🏠 - First Time Home Buyer Course - www.becominghomewise.com ✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral The 2023 Housing Recession Just Went From WORSE To WORST ⏩Watch this NEXT ⏩ ua-cam.com/video/XNxdY5BzhxM/v-deo.html
In order to have a home in America now, you must have already bought one and kept it or be rich. Those who haven’t bought a home yet and are in middle class no longer have a chance for home ownership. The whole prices go down when interest rates rise rule no longer applies. Prices are high and interest rates are high making the housing market unattainable for the middle class. So sad! 😢
There is no way the average family in TX can afford home prices with bringing in an average salary of 75K per year per household. People are crazy to think our market can sustain this down here unless we are going to become a renter nation. Feel sorry for young Americans trying to buy their 1st home.
Who are they? Sellers?? They don't need to lower the house prices. YOU NEED TO PAY THE RIGHT PRICE TO PURCHASE SOMEONE'S PROPERTY. Why don't you sell your belongings cheap price? Your car? Smfh
It would be nice to see some actual benefits for first time home buyers with great credit. Some people have two or three homes. While many are struggling just to get their first and are stuck having to rent these peoples 2nd and 3rd homes because there’s nothing left on the market.
Let's be real. There is PLENTY homes out there, BUT you can't afford homes where you wanna live at. Move to the area where you can afford. I'm sick and tired of demanding people who thinks they deserve everything. Sorry but you don't deserve $hit smfh
@@JebSmith Well, Jeb... I don't want to pay 1950-2150 for a mortgage payment including PMI and Taxes... So I'm likely going to abandon purchasing a home in the area where I live and instead build a tiny home on my parent's property - maybe by the time the majority of baby boomers die off there will be enough inventory for prices to fall ... but who knows how World War 3 will affect that outlook lol 😂 The German soldier had a joke circulating in 1944-1945 .. "Enjoy the war while you can, because the peace will be terrible"
Yea …..I live in a city where majority of the homes (that are decent and affordable by monthly) wouldn’t accept Va loans . Ain’t that sumtin ? . Don’t feel bad
American car payment is $800 family of two average car payment $1500 plus mortgage student loans and other expenses so you can imagine people are struggling financially
Even if I had a million dollars to buy a tiny old home in Los Angeles County , I wouldn't , mainly because of giving the horrible state of California more Property Tax , and because I wouldn't want a Foreign National Realtor to get a big commission from the sale ! No wonder the evil entities within are grooming this generation to live in stack & packs ! Yeah , the dream is dead
Construction companies are public companies who need to be profitable for their shareholders. They will continue to play the game of introducing just the right amount of houses at the right price to keep up their earnings. Why would they flood the market with new houses and be less profitable? Guys like Lennar, Horton are making profits while everyone said they’ll go down under.
I'm expecting a demographic shift - die off - and inventories becoming available unless Black Rock or Vangaurd or any number of these Reverse Mortgage companies are going to scoop up these Boomer homes and then rent them out at astronomical prices
I dont think the American dream is dead. I do think the new high prices for homes is now the new norm (discussed more in my recent video). 100% agree that a housing crash now or in the next 2 years is not very likely to happen.
The American dream is dead county planning and building has seen to that it now takes three professional engineers to test your dirt to pour your slab to grade your pile of matchsticks for assembly... Another words fee fee fee for something you will never actually own
@@jameslocklear5298 The funny part is you think you actually have a say in. What happens with your tax money funds terrorism? It funds socialism and other countries like Israel. It's paying thepensions for Ukrainians and supported their health care system. Your money goes To corporation subsidies every month. How much of that did you have a say in?
Thanks Jeb, I'm currently saving for my emergency fund, but I'm jump to a new construction by late summer or early fall. Hopefully prices don't go up while I work on my savings
For me this sux... been waiting for my girlfriend's divorce to go threw... now she's selling hers... it's in ruff shape, not mortgage able... and we have to buy... good thing I guess is realtor.. is way over listing home... so might take a while.
@@stevenk4920 I grew up in poverty. I'm 24, bust my ass every day with a full and part time job to just make it by. I went to college at the age of 15, and I even got a 4 year mechanical engineering degree. America's real jobs went by and gone overseas in the past 5 decades. Even with my degree, I have to work in customer service because of how little job options there are out there. So many people walk around in this country with no idea what average folk are facing. You think it's all fine and dandy when its not. I'm not even interested in buying a house anymore, I'm just going to load up on ETFs and go buy vacant land in the middle of nowhere, and live on like 50$/month, because I'm tired of this economy and all it's bullshit.
Let's face it the American dream is dead for most of the country. For a crash to happen it will take a significant economical issue of more banks failing and sky-high mortgage rates, (which will take a long time to happen). When it does, a lot of people will be underwater, but it won't matter much because over 60 percent of home buyers are sitting on extra cash due to the historical interest rates and some capital gains.
Not selling??? Means not buying. Demand is down, fact. PI verse DTI can not and will not last. Imagine for a moment your PITI is 45% + of your monthly gross income, what are you (we) giving up?
Not buying?? That meant can't buying. Demand never went down. They just waist their money to rent paying for someone else's mortgages. You will own nothing and you will be happy by 2030.
Jeb. I appreciate your video, and I appreciate you recognizing this market is in a stalemate for most commonfolk. I think a lot of people are out of touch and don't get it. Overall though, this economy digusts me. I'm buying vacant land in the middle of nowhere, jamming all of my savings into ETFs, and going to live on like 50$/month or less. I think van life and nomad living will become more popular as this wealth inequality grows. If working hard and busting my ass everyday as a young person in this country just yields a life of poverty, then why should I even bother? Good luck America, I'm droppin' out.
I am going to keep my hope and stick to my plan and keep saving. I can’t control all this foolishness but I can stick to my plan and be ready to jump when an opportunity presents.
Make sure you can comfortably afford the payments and that you have savings in case of an emergency and you should be fine no matter what the market does in the short term. Good Luck!
People have been saying this for 15 years. Let me know when this happens lol. What makes you think they wont give it to their relatives or immediate family. what makes you think all will be on the public market. many will be off market. I know people who buy portfolios from tired old landlords off market. stop listening to the crash callers.
@@stevenk4920 alot of relatives who recieve these properties will rent them out for investment cashflow. my neighbors house is this exact situation. the grandpa is ill and dying in hospital. mother has dimentia now and will be staying with her daughter in another city and state. they are renting out the house. not selling.
You're assuming the house just gets sold at a courthouse auction the day after a homeowner passes, it doesn't work that way, especially since most "boomers" either own their home free and clear or have a small remaining balance on the mortgage. Boomers aren't all dying tomorrow, and the truth is most homes already have a succession in place via a trust or will, if not then they go to probate, and that process can be extremely protracted, even at the end of it, the house isn't guaranteed to go up for sale, for example my parents who are in their 80's still live in their home less than 10 miles from Downtown Los Angeles, the house has appreciated something like 13X since they bought it in the early 1980's. It really is just a modest little house, but it has appreciated incredibly in the 40 years they owned it, that said my sister and I already bought homes and when the time comes we are going to rent out my parents home and split the revenue as well as the taxes and expenses to maintain it, with the understanding that when I retire (Lord willing) she can either buy me out or sell the property outright and split the proceeds, but that's not for another 15 plus years.
The American Dream isn't dead, but it's harder to attain because frankly most people are rabid consumers and do not have a handle on debt. Some is systemic, (high taxes, high cost of living, inflation), but most people's frustration with housing is that they cannot qualify, even for moderately priced homes due to high DTI ratios. I believe another big impediment is the down payment for most people, even though there are loans that require 5% or less for down payment, most people carry just way too much debt to qualify and/or have little to no savings. Real talk car payments are now at and above $1000 monthly for a growing number of people? Seriously!, Buy a beater or a 7-10 year old car and save your money, especially if you have kids, why do you want a nice new car for them to wreck and ultimately devalue? Bottom line, buying a home is extremely expensive, but you have to be intentional and be creative to buy a house, my wife and I had to dig out of over $30K of consumer debt by working side gigs, and slashing expenses, it took 7 years but because we got out of debt and got our income up enough to save for a down payment/closing and additional savings for renovations/repairs post-home purchase, we now have a sub 3% mortgage on our 4 bed 2 bath home in Northern California that is LESS than the average rent for a 2 bedroom apartment in the area. The alternative is being held hostage by endlessly rising rents and hoping Mr. Beast shows up at your door to gift you a house. Let me be clear, I didn't say it was easy, but to quote the great Vin Scully, "Very difficult... but possible"
Is there really that much of a significant difference between a 800 score vs 850? I was told there wasnt. That'll you'll pretty much get the same rate, etc. What about 780 vs 800?
Don’t focus on the actually numbers because there are only 2 kinds of credit, prime or sub prime. Prime credit is basically 740ish+ so in theory, a person with a 740 gets the EXACT SAME rate as a person with 850. The real differences takes place when it’s below prime standards.
There’s another factor to this. People purchase in homes right now and I know because I’m talking to several have low confidence in the market but all they’re asking for is that they don’t lose my name. But the truth is is the probability Jazz existed. Anybody purchased a home right now but lose money did lose equity could be underwater. They’re being told no that’s not really possibly going to happen or did they stay in their house for 10 years eventually eventually you’ll be equity in a home again. If you think about it, it’s not a healthy or reasonable situation to be in.
What?! A homeowner who has no current plans to sell doesn’t really care about being underwater. Having a regulated mortgage monthly payment is more important to new homeowners vs investors. Rent is not going down.
🏠 - First Time Home Buyer Course - www.becominghomewise.com
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral
The 2023 Housing Recession Just Went From WORSE To WORST ⏩Watch this NEXT ⏩ ua-cam.com/video/XNxdY5BzhxM/v-deo.html
In order to have a home in America now, you must have already bought one and kept it or be rich. Those who haven’t bought a home yet and are in middle class no longer have a chance for home ownership. The whole prices go down when interest rates rise rule no longer applies. Prices are high and interest rates are high making the housing market unattainable for the middle class. So sad! 😢
I wish prices were lower, you can always refinance to lower interest down the road but both price and interest high af makes it impossible 😢
Refinancing is the biggest scam you can have
@@jameslocklear5298 why?
There is no way the average family in TX can afford home prices with bringing in an average salary of 75K per year per household. People are crazy to think our market can sustain this down here unless we are going to become a renter nation. Feel sorry for young Americans trying to buy their 1st home.
Yeah you’ll need to be above 130k
Im a self employed make 75k clean after taxes, and i only qualify for 310k i cant buy nothing in the bay area
They just need to lower the house prices!
Who are they? Sellers?? They don't need to lower the house prices. YOU NEED TO PAY THE RIGHT PRICE TO PURCHASE SOMEONE'S PROPERTY. Why don't you sell your belongings cheap price? Your car? Smfh
Agreed! But the American greed won’t allow them to. They should have never raised that high in a two year period anyway
It would be nice to see some actual benefits for first time home buyers with great credit. Some people have two or three homes. While many are struggling just to get their first and are stuck having to rent these peoples 2nd and 3rd homes because there’s nothing left on the market.
They are not stuck because “there is nothing left on the market”.
Let's be real. There is PLENTY homes out there, BUT you can't afford homes where you wanna live at. Move to the area where you can afford. I'm sick and tired of demanding people who thinks they deserve everything. Sorry but you don't deserve $hit smfh
@@jameslocklear5298 I can’t even afford home in the areas I don’t want to live.
@Johannes Lebrecht You know some people has to stay as renters. Not everyone can be homeowners.
You will own nothing and you will be happy by 2030
@@jameslocklear5298 You have no clue.
As someone who is single, earning 60k a year, I qualify for FHA loan of 270k, and the only homes I can afford is the homes in the ghetto
FML
Just stick to your plan and things will work out, I believe that.
@@JebSmith
Well, Jeb...
I don't want to pay 1950-2150 for a mortgage payment including PMI and Taxes...
So I'm likely going to abandon purchasing a home in the area where I live and instead build a tiny home on my parent's property - maybe by the time the majority of baby boomers die off there will be enough inventory for prices to fall ... but who knows how World War 3 will affect that outlook lol 😂
The German soldier had a joke circulating in 1944-1945 ..
"Enjoy the war while you can, because the peace will be terrible"
Maybe don't use FHA and save enough, work on credit, and pay off debt and go conventional?
Same boat brother 75k a year no debt 760 credit score. Dallas TX, still don't see anything affordable, idk if I'll ever own.
Yea …..I live in a city where majority of the homes (that are decent and affordable by monthly) wouldn’t accept Va loans . Ain’t that sumtin ? . Don’t feel bad
Due to lack of inventory, the homes which sold in April this year went for 4% higher than the listed price in my area(NJ)
American car payment is $800 family of two average car payment $1500 plus mortgage student loans and other expenses so you can imagine people are struggling financially
No wonder why you struggle financially with $1500 car payment smfh
Happy cinco de drinko everyone 🎉 🍻
Even if I had a million dollars to buy a tiny old home in Los Angeles County , I wouldn't , mainly because of giving the horrible state of California more Property Tax , and because I wouldn't want a Foreign National Realtor to get a big commission from the sale ! No wonder the evil entities within are grooming this generation to live in stack & packs ! Yeah , the dream is dead
People are making money off of you even when you sleep.
Construction companies are public companies who need to be profitable for their shareholders. They will continue to play the game of introducing just the right amount of houses at the right price to keep up their earnings. Why would they flood the market with new houses and be less profitable? Guys like Lennar, Horton are making profits while everyone said they’ll go down under.
I'm expecting a demographic shift - die off - and inventories becoming available unless Black Rock or Vangaurd or any number of these Reverse Mortgage companies are going to scoop up these Boomer homes and then rent them out at astronomical prices
I dont think the American dream is dead. I do think the new high prices for homes is now the new norm (discussed more in my recent video). 100% agree that a housing crash now or in the next 2 years is not very likely to happen.
The American dream is dead county planning and building has seen to that it now takes three professional engineers to test your dirt to pour your slab to grade your pile of matchsticks for assembly... Another words fee fee fee for something you will never actually own
We need the Federal Government to invest in building Starter Homes. The profit motive of companies is just not working, clearly!
Who's gonna pay for all that? You? Better not with my taxes smfh
@@jameslocklear5298 The funny part is you think you actually have a say in. What happens with your tax money funds terrorism? It funds socialism and other countries like Israel. It's paying thepensions for Ukrainians and supported their health care system. Your money goes To corporation subsidies every month. How much of that did you have a say in?
I heard the same explanation and justifications before 2008 crash
I heard the same winning and crying from doom and gloom experts like you over years and years 👍
@@jameslocklear5298 Knew you were a clown
I will wait my money will appreciate more than those house prices
Keep up the great work Jeb 🙌
🙏🙏🙏
Thanks Jeb, I'm currently saving for my emergency fund, but I'm jump to a new construction by late summer or early fall. Hopefully prices don't go up while I work on my savings
Careful with new builds. Those tract homes are garbage. Made like shit. Dr Horton lennar. Kb home. All crap
For me this sux... been waiting for my girlfriend's divorce to go threw... now she's selling hers... it's in ruff shape, not mortgage able... and we have to buy... good thing I guess is realtor.. is way over listing home... so might take a while.
Glad I got mine before everything went to hell
💪
And now you wonder why young people think this country sucks.
@@milwaukeewrangler only the young people who won't work harder and play less.
@@stevenk4920 I grew up in poverty. I'm 24, bust my ass every day with a full and part time job to just make it by. I went to college at the age of 15, and I even got a 4 year mechanical engineering degree. America's real jobs went by and gone overseas in the past 5 decades. Even with my degree, I have to work in customer service because of how little job options there are out there. So many people walk around in this country with no idea what average folk are facing. You think it's all fine and dandy when its not. I'm not even interested in buying a house anymore, I'm just going to load up on ETFs and go buy vacant land in the middle of nowhere, and live on like 50$/month, because I'm tired of this economy and all it's bullshit.
We got our house right before shit hit the fan too. 5 percent interest rate but got a good price for the house.
Good everybody is gona choke haha
17 more! 😉💪
Let's face it the American dream is dead for most of the country. For a crash to happen it will take a significant economical issue of more banks failing and sky-high mortgage rates, (which will take a long time to happen). When it does, a lot of people will be underwater, but it won't matter much because over 60 percent of home buyers are sitting on extra cash due to the historical interest rates and some capital gains.
Not selling??? Means not buying. Demand is down, fact. PI verse DTI can not and will not last. Imagine for a moment your PITI is 45% + of your monthly gross income, what are you (we) giving up?
Not buying?? That meant can't buying. Demand never went down. They just waist their money to rent paying for someone else's mortgages.
You will own nothing and you will be happy by 2030.
Jeb. I appreciate your video, and I appreciate you recognizing this market is in a stalemate for most commonfolk. I think a lot of people are out of touch and don't get it.
Overall though, this economy digusts me. I'm buying vacant land in the middle of nowhere, jamming all of my savings into ETFs, and going to live on like 50$/month or less. I think van life and nomad living will become more popular as this wealth inequality grows.
If working hard and busting my ass everyday as a young person in this country just yields a life of poverty, then why should I even bother?
Good luck America, I'm droppin' out.
I am going to keep my hope and stick to my plan and keep saving. I can’t control all this foolishness but I can stick to my plan and be ready to jump when an opportunity presents.
I'm so glad you will be part of the great reset.
You will own nothing and you will be happy by 2030 👍
Im banking on the housing market crashing up to 50% in big cities, probably 30% in suburbs
Yes American dream is long dead . Ya to not affording anything ever and to always working
About to buy a home. Fingers crossed we are making settlement soon!
Make sure you can comfortably afford the payments and that you have savings in case of an emergency and you should be fine no matter what the market does in the short term. Good Luck!
Jebbers. What happens when the boomers die off and their homes flood the market….prices shoild come down in the future
People have been saying this for 15 years. Let me know when this happens lol. What makes you think they wont give it to their relatives or immediate family. what makes you think all will be on the public market. many will be off market. I know people who buy portfolios from tired old landlords off market. stop listening to the crash callers.
@@dcyang1977 I’m the biggest anti crash guy on effing youtube bud. I simply asked a f…..g question. Pipe down
Unless they have family who will just live in the house.
@@stevenk4920 alot of relatives who recieve these properties will rent them out for investment cashflow. my neighbors house is this exact situation. the grandpa is ill and dying in hospital. mother has dimentia now and will be staying with her daughter in another city and state. they are renting out the house. not selling.
You're assuming the house just gets sold at a courthouse auction the day after a homeowner passes, it doesn't work that way, especially since most "boomers" either own their home free and clear or have a small remaining balance on the mortgage. Boomers aren't all dying tomorrow, and the truth is most homes already have a succession in place via a trust or will, if not then they go to probate, and that process can be extremely protracted, even at the end of it, the house isn't guaranteed to go up for sale, for example my parents who are in their 80's still live in their home less than 10 miles from Downtown Los Angeles, the house has appreciated something like 13X since they bought it in the early 1980's. It really is just a modest little house, but it has appreciated incredibly in the 40 years they owned it, that said my sister and I already bought homes and when the time comes we are going to rent out my parents home and split the revenue as well as the taxes and expenses to maintain it, with the understanding that when I retire (Lord willing) she can either buy me out or sell the property outright and split the proceeds, but that's not for another 15 plus years.
Buy small and grow into your American dream.
Thank you Jeb! 😊 Agree on the outlook
Don't make your property tax payments for a few years after the bankers paid off... You'll see who the real owner of your home is.
Owning a home is not an American dream for millennials.lolThe American dream is retiring early abroad in emerging economies.
My wife and I bought a town home 10 years ago and we only pay 600 a month for the mortgage. I love it we got 2 bedrooms 3 bathrooms and no kids.
It's DEAD
So true
Midwest prices are still high. Multiple offers, over asking price. Inventory is low.
This will be that way for the foreseeable future.
I have $40,000 for a down payment but keep loosing homes to people who are bidding with equity.
The American Dream isn't dead, but it's harder to attain because frankly most people are rabid consumers and do not have a handle on debt. Some is systemic, (high taxes, high cost of living, inflation), but most people's frustration with housing is that they cannot qualify, even for moderately priced homes due to high DTI ratios. I believe another big impediment is the down payment for most people, even though there are loans that require 5% or less for down payment, most people carry just way too much debt to qualify and/or have little to no savings. Real talk car payments are now at and above $1000 monthly for a growing number of people? Seriously!, Buy a beater or a 7-10 year old car and save your money, especially if you have kids, why do you want a nice new car for them to wreck and ultimately devalue?
Bottom line, buying a home is extremely expensive, but you have to be intentional and be creative to buy a house, my wife and I had to dig out of over $30K of consumer debt by working side gigs, and slashing expenses, it took 7 years but because we got out of debt and got our income up enough to save for a down payment/closing and additional savings for renovations/repairs post-home purchase, we now have a sub 3% mortgage on our 4 bed 2 bath home in Northern California that is LESS than the average rent for a 2 bedroom apartment in the area. The alternative is being held hostage by endlessly rising rents and hoping Mr. Beast shows up at your door to gift you a house. Let me be clear, I didn't say it was easy, but to quote the great Vin Scully, "Very difficult... but possible"
Thank you for the work you do 🙏🏽
Thanks ❤️
Unemployment went down again. Crazy times
They don't say what kind of jobs they are though.
True
Is there really that much of a significant difference between a 800 score vs 850? I was told there wasnt. That'll you'll pretty much get the same rate, etc.
What about 780 vs 800?
Don’t focus on the actually numbers because there are only 2 kinds of credit, prime or sub prime. Prime credit is basically 740ish+ so in theory, a person with a 740 gets the EXACT SAME rate as a person with 850. The real differences takes place when it’s below prime standards.
@@HyettVision thank you.
There’s another factor to this. People purchase in homes right now and I know because I’m talking to several have low confidence in the market but all they’re asking for is that they don’t lose my name. But the truth is is the probability Jazz existed. Anybody purchased a home right now but lose money did lose equity could be underwater. They’re being told no that’s not really possibly going to happen or did they stay in their house for 10 years eventually eventually you’ll be equity in a home again. If you think about it, it’s not a healthy or reasonable situation to be in.
What?! A homeowner who has no current plans to sell doesn’t really care about being underwater. Having a regulated mortgage monthly payment is more important to new homeowners vs investors. Rent is not going down.
@@shentographer actually, my experience rent is going down
@@lukem3067 collectively it’s gone up. My rent remained the same too before I bought my home but I am referencing the collective.