@@Silentone-s8jwithout buyers, there are no sellers. Unless you are ok with all the investors buying houses and making people pay their entire salary on rent.
@@marymagnuson5191 I can't build a house for 50% of what they cost. If you think there is a housing shortage now, wait till it's not financially worth it to build them..
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.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
and greedy realtors. we moved in a new community, people were buying multiple homes as it was the place to be. The owners of multiple homes drove up the price for people that want to live here. Now we have A LOT of inventory. I hope the greedy ones lose their shirts in their attempt to flip homes. I see multiple never lived in homes for sale.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
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.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Certainly, 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.
Agreed - there has been no meaningful correction of home prices to this point. Thats been the head scratcher for the past 18 months. 2024 is definitely going in a new direction.. Will be interesting to see how the fall/winter season shakes out.
@@southernyankee2300 exceptions aren't the rule. I've looked at property in TN and some of it is hella expensive for desirability. To folks with real money coming from places with strong economies, 16 acres of rural land for 550k is a bargain. Good views, riverfront or proximity to amenities are all valuable.. there's a reason 50 acres in Maine is only 35k..
Get out of a state where prices are going to drop?! To move to states where they will keep rising forever?! This country has gone stupid. You buy a house you can afford so you can live in it, not flip - omg.
He's talking to people who make their $$ buying and selling... don't care about people needing to actually have a home to live in 🤦 weird way to make $$ off people just can't be right.
The flip side of that is a bunch of outdated or dilapidated homes. The flippers renovate them and sell them. Of course the unintended consequences is that too much competition drives the prices up, including for the flippers.
I live in Lebanon Tennessee and I have noticed a significant price drop. We have been wanting to buy a horse property but the last couple of years increase in prices has made it unaffordable. What used to be a $350k property rose to 1.5m literally overnight. I am thrilled to see the correction in these home prices.
It's about time the playing field leveled out. It's been outrageous for the past couple of years. There's no way this market could continue sustaining itself in this way.
It’s so sad. My husband and I were looking to buy in 2019. We decided to wait just a few more months to have a larger nest egg and, BOOM, Covid and inflation. We’ve been staying with family now attempting to wait out and save but, it’s still looking bad. It’s way out of our reach now.
My husband and I were on the road to buy a house and then after Biden got into office, things got worse and worse and worse and we can barely afford rent anymore. All our house savings is gone and we have a baby now(not planned but he’s perfect so I’m not complaining) and it’s insane how much less our paychecks are taking us. Something has to change soon or we are going to be out on the streets.
@@Kaza0kunIt's so sad what has happened and especially for the younger folks like you and your young family. I'm so sorry you weren't able to get into a home before everything went crazy. I see so much of that. Where I live in Middle TN there's been a huge influx of people from CA and other such places that have driven everything here out of reach for the young born and bred locals here. It's sickening.
Prices on new and pre-existing homes are still 50% too high. The interest rate really doesn’t matter if the home is priced properly. 30 years ago interest rates were 9 1/2% but the house price was substantially lower. When you start looking at new construction in Florida and you have a 2000 square-foot house with a pool priced at $800,000 and then you tack on your taxes your CDD and your HOA it’s completely unaffordable. Bring the house down to four or 500,000 and maybe you’ll clear out some inventory.
The notion of houses being overpriced is a fallacy. Prices are set according to the market conditions of supply and demand. Prices go down when demand is down. My area is listing houses for only 7 days before they're sold. Which way do you think the prices are going here?
@@joewoodchuck3824my neighborhood has slowed a little, because it's a HOA more than anything.over in Toledo the old junk homes have 50 people looking within 24 hrs.of listing and many offers over asking within minutes,Toledo Ohio never thought I would ever see that.its a junk yard city with high taxes and massive poverty.if jeep ever left Toledo it would be third world.
It blows my mind when I see a new build for almost $650-$700k, 3bd 2 bath no where near a location that should cost that much. Some of these builders will get hurt building these houses at such high costs. It costs a lot of money to build a house these days. The reference to what I am speaking of is Toll Brothers far west of Disney.
@@ericmiller4593 You may be looking at statistics wrong. I'm in Tennessee and there's plenty of affordable housing here. We paid about half of median and there's more available and still in nice neighborhoods..
I predict lots of spouses not on the same page when prices start to lower. One spouse thinking it's go time, and the other one not even close to being interested in that market. I'm the latter.
Petition your representative to ask the federal government to stop allowing large corps to buy up single family homes and none of this would be an issue. Look into it...there are 5 large corporations buying up everything across the country they can put their hands on. The interest rates are not the issue, the elected officials that allow the greed of corporations are because they are greedy themselves...
I live in Florida and these prices went through the roof people were asking way more than houses was worth. My house doubled in value, and you may think that's good but it's not if you don't want to sell it! it just means my taxes also doubled. and my daughter can't even find a reasonably priced rental its ridicules so I hope the rentals do fall ..they need to fall a long way before people can afford it! especially with inflation and the interest rates, I don't know how they expect people to ever own a home at these prices. So, plummet baby plummet!
Yeah this report is more for investment then homestead. I homestead Florida as well and I'm cutting the same place waiting for the price to come down at least 25% but I don't know if the taxes ever will? An insurance is such a democracle!
I’m homesteaded in Florida and have owned since 1978. My taxes have never doubled. Ever. Since 1993 your taxable valuation can’t go up more than 3% per year. Didn’t you homestead?
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Home prices were jacked up when CV hit and people were fleeing out of the cities. I watched houses go on the market and were under contract within 24 hours. Several homes sold $10,000 to 25,000 over asking price. I saw a few where the bidder paid double the asking price. Several homes were purchased by hedge fund corporations and are sitting vacant and empty. Just in one city, in the state I live in , there is over 70 apartment buildings (3-5 apartment in each) that are empty, not rented out, while the streets are being over run with homeless people. The city had to pass a vacancy law that increased the taxes and fines on those building with the goal of getting the corporate owners to rent or sell the inventory that is rotting away.
This is what? Happens when the people who do not contribute to society vote on society issues. Use a TV and it's stars to base their decisions on Plus people who have nothing to lose, don't even care about you.
I just got an insurance quote for a fourplex purchased in '21 for $330K, now listed at $547K. $20,219.01 per year. Sellers still high on 2022 values. There's no basis to buy these deals.
My leading indicator is when home prices spike to extreme unaffordablity; meaning the average worker has to spend more than 40% of their net income to pay for their house. That happened 1.5 years ago.
Thank you, Joe Biden and democrats. You really did a good job lying to the public That the economy is great. Yeah, for those multi-millionaire, speak pieces The liberals got.
Georgia Assembly voted for 3 rate increase on electricity. A Facebook friend just posted a $952 electric bill and another $725. Atlanta has a new issue that home owners are facing. It gets very hot here. August is the hottest month of the year and it just began. Lots of people will be choosing between paying their mortgage and staying cool. We will see which one wins in the next few months. Im betting people choose electricity.
The sun belt is also where a lot of the institutional investor purchases were concentrated over the last few years. When outside forces come and shift local markets with their billion dollar pocketbooks the market will have to correct when they adjust their buying patterns. Places like Florida where people are making service industry incomes can't maintain the same prices that were present when corporations were buying up 30% of the available market in some metros so they can shuffle us towards being a majority-renter country.
Yeah,it’s called the rich will be richer and the poor will be poorer.We’re living in the end times.Your hope is definitely with our lord and savior Jesus Christ ❤This isn’t our permanent place anyway
My wife and I moved back to Michigan after living in Florida for 21 months. It was/is substantially more expensive to live in Florida than in Michigan. Florida has better weather for half the year, but the other half is like living in hell ...... 95° - 100° with humidity off the charts - you literally can't spend much time outside - skin cancer is an issue. I've never seen so many men on the golf course missing the tip of their noses, top of their ears, etc.. Car insurance is 2x - 3x as much as Michigan with frequent increases. Homeowners insurance insurance is 4x - 10x as much. Insurance companies in FL raise your rates every 3-4 months (we had four rate increases in 19 months). I know a guy living in Punta Gorda paying $15,000+ per year for homeowners insurance on a $500,000 house (close to the coast). Many, many people that own their homes go without insurance because they simply can't afford it. Food is more expensive in Florida and substandard from the quality in Michigan. Traffic in Florida is insane ! It takes 20-30 minutes to drive 5 miles. Glad to be back in Michigan !
I’ve lived in Washington state my whole life and our weather is pretty moderate but it’s very rainy most of the time. I think I couldn’t take lots of heat and humidity or snow so I stay here.
The prices are dropping in Florida. The issue is that they are still extremely high. The prices have increased almost 50%. So a true correction is still needed. The houses appreciated too quickly.
It's only the second inning. There are many shoes that are being held up in the sky by "magic" (tricks) but they'll let them drop as soon as Trump is in.
Florida's prices went too high too quick and now they have issues getting/keeping Home owners Insurance or it not becoming outrageously expensive. My parents live there and have tried to get us to move down for years. My Sisters Home owners Insurance increased $300 a Month. Ridiculous! Prices will have to drastically drop for anyone to want to take the risk with Home owners Insurance.
@@kmrkid82 Florida is the boom-bust capital for a reason. Las Vegas might not get hit as hard this time, as some of their growth feels more legitimate to me, but I foresee Florida taking its usual lumps, no matter how much migration there was.
North Georgia-- still crazy high. Our home 3 years ago was a base of 400k. The base now is 900k. But the economic pressure is awful....job market is not good, grocery and gas prices are horrible, home insurance is skyrocketing, taxes and HOA fees are out of control. A massive crash cannot be too far off.
Home prices more than doubled compared to pre-pandemic time but not the pay. Also, the interest rate is much higher, and taxes have gone up. There is no way people can afford houses at these prices. The housing market & economy must collapse soon, it will correct itself.
Prices got just ridiculously jacked up especially in places like Texas and Florida during Covid. I watched prices in 2020 jump 40% in 2 weeks in Florida. There were homes that literally sold for $175k and 2 WEEKS later were relisted at $235k. And now they're at $350k. Or higher. So realistically these homes need to drop by that same 40% over current listing prices to go back to a reasonable 5% per year appreciation. You can bemoan these price drops all you want as a "crisis" but forward thinkers see it as opportunity. If you're saying don't buy now in certain states because prices will go down further - I agree. They probably will but in reality this is a market correction not a market collapse. Always buy when there's blood in the water and panic. Nobody makes money at the top of a market unless they bought at the bottom. And if you're looking for a long term place to live it doesn't really matter now what you pay because value and cost of financing is fluid. We bought our first house on a "historically low" 7.25% adjustable rate. We know how THAT went. We bought our next house at 5% and eventually refinanced to our current 2.35% fixed. My parents paid 18% on a 30 year fixed. So let's get a reality grip on things.
When I travel to FL from TN to visit my children, I beat feet through Atlanta. No bathroom stops, no eating, just drive way past city limits before stopping.
There was a buying frenzy in recent past with investors convinced they could make a killing buying properties for short term rentals. But a perfect storm developed. Insurance cost in coastal states skyrocketed, property taxes went up along with the house values, and inflation hurt the travel budgets of many. Wage increases resulted in increased cost to clean and maintain a short term rental. The cost to replace a central AC unit, for example, has increased 70% in 3 years. A combination of lower occupancy rates and dramatically increased cost turned a positive cash flow into a cash drain. This can only be tolerated for so long before throwing in the towel and selling, adding to for sale inventory. This is in the early stages and the worst is yet to come.
@@TRUMPeterswan1624 I think it depends on your sector and area. I am moving to Colorado soon and the job listings for service workers are like 40% higher than in SC, which has remained stale over the last year.
As someone who is in the Greenville, SC area, but came from South Texas, I have a couple of observations. First, the area highlighted in South Texas that was down 21% is a very sparsely populated area which is mostly scrub brush ranch land with no amenities for home owners. It is best used for ranching, hunting and oil and gas. Second, the market in Asheville is doing better because it is in high demand as a retirement/vacation area for the wealthy which is contrary to the comment about high demand areas being lower priced. Asheville is unaffordable for most people because of the mountainous terrain and high cost of building and demand for high end homes. Most people that work in Asheville have to commute 30 to 60 miles where they can find cheaper housing.
My great grandparents came to the US from Europe in the 1910’s and both sets of grandparents, (who were blue collar factory workers) moved to lower middle class NJ towns in the 1930’s. My parents were among the first in our families to earn college degrees-my dad after serving in the military-and they raised us in the bucolic upper middle class suburbs of NYC where we eventually raised our own families and still live today. Both our young sons are MD’s but none of us are remaining in NJ where low income housing apartments are blighting our once safe, peaceful and prosperous communities. We earned our way in through the generations through hard work and self sacrifice despite various obstacles such as untimely deaths (of both our mother and grandfather) and various illnesses and disabilities. We will not let our sons buy property in NJ and we are getting out now before our property values sink to nothing.
I left Kalifornia in the summer of 2023. We had been trying to leave for a few years but medical issues held us back. Then one, I looked at my wife and said to her "it is no or never". We sold our house in less than a month, almost too fast for us. We bought after waiting for the 2008 housing bubble to burst for $265,000 in 2010. Nice part of Santa Ana. Sold for $636,000. We are here in TN waiting for the drop in prices.
@@primecash144I lived at 38th and Sheridan back in 1981 for a year,never went back until 1995 or 96 could not believe the growth,left in 2001 and about 6 years ago went to visit what a mess.
I’ve lived in TN for 23 years and I sold my Chattanooga area home late Dec 2023. I’m still waiting for a decent rural home on 8 or more acres in Eastern Tennessee. Knoxville is still way overpriced and they are getting every penny. Tennessee homes are 3x too high and they need to drop about half before I buy!
The biggest complaint I find here is Knoxville is people hate the builders. They dont like the infrastructure and no amenities. People from out of town dont like paying for fire coverage or taking their trash to the dump. So I think a lot of new move-ins are leaving because they didnt realise east TN is full of a bunch of cheap skates.
We moved to Knoxville in 2023 and LOVE IT here. Being able to take my trash to Halls Convenience Center when needed is great. Locals do not drive for doo-doo but they are nice when they cut you off. The people are friendly and they tell you "have a blessed day"! I love the values of the folks of Tennessee. Churches all over the place, love it.
Good riddance to them. They came here and made life completely unaffordable for people born and raised here, made the region overcrowded, and caused way more problems than benefits. Those of us who have lived here our whole lives want our affordability back and want to be left alone. We don’t want your infrastructure, we want our way of life unbothered.
wtf theyre TWICE the price of prepandemic. inflations 4Xs higher. they have a LONG way to go. prices will never hit prepamdemic again until we deport 30,000,000 illegals
With 20 million additional invaders who need housing what did they expect to happen. When hedge funds and government got involved they destroyed the housing market.
Just a point, there is new home inventory in my area, but builders are selling to investors, negating the individual home ownership, dumping the homes to investors for rent.
It’s crazy where I live. I live in rural suburb and suddenly broker came in & bought 15 half acre lots and built brand new homes next door to our homes that are over 10 years old & more causing our property taxes to triple ! This is CRAP ! This rural suburb is 90% retired and NO kids !
I moved from North GA to Pennsyltaxya Back in 2010. I bought a 1100 sq ft fixer for 98000 and its now worth 200000. If it was located in GA it would be torn down. I was planning on moving back to North GA in the next few years but it's not home anymore with all the development. Looking at Western North Carolina now. It's a shame what is going on in Georgia. I miss home but there is just too many people moving there now.
This is an indirect real estate issue. The direct issue IMHO is equity. Homeless people come from somewhere initially. I met a vet in Ocala, older fella, who was forced onto the street back in 2022 because NY investors bought the building then doubled the rent. Florida is a non-rent control state. Add in that plus lifts in taxes, insurance and questionable HOA management...all equity issues. That's why automotive news is all repo. Here we go.
So why do they keep building subdivision by the dozens then. I live in a rural area north of New Orleans, LA. Every year we have dozens of fancy new subdivisions going up (in rural areas) and they fill up very quickly and the traffic quickly becomes a terrible problem because the infrastructure is not improved to match the population influx. Not only that, the schools are not enlarged to handle all the new students. So I don't know how you can say that Louisiana has an overabundance of homes with the prices dropping like flies.
Data by state is far too coarse to be meaningful. The story in Austin TX bears little resemblance to an oil town like Midland TX, just as Miami is nothing like Pensacola. And while looking at particular metros is better, the inventory increases of suburban subdivisions far exceeds that of big city, high rise condos.
30 years ago the dollar you earned was worth a lot more. I’ve heard this argument before and it’s not even close to comparable to this situation. Wage growth since then has been minimal. The price of everything is 10 x what it was 30 years ago. People had a lot more money back then. Look at rent it’s gone up 97 percent in the last 3 years. 30 years ago my father made the same wage I do for the same job. It’s not the same at all.
I live in cookevill TN and what they’re doing out here is absurd! They’re building a ton of townhomes and then selling them for what you’d pay in California, over $450K. Houses that used to be fold fit $150k now asking fir $250-$300k. Even rent for apartments has almost doubled. It’s disgusting! They’re building like crazy over here and looks like they’re trying to turn Tennessee into another California.
I remember doing trimwork for pulte in 2008. After the "correction," prices were cut in half because of the excess inventory they had already built just to unload the existing inventory
What do you expect most of these states had massive influx of people from states they could no longer afford and then over paid for homes and drove prices to an unsustainable level at witch point people stop buying
If it's meant to sell it will sell I get offers all the time I'm looking for terms, such as more time to get out, stay in home as is and pay reasonable rent not what the market offers. Moving expenses I already have a storage unit in North Georgia have things sent there. Any of these will move me to sell there is a shortage of reasonable priced homes. Etc. 73
And for homeowners cuz they will pay less for taxes and insurance and will have more money left for discretionary spending also to expand their portfolio with one more house. Cheap housing is good for everybody
I live in the foot hills of N. C. PEOPLE COMING down from Asheville , N. C. to our little town to buy and commute over the mountain because Asheville is too expensive to buy. I'm priced out of the market . Husband passed and had to sale my old , big house . Couldn't keep it up . Now I can't afford what is out there. If it's cheep .....needs work . Can't do that .
The south needs a price decrease of about 50%. The prices increased dramatically based on migration only and no other fundamentals during COVID. Migration is reversing to below pandemic levels now and so should do the real estate prices.
Yup. The locals need to be able to afford houses. People from New York or California selling a junk house for $1 million and overpaying for one in the south cause the market to inflate artificially. The people from here don’t have that kind of luxury. They’ve worked hard and honest and had their options ripped out of their hands.
In my once affordable place to live, a plethora of "home investors" came and bought all affordable inventory, flipped or made expensive rentals or airbnbs and created higher prices, higher taxes and low inventory For Real ppl. Now our neighborhoods nare no longer affordable and everyone is cash poor And house expensive (i wont say rich bec its bankrupting ppl!) Now i see builders creating a large number of new homes that are also expensive. Those price increases also. Caused other, price increases and frenzied real estate markets. There are jobs but wheh we apply for the jobs we get immediately turned down so it feels like a squeeze from the rich ppl stealing from desperate ppl at the bottom area of the bad economy they are manipulating & basically are eliminating any completion keeping them from totally controlling all the real estate markets! Its so frustrating.
People from CA sold their rentals there and bought TN properties to rent out as AirBnB or straight-out rentals. They bid those houses up as soon as they hit the market. Well, the people of TN don't have the lifestyle of CA. They can't afford $2,000 a month in rent for a 900 sq ft house. Pretty soon, those homes stood empty. Now they have "For Sale" signs, but no one can afford anywhere near the asking prices.
Yes I'm a tennessee native and wanted to retire back home. We budgeted how much we needed in 2020 and saved that much and now can't even find a home in that price range so I cannot go home until home prices come down. And my relatives cannot move because rent is too high.
@@onnacarley515 perhaps your family could go in together? In the rural parts of middle TN are some historic homes on several acres fairly reasonably priced for the square footage and needling a bit of TLC. It is difficult to find buyers for these homes because young people want a new McMansion with very little yard and developers don't want the trouble. If I had known, I would have pointed you to two brick duplexes in Shelbyville, each for $190k and side by side. Something could be made of things like that, too.
@@gioiapharo7433 there isn't much...however, those who bid those properties through the roof should be dealing with empty rentals...or possibly squatters who the sheriff is slow to work on. Possibly do a CA trick and make squatting not illegal for up to 6 months if the owner of the property does not live in the county limits. (With the rational that they cannot keep an eye on the property) They can pass an ordinance that all residential properties except apartments over 8 units must be owned by individuals, not corporations or property management groups.
Ive done 22 wholesales in 19 months in ATL. You are so right i get so much properties sent to me and but when i call buyers im getting the "im out the mkt for now contact me in 6 months".
I haven't seen anyone talk about the new rule with NAR (National Realtors Association) coming August 17th, 2024. This is going to really scr*w everything up. Please talk about this! This is why things are going to stop.
I'm in the Houston area and the market seems to be steady with soooo many people flooding in from Calif., especially into the Austin and surrounding areas around it. A $500k home in Texas would cost between $1.5m to $3m in Calif. The sq footage in Texas is close to double ith sq footage in Calif st those prices. Florida has exprrienced the same thing with ew Yorkers and Californians. Our prices get inflated JUST because of the different costs in housing between these states.
I recall years ago in Houston during another Kali exodus when "McMansions" were going up like popcorn because folks had money to burn from the difference in home prices. The outrageous cost of living in some states is driving folks to vote with their feet.
Geez When real estate was hyper inflated by banks, real estate companies, financial institutions, and investment groups to prices that was mind boggling and so inflated, year over year, more than anytime in history. Geeeez, it must only go down. To REALITY
Yes, this is the time of the markets when FOMO fear of missing out rapidly converts to FONGO fear of not getting out (in time) and people realize that if they don't sell now, their neighbor will. And, their neighbor's sale will push down the comps for their own home forcing them to price lower than their neighbor's sale price
@@breadnaut3087 both, maybe. But actually, another video debunked this. We are still growing. It's just slower... housing is still looking impossible for the working class.
One thing I would like to add is that I live in a blue state that you are saying that there is an inventory issue. I live in an area that over the past 2.5 years homes in our market were selling in less than 24 hours with multiple offers. Many of these were 20 to 40% over asking price. We had a very large influx of families from the West coast and North East that were moving to our state because of the cost of living and the favorable taxes. The homes are still selling in our area but maybe on the market for a few weeks or a month or so. With comparisons to last years sales our numbers would be skewed when it comes to inventory numbers. If you look over the past 20 years of home sales in the South East the markets run strong for 9 months to a year after the slow downs on the West coast and North East. In an up swing in real estate markets it also takes 9 months to a year for the Southern markets to rebound back. I have been in the building materials industry for 30 and if you really want to have a head start on the market conditions in areas of the country follow lumber sales. If you use this as one of your indicators and you will be ahead of the competition.
Will try and do it more often.. the UA-cam gods seem to bury my stuff outside of Florida.. so I am hesitant but will continue to test spotting outside trends. thx for the comment
I live in the San Antonio area, going through a divorce, needing to sell my home and then repurchase a home for myself. I'm seeing a slight decrease in the amount homes are being listed for, which is great.
I’m looking to return to my home state of Florida. Tampa, St Pete area. I was looking to buy over the last two years but prices and insurance just got higher and stupider. People acting on FOMO. Just like they did just before the last big housing crash. I moved to Colombia South America. I am returning next month but I will be renting 6 months to a year and watching the market to see if the governor can get control of insurance rates. Thank you for validating my overall thoughts on the market trend. I don’t believe inflation is a government issue but corporate price gouging. The government wants to pretend we have a free market so they don’t do jack while they allow the super rich to get richer and pay a lower tax rate than working families at the cost of the working class. I guess that’s because they are smart! Please keep up the good work on behalf of everyone.
oh u bet ur ass inflation is a government problem. they just printed off HOW MUCH for covid? i knew this crapd happen, i was afraid itd be worse, but they also twist and lie. its around 20% like id suspected. i worried 25% plus lies. they also printed off 85 BILLION DOLLARS to just give away just foo foo! are u MAD??? "our president" is directly responsible both on the scene and behind it. vote smart, vote red, or dont vote for now. PLEASE! for the love of God, im a single mom trying to buy my 1st home in michigan. and im 40. i sell insurance. we NEED trump, only time in my adult life i could afford a rd trip plus my bills and paid for my own 3 month maternity leave, while paying all my bills on minimum wage. i had overtime to help. i flourished under trump as a poor person. id love to do that again and get my family in a home that doesnt rain on the inside or come with an npd nut case attached😢
I’ve been ready to buy for two years, but will wait two or more to make sure those prices come down. I think by summer ’26 the market will be good for buyers.
In the last couple years, the price of housing in the south has doubled and tripled.(probably because people up north were moving down south.) nobody can afford those prices so to me the strange part is not that dips down is that it went so high up in the prior year !!! I mean, nobody’s pay went up in the south for the exorbitant prices they were asking for housing. !!!
Houses in the NORTHEAST is not slowing down low inventory no new construction, I don't see the market adjusting here too many buyers & not enough sellers ,1150sq ft in my neighborhood just sold for $615,000
If that is true, then there is a builder in my neighborhood in florida that is about to lose their ass. Got 4 houses going up now in different phases of building and also bought lots.
My area is Pasco County Florida. The new construction is through the roof. People can see that there is going to be a glut of homes on the market. It has become a buyers market, IF they can afford the mortgage, insurance, taxes, HOA fees etc. I think the country commissioners have gone drunk with the prospect of all that tax money. Most people are starting to get upset with the over building and tearing down of natural areas to build usless homes. I give it 50 years a lot of these areas will be slums. I'd love to see a deep dive into this and the Tampa Bay area
I’m still seeing high prices and multiple offers maybe I just have good taste 😂 lots of peeps from Cali moving to TN when they find out how hot and extreme it is they are putting their houses back on the market
I live in Austin TX and the market has really slowed down. It’s horribly overpriced and I think due for a sizable correction. Out in the suburbs like Cedar Park, Leander, Round Rock and Georgetown the new construction neighborhoods are empty. Tons of half built homes and lots of available signs. Im aware of two local builders that had to sell off to national builders. New construction has plummeted.
Florida listings are up because of a new law. All condominiums must save the money ahead of time for inspections and expected repairs for several years out. The money is to be assessed by the Home Owners Association or Board within each building. Many condo owners have gotten HOA assessment bills of over $20,000 in addition to their regular fees. Those who can't afford that assessment are being forced out of their homes. Thus, they sell.
@@snow_tacknives2024 How is that a bad thing? People stealing property just because they found a way to enter a property illegally is a bad thing. That is a totally different situation from a person seeking shelter. It should be allowed for people to temporarily sleep on public property. There should be public bathrooms throughout cities with access to clean water.
@@MrMoneyHelper Florida recognized the up and coming evictions and knew folks would not leave once the were given notice and people would be kicked out of their homes because of the governments failed economy and high inflation, this is why I believe they passed the new law removing squatters and people who would otherwise take several years to remove them.
@@snow_tacknives2024 The law came about because of several news stories of temporarily abandoned homes that became occupied by squatters. Once the landlords told them to leave, they wouldn't because tenant's rights laws have been perverted by courts. Which made it impossible to remove squatters. Thus, squatters could remain in places rent free for months. Cops were forced to arrest owners for changing locks on doors of buildings where squatters were staying. MANY squatters were moving into empty houses that were listed for sale. They claimed that they were legal tenants. This forced owners to spend thousands of dollars on attorney's fees and lose sales or rent for many months. There is no moral or legal justification for squatters stealing apartments or other dwellings when told to leave by rightful owners.
@@MrMoneyHelper I'm really not referring to folks entering illegally....these new laws make litigation faster to remove tenants who fell on hard times because we have a predatory government who purposely caused inflation and have targeted the middle class. These problems run deeper than just your squatters in your property.
But Are they really down when the prices were grossly inflated. A $120K house suddenly selling for $210K. That’s messed up! Great for seller but it’s cruel and it’s FAKE VALUES.
It allows for increased taxation. Which takes from that homeowner and gives to schools and municipal services. The municipal leadership can then import millions of additional aliens who burden but become equal shareholders in the community.
All I know is that in Knoxville home prices have gone up by about 30-50% and there are multiple offers on houses as soon as they hit the market! It’s insane! My son recently offered $15,000 over asking and a cash buyer came in and got the house!
I'm so glad I saw this video. I've been watching homes in northeastern TX, western NC, and eastern TN for the last year. Homes have been so overpriced in these states. I will be a cash buyer but I'm not buying at the current prices.
You got it exactly right. Renters, land lease props, and HOAs with weather risk are now in huge trouble. And, it gets worse. Wait for tax increases to hit based on reassessments and then watch the foreclosures. Can't pay it, can't sell it, and the neighborhoods go into decline.
Everyone been sayin this for 5+ years now. You know how i know prices arent gonna drop? Because everyone and their dog thinks so. Also, Blackrock wouldn't have bought so many homes 2-3 years ago. Inflation is coming so strong that the dollar amounts for homes will not drop. Might just keep rising.
We're in South Eastern Massachusetts and here the single family homes are still rising. Would love for you to cover Massachusetts and maybe this general area.
You're spot on about Atlanta, at least the inner-city market that I'm in. I thought that we would have one last gasp in the Spring and early Summer prior to the start of the school year. I went live with a house at the end of April, not realizing that the market had already shifted. Loads of inventory kept coming online, and I didn't drop the price fast enough to compete. Rents have held up, so I have the option to either rent it again (in an area where not many can afford the market rents) or fire sale it to just unload it. It's exactly what you said. Too much inventory and not enough qualified buyers. Buyers are in control, and they're being super picky and cautious...
And I hope it gets worse. You should not have to dump your savings of 4 or 1K to buy a house that is over 30% of his value. Only to have its insurance and Texas go up by 60% the next year causing you to lose all your investment. People are not falling for it anymore. People are leaving the country to purchase land and bill house. I am currently building in the Philippines. There I have built a 3 bedroom 1 bath house for under 12K. You cannot even put 12K down for a down payment on a house in the US. They're warning 35K to a 100k for a decent home.
My GM is 97 and just now moved into Assisted Living. We live In Nashville. She put it on the market in June. It still has not sold. Inventory is definitely up.
Naples, it is crazy how small old houses, 2000sqft, are on sale at prices comparable to new homes. Just put a contract on a new build home 25 minutes from downtown Naples. The new builds are dropping prices 5 to 10%, are paying 24K closing cost, offers rate paydown of 4.99%/30yr. Add an insurance rate of $2400 for 3300sqft/$610K, it was a no brainer deal after waiting 3 years to buy and living in a hotel for a year and renting for another 2. Btw these new homes are selling. Ours will be completed in a few weeks. We actually were negotiating on another home, but as we were waiting for a couple of months closer to when our lease ran out, someone else purchased the home. Which worked out for us because the same model we contracted on is in a better location. The builder didn't want to show this one to us previously because they wanted to sell the one that is finished first. Fortunately it all worked out for us.
If Naples has close to 1 year inventory you’re likely to have less value in 1 year when those units sell low. Do you know if yours sat open to the elements before completion? A stick built home in FL should be worth less- it IS a hurricane zone but a builder won’t tell you these things. Everyone wants the newest look- my 1940’s block & concrete has cottage stood the test of time and anything can be updated 😉
Denny. Hahahahaha...your home must be on a plateau in a desert! Cost of replacement and risk of disaster must be very low in your area. My 3200sqft ,38 yr old home in Montgomery county Maryland just 20 minutes from the Whitehouse costed $3200 yr in insurance. So a 3300sqft new build in Naples is pretty dang good! I have seen $400K 2000sqft 30yr homes down here costing over $6K easy per year!
Thank you for this , can you do another video that shows what states are doing the best. We live in North NJ and our prices for our home is through the roof. We live in Bergen county and there is shortage of homes here as well prices are out there. Thank you.
Just bought a property in the Myrtle Beach, SC area. Got it for at least 15% under the average for the area, plus another 3.2% credit for wear & tear. I'm a happy red state homeowner! :)
There are plenty of vacant house own by investers and underutilized home (ie. 1 person own 6 bedrooms house). We have no shortage of house but the poor allocation. It need skyrocket property tax for these properties - the inappropriate occupied ratio. I do not want to own a house that overvalue than income and no one can buy. It is a toxic market that benefit only the county tax collecters.
Be patient - I live downtown and there are for sale signs going up all over my neighborhood (Delaney Park/Lake Cherokee). These are now sellers competing with eachother - if buyers hold the line - prices will have to come down.
I am looking to buy in horizon west and the house I want already dropped from $550,000 to $530k. I am just waiting to see what happens next year. No need to hurry
Investors have ruined Sevierville, TN, what people came to enjoy about this area is faded with to much building ,too many investors. You cant even go to the grocery store anymore and find a place to park . Whats next , people stop coming, too much traffic , the shops where always unique, now t-shirt shops everwhere etc... starting to look like a circus instead of a beautiful Mountain town with the smokes for hiking etc...to enjoy the out doors. We will have all concrete mountain tops, but hey as long as you make a dollar. Am curious to see who works all this growth because locals will have to move to be able to put of roof over their head. Nothing wrong with capitalism, but big money investors leave places in ruin. Investors have no stack in wanting to persevere the beauty of a place they will keep building till it looks like the citys everyone wants away from.
Folks that purchased a home a year ago in GA were typically in a bidding war. Ten to fifteen cars lined up on the first day. Multiple offers. Offers over the asking price. The hope was to refinance in a year. Now, they are just hanging on and faced with increasing insurance and taxes.
I bought 10 months ago in GA. Made offers on 4 properties and was outbid on every single one. Finally got a fixer upper and paid too much for it but didn't have much choice. Very much appreciate that my county doesn't charge 'senior citizens' school district tax which is saving me over $2K a year.
They need to be 50% below last years price.
Thats only good for buyers. Folks selling the property likes these prices. Goes both ways.
@@Silentone-s8jwithout buyers, there are no sellers. Unless you are ok with all the investors buying houses and making people pay their entire salary on rent.
The market sets prices, NOT what you think or want
@@robschaller9061people think they build themselves..
@@marymagnuson5191 I can't build a house for 50% of what they cost. If you think there is a housing shortage now, wait till it's not financially worth it to build them..
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.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
'Carol Vivian Constable’ maintains an online presence. Just make a simple search for her name online.
I checked Carol up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
Stop Blackrock and other corporate hording
and greedy realtors. we moved in a new community, people were buying multiple homes as it was the place to be. The owners of multiple homes drove up the price for people that want to live here. Now we have A LOT of inventory. I hope the greedy ones lose their shirts in their attempt to flip homes. I see multiple never lived in homes for sale.
@@pagaporvista569
Actually corporate realtors
I will never sell to Corporations, only families.
That's like stopping Jesus Christ from judging Satan
They have literally ruined our affordability
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
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.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Certainly, 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.
5-10% down on homes that were overinflated by 2x-8x in the first place, is still no bargain
Agreed - there has been no meaningful correction of home prices to this point. Thats been the head scratcher for the past 18 months. 2024 is definitely going in a new direction.. Will be interesting to see how the fall/winter season shakes out.
Exactly
2-8x? What do you think a house should cost?
@@tallyrca older mobile home on 16 acre in somewhat rural Tn shouldn’t cost 550,000!
@@southernyankee2300 exceptions aren't the rule. I've looked at property in TN and some of it is hella expensive for desirability. To folks with real money coming from places with strong economies, 16 acres of rural land for 550k is a bargain. Good views, riverfront or proximity to amenities are all valuable.. there's a reason 50 acres in Maine is only 35k..
Get out of a state where prices are going to drop?! To move to states where they will keep rising forever?! This country has gone stupid. You buy a house you can afford so you can live in it, not flip - omg.
He's talking to people who make their $$ buying and selling... don't care about people needing to actually have a home to live in 🤦 weird way to make $$ off people just can't be right.
I have a home in Brentwood Ca I’m selling. It’s been quiet at every open house I’ve held. 4 bed 3 bath $1 million. Very worried here.
One million in Brentwood Ca seems low! That should be selling fast at that price.
@DPitt-ty4sd that's what I was thinking!
The flip side of that is a bunch of outdated or dilapidated homes. The flippers renovate them and sell them. Of course the unintended consequences is that too much competition drives the prices up, including for the flippers.
I live in Lebanon Tennessee and I have noticed a significant price drop. We have been wanting to buy a horse property but the last couple of years increase in prices has made it unaffordable. What used to be a $350k property rose to 1.5m literally overnight. I am thrilled to see the correction in these home prices.
I have friends that just moved to Lebanon TN!
🙏🏽❤️
It's about time the playing field leveled out. It's been outrageous for the past couple of years. There's no way this market could continue sustaining itself in this way.
I’m in Murfreesboro. I feel your pain. Can’t wait for the correction
I’m in Murfreesboro. I feel your pain. Can’t wait for the correction
@@JessaIreland-ii2wc do you live by Pastor Dowell? If prices drop he will be swooping up more land in Lebanon Tennessee
Sadly, buying a home is out of reach for at least half of Americans.
Home prices are way over priced.
This is what Biden calls. Bring us together, we'll all be poor.
It’s so sad. My husband and I were looking to buy in 2019. We decided to wait just a few more months to have a larger nest egg and, BOOM, Covid and inflation. We’ve been staying with family now attempting to wait out and save but, it’s still looking bad. It’s way out of our reach now.
My husband and I were on the road to buy a house and then after Biden got into office, things got worse and worse and worse and we can barely afford rent anymore. All our house savings is gone and we have a baby now(not planned but he’s perfect so I’m not complaining) and it’s insane how much less our paychecks are taking us. Something has to change soon or we are going to be out on the streets.
@@Kaza0kunIt's so sad what has happened and especially for the younger folks like you and your young family. I'm so sorry you weren't able to get into a home before everything went crazy. I see so much of that. Where I live in Middle TN there's been a huge influx of people from CA and other such places that have driven everything here out of reach for the young born and bred locals here. It's sickening.
@@Kaza0kunYet all the illegal immigrants will have homes! Definitely a roof over their heads with legal citizens tax money.
Prices on new and pre-existing homes are still 50% too high. The interest rate really doesn’t matter if the home is priced properly. 30 years ago interest rates were 9 1/2% but the house price was substantially lower. When you start looking at new construction in Florida and you have a 2000 square-foot house with a pool priced at $800,000 and then you tack on your taxes your CDD and your HOA it’s completely unaffordable. Bring the house down to four or 500,000 and maybe you’ll clear out some inventory.
The notion of houses being overpriced is a fallacy. Prices are set according to the market conditions of supply and demand. Prices go down when demand is down.
My area is listing houses for only 7 days before they're sold. Which way do you think the prices are going here?
@@joewoodchuck3824my neighborhood has slowed a little, because it's a HOA more than anything.over in Toledo the old junk homes have 50 people looking within 24 hrs.of listing and many offers over asking within minutes,Toledo Ohio never thought I would ever see that.its a junk yard city with high taxes and massive poverty.if jeep ever left Toledo it would be third world.
It blows my mind when I see a new build for almost $650-$700k, 3bd 2 bath no where near a location that should cost that much. Some of these builders will get hurt building these houses at such high costs. It costs a lot of money to build a house these days. The reference to what I am speaking of is Toll Brothers far west of Disney.
Try 100%. Prices more than double here in TN and other states
@@ericmiller4593 You may be looking at statistics wrong. I'm in Tennessee and there's plenty of affordable housing here. We paid about half of median and there's more available and still in nice neighborhoods..
Homes are still %70-100 over 2019 prices. We have a long way to go
I predict lots of spouses not on the same page when prices start to lower. One spouse thinking it's go time, and the other one not even close to being interested in that market. I'm the latter.
Next time in 2024 vote with your brain not your emotions.
Do the research
In 20124 are you better off now than you were in 2020
2018And the property taxes are triple what they were I
Petition your representative to ask the federal government to stop allowing large corps to buy up single family homes and none of this would be an issue. Look into it...there are 5 large corporations buying up everything across the country they can put their hands on. The interest rates are not the issue, the elected officials that allow the greed of corporations are because they are greedy themselves...
Good luck getting Congress or Senate to do that. They are all heavily invested with these companies who are buying up houses to rent out.
Prob won't happen. It's all about money. Public traded companies
agree
Who owns the stock in those corporations? Federal and state employees.
I live in Florida and these prices went through the roof people were asking way more than houses was worth. My house doubled in value, and you may think that's good but it's not if you don't want to sell it! it just means my taxes also doubled. and my daughter can't even find a reasonably priced rental its ridicules so I hope the rentals do fall ..they need to fall a long way before people can afford it! especially with inflation and the interest rates, I don't know how they expect people to ever own a home at these prices. So, plummet baby plummet!
Yeah this report is more for investment then homestead. I homestead Florida as well and I'm cutting the same place waiting for the price to come down at least 25% but I don't know if the taxes ever will?
An insurance is such a democracle!
I’m homesteaded in Florida and have owned since 1978. My taxes have never doubled. Ever. Since 1993 your taxable valuation can’t go up more than 3% per year. Didn’t you homestead?
well i bought this place 10 years ago my taxes were 1500 a year now they are close to 3000 and most of that happened in the last 5 years
"You will own nothing and be happy. "
K. Harris
Agenda 2030. “You will own nothing & be happy” comes to mind.
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
Home prices were jacked up when CV hit and people were fleeing out of the cities. I watched houses go on the market and were under contract within 24 hours. Several homes sold $10,000 to 25,000 over asking price. I saw a few where the bidder paid double the asking price. Several homes were purchased by hedge fund corporations and are sitting vacant and empty. Just in one city, in the state I live in , there is over 70 apartment buildings (3-5 apartment in each) that are empty, not rented out, while the streets are being over run with homeless people. The city had to pass a vacancy law that increased the taxes and fines on those building with the goal of getting the corporate owners to rent or sell the inventory that is rotting away.
This is what? Happens when the people who do not contribute to society vote on society issues.
Use a TV and it's stars to base their decisions on Plus people who have nothing to lose, don't even care about you.
I just got an insurance quote for a fourplex purchased in '21 for $330K, now listed at $547K. $20,219.01 per year. Sellers still high on 2022 values. There's no basis to buy these deals.
Insurance was $20K per year. I assume these are not home owner rates and they are investor rates. Let me know if I'm wrong.
My leading indicator is when home prices spike to extreme unaffordablity; meaning the average worker has to spend more than 40% of their net income to pay for their house. That happened 1.5 years ago.
How much of that affordability is interest rate? Don't confuse or price with payment
Thank you, Joe Biden and democrats. You really did a good job lying to the public That the economy is great. Yeah, for those multi-millionaire, speak pieces The liberals got.
Thank you for your honesty. If you talk to realtors they will tell you everything is sunshine and roses
Georgia Assembly voted for 3 rate increase on electricity. A Facebook friend just posted a $952 electric bill and another $725. Atlanta has a new issue that home owners are facing. It gets very hot here. August is the hottest month of the year and it just began. Lots of people will be choosing between paying their mortgage and staying cool. We will see which one wins in the next few months. Im betting people choose electricity.
Atlanta is to be avoided at all costs. I live in Georgia and try my best not to go near that nest.
I live in NW Georgia & we will NOT go near Atlanta! Scary place!
The sun belt is also where a lot of the institutional investor purchases were concentrated over the last few years. When outside forces come and shift local markets with their billion dollar pocketbooks the market will have to correct when they adjust their buying patterns. Places like Florida where people are making service industry incomes can't maintain the same prices that were present when corporations were buying up 30% of the available market in some metros so they can shuffle us towards being a majority-renter country.
Exactly... although this phenomenon is not limited to Florida. Granted, wages are not great in this state.
doing it to michigan too
Yeah,it’s called the rich will be richer and the poor will be poorer.We’re living in the end times.Your hope is definitely with our lord and savior Jesus Christ ❤This isn’t our permanent place anyway
My wife and I moved back to Michigan after living in Florida for 21 months. It was/is substantially more expensive to live in Florida than in Michigan. Florida has better weather for half the year, but the other half is like living in hell ...... 95° - 100° with humidity off the charts - you literally can't spend much time outside - skin cancer is an issue. I've never seen so many men on the golf course missing the tip of their noses, top of their ears, etc..
Car insurance is 2x - 3x as much as Michigan with frequent increases. Homeowners insurance insurance is 4x - 10x as much. Insurance companies in FL raise your rates every 3-4 months (we had four rate increases in 19 months). I know a guy living in Punta Gorda paying $15,000+ per year for homeowners insurance on a $500,000 house (close to the coast). Many, many people that own their homes go without insurance because they simply can't afford it.
Food is more expensive in Florida and substandard from the quality in Michigan.
Traffic in Florida is insane ! It takes 20-30 minutes to drive 5 miles.
Glad to be back in Michigan !
No to SNOW!!!😢
Amen! 💯 accurate.
Enjoy Michigan's communist governor.
I’ve lived in Washington state my whole life and our weather is pretty moderate but it’s very rainy most of the time. I think I couldn’t take lots of heat and humidity or snow so I stay here.
Good decision
Michigan has fresh water and no hurricane 🌀 season !
The prices are dropping in Florida. The issue is that they are still extremely high. The prices have increased almost 50%. So a true correction is still needed. The houses appreciated too quickly.
It's only the second inning. There are many shoes that are being held up in the sky by "magic" (tricks) but they'll let them drop as soon as Trump is in.
100-500 percent since 2021 here in Delray Beach
Yeah but how many people moved there too?
Florida's prices went too high too quick and now they have issues getting/keeping Home owners Insurance or it not becoming outrageously expensive. My parents live there and have tried to get us to move down for years. My Sisters Home owners Insurance increased $300 a Month. Ridiculous! Prices will have to drastically drop for anyone to want to take the risk with Home owners Insurance.
@@kmrkid82 Florida is the boom-bust capital for a reason. Las Vegas might not get hit as hard this time, as some of their growth feels more legitimate to me, but I foresee Florida taking its usual lumps, no matter how much migration there was.
North Georgia-- still crazy high. Our home 3 years ago was a base of 400k. The base now is 900k. But the economic pressure is awful....job market is not good, grocery and gas prices are horrible, home insurance is skyrocketing, taxes and HOA fees are out of control. A massive crash cannot be too far off.
I’m with you buddy. My mortgage pays off in 14 months but my taxes are out of control due to super inflated home values in the Atlanta suburbs
Home prices more than doubled compared to pre-pandemic time but not the pay. Also, the interest rate is much higher, and taxes have gone up. There is no way people can afford houses at these prices. The housing market & economy must collapse soon, it will correct itself.
Prices got just ridiculously jacked up especially in places like Texas and Florida during Covid.
I watched prices in 2020 jump 40% in 2 weeks in Florida.
There were homes that literally sold for $175k and 2 WEEKS later were relisted at $235k.
And now they're at $350k. Or higher.
So realistically these homes need to drop by that same 40% over current listing prices to go back to a reasonable 5% per year appreciation.
You can bemoan these price drops all you want as a "crisis" but forward thinkers see it as opportunity.
If you're saying don't buy now in certain states because prices will go down further - I agree. They probably will but in reality this is a market correction not a market collapse.
Always buy when there's blood in the water and panic.
Nobody makes money at the top of a market unless they bought at the bottom.
And if you're looking for a long term place to live it doesn't really matter now what you pay because value and cost of financing is fluid.
We bought our first house on a "historically low" 7.25% adjustable rate.
We know how THAT went.
We bought our next house at 5% and eventually refinanced to our current 2.35% fixed.
My parents paid 18% on a 30 year fixed.
So let's get a reality grip on things.
Florida has a huge issue cause it's not market related.. insurance
You spell that: C-L-I-M-A-T-E Change!
@@marthawhitehouse9838 shhh that'll just confuse them.
Florida has an even "huger" issue... climate change.
Yeah, but you can’t tell them that, most of them are trumpers, sooooo, climate change isn’t real
The climate hasn’t changed
When I travel to FL from TN to visit my children, I beat feet through Atlanta. No bathroom stops, no eating, just drive way past city limits before stopping.
Why?
Smart!
Same in california. Stop for food gas outside of the bigger towns or get caught in a rat maze.
There was a buying frenzy in recent past with investors convinced they could make a killing buying properties for short term rentals. But a perfect storm developed. Insurance cost in coastal states skyrocketed, property taxes went up along with the house values, and inflation hurt the travel budgets of many. Wage increases resulted in increased cost to clean and maintain a short term rental. The cost to replace a central AC unit, for example, has increased 70% in 3 years. A combination of lower occupancy rates and dramatically increased cost turned a positive cash flow into a cash drain. This can only be tolerated for so long before throwing in the towel and selling, adding to for sale inventory. This is in the early stages and the worst is yet to come.
what wage increase?😂😂😂
@@TRUMPeterswan1624 I think it depends on your sector and area. I am moving to Colorado soon and the job listings for service workers are like 40% higher than in SC, which has remained stale over the last year.
As someone who is in the Greenville, SC area, but came from South Texas, I have a couple of observations. First, the area highlighted in South Texas that was down 21% is a very sparsely populated area which is mostly scrub brush ranch land with no amenities for home owners. It is best used for ranching, hunting and oil and gas.
Second, the market in Asheville is doing better because it is in high demand as a retirement/vacation area for the wealthy which is contrary to the comment about high demand areas being lower priced. Asheville is unaffordable for most people because of the mountainous terrain and high cost of building and demand for high end homes. Most people that work in Asheville have to commute 30 to 60 miles where they can find cheaper housing.
Which is sad
My great grandparents came to the US from Europe in the 1910’s and both sets of grandparents, (who were blue collar factory workers) moved to lower middle class NJ towns in the 1930’s. My parents were among the first in our families to earn college degrees-my dad after serving in the military-and they raised us in the bucolic upper middle class suburbs of NYC where we eventually raised our own families and still live today. Both our young sons are MD’s but none of us are remaining in NJ where low income housing apartments are blighting our once safe, peaceful and prosperous communities. We earned our way in through the generations through hard work and self sacrifice despite various obstacles such as untimely deaths (of both our mother and grandfather) and various illnesses and disabilities. We will not let our sons buy property in NJ and we are getting out now before our property values sink to nothing.
I left Kalifornia in the summer of 2023. We had been trying to leave for a few years but medical issues held us back. Then one, I looked at my wife and said to her "it is no or never". We sold our house in less than a month, almost too fast for us. We bought after waiting for the 2008 housing bubble to burst for $265,000 in 2010. Nice part of Santa Ana. Sold for $636,000. We are here in TN waiting for the drop in prices.
And the worked through the proper immigration path.
TN culture is great.
I'm in Colorado, and condos are already selling at 2018 prices. Single-family homes are next.
Where in Colorado are you? I’m in Denver too
Nice! There is hope for us first time home buyers again.
@@nickwhite0 I'm in the Denver Metro, too.
I am Mexican 😂
@@primecash144I lived at 38th and Sheridan back in 1981 for a year,never went back until 1995 or 96 could not believe the growth,left in 2001 and about 6 years ago went to visit what a mess.
I’ve lived in TN for 23 years and I sold my Chattanooga area home late Dec 2023. I’m still waiting for a decent rural home on 8 or more acres in Eastern Tennessee. Knoxville is still way overpriced and they are getting every penny. Tennessee homes are 3x too high and they need to drop about half before I buy!
I live in Florida and all the insurance companies have pretty much abandoned the state. Good luck with trying to insure anything, especially a home.
The biggest complaint I find here is Knoxville is people hate the builders. They dont like the infrastructure and no amenities. People from out of town dont like paying for fire coverage or taking their trash to the dump. So I think a lot of new move-ins are leaving because they didnt realise east TN is full of a bunch of cheap skates.
We moved to Knoxville in 2023 and LOVE IT here. Being able to take my trash to Halls Convenience Center when needed is great. Locals do not drive for doo-doo but they are nice when they cut you off. The people are friendly and they tell you "have a blessed day"! I love the values of the folks of Tennessee. Churches all over the place, love it.
Good riddance to them. They came here and made life completely unaffordable for people born and raised here, made the region overcrowded, and caused way more problems than benefits. Those of us who have lived here our whole lives want our affordability back and want to be left alone. We don’t want your infrastructure, we want our way of life unbothered.
Good, go back where they came from.
If I could afford any place else, I’d be out of Knoxville in a heartbeat. City/County taxes are ridiculous.
They are down but not pre-pandemic prices though they still have to go more down to reach "normal" prices
They will never go down to pre pandemic prices because your dollar was worth a lot more pre pandemic and today your dollar is worth dirt
wtf theyre TWICE the price of prepandemic. inflations 4Xs higher. they have a LONG way to go. prices will never hit prepamdemic again until we deport 30,000,000 illegals
With 20 million additional invaders who need housing what did they expect to happen. When hedge funds and government got involved they destroyed the housing market.
Yeah I’m sure immigrants caused this , I never had herpes before all these people showed up
Just a point, there is new home inventory in my area, but builders are selling to investors, negating the individual home ownership, dumping the homes to investors for rent.
Here in South Georgia they’re building new homes like it going out of style!
It’s crazy where I live. I live in rural suburb and suddenly broker came in & bought 15 half acre lots and built brand new homes next door to our homes that are over 10 years old & more causing our property taxes to triple ! This is CRAP ! This rural suburb is 90% retired and NO kids !
@@annscott900 dont vote blue
I moved from North GA to Pennsyltaxya Back in 2010. I bought a 1100 sq ft fixer for 98000 and its now worth 200000. If it was located in GA it would be torn down. I was planning on moving back to North GA in the next few years but it's not home anymore with all the development. Looking at Western North Carolina now. It's a shame what is going on in Georgia. I miss home but there is just too many people moving there now.
They have all new industries coming to S GA. The need houses for the mass migration moving that way.
Same thing in our area, 30 miles south of Houston.
This is an indirect real estate issue. The direct issue IMHO is equity. Homeless people come from somewhere initially. I met a vet in Ocala, older fella, who was forced onto the street back in 2022 because NY investors bought the building then doubled the rent. Florida is a non-rent control state. Add in that plus lifts in taxes, insurance and questionable HOA management...all equity issues. That's why automotive news is all repo. Here we go.
So why do they keep building subdivision by the dozens then. I live in a rural area north of New Orleans, LA. Every year we have dozens of fancy new subdivisions going up (in rural areas) and they fill up very quickly and the traffic quickly becomes a terrible problem because the infrastructure is not improved to match the population influx. Not only that, the schools are not enlarged to handle all the new students. So I don't know how you can say that Louisiana has an overabundance of homes with the prices dropping like flies.
Data by state is far too coarse to be meaningful. The story in Austin TX bears little resemblance to an oil town like Midland TX, just as Miami is nothing like Pensacola. And while looking at particular metros is better, the inventory increases of suburban subdivisions far exceeds that of big city, high rise condos.
30 years ago the dollar you earned was worth a lot more. I’ve heard this argument before and it’s not even close to comparable to this situation. Wage growth since then has been minimal. The price of everything is 10 x what it was 30 years ago. People had a lot more money back then. Look at rent it’s gone up 97 percent in the last 3 years. 30 years ago my father made the same wage I do for the same job. It’s not the same at all.
Cheap labor is due to “ newcomers” who can work for $15 an hour because of the free stuff they’re given.
Well ot was worth more because you made less
Buy silver and gold
I live in cookevill TN and what they’re doing out here is absurd! They’re building a ton of townhomes and then selling them for what you’d pay in California, over $450K. Houses that used to be fold fit $150k now asking fir $250-$300k. Even rent for apartments has almost doubled. It’s disgusting! They’re building like crazy over here and looks like they’re trying to turn Tennessee into another California.
I remember doing trimwork for pulte in 2008. After the "correction," prices were cut in half because of the excess inventory they had already built just to unload the existing inventory
I'm in Florida I want another Pulte 🏡 to buy. Price so high. I'm hoping the price come down soon. Any suggestions 🤔
@@marilynh5487 wait
We common folk are getting fkd every which way
They were overpriced last year. interest rates. For buyers wait . This is typical when you over value your house 😮
Who’ll stop the hurricanes ??
No one !
What do you expect most of these states had massive influx of people from states they could no longer afford and then over paid for homes and drove prices to an unsustainable level at witch point people stop buying
Yeah. Thank God, theres already too many people in FL, they should have raised the prices much sooner
It's too late to GET OUT NOW
I tried rainbows and unicorns but no one will watch it! lol.
Bwahahahaha it’s too late bwahahaha
"Toooo late. No such thing as too late(heavy accent heard here)!
Movie: Bloodsport
If it's meant to sell it will sell I get offers all the time I'm looking for terms, such as more time to get out, stay in home as is and pay reasonable rent not what the market offers. Moving expenses I already have a storage unit in North Georgia have things sent there. Any of these will move me to sell there is a shortage of reasonable priced homes. Etc. 73
I have access to interstate close by so that is a positive selling point. All the shopping is within a mile or so. Etc. 73
This is good news for home buyers!
And for homeowners cuz they will pay less for taxes and insurance and will have more money left for discretionary spending also to expand their portfolio with one more house. Cheap housing is good for everybody
better newsd be trump got in office and lowered inflation below 5%
Prices are still slowly ticking upward in my area of CA. Homes are still selling fast at asking price or slightly above.
I live in the foot hills of N. C. PEOPLE COMING down from Asheville , N. C. to our little town to buy and commute over the mountain because Asheville is too expensive to buy. I'm priced out of the market . Husband passed and had to sale my old , big house . Couldn't keep it up . Now I can't afford what is out there. If it's cheep .....needs work . Can't do that .
The south needs a price decrease of about 50%. The prices increased dramatically based on migration only and no other fundamentals during COVID. Migration is reversing to below pandemic levels now and so should do the real estate prices.
Give me some kind of communist boy?
@@GTA_500 This communist boy works for wall street. His god is numbers and analytics. What do you believe in, boy???
Nope!
Yup. The locals need to be able to afford houses. People from New York or California selling a junk house for $1 million and overpaying for one in the south cause the market to inflate artificially. The people from here don’t have that kind of luxury. They’ve worked hard and honest and had their options ripped out of their hands.
The housing market isn’t living in reality when it comes to pricing. Homes are not worth the asking price. Period.
In my once affordable place to live, a plethora of "home investors" came and bought all affordable inventory, flipped or made expensive rentals or airbnbs and created higher prices, higher taxes and low inventory For Real ppl. Now our neighborhoods nare no longer affordable and everyone is cash poor And house expensive (i wont say rich bec its bankrupting ppl!) Now i see builders creating a large number of new homes that are also expensive. Those price increases also. Caused other, price increases and frenzied real estate markets. There are jobs but wheh we apply for the jobs we get immediately turned down so it feels like a squeeze from the rich ppl stealing from desperate ppl at the bottom area of the bad economy they are manipulating & basically are eliminating any completion keeping them from totally controlling all the real estate markets! Its so frustrating.
People from CA sold their rentals there and bought TN properties to rent out as AirBnB or straight-out rentals. They bid those houses up as soon as they hit the market. Well, the people of TN don't have the lifestyle of CA. They can't afford $2,000 a month in rent for a 900 sq ft house. Pretty soon, those homes stood empty. Now they have "For Sale" signs, but no one can afford anywhere near the asking prices.
Yes I'm a tennessee native and wanted to retire back home. We budgeted how much we needed in 2020 and saved that much and now can't even find a home in that price range so I cannot go home until home prices come down. And my relatives cannot move because rent is too high.
@@onnacarley515 perhaps your family could go in together? In the rural parts of middle TN are some historic homes on several acres fairly reasonably priced for the square footage and needling a bit of TLC. It is difficult to find buyers for these homes because young people want a new McMansion with very little yard and developers don't want the trouble. If I had known, I would have pointed you to two brick duplexes in Shelbyville, each for $190k and side by side. Something could be made of things like that, too.
same thing in small town VA …… Our council is working with a lawyer to see what can be done
@@gioiapharo7433 there isn't much...however, those who bid those properties through the roof should be dealing with empty rentals...or possibly squatters who the sheriff is slow to work on. Possibly do a CA trick and make squatting not illegal for up to 6 months if the owner of the property does not live in the county limits. (With the rational that they cannot keep an eye on the property) They can pass an ordinance that all residential properties except apartments over 8 units must be owned by individuals, not corporations or property management groups.
Ive done 22 wholesales in 19 months in ATL. You are so right i get so much properties sent to me and but when i call buyers im getting the "im out the mkt for now contact me in 6 months".
I haven't seen anyone talk about the new rule with NAR (National Realtors Association) coming August 17th, 2024. This is going to really scr*w everything up. Please talk about this! This is why things are going to stop.
I'm in the Houston area and the market seems to be steady with soooo many people flooding in from Calif., especially into the Austin and surrounding areas around it. A $500k home in Texas would cost between $1.5m to $3m in Calif. The sq footage in Texas is close to double ith sq footage in Calif st those prices. Florida has exprrienced the same thing with ew Yorkers and Californians. Our prices get inflated JUST because of the different costs in housing between these states.
I recall years ago in Houston during another Kali exodus when "McMansions" were going up like popcorn because folks had money to burn from the difference in home prices. The outrageous cost of living in some states is driving folks to vote with their feet.
Geez
When real estate was hyper inflated by banks, real estate companies, financial institutions, and investment groups to prices that was mind boggling and so inflated, year over year, more than anytime in history.
Geeeez, it must only go down.
To REALITY
Yes, this is the time of the markets when FOMO fear of missing out rapidly converts to FONGO fear of not getting out (in time) and people realize that if they don't sell now, their neighbor will. And, their neighbor's sale will push down the comps for their own home forcing them to price lower than their neighbor's sale price
One neighbor selling a house won't depress your value.
@@joewoodchuck3824 I think you missed their point. It won’t be just one. It will be a chain reaction - just like FOMO.
@@brena4911 Regardless, I don't have faith in the concept.
Fongo? What about fongus ?
Exactly our situation.
We have a huge rainy season in florida. All the mosquitoes making people leave and sell 🤣
😂
O I thought that was the State bird.
No its the humidity. Northerners cant handle it most of the time.
@@breadnaut3087 both, maybe. But actually, another video debunked this. We are still growing. It's just slower... housing is still looking impossible for the working class.
Remember bill gates dropped them off a couple of years back 😮
One thing I would like to add is that I live in a blue state that you are saying that there is an inventory issue. I live in an area that over the past 2.5 years homes in our market were selling in less than 24 hours with multiple offers. Many of these were 20 to 40% over asking price. We had a very large influx of families from the West coast and North East that were moving to our state because of the cost of living and the favorable taxes. The homes are still selling in our area but maybe on the market for a few weeks or a month or so. With comparisons to last years sales our numbers would be skewed when it comes to inventory numbers. If you look over the past 20 years of home sales in the South East the markets run strong for 9 months to a year after the slow downs on the West coast and North East. In an up swing in real estate markets it also takes 9 months to a year for the Southern markets to rebound back. I have been in the building materials industry for 30 and if you really want to have a head start on the market conditions in areas of the country follow lumber sales. If you use this as one of your indicators and you will be ahead of the competition.
Thanks, Jared. Its great when you cover metros outside FL. Very much appreciated.
Will try and do it more often.. the UA-cam gods seem to bury my stuff outside of Florida.. so I am hesitant but will continue to test spotting outside trends. thx for the comment
I live in the San Antonio area, going through a divorce, needing to sell my home and then repurchase a home for myself. I'm seeing a slight decrease in the amount homes are being listed for, which is great.
Good because a lot of young couples can finally buy a house. People need to realize that not everyone can buy 300,000 homes.
how bout the millenials thatve never had a chance?! screw gen z! they givin up!
I’m looking to return to my home state of Florida. Tampa, St Pete area. I was looking to buy over the last two years but prices and insurance just got higher and stupider. People acting on FOMO. Just like they did just before the last big housing crash. I moved to Colombia South America. I am returning next month but I will be renting 6 months to a year and watching the market to see if the governor can get control of insurance rates.
Thank you for validating my overall thoughts on the market trend. I don’t believe inflation is a government issue but corporate price gouging. The government wants to pretend we have a free market so they don’t do jack while they allow the super rich to get richer and pay a lower tax rate than working families at the cost of the working class. I guess that’s because they are smart! Please keep up the good work on behalf of everyone.
oh u bet ur ass inflation is a government problem. they just printed off HOW MUCH for covid? i knew this crapd happen, i was afraid itd be worse, but they also twist and lie. its around 20% like id suspected. i worried 25% plus lies. they also printed off 85 BILLION DOLLARS to just give away just foo foo! are u MAD??? "our president" is directly responsible both on the scene and behind it. vote smart, vote red, or dont vote for now. PLEASE! for the love of God, im a single mom trying to buy my 1st home in michigan. and im 40. i sell insurance. we NEED trump, only time in my adult life i could afford a rd trip plus my bills and paid for my own 3 month maternity leave, while paying all my bills on minimum wage. i had overtime to help. i flourished under trump as a poor person. id love to do that again and get my family in a home that doesnt rain on the inside or come with an npd nut case attached😢
I’ve been ready to buy for two years, but will wait two or more to make sure those prices come down. I think by summer ’26 the market will be good for buyers.
I dont need a course on it, can u just tell the 5 states??
In the last couple years, the price of housing in the south has doubled and tripled.(probably because people up north were moving down south.) nobody can afford those prices so to me the strange part is not that dips down is that it went so high up in the prior year !!! I mean, nobody’s pay went up in the south for the exorbitant prices they were asking for housing. !!!
Houses in the NORTHEAST is not slowing down low inventory no new construction, I don't see the market adjusting here too many buyers & not enough sellers ,1150sq ft in my neighborhood just sold for $615,000
If that is true, then there is a builder in my neighborhood in florida that is about to lose their ass. Got 4 houses going up now in different phases of building and also bought lots.
he shouldve waited til next yr:/
My area is Pasco County Florida. The new construction is through the roof. People can see that there is going to be a glut of homes on the market. It has become a buyers market, IF they can afford the mortgage, insurance, taxes, HOA fees etc. I think the country commissioners have gone drunk with the prospect of all that tax money. Most people are starting to get upset with the over building and tearing down of natural areas to build usless homes. I give it 50 years a lot of these areas will be slums.
I'd love to see a deep dive into this and the Tampa Bay area
I’m still seeing high prices and multiple offers maybe I just have good taste 😂 lots of peeps from Cali moving to TN when they find out how hot and extreme it is they are putting their houses back on the market
I have good taste too, but you don't make money buying the perfect turn-key homes. 😉
I live in Austin TX and the market has really slowed down. It’s horribly overpriced and I think due for a sizable correction. Out in the suburbs like Cedar Park, Leander, Round Rock and Georgetown the new construction neighborhoods are empty. Tons of half built homes and lots of available signs. Im aware of two local builders that had to sell off to national builders. New construction has plummeted.
You can thank the influx of Kali for this when tekkies moved from Silicon Valley
Florida listings are up because of a new law. All condominiums must save the money ahead of time for inspections and expected repairs for several years out. The money is to be assessed by the Home Owners Association or Board within each building. Many condo owners have gotten HOA assessment bills of over $20,000 in addition to their regular fees. Those who can't afford that assessment are being forced out of their homes. Thus, they sell.
Hmmm. Just wondering who passed that law, and if this result is a feature or a bug?
@@snow_tacknives2024 How is that a bad thing? People stealing property just because they found a way to enter a property illegally is a bad thing. That is a totally different situation from a person seeking shelter.
It should be allowed for people to temporarily sleep on public property. There should be public bathrooms throughout cities with access to clean water.
@@MrMoneyHelper Florida recognized the up and coming evictions and knew folks would not leave once the were given notice and people would be kicked out of their homes because of the governments failed economy and high inflation, this is why I believe they passed the new law removing squatters and people who would otherwise take several years to remove them.
@@snow_tacknives2024 The law came about because of several news stories of temporarily abandoned homes that became occupied by squatters. Once the landlords told them to leave, they wouldn't because tenant's rights laws have been perverted by courts. Which made it impossible to remove squatters. Thus, squatters could remain in places rent free for months. Cops were forced to arrest owners for changing locks on doors of buildings where squatters were staying.
MANY squatters were moving into empty houses that were listed for sale. They claimed that they were legal tenants. This forced owners to spend thousands of dollars on attorney's fees and lose sales or rent for many months.
There is no moral or legal justification for squatters stealing apartments or other dwellings when told to leave by rightful owners.
@@MrMoneyHelper I'm really not referring to folks entering illegally....these new laws make litigation faster to remove tenants who fell on hard times because we have a predatory government who purposely caused inflation and have targeted the middle class. These problems run deeper than just your squatters in your property.
My neighbors 1400sqft house with no garage, just sold for 500k last week.
State?
But Are they really down when the prices were grossly inflated. A $120K house suddenly selling for $210K. That’s messed up! Great for seller but it’s cruel and it’s FAKE VALUES.
It allows for increased taxation. Which takes from that homeowner and gives to schools and municipal services. The municipal leadership can then import millions of additional aliens who burden but become equal shareholders in the community.
Tenn. and Texas . No state income tax . I pay OVER $ 12,000 a year in taxes to the state in NC .
Soo . That’s something to consider
Are insurance and property/ school taxes,are equivalent to your state taxes..The property and school taxes, get reappraised every yr. In Texas.
@@kandice777 born free and taxed to no end 🤦🏻♂️.
All I know is that in Knoxville home prices have gone up by about 30-50% and there are multiple offers on houses as soon as they hit the market! It’s insane! My son recently offered $15,000 over asking and a cash buyer came in and got the house!
I'm so glad I saw this video. I've been watching homes in northeastern TX, western NC, and eastern TN for the last year. Homes have been so overpriced in these states. I will be a cash buyer but I'm not buying at the current prices.
You got it exactly right. Renters, land lease props, and HOAs with weather risk are now in huge trouble. And, it gets worse. Wait for tax increases to hit based on reassessments and then watch the foreclosures. Can't pay it, can't sell it, and the neighborhoods go into decline.
Yes sir it’s coming fast
Everyone been sayin this for 5+ years now.
You know how i know prices arent gonna drop?
Because everyone and their dog thinks so.
Also, Blackrock wouldn't have bought so many homes 2-3 years ago.
Inflation is coming so strong that the dollar amounts for homes will not drop. Might just keep rising.
We're in South Eastern Massachusetts and here the single family homes are still rising. Would love for you to cover Massachusetts and maybe this general area.
yeah michigan too
MA will not crash, so many jobs, good education, good healthcare, people want to live here.
@@tabithan2978 I agree, I keep up on the housing market and our home goes up every month.
You're spot on about Atlanta, at least the inner-city market that I'm in. I thought that we would have one last gasp in the Spring and early Summer prior to the start of the school year. I went live with a house at the end of April, not realizing that the market had already shifted. Loads of inventory kept coming online, and I didn't drop the price fast enough to compete. Rents have held up, so I have the option to either rent it again (in an area where not many can afford the market rents) or fire sale it to just unload it. It's exactly what you said. Too much inventory and not enough qualified buyers. Buyers are in control, and they're being super picky and cautious...
And I hope it gets worse. You should not have to dump your savings of 4 or 1K to buy a house that is over 30% of his value. Only to have its insurance and Texas go up by 60% the next year causing you to lose all your investment. People are not falling for it anymore. People are leaving the country to purchase land and bill house. I am currently building in the Philippines. There I have built a 3 bedroom 1 bath house for under 12K. You cannot even put 12K down for a down payment on a house in the US. They're warning 35K to a 100k for a decent home.
My GM is 97 and just now moved into Assisted Living. We live In Nashville. She put it on the market in June. It still has not sold. Inventory is definitely up.
FL is a unique situation, due to other factors, Insurance, Taxes, HOA's, and other fees... not because of supply and demand....
Naples, it is crazy how small old houses, 2000sqft, are on sale at prices comparable to new homes.
Just put a contract on a new build home 25 minutes from downtown Naples. The new builds are dropping prices 5 to 10%, are paying 24K closing cost, offers rate paydown of 4.99%/30yr. Add an insurance rate of $2400 for 3300sqft/$610K, it was a no brainer deal after waiting 3 years to buy and living in a hotel for a year and renting for another 2. Btw these new homes are selling. Ours will be completed in a few weeks. We actually were negotiating on another home, but as we were waiting for a couple of months closer to when our lease ran out, someone else purchased the home. Which worked out for us because the same model we contracted on is in a better location. The builder didn't want to show this one to us previously because they wanted to sell the one that is finished first. Fortunately it all worked out for us.
Insurance was $2400 a year or a month? Who is the company?
If Naples has close to 1 year inventory you’re likely to have less value in 1 year when those units sell low. Do you know if yours sat open to the elements before completion? A stick built home in FL should be worth less- it IS a hurricane zone but a builder won’t tell you these things. Everyone wants the newest look- my 1940’s block & concrete has cottage stood the test of time and anything can be updated 😉
Builder has their own preferred insurance. The home was built to Hurricane specs, roof/windows/walls.
@@chriswb7my home insurance is 605 a year with a 20 year old roof,
Denny. Hahahahaha...your home must be on a plateau in a desert! Cost of replacement and risk of disaster must be very low in your area. My 3200sqft ,38 yr old home in Montgomery county Maryland just 20 minutes from the Whitehouse costed $3200 yr in insurance. So a 3300sqft new build in Naples is pretty dang good! I have seen $400K 2000sqft 30yr homes down here costing over $6K easy per year!
Thank you for this , can you do another video that shows what states are doing the best. We live in North NJ and our prices for our home is through the roof. We live in Bergen county and there is shortage of homes here as well prices are out there. Thank you.
Just bought a property in the Myrtle Beach, SC area. Got it for at least 15% under the average for the area, plus another 3.2% credit for wear & tear. I'm a happy red state homeowner! :)
Why is saving the housing market considered a good thing? That simply means higher prices every year that people can't afford.🤷♂️
Realtors say : "Yes Please!"
Texas has been raising home values and increasing taxes by thousands of dollars for 8 months now
One of these days it’s going to be bad timing 😢
HOA fees are too high to ever consider buying a condo/townhouse in Florida. The prices may fall, but those monthly fees will still be too much!
There are plenty of vacant house own by investers and underutilized home (ie. 1 person own 6 bedrooms house). We have no shortage of house but the poor allocation. It need skyrocket property tax for these properties - the inappropriate occupied ratio. I do not want to own a house that overvalue than income and no one can buy. It is a toxic market that benefit only the county tax collecters.
Spot on Jared !
Looking for a single family home in the Orlando area and prices are crazy high and trending up
Be patient - I live downtown and there are for sale signs going up all over my neighborhood (Delaney Park/Lake Cherokee). These are now sellers competing with eachother - if buyers hold the line - prices will have to come down.
I am looking to buy in horizon west and the house I want already dropped from $550,000 to $530k. I am just waiting to see what happens next year. No need to hurry
Investors have ruined Sevierville, TN, what people came to enjoy about this area is faded with to much building ,too many investors. You cant even go to the grocery store anymore and find a place to park . Whats next , people stop coming, too much traffic , the shops where always unique, now t-shirt shops everwhere etc... starting to look like a circus instead of a beautiful Mountain town with the smokes for hiking etc...to enjoy the out doors.
We will have all concrete mountain tops, but hey as long as you make a dollar. Am curious to see who works all this growth because locals
will have to move to be able to put of roof over their head. Nothing wrong with capitalism, but big money investors leave places in ruin. Investors have no stack in wanting to persevere the beauty of a place they will keep building till it looks like the citys everyone wants away from.
it's normal for inventory to rise from where it was, the prior inventory levels were unrealistic. We're just going back to the norm.
Prices are going back to the norm too, because the constrained inventory was temporary and artificial.
Utah homes prices are ridiculous! I'm not sure who is crazy enough to buy an 800k home that has no garage and only 1 bath.
Folks that purchased a home a year ago in GA were typically in a bidding war. Ten to fifteen cars lined up on the first day. Multiple offers. Offers over the asking price. The hope was to refinance in a year. Now, they are just hanging on and faced with increasing insurance and taxes.
I bought 10 months ago in GA. Made offers on 4 properties and was outbid on every single one. Finally got a fixer upper and paid too much for it but didn't have much choice. Very much appreciate that my county doesn't charge 'senior citizens' school district tax which is saving me over $2K a year.
@@BabzToo We bought about 18 months ago in N GA. Same deal