Southern California median home prices going up
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- เผยแพร่เมื่อ 15 ก.ย. 2024
- FOX 11's Laura Diaz spoke with experts to see if Angelenos should worry about another housing bubble.
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Asking a real estate broker if it’s time to buy is like you’re asking an alcoholic if it’s time for a drink
Lol
Lloooooolll😅
true that
@@imd1b4u Drink up!
Make mine a double
*It’s called the American dream because you have to be asleep to believe in it.”*
*- George Carlin*
A real estate agent doesn't see a bubble burst. Did they see the bubble bursting in 2007-08?
There are big differences from then to now. There's a huge housing shortage now and tons of demand. The problems that caused the bubble in 2007-8 don't exist now, balloon mortgages from lenders giving out loans to people who had no business buying the properties they were buying. Today you have a huge population of millennials who are now house buying age and not enough properties to go around
@@bloodorangemoon There's always been a shortage. California been in a housing shortage since the 1970s.
CA is complete trash. Overpopulated, overpriced and overrated. The worst state to buy & live in
If you ask a realtor about the best time to buy, the answer will ALWAYS be the same: NOW!
@@neilt4168 cali don’t need anymore properties, if anything more should leave. But obviously not gona happen
If you sale be ready to move to another state
I’m building myself a 2 story house with 5 bedrooms in Mexico for 20K ✌️😂
well in cali you cant even put up a tent to cover your driveway without getting permits that may cost money. So the cost of supplies is trivial when the gov is a terrorist
really? what area in Mexico? is it safe there?
@@lalaluna4060 Nowhere is safe in Mexico. And once the cartel gets wind of people moving there that's when the extortion begins.
@@lalaluna4060 if you want a safe area I would recommend the state of Yucatan or Quintana Roo. Merida, Yucatan is the safest city in all of Mexico and the houses are bit pricey.
My family has built multiple homes in Quintana Roo and $20,000 USD is not enough. We spent $70,000 for the house that's currently being built.
That's including buying the land, permits, architect to design the house, labor, materials, patio/garden, kitchen cabinets, and all of the bathroom stuff.
@@tater_chip_ Wow... that's awesome! USA feels like its not home to us anymore... can't afford it...
Such real estate nonsense. Only a fool would buy at these super bubble prices. The stock market is collapsing, it is just a matter of time before home prices also collapse. Very few Californians can afford a million dollar home. Just like last time, people get lured in thinking that prices will never go down, they'll always go up. During the Great Recessions, homes were sold in bulk lots of over 100 California homes for 10 cents or less on the dollar. Big money investors bought hundreds of thousands of homes.
You’re wrong , salaries here are also very high and sometimes homes have 3-4 adults bringing in income so it makes the 3500-4000 a month mortgage manageable
@@TheAuditorMoment Yeah but everyone is packed like Sardines which at the end of the day is creating generations of households that are co-dependent on each other unfortunately.
@@TheAuditorMoment More like 7000-8000 a month mortgage, especially on a million dollars plus at over 5% interest
This is 100% a bubble and will be an exact repeat of 2008. Hopefully, this time Congress won’t bailout the big banks this time.
How would anybody ever want to live in California is beyond me
This is home for many of us… leaving isn’t really as easy as it sounds
There are way worse choices than that...Mississippi and Louisiana are two that come to mind.
because nobody wants to live in a fly over state
It's hot, exorbitantly priced and running out of water.
@@karlabritfeld7104 Amen to that!!!
These brokers talking like they’re economists lmao
I make 15 dollars more an hour than what I did in Chicago plus my girl's income and we can not afford a home. We keep getting beat out. It's like every single house is being bought by some millionaire. We are putting everything we have down. We are talking 45k down to close. My parents brought 6k to close in Chicago back in 2005. It is insanity.
Blackrock is buying them. You will own nothing. Welcome to the New World Order.
We closed with more than that. I feel lucky
so just wait and/or rent
@@novadhd aka give others my money.
Nice logic
@@mr.b3168 I’m not sure where you are from but 45k isn’t a lot in the real estate world since you also need to have a 6month reserve. Also keep in mind with interest rates and property tax it’s actually like your renting your house for the first 15yrs. I suggest you sit down and run #’s through a mortgage calculator.
Government need to do something.. freaking greed.
Wait until the ARMs reset. There are going to be massive defaults.
most people dont have ARM's not here in the US anyways
@@dontknow2 what are you talking about, ARM is definitely a thing in the US.
Are you stuck in 2006? ARMS are not common. People are starting to look at ARMS now due to rates. Even then strict lending standards will keep unqualified borrowers away from housing
@@Pennychaser1 2008 and now are the same bubble, the speculation and inflation is not only isolated to housing and financial sector but in everything.
And arms are going to be a bigger thing. What are people doing now cause they can't take on a fixed rate, they're taking on ARMs. Arms jumped from 4% to 10%. And if you expect inflation to continue to run hot, it's not hard to see what occurs next depending on what stance the Fed takes and if the borrower is able to service the interest on the debt.
@@etohi well good luck waiting for that crash
Paying an arm and a leg for a glorified wooden shack! I can’t wait for this housing pimple to burst!!
Same here
Not going to happen lol
@@alexanderharo4550 Well you're in a shock of your life. Give it time lol
Yes you will have that pimple for 10 years
@@rsingh6590 How much? Cus' I've been hearing that for 10 years now
Real estate brokers must be making a lot of money from these expensive homes. They probably want the prices to go even higher.
Real Estate workers are like the crack heads from Breaking Bad.
Of course they do
Yes they do. 3% or more of the sale price of the home. they get ecstatic when bidding wars occur!
Home prices are exceeding incomes, and by a huge amount. I wonder how an employer, whether a company or government, can expect to attract qualified employees, when home and rent prices have doubled and salaries maybe go up 5%? Eventually something has to stop. It's probably a bubble, but anyone trying to tell you when it will it exactly happen, is full of BS.
This isn’t like the 2007/2008 housing bubble. First there are no NINJA loans as in no income no job. People who can qualify for a loan are vetted better and actually qualify to buy a home. They have good income and assets. Conventional financing, 30 year fixed rate loan is what the majority of the loans are being underwritten not adjustable rate. Also you’re forgetting the biggest reason why prices are skyrocketing is because there isn’t enough supply to meet demand. We have record low inventory of available homes on the market and we’re not building enough to keep up with general demand. Even worse the cost to construct new housing developments such as single family houses and apartments are skyrocketing because of higher labor cost, material cost, higher land prices and massive supply chain shortages that can cause a 6 month projection into a 12 month project. A lot of people are suffering financially but there’s still many people who are well off and can buy the existing limited supply of homes even at higher prices. This is why we’re unlikely to see a bubble. When the supply is greater than demand then we’re in trouble.
They want to take the American dream of owning a home to now the American dream renting the home
My son bought his house for twice what I paid for mine 20 years ago with the same mortgage payment because his interest rate is 2.75%. He could not afford it now with the rates at 6%.
Your son got lucky. Any asset that appreciates at a rate of 7 % a year will double in price in 10 years.
The fact that your house doubled in value in 20 years means it appreciated at around 3.5%, which is slightly above the regular rate of inflation (2%).
That's just how the math works. It also indicates that many people feel your town has a future and they want to live there.'
It's when real estate prices decline that you have to worry about the direction the economy in your town is headed.
Almost like it all depends when you were born. I’m 28 trying to catch up.
My first mortgage was nearly 10%. That was in the 1980s.
But your loan might have been 100k
Is this what they mean when they say "build back better"?
That’s cheap ! I’m in Bay Area houses are starting 3.5m if I can find one for 1m that’s a steal
Bay area is a dump
Yeah ID move to a different state.
CA is ridiculously high. You def don’t get your money’s worth. The properties out here are an insult to buy 😩
Riverside County at $580K. That's pretty cheap if you could work remote and have a good A/C unit.
@@erikh9991 and you need a bulletproof vest and windows for your home if want to stay alive. It is infested with gangs and crime.
dontbuy dontbuy
It’s a bubble and yes home values will not go down because banks are out buying people looking for a home. Banks have no limit to their credit line.
That’s the same mindset they had back in 07-08.
The problem with America- people move out and prices go up....it doesn't make sense
In other news, the sun is hot, thanks! ☠️
😂
Make America affordable again. 400k for a house in San Bernardgehtto? Come on
Everybody rich in America is a CROOK in including the real estaters
Lmao more like we are hard workers
Or u provide valuable skill like saving lives.
These old 1930's houses for a million real crazy, inventory low prices up, houses will go down again
The American dream is dead
you must be new here
The American dream sure worked well for me. Nine properties here in California and retired early. Pretty good for a lowly Grease monkey.
Nowaday a house value over one million dollars is considered cheap.
People need to stop buying and control the urge to buy in order for these prices to drop, people are making things worse by over bidding which in turn causes more damage to inflation
The home buying frenzy has spread like psychotic mania! You would think that most people would be smart enough not to buy, but its actually the opposite.
Thanks for the news of this. I would have never known.
So does this mean the little crack shack of a home that I own will be worth $1,000,000 dollars one day? What else is worth a million hm? 🧐
It’s worth whatever the bank says it’s worth.😁
Northern California is worse.
Time For Folks to MOVE OUT OF CALIFORNIA, not even worth it, the pollution, the crime gangs, the traffic, the homelessness and people have to pay for astronomical high prices, crazy just absolutely crazy
The crime gangs and homelessness alone should even drop the prices DRAMATICALLY. Its insane 😠
@@ultrainstinctgoku9321 Exactly can’t live in peace, gang members breaking in houses in Beverly Hills, which is now a GHETTO that anyone can just run up in, can’t wear certain colors, without possibly killed, or traffic is awful and nasty 🤢 the houses for sale are still like the 90’s no updates and want an astronomical amount for it, people need to RUN 🏃♂️ NOT walk
People are fleeing CA. Approx 140k just from LA county last year going to be more this year. I'm selling and moving out of CA this year.
People are running from California i am
Staying to 2050
Chinese with tons of cash still buying everything?
The bubbles coming don't worry
Yeah right
Huge bubble, I'll see you guys in the funny papers I'll have a massive short position happening here soon.
can't burst with the foreclosure moratorium currently in place...
Even if it burst it's so high up it won't reach the levels they once were.
How do you not believe the bubble will burst?? Yes it will.
STOP BUYING USELESS HOUSES FOR 500K AND BUILD YOUR OWN FOR 100K ON WHEELS.
In reality your dollar is worthless
Shhh, dont tell people thats what inflation means. It upsets them and makes politicians look bad.
Bubble n Bubble n Bubble.
They're in denial about the bubble because their job depends on high prices. Job losses are coming, and house prices will fall. Debt at all time high.
Next up at 5: The sky is blue
I'm sure this won't be popular. There are beautiful homes all over the country for 100,000 or less. If you get gentrified, Move! We did 3 times! Rich people moved to our small towns, raised taxes and turned them into suburbs. It sucks, but sometimes some places cost too much. If you If you work corporate ask for a transfer to a lower cost area. Yes, life is NOT fair. I'm disabled and live low income but I have a nice place to live because I moved! Sorry to all the haters but that's how life works. Best of luck to all.
If you cant afford it, you should buy it. The price cant go up forever. Home price is not immune to inflation, interest rate going up, stocks sinking, and unemployment going up.
ITS A BUBBLE !!! BUY HOMES WHEN IT HAPPENS
DAMNN STILL GOINNG UP?
What does it look like just before the crash 🙄
Wrong people to ask it’s how they make their money
Prices are up but people are backing off buying right now and when inventory goes up prices will drop and also people who’s not paying mortgage will be tossed out since Covid restrictions are being removed also don’t listen to a realtor like this that would tell you to forgo inspection or remove contingencies
Keep dreaming 😴
How long does it take to build 5 million homes?
WOW such good news for everyone
What else is new ?!!!
Wouldn’t it be exciting if the prices actually went back to normal, affordable prices and the greedy bastards at Blackrock and Vangard lost their asses and ended up homeless? That would be too poetic.
Nice to see someone say the REAL TRUTH!
June Ribaldi yeah we certainly aren’t going to see the corporate press doing any accurate reporting on all the ways that the mega corporations are destroying our civilization and our country. Well, I really think the corporations are just a proxy for the govt now, like a tentacle on an octopus. Didn’t the Fed give money to Blackrock to buy up all the homes in the first place?
Too many normies have 401K accounts and are contributing to this.
Too big to fail would make a comeback
They need regulations that prevent homes from becoming speculative investments. That means limiting the number of homes investors and corporations can own at any time. "The money" in real estate should be in the real estate development, and not in hoarding properties.
PS. Don't ask a real estate agent where he thinks the market is going. He will always tell you it's going in the direction that puts the most money in the account. ... Their bread and butter are not one-time buyers.
That sounds like big government.
@@jackwilson8051 so? Its either you or the rich. You finally realize that freedom has limits
@@frenchonion4595 tampa and atlanta and phoenix investors would like a 20% word with you.
This is capitalism. There are no laws to dictate much they can ask for a house.
That real estate agent lying to himself 🤣
You think car salesmen are bad..this real estate brokers take the cake.
L O L !!! The party is over fools.
asking a real estate broker if there is a housing bubble? The absolute worst person to ask LMAO
Wouldn't call it a milestone.
You ask yourself. Is it worth buying a million dollar house, but yet cannot enjoy it because you have 2 or 3 jobs to be able live in it? Moreover any realtor saying housing bubble is not imminent is lying. We're in the midst of inflation and soon to be stagflation. Meaning businesses will contract more and in effect cut down on hiring or possible massive layoffs due to slow business and banks will be more hesitant to provide loans or will loan you on a higher interest rate. What's preventing housing bubble in Southern California is the supposed or perception of lack of inventory unlike 2008. Until the housing market cools down or off, a lot of consumers will sit on the sidelines. To those who are real consumers / end users not venture capitalists / investors trying to buy, good luck and happy house haunting. Imagine putting 20% down payment of 1 million dollar house; that is 200k to 300k plus at least 2 years of savings for emergency house repairs and other expenses. Contrarian would argue buyer can put down at least 10% plus government assistance program. You will be outbid by investors and/or VC who will put the house as airbnbs or convert them as rentals. When VC and /or Hedge Fund Co enter any industry like housing expect that industry to be inflated and a nightmare for every day people who are just wanting to have that a facade American Dream. People need to watch " Big Short" , " Margin Call" and the likes again.
yes ppl need to watch hollywood movies that are exclusively all entirely made out of fake scenarios in order to judge the housing market. pls go back to shilling for israel.
@@jordan-mn6yy I must have hit a nerve. It seems like someone is not convinced that one of the movies I mentioned played a major role in 2006-2009 Housing Bubble. Aside from that, it seems you deflected away if a bubble is imminent and/ or very realistic for everyday people to be a homeowner in conjunction with the current housing market especially now we're in a recession and possibly sink into a stagflation or hyperflation. Why would the Feds then increase its interest rates all of a sudden and not decimal but by a whole number? In fact nearly 2-3 times as much? Why is that?
Of course they’re going to advertise they don’t forecast a housing bubble burst, they are realtors.
I have a nice 2 bedroom cardboard house on the freeway off ramp. No plumbing, I poop in a bucket and cook from hubcap over a pallet fire.
Nice imagery. Thanks for that.
Remove contingencies 🤣🤣
The only perks of Oc is the weather legit everything at your hands , you go LA it’s packed to many homeless everywhere , majority city sells drugs lol legit can’t even use a car from 12-6 because traffic lmaoo , but I can’t imagine paying 3-4k on mortgage for a house it’s to much and to find a partner who’s gonna help u will also be hard
its hard but certainly not impossible I mean if you want to stay in L.A
@@kevinpacheco2564 yeah bro gotta cut down on something but I don’t know i rather live in the oc then la it’s to packed well DOWNtown but that’s where majority of the work is and all business for meats and supplies so it’s always packed I hate it there 😂😂
@@josepineda9740 yeah I meant L.A or O.C are expensive by far OC areas more.. and downtown la traffic is terrible
If the news says there’s not going to be Housing bubble burst then there’s going to be.
The bubble will burst! What goes up must come down eventually.
Calif home prices are so unrealistic to the rest of the US, its not even funny. Its pathetic.
Ms. B. Churchill
In large metro areas like Los Angeles, yes. But much of the rest of the state has prices in keeping with many other regions in the US. I escaped LA to central CA, bought a nice mid century home in 2019 for $225K. It's worth $325k now. Yeah I had to make compromises, but I wanted to stay close enough to visit grandkids in So. Calif.
Everybody needs to go back home. ASAP
Don’t worry, every state is over $200K lol 😂
I know one thing it's a lot of people from California in miami now. 🤔 You see California license plates everywhere really all on the East Coast.
Aren't you guys the news? A little late by a few yrs
Exactly
"Remove as many contingenices as possible and jump in with both feet." Yeah, real estate agents have no agenda in an absolutely bonkers housing market we are currently experiencing...but remember they are there to "HELP" you and that advice sounds solid. /s
They want to close the deal as quickly and effortlessly as possible and for as much money as possible. Quick money, less work!
They failed to mention the ever growing number of defaults happening right now. It boggles my mind how gullible people are. History certainly repeats itself with the denial of an obvious bubble. And just like last time, I'll buy for pennies on the dollar after the crash, and the same people will tell me how lucky I was to purchase at such low prices.
Yes perhaps a bubble, but the difference this time is that there is no inventory anywhere! Prices will stabilize not collapse....
The banks know that they are lending more money than people can afford. they are looking forward to the defaults to not only stick people with huge monetary penalties, but to also take the properties back and re-sell them.
Couldn't be happier living in Illinois. Such an under rated state. Bought my first house at 40k this year. Will have it paid off at 32.
I heck no…life is too short to be living in snow ridden places.
Where in Illinois did you buy?
I'm looking in Springfield
Ur prop taxes r insanely high
@@Swampertchamp Rockford IL
@@botaccount3449 Not really only 1000/yr.
I quit doing Real State because no body believe on us any more.
I NEVER NEW IT COULD BE SO expensive TO LIVE IN MEXICO
N Mexico. 😂
I would simply then take it off market and ask for double 2 years later lol
Sickening 👹
These brokers don’t want to lose there jobs buying talking to much
Real estate agents are not gonna tell yes we in a housing bubble it's in their best interest to lie and keep selling. .. housing bubble getting bigger and will bust .. that's when I'll buy a house on the cheap 😁
Real estate is not driving inflation . It's the other way around. Inflation has been driving the housing market , and everything else. Now is stepping it up to spiral inflation as everyone finely knows we're in inflation. More then a decade now we've been watching housing going up because of inflation. It's not done yet. Nowhere near the end . Fed can slow inflation, but not stop it. Inflation is a bell curve and slower = longer. So far we're only about 20% through in the amounts we have to go through.
This is not going to burst - that's become clear and the reason is simple - it's speculators and developers causing this and that's been the case for years now.
how is this "housing market" NOT going to BURST?
Yeah. No.
Where there’s no rampant toxic debt, like the first collapse, then it’s not truly a “bubble;” real estate is a good hedge, if you know what you’re doing. It’s a solid asset and can’t evaporate, like canceled stocks when a company bankrupts. Folks always need a place to live.
@@tesla2damoon597 I just love people who cannot write a coherent sentence.
@@tesla2damoon597 triggered investor alert. Home owner here never selling to an investor and op is 100% right. Foreign investors in toronto and Australia made the markets pop and theyre doing the same in the us. American populace joe q public is always the last to know.
Bad advise from these two so called expert
Once again the middle class takes a bath.
Still cheaper than Hawaii lol
The American dream is out of reach in Southern California anyway,law of supply and demand.
Gentrification!
A previously neglected neighborhood on the upswing !!
...or in other words, the process of making the middle class into a lower class. the lower class into unworthy. and the rich class to remain rich.
Like it or not u it's happening!
U gonna stop the free market?
The real question is how many people are buying homes using conventional loans? None..they’re all no doc loans…why? It’s all grow op affiliates unloading their cash
I'm never paying rent I'm going to tj buy a big house and rent it make don't throw away on rent save get richer
Everyone is moving to riverside
Sanbernadino Lancaster are vegas casino 🎰
All these girls on onlyfans making 6 figures a month buying properties
That has to be the worst advice iv ever heard in my life by two people that gets paid by selling houses 🤦🏾♂️
Just another in a long list of reasons, to never want to live in that god forsaken state.
There's a lot of interesting things going on in the real estate market right now that makes it difficult to determine where it's going but for heaven's sakes don't trust any advice from a "real estate expert". They're no different than a used car salesman.
I think its better to compare them to weathermen, but i get ur point.
The real estate brokers may or may not be biased lol can’t blame em
Home prices will go down, it’s a matter of time.
Screw that if it crashes dveryones in serious trouble😰
…….and the sky is blue 😊
Morning it's crazy I feel so bad for young couples working 2 jobs savings for few years and they can't get that first lil starter home.
Same. Keep hope alive i guess
Time to flip drugs