Housing Market PLUMMETS. Realtors admit there’s a housing crash.
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- เผยแพร่เมื่อ 26 ก.ย. 2024
- Realtors across America are beginning to admit the truth: we're in a housing market depression, with historically low home sales and home prices that are beginning to go down across America.
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Economists from realtor.com and the National Association of Realtors admit that the 2024 housing market has been disappointing so far. Especially in housing markets like Florida, Texas, Arizona, and Tennessee, where homes for sale is skyrocketing and prices are starting to drop.
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When the realtors start admitting that we're in a bad housing market, look out.
Home prices are dropping fast in many cities right now and will likely continue to do so for the rest of 2024.
Access the trends in your market on Reventure App: www.reventure.app
Rates need to drop
Increase your microphone level.....
Stop spreading lies. Its not high volume but im in 3 very different markets and prices arent dropping the way youre insinuating.
Volume of price cuts is also not an accurate number bc agents move the prices up and down $ 500 to move listing to update listing emails
champing at the bit, well done sir.
Haha there are still some delusional folks in the comments. Open your eyes. Money printing doesn’t mean growth in the economy, things will turn bad
Living in Oklahoma here and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
Many people lack this kind of information, which is unfortunate. I understand why some people panic. It can be hard without enough information. I have been earning over $51k passively by investing through an advisor, and it doesn’t take much work. The economy’s performance doesn’t matter; good wealth managers always make profits.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
“Jessica Lee Horst”, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Would you mind providing details on the advisor who helped you?
Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Interesting. I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call.
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Mind if I ask you to recommend this particular coach you using their service?
Sonya Lee Mitchell 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.
Thank you so much! This is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon. I plan to start the year on a strong financial note.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. If you are in cross roads or need sincere advise on the best moves to take now its best you seek a pro who knows about the financial markets. Cheers and good luck!
I'm sure the idea of an investment-Adviser might sound controversial to a few, but a new study by Motley-fool found out that demand for Financial-Advisers sky-rocketed by over 42% since the pandemic and based on firsthand encounter I can say for certain their skillsets are topnotch. I've accrued north of 880k within 16-months from an initially stagnant Portfolio.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Excellent share, just inputted Marisa Breton Dollard on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal.
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s 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.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you
Amber Dawn Brummit is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.
As a realtor in my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
Vivian Jean Wilhelm’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with please?
Her name is “Annette Christine Conte” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this recommendation. I'll send her an email, and I hope I'm able to connect with her.
I sold a couple properties in 2021 and I'm waiting for a house crash to happen so I buy cheap. In the meantime, I've been looking at stocks as an alt., any idea if it's a good time to buy? I hear people say it's a madhouse and a dead cat bounce right now but on the other hand, I still see and read articles of people pulling over $225k by the weeks in trades, how come?
You're not doing anything wrong, you just don't have the required skillset to profit off a down market, folks that are making profit in this market are pros and experts with in-depth knowledge and skillset.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This sounds great. Is there a way I could connect with your advisor or any other whom you think is very good? I'll appreciate.
Sonya lee Mitchell 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.
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call.
I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little.
well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
this is all new to me, where do I find a fiduciary, can you recommend any?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
This is the exact reason I'm putting off taking a mortgage and investing in the US stock market instead. The return on investment, I believe, should be able to buy me a house when the housing waters settle. I'm seeking guidance, as I have about $67k to invest.
Yes, this is really nice thinking. The US market could be very rewarding. I've profited since 2020. I suggest you get an advisor, though, as that will simplify your work.
I agree. There's a lot of potential in the market. My friend introduced me to a financial advisor in 2021, and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream to start a restaurant in New Jersey.
Wow, that's sounds great. Any chance you could recommend who you work with to me?
Sharon Lynne Hart is the licensed advisor I use. I tried some others in the past, but I've stuck with her the longest because she's really good at what she does. Just research the name. You'll find necessary details to set up an appointment.
Thank you for the recommendation. I'll reach out to her, and I hope I'm able to make something out of it.
Sellers purposely overprice their home, then drop the price one week later by $5k. It's all a gimmick.
Plus, then they’re in that “reduced price” category in the search.
Yah 5000 is what they usually do when it's already overpriced by 100 to 150,000 I wish people would get a little smarter and not fall for it and still buy those houses
Yea and they all got together to have them sit on the market for months. See how stupid that sounds?
They'd be foolish not to try.
@@ursulamullikin4723
No one is buying jack knowing where at the peak of a housing bubble facts 💯
it’s pretty shocking. Prices are dropping fast.
The decline is due to rising interest rates and economic uncertainty. It’s making it harder for people to afford homes.
Nelson Maynard Fisher could provide insight into this situation. He’s great at analyzing market trends and investment impacts.
How can he help in this case?
He can assess the market conditions and suggest strategies to protect or grow your investments during this downturn.
That’s crucial. The housing market crash affects a lot of financial plans.
It's certain that this year will bring more challenging challenges. Looking back, I realized that I spent the entire previous year making expensive financial blunders because I was so consumed with worrying about my portfolio. I was forced to decide between raising my investments and purchasing a home. I discovered that the property I had bought needed more work than I had anticipated after deciding to sell my investments. It's becoming more difficult to determine how much longer I can take this.
Take things easy, we've all made mistakes
Invest in companies that provide current cash flows to diversify your portfolio. I hired a planner at the end of 2022 to enhance my portfolio, and in the last ten months, I've made profits in over fifty thousand different marketplaces. Should 2023 teach us anything, it's that luck doesn't last forever. Even in times of abundance, we should put in more effort to prepare for the worst-case scenario.
Who is this planner you use? My endurance is decreasing. To be completely honest, I'd like to get one as well.
Leah Foster Alderman. You'll undoubtedly find out more if you look her up online.
I appreciate the lead. I did some research on her and emailed her. I'm hoping she responds to me eventually.
Housing is a basic need.
There should never be corporations owning mass amounts of homes. Corporations that buy out all the inventory to convert them to rentals simply because they have the equity to do so are the main cause of the housing crisis. They increased the prices to push up rental costs and now it's backfiring on them.
There should be a law around home ownership in America. This is getting ridiculous.
Food is a basic need and all we have are corporations controlling it from production to supermarket.
@@tomka5714 everything has gone up in price except wages. Ironic, isn't it?
@@Nicole-Nicoley 100% agree with you.
💯👍
Agree a million percent..
Housing market is unsustainable.
Yes, but so is the dollar... I paid $16 for a damn footlong Subway sandwich today. :*/
Median home prices are 47% higher than 5 years ago, 69% higher in my area. It's not sustainable, but the bubble has continued because there were 4% mortgages available for a dozen years, and they're all sitting on the sidelines now. The average person who wants to sell cannot unless they want to go back to renting.
I dumped most of my rental properties a year ago and shifted to silver and gold respectively. I'm waiting to buy real estate again in a couple years when the market bottoms.
@@nonyabusiness1126 I paid $6.99 today for a footlong at Subway. Clip some coupons!
@@bubbajones4522 If it does bottom, it will take a lot longer than 2 years.
Shadow inventory is never discussed in the mainstream. There's lots of vacant homes, especially in places like California and Arizona. People forget that back in 2006 we had a "shortage" of homes as well.
FL also
California has been in a shortage for past 15 years and will continue...
@@sinfulxchangezBolz S£¥+! Only in a command and control economy are there long term shortages!
California is very limited to build new homes especially ocean side.
Because "shadow inventory" is just another way of saying "not for sale". 👍
I'm from Vegas. The average casino employee lives paycheck to paycheck. I wouldn't be surprised if they are borrowing their equity to survive. I spoke to a casino worker last week, and he said the casinos are laying off right now. The full-time employees are now becoming part-time. Las Vegas will get hit hard soon cause people have no more disposable income to spend.
Hi there 👋other Sin city resident. I can confirm that lot of people using their house equity to maintain the so called middle class life.
@@RasiRobi How is this possible? Isn't the loan on equity like 8%?
@@RasiRobipeople that live pay check to pay check, 99% of the times don’t own a house 😂…. Then you wonder why there is no house crash
@@SomeUserNameBlahBlah
If you got in at 2-4% and have equity you'll do the refinance and take out cash hoping for the best.
Remember, most people aren't long term thinkers
@@cecilfletcher4404yes. Some spending but others just took money out for the rainy days.
THere is a TON of inventory. It's all being held off-market by investors, not being bought by owners. So when it does drop, it will be complete chaos.
Yes, and a lot of inventory is in rentals that are not being rented. Once it starts losing too much money, back on the market they go.
Bingo someone gets it
yup. GHOST INVENTORY. and it is out there all over
E X A C T L Y ‼️
70% of homeowners have mortgages under 4%. Why should they sell, and trade up to 7%?
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
My CFA, Desiree Ruth Hoffman, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
I sold an apartment in Springfield and made about $250K. I was frustrated when I only earned $171 in interest from a regular savings account. After doing some research, I was advised to invest in stocks. Are these stocks a good point to start from?
While the stock market is promising and can give good ROI, expert guidance is essential for effective portfolio management so you don't get burnt out in the market as it is very volatile.
I opened an online high-yield savings account with 5.12863% interest compounded daily, expecting to get $2,500 in interest on my initial $50,000 at the end of the month. Instead, I only received $420. When I inquired, I was told the interest is calculated daily, which was not clearly stated on the website. My partner advised me to divert into stocks through an advisor, and in just six months, I achieved over 80% capital growth, excluding dividends. Highly recommended!
Pls how can i meet this advis0r? i want someone to help me invest my divorce settlement, It's just being laying around in the bank without much interest.
Melissa Jean Talingdan is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment. She’s really good
I work with Melissa Jean Talingdan as my licenced advisor. Simply look up the name. You would find the information you needed to schedule an appointment. She is excellent.
Realtors have a hard time with TRUTH
Real Estate is cyclical, but the current generation of realtors have been spoiled by a very abnormal era of artificially declining rates and constant money printing. That has made the profession far less cyclical than it ever was. But to me it's a big gamble to assume that it will never become cyclical again.
yes, cause most of them are criminals
@@CaptainCaveman1170 Oops, I thought you said RE is cynical.
@@Singlesix6 Real Estate is very cynical too lol. Especially the top level cheerleaders. But I can't blame anyone for getting into the industry and making that money (I could not, I couldn't feel my way in the dark like that for too long), But there are plenty of non-cynical realtors and I think their mentality is, hey I didn't make the rules but if someone's going to land on Park Place then it might as well be me.
I got my real estate license in 2005. Once I saw how dishonest the people in the industry were I tore up my license and walked away. Realtors are second to lawyers when it comes to dishonesty. But hey that's capitalism.
Christen wilburn was my hope during the 'bear summer' last year. I did so many mistakes but also learned so much from it, and of course from christen wilburn.
You trade ?? Wow that's huge, how do you make that much monthly?
Greetings, I’ve seen positive reviews of this woman Christen wilburn for about the fourth time now, I think I’ll have to give it a try.
I'm new at this, please how can I reach her?
I will leave her info below this comment
@Wilburn77a
FORCED SELLING is happening as well out here. property taxes, insurance, stupid high inflation is wearing some folks down
The FED is letting the housing market bleed out SLOWLY
Those foolish enough to have bought in the past few years are upside down and only have short sale or foreclosure as their options. The banks won't allow short sales because values haven't dropped enough yet so I predict a wave of foreclosures in a year or so.
@@bubbajones4522fha is allowing stremeline short sales until April.2025
@bubbajonesdont4522 don't forget people who haven't made a payment for 12 months. We're talking high dollar homes. There now getting foreclosure letters . When they were told a restructuried loan. Right.
Yes ! They are being shoved out of their homes..you are correct..
I'm so glad I didn't buy a house a few months ago. The information you're providing is both timely and greatly appreciated.
I've seen a big difference in just the last 6 months.
Honestly you can snag a deal right now with a house that’s been sitting. Interest rates should come down during election. In a perfect world you refinance and shave off $1k.
Remember how angry they got when anyone suggested real estate was a bubble? That’s because they were LYING.
Mostly to themselves
Housing is still too expensive, nobody will buy anything at these prices. Keep your house. Buyers don’t care anymore, they know they can’t afford the payments.
In Vegas, work in utilities. Completed subdivisions developers are holding back and playing games with prices being increased on one street to move inventory a street over with a “decrease”. Eventually it’ll catch up to them.
Any homeowner carrying a mortgage originated in the last 10 years is paying somewhere around 3.5%. With rates around 7%, anyone seeking to move into a larger or even similarly sized home, would see their mortgage payment double. Nobody in their right mind would do that.
only cash buyers
Only cash buyers would. My mortgage is 2.875% and assumable that we overpay on each and every month. I'm not going anywhere.
Maybe if they are forced to sell because they can’t make their mortgage payments.
Increased grocery bills, insurance, taxes, layoffs …etc.
Macroeconomics matter here. If we are indeed heading into a recession, there WILL be forced selling and foreclosures. And it doesn't take all that high of a percentage of job losses to flood the market with forced sales. 1 million forced sales would entirely blow up the housing market. But that might imply 5-10 million job losses, which is maybe 8-15%-ish unemployment. 2008 crash was in this range, and much worse in some metros.
In addition, credit card delinquencies are already spiking. For anyone who has gotten behind on CC payments anytime in the past 2-3 years, GOOD FREAKING LUCK getting a mortgage, especially when prices are high and credit standards are tightening.
So, an economic downturn means a "forced" increase in supply and a "forced" decrease in demand.
That WILL cause prices to crash. Real estate is extremely illiquid, so the market conditions typically change very slowly.
@@plywood7894 only if they are on high rates. at low rates, its practically free financing. they'll default on any other form of debt before they give up the home. if anything, they can cash out refinance withuout having ot pay gain on sales tax
I wouldn’t say it’s plummeting. Prices are still ridiculous
THEY NEED TO COME DOWN ABOUT 60%
And going down.
@@mikeking7582I agree.
It’s creeping down slowly but surely
@@mikeking7582 Divide by 2, then by 2 again. Then abolish property tax.
I dont need rates to go down, I needs assests to go down.
I know all this inflation and crazy prices would not end well. I will gladly wait on the sidelines.
@@geocam2which assets exactly
@@geocam2 Since you seem to know the future, can you tell me what the Powerball numbers will be tomorrow?
The data in Vegas must be lagging. Layoffs are starting to tick up. Its coming.
Probably. I know the casinos hiring only for on call and part time. Very few full time jobs
@@RasiRobi I've been in the casino industry since the mid 2000's and I've worked in many casinos. And in my area (not Vegas) all the casinos are only hiring people with experience (and mostly for part time/on call casual positions) because they do not want to train new people for several weeks. (paid training) And some of the smaller casinos stopped doing buffet and stopped 24 hour operations. One of my former coworkers just got laid off and even people who worked for decades in managerial positions got laid of which I've never seen in this industry, at least in my area. Have I seen managers get fired? yes, but not getting laid off due to bad economy. But here we are, a bunch of managers getting laid off. And one of the biggest casinos by the airport just laid of tons of dealers which really really surprised me because that casino is a cash cow but apparently a lot of the VIP customers dried out or something. And the area I live in is one of the most expensive real estate market, not just in North America but in the world. So even the rich have started to tighten their belt.
@@Landstalker1999 Thank you. Very interesting 🤔
Yea, the depression is just getting started. People working in the entertainment industry like Vegas are going to get hit very hard.
Yep! 3 homes in my neighborhood went under contract within 1-2 weeks in March. But now there is 3 more sitting for over 1 month. (Maryland)
Several months is not a long time to sell a house.
Same in my area but the homes eventually will be sold even if it takes longer than usual.
@@williamjohnson9815 Found the housing bull.
@@williamjohnson9815 its called a trend. cope
@@williamjohnson9815 yes... but it's telling how things are changing.
For buyers, this is the beginning of good news. Since we had an insane, unprecedented rise in home prices, I hope we now have a strong correction to historical averages. I don't wish pain on anyone, but millions of people have been priced out of the housing market for too long.
To be honest it’s not things will only get more expensive. Middle class is dead.
@@envy1rDowney I tend to agree sadly.
For a 40% correction the economy would have to go into a depression. Prices are stagnant. No one is selling and no one is buying. Sellers don’t want to lose the 3% or less interest rate they got prior to the fed rate hikes.
You’re 100% correct and I personally wish all the possible pain to those who’ve been profiting hand over fist and (quite frankly) scamming new buyers into these over inflated prices and interest rates.
It's not the beginning of good news. When prices drop, the investors will scoop up the houses the way the Borg assimilates planets.
I have never heard Lawrence Yun say anything negative about the housing market even in the 2007 market.
Asking Yun how's real estate market doing, it's like asking Ford dealer if ford is reliable brand!
@@IS-jy3dx ford died in 1996
yep 💯 that’s saying something.
@@ah-yp6vp agree!
I've never heard of Lawrence Yun
Today, received at least 10 notifications that a builder reduced prices on new homes in St Augustine
Yeah at 7% interest no one is buying. Many people are at 3% or less mortgages so no one is selling either.
@@jsmith4993 Places that have new building will drop faster.
@@geocam2 in st augustine. lots will offer insurance. and its way cheaper there than where I Am in south florida
folks in my neck of the woods taking 100k haircuts, and the homes are STILL OVERPRICED. also seeing brand new homes sitting for over 6 months😅
Prices are still sky high and shit is still flying off the shelves.
Yup!
Some houses in my area (Midwest) are overpriced and dropping by 5k-10k but they’re garbage houses.
The houses worth buying are still receiving offers for $15k-$30k over asking price with waived inspections.
@@johanneslebrecht3097 it’s a very hot market still. Investors are buying them just to move money around with cap rate returns during the 6-12 month movement of money. It’s so absurd how expensive housing and rent is. Can’t say we are gonna ever crash though. If you’ve followed this guy he was like hold in 2019, hold in 2020, still hold in 2024. Houses have doubled and tripled while this guy was saying a housing correction is around the corner. Only correction I’ve seen is prices going higher.
You’re just experiencing what all of us in boomtowns have gone through. You’re houses are affordable compared to what we have hence why people are trying to scoop them up.
@@bobroberts2217
The mortgages on the cheapest houses in my area will cost me around 70% of my monthly income.
If that’s considered “affordable” we’re doomed.
@@bobroberts2217 I’m in a retiree dead end town. Only a gas station and ranches are out here. Prices have doubled and tripled over the last three years. For complete junk.
Got onto Zillow to look at homes for sale in Cape Coral, Fl. Put in homes only up to $550,000. There were 1800 homes for sale!! There's going to be a fire sale.
Yep, I've been watching the Tampa Bay area and doing the math on what owners are having to pay for carrying costs, I foresee a wave of foreclosures and short sales.
@@bubbajones4522yup! Definitely
Hum🤔 Our property in the PGA Village, St. Lucie was listed less than a week ago and we’re already under contract at full price with some Russian oligarch. What say you???????
@@Skyking6976 So...how many Russian Oligarchs are buying houses? I guess it happens every day. Wait, here comes an Oligarch walking by my house now.🤣🤣🤣
@@Skyking6976 Russian's are dumb?
I live in Vegas and work in new construction homes. There is a big influx of people leaving California coming here
But that area produces nothing of value so the only inflow of wealth will be the savings and retirement of those moving in. How long will that last in hard economic times? I would say grow a garden and become more self sufficient but it's the frickin desert.
California migration has been going on for years. Nothing new.
I live in Summerlin Las Vegas (Red Rock area). What I am seeing is when a house goes on the market, it is all California license plates showing up at the open houses. I know a couple of realtors in the area, and they confirm what I am seeing. Folks have had it with California (politics, tax increases, crime, etc), and they are moving to the Vegas area because it is much more affordable than CA and it is only 3 hours away In addition to this, many of the local Las Vegas residents despise the CA folks flooding in. It is making it super busy, more crowded, more traffic, etc.
Las Vegas is a dirty dusty city in the desert. Why would anyone want to move there? I pass Las Vegas every week in my truck and I even don't want to stop for fueling. I fuel at Whiskey Pete's casino sometimes. Showers there are like in Morocco or Mexico.
@@rachelgreen1368 Its literally half the price of CA with zero state income tax. Summerlin is like Irvine in the desert for half.
looked but didn't like Las Vegas. Grandparents used to live and work at Hoover Dam, but I don't like Henderson. All too expensive, and too master-planned.
I would never leave California for Vegas. Pay half the price to live there? No thanks.
@@shaybapple Henderson and Summerlin are just too master-planned communist style for me. Boulder City is hot and expensive. So many people in all of Las Vegas look absolutely depraved, much worse than California. Although I haven't been to Venice Beach CA lately. At least they're on the ocean and depraved.
With interest rates being so high, it doesn’t really benefit the buyer if a house drops a 3 to 5% in price. Specially when the house is overpriced.
I live in Las Vegas and I noticed that sellers are listing and then just pulling out of the market when it does not sell which appears to be dropping the inventory. Also some are selling as well when it hits the 350-400k range. What’s weird is that start it at 500,000 and just continue to price cut until it’s 400,000.
In Vegas, and new builds are dropping prices, but the rental market is out of control. There's NOTHING decent that the average person can afford. In my zip code, there were only 17 rentals last time I looked. And, yes, the list prices are artificially high, but sellers are not getting list. There have been layoffs on the strip, so we'll see.
I just offered full price in Tarrant County, Texas (DFW) and lost to a higher offer. This thing is
Really screwy. I had no intention of buying anything right now but it was a great fit. So, the insanity isn’t over. And there has been a huge jump in inventory here. Still, over asking. And I was over 50% down payment. 🤦🏼♂️
Scottsdale is throwing up “for sale” signs at an amazing pace
Yep, I'm seeing it too.
It’s spring. People sell houses in spring.
Live in San Diego. A guy that does real estate on the side at my company just a few months ago raved about how great the market is. Spoke to him this week and he said it's pretty dead at the moment especially on the buying side. Huge swing in sentiment after a short period.
I’m in Vegas, and tonight I noticed several vacant houses, 1/2 a block of houses with no lights and no For Sale signs. They might be placing them up for rent, but I don’t know. I’m on the edge of Summerlin.
Our neighbor just sold their home yesterday for $950,000. They bought it 6 years ago for $505,000. The buyers are from Colorado and we’re in Oregon, outside Portland. What surprises me is how many buyers are out there in this price range. Several other homes on the market aren’t moving, so I think buyers are picky. But I wouldn’t buy in this market. Sell high, buy low. P.S. Our neighbor (sellers) are moving to Idaho where they moved their business.
AMS69X will change lives this year. Hold for long and let's see what happen.
Reported spammer
Aren't you going to bring 8 of your other goons to tell us about some financial advisor named Penny Traitor helped you made billions of dollars with only $800 invested and then write the phone number in pool ball number text?
Shitcoiner says what.
@@markmarco6277💯 The internet is fake!
Just stop with the spam.
*Our congress has no idea how we Americans are feeling, we individuals are fed up with this treasonous administration.I feel for people with disabilities for not getting the help they deserve..imagine l invested $2000 and received $4,900 in 4days.*
Considering the economic situation I ask,?? How can we save our families and friends from financial slavery. It's getting more scary how people are really suffering these days.l can't fold and watch people around me suffer.
The crypt0 market is bringing a different revolution in the world economy. People who are optimistic investor will earn consistent why the others will sit back and watch.
I combat the negatives effect of inflthinkation, it's a good idea to diversify your portfolio across different asset classes, since this can help protect your portfolio against inflation.
I would really love to know how much work you did put in to get to the stage..what are the strategy?
Ms Kristy Loreca, guided me thru the process of making a sound financial decision for my family. Most importantly, the lady took the time to make sure we understood every aspect of the transaction until we felt 100% comfortable."
Here’s hoping this crash is EPIC
It won’t be
Cheers 🍻
It will be buddy I cant wait!!!! I'm gunna come up hard on this downturn.
More like sad.
I hope you like bugs because that's what's for dinner.
I live in Vegas and if you look in the app, it's two markets. One, the outer areas where prices are still insanely high and everyone is flipping homes and speculating, And the other 60% of the city which is collapsing as nobody wants to live in the hood/downtown. Price cuts on condos are happening weekly. So the million dollar plus la-la land listings that aren't moving due to the sellers being absurd and not really wanting to sell yet skews the numbers. In reality, there are over 100,000 off-market vacant homes in the entire county. It's going to be an astounding crash once it all turns south. Just like a slot machine - you've been winning and are up, but the inevitable suck-out is coming.
Yes, I don't think people understand the decline of large parts of Las Vegas compared to the newer expanding areas. Henderson for example, has massive growth. It looks like its 2007 out there. Go to older parts of Las Vegas and it is bedlam and decay.
I live in Vegas. In this downturn the California exodus is what is propping up the market here. The movie studio that Mark Whalburg wanted to build got the green light so basically Hollywood is moving to Vegas.
I live in Vegas and I agree with you. I think nicer homes in Summerlin go fast because he's based on that side of town.
Greed receives Karma! Buyers deserve a fair housing market. It further supports renters to be treated fairly, except for greedy corporate landlords.
PP
@@tourettes1713 ppp loans are exactly what I thought about when I saw this as well. real estate was properly manipulated with the pandemic assistance. criminal really
Gee and who forces you to live in their buildings? Oh wait the same person that paid double ot triple for a truck. You!
Greed is expecting a seller to sell to you cheaper than he could to another buyer. Expecting someone to sell you a house for less than it’s worth.
@@vietnamvet4533huh?
Oh are you a landlord unwilling to admit to self that you exploit others
Vegas inventory is increasing unless something is being done behind the scenes. I get pending home sales data and new listing data daily. Two homes in Las Vegas go on the market for every one that goes into a pending home sale. Its been this way at least the last six weeks.
Nah Vegas is easy to understand. People are flooding out of California as fast as they can. Many still have family in Cali and dont want to go to far.
Yes but that area produces nothing of value. Entertainment industry isn't that resilient to hard economic times.
@@bubbajones4522 a lot of people still work remotely. Its probably going to be permanent in some industries. That said, I would imagine when things do correct, because of what you stated, the correction there will be harder.
You are absolutely correct; I did this exactly last year. I am surprised to see a lot of negative comments here; I love living here (Vegas).
You hit the nail on the head. Fewer buyers, higher interests and increasing pace of layoffs are major factors at reducing home prices. In addition, sellers realize prices cannot increase forever. You are a very bright person.
More people must be migrating from California to Las Vegas, keeping the local market propped up.
I have been waiting 3 years to buy into Summerlin. I don't think it's going to drop much if it even does.
@@sinfulxchangezjust be patient and save your hard earned money. Don’t get into this fomo too fast.
Mostly retirees
Here in Kern county California prices are going up like crazy and there's so much competition for buyers.
The way we buy and sell real estate needs to change. Paying commissions of 6% and higher is absolutely ridiculous. It is a reason for housing inflation. If you sell your home at $500,000 you pay a commission of $30,000. Insane! The average real estate transaction takes about 10 hours!
They are still insane in Flagstaff, AZ and homes are still selling here, it's crazy how much prices have gone up in the last 4 years
Arizona will be mostly boomer😂
All of them wondering why service is poor
Why is service poor? I guess young workers are just lazy.😝
Las Vegas will join Texas and Florida soon enough. Vegas is the "escape valve" for Los Angeles, so the only thing holding up Las Vegas/Henderson is the ultra low inventory in Southern California. It's impressive how many Californians are successfully crossing their arms and refusing to list, given all the economic headwinds and record high debt levels.
Prop 13 and the weather. Once you sell, you can't afford to return and buy again.
@@wleeclark7696 Yes, but "nice weather don't pay the bills". How are so many Real Estate pros making ends meet with half of their income gone? (Transactions in the gutter).
@@CaptainCaveman1170 Why would a CA homeowner care if RE pros transactions are in the gutter? So long as the homeowner is protected by Prop 13, the longterm homeowner would likely pay more taxes in Vegas or Texas.
@@wleeclark7696 Because RE pros are Californians too and they have mortgages and rents to pay too. In fact, other than movie industry types and Silicon Valley whizzes (and grifters), they are probably the most important/consequential Californians to the local economy. As someone who is in the construction industry, I can tell you that a large chunk of the most well off people in So Cal make their money (directly or indirectly) off of the swift movement of real estate...aka transaction commissions of all types. So yeah, prop 13 or no, if your work gets slashed by half and stays that way, you can easily be pressured into a force downsizing.
...which would add inventory and give people fewer reasons to go to Vegas and bid up THAT market.
The inventory in Glendale, AZ is up because of the new construction homes that people bought in 2021 are moving out. I live in a new construction area and the buyers who've been in the neighborhood the longest are starting to sale/rent. I've been wondering why tho.
ALOT more than likely DIDNT do their home work before buying, a lot probably overpaid, got stung with high tax assessments, higher insurance rates.
2021 was, price-wise, the worst time to buy in PHX. Way too many for sale in the phx area now are stuck on 2021 pricing and just sitting there. It’s all really weird.
Unfortunately, they are building more multifamily than single family. So yeah, inventory is rising, but people don't want to be cramped up in what is essentially "the projects."
They are building Ghettos for top dollar. Not homes for American Families.
I live in Vegas we have a lot of people that just sold in California and paid cash here.
I have 3 friends that owned 2 homes each. 2 have sold their houses in California to retire to the LV house. The 3rd is almost ready to do the same.
I live in Vegas. It depends on the neighborhood and each property and how well it has been taken care of. It's a split market here.
Again, NOT in California!! Especially in Southern California. We have 39 million people and this channel BARELY ever talks about this market. 😡 It's frustrating 😤 to constantly be ignored.
I really appreciate that he wastes no time on CA.
He was on the ground walking the streets around LosAngeles and SanDiego several days ago.
California is a 3rd world country, nobody is interested.
Because it's not falling. Bit I do sew rental properties lowering here in santa monica
It’s happening in Jersey/NY too. However, these places are still going up. I think it is lagging and we should enter in a similar situation by next year. Real estate tends to be regional.
Inventory is going down because sellers who don't have to sell are removing the listings after the listing contracts expire. NOT because the listings are selling.
A house is only worth what is being asked or it is being appraised at IF someone is willing to buy it at that price.
I’m visiting Austin-Lago Vista area now, today I counted over 35-40 for sale signs in yards, along with several Estate sales and condo rental signs. I’ve never seen anything like it before. The locals are telling me they want out now, like ASAP as they can’t afford it here anymore. Also surveyed around Round Rock area and saw lots of new building taking place, but also lots of commercial real estate vacancies and strip mall vacancies. You should check it out here. It’s not looking very good.
I moved to Las Vegas from Austin several years ago. Both LV and Austin have no income tax, but the property taxes are about 30% in LV to what they were in Austin. It's much less political in LV. Great sports teams, world class entertainment, airport that flies direct most everywhere (Austin usually involves a connection).
Sale price per square foot is literally at record highs right now
Glad it’s down here
Hopefully the cities where it’s super high don’t suffer too much economically due to small businesses losing the customers who now have no spending money
But you know that businesses 2here rent is high are definitely not thriving like they wouy
@@SigFigNewton u drunk?
@@alexmack956 nah typing on an iPad
Hearing about a default cycle, particularly in the housing market, is certainly concerning. Defaults often result in foreclosures, which can have a ripple effect throughout the entire real estate sector.
While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.
But if more people are defaulting on their mortgages, doesn't that mean home values could plummet?
Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.
How can people address concerns about their property values?❤❤❤
Now might be an ideal moment to reevaluate your financial status. If you're worried about your home's value, consulting a real estate professional or financial advisor could be beneficial.
The dream of the 90s is alive in Vegas.
Here in NJ multi complexes are going up in the towns around me in Montclair
Large complexes just astounding
Whether they will be filled is questionable 😊
Lamest depression I've ever seen. Prices at ATH where i am (Fort Lauderdale, FL).
First inning still, maybe second.
Fort Lauderdale is more resilient than a lot of florida.
Yep I remember the top of the market being called in 2022 and everyone being told how it was only down from there, and meanwhile everything in my area is up 10%+ since then and is still going up. Dollar is going down and prices are going up, but we're supposed to believe prices are going to crash to the point that houses are essentially free.
@@Aramule Lots of places never reached their 2022 peaks and still haven't.
Fort Lauderdale is the flipper and investor capital of the US. It’s basically speculators playing hot potato and there is tons of sketchy money and fraud that isn’t being talked about. But south Florida is the biggest bubble of them all.
Vegas usually follows Phoenix. I think it's only a matter of time before inventories rise. One of the things that could potentially be holding sellers back too is that property tax increases are capped if your home is your primary residence and insurance rates are still really low so there's not much pressure there to force people to liquidate.
EXACTLY
Inventory has gone down in vegas because at the end of 2022 ibuyers we’re all liquidating so we had a massive spike in inventory from late 22-23 more than doubling. Also we have a huge supply of home for rent being built and ones for sale are mostly only being advertised on their website
I think Vegas is one of the boomer retirement destinations that will continue seeing that wave roll in for a few years. Retiring to warm weather with entertainment options.
Nationally there will be no more housing boom in foreseeable decades. With an unusually high number of homes being sold that were just inherited
And the 40 year period of reducing interest rates behind us tricking people into expecting appreciation rates per decade that occur only when rates are always lower than the decade prior
I think a solid indicator is new listings vs pending sales. Go back 1-2 months and pending sales were just below new listings, but the gap has widened a lot. That gap is higher also higher than the May-June period of recent years. What does this mean? Peak selling season is ending about a month earlier than usual, which can only be good for prospective buyers.
FINALLY Buyers are waking up!
No bad housing market where we live. Home prices are still rising and homes are still moving in ten days at ridiculously high prices. It's crazy.
Housing market is booming in socal. Can’t find a nice house under 1m. Everything is contingent or pending
It’s sad because they also make these new houses so cheap. In SC, they are buying so much land for residential development alone.
If you bought a house for $200k 20 years ago, then it should sell for no more than $200k.
Thats how it worked when we were on the gold standard
@@brent4073 yep. In the new system with the sky high inflation a $200k home 20 years ago is gonna be worth at least $400k today. Probably much higher in most cases. The average person has no idea how all of this works.
Haha. 200k 20 Years ago buys like 400k in current dollars. So, no, you're incorrect.
yeah no. buyers are very much in.. any house on the market still goes pretty fast... not as fast as 2021/2022 craziness but still pretty fast
Been trying to shop in Vegas for the last 4 months, looking for assumable loans since houses are stupid expensive, including my own. If you pull up the FRED data for the area, houses are actually up 1k from a couple months ago, so housing is actually increasing more recently. Lost of cash buyers from CA will come buy up the right home, but others are doing major price cuts or pulling the listing altogether.
Yeah but the price cuts are minimal. $5k here, $10k there.
My house just reached a new all time high estimated sales price. Up $360k since 2019.
It is a point people get more and more enlightment from homeowner mynth. The current economy we can build wealth without homeownership whuch is indeed a life style spending rather than investing.
Price cuts on top of price cuts with out a recession. I’m already feeling sad for people that got involved in something they had little to no knowledge.
Just sold my house in CT..got $40k over asking price…every market is different
You did great 👍 good job going out before everything crashes
There is an idiot born every day
From what I've heard, alot of the Eastcoast is still experiencing a housing shortage. Seems like the housing market is still very strong there. This is very location dependent.
👃💩 smells like bs
@@jonathanguerrero5991 I hope so…I’m hoping next year it won’t be up another 40 to 80k….going to Fl now to try to catch the crash
I live in vegas. I think home inventory is down because there are so many people moving here everyday from other states paying cash. Locals with hotel jobs can not afford the current prices of a home. Hotel are laying off in certain departments and only hiring on call which barely get any hours. So I’m not sure we’re vegas is heading!
Best real estate channel❤❤❤
Thanks for the recent updates.I appreciate it.👍
Home Sales and inventory way down, comp prices way up🤷🏻♂️
I’ve seen so many remove-relist homes in the very small market I live in over the last few years. Local association stats keep showing monthly increases to sales and volume this year. All I can figure is that they are tracking data for real estate transactions beyond residential (such as land with an inhabitable structure in a multi-zone area). Not sure what would keep people continuing to move here.
Housing prices nationally just hit a new. What are you talking about? Realtors are in a depression, not homeowners.
You don’t pay attention. They are revising down the all time highs to hide this. It’s an open secret at this point
Even when the data slapping you in the face you refuse to see lol 😆
f%&k the realtors....they're all thieves anyways
Dude, when the hype man for NAR is PUBLICLY depressed about the future of the housing market, that should be a major factor in your analysis. That would be like if the Enron CEO had publicly announced that he was selling all of his stock in Feb 2001, before it crashed. That would have been a **VERY** important piece of information.
Why are realtors in depression if homes are selling fast???