for the first 10 years basically. Lots can change in 10 years.
The housing price should 50% off , way over price
I’m a realtor and I’ve had multiple customers literally tell me they’re waiting for the election. Most people don’t buy off logic, it’s either need or emotion
When you look at affordability, especially regarding monthly payments, are you considering the high cost of homeowner's insurance and property taxes or just using principal and interest?
Outstanding insight
Banks: Still demanding 20% down with an iron first. The average buyer: unsure about the future and bled dry of any savings. Interest rates mean nothing. 0% and people would still be wary.
How did RDFN stock go up 25% today?
In Phoenix and Glendale Arizona when the fed has been dropping the interest rates. Have shot up over 100 thousand. Homes that sold for 350 near me are now 475, 450 and 425. The homes were sold three months ago for 350 thousand. Then looked at all homes in Mericopa county and you would be lucky to find one under 400 grand. It shot up line 23 percent.
Illinois... 😧