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$998k

Hello! That is a great question. I would start engaging a trusted Realtor about 6-9 months or so before you want to be in your home. Be up front and honest about your timeline and the agent will be happy to accommodate (or should be). I have clients that I have been working with for 2 or 3 years and the right home just hasn't come up yet. On the other hand, sometimes I work with clients for only 2 or 3 months. It really just depends on the timeline of the client and how they feel about the home buying process. Some clients know what they want, keep an eye on the market, and are able to make quicker decisions when homes come up. Typically, first time buyers take a bit more time (understandably) while clients that have bought and sold before can make decisions a bit quicker as they are more familiar with the process. If you need a referral for a good agent in the area you are looking to purchase, send me an email at JoePorrecaRealEstate@gmail.com.

Lock in effect is very real!

Exactly. Major life events could still lead to people in that position needing to sell, but voluntary moves are not going to happen.

Someone did not watch the video...

Thanks for the comment and thanks for watching! You are correct....I do understand why people are rooting for it. I just think people need to keep in mind the other things that will occur in that event. I also agree that those that are the most pressured or those in areas like Florida and other states where insurance and taxes have really increased. I'm thankful for Prop 13 in CA which caps property tax increases at 2% per year. While taxes still go up every year, at least it is at a reasonable rate that one can adjust (or try to adjust) more easily.

@@JoeRealtor I think some don't know that a lot of people are doing really well right! The people who aren't well off right now are just screaming louder.

@@FarmerPress Great point. Lower class wages have increased compared to decades past, we still have low unemployment (6% is considered fully employed and we are around 4.2) and more people have good credit than before. Hence, homes keep selling unless the market is over saturated with new builds (like Texas and Florida). I get it, people are frustrated with prices and want to make it known. It is an adjustment for sure, but this type of market takes around 10 years to develop and will take around 10 years to "fix". Thanks for the comment and thanks for watching!

@JoeRealtor Texas desperately needs a cap on the rate of increase of property taxes. Our governor has been speaking about that issue lately so hopefully there is some relief. I strongly disagree with the viewpoint that low class wages have increased relative to inflation. I think a 2 minute google search on minimum and avg wages over the last 30 years compared to inflation completly refutes that point. I would like to see data on the avg credit score going up though. That is interesting. I know that credit card debt is at an all time high of 1.1T. And that unpaid student loan debt data is not being reported after the current administration made it illegal to report to credit agencies. So even positive data should be taken with a grain of salt. What is your best guess about the direction of the Dallas (my town) real estate market over the next 12 months. Im saving for a house atm

@@InnovativeSustainableSolutions I know Texas has some of the least consumer friendly property tax laws, so hopefully the government does do something to provide some relief. Wages of those in the bottom 10% (the lowest bracket) have increased almost 10% adjusted for inflation since 2019...so definitely moving in a positive direction. The average FICO credit score in the U.S. was 715 (good) in the third quarter of 2023. That’s up 26 points from 689 (also good) in the third quarter of 2010. You are right about credit...the overall credit debt balance for the US is high, however Americans are far from reaching their debt ceiling, at least as far as credit cards are concerned. With a total credit card balance of $986 billion and a total limit of $4.5 trillion, U.S. consumers actually have $3.5 trillion in untapped available credit on their cards (taken from Statista.com). So, definitely an interesting situation. I'm not local to the Dallas market, but I do have a few agent friends in that area. I think Texas will remain a desirable spot for people to move to and I don't feel that Dallas is part of the 'pandemic boomtowns' I mentioned that might lead to sell of (think Austin). Dallas has good schools which will always help property values. The median sale price continues to rise and the market still is somewhat competitive. I think it will stay that way, but, of course, things can change depending on how the economy does. If you would like to be connected with an agent in that area, I'd be happy to set you up with someone. Thanks for your thoughtful comments!

Thanks for the comment! I do mention the high cost of water in Claremont, and that it is something that should be considered especially if you are looking at a home on a large lot. Claremont only limited watering days during the severe drought conditions, as did most cities. However, we currently do not have watering restrictions. In regards to 'high home prices', well, that is relative. They are not high compared to Glendora, La Verne, Monrovia, or Pasadena. The 10 and 210 run through many cities and that is not unique to Claremont. The 10 barely runs through Claremont, really only clipping a very small portion of the south area of Claremont. The 210 is an extremely useful highway and I think most people would say it's convenient having that nearby. Claremont is no warmer in the Summers than many other areas of LA County and the San Gabriel Valley. After all, SoCal is a desert and warmer temps in the summer are common. At least it isn't hot like Phoenix, Palm Springs, or San Bernardino!

Only a small handful of people predicted 2008. It's not a surprise many banks got it wrong (hence so many went away, including huge institutions like Washington Mutual). Reventure has only been around since 2019...as far as I can see. Nick with Reventure was probably in middle school when 2008 hit...so I beg to differ that he somehow predicted that correctly. And, if we are operating on his track record of predictions, he said the housing market crashed back in 2022 (along with "calling it" a few other times, which were incorrect). If I'm going to go off data, I'm going off the source that has been around a long time and is a pillar on that industry (like BofA) as opposed to some small outlet that has been around 5 years, mainly predicting things incorrectly. Thanks for watching and commenting!

@@JoeRealtor It’s the small handful of people you are currently blowing off in favor of the ones who will say “nobody could have seen this coming”.

@@oasistobe I'm not blowing anyone off...the simple fact is no one actually knows what will happen. And blanket statements of "a real estate crash" are useless plus no one notices when predictions go missed, but everyone loves to hoan in when they are finally right (even if you went 0/10 for the previous 5 years). Like I said in my stream, inventory still continues to be an issue on the coasts. And, if you watched the stream you'll see I actually DID agree with Nick when it came to Pandemic Boomtowns in TX and Florida.

Nope, I'm definitely not Nostradamus. I'd love to know what part of this video makes you think I'm "talking out of my ass"?

Not surprising! Pasadena and the surrounding area tends to be very desirable. And, as you saw on the later portion of the stream, the chart that I used to show inventory demonstrates why the LA area (as well as most of the major cities on both East and West costs) still has a competitive market.

Yes, these pipes and conditions are very common in a lot of mid century homes. And, while they are not dangerous, I would still say it's undesirable and "gross". But, it is not a health threat. However, when buying a home, it's a good idea to check what the pipe material is...after all, galvanized pipes installed into the late 60s and early 70s are at the end of their usable life. I experienced this when I bought my 1955 built home 2 years ago. I had almost no water pressure to my back bathroom and had to repipe ($20k) shortly after moving in. Hence, I made this video to show people the need to be aware of what they are buying.

You shouldn't be required to pay for the Buyers deposit. I've never heard of or seen that. The Buyer's deposit goes towards the purchase price. Maybe you are thinking of the Buyers closing costs?

@@JoeRealtor in my seller's closing costs it is included buyer's escrow deposit. I also never heard of it but Monday morning I will talk to a lawyer from the title comlny where my deed is. Thank you for answering. I will give you more info as soon I have any new.

@@sophiahuber4756 Definitely check with you agent or escrow or title company! Happy to try and help.

Interesting, thanks for the insight. What is Lubbock like? Is it a smaller city?

About 250,000 people. Major university & hospital taxes lower than El Paso. Nice place s under$250k.

Thanks for the info! Hopefully your area will see a little pop in inventory and bring some pricing relief.

Dallas Texas here. Definitely seeing prices go down. Also inventory is stacking up, new build concessions are getting insane, and days on market is going up

Thanks for those details! Always interesting to see whats happening in specific, local spots.

Absolutely not. Especially given the prices have gone up 30-50% in the last 3 years!

Eh, housing crashes are really not good for anyone except the mega wealthy with cash (think corporations and corporate investors). They lead to larger issues with the economy, especially since housing is such a huge part of the US economy. I don't know of any Realtors that want a housing crash. I think some might want to see an increase in inventory to try and help alleviate the competition and huge price increases (if prices stabilize, it would likely lead to a more predictable market and thus probably more transactions). Realtors (as well as consumers) want to see rates come down a bit, more than anything, I think.

@@JoeRealtor there is many realtor TH-camrs though that have been saying Florida is going to crash for years.. prices drop a little bit and now they are basically throwing a party.. make of that what you will..

@@wurlinnawurl those 'crash bro' TH-camrs are the worst....constantly saying the market is crashing because they know it will get clicks and likes. Same reason the news always leads with the bad/scary/intense headline first. Like I said, if prices go down, it's a crash, if prices go up, they are unaffordable and we have a problem. Either way, someone is there to spin the story.

As I said in the stream, this is the take of a real estate data company. Much of their assessment I don't agree with. Do you live in Florida or Texas? I'd love to hear about what you're seeing if you're local to those areas.

I'm in Jacksonville, some areas, suburbs that are boring and hot are having trouble.. I live downtown and houses still going up..

@@JoeRealtor i live in suburbs jax. i disagree. you are seeing coastal towns and condos especially hurricane hit areas but otherwise, most inland areas are still running hot.

@@bitcoindaddy1 Thanks for that info. Makes sense, too...I know the areas with condos/HOA/insurance issues are the hardest hit.

my daughter has been in dance for about 10 years and in the last 2 years...the studio has 4x the amouth of kids. all our jr and high schools are maxed out.

Yes, that is true!

That's a good plan and something that I'm hearing has become a more common thing!

Also, if you need a reference for a good GA realty, I'd be happy to help. I have a few colleagues in the state.

Very philosophical! After all...what does 'weak' really mean?? 🤔

Imagine thinking that todays men dont buy homes because they played xbox 360 20 years ago lol

I'm not sure I follow? Can you elaborate on who the scapegoat is? I think the NAR settlement is great and, quite frankly, am going to use it to my advantage.

Good points. I think what Ms. Whitney means is the type of man who isn't motivated. The type that doesn't have motivation to find a traditional career path and then follows that up with traditional relationship goals (IE marriage, kids, etc.). What she doesn't realize is that times change and the way people interact change. She also ignores the fact that single men have never been a driver of home buying...they have always been in the single digits in terms of percentage of home buyers. Additionally, things are happening later in life. People graduate later, get married later, have kids later...heck they even die later in life now than they did. I think her claims are a big stretch.

@@JoeRealtor Top jobs are handed to females and minority without merit. Traditional career path no longer exists.

You are NOT wrong with that! Homes are homes first and foremost!

@@JoeRealtor Problem is actually a lot deeper than that. When homes are treated like stocks, there is problem of velocity and home accessibility. Around 30-35% of all homes in US are empty. Most of those homes are in portfolio of BlackRock. Those homes are not loaned out or sold further. So you should imagine as there is 35% less homes in US as the statictics will tell you. And you will not be surprised how can prices be as high as they are. Second big problem is money velocity, because most of (what is treated as money - gold, silver, bonds, treasuries... ) is sitting along top 0.01% and almost never moves. Meaning : velocity of 1 dollar is scary low. Meaning : 1 dollar was usually traded for other products or services 5-6 x daily. Today this number fell to 2x.

@@alens18 Thank you for sharing your insights on the complexities surrounding the housing market and financial dynamics. Your points about the treatment of homes as investments and the concentration of housing portfolios in entities like Black Rock highlight significant systemic issues that impact home accessibility and market dynamics. For sure it is a very complex problem exacerbated by institutional investors soaking up lots of homes in specific areas (some buying up neighborhoods). Where do you see the stat that 30-35% of homes are vacant? That seems high to me as the only numbers I can find (through the US Census Bureau) are around 10% (as of October 2023). Your observations about the stagnation of money velocity within the upper echelons of wealth distribution are thought-provoking. A low velocity of money can have far-reaching implications for economic activity and the circulation of resources within communities. Understanding and addressing these disparities in wealth distribution and financial circulation are crucial steps in fostering a more equitable and sustainable economy. Thanks for commenting and watching!

@@JoeRealtor If I remember right, it was Forbes (or maybe FT) and they made deep research about it. And what came out was, that majority of those houses and flats under BlackRock and few other conglomerats, were not written down as houses. Funny stuff.

Gotta love a fresh new blanket. 🤙

😂😂😂

A very few select group of people were able to capitalize on seeing the signs of the GFC in 2008. Ms. Whitney made some observations in 2007 (when it already was on its way to collapse), but, to my knowledge, and didn't short anything. But, that's not what this video is about. The GFC is a completely different subject. Thanks for watching!

That's too bad your coworker doesn't have a desire to move and be independent. But, like I talked about in the video, single male home buyers are and always have been a sliver of the home buying demographic. Single women have almost always been around double! And, the marriage rate is the highest it's been since 2018, so the number of single males is actually lower than it has been in recent years. Of course, married couples still have the highest rate of home purchasing. So, just between married couples and single women, the demand for homes will stay strong for the foreseeable future.

Well women want to leave their parents home, so they can have men over all the time, usually single men who live at their parents house 😂 I cut 10-12 men a day and women come into the salon so I get a wide variety of diverse people coming in and there is a lot being missed in your video. Basically just saying if a man is single it’s causing the housing crisis? It has nothing to do with government spending and printing tons of money and inflation of the dollar? Most of us men are realizing that a lot of these women will divorce us and leave us in the dirt. The culture back home in the Middle East we live at home until we get married unlike in the west where you guys leave at 18 sometimes at 16 and then move back home at 26-30 years old after a divorce 😂 It’s laughable and I see it time and time again. I do get it and see a lot of these men who just sit around and don’t work they are a huge problem but you can’t say that’s the MAIN reason cmon man you know that’s not true, also I mean no hate from my comment just my opinion, great video as well brother.

@@sasthebarber are you referring to me? Because in the video I talk about how the idea of men crashing the market is absurd. Multiple times. I agree with some of your observations (relating to government spending). Men won't cause a housing crisis, just as women won't, nor will boomers. No one group of people will crash housing.

@@JoeRealtor no sir it was to the above comment not yours 🤙🏽

@@sasthebarber ah okay. Thanks for watching. Have a great Sunday 🤙

Excellent point! So true. Thanks for watching.