Redfin: The Housing Market is SCREWED
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- เผยแพร่เมื่อ 4 ก.ค. 2024
- Redfin: The Housing Market is SCREWED
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If anything, the situation is likely to worsen. Affordable housing will soon become unaffordable. I recommend taking action now, as today's prices will seem like bargains in the future. Until the Fed takes more decisive measures, I anticipate continued hysteria due to rampant inflation. You can't just halfway rip the band-aid off.
I recommend diversifying away from real estate and consider investing in stocks. Even during a severe recession, there are potential buying opportunities in the market, but caution is key. Volatility can also create short-term opportunities for buying and selling. This is not financial advice, but it's a good time to consider investing as holding onto cash may not be advantageous in the current environment.
Home prices will eventually decrease, but for now, it's wise to withdraw your money (as much as possible) from the housing market and consider investing in financial markets or gold. The current mortgage rates are exorbitant, compounded by the recession and stricter mortgage guidelines. Home prices may need to drop by at least 40% (perhaps even 50%) before the market stabilizes. If you're uncertain or seeking sincere advice on your next steps, consulting an independent advisor with expertise in financial markets is advisable.
Do you mind sharing info on the adviser who assisted you?
Melissa Elise Robinson is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Wow, her track record looks really good from what I found online.i just searched her name and messaged her and I also scheduled a call with her
Housing used to be affordable, even for the blue collar workers. Nowadays even people making well over 6 figures have very limited options 😢
Be patient, hopefully within next two years senses return to earth
This is a copy and paste but a reality. A Sydney landlord has advertised an enclosed balcony for rent at $969 a month, as the dire state of Australia’s housing market is laid bare. Scary stuff
Sad, many think a 3/1 at 900 sq ft is a tiny home. I grew up in such with sisters and guess what I survived even thrived through many adversities, Many Americans have become greedy. I’m old, happy and not greedily rich you are young, of sheep mentality and in debt…
@@wallye8713Builders haven't built homes like that in decades and those houses are still going for 315k+
I know multiple people making over 200k a year that won't even buy in this market. Working a JOB of pretty much any kind doesn't buy up a house in most major cities anymore. Investors and landlords have destroyed the housing market, and when prices drop again they will scoop everything up in 6 months time.
Unemployment is worse than what data shows. Cali going down
100% agree. Unemployment numbers do not hit until severence runs out. Mass layoffs coming post election and pre holidays. Those numbers won’t be known until early 2025.
Pricing will crash 🆙 ⬆️. Sit on the sidelines at your own peril. Just like our grandparents bought houses for 15k in 1950 now worth a million. They gonna print into oblivion thus prices go up up up
Nah. There will be a market correction. High interest rates and high prices equals correction. All that money printing and fake money won’t save this housing market. Expect to see changes after the Presidential elections…
Yup, no one sees it, it's because of a worthless dollar, prices cant retreat much. When you see egg mcmuffun go back to 5 bucks, then maybe but it's not gonna happen
I haven’t heard ANY realtor say not to buy. Every realtor is saying to buy now because prices are going to go up. Why is this happening?
The first weekend after the 4th is the LAST Big Sales weekend of the Year.
It will be especially Eye-Opening for existing Home sellers in 2024.
Glad surgery went well. Stay strong, prayers for healing and restoration in Jesus' by name. Blessings to you and your family! 🙏🏻
Thank you for the video
Redfin doesn't use data, they use feelings and sales motivation. They are on a mission to make commission!
Emotions drive markets
So true. Redfin Zillow and builders and real estate agents are still trying to push unicorns and rainbows narrative. I can’t afford milk
@@samthai818 Clever!
With so much corporate money in the housing market. It’s most unfathomable to think prices will drop by fifty percent. The reality most houses are fifty percent over priced.
40yr and under will become sheep. The sheepherders are wolves in disguise.
No Price drops in Southeast Florida.The three counties that make up this region are still going up in price. Boston suburbs are also continuing to go up
Yes. This channel focuses on the dumpster fires markets like Texas where over building was possible. Majority of the country doesn’t have that. Travis does say real estate is hyper local (sub division). And you need to focus on that. So if you do find a house you love and can afford the current rates, you should buy it. Refinancing in future will make it much cheaper in the future. Especially if prices go up.
Trapped with tons of equity and a 3% interest rate. I feel horrible for them 😂
I can just imagine the flood of people and huge companies that will all be bidding for properties when the market finally does take a turn.
I 100% agree. If one can make the current rates work, now is the time to buy when there is inventory with the ability to shop, negotiate and get inspections before buying. Much easier to refinance then find a home in a crazy market.
Lmao! Better hurry up!!! Buy buy buy. Let’s be real, the only “huge” turn around can only happen with mass layoffs. With mass layoffs, there will be plenty of short sales. No need to justify your bad buying habits now!
I'm hanging in there, renting and staying patient. The market's obviously softening where I live. Still makes no sense to buy, at least not yet........and the upcoming NAR-settlement confusion about buyer's commissions may destabilize real estate in the coming months. We'll see.
@stedmays2768: "makes no sense to buy, at least not yet." Think about this: 84% who bought a house in 2023 and 2024 said they "wished they hadn't" bought the house.
And my guess is as the economy declines that 84% will increase, and more unhappy buyers from 5 years ago will surface.
sted, just knowing that should give anyone who is not "braindead" a serious pause before even thinking about buying a house.
Do you think those who buy now will not join the 84% of unhappy ones in 2023 and 2024?
PS: would you buy a meal from a restaurant where you see 84% of those who ate there leave the restaurant in a dire state of health?
@@fritzsmith3296 Yes, a lot of folks are struggling with the overpriced houses and condos they bought. That remorse must be horrible. A house or condo might be "the American dream" but for me it's got to be "an affordable American dream" that doesn't cost more to carry than an apartment.
Travis, people who view Real Estate Mindset want to hear & learn your knowledge. Thanks😊
I live in libtard Massachusetts. I live north of Boston in a coastal town. Expensive homes!!! I’m starting to notice more and more houses on the market for longer periods. Good sign!
Thank you for your videos I am one of your followers and want to wish you the best and keep growing and stronger. 🙏👍
they trapped themselves then trapped themselves further with adjustable rate 30 year helocs (aka second mortgage)
Where is price cut?
Only few cities. Other cities are skyrocket price. We need 14 percentage interest rate to go for real price cut to bring affordable home price
True. 14% would crush the market. Would you be able to buy???
Totally agree; GOOD realtors are rare; go by word of mouth, or someone you know well. We wanted friend of family realtor to help sell aunt's estate; estate attorney insisted on "certified appraiser realtor". Final transaction did not go well; think the attorney's realtor did not understand the family dynamics as well as did the family friend; attorney's realtor sold property from under us; would NEVER allow this again.
What's a certified appraiser realtor
@@stevenevangelist5221 Estate atty did not explain; assume means realtor who has extra areas of experience in providing an appraisal; in this case, just happened to be one of his associates
@@rayzimmerman2242 sounds biased. You should file a law suit
heal up man thanks for the vid
Which of all the defaulting banks are you comfortable with??? Banks arent doing home loans
Is this your new studio? Your sound is flat and tinny on the triangle set. Throw down a area rug, some pillows, just something to baffel the sound the panels are deflecting.
You tell us not to drink, but with this data how can one not. Bonkers.
I recently took a job in a rural area. Prices are still high but not as crazy. Still waiting because my situation isn't urgent but I would like to move closer to work. A lot of houses on the market for multiple months.
the most honest real estate professional on TH-cam, famous for his 'Boots on the Ground' series
Prices are still high with some bidding wars in SW PA. I have noticed many homes coming on the market that were originally purchased in 2019-2022. They are literally asking for $100k + more than they paid and are getting their price.
Do you have recommendations for new builders in the suburbs of Myrtle Beach?
I like how of all times, people are coming out now to say there's no crash. Nevermind how prices have stagnated, or certain markets that boomed have dropped, or that supply in most places has near doubled. But this isn't some sort of inflection point, prices will only go up. They unironically think people are just waiting for a crash. They find it impossible to think that the average person seriously cannot afford 95% of homes on the market.
Because factually there is no crash. And this guy ignores reality that rent prices keep rising too. So unless people are willing to be homeless, nothing will change.
Hey 👋🏼 Travis. Just to let you know… the housing market has been screwed for way too long. I miss the days when investing in Real Estate was fun and really worked. I’ve made money 💵 on every property I invested in except for in 2010 😢. I Guess that I’m one of the people you can blame for hiking the market up for so many years 😂😢
Thank you Sir, C Los
My reason for thinking I should buy is because of the commission issue and wanting to avoid an additional cost.
Believe we are at an inflection point in the market. It is adjusting to decreased demand, which has been somewhat clouded by low inventory/resilience of current owners to sell as they sit on sub 3% loans.
You are 💯 on the deficit spending
House sitting in my affluent neighborhood in Southern California for 4 weeks now. Priced $200k below a comparable house that sold at peak. Typically a hoise here would sell in 3 days. And I know because i go to every open hoise in my neighborhood and track the time to close.
❤❤❤
Hey Travis. I like your videos a lot. I have started noticing that some properties in my area that were recently sold, at below-market prices have been coming back for sale just months after they were sold. For instance, there is a property that recently sold for 430k on April and today zillow tells me it is back on the market for 575k. This is ludicrous ofcourse since the property was placed for sale for 540k back in November of last year and sat on the market for 6 months until on April it was down to 450k and sold for under that at 430k. Furthermore, at the current price of 575k it is a $500/sqft price which again, is unthinkable because the average price for sqft in this area is only $400k for the last year, only fully renovated penthouses (and obviously this unit it is not) rarely command that $500/sqft price target. Also, the unit was not renovated or anything. Do you happen to know what sort of nonsense is going on? Is this the manifestation of a bored fund manager that is randomly buying properties and re-listing them at a markup? I cannot fathom someone using his/her own money for such ridiculous speculation that makes absolutely no sense... this must be some sort of fund manager gambling with other people's money. Any way to find out who bought the property?
I would think the county property appraiser's website should be able to tell you who owns and purchase prices...
I see lots of pending sale in several markets and expensive too.
Nice studio bro
People aren't buying, but these developers sure keep building. Just doesnot make any sence.
I leave here in San Antonio
I see this overpriced homes and land on the market for over a year and they are not dropping price
That because they have zero reason to lower the price.
@@MavRick69 well I am guessing you know 0 about business 😂
Not agree, even costing more the house or being paid more the rate used was quite lower so the mortgage
Why would deficit spending on the Fed level have anything to do with housing? Tax rates for the rich who own all the assets/capital is way down. The government has less money to spend. Plus there is a huge lull in home building that needs to be corrected. It seems like you're just telling people a bunch of nice sounding non-sense
Jobs
@@realestatemindset ? Deficit spending would make it easier to get a new gig, money is more available. even with the interest rates becoming a thing after 20 years or whatever. look at all those stupid tech companies and AI bs burning cash like it's kindling.
Sweet looking setup!
The newest background looked like Lucifer reporting from down under.
F that Market
ABSOLUTELY BONKERS Travis
I trust the data as much as I believe that our president is just fine like they tell us 😮.
It wasn't his best performance
100% agreed. Data can be sliced and diced to tell any story you want. People have weaponized data to force their truth.
I can buy a house for a few hundred dollars in Detroit. I'm buying gold, the new real estate.
It will cost you 6 figure to renovate one
Bonkers!
I love this new background
Did you check Boston and RI area the housing market stay the same I think the banks should stop doing closing dinked them all too mush money
Is that a TH-cam plaque!!?? Congratulations 🎉
Travis, curious if you're familiar with crash-bro-mocking Jason Hartman. Would love for you to respond to some of his material.
He's the one that interviews with George Gammon? Yeah that would be fun.
Newark - Nor-k
Our house has been on the market for 3 months 2 contracts fallen through 2 price drops. We’re trying to move by August 5th for a new job! Thinking of just renting our home for a year and trying again
Good luck selling house after renters live there and trash it. Regardless of the condition, I’d never buy a home that was used as a rental as my primary residence. You need to get yourself a better agent who has a team that will better prepare and market your home.
What city, state and listing price your property located?
what are the reason buyers backed out ? Are there any damages on the property?
@@MavRick69 ok. I’ve already done it before but always nice to hear others opinions
@@House_hacker_619 one buyer actually was moving from out of state for a job but had a nervous breakdown and moved in with their parents! The other had a home inspection and changed their mind but wouldn’t share the information with us and didn’t ask for any repairs to be made…I think maybe they just got cold feet.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Waking up every 14th of each month to $210,000 it’s a blessing to I and my family… Big gratitude to Andrew Stella 🙌
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Andrew Louis Stella, has been an amazing experience.
Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down 🤦♀️of myself because of low finance but I still
believe in God
I'm favoured, $90K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to Ms Louis Stella 😊🎉
The banks should denied all high price houses don’t close the loan this is insane
3.7 months of inventory with todays sales volume?
In my area I’ve seen an insane amount of houses hit the market (supply is probably +50% in the last two months or so) and price cuts like wild. It’s pretty encouraging. There’s not much being built here, but there seems to be a lot of small-time landlords (who gobbled up a lot of the affordable housing the last few years) throwing in the towel now.
So where using " Mind Blowing" Instead of "Bonkers" make it Make Sense
Protect our freedom for children.
Totally Bonkers Kid 😊
We need the GFC 2.0 to get things back to normal! Please tell me so!
The FED will never let that happen again. There are too many homes with no mortgages and with sub 3.5% mortgages. Don’t expect those owners to flood the market with those homes.
@@MavRick69 They won’t willingly sell, they’ll be foreclosed.
The economy is propped up by NVDIA single-handedly. Homes are the last to go.
Don’t you remember the GFC crash? People didn’t sell the homes because they wanted to, they were foreclosed because they couldn’t afford to pay for them.
The FED isn’t in the business of bailing out homeowners, they are in the business of bailing out the government and big businesses.
We won’t see a GFC style crash with millions of inventory. What we will see is a bleed out of homeowners losing their homes due to increased property taxes, insurance, cost of living, and unemployment. Leaving people with no option but, to get foreclosed on.
@@Pguz24most homeowners have less than 5% fixed rates with over 100K in equity. Also most of them have cheaper mortgage than current rents. You forgot there’s loan forbearance and it takes almost 3 years to foreclose a house. Plenty enough time to sell and there’s still a lot of buyers out there. I myself is looking for cash flow properties and having a hard time.
@@House_hacker_619 what does any of this have to do with losing your home by not being able to pay the sub 5% mortgage? What forbearance? COVID? That expired awhile ago. It takes roughly just over a year when you stop paying your mortgage to when the foreclosure process begins.
Housing values are local and supply and demand based. Right now values are sky high due to low supply because of people clutching their interest rates. I don’t blame them. HOWEVER, it doesn’t matter what your interest rate is when you can’t make the payments. Equity doesn’t save you cuz you can’t use it to make payments on the house unless you have already taken the HELOC out and afterwards you have to pay the loan back. Even then the all this is predicated on prices staying high. That’s what everyone said before the GFC, that prices would never go down.
The people with job security and low interest mortgages have it made. However, given the trends in unemployment, very few sectors are safe and that includes white collar jobs as well. Look at the finance sector in 08.
@@Pguz24really 2008 that’s all you can compare?😂. First of all I bought my 1st property in San Diego of June 2009 during crash. Last GFC was caused by predatory mortgage and ARM which caused the builders to over build = over supply. A minimum wage earner can buy a 1M house by just telling a lender they have a job. Now it’s totally the opposite. How bout you compare now to 80’s market. Low inventory 18-21 interest rate, 8% inflation rate and 10.5% unemployment. Imagine in the 80’s they didn’t have the golden handcuffs rate. Look at our current foreclosure and short sale hardly any😂. I’m not here to create FOMO im speaking what I think. Actually I want the market to crash so I can buy multiple properties at bargain price who doesn’t want a great deal?
Waiting at least a year before I buy. City selling occupancy prohibited homes for $850 start bid. Been thinkin about one of those...I am not in a hurry for anything.
I feel rentals listing's are false, I reached out to few and had zero response
Farming peoples personal data. Be careful where you apply
Wow unreal.
Deficit spending is because Trump and Republicans before him lowered taxes for those making and holding most of the money.
Nice black n white TH-cam 👍👍👍😎😎😎
I tried Rently, and found out the Zillow rentals n Rently itself seemed like a scam. Sick n tired of finding rental in Charlotte.
Let’s go
Newark….not newArk 😂😂. Cmon Trav. You’re putting the emPHasis on the wrong syLLABLE
Jesus will torment the greedy and save the poor folks that lost everything, amen.😢😢
Glad I bought my house In 2018. Albeit the only regret Is I got scammed into refinancing pulling 20k out. So my payments are higher... but atleast my car is paid off and other stuff. Can't imagine searching for home today.
If I had a house I'd 100% be selling right now, I just sold mine a year ago
Now you’re renting or buy higher. All that equity is going straight to pay for rent
I close on mine Tues. I will be buying rural,if I can find the right rent I would rent for a year. Good deals come along all the time in RE. Heck as far as renting the interest I will make from my house sale will pay my rent, my house is paid for.
@@dennyfie I guess we all have different plans, market and goals. I’ll never sell any of my properties. I’m making 6k steady cash flow per month including the mortgage. My 1st property in San Diego has 8 months remaining to pay it off. As soon my tenant pay it off from 6k to 7,200k in monthly cash flow.
Bonk Bonk!
I pàid 35K for my 40 acres in arizona. Only around 18 months rent and i have my own runway for the plane. Even if prices drop 50% it wont hurt much
Its 117 degrees today but the swamp cooler and mister make it bearable.
If the average house is 450k you need to make 166k to afford the house and life
Anaheim is not next to John Wayne Airport...it's a 1/2 hr away depending on traffic and time of day.
It's pretty much next yo it lol
It's also 10 minutes away depending on traffic, time of day, and how bad you want to make that flight.
@@leonelmartinez4135 no it's not. That's just like saying Beverly Hills is next to LAX.
@@taylor.e.a.g No it's not 10 min away. Not even without traffic.
Seal Beach is closer to JWA than Anaheim by a long shot.
What Anaheim is close to is Disneyland, Angel Stadium and Knotts Berry Farm amusement park, with Long Bch Airport being closer.
For the algorithm.
Listen this guy has been saying a crash is coming the last three years. He’s full of shit, no one on this earth knows wtf going to happen with real estate
Algorithm