Bad News for SPRING HOUSING MARKET
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- Опубліковано 14 лют 2024
- January CPI inflation report is higher than expected! A bad signal for the spring housing market!
#housingmarket #useconomy #mortgagerates
Todd Sachs is a Maryland Real Estate Broker and not a Lender, CPA, Attorney, or Financial Advisor.
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The mistake wasn't raising rates... it was setting them at ZERO for over a DECADE.
Well yeah
Well said, 1 thing to remember. Governments and political parties on both sides of the aisle run on borrowing money to buy our votes. They keep rates at zero and offer us stimulus to keep us in our homes and dependent on them.
To me it's not the rates. It's the price of the homes!!! It's a double wammy. The home prices are high and the rates are high. Average monthly mortgage in the DMV is like 5500 to 6k.
That lead to higher home prices (because "I can afford more now" narrative), which lead to higher insurance and property taxes.
Home prices are astronomically high just like the stock market. Eventually prices will have to come back down to Earth.
First time with the digital board! A little awkward, I'll get better (bear with me). 😅
Crushin it Todd! Greatly appreciate your insights and all the hard work you put into this.
I thought you were great!
I love the new board!!
You used it well!
Can't see the board at all on my phone....
No one knows how to live within their means is one of the biggest issues. Buying new cars every 3 yrs, can't live in a modest affordable home because they are afraid of what people will think of them. My wife and I are debt free because we live in a double wide on a half acre, have a 1 car due to me having a company car and we don't blow money on stupid things we won't remember 6 months from now. People have a means vs. wants problem. Yes prices are high on everything but if you control yourself and your purse you can weather the storm.
We are going down. No one can afford anything. Thanks to the greed and the nasty…. welcome to the real nightmare, everyone.
I've been telling people but they don't believe it.
I think that they lost the way to analyze and see reality .
The Fed is a cartel of corrupt banks with no oversight and a history of causing booms and busts. They caused the bust that is headed our way. The Fed needs to be abolished and we need real money again. It is a shame that greed of the elite bankers are going to cause so much misery in the near future.
Everyone thinks this housing market is the new normal like Dave Ramsey or the fat cats on Wall Street. They see things very differently than we do. Affordability is gone and prices are out of control.
@@Cubaconstituciondewhat would you have done?
@@candelariaw1668
Always see reality, if at this point someone doesn't see what is happening with their economy ($$$$) then they have chosen to be blind.
Here in the UK we have technically dropped in to recession today, but people believe the government's stance that it will be shallow and quick. The problem is many people don't remember the 1980's and even 2008. I feel like banging my head against the wall.
Landlord's are struggling to get mortgages and I have families calling me in tears asking for a home as they're being evicted. We normally let properties for around three years before they move on. Now no one is moving and we are having to increase rents far more than I feel comfortable with. And because we are in Devon it is a tourist area and holiday homes like airbnb have taken over pushing families out but immigration is out of control.
It’s a shame what has happened to all of us especially Britain and Ireland
Japan recession was announced yesterday
, now it’s UK? I live in USA and it’s coming here soon we can feel it.
Thanks for reporting 🙏
@@Zzz5 scary times ahead I'm afraid.
I just watch the news clips😢 sadly it’s true for UK and US is right behind I’m sure
Love these shorter videos. I do like the interviews and things but I learned a lot in this format. Thanks!
Thanks for the feedback 🙏
Agreed. All meat, no filler.
Fellow Realtor over here in Coeur d’ Alene ID and Spokane WA. The amount of peers I’ve seen drop out of the business is staggering. The prices of new builds with their in house lending incentives are what most of my buyers are putting offers on, because comparable older homes are ending up being similar in cost if not the same. The inventory here is still somewhat slim, keeping the prices high. I’m seeing vacant land starting to creep down, but its so mind boggling seeing manufactured homes in the lower $300k at times 😵💫
Love the show, and I continually learn so much from you! Thank you!
7% is still a low... back in the days interest rates were 20% weren't they? that's what kept the house prices low. we need to pump up interest rates to 25%... because people are buying houses at 3% or 5% down only.. in my opinion that is not right.
So true but will never happen
Yes
Rates still need to go up but that isn't going to effect the home prices like you think it is. Back when rates peaked at 16-18% you could build a nice home for $50k but today it can easily cost $150k just to get the land, foundation poured, and utilities cut in. That is why home prices are so high, because the value of the home is intrinsically tied to the cost to rebuild.
Price you pay is not negotiable! Interest rate is ! It’s no interest rates that are the problem houses are astronomically to high average price is 412 k ! Everyone says the interest rate prop work backwards!!
@@apersonontheinternet8006
Exactly! This is superficially affected by interest rates but more affected by underlying costs of materials and labor! When potato head decimated the oil industry when he got into office by killing the XL Pipeline project, that drove inflation to 50 year highs!!! That sharp rise in energy costs affected EVERYTHING!!!
If this brings home prices back down to what they were pre-covid (about 30% to 40% cheaper) we'll be buying without a mortgage. After missing the boat in so many other economic booms, I'm looking forward to finally being on the winning side this time.
You will be left behind again. Stop waiting and buy what you can afford to buy. This is not 2008. 99% of economists said recession last year and the US economy keeps grinding because jobs are strong. Get your head out of the sand and secure yourself a future.
@@timothyflemingphotography Yes a future in Bankruptcy court.
@Main1Event if you don't know how to manage money sure. I wish wish all of you the best of luck never building wealth.
@@timothyflemingphotography "Stop waiting and buy what you can afford to buy." That is the thing though... if you are being smart with your money in trying to buy what you can afford, most simply can't afford to at current prices.
And no the strength of the job market has consistently been overstated. As well as wage growth being so bad we are at record highs of people working multiple jobs to make ends meet.
Your head must "be in the sand" if you think the economy is strong or you must be in a very privileged position to be so removed from the cost of living increases across the board, especially groceries.
@@timothyflemingphotography You sound profoundly out of touch.
First of all, when I bought my first house in 2006, I could have afforded double what I chose to spend. And good thing I didn't, because I was able to weather the GFC of 2008 without issue.
Second, house prices where I live are only now starting to be affordable. I live just outside a major metro area, and people with an abundance of money fleeing the city during covid pushed the prices of homes here to nearly double what they had been. As they started moving back to the city, most put their houses up for rent on AirB&B, but because they oversaturated the area with rentals, few were rented more than occasionally. They then opened up to long term rentals which, again, sat vacant. And now they're selling, which is pushing prices back down.
Third, most economics claiming the economy is doing great only point to the stock market. The stock market is NOT the economy. Prices are too high across the board, several major countries have just tipped into recession, and the US is likely to be in one soon. Buying as much house as we can afford right now is probably the stupidest thing we could do, as companies will start laying off employees in a recession.
Fourth, I AM securing myself a future by not overpaying for a house when all signs have been and are pointing to an impending downturn which has, in fact, started.
So yea, I'll happily not take advice from you. You sound like one of the city slickers who overpaid for your covid getaway house and want to sell it to some sap before it's worth less than you paid.
The morgage rate is not the problem. It's an excuse. Blame the over priced houses.
Yep stupidity prevails like allowing corporations to run rampant and screw people. Record profits over life.
Thank you Todd. I am really cutting back on who I listen and subscribe to on real estate. You, Melody and Danielle are it right now. I used to work in Baltimore back in my youth and enjoyed my happy hours at the Rusty Scupper as a twenty something.
Spent a few dinners at the RS myself.
Love the digital board. Really adds to the Thursday video.
I did a rate buy down last year. I plan to keep the property. I negotiated with lenders pretty hard. When I did the calculation, the rate buy down would pay for itself in 7 years. After that is added money in my pocket.
Rates are not causing declines in sales, prices are!!
It’s both! Rates make your monthly payment a lot more and you obviously end up paying more on interest for longer!
Ppl are not looking at price of house. They care abt monthly payment
Lets bring back 1985 prices.
My FIL bought his home in 1984 for $39k. If he sold it now (it’s in a very desirable neighborhood but he hasn’t taken care of it) he could get $425k. Absolutely insane.
THEN EXPECT 1985 PAY RATES
@@domcizek my dad was able to live getting by with my mom staying home on an entry level glass company job. My husband is an MRI tech and we barely get by.
YES, ALL HOUSING OR RENTS ARE WAY OVERPIRCED, BLAME COVID FOR HAVING A LOT OF PEOPLE MOVE TO FLORIDA BECAUSE THEY C OULD WORK FROM HOME, THEY WANT SUN AND SURF AND WARM WEATHER, OVER 1000 PEOPLE PER DAY IS OR WAS MOVING TO FLORIDA BECAUSE OF COVID, , ALSO COVID DISRUPTED THE SUPPLY CHAIN ON EVERYTHING, SUPPLY AND DEMAND CONTROLS ALL PRICES, @@erinsweet8147
Not everywhere homes are over priced where I'm at houses are cheap and good deals its the interest rate we was approved for 180,000 now thanks to the rates we are only able to get approved for 150,000. But insurance prices in lousiana keep going up also.
Lowest rates but prices are insane. Give me these rates with $150k house. Not $500k house. Which is way overvalued.
The interest rate is not the problem. It's the extreme over inflated prices. People buying a house two years ago and now trying to sell it for double what they paid for it without doing any work on it. I've seen it over and over again because I've been searching for a house for years
The problem are the people paying those crazy prices. We need to start saying no and offering lower numbers for these homes.
Everyone was shopping at luxury stores and bidding on houses when the stimulus checks were being passed and student loans paused. All of a sudden, everyone is complaining about the inflation. Who created it?!!
How are people still buying?? Are they the rich ones?? I like your stuff Todd.....you also tell the truth....
Thanks for your comment!! 🙏
Baby Boomers are the wealthiest group right now that’s how lol. My city has 45% cash buyers over the last 6 months, most being older generation cashing out. Homes here start at $1.5 😂
Different people, different personal circumstances and differing Real Estate markets. If you have to move for work or to evade crime issues, then you are going to need to buy a house. Money is waiting on the side-line, just waiting to pick up the ball.
Lots of people with $
Everyone isn’t struggling to survive, so you can’t put everyone in the same boat!!
I think your channel should cover the difference between new construction built between 98 and 06 compared to existing homes prices and why new construction homes are dipping and existing homes are going up..
You're honesty is so refreshing thank you
Very good update of what is going on. Thank you
When I sold my house in Hawaii around September 2022, I received 10 over asking price offers within one weekend, and 4 of those were love letters with pictures.
The love letter thing. Yuck
Real estate is local. Homes are still selling, buyers are still buying in areas of the country that people want to move to. Examples, TN, TX FL, AZ, ID. There are still A LOT of qualified buyers with cash just waiting for the right moment. In other words, NOT seeing ANY slowdown in prices increasing or homes being sold. Not hoping for it, BUT there needs to be a SEVERE RECESSION and many job losses before people will noticeably atop buying. That severe recession isn't happening in 2024. The FED will continue printing money and flooding the money supply....
Great haircut, sir! You look very well put together. To say the least of the accuracy and passion in your videos.
Todd, been following you for awhile and have been listening all along. Great work!
Economic investigator Frank G Melbourne Australia is following this very informative content cheers Frank 😊
Thank you Todd for all your information. I've been following real estate since 2000 and had my license for 20 years. I totally agree with you that the Fed screwed us all by allowing the rates to go so low. I was just wondering if they did this on purpose---just like all the other things they do on purpose. People just can't control themselves when rates are so low. I believe in paying off your home; but my neighbors have huge mortgages and all the toys you would ever want!! And I really admire your life style!
I see agents or agencies buying props as soon as they come out & then resell it as a FSBO...Specially the older agents. Annoying for my clients.
I moved here from New Zealand in thirty years houses went from & &100k to a million a lot of people said it going to fall but it hasn’t yet Trouble is to many kids going to college and nobody’s building homes irony is builders are making as much as doctors now cause there’s too much work turns out houses are important with a home shortage prices won’t drop much
I just want to say that I have been watching your channel for a few months now. Your Tuesday night podcasts are always informative. I do feel that tonight's video has been the best. Tonight was to the point. Even though the video was longer than previous weeks, itndidnt feel long. It was fun watching you struggle with the board at first, but you seemed to get comfortable fairly quickly. Even the audio sounded great. It was very crisp on my end. Great job on the editing, too.
That being said, I recently bought a house in this wild market. Wish me luck. I've gone to the dark side and can't go back now. 🏠🔐
Ill be alright though. I'm prepared.
Thanks for your comment and congratulations on finding a home 🏡
Thank you for this video!
Excellent show and reporting thanks for the spot check on reality … ❤
Thank you for updates, Todd! Big fan here.
Thanks for sharing and your honesty!
Todd you give such great advice.TY for info about listing agent and accepting offers
We’ll drop for sure over the next few years, but I’m still skeptical if we’ll drop below pre Covid prices. I think it’ll skid out to around pre Covid prices, maybe a little less in some markets, but probably 5% or so above pre Covid prices for most markets and then trough and a few years later pick right back up. But going to 5% above pre Covid prices is like a 20-40% drop in MANY markets, yikes.
Love this channel and the digital board is a nice add on!
Excellent commentary! If the government wants free markets they need to quit manipulating them. Yes, they messed up what a crock.
Thank you for your comment. 🙏
It doesn't make sense to buy at overheated prices and expensive rates. Sellers with a low rate have a huge advantage if they're willing to sell their house subject to, and we are willing to pay full price. Unfortunately, real estate agents get so confused and fixated on their commission that they never present the offer, and we end up buying them after the agent gets fired.
It isn't overheated, only the people on the outside think it is. It would cost me $250k to rebuild my home exactly how it is today, this is a home I paid $35k for (it needed tlc, market value was probably closer to $60k-$75k then). Unless we get back to the days where nice homes could be built for $50k this price drop everyone is waiting for simply is not going to happen.
@@apersonontheinternet8006Rising rates and prices of homes and everything else is forcing everyone out of the market but investors and those waiting for foreclosures, everything is totterring on the edge of a steep cliff. Going to be a bumpy ride down.
Mass white collar layoffs soon and blue collar wages will fall like a rock, it will be worse than the great depression imo and the dollar will be almost worthless soon
It will be correction to the market and the house industry. My next door neighbor wanted to sell her house for 289K .. it sold for 300k... and she received over 10+ bids. In northern part of the east coast from VA to MA housing inventory is low and unemployment is low. I live in blue state , however the policies are very conservative.
Please share your data to back this statement up
lol based on what?!
Guys have you not been watching his podcast the last 9 months. The whole markert in under a correction. Housing are selling but not as crazy as the last 3 years. Second the data is available. So the house she sold for 300k was appraised for 370k in 2022. She bought for 200k in 2019 so she was happy. Even the main realtor in this podcast has been saying we are in correction. You guys sound like the dudes that bought a property and want to appreciate overnite. .. as the pocast as said it is long term game. Shessh
@@eduardomendes5220 I’ve been watching this podcast since fall 2021. These guys are great, one of my favorite real estate channels, with that said these guys have been calling for a market change up for like 18months plus. They aren’t the only ones. Lots of financial people keep saying we’re going into a recession. Go back and watch videos from 4 quarter 2022 or 1st quarter 2023, according to most of these guys we were supposed to see a recession the second half of 2023. My point? They keep saying it’s gonna happen soon, then it doesn’t and they say it’s gonna happen soon just wait. All these real estate and financial gurus have been throwing out their predictions and EVENTUALLY if you guess at something enough times you’ll get it right.
@sachsrealty Love the digitial board and wallpaper! The lighting in your past videos were way too dark
Thank you for your contribution!
What do you guys think is the most likely outcome? Rates to go up to 10-15% and markets correcting or layoffs and america downsizing causing a firesale and an ultimate collapse in the housing market?
Ty Todd!
Very informative!!
14:06 that’s the point !!!! Great video of what’s happening . Inflation is high and no matter how low the prices goes people won’t be able to afford . Made me a subscriber today !
the economy is going to hell, but yet, the stock market makes all time highs.
Same thing in 2007
US stock to GDP is 194%
Great points about mom and pop landlords as well. They have to listen to all of the lifestyle issues of their tenants that they know very personally. Huge landlord companies do not. There is a huge difference in those type of multifamily units.
Great content, first timer... I'm a lender with 25 years of experience. Historical average of interest rates for mortgages on 10-yr Treasury vs. mortgage-backed securities is 1.5% higher. Super weird anomaly; due to COVID, inflation and national debt owed, that number is closer to 3% higher (not close to normal) and still there. I believe, we'll get back down to the 1.5% once the recession is officially called, even though we're already there. Hope that makes sense to peeps out there. You should be in finance if you get sick of real estate!
I rented from an owner, never raised my rent. Rented from corporate owner, raised my rent by over 20 per cent every year.
And therein lies much of the problem with housing.
Great report! Love the board!
Tricky, but should be better for reporting. 🙏🙏
Great overview. Thanks for getting the word out to everyone
Thank you !!
There must be a light, a bleam of hope, something out there to help the current state of the economy.
I'm running out of ideas and I pray it ends with a big smile
@@ElizabethDaniels-lf7dv
There's always something,
Information is always the key.
What have you tried in order to stabilize your finances?
Good Investors know better than to rush into new Investments , particularly during period of inflation.
@@LucasRodriguez-qv4dc
I've tried a couple of Investments but seems like I always hit dead end or I'm not good enough.
You are the best. I have learn so much just by watching your channel. You honest delivery, good communication and the guest you bring....are amazing and very informative. Thank you and your guest for sharing your knowledge. I can't wait to learn more. From Houston.
Thank you so much 🙏
Agents in Houston are saying market is really good here and yes I don't see prices dropping, seems people are still buying. I can't wait for the market to change since homes are very expensive here. Thank you for all you do and share. AA
My friend just bought a brand new house for$300,000 45 minutes north of Houston. Husband makes $25 a dollar and the wife makes $20 an hour. They put 3.5% down payment at a 7% interest. They also financed two brand new 2024 Jeeps at $800 per person per month payments. It's easy qualify to buy a house. It's hard to keep the house.
I have found your videos filled with facts rather than trying to pursue buyers that others are buying by creating artificial hype.
Ive been offering 50-150k under asking price on new houses. Builders are starting to negotiate. I’ve got a couple offers 50-65k off asking price.
Thank you for this great info ❤️❤️❤️
Quality report Todd good work nice charts.
A degree in economics can be a big detriment to getting things right on economic matters. If that's your job, you're probably paid to say the wrong thing.
I think what most Americans don't see is that the state of the economy is a result of both administrations and local governments not preventing investors from buying thousands of investment properties and then jacking up the rent prices.
That is less than 3% of all single family homes in the country, and the investors are not buying the homes that most people actually want. Many of these homes need significant work to be habitable and end up sitting on the market for years before investors come through to pick them up on a good deal.
Nobody is "jacking up" rent prices, insurance companies are jacking up rates. Mine have almost doubled in the last 3 years with no claims making it impossible to rent the 3br homes out for the $800/mo that we were able to do prior to 2020 now actually costs about $1,500/mo when factoring taxes, insurance, et al.
You are looking dapper today and fancy tech
Great blog
I appreciate your honesty. Great video
Awesome video and explanation, thank you!
Thanks for watching 🙏
@@SachsRealty your channel is on my daily list 😀
i don't know stock and housing price seem to be going up so far. Not sure what would change to make house price go down in spring
Great video!!!
Nice, take us to school! Good job with the new tech btw!!
Thank you Todd 😊
🙏
Sales are down, because of the inventory..! In our area (Charlotte metropolitan area) prices are up compare to 2022 and they are going under contract within a month
Save money and be diligent. Something tells me there will be some hurt. No bailouts coming this time around.
We are buying houses with loans at 7 percent when the houses were priced for rates at 2.75. No one wants to lower prices.
You can't lower prices, home prices are tied to the cost to build the home today. 20-30 years ago you could build a nice house for as little as $50k, but these days you will be in $150k+ just for the lot, the foundation pour, and getting utilities to the property before you frame out your first wall.
@apersonontheinternet8006 majority of the market isn't new housing. This has little to nothing to do with what's going on. New housing market is a total different market in itself lol
@@stefanagiovlasitis2669 and you still can’t buy windows and doors for that price. Maybe you should stop and learn something.
@apersonontheinternet8006 Yes, the reason why current housing built in the fucking 1950s are unaffordable. Your about as thick as a fucking batch of concrete. Building costs are at the bottom of the list. Your out here trying to impress us with your fucking captain obvious knowledge, no shit its expensive to buy a fucking new home the way the economy is. 16% of Americans have an IQ less than 85, that's why we are here. I want to thank you for contributing to that.
@apersonontheinternet8006 they deleted my comment but im sure you saw it. Yes, the housing market is upside down because of the price of windows. Your a joke, do you read what you write or does it just spew out like diarrhea?
Why are the “builders in deep trouble”? (15:25).
First time listening to your show. Thank you for telling it like it is, no bs. I am thinking about moving out of my historic home in PA, but do not know where I would want to live in the U S at this point. I am one of the many boomers who would most likely pay cash if I buy, I just might go to Europe. If I stay here, I would contact you guys.
We are selling and leaving PA this year, headed first to South America then Europe tired of cold and ever increasing costs, plus the lifestyle and social stability not so appealing anymore.
Everything is worth half of what folks think they are. Stocks, bonds, real estate, cars, gold, silver, BTC all of it. WE are getting ready to have a liquify, collateral, debt crisis. It is just starting ... it will continue to pick up steam.
I was just having a conversation with someone talking about how we’re getting less product and paying more at the store (smaller boxes/portions).
@@SachsRealty Thanks for the reply. I love your channel and appreciate all the work you put into it.
Great video production!
You are 100% Correct
Economic investigator Frank G Melbourne Australia is still following this very informative content cheers Frank 😊
Its going to be much worse than anyone imagines. Look at asset prices everywhere, nothing is cheap. What do you think happened in Venezuela, Zimbabwe and the Weimar Republic? The prices you are seeing is the value of the dollar losing purchasing power, not prices actually going up. Look at Gold, in many other currencies gold is hitting new highs. We have other countries aligning against the dollar, because it was weaponized. So while all of you argue over buying your next home, it wont be long before the money you have saved up, isnt worth the digital paper its printed on. The government is hell bent on printing to infinity. At current interest rates, just the interest will be near 2 Trillion dollars in 2025 when the debt is 40 trillion. Thats half of what the government takes in as tax revenue. My god we are at 130% of GDP, no government has come back from that. Instead of real estate you should be looking to other assets to protect whatever wealth you have left. When the currency is debased completely, good luck collecting rent checks from people that have nothing.
I like the new set up!
I am thoroughly enjoying your videos. Have you done any looks into how money from the grossly overpriced California Real Estate market has adversely affected the markets in Idaho and Texas? Both states are blaming "California money" for putting the prices out of reach for local residents. Take care.
🤣🤣🤣
@@tj2791 I tell them to not be so greedy. You don't have to sell to people from California. It has adversely affected the market in Northern Idaho though.
People in Courd”Alene Idaho have complained about California money for close to 50 years.
@@billfunk3168 Even those that migrated from California.....
Good video. Yes, sometimes not letting free market play out has bad consequences. That historical rate chart looks like a falling wedge, with each interest rate spike being lower and lower. The Fed ensures this as they don't want to deal with everthing that breaks if we spike to 10% or higher (which would be healthy long term to normalize the mkt).
If "lower rate highs" continues due to intervention we will get back to 3.5 or lower in 5 years or less.
the real question is What happens though when the trendline gets close to zero?
what will give?????
Yes that is why rents are high lots are owned by institutional investors and they can control rents
Great video thanks for sharing such great content
Hi Todd, I'm on the commercial side and it's so refreshing to hear a residential realtor talk honestly about how 2020-22 buyers lost their minds! I've been saying it for four years and it's an unpopular opinion. People bought a payment, value went out the window.
Let’s connect ts@sachsrealty.com
Wow. Excellent real estate advice regarding multiple offer situations. Thanks.
You’re welcome!! Please share with your friends looking to buy a home one day. 🙏
Why sell when their mortgage payment is lower than rental cost. Especially if purchased when rates were 4% or lower. Lol...
Preach my friend…
I'm in a situation in Las Vegas where I have been looking at new construction homes in the Summerlin area and my real estate agent is telling me the prices keep going up on the new construction because buyers moving from California are selling their much more valuable properties there and paying all cash for new construction homes here which ends up raising the average price. I've seen prices go from $550K to $680K in just three months. Is this a bubble or a demand and supply issue?
Strange things happen during inflation times , companies have reduced volumes so they increase prices just to breakeven , lived in country in S America ... 1980s with hyper inflation
Pretty cool format! 👍🏼
Thank you, doing more with the board will make it smoother. 🙏
REO means Ransom Eli Olds one of the pioneers in the auto industry specifically pick-up trucks and fire trucks. The band REO Speedwagon named their band after the truck of that company.
Educational 🤭
He also founded Oldsmobile (in 1897), which was the oldest American car make when terminated in 2004, by GM@@SachsRealty
@@anthonybianchini5144yes, you are right! Thanks!
I'm curious what portion of those rate buy downs were paid by new builder companies - it seemed like it was a common thing last year.
We ended up in a career path that had us move many times. Renting from large corporations was always a way worse experience than private landlords. Sad to see private landlords being pushed out.
Definitely Todd 💯
Thanks for watching 🙏
I think you should do a show on how Housing itself has been removed from the CPI & other inflation indexes.
Housing used to be part of the inflation index during the 70s. Per Jim Cramer from CNBC, housing was removed to make inflation appear less hot and make Inflation appear to be lower than it actually is.
Housing was replaced by owner’s equivalent rent, which makes the housing affordability problem much worse… there is no tracking for it by the Fed!
Small town NW Missouri; nothing selling, dozens of decent houses on the market. It’s about $500 more a month to buy something similar to what I’m renting…
Thanks for the report. 🙏
The FED has blown the biggest financial and housing bubble in the history of the world. They should have raised rate 12 years ago. Way too late now, enjoy the Depression.