Home Prices Are Starting To Plummet
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- เผยแพร่เมื่อ 1 ก.ค. 2024
- Home Prices Are Starting To Plummet
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Purchased a new home in the suburbs of Columbia SC in March 2023. The same model as mine is now priced 30K less than 2023. New home builders have been quietly dropping prices.
Thank you for the boots on the ground intel. There are still so many people that are confused. I really appreciate you mentioning what metros your reporting on also. 🤙
In 96 my mother worked for $11 an hour 50 hours a week and was able to get a 48k mortgage on a 1600sqf home from saving $200 a month for 2 years.
Now I make $11 an hour 55 hour work weeks and... I live paycheck to paycheck in Lowe income government assistant housing because renting anything else would eat 2/3 my paycheck. I'll never afford to buy a house
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
I went from no money to lnvest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Abby Joseph Cohen. I am at $128k right now and LOVING that you have to bring this up here
I could really use some help here, as a meagre salary earner I need to try and earn more passive income
@@MarineMaester
How can i reach this abby Joseph Cohen, if you don't mind me asking?
@@EalDieguez
Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Our parents had it better than us. My wife and I make 2x median income in our city and cannot get a decent house unless it is in the hood
2x median you can still get ahead even if at this time buying a home is toxic
move
My parents were immigrants who bought their home 8 months after coming here barely speaking English.
And here I am making six figures with 2 degrees being embarrassed 😂
Same here! I have a PhD and my husband and I make 2.5x the median income of our town (Raleigh area) and buying a house here is just so unrealistic. It would clean us out financially, even for a small fixer starter home!! We are in apartments in our mid-30s. We will probably be in apartments for quite some time unless we move far away to somewhere affordable.
The boomers crashed the future of the country.
Home prices arent just starting to plummet. The home prices are correcting down 20 to 40% to what they were originally were worth. Homes for the longest time were something that went up in value over a long period of time(10 to 20 years of time). THEY WERE NOT TO GO UP 20-40% IN THE SPAN OF 5 YEARS. STARTING FROM 2019 TO 2024. This is the truth. Look at the prices on zillow, realtor and remax. They all post what the homes were worth 10 to 15 years ago. Homes are CORRECTING back to what they were worth. The homes were in a housing bubble. Everyone was not buying the homes because the homes were overpriced and priced out the average 70k earner. 70k back in 2017 could afford a decent looking home. I was in the market back then. We finally were able to catch a break. Finally after 5 years man. It's fucking crazy how everyone was priced out for 5 years. Everyone Hold and don't buy homes if possible. Save up currently while renting so once the market corrects it self down to reasonable numbers we can go for the home we want. Good luck men.
Correct. But we still see plenty of delusional sellers and realtors thinking is still 2022 and they can get top dollars for old junk homes that still need work.
I think the opportunity window will be small, once the Fed gets their their low to negative inflation rate they will lower interest rate fairly quick, it seems incorrect to call this an 07 financial crisis but yeah..
In an alternate timeline, Americans said "no" to the lockdows and Fauci was fired. In this timeline housing remained affordable in the early 2020 with modest 2-3% yearly increases.
facts!
This is not a housing bubble. This is an inflation spike.
Housing, cars, food. None of them will "correct" much, because "correct" has no meaning when fiat is dying.
I agree it's not the interest rates ,it's the high house prices!
Prices are not "high".
The dollar is "low".
The rates are pretty high and play a role.
Stop saying this nonsense, it's both. The monthly payment is all the matters and those are each the biggest and equal factors.
I could buy a house over well 400k with 4% interest. With 7% interest I can barely afford 300k.
@@yepdontcarebud So buy a 200k house then.
Inventory going up in dfw… now they just need to sit a bit so the property tax burns a hole in the seller’s patience.
We all love you too, Travis. Thanks for whatyou'redoing. And just hold on a little bit more. It is coming Travis it's coming. Cheers buddy.
Perfect time to buy an overpriced house guys! No crash coming. Everyone is doing well. No better time than now!🎉🎉🎉
LOL you legit made me laugh. I love it.
😭😭😭😭🤭🤭🤭🤭
Joe Potato beat Medicare, FJB 2024.
If the "crash" is hyperinflation, does that count as a crash?
JohnniFly?
Im not surprised by Chicago! I live in northwest Indiana and our home prices are insane due to Illinois people buying homes here and overpaying for the house's here!
Bro I got scared and thought you were done recording all together before you finished the sentence lol
I'm glad you found somewhere safe to live. Mold is no joke.
Buyers gone! Nobody is even looking
Not the case here in metro Detroit, at least in the suburbs with decent school districts. Guy at our church put his house up for sale, accepted an offer the next day.
@@robertburns576 Were the cabinets and trim white? That was the big complaint my realtor had about mine... I painted them brown
So the 2 million homes in my neighbors that go pending in a week is a mirage? Lots of buyers and someone has still has money.
I plan to retire at 62 in another country outside the US that is free, safe and very cheap with a high quality of life. I could fully just rely on only my SS if I wanted to when that times arrives but I'll also have at least one pension, a 403 (b) and a very prolific lnvestment account with my Abby Joseph Cohen my FA. Retiring comfortably in the US these days is almost impossible. I honestly don't understand why people don't move to another country when they get older in retirement. It seems everybody has excuses for almost anything to not take action to better their situation.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.
I'm headed to Thailand or the Philippines in 4 years. What country you moving too?
@@KimJimCastro
I have a sister in Sri Lanka, should be easy for me to settle in
Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I’m stoked because I’m heading into retirement with almost a million bucks in my portfolio.
How can i reach this abby Joseph Cohen, if you don't mind me asking?
You are correct! Skewed numbers for everything tons of miss information on everything everywhere!
I started out in the business building homes for families at 60k a home , now those same homes are selling for 400k . either those families have been doing something right or they were forced to move to somewhere cheaper , I drive by the neighborhood and wonder.
I feel the Love Travis, Thanks for all you do.
Movin on up!! Cmon weezay!!!
Considering the extreme manipulated over valuation of homes in the past 2 decades, prices are just coming back to their actual realistic value.
I'm seeing prices drop here too now! Some are still priced super high..but I've noticed a decline.
I would have thought no mid west cities would be on the list. This thing is accelerating fast, real fast!
My best wishes and God bless you
agree with Austin. house prices still have a way to go.
Finally I’m one of the first! Please review Los Angeles area❤❤❤❤❤
I’m from vegas, first time buyer can’t and won’t over pay!! So happy to see we made the list. Basically homeownership in Vegas is a no go!!!!
Totally Bonkers Brother 😮
You earned it young man!
I sure hope your predictions are correct because where I’m in IL I see no correction as of yet. We have been waiting for past 3 yrs and let’s see what happens next year. Because currently in il specifically in Naperville wheaton it’s crazy 🤪
Absolutely Bonkers!
Things are still incredibly rock solid with very few homes available around Hartford CT.
I am in the Farmington valley and you aren’t kidding it’s absolutely insane
What family friendly and cost effective metro would you recommend in Texas?? Waiting for now but just curious. Always enjoyed Dallas. Thanks
Travis, did you see the article regarding all of the ARM’s about to adjust substantially?
😱😱😱😱😱
Every year a 5-year Arm rolls over. Same for 7,10, etc. the next 24 months will see like 250k folks getting a HUGE (Donald Trump voice) mortgage increase. Crazy. Hold on folks
@@LockedUpLarryit's pronounced "YUGE"
Erase or relisted? I have seen a lot of relisted properties but not deletion of data. Do you have proof?
Waiting for houses in Punta Gorda Florida to go down, they have doubled since 2022!!
Basically same in Seattle area. It is insane. Something will have to give at some point and then its crash time and we can take advantage of it.
@@Spirit-FilledMindset Yes!! Waiting patiently. Houses are so overvalued it's "BONKERS"
Acting like a vulture is not a good idea because that means you can't afford to live in Florida. Don't risk that. If anything goes wrong, you will not be able to repair your home, buy a new roof,etc. Our home was destroyed from hurricane Ian and to give you an idea, it cost me 25K just to have the garbage, debris removed from my property. Insurance will not pay for that. Neighbors homes that were destroyed ended up in my yard and under my home and I had to pay to remove it. We had about 400K in damage and none of my policies want to pay. We have a lawyer but in the meanwile, we are paying for everything ourselves awe are not holding our breath with the lawyer. They take 50% plus expenses. Waiting for homes to drop to the price you can afford is never a good idea because that means you cannot afford to live here. Don't risk it and Punta Gorda does get hit and yet they do get the surge. Move somewhere that you can afford.
@@HulaShack1 Hi, the housing market is in a bubble right now, as it has been many times in the past. Waiting for prices to come back to normal is NOT being a vulture, it's being practical. I have been through 2 category 5 hurricanes and hurricane Ian completely destroyed the area. The market is BONKERS as travis would say. I make six figures actually can afford it, i just do not want to get ripped off. Thanks for your input, you can always move the desert as they don't have hurricanes.
I'm not even thinking about thinking about thinking about buying a house. Gold is the New Real Estate. 🤑
I 100 percent agree.
😂😂😂
There should be way more cities listed especially states with so much vacant lots
Surprising list here
Hey Travis,
Can you do a video for SoCal; Orange County, Riverside county, San Bernardino county, LA county etc... especially Orange County. You know the area very well.
My concern is prices are very high, and the market seems still strong, I don't know why!!!
av sale price homes dropping , how much will the lower luxury prices and ultra high end $2,,000,000 plus drop ?
they are starting to hit the PANIC button that is SELL SELL SELL SELL or see the price PLUMET TO LESS THAN HALF LATER NEXT YEAR
Was really hoping Atlanta-sandy springs was on there😮💨
Will you do a video on Realpage, the software landlords are using to try and keep rents as artificially high as possible?
I hope you win too Travis! Blessings!
I was hoping Phoenix would be on the list
That list is bonkers just like Travis 😂
Why is sea level only rising in Miami? Jesus.
Bye Bye old faithful Studio 😢And hello new Studio 👍
I really liked today’s video. Thank you Uncle Travis. BONKERS 💥💥❗️❗️
Blessings,Carlos ✝️🙏❤️😊🇺🇸
Tri-Cities, WA is a hot market. We are going there to look for a custom build.
Home prices aren't plummeting unless you bought in a zoom town. They aren't going up as fast, but they are still going up. I bought my primary in June 2020 in Oregon when everyone said the world is coming to the end. I also bought my 1st rental in 10 years in 2023 which cash flows and has gone up in value. Bottom line buy and hold cash flowing rental properties and you are good
Phoenix should have been on the list, inventory is skyrocketing especially in Surprise.
Surprise AZ is going to be a hot spot for foreclosure IMO 💯
@realestatemindset boomers are not at risk of foreclosure. That's mostly older population.
We Finally Beat Medicare Travis.
The politically correct term is we finally beat Medicare to death
LOL I wonder how many people that your post went right over their tiny little heads. LOL
Sales are slowing, but pent up demand is building and throbbing as more people pile up on the sidelines. When rates drop, with increased supply and lower prices. Sidelined buyers will be released on the market in a frenzy to acquire a home. It will be an off the chain mess. Most will fail due to lack of supply. Absolutely Bonkers.
Mav, consider the fact that in my market, new home rates have been low 4s fixed for over 2 years, and the supply is still skyrocketing. BUT there will be both buyers and sellers who in some way flood the market. There has always and I mean always, been "buyers on the sidelines." My job used to be helping people off the sidelines and into homes. Having said all that you already know I'd buy today if I can find a home with 30/35% Wedge, cash flow and that I love.
Is black stone 🪨 still buying?
We just put our house on the Market in California and our offers are over asking.
What do all of these places have in common? It’s not remote working. The migration of the people moving out of these areas are driving prices up everywhere else.
AZ was left out. I think price will drop significantly in Az near the end of this year continuing on to 2025.
Surprise Arizona FTW
Phoenix is plummeting.
Cluster homes in Gilbert are at 2021 prices and falling
These new developments are not lowering prices at all! I just looked at a condo at Encenterra in QC. Nice place! Barney Farms in QC is not lowering prices. QC is a hot area.
@@randallelkin4924
@@randallelkin4924
They need to get back to 2019 prices to be worth considering
If this is a normal Phoenix bust cycle, they will drop further than that.
Rents are also returning to reality
I'm surprised about Austin and Washington.
I really thought that Austin could sustain silly prices with all of the refugees from CA and DC doesn't ever seem to be affected by economic downturns.
The three south east florida counties are still booming. People are still buying and prices are staying high.
If houses are priced right they're still selling. But most want double or triple the 2019 price, and very few are finding suckers that will pay that
ABSOLUTELY BONKERS 👍
Steve!?!?! Let's get BONKERS
Just read an article about Air France not selling any seats for the first Paris Olypmics in over a century. Zero demand. This is a global recession and will grind lower and lower for the rest of this decade. So I agree with you Travis this will be worse than the GFC because there wasnt a global recession in 2008 and China and others piled into us assets at lower prices and helped it recover. Thers no help coming this time.
So funny that the people in Seattle think that their prices are only gonna drop that much.This year, it is going to drop much more than 10%^Pepole have not had the amount purchasing power to buy homes for years.?All the problems like high interest rates the wrighter forgot to mention that home prices is the biggest problem.Home prices are way too high.Way too high.Why do you think there are erasing home price history's
Problem is the demand is always high and the inventory is low in Seattle…
@@nbidwell1977 That place always gets seniors who've inherited money moving west from colder places, who'd rather face rain and grey days than snow. So, although a tech and aerospace capital, Seattle doesn't have to succeed economically for the housing market there, to do well.
Maine hasn’t gotten the message yet - buyers mostly from out of state. Most inventory is very expensive or mobile homes - nothing modest - go figure.
Just saw a 950 square foot house sell for 350k outside Asheville, NC. Apparently my market hasn't gotten the message.
Where?
So is all of our incomes 😢
Comments about Boise were 100% accurate. Housing is only affordable for people from out of state.
LOL. Rising sea levels. Too funny.
New home prices in Southern California haven't moved downward at all. Some builders are still increasing prices(although by smaller increments). I find it hard to see the light at the end of this tunnel.
Yeahhh it’s gonna take awhile. I still see closed sales over asking price sometimes on perfect located/staged houses. It’ll be awhile b4 those recent buyers become distressed.
Corporations and foreigners are buying it all. That’s why.
Within the past two weeks there has been three homes in my area that look like they were investor flips that were started and never completed. The insides are all completely torn down and unlivable. lol but they are all way overpriced still. Good luck chasing the market all the way to bottom
Bought a home 2 yrs ago, I plan to live there for life. If housing tanks hope property tax tanks when reacess and get some $$ back/pay lower tax.
Home prices vary according to location. Most houses in Miami Kendall are being bought in large numbers. Prices in Miami have not come down yet.
Most people do not know the stock market has not collapsed because the government keeps printing money. The stock market is being kept up buy the 7 biggest companies like Nvidia, Microsoft etc.
im on a board and we have a quarterly meeting with the financial planner and when he shows the stock market gains and the stats like 90% of the gains are bc 7 companies and the 7 companies are all fake tech stuff. its wild what we value and believe-in en mass. we are funding our destruction with stock market greed
No plummeting in Hawai'i!
Seattle and the surrounding area is just nuts. I do see some housing prices starting to come down, but its still insane. It needs to drop by 50% at least to be reasonable. I paid off my condo that I bought in 2010 within 8 years and have just been saving for a house. I'm still waiting for the deals we will see coming up when the crash actually happens.
If a crash comes, hopefully you aren't dependent on selling your condo.
Supply is still low and demand is still high… until that changes I don’t see any big price drops happening
Travis did I hear you right? Are you leaving Realistate Mindset on TH-cam?
No, that is not correct
Home prices need to drop more than 5-10% to be affordable.
No shock with several of those cities: crime and general lawlessness.
oh when the trump comes marching in,.,.,.., wheeen tha trump comes marchin in...oooh tha hooousing might be plenty when tha trump comes marchin in..............An all tha reg's start pealin off when tha reg's start pealin off ..oooh ya know tha song sings softly..............
WHEN ,,,tHA tRUMPPPP. cOMES marchinnnnn ....innnnnnnnnn
ive seen it where i live. in the midwest. most houses have price cuts. still some house at 400k or below will take make two weeks. but definitely there are price going on.
Washington DC is absolutely dropping. People have been asking unreal prices for residences in horrendous shape and they're just sitting on the market for months and months. Add to that, DC lost 30k people since 2020 and they've also seen a surge in new residential construction in the city (mostly condos and apartments), so there just is no way that it can sustain at those prices. Even folks making in the top 10% of national household incomes are having a hard time buying in DC currently, so something will have to break.
The carnage is going to be brutal.
Michael Zuber said yesterday you'd make this video, and sure enough, I wake up this morning and see you did.
The youtube world is craaazy...😂
That girl is obsessed with me. In all fairness, I recorded this 5 days ago ish. 😅. I've been slammed in the last 2 weeks with life events. Had to pre-record to get through it. Even as I'm typing this, I'm slightly laid out from having a minor medical procedure. Life is crazy.
CA is to blame for this mess. They think theyre in a candy store buying elsewhere.
Yes I was like I don’t really care about the interest rate because of course I’m planning on paying the house off sooner than five years but it’s the price of the house it’s that we need to look at not so much the interest-rate the price of the house I had a house I had an appraisal done at a house I’m buying at 167 five and the asking price for 159 nine I did an offer for 157. They t accepted I’m later after viewing what’s happening I went on the market and found that the houses were being brought on the listings at a reasonable price so I went back to the sellers and said I’m not going to do the 157 I’ll do 150 even though we agreed on 157 I won’t do that deal I’ll do 150 with you paying 2500 toward the closing cost Rather than 3000 towards closing cost so they took the deal at 1:50 and $2500 toward closing don’t give in if you feel the house is worth less then you put in an accepted offer for …. Still go back go back and negotiate. That’s what I did
You've been saying the same thing for over a year.... "Prices are plummeting"
I disagree with the timing, there will be a major correction of the market by the end of 2025 and beginning of 2026 , from -10% all the way to -30% on some areas with more inventory.
Where did you get the crystal ball?
House prices never went up. The dollar went down. Will the dollar regain the 50% in value it lost? Not likely. But will the markets that doubled in sale price keep their value? Also not likely
If that was the case your salary would have doubled. Sorry sir, this is pure hysteria and it will end.
@@resnonverba3351 I hope you're right, but I think the gov will print another 10 trillion soon and prove you wrong
Not in the Lehigh valley located in eastern PA. Homes still selling quick and many over asking.
First! Bonkers
Almost 😊
So close BONKERS #2 LETS GO!!!!!!
Homes are coming on the market at an alarming rate. In a 65 townhome subdivision six homes are now for sale in a Metro Atlanta County. Basically 10% of the townhomes are were put up to sell in the last four weeks. The investors in Metro Atlanta, and everyone in Atlanta thinks they are a real estate mogul, are like rats on a sinking ship. The investors in this complex are bailing because rents are declining, property taxes are up $1,000 and the county is proposing an additional 9% tax increase for 2024 taxes. The investors can't make ends meet and now they are selling as fast as they can.
no they are not.
Yes they are
It looks like the price drop is only in the GHETTOS
3% wow,
Bonkers
💯 absolutely BONKERS
Here's the thing about St. Louis, it's a tiny, mainly business district city (two wealthy areas, the rest poor city living, a lot of squaller), surrounded by a large and wealthy county (except north STL county and other parts bordering or close to the city). This would be the STL metro area, the greater metro area includes places like where I live, St. Charles Co. and parts of other counties. I'm just saying, be careful of what your info is calling St. Louis.
My dad's family lived in Saint Louis back in the 70s. I remember it when Busch was still headquartered there. From what my brothers told me, our grandparents place is now the hood. And the crime statistics are getting much worse. It seems like Saint Louis is turning into Detroit for all the wrong reasons.
Sell high Buy higher
Only in Texas.
Click bait. Home prices only going up in north east America (tri-state).
agree. lots are areas of the US that contradict the title of this video.
Until they don't
I believe officially it’s BTFP = Buy the F-in Ponzi 😂
Emmm las vegas starter home is still strong anything below 450k is gone quick . Thats my observation
Prices are going higher in the Saint Louis area, not lower. Midwest is very unaffordable right now. The only ones that are cutting prices are the ones relocating, or the homes are almost at tear down level.
I'm a Realtor in the Las Vegas market. I've been in the housing industry for over 5 years and I can tell you that Vegas shouldn't be on that list.
Whoever created this is going off of outdated information. The government in Las Vegas has put in a ton of money into diversifying our economy for this exact reason. We have put a lot of investment into the healthcare and tech industry. We have been one of the fastest growing cities in the nation for over a decade, and our luxury market is exploding. Not to mention we have the lowest property taxes in the country and extremely low risks of natural disasters which makes our housing market much more appealing than Miami or San Fran.
Just last week, I spoke with two different clients who are looking to purchase their second home in Las Vegas. All our data still points to a seller's market.
Whoever put this list together obviously doesn't have even a basic understanding of the Las Vegas housing market.
I woke up to the tragic drawbacks of our debt-based financial system during the last financial crash. Through discipline, determination and Abby Joseph Cohen my financial advisor, I was able to retire recently in my early '50s with a bit of land in the Williamson act on the California coast and an investment portfolio that can sustain my daily living. I try to spread the word and encourage many people I meet it is possible to achieve the goal of independence. Living below your means can be enormously rewarding! Practice humility and above all, Invest in the financial markets with expert guidance.