Your last point is what gets me the most angry. Big investors tried to take advantage of the average American and price them out of their own cities and neighborhoods. May they reap all the karma they deserve for it.
People never ask why? Where do you think their money came from to invest? Peoples pensions and 401ks. They are greedy because their investors, Joe and Jane America, want a return on their money so they can retire. Do they take a huge cut, of course. But that doesnt change the underlying factor behind why they have this money in the first place.
As a real estate agent in Idaho Falls, ID. I am seeing the exact same thing. The smart agents are counseling their sellers to lowers their prices and the smart sellers are listening! Just got a 2 bed/1 bathroom under contract in Pocatello that was originally listed at $190 as the cheapest home in the neighborhood, just accepted an offer for $140. They are still making money and happy to be selling their home. Buyers everywhere are taking note that it's no longer a seller's market.
I used to live in Boise,ID, and back in 2015, homes that used to go for 150k to 250k , and they are going for 300k- 450. I can not wait thr market to fall so I can buy a home.
@@Riqrob came in 40k lower then my bank appraised it. Who knows. I was shooting for cheaper. But to replicate this house again to build per sf would be higher then I paid. Who knows what's in the future
@@simpson4237 well at least your country's Multicultural now because all those Asians and Indians and Middle Eastern people you got into your country bought up all the houses cash and now or your landlord's
I use to flip houses and own a dozen or so rentals at any given time before any of y’all got into the game. Trust me, I’ve seen this movie before. Holding on to an empty house is an absolute alligator around your neck. These investors will eventually fold like a wet noodle; that or they will be forced to become rental landlords. And is no cake walk either. It’s modern-day farming is all it is. Now I own zero properties. And I love it! I have my time back and really enjoy life to the fullest.
To rent a 4 bedroom house here in Los Angeles it’s $6-7k a month. I’m talking an old 1960s home. To rent a decent little bit updated house it’s over 10k a month.
Yup. Here too. We have a local realtor in the neighborhood who has been selling a few places and they ALL went to rental companies. Turns out it’s just easier for the realtor to just toss it to the companies than try to show and sell. And rent is ~$3500 for a 3 br, 2 bath 1800 sq feet.
@@no4seriously a 15% drop, when it almost doubled? 15% is nothing. I don't think you know what you're talking about? Also, 15% isn't low enough, for any sane person to buy a house in that cesspool, San Francisco, or California. 🤣 Also, houses where I live, are worth about $50,000, but they're charging almost $200,000. They have to got down way more than 15%.
@@Normal1855 It took the Bay Area housing market to drop 15% in a couple of months. That is huge, considering that the 30% increase took place over the past 3 years. I call BS on homes in your area being “worth about $50,000, but they’re charging almost $200,000.” You can not build a single family home for
Houses are traps! Even when it’s paid off they still want those taxes and if they don’t get them then they just take your home. This whole damned system is rigged against us. How do we stop participating in our own destruction?
I like these short vids best! I know you were polling about what kind of vids to do going forward... I'd say do whatever you think is most sustainable to you! But these shorts are good!
Coworkers were trying to get me to buy a house in Orlando because it was only $325,000 3bd/2ba ~1,200 sq/ft. I told them its still overvalued. They laughed and called me crazy. Same listing is now $315,000. Only been two weeks. . .
I agree with your assessment. I hope open door does go bankrupt right along with black rock and other companies that are doing the same. 2008 real estate climate is coming to us once again. Everyone should prepare themselves for all the job losses that will come right along with it.
I've mentioned the OpenDoor property in my neighborhood before. It's been on the market off and on for 270 days. At one point they had to fix an under-slab leak, and the listing price has dropped by about 100k. But, they haven't dropped it enough to sell. They seem to drop the price about 5k per month. The only recent change has been to add signs through our neighborhood directing people to their house.
Thanks for making more videos, love your work! I lived in PVB near JAX but didn’t buy in time before prices got out of hand, so I’m waiting the market out for now. Glad to see you making a video in NE FL.
There’s a house in our neighborhood that’s been for sale like 6 months by Redfin I believe. It’s gotta be the same concept-they’re holding out until forced to cave
They are worth $100,000.00, no more no less in that neighborhood. It's been 10 years of housing inflation, THIS is the main reason we see social distortions, unrest, protestors, so much anxiety. It's all home and rent costs.
Im a private investor that has been waiting on the sidelines for prices to come down since Mid 2022. Your videos helped me decide to wait and even if I buy today vs mid 2022 i would have saved about $400k on my total portfolio. Im happy to see you return brother. Keep up the great work.
Wall Street never loses. They always find a way to stick the retail buyer/investor/taxpayer with the bill for anything they do. Robbing society is their profession, after all.
You do know that is just peoples pension and 401k money right? Either way people are going to get hurt. If anything this is why people should do their own investing rather than letting an investor class do it.
You do realize since 2008 the FED has been pumping trillions into the stock ans debt markets propping them up? It's all a big game now, the FEad says it wants to slow inflation while it is creating it.
Yep. Big builders for example LENNAR and D.R. Horton can't sit on completed homes for long because they have to pay for those properties through utilities or whatever fees that accrue after completion. By next year it will definitely be a whole nother ball game.
Wait till they start ending up like my mothers house after she died. 1000 miles from where I live, on the market about 6 months. Got a call from the realtor one day, crackhead had caused 75k worth of damage stealing copper. A few of them done like that will wake them up.
How much longer can these builders/investors keep buying down rates to 4% as a purchase incentive AS OPPOSED to simply cutting the list prices? They are prolonging their inevitable death.
That's why these big corporate flippers and big corporate landlords and millionaire/billionaire investors should be disallowed from buying single family, two-family, and three-family houses up like candy!
Professional Investors don’t sell when prices are low. It’s generally novice investors that get scared and do that. You’re supposed to buy when prices are low. The only people who are dropping prices are people who are forced to sell due to job loss or family events. Other sellers are just taking the home off the market and waiting for later. I follow the hot sheets in my area daily. The number of homes coming on the market is not replacing the homes going under contract. Inventory is decreasing not increasing. At least right now
Duval. That's practically my neighborhood and my house. 1800sq ft concrete block, 4bd 2bth. Paid $76,500 in 2011 and my mom still tells me I should've bargained more 😅 I felt good about it. I get multiple postcards offering me $215,000 site unseen for my house every day from flippers. Sounds lovely, but I couldn't buy anything for $215,000 these days. Not a thing. And what would they be charging somebody for my house if they give me $215k?! Astonishing. We're the salt of the earth people just working and paying bills. We'll never be rich, probably not even middle class but we deserve to have something to show for it at the end of our days. How is this possible anymore. The way it is now I think all my kids will live here forever because they can't afford to move out.
It won't collapse, just stagnate. It literally doubled last year, and now is only down 10 to 20 percent at best in some places. It's part of the agenda: "you will own nothing and will be happy about it".
I believe home flipping was a significant component to the crash in '08 because people with little knowledge would buy homes they couldn't afford because they only had plans to finance them for a few months. When they realized the homes wouldn't sell due to a sinking economy, they stubbornly kept their prices high enough to make a profit until they eventually defaulted. I imagine open door is going to have to suck it up and take huge losses, but it will increase supply and lower home prices for the rest of us, just be patient.
I'm glad your making these videos. I think they probably thought they people would be idiots and buy homes they can't afford and pay them back for it almost forever and no just no. I'm happy to see that people are learning
💯 the cure for this problem, no residential property should be allowed to be purchased by an investor. They should only be allowed to buy land which must be developed within the next year following the purchase.
Investors helps the Government with housing. The Government can't keep up with providing housing. So investors help with buying and renting out houses. Because you due this to help the Government you get tax deduction.
On my street, in Memphis, prices pre-covid were about $60k. Now there are several empty homes that have been listed for two solid years for between $160k and $200k
Yes! This is why I haven’t purchased a home! I see things listed that I’m like ‘I wouldn’t pay a DIME over 175 k and it’s on the market for 250k?! NO THANKS!
Home prices isn’t the problem. Lack of inventory is the problem. Today we have 30% less listings than 2022 and in 2022 we had 25% less listings than 2021. Since 2008 we’ve been under building about 1.5M new homes per year. Lack of inventory not prices is the main problem.
Redfin almost got me, master bedroom didn't have a closet and the wanted to do a closing a a title company in another county because they own it and the house was overpriced.
Actually Fannie Mae will Foreclose all those mortgages and take over the properties. At that point they will decide the rate of selling those homes. This happened after 2008 and the market did not “balance out” this was a strategy to keep prices unaffordable for the buyers
I moved to Jacksonville FL last summer. I initially wanted to purchase a home. I got wise and rented an apartment. I am so happy I am watching prices decline. I am going to low ball every offer I make. I want to get some retribution for investors trying to take advantage of buyers.
I live in a little town in NC. We have seen people paying stupid amounts for homes since 2020. A home that should have sold for 175k sold for 280k. Another home was recently listed and sold for 600k and to be honest it is a beautiful home but it should not have been more than 400k. All the buyers were from out of state and they are driving the house price up which is great for sellers but it has now put a huge strain on the market because now everyone thinks their house should be worth 100k or more than it actually is. When the market corrects itself these new homeowners are going to be upside down on their mortgage owing more than their home is worth. Hopefully that doesn't happen but I think you are right... it feels worse than the Last Housing Bubble which nearly crippled our economy.
Wait till the investors all start elbowing their way to the exits ….then you will see blood in the streets … everyone is super comfortable waiting for the FED to stop the bleeding and Washington starts pounding the table. Don’t know if I believe Powell .. he said today in Stockholm, the FED has got to do without political considerations. I’m skeptical
My customers in a wealthy seaside California town have been playing this game for about 10 years. Working over rubes in middle America. It needs to happen.
I spoke with a potential realtor last week and without me even mentioning opendoor of institutional buyers, he told me in our frank conversation that opendoor is going under. He said he won't even show clients listings from opendoor. He said opendoor bought into the market and bought high, driving up prices, but they didn't actually know anything about the market. Now they're trying to sell at prices that aren't going to move.
We have a home in our neighborhood in Plano, TX that has been listed by Open Door for the last 14 months. It is priced at least $200,000 above market value.
Your last point is what gets me the most angry. Big investors tried to take advantage of the average American and price them out of their own cities and neighborhoods. May they reap all the karma they deserve for it.
Yes just evil greed
People never ask why? Where do you think their money came from to invest? Peoples pensions and 401ks. They are greedy because their investors, Joe and Jane America, want a return on their money so they can retire.
Do they take a huge cut, of course. But that doesnt change the underlying factor behind why they have this money in the first place.
@@worndown8280 now open door will go bankrupt and take the joe and Jane with them😂
@@EclipseEditzx3 yup, and many others.
@JA X yup and push nation into hyperinflation.. this time they cannot do that😂😂
That's going to be a beautiful sight when all these huge corporate landlords go down. I've been looking forward to this for a long time.
Ahh but don't worry they will get a bailout from our elected officials using our hard earned tax dollars.
It will be great to see !
They won’t. They will hire lobbyists to cry their sob to congress and get a big bail out. The oligarchs never lose.
They will be taking lots of people with them. Too bad they are so greedy
Private equity first to gi
No more bail outs for these companies!!!
Median income $40,000. House $226,000. They learned NOTHING from the housing collapse of 2009.
Nope, they did not american never learned anything from their mistakes .
They're blinded by greed.
They learned they could get away with it since they were bailed out.
$226 is about as cheap as you can get
@@FeelingPeculiar sad but true.
As a real estate agent in Idaho Falls, ID. I am seeing the exact same thing. The smart agents are counseling their sellers to lowers their prices and the smart sellers are listening! Just got a 2 bed/1 bathroom under contract in Pocatello that was originally listed at $190 as the cheapest home in the neighborhood, just accepted an offer for $140. They are still making money and happy to be selling their home. Buyers everywhere are taking note that it's no longer a seller's market.
I used to live in Boise,ID, and back in 2015, homes that used to go for 150k to 250k , and they are going for 300k- 450. I can not wait thr market to fall so I can buy a home.
Would love to see a bill restricting wall-st predatory investment
Me 2
Yes me too, and block massive investment companies like black rock from competing with young Americans trying to start a household
Theyll just go private
Lol do you really think it will happen in a capitalist country like America
And ban foreigners too. And limit mom and pops to one rental max.
Just bought a house from open door knock down 100k. Gave them 100k less then they paid 6 months ago they agreed
lol
and you were still too high?
@@Riqrob came in 40k lower then my bank appraised it. Who knows. I was shooting for cheaper. But to replicate this house again to build per sf would be higher then I paid. Who knows what's in the future
Where at?
@@RSMegaMillions Greenville sc
They should be $125K! These old 1970s houses are selling way above their value.
You mean 1950s house's
Well atleast it's no like here in Canada where I live. Same house would be going for $500k-$700k right now lol
@@caseypierre-louis6725 built better than any house today.
@@fattoria_di_bastoni tell that to the owners who got to repair and update these houses with asbestos, lead paint and electrical problems.
@@simpson4237 well at least your country's Multicultural now because all those Asians and Indians and Middle Eastern people you got into your country bought up all the houses cash and now or your landlord's
I cant thank you enough. Long time ago you said this will happen and I shorted the heck out of this stock. It made me a lot of money. Thank you
Miss you on youtube, glad you are back. Keep up your content what you are doing is very important
⁰
But he is wrong on every video
Last 30 days over 160 homes sold up to 240k over 170 more are listed in the last 30 days.
I use to flip houses and own a dozen or so rentals at any given time before any of y’all got into the game. Trust me, I’ve seen this movie before. Holding on to an empty house is an absolute alligator around your neck. These investors will eventually fold like a wet noodle; that or they will be forced to become rental landlords. And is no cake walk either. It’s modern-day farming is all it is. Now I own zero properties. And I love it! I have my time back and really enjoy life to the fullest.
Exactly. This is my local market. Been touring open door. Their prices are still too high, inside the balloon. Waiting and watching patiently!!! ✍🏻
Ballon will burst soon
Same here! The problem is that people are still buying those overpriced houses in Jacksonville 😔
Its going to be painful, you say. You should say its a better day coming for everyone.. except Open Door.
Don't forget grant Cardone, he's not 10x ing haha
He's been sweating and loosing it for a while
The investors here turn the overpriced houses for sale into overpriced rentals. Rents up to 2700 in the Midwest. Crazy
Yup same here
To rent a 4 bedroom house here in Los Angeles it’s $6-7k a month. I’m talking an old 1960s home. To rent a decent little bit updated house it’s over 10k a month.
@@jessdedication that is absolute BS.
Yup. Here too. We have a local realtor in the neighborhood who has been selling a few places and they ALL went to rental companies. Turns out it’s just easier for the realtor to just toss it to the companies than try to show and sell. And rent is ~$3500 for a 3 br, 2 bath 1800 sq feet.
Waiting for the crash so I can finally buy a house!
It is coming.....
@@Oksure420 prices have already gone down by 15% in the Bay Area. Sounds like you don’t know what you’re talking about.
@@no4seriously a 15% drop, when it almost doubled? 15% is nothing. I don't think you know what you're talking about? Also, 15% isn't low enough, for any sane person to buy a house in that cesspool, San Francisco, or California. 🤣 Also, houses where I live, are worth about $50,000, but they're charging almost $200,000. They have to got down way more than 15%.
@@Normal1855 It took the Bay Area housing market to drop 15% in a couple of months. That is huge, considering that the 30% increase took place over the past 3 years.
I call BS on homes in your area being “worth about $50,000, but they’re charging almost $200,000.” You can not build a single family home for
Houses are traps! Even when it’s paid off they still want those taxes and if they don’t get them then they just take your home. This whole damned system is rigged against us. How do we stop participating in our own destruction?
I like these short vids best! I know you were polling about what kind of vids to do going forward... I'd say do whatever you think is most sustainable to you! But these shorts are good!
Sellers in Florida are now in DENIAL
Everywhere.
Wait until they start renting them out…
Renting market will crash
And so is the river in Egypt…
Coworkers were trying to get me to buy a house in Orlando because it was only $325,000 3bd/2ba ~1,200 sq/ft. I told them its still overvalued. They laughed and called me crazy. Same listing is now $315,000. Only been two weeks. . .
I agree with your assessment. I hope open door does go bankrupt right along with black rock and other companies that are doing the same. 2008 real estate climate is coming to us once again. Everyone should prepare themselves for all the job losses that will come right along with it.
It's like that here in Columbus, the only ones that are buying are investors and nobody's moving to move in.
I've mentioned the OpenDoor property in my neighborhood before. It's been on the market off and on for 270 days. At one point they had to fix an under-slab leak, and the listing price has dropped by about 100k. But, they haven't dropped it enough to sell. They seem to drop the price about 5k per month. The only recent change has been to add signs through our neighborhood directing people to their house.
'add signs through our neighborhood directing people to their house' - hilarious 😂
Thanks for making more videos, love your work! I lived in PVB near JAX but didn’t buy in time before prices got out of hand, so I’m waiting the market out for now. Glad to see you making a video in NE FL.
Dude! Thank you for giving the info in my town!!!
There’s a house in our neighborhood that’s been for sale like 6 months by Redfin I believe. It’s gotta be the same concept-they’re holding out until forced to cave
They are worth $100,000.00, no more no less in that neighborhood. It's been 10 years of housing inflation, THIS is the main reason we see social distortions, unrest, protestors, so much anxiety. It's all home and rent costs.
Im a private investor that has been waiting on the sidelines for prices to come down since Mid 2022. Your videos helped me decide to wait and even if I buy today vs mid 2022 i would have saved about $400k on my total portfolio. Im happy to see you return brother. Keep up the great work.
Wall Street money needs to be lost.
Wall Street never loses. They always find a way to stick the retail buyer/investor/taxpayer with the bill for anything they do. Robbing society is their profession, after all.
You do know that is just peoples pension and 401k money right? Either way people are going to get hurt. If anything this is why people should do their own investing rather than letting an investor class do it.
You do realize since 2008 the FED has been pumping trillions into the stock ans debt markets propping them up? It's all a big game now, the FEad says it wants to slow inflation while it is creating it.
Big homebuilders in Vegas are throwing in all kinds of "incentives" in an attempt to unload their bloated inventory.
Yep. Big builders for example LENNAR and D.R. Horton can't sit on completed homes for long because they have to pay for those properties through utilities or whatever fees that accrue after completion. By next year it will definitely be a whole nother ball game.
Same in Phoenix
@@AntonioStark7
They have financing costs to buy property and construction loans. They aren’t all cash
Wait till they start ending up like my mothers house after she died. 1000 miles from where I live, on the market about 6 months. Got a call from the realtor one day, crackhead had caused 75k worth of damage stealing copper. A few of them done like that will wake them up.
Glad to have you in Jacksonville. Thank you for the update and hope you have a specific video just for Jacksonville itself.
This video is 2 years ago
@@jameybobamey7343 dumb algorithm didn’t even check the date. Haha thanks
Love your content. So glad you came back!
I can wait! As a florida resident i agree 100%, those greedy investors thought they were gonna own the market by overpaying for those homes.
How much longer can these builders/investors keep buying down rates to 4% as a purchase incentive AS OPPOSED to simply cutting the list prices? They are prolonging their inevitable death.
Thanks for all the good news for us average people.
Facts! Thank you for being honest!
That's why these big corporate flippers and big corporate landlords and millionaire/billionaire investors should be disallowed from buying single family, two-family, and three-family houses up like candy!
Thx man, glad to be seeing you again.
Your content is Stone Cold Truth. Love It. Keep it coming Nick
So glad you’re back!
Not only is this the biggest bubble in history this is the biggest rig job that has ever been.
Miss your videos man welcome back I’m loving the shorts and I want to see how all central florida will be doing in the next 12 to 24 months
Professional Investors don’t sell when prices are low. It’s generally novice investors that get scared and do that. You’re supposed to buy when prices are low. The only people who are dropping prices are people who are forced to sell due to job loss or family events. Other sellers are just taking the home off the market and waiting for later. I follow the hot sheets in my area daily. The number of homes coming on the market is not replacing the homes going under contract. Inventory is decreasing not increasing. At least right now
We as potential buyers have the power to change this overpriced market. Let’s go!
@user-mc4ty1ox5i no
Keep up the awesome work!!
Thanks RC!
Thank you! Always great information. So glad you are back. And I like your new hair style.
I’ve been following you for almost a year now and I have to say you are doing a great job, I’m still holding tight up here in Michigan 💪🏻
Great you came to Jacksonville
Thank you for sharing your knowledge. 😊
You nailed it Bro.
Great break down. Thank you!
Duval. That's practically my neighborhood and my house. 1800sq ft concrete block, 4bd 2bth. Paid $76,500 in 2011 and my mom still tells me I should've bargained more 😅 I felt good about it. I get multiple postcards offering me $215,000 site unseen for my house every day from flippers. Sounds lovely, but I couldn't buy anything for $215,000 these days. Not a thing. And what would they be charging somebody for my house if they give me $215k?! Astonishing. We're the salt of the earth people just working and paying bills. We'll never be rich, probably not even middle class but we deserve to have something to show for it at the end of our days. How is this possible anymore. The way it is now I think all my kids will live here forever because they can't afford to move out.
I hope you are right and they cease to exist. They have made it impossible for countless people to afford a home. The market needs to crash 50%
Love seeing your content
Thanks bro..!
Love your videos. Keep up the good work !
Congress should act to pass a 50 percent capital gains tax for every E -buyers on every single home they purchase !!!
I sure enjoy your information thank you.
Don't buy until collapse
It won't collapse, just stagnate. It literally doubled last year, and now is only down 10 to 20 percent at best in some places. It's part of the agenda: "you will own nothing and will be happy about it".
Its hard to time it. And when it crashes, you might be out of a job
I believe home flipping was a significant component to the crash in '08 because people with little knowledge would buy homes they couldn't afford because they only had plans to finance them for a few months. When they realized the homes wouldn't sell due to a sinking economy, they stubbornly kept their prices high enough to make a profit until they eventually defaulted.
I imagine open door is going to have to suck it up and take huge losses, but it will increase supply and lower home prices for the rest of us, just be patient.
Tank those greedy companies.
Thanks again, Nick. You’re the best! Newark, CA
I’m hoping to see more prices drop in Newark, CA. A few realtors have told me California won’t see any price drops. Lol
And when these big investment companies start losing money, our government will come in and bail them out.
This company is not a systemic risk
I'm glad your making these videos. I think they probably thought they people would be idiots and buy homes they can't afford and pay them back for it almost forever and no just no. I'm happy to see that people are learning
Love these shorts. Sharp jabs of FACTS! Keep'em coming!
I hope it does happen.. I agree with you. Thank you for your videos
Great 🎉news
Great work 🎉
They will go down these greedy Fkrs soon or later 🫡 corporate greed
I like your reasoning.
You know it, brother. I just left there, thank goodness!
Investors should not be able to buy private homes.
💯 the cure for this problem, no residential property should be allowed to be purchased by an investor. They should only be allowed to buy land which must be developed within the next year following the purchase.
Investors helps the Government with housing. The Government can't keep up with providing housing. So investors help with buying and renting out houses. Because you due this to help the Government you get tax deduction.
No one should be allowed to own more that 2 residential properties.
On my street, in Memphis, prices pre-covid were about $60k. Now there are several empty homes that have been listed for two solid years for between $160k and $200k
Yes! This is why I haven’t purchased a home! I see things listed that I’m like ‘I wouldn’t pay a DIME over 175 k and it’s on the market for 250k?! NO THANKS!
I'm excited and will be ready 🤗 🙌
Love the content bro
Open door stock is at almost $4.00 not 1 and change
Good job!
ALways gOOd to see ya Nick!!
Home prices isn’t the problem. Lack of inventory is the problem. Today we have 30% less listings than 2022 and in 2022 we had 25% less listings than 2021. Since 2008 we’ve been under building about 1.5M new homes per year. Lack of inventory not prices is the main problem.
Redfin almost got me, master bedroom didn't have a closet and the wanted to do a closing a a title company in another county because they own it and the house was overpriced.
Actually Fannie Mae will
Foreclose all those mortgages and take over the properties. At that point they will decide the rate of selling those homes. This happened after 2008 and the market did not “balance out” this was a strategy to keep prices unaffordable for the buyers
The problem is, a home is a liability, not an investment.
Love your work! 🎉❤
Time for the government to follow Canada, closed the door to investors buying all the properties, Homes are now for individuals
They won't because our government works for big business and they don't give a hoot about us
Where do they get rentals?
Open door, offer pad, Zillow they sell in batches… not at once for accounting reasons. Yes I hope they all close up as shop
Sw Florida homes bought last year for 550k now listed 1 year after at 1.3 million. No upgrading done
People pay maybe rich attitude , but the should standup instead just quessing
I moved to Jacksonville FL last summer. I initially wanted to purchase a home. I got wise and rented an apartment. I am so happy I am watching prices decline. I am going to low ball every offer I make. I want to get some retribution for investors trying to take advantage of buyers.
I remember when homes on the westside of JAX were 47k, the cost at 125k was already getting too pricey for most locals.
Crazy thing is, rent high as hell so when prices do go down....who can even afford a down payment
I hope your right!
👍👍👍welcome back!
I live in a little town in NC. We have seen people paying stupid amounts for homes since 2020.
A home that should have sold for 175k sold for 280k. Another home was recently listed and sold for 600k and to be honest it is a beautiful home but it should not have been more than 400k. All the buyers were from out of state and they are driving the house price up which is great for sellers but it has now put a huge strain on the market because now everyone thinks their house should be worth 100k or more than it actually is. When the market corrects itself these new homeowners are going to be upside down on their mortgage owing more than their home is worth.
Hopefully that doesn't happen but I think you are right... it feels worse than the Last Housing Bubble which nearly crippled our economy.
Same here in the Triangle area. My home doubled in valuation. From 450 to 900 in just 2.5 years. Crazy home prices here in NC.
I still get offers from them and other flippers.🥴
Some people are addicted to flipping just like gamblers
Wait till the investors all start elbowing their way to the exits ….then you will see blood in the streets … everyone is super comfortable waiting for the FED to stop the bleeding and Washington starts pounding the table. Don’t know if I believe Powell .. he said today in Stockholm, the FED has got to do without political considerations. I’m skeptical
My customers in a wealthy seaside California town have been playing this game for about 10 years. Working over rubes in middle America. It needs to happen.
I spoke with a potential realtor last week and without me even mentioning opendoor of institutional buyers, he told me in our frank conversation that opendoor is going under. He said he won't even show clients listings from opendoor. He said opendoor bought into the market and bought high, driving up prices, but they didn't actually know anything about the market. Now they're trying to sell at prices that aren't going to move.
This stuff always happens in Florida. Never ends and it keeps repeating
These investors drove the market high for average Americans. I hope we don’t bail them out
Great job
We have a home in our neighborhood in Plano, TX that has been listed by Open Door for the last 14 months. It is priced at least $200,000 above market value.
The real estate agents are also a huge part of the problem
Speak to the home ins concerns in FL.
Oh it’s not going to be painful it’s going to be glorious