This Has To Happen Before Housing Prices Come Down
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There is no shortage... they are just rich people owning multiple houses...
What would it take for you to say there's a shortage?
I agree there's technically enough for everyone, but market is showing not enough supply for that end of the equation.
Curious your thoughts
@stephensullivan1011 Used home prices going up like this should tell you more about the decrease of purchasing power or the value of the dollar...Demand will always be there because rich people and companies can always buy and cause supply shortage ..pretty simple to see but people are convinced the deteriorating sticks stones or bricks in there house are appreciating in value. Rigged economics. No wonder the education system is the way it is...God/Gov forbid people realizing this 🙄 whichever you believe
@@stephensullivan1011it's companies buying like 50 houses in every zip code.
@@gregmasters8558They do so because they can take advantage of the shortage, otherwise other investments are almost always better than residential real estate.
@@stephensullivan1011 my City just built an street block with medium sized houses. It’s been 6 months nobody has moved in (600k ) for 3 bedroom houses in Oklahoma City
One simple fact: anyone who locked in lower interest rate (purchase or refi) will not sell their home to buy another home at higher interest rate. That's why there's a shortage
Anyone who has paid off home is not going anywhere.
Exactly….
That may not be the reason. Every homeowner who would sell would buy some other house, making the net inventory change of those transactions be zero, at least in theory.
@@amgooderif they are mortgage free, then they are free to sell.
Sell for less, buy for less.
Same spec of home.
That won't change the supply. There needs to be more houses or less people buying houses
Residential real estate should NOT be allowed to be purchased by large corporations.
yup. Everyone got fat during covid that had money and assets, so of course houses were being bought en masse w 2.75% rates by large companies.
I look around my own city... brand new apartment buildings and homes everywhere, sitting empty because no one can afford them... the prices are ridiculously high. Tiny little older homes are priced at hundreds of thousands of dollars... it's insane!
I’m seeing the same thing in my city. They keep saying shortage, I’m like where? Maybe in another state or city, but not mine. Never understood that argument.
Took a walk around the new development by my house. 1 in every 5 houses empty and been unoccupied for past year... doesnt seem like a shortage to me.
This is exactly why the shortage is nothing but a mirage. There is a shortage bc of guys like him that are sitting on vacant investment properties. You can only do that for so long before you sell.
It’s wild. They built new apartments on my side of town. The medium income on my side of town is like 45K.
There charging $1000+ in rent. IDK if there hoping a bunch rich people move in and make us poor people leave. Or they just plan on leaving the apartments empty.
It’s honestly. Bizarre.
@inohaveshirt just because a home is vacant, doesn't mean someone doesn't own it and want to keep it.
What Dave forgetting is that when you can't afford to buy, then demand will go down. Meaning prices will go down while simultaneously more houses will be hitting the market and more homes will be hitting the market because inflation is effecting people pockets.
Real estate will always sell. Even when there is a lower supply. Prices won't be coming down to per-pandemic levels
But obviously, the demand is there. Plenty of folks with paid off mortgages or low mortgages that need to move, and they can certainly afford it, because they simply carry the equity of their old homes to the new. Just because a bunch of would be first time home buyers cannot afford a home, doesn’t mean there are people out there that cannot. And, many first time homebuyers can afford it, as they make a large income, saved and invested their money during a white hot stock market. Plus, all that extra money the government handed out was saved, rather than spent, so a lot of people have a lot of money saved up.
@@jesse_-exactly, demand is there because many established folks with equity are moving interstate for better quality life and jobs now the pandemic has proven that remote work is just as productive, if not more, than the drudgery of office life.
This would be true if all houses were continually on the market, but only a small fraction are. in reality supply of houses on the market is constricted by homeowners sitting on low interest mortgages from the 2010's in addition to a shortage of homes in the first place. Yes the market is softening, but I'm not expecting a precipitation drop-off in prices.
That’s why it’s a balance of supply and demand……
I love how 20+ years later there's still a "housing shortage" meanwhile more housing gets built and simultaneously more people become homeless. The middle and actual working class is long gone. Like you can't even rent an "low income" apartment unless you make 60k
There isn't a real shortage. There are investors sitting on vacant properties.
True statement
That one reason but the main reason is, baby boomers are divorcing at a high rate almost 30 percent. They are splitting assets and purchasing cash. Now one home turned into two homes. It’s no wonder inflation went up after the 1970’s. Too many rights turn into to many demands.
Most are occupied by tenants, but yes some are vacant.
@@ryanweston9677 yeah, tenants getting screwed over.
And that should be illegal
Man who profits from people buying real estate tells large group of people to keep buying real estate
Exactly, Dave is a clown and a propagandist
Could sell ice to an eskimo
People have short memories.
I heard the exact same narrative in 2008-2011
2008 AZ house $400k
2012 AZ house $100k.
AZ median in 2008 was a bit over $200k, it went down to $164k in 2012 and back to $205k in 2014. And today, it’s a bit over $400k. Not sure where you got $400k in 2008.
@@nicolathonathan770plenty of houses in Phoenix went down to 80k that were 350k in the bubble. Hell some Canadian youtuber was looking at prices in 2008 talking about it. He was talking about how cheap it is compared to Canada. 80k got you a ghetto shack in a midsized town in Canada. Where as in Phoenix it bought a 3/2 with a 2 bay in 2008. But the prices nosedived from before
@@nicolathonathan770 lol get them for lieing
Thank you 😂 we just don’t learn from our mistakes
@@nicolathonathan770I can’t speak for Arizona but I own a SFR in the Antelope Valley in California. A desert city as well. In 2006/2007 right at the peak before the crash my house was valued at around 370k. I know because I almost sold to purchase a brand new home further out. In February 2013, my house appraised for 150k. It really did happen.
I’m shopping real estate in my city in NC. I promise you, as I search, houses have MORE THAN DOUBLED in cost since 2017. Nothing fancy, either! 3 bed, 2 bath, small yard, no garage. $400k.
Ridiculous.
How big?
The prices are insane. I’m glad we own our house. We’re just hunkered down living simple and saving money until the whole house of cards comes down
@@arkmediagroupllcIt won't, the frontier is closed, the jig is up. We now, like every country, have to deal with the consequences of limited supply of urban land.
The shift has already started!! Look every where they have dropped over 5% every where lol no one wants to pay 20%-30% over the price of the home and then get stuffed with an 8% rate at BEST
I haven't seen a shortage in my area, just a lot of over priced homes owned by the same group and individuals. Seller shortage here😢
They’re just building new homes that cost 500k
And think about it. When someone buys a house they do 1 of 2 things. Rent it out to make more money or they live in it and build equity to make more money off the house. They aren’t going to cut the price by 100k
Harley Davidson did this with their motorcycles years ago. Slowed production pushing prices up. No supply chain issues, no union strikes they just wanted more money!
There are tons of homes available, the difference is the $150,000 homes are now $250,000. The $250,000 homes are 350+ and so on. One thing that hasnt changed is how much jobs pay their employees that give valuable time of their life to make shit pay and struggle. Daycare is an arm and a leg, cost of living costs your life almost. It cant go on forever without some kind of implosion. Needs to happen soon. Before long it will be pointless to be rich because the economy will crash and everyone will strike/protest and what will that leave them? This is very far from what freedom should feel like. Its embarassing to be alive in the united states.
I live in the most basic neighborhood in Flagstaff AZ. Neighbor sold their house last week. $899k. 10k over asking. Sold in 12 hours. It's 18 years old and is completely original. I'm telling you it's a basic 3/3 2k sqft house. Small yard. I hate it here.
It's the same in South Florida. We're looking into selling and moving to a less expensive area.Our family grew and we need a bigger house. It's been a real struggle.
Same in WA state. Average home price is $800k. I don't give a shit about the market at this point. His generation has no clue what it's like now. They got to live life on easy mode, turned the difficulty mode up to max, and now have the nerve to talk to us like it's some moral failing. No, the system is now broken.
Move. Many people used to move to new areas in the past. Way less people do that these days, and cry instead. That’s the difference between GenX and millennials. Half of the millennials just haven’t become adults yet, because they were raised with “everyone gets a trophy,” rather than reality. Grow up and stop whining! If you cannot afford a home where you are, then relocate! That’s exactly what we did! Sheesh!
If you hate it there, move. Looks like you can get 900k for your house. You can by a new 500k house here in KS, close to 2800 hundred sq ft.
@@insideoutsideupsidedown2218OMG. WHY HAVEN'T I DONE THAT? I would if we had a job elsewhere. Been looking for 2 years. I don't own my house...YOU JACK WAGON. Can't buy one if the median price is just this side of a million. MY FAMILY DOESN'T NECESSARILY HAVE A MONEY PROBLEM; WE HAVE HOUSING PROBLEM.
Notice he doesnt touch commercial realestate.
Because it’s about residential real estate
And its just a short clip
Yeah in SW Florida we have too much inventory, prices are falling.
Investors made this crap what it is now. This should not be the way it is. A house shouldn’t just be a commodity like stuff bought in a store. SMH
Politicians made it the way it is now. After 2008, politics s got together and created the Dodd-Frank Act of 2010. These new regulations made it more difficult for builders and would be new home buyers to procure loans, creating a shortage that piled up year after year, and the cover was ripped off of it in 2020, exposing the shortage to everyone. Investors, inflation, illegal immigration all add to the issue, but it’s government regulation that caused it. Anytime the government puts out a regulation, it’s going to cost the middle class a lot more money.
Be careful who you vote for, as elections have consequences. If you voted for the party that put these regulations in, you really have no right to complain about it, because you voted for it or you support the party responsible for the housing shortage.
The Federal Reserve did this. Extremely low rates, set by FED dictate, have consequences. The Fed lowered bond yields so much it forced investors to look for alternatives and real estate was one of them. Hundreds of billions of dollars thought would have ordinarily purchased bonds was spent to buy rental properties instead.
Actually the flip flop opposite needs to be said. It should be just another commodity you buy in the store. The problem is people viewing real estate as a wealth building tool that should be speculated on
There is a shortage of housing, period. More housing needs to be built, not to blame mom and pop landlords.
Tell that to the BlackRock and the Airbnb industry buying up homes to use them as investment vehicles.@@shelleygreyrealtor
Housing prices are unlikely to significantly decrease until there's a substantial increase in housing supply. In the USA , there's a shortage of millions of housing units, and construction isn't keeping pace. The constant demand for housing, coupled with population growth, means that even a slight price drop attracts numerous buyers who quickly absorb the available supply. I'm considering purchasing affordable houses in 2024 and possibly venturing into stock investments. When is the best time to enter the stock market? Some people say it is profitable , but others say it's risky. Any advice?
Consider investing in stocks especially during a recession . While recessions can be tough, they can also offer good chances to buy low and sell high in the markets if you're cautious. Just remember, this is not financial advice, but it's a good time to think about buying stocks since having cash on hand isn't always the best option.
In my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
Could you recommend your advisor? I'll be happy to use some help.
Sonya lee Mitchell is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Market timing and active portfolio management, and “day trading” (also known as gambling) are going to result in you losing your investments. Get in when the market is down (look at this as buying stocks while they’re on sale), and hold them for the long term. Long-term investing, diversification, rebalancing, and a proper asset allocation are some keys to making money in the market.
Sure, but there’s no shortage of land where I live in Ohio but they still want a quarter mil for 10 acres so how does that make sense? I’d buy land and put a manufactured home on it if land wasn’t over priced too.
One of the biggest refinance events a couple years ago - people are stuck in their mortgages right now. Don’t see it changing for a while.
🔒
Home prices are ridiculous in California super inflated
Heck yeah they are... My goodness.
Makes me sad.
There's no shortage of available properties in my area. The problem is sellers are pricing the properties at last year's prices and nobody is buying. Many of the properties are former rentals owned by corps like BlackRock and Berkshire Hathaway so they can hold them at the artificially inflated price for a while unlike retail sellers.
Sold our house last September right before the slowdown started.
Prices are NOT going to come down. Realtors worked too hard to get them up to these ridiculous levels, they aint about to let them fall!
😂
Exactly, they rather have half the city camping on the streets than selling below “market price”
That supply/demand curve only works if the residential housing market works how it’s supposed to. But there are so many private equity firms that own residential real estate that when they try to all sell at once the market will crash
buy land, they aren't making any more of it.
Land is constantly getting sold
Is land a risky investment?
@@RGP-bv3jbRaw land can be, especially in more populated areas. Never know if there’s been an environmental contamination. Always do the diligence Before buying.
Just beware if the land is in Florida, is at sea level and has doubled in price over the last few years
Ok Tony Soprano!!
😂
“Buy land A.J. cause
God’s not making anymore of it.”
There are areas where construction is strong. Builders are building as fast as they can. Unfortunately the high interest rate doesn't help.
There is no shortage of Commercial property in NY, and that property is empty.
Commercial property is going to cause the next big problem.
If supply stays the same and demand falls then prices should still fall. If supply increases and demand falls then prices should fall further down. But who really knows lol every city a lil different.
In my city house building is on fire but property is not selling and theres lots of houses up for sale atm, problem is theyre getting field with immigrants and social housing tenants from london
Or when prices get to a level where people just can't buy them it will go down
Banks want us to rent for life
What?
Sometimes its the best option. Rent cheap and invest.
@@ricardodelacrvz1400dude, life isn’t about all profit
Agree
Back in 2012 whenever I was looking for a house... I kept getting beat by investors buying to rent them out.
There alot of houses out there on personal portfolios.
Good. We like to hear that. Someone is watchung over them they arent just turning ito detroit where they rot into dust in the wind.
@@censored4christ162Such a moronic comment. FAMILIES are DESPERATE for homes. Increase property taxes on investment properties government!
Yeah, it just is what it is now.
The market lost 10% where I live. That's all it takes for me to sit on the sidelines. The margins are narrow. I almost beak even loosing 10%
Only a shortage if there are more buyers and the number of buyers decreases as things get unaffordable. So those needing to sell will have to drop prices to find a willing buyer
It is hard to believe... like 85% of all professionals claimed we were suppose to be in a global recession. Everyone thought prices would tumble... now we have this inventory shortage. I think it is crazy.
With so many people paying 3% of lower no one is selling
“It’s not gonna bust”….well, it NEEDS to bust!
We have inventory issues because we have companies buying up single family homes as well as a reduction in middle class home construction compared to 5-10 years ago.
That's why They pump less oil when the price starts coming down!
No no no, it's because of.the hot weather, I mean it's to cold, I mean storms, or was it tornados three states away.......oh wait there's hurricane in the middle of the ocean........gee sure glad ppl are stupid
They built a brand new house down my street and it is 3 bedroom 1 bathroom for 800k. How is anyone going to be to afford that.
The only honest thing Dave said here is “if you want to make the value or something go up, make it scarce”. Housing supply didn’t just suddenly dry up in all 1st world nations simultaneously. The rich bought it all up.
Yeah and thats not changing, they will always have money to buy it up. So no point in waiting around. A 10% drop in price is the most that will happen most likely but on average will keep going up
Not true, in my city the demand never went down even during the crash BUT prices went down. I am an agent and I was trying to buy a home in 2009-2010 …. it was mission impossible. i finally got lucky after 1 year but just because it was a short sale.
Im leaving the U.S.
I have no pride in a country I couldn't possibly settle down in.
What does that have to do with this video lmao
Go be proud in some other country with not as much freedom 😂
@@stephensullivan1011 cool 🤨
@@stephensullivan1011 Hopefully will. There's plenty of decently free countries they just don't advertise freedom as loud as our country does
@@HeebyGood luck in obtaining citizenship in these other "nice countries." You actually need to be useful for them to grant it to you.
@@chasehunt4415 Good luck buying a house 💀
Another issue that the rich never feel the pain for. Rich will always be able to afford housing and never really care about rates or prices. So real estate will always be sold. And if not by rich individuals/families, companies willl just buy them instead. Middle and poor class don’t stand a chance because nobody will budge on the selling side because what they have already is a great deal.
Nobody is selling unless they have to, like someone dying or a divorce.
You always make so much sense
I don't know what to say about the housing market or when it's going to correct or how much it's going to correct, other than to say what's going on right now with it is very unusual
Lack of inventory is a result of government regulations. Lack of supply is years of supply not meeting demand, thanks to the Dodd-Frank act. Again, thank you Obama!
If you vote democrat, then you support these regulations that make things more expensive. Million bucks 90% of the people whining they have to spend a fortune on a house support the party that is responsible for regulations that cost them hundreds of thousands of dollars .
The reason there is a perceived shortage is all of the private equity firms buying the properties to rent!!
I AM A MANAGER IN HOME IMPROVEMENT. PEOPLE ARE SELLlING FASTER THAN MY 10 YEAR CAREER.
Dave said more than this. He said that prices would go up for the next 5 years. That is not what we are seeing in Phoenix
How is there low inventory? When homes are sitting empty that can be filled
Something I’m not hearing many people talk about it 3/1 or 5/1 loans. 5 years ago a person could lock in a 3% interest rate. Once that loan comes up for an interest rate change it’ll likely raise which will be an absolute crazy payment change. People who’s current mortgage payment is $1000 a month is fixing to probably double for the next 5 years. That will help with supply as long as rates begin to fall. You can have all the inventory in the world but people won’t be as eager to buy with interest rates high. Just my
opinion
Payments will go up but not double, as a change from 3% to 7% only bumps the p&I payment 57% and ARMs have caps that generally limit increases to 2% annually and 5 - 6% lifetime of loan.
There’s also low demand lowest mortgage applications since 1995 which is driving prices down refardless of supply if people
Aren’t buying they aren’t buying.
Price reflects measure of units (dollars). When firms like Blackrock who are close to the magic money machine are exchanging credit (fiat) for real wealth such as real estate, and interest rates are jacked higher, then we have this game of keep away goin on.
Maybe if all these kids stop buying 10 houses for flipping
2008 didn't see a change in supply but did see a sharp decline in price.
Yeah, everyone was broke after the stock market collapsed due to internet companies going out of business.
I agree with you and not Dave on this issue. That said, our immigration slowed and even reversed during the great recession so there was a shrinking of demand for housing.
@@eurekahope5310our immigration slowed lolol good one
2008 did see a change in supply. The years leading up to the crash builders were putting up houses like crazy to try and take advantage of predatory lending.
The lack of housing is a result of 2008, and we are feeling it now, as it took over a decade to build up before popping.
Inventory is climbing where I am... sky high interest rates will eventually lead to foreclosures as people over leverage
Depending what type of loan they got fixed or etc...
Issue is that most homeowners are sitting on 2010's 3% mortgages.
But what happens when people have homes they can't afford, because income has not came up to match the prices of homes and banks are still giving out homes loan based off of credit score and not the fact that theres a huge possibilityof them not being able to afford the home. Just because someone has a good track record of paying debt, does not mean they can afford these prices. What happens if we go through something where there's a huge jobs loss's
This shortage BS is so tiring. It is because of interest rates not because of housing insufficientcy. Homes will drop
I can't wait to call him on this! The affordability index is so out of wack that there would have to be runaway general inflation where wages skyrocket to keep these housing prices. They will come down short of 1968 to 1982 inflation!
There is another side to this story at least in my opinion. Some realtor are pressuring sellers to lower their asking price whether they are selling or renting because they are desperate for a paycheck. I own 2 houses 5 houses apart the first one I bought 9 years 3BR 1.5Bath. Very lightly used due to wife getting seriously. Rented it 3 years for $1000. Now renewed the lease for 1300 plus utilities. Second house was completely renovated. I call the same guy who listed my first house. I told him I wanted $1650 plus utilities. Keep in mind both houses are close to many beaches. He said “ oh that neighborhood does rent that high. Don’t get me I would be happy if you find someone “ I found someone else who rented it exactly how I wanted and there likely to stay a long time. Moral of the story if you realtor is not hungry dump them.
Look around inventory is going up
And the supply isn’t going to go up for a while with lack of laborers
So morale of the story. Stop buying houses.
I feel like this old man is in on it. He doesn’t want the market to crash and wants to keep ripping ppl off.
That’s exactly what his intention is, he’s invested. The bubble market will pop like all other bubble markets, people were dumb buying peak of the market! “But my real estate agent said it was the best time to buy” 😂😂
All his properties are paid off, he could not care less if it goes up or down you fool.
@@RandyLibertadF you will care if your assets loses its value 🤦♂️
@@RandyLibertadF MAGA !
man is speaking the truth though. ask around; people who bought at 1.7% 30 year fixed interest rates are never selling. they’re enjoying their monthly payment of like 2k a month while the same house at the same price is gonna cost 6k in mortgage payments a month. for that reason, the us is fine, because no one in their right minds will ever sell their house. even if the value of the house goes to 0, owning is cheaper than paying rent. however. that’s not the case in other countries like australia or canada where everyone is on variable rates. these countries may see people face renewals and see their monthly payments jump from 2k a month to 6k a month. unless these countries lower rates again at the risk of hyperinflation, a lot of these people living in these countries might go bankrupt. ironically, the usa is the only country where people are forced to take on 30 year fixed mortgages. even people who are forced to move aren’t selling their houses.
Mortgage applications are lowest in like 30 years
supply doesn't affect demand
Is the shotage by design?
Well no one's buying at current prices and rates. It's just a waiting game at this point.
Totally the opposite of what you say there is homes for sale everywhere
Prices may come down when there's less people buying as well. That would be demand and supply. Already seeing it in my area. Houses sitting for months dropping by 10% or more because no one is buying them for the "market" price.
Wells sir, as inventory decreases prices rise. As unemployment rises those houses will be the first to go bust.
Unemployment must go up before prices go down.
There's not a shortage. Rather, massive quantities of new builds sitting empty, yet not reported on active listings. Tons of shadow inventory. Wake up. Look at Austin and San Antonio. Harbingers of what is to come.
"Clean it up" first😂😂😂 yes sir, there are some very dirty should be condemned houses going for 265k. Its insane. Its definitely not a buyers market
People think that supply and demand are the only metrics that measure housing pricing. Interest rates are high AND it is decreasing home values regardless of the limited inventory. It isn’t just a simple supply and demand correlation that all the gurus talk about. Prices are down 15-20% (or more) nationally from peak values even with tight inventory.
I think if a surplus of homes comes it will come from the rental market off loading the risks. The more you saturated the rental market the more competition there is and that drives up the risk. If 2008 was triggered by a saturation of the private market then the next one is likely to be triggered similarly by the commercial market. Just my thoughts on it.
Except it’s still effectively a bust because nobody can or will buy those houses until the prices drop, so it’s a white elephant investment
If a few of the big investors decide to, or are forced to sell, the inventory will spike rapidly. I dont think too many homeowners will sell, but investors and second property owners will. The demand is so low, that it wont take much for the inventory to outgrow demand.
It pisses me off that investment companies will take a huge loss when they can’t sell and the middle class will be foreced tk bail them out via taxes.
Well the increase in cost of materials, that hasn't gone down. Reconstruction in areas hit with disaster, private companies supposedly buying up singles family homes, job losses are all hindering people to build single family homes. I've seen the real estate prices climb over the years and they don't go down much like many items when market recovers.
Hear people complain about interest rates but still lower than in the 1980's, but houses are more expensive overall. Just saw a city near me is increasing real estate values instead of raising taxes. So your tax rate is the same but supposedly your hou is worth more!? Shell game there, and this is without an evaluation. Just across the board saying the houses are worth more.
If unemployment sky rockets,how would people pay there mortgage?
Not everyone can own rental or multiple homes... That's what is making the shortages.
That's what Bernanke said months before the crash
The supply is low but houses are sitting empty or they are VRBOs. Blackrock bought the supply.
Yes, inventory has dropped in most cities, YoY, but so has demand. In other words, supply is dropping, and demand is dropping at approximately the same rate, such that supply/demand ~= constant. In order for the real estate market to crash, higher interests rates need to crash the overall economy and drive unemployment higher much higher. Hopefully, the Fed keeps hiking.
There is like 3-4 years of millennials waiting in line waiting to buy their first home. Demand is not going away for a very long time, especially if the interest rates drop.
I'm absolutely certain that selling property is fairly easy, but buying? Once I sell my home, how and where would I purchase another?
Also, neither politicians nor big business is interested in the prices dropping on anything. They love either increased taxes or increased profits.
The investors and corporations purchased entire neighborhoods (sometimes 400 homes at once), creating a false demand. There are over 5k houses in my county and have been sitting on the market for months and even years. The astronomical prices and income ratio is the main problem.
Calm before the storm. I've been to this rodeo before.
Just watch...inventory on the rise this fall 2023 when it normally is falling. Empty houses and apts will be put on the market, but will sell slowly since affordability is so ridiculous.
Except now they are selling commercial buildings and building apartments, since builders are struggling to remain profitable building single family homes. If the commercial real estate market busts, and is a TRILLION dollar industry with tons of balloon loans being called due. How would that that shift the market? Also the fact that middle class is broke from all these rising costs, soon to probably get evicted or foreclosed now that the moratoriums are lifted. How could this not make for a dark 2024 and 2025?
When prices go down inventory will shrink because only the desperate will sell then.
Yep
People still really cocky about housing prices not crashing when it also took years for 08 to happen. The housing market fundamentally works on a lag. Might not be as bad but to be under the impression that it's all clear is silly
Inventory is way higher than last year. I do not agree if we have a supply issue in the market now. There are a lot of houses available for sale in the market with high prices and mortgage rates. At this point renting makes more sense because of the rates :)
1/4 of all homes are owned by investors