Home Prices Will RISE 15% Next Year
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- Опубліковано 23 вер 2023
- Hold the phone, did Barbara Corcoran just say home prices will rise 10%-15% next year? Yes she did and I'm going to talk about that in this weeks video. Is she right? Is it even possible? I'm going to break it down and give you my opinion about her prediction.
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My sister in law is a loan officer for 30years people are not refinancing people are buying but not as much my brother in law is a realtor he’s working another job not enough homes at the moment for him to sell and people don’t qualify
It's very challenging times for realtors and lenders. I keep saying "this too shall pass". Let's hope.
My opinion: Interest rates went from 2.8% to 7% in less than three years. Conventional thinking is that home prices must fall since people only have so much to spend. The opposite happened. Therefore conventional wisdom is not working for this market. I predict that any prediction about future home prices is no more valid than flipping a coin and the current market is evidence for this.
This☝🏻
I mean home prices did fall so conventional thinking wouldve been and is correct in your example.
Math isn't that difficult. How much monthly payment can most people afford?
Nope
I am seeing listing home prices reducing in my area of Dallas metroplex.
Well that's a good sign!
When the national talking heads say one thing the opposite happens
Well, many buyers are buying cash or mostly cash, also investor for rental properties, so not enough inventories. If someonevis financially sounds, and likes a property go ahead and buy it, they can always refinance. Given to the limited market inventory rental prices has gone to the roof in my town a 3 bedrooms went from 2400 Rental in 2021 to 4500 in 1 Q 2023, and they fly off the market, especially in "sought after towns" with great schools. So what mortgage do you get for 4500 a month, and you are not building equities. Also not enough new developments in sought after markets for single homes. My advise is if your situation is right "buy it" but do not engage on a bidding war, do not give up contingency such as home imspections etc.
I moved down to Jacksonville fl last March. I'm renting a condo in the Ponte Vedra Beach area (considered an upscale neighborhood) .The buyer offered me the apt, telling me it's a fabulous investment if nothing else. He put it on the market in September. Now it's January. He's taken it off the market. The apt next door to me still sits on the market. I spoke to the listing broker who said things are very slow. So what does that tell you? Not enough inventory? No. There's inventory, it's the interest rates or there are so many opportunities that it's hard to pick. Corcoran is wrong about this area, my two cents.
She says when rates come back down the prices will climb to 15%. I don’t think they’ll go that high.
I seriously doubt this. The markets gonna crash and home values are gonna tank.
my bet is sellers have a say whether the market will crash. I'm not selling with my 2.65% rate
@ashdobbs Sellers agreed to crash the market in 2008? 🤡🤡🤡
I agree. Credit card defaults and auto repossessions are leading the way. Just a matter of time before housing follows the same path. Another thing we often hear about tighter lending standards will save the market, but we never hear that buyers are putting down 15% on average compared to 21% on their home purchase during the GFC. That's a very important aspect when you have a historical disparity in home price to income ratios hanging in the balance.
@@nastypiglosi1788 dumb comment-you obviously do not understand what happened in 2008
I believe that by the time interest rates come down people are going to have bad credit, no money and no jobs. People have equity but can’t sell because of high interest rates. The only data I have is the people around me people bought a lot of TV’s, cars, homes,etc and didn’t know that prices of things will go up insurance, food, fuel, utilities etc so they’re tap out one small bump and that’s it for them…will see with the Fed 2 million unemployment target and see if it’s only 2 million and not more just like they said transitory inflation but we will have to wait and see what happens. Good content by the way
Realtors trying to sucker the public into "Buy now before it goes up!!!" Same old snake oil. I hope that they play this again next year when prices are down (or only up a little...but not 15%!!).
The whole thing is coming down. Stock market, bond market, housing market, the dollar.
Not it’s not. You’re listening to too much BS on the interwebs
@@jesse_- Good luck!
It makes a nice change from everyone saying the market will crash. Adds some variety to the guessing.
Not so nice for most buyers. She's freaking everyone out! LOL!
This is all great news
Thanks for watching!
i agree with barbara, but i think it will be 15% over 2 years.. not 1 year...(she did not specify that 15% will just be for 1 year). I think more buyers will come out when mortage rates are 5% or less. People who want to sell will sell but 90% of those people will need to buy a replacement property. then add on top of those buyers all the buyers that are renting waiting for mortgage rates to drop and they will come out and buy, so inventory will crater even worse than it is now. i think there will be 7% appreciation for 2024 and 7% for 2025.
Thanks for your input!
Interest goes down most owner will refi to lower interest there rate. And the low inventory will continue, buyers will come out for the low interest and investors will try to build as fast as they can while the interest is low and that will also cause the inventory to go down. Remember more babies are being born in minutes than home being build in months
We have enough money for a decent down payment on a home, me and my wife are both well paid nurses who have just moved here from Europe but the prices people are putting there houses at here in Tucson for what they are, are just so ridiculous! Plus with the high mortgage interest rates, we might as well just hold out and see what is going to happen next year...
Who knows what next year will bring with the upcoming election. I hope you can finally get into a home.
My perdition is double digit interest rates, Powell said there is going to be pain for main street.
I hope it doesn't come to that but I wouldn't be surprised.
65.8% of Americans own a house, I think most people don't want the price to drop down? I bought a house in September with a 6.75% mortgage rate, I would say if you plan to live in your house for at least 5 years, it is still a good time to buy and you can always refi if the rate drops down in the future.
It could still be a good time to buy because there is that chance prices will continue to rise next year. Not as high as what Barbara is saying. But you're right you can always refinance later. You can't change the price of the home.
Also, your Blue Yeti should not be pointed towards you. The mic is not on the top. It's on the side. Keep it straight.
Thanks😂
🤥
yeah i dont believe Barbara K
Wait for Barbara to refinance . She will be driving Uber soon
No disrespect to Uber Drivers
😂
In my opinion the housing market will tank 50% to 80 % in the future
I predict a starter home will go for over 700k
there are over 15,000 homes in my zip code-only 20 of them are for sale. Zillow has my 2 bedroom 1 bath shack @ $886,900, recent comps would concur
Dear Lord where do you live? Here in New Jersey the prices are crazy but not that bad.
@@JackieBaker 90815
Seems like Barbara is a talking head.