WORRIED Home Sellers In SHOCK Over Unsold Homes
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- เผยแพร่เมื่อ 2 ต.ค. 2024
- Today's example story is a perfect illustrations of how worried home sellers are in shock at their homes not selling. But why aren't they selling? Well the home sellers are still in the market mindset from 1 year ago, thinking they should be able to sell their homes for the same amount if not even MORE than homes sold for a year ago. Are they in for a rude awakening...
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Mobile Home Owner Evictions RAMPING UP! th-cam.com/video/kmjyLhe9go0/w-d-xo.html
All is good! Let the golden calf, melt!
First time to your channel, didn’t take me long to subscribe, you talk from your heart. No bs, or clickbait. Thank you from Alberta Canada
Once the Mortgage industry became a "market" it all went down hill fast.
AirBNB is what has been driving this market for the past 5-6 years, due to low interest rates. Now that interest rates are rising there is going to be a flood of people trying to unload them because at these rates the economics of purchasing a house for ABNB rental does not work.
We went to see a home with an asking price of over 1 million and the seller wanted to be there. Right off the bat, I didn't go further than the kitchen and I got out. My wife tour the rest of the home but I told the agent that I was done. Guess what? The house was taken off the market with no offers. They bought it for $550K and wanted over a million for it. The place was worth maybe $600K provided they clean up the pool and dock that needed a make over. Arrogant and annoying people.
Check out home in orange county California, buy for $400k and list again for $900k in a few months. Seller are crazy greedy
@@leonlovelife2109 same with the high desert in California the home flips are wild 😂
@@leonlovelife2109 400K? In OC? Where? I have a friend that lives a mile from the beach and everything is well over $1000 a square foot.
I'd love to be there when a sucker buys one of these homes and just laugh in their faces.
You did the right thing.
Funny how people can handle prices going up but cant comprehend them going down.
When we purchased our home years ago, the owner sat in the living room the whole time. It makes it hard to talk and really look at everything. Went back for a second walk through and she was there. Why doesn’t the realtor tell the owners to leave during showings!
I’m sure they do tell the owners to leave….stubborn sellers that think they know better
Ugh that's really cringe. Talk about a major turnoff.
I dont see the problem if the owner is there really if anything you can ask them direct as many things as you want about the property which the agent wont know… if anything seller might give you a more honest answer than a slick agent giving a sales pitch and prettying everything up… ultimately its up to buyer to sift through all the chatter and decide with no pressure if they will buy or not
Politely point out all of the flaws within earshot of the owner, and then use them as part of your negotiating tactics.
I can't tell you how many houses I've looked at:
*That were bought in 2020 and are now for sale at double (or more) than the price the seller paid, without a single improvement;
*How many houses I've looked at that have been on the market for 6+ months without a price reduction
Fine, let the house sit unsold--because the supply of suckers who will overpay for a house is finite and almost exhausted
I've seen houses that were realistically priced and they sold almost immediately. No one is asking sellers to give away their houses--I wouldn't--but the sheer greed of some folks is just unbelievable.
Excellent comment as always, Daniel.
@@j4513 Michael says for every comment I write that gets 100+ likes, he'll send me a nickel.
@@Falconlibrary 😂😂 hahaha. Even at just a nickel a time, you’ll be wealthy in no time! 😂
I’m thinking they missed their window. In AZ 2020 the prices were escalating so fast, a house near me got flipped twice in about 18 months.
Same case here in TN. People bought 3b 2b 2 car garage 2000sq ft homes in 2020 for 200k and are asking 400k right now and they are all sitting for 100 plus days on market. Some are pulling off market for 10 days and reposting at 395k. Absurd.
Sellers still don't realize that the buyers are gone.
Sellers think it's 2021 and buyers think it's 2024
@@Falconlibrary indeed, but buyers can generally wait, sellers dont always have that option.
Depends on the area
@@worndown8280 Prices are declining and rates are rising. Any seller holding out for an improvement in the market will be waiting a long time. It's becoming a buyer's market--not quite yet but we're moving that way.
@@Falconlibrary yup I agree
If there's one thing i can't stand it's con men. They are running rampant these days. You are a huge breath of fresh air Michael and i appreciate your honesty and hard work. Let's get Michael to a 100k subs people!
It’s still amazing how many people don’t have any idea of today’s real estate market.
They will find out the hard way.
But it still amazes me how many people have no idea how bad this economy is.
I’m so looking forward to investing at the right time.
Realtors really need to be HONEST with their customers.
Thank you Michael
Blessings, Carlos ✝️🙏❤️😊❗️
I bought my house just north of Tampa in 2016 for 125k. Nice, simple, solid house built in 1963. Sold in April 2021 for 260k. I saw the listing a couple of days ago. It's on the market now for 419k. The only things redone are the kitchen and new exterior paint. If some sucker pays that much for that house, well, then we know PT Barnum was correct. There's a sucker born every minute. One more thing. When I lived there, I complained that my property taxes had risen to 1400$ per year. Taxes on that same property are now over 4k per year. What a joke.
Same here, sold in 2021, taxes 6k, new owner 13k.
Thats what happens when your city or town is listed as a top 10 place to move to.... The Transplants destroy it....
Has the home sold? Update?
I imagine it has…
@@ricksmith4736 Yup, my town is currently experiencing that.
CAn you go back to New York?
I’ve seen a lot of properties and realtors play that game with taking it off the market and then relisting it as “new” with a lower price. I always look back at the history.
Its a stupid trick that any half savvy buyer can figure out
Also notice how few homes for sale post a sign outside anymore.
Yeah they play games to make a house on market for 20 days now show “new listing” when I saw it on Zillow 3 weeks ago.
i see this all the time, very stupid.
Just saw so many listed in Austin Texas 😂😂😂 they think they are slick and some even higher priced than when they took it off
Things in North Jersey are still crazy. Extremely low inventory with most homes going 5-10% over asking if not more. EVERYTHING is getting a long list of multiple offers.
Who wants house in NJ , fuck noooo, you just stay there.
@@dennynisevic7848 ? You don’t even know me! Anyway….
I think most everyone likes to be in their homes till they go. But when you get to a point that everything becomes a burden and you won’t be able to even pay bills or write checks then you just want a simple room with no responsibility. Oh well. Life goes on. 🙏🏼😊
If Zillow was so confident in their forecast why did THEY stop buying homes?
Good point
they stopped buying because that was a money losing strategy
If you're gonna confuse the narrative with facts, I'm afraid we'll have to ask you leave, ma'am.
They stopped buying houses cuz property management is expensive, and nearly impossible on an industrial scale, forecasts be dammed.
Michael, you are speaking truth to the masses like no one else. Are people listening? This insanity has to stop.
We are listening and staying informed
People are only listening to their bottom line. And the bottom line is shifting. Wether they want it to or not.
Well. We have bidding wars here in California
What is happening now is what happened in 2007-2008. Market froze because sellers were asking too much and Fed finally rose rates after 9/11 low interest rates. Then the housing decline of 2008 occurred, when layoffs started.
Not true. 2007 and 2008 was a credit crunch where nobody wanted to lend money to invest, because the banks no longer trusted what they were being offered in collateral by the mortgage companies was worth what they were told. So they stopped lending money for mortgages. That's why interest rates went up, and that why it was called the Credit Crunch. You see, mortgage companies and banks actually sell on their mortgages by bundling them up in securities and sell them on to investors. In 2007, the investors were told that the bundled mortgages were low risk AAA, but in reality, subprime mortgages were inside those so called low risk securities. And when the economy slowed, the subprime mortgages defaulted, and only then did the investors find our that they were sold a pig in a poke. That meant they could no longer use those bundled mortgages as collateral for loans in the capital markets. There were so many poop sandwiches of bad loans wrapped in bundles with low risk loans, that the capital lenders stopped taking mortgage securities, and only wanted Treasury Bills. So basically investment banks stopped lending to each other. That meant a shortage of credit and higher interest rates, until the credit ran out. Basically Uncle Sam and every other central bank had to cosign the banking system, to persuade those with money to start lending again.
Mileage may vary. What I saw a lot of in 08-09 was the ARM meltdown. More specifically, banks were raising interest rates on people that couldn't afford it. Which lead to a mass number of foreclosures. Then came mass layoffs to finish off the survivors. Then came the snowball effect.
@@77jaycube69 ARMs and Flippers. Bank of America giving reverse ARM loans to illegals didnt help. After two to three years they just skipped back to Mexico with their buckets of cash they saved paying a 200 buck mortgage.
My neighbors across the street from where I lived then did this in 2004. Hardest working people. Two brothers and a sister.
@Adventure West Why refinance an asset that is worth only half of what you bought it for? For most people it made financial sense to just walk away from it, considering some people but zero down. And thats what many did. Adding to jay cube's snowball effect.
@@worndown8280 yes and you can't refinance in that case. refinance is a new mortgage that the bank actually has to want to take on
I don't feel sorry for sellers at all except the ones who bought at the peak. Most sellers are asking double, triple, quadruple what they paid for the house pre 2017. I hope prices drop to pre-pandemic levels. That's the one good thing the Feds are doing right, jacking up interest rates to force prices down. Low interest rates are great, but because many people only look at the monthly mortgage payment it caused prices to skyrocket.
The ones who bought at the peak are the ones who enabled all this.
But keep in mind that even sellers selling at double price will buy their replacement home at double the price and with a Highest interest so really nobody is winning this crazy high price race
I bought early 2021 before the increases (studio apt in Downtown Miami) and just sold it, not happy with HOA and unffordavility of everything. Originally bought for $176k from an incestor who just wanted to get rid of it and just sold it of $290k, 42nd floor ocean view. Mine was the best I would say and cheapest out of the whole building, there's so many people asking over 330k 20 floors down without a good view, just sitting there, studios as well...
I put my house on the market in Oct, 2022, around. I listed it at 45k less than what it was at the height of the market. First offer, I accepted and bailed.
People need to get realistic and get OUT before they're stuck. Rent for awhile and wait.
He who panics first, panics best 👍
If it was me I would have never sold it. I probably would’ve rent it out. Not only it cost you money to sell and all that money you made will go straight to rent. It will be more expensive to buy in the future because of higher interest rate. Good luck to you.
@@life_of_riley88 Huh?
@@Bekka241 It's just an old saying about how to recognize that you're selling at a good time. Sounds like you accomplished that!
First man in the life boat may not have all his possession, but he has the most important one, himself.
I feel like new construction homes will pave the way for future homebuyers, especially for first time buyers. Existing home sellers are still living in lala land and think they can get summer 2022 peak home prices.
Not here in Miami. Majority of new construction is luxury condos catered to the 55+ community.
Open your eyes and look around our country. The Bible says it all 🇺🇸✝️
Not true. Developers price their new builds based on the existing market in that area around the development, and may even add a premium on new builds.
New builds in las Vegas are smoking crack right now, still lot premiums little to no drop on prices.
I think anyone building now has to ask a lot due to the high cost of materials, labor, and other costs. How would they otherwise break even? That, coupled with artificial high prices, (cornering the market) I can't see prices coming down anytime soon. Here in Chicago area they are steady to slightly up.
There is only one reason that any properly marketed asset does not sell in a timely manner. And that is because it is over priced.
100%!
what is crazy, my home I bought in 2021 for $400k with today's interest rates, now costs $800 more a month. To get the same repayment a buyer would have to get in at $300k. Thank god I'm not in the market to buy or sell.
@Gaye Lorde fortunately I bought at a good price, have low taxes as it’s an older home. My monthly payment is not going up.
As a realtor I can tell you the level of delusion amongst many sellers is beyond belief. The arrogance is disgusting. Really shaken my faith in humanity!
It’s called greed
It's sickening, because housing is a necessity. These people asking so much are displacing families and causing economic turmoil. In the end it will be a losing situation for everyone. Look what has happened in SF just to name one city.
Realitor greed also caused buyers to panic buy at the worst time possible!
@@junserafin5241 Where does it say that in the Constitution?? Foreigners somehow think we tax payers owe them a home??? AND a car??
I think that about Realtors....worst people in the world.
I’ve never seen what you guys see down where you are. The houses are “junky” looking and in the summer time it’s so hot it’s ridiculous. To each his own I guess, but why?
there's absolutely no inventory in the NE, and everything under 500k in Florida is selling just fine
Yes the industry is playing games. In Phoenix new home builders were doing 2-1 buy downs of the rate to sell homes, instead of lowering the price of homes. Those buyers will be in trouble in 2 years! I'm sure they were told the story that they can refinance in 2 years. Yeah, nobody told them about equity!🤔
I completely agree this is a major under reported statistic. With 60 million Americans older than 65 in America, we are going to see a massive surge in inventory over the decades as they die.
Absolutely
Yeah, I would wait for that buying opportunity. Unfortunately, I’ll be one of the dead ones.
I'm 62 and already my townhouse is too big for my needs. But I'll rent it out before I sell during these times.
Yes, apart from those who leave their properties for their families
@@geraldcroft9020 😂😂😂
Another good tip for sellers. If you can move half of your stuff out when you stage. A less cluttered home looks better, looks bigger and sells faster.
Why do baby boomers like myself who have their houses paid off need to move? In my house my bedroom is down stairs with 2 bedrooms upstairs that are unused. My bathroom id down stairs. I don't have to worry about going upstairs to go to the bathroom. Why would I ever considerr moving?
Exactly. You did it right. No need to move…
Exactly
With all the low paying jobs that exist today. … Home prices have no way to go but down ! Unfortunately
Normally I would say "a year ago" is a benchmark for this year. But the last two years was absolute bananas. That was a fluke that was actually terrible for the longevity for the housing market. The next two years will be all about market correction.
It all seems planned…do you see it yet?
The old real estate adage is “If you price a property properly at the start, you’ll make more than if you price it too high to start and have to lower it in order to sell” applies.
That house literally went up 10X in price in 23 years.
Something very wrong with that.
Cheap money creates asset bubbles. It's been that way since the days of the Roman Empire.
money printing
Cheap money plus a momentary demand spike, the two largest generations in American history, the boomers and the millennials, being in the housing market at the same time, this was bound to happen. As the boomers start to exit in mass, about 30% of them already have, real estate prices will begin a very long decline.
There is only 1 zoomer for every 2 boomers. There just wont be enough demand. Not at least until Gen Alpha hits the stage, but that is about 25 years from now. And we dont know the size of their cohort yet.
@@Falconlibrary It's just Miami being Miami
@@drscopeify Yeah, parts of California are like that--they're an international real estate market, which distorts things.
New listings are showing up - complete overpriced garbage 99% of the time. Screw 'em, I'm out for at least a year.
I could buy now. I won't just to spite builders and sellers.
Same:) the builder won’t budge. I’ll wait.
The demographic shift has been ignored by the real estate industry. All they talk about is millennials who want to nest, but they completely ignore the other side of the equation. The country has never been this old and baby boomers will be passing away, downsizing or going into assisted living. Maintaining a house when you're in your 80s or 90s is going to be difficult and expensive.
That’s why they are letting migrants come but most are low earners doing nothing for the economy. They are trying to make up for falling birth rate with immigration
Agreed. There are a lot of moving parts. One can't just look at one demographic.
This! My parents are boomers & getting older (&sicker). If prices continue to be high, I'll just rent & travel while making renovations to the home so I can inherit the house when they pass away. I'm already seeing that I will be their caretaker anyway. Then that home will be the place where I stay when I get close to retirement age or depending on the scenario sell.
One thing from that crowd is they point out the millennials are now the largest group.
Omitting the fact that was not true when they were born. They gained that status as some of their parents died.
They also ignore that after we get past the 31 yr olds, the numbers dwindle. That means that without massive migration (not a guarantee) it will be at least 30 yrs before another generation of their size will come through (which you have to make rosy assumptions for the 30 yrs estimate).
It’s called the silver tsunami, 40% of owner occupied homes will end up for sale within the next 15 years. It really sucks for the millennial. We would buy at the highest price and home
Prices based on demographic will not increase much for the next 30 years because of this demo change
Would be great if you could do more content on senior issues. This is the situation my parents are in.
What issues? Please list them
I agree with this
Well when their social security gets cut down a bit they will be forced to move in with their kids. If they had kids. The ones who dont are in trouble.
@@worndown8280 why would their social security get cut. I never heard a senior say that
MIKE!!! There's a house across the street from me; this house has changed hands countless times and even at a serious loss. Yet, the current sellers are essentially trying to double their money.
Mike, this house changes hands so much you'd think it was haunted.
It's pure delusion!
I saw a house like that once. Sold eight times in five years. In the country in Kansas, on a couple of acres.
Turns out there was an entire family of big time meth dealers in the area who kept running each new owner out.
House finally burned down because of arson. No one arrested for the arson.
Yep, declining rapidly
You can still negotiate after your bid is accepted. Get ruthless! Know your power!
17 years ago my realtor didn’t listen to what I wanted . I ended up finding the home I wanted at 50 percent less cost than the homes they were showing me. Yes I’m in Ohio . I wanted a pond woods long driveway.. unfortunately we are going back to a housing market that will be a Byers market not a sellers market …. I bought a 400k. Home for 73 k. That’s the reality we are coming up to again..
Man check the market in Tampa, everything is selling fast. What’s happening? Should I wait or buy now?
That Ugly 9 Million Dollar Box Sold for 720k in 2013 😆🎩👍🔥🏠🔥🤣🤣 Zillow is BlackRock owned lol. How do they get this ridiculous pricing? Florida is the FOMO Factory King.
I've lived thru 3 housing crashes but in general, housing prices do go up. Issues are you have to sell at the correct market time. Pretty basic money concept! The young need to learn the #1 secret to success, SAVING!
That's boomer logic though, while saving is needed for success, proper investing wins, what's going on now is crazy and I feel for the folks that have been waiting for years, everyone who "saved" has been punished severely including myself
I'm on the beach in Florida and I want to sell, but the market is not hot now. I think I'll wait.
It’s so sad. I watch agents lie to buyers every day. Encouraging them to over bid on properties that aren’t worth it. With fewer deals some agents are in their own pockets and not truly looking out for the best interest of their clients.
My kids don't stand a chance. They'll have to wait until I kick the bucket and inherit my house. Out of control.
I'm getting ready to sell one of my houses. And I have everything new and spotless. I can't believe some of the pictures I see on the listing. People's nasty dishes, litter boxes, unmade beds etc and asking crazy high prices. GROSS
I’m neither looking to buy or sell, but am guaging rennos by current sales. I am shocked at carpet in the kitchen and bathroom, highwater curtains, puke paint colors, boob lights in 20 yr old homes, obvious roof issues, dirty pavement, mouthwash on the counter, raised toilet seats, 1/2 empty water bottles on dressers, builder grade appliances in 20 yr old homes, obvious DIY projects. . . I understand not having money to do rennos, but taking photos that are unflattering and point out problems?? This is the listing. I can’t imagine what the house looks like in person.
I agree. We've looked at a lot of houses and some of the photos are insane. I would be having a hard conversation with my agent if my homes listing had photos as bad as some of them I've seen. On the other hand a lot of sellers don't pick up anything, place is a disaster. Either way huge turnoff and they wonder why no one wants to buy it.
@@Fuzzmom903 Most people live like pigs and their homes reflect it.
SUNDAY GREETINGS MICHAEL 😃🌴
Nice to see you Johnny!
I have saved my money and can make a down payment of 50%, but if prices fall more, I might be able to go for a 70% down. Combined with a 15 yr mortgage, I won't like high interest rates, but they won't be so bad. At least for me, price matters a whole lot more than the interest rate.
Yes there is a lot of apartments and home s in East Pasco coming online but they are ugly messes on top of each other , tiny yard and no amenities . I dont know who would want. I think of as poor value . 1 development went from sale to rental
Most of the demand is just getting out of the insane high tax base of a lot of Northern States. Even with the higher housing costs, these people are selling, have cash and just want out. You are talking about real estate taxes of $20k for an 50 - 60 year old home and going to homes with less than 25% of that.
People are fed up and just want out. Also, many conservative elderly people will move to live out their lives there because the inheritance taxes are highly favorable.
I bought my house during a bubble and a year and half later it had dropped 25%
Bahahahaha
the fastest month over month declines i believe are 1% in during the 2008 crash
@@wormhole-r3l bought my house in 1987 for $190k. Two years later it was worth $140k. And that doesn't include the realtor commissions if I wanted to sell. Had a friend who bought his house in 2005 for a little over a million dollars. Sold it 14 years later for $835k. Again, that doesn't include commissions and all the money he put into it. Remember that when it comes to real estate national statistics are pretty much useless.
@@Corkfish1 yeah but if you just held through it, you could've still doubled your money. Although I realize that's a long time but that's what real estate is, a long game. But yeah anything is possible.
@@wormhole-r3l no doubt about it. But it does affect the annualized return. I owned the house for 32 years and eventually it did recover. But because the first 15 years it did nothing if you annualize the return it comes out to about 1% a year. Since I bought near the top it didn't even keep pace with inflation. That wasn't the worst part. The part that bothered me was that in the face of bidding wars I bought something I didn't even like. I settled and was then stuck there for over a decade while I saw nicer properties starting to sell for less than what I paid for mine!
Following you from Sweden, and i just wait for the market going down here to. We have the exact same problem. Am glad i sold my big house 1.5 years ago and downsized to a tiny house in the woods. Keep up with your videos 👍
Thanks Mallen! Nice to hear from you all the way from Sweden!
You'll regret it
@@pearlperlitavenegas2023 well i dont regret anything because my old house is worth 100k less today. Sold at the top because i saw it coming.
@@bananskillet you'll regret it from a purely financial perspective in 5 to 10 years when the value of the house or rental income potential is much higher if you're young If you're older it won't matter. But that's just my humble opinion which doesn't matter
Snow.😎
My favorite greedy owner property I've seen so far is a seller that bought a farm with 40 acres last year for $435,000. Cut off most of the property less than a year later and are trying to sell the farm with the remaining 17 acres for.... drumroll.... $435,000 like we can't see the property history plain as day and that these people are out of their minds. It's sat for several months now.
I post yesterday about moving to a manufactured house because my husband was dieing.. I needed a "user friendly place" for his crucible. Well.. he was 21 years older than me. We were married 41 years. I am a baby Boomer. This is my last stand. Taking care of someone with Alzheimer's for 21 years... Cancer the last 7.... Took everything out of me. I'm living on social security. Since he died the pension was cut in half. I have to make it here. I would rather die than go to an assisted living facility. The problem is a lot of us tried to help our children. Our children forgot to pay us back. I'm not going to lay on my daughter. My other children only had their hands out. My advice to everyone is .. when your kids ask to "borrow money" or they get in a bind.. say NO.
Seems like they are still willing to pay, my neighborhood was in $300s, now $600s are sitting a bit longer but still selling. I don't get it, property taxes will be double, around 10k. These are reg nothing fancy homes.
People don't understand that realtors are not magicians. They can't sell your house over the market price.
Michael, did you know that in Europe, it's common practice for the owner to be home for showings and to actually conduct the tour while the realtor ("estate agent") stands by? I went with a friend to look at a house in Germany and the owners were right there. I prefer the North American way but that's how the Europeans do it, I'm told.
We looked at lots of apartments in Paris, only had an owner in the apartment once, they were elderly and stayed out of the way.
@@Pensées_depuis_mon_balcon Oh, so maybe that was just a German thing? Not that I'm moving to Europe or anything....
@@Falconlibrary Well, I’m ! Enough of this continent! Back to Europe, where you can be poor and still enjoy your life.
I just sold a home in St Pete. I started high to test the market, reduced after 3 months, and finally was under contract with 2 offers. The house was staged and looked great. I made another concessions after the inspection, and I still feel fine about it. I'm officially a hobo, visiting all the people who came to see me in Florida. 🤣 I'm going to keep doing it or rent until the market corrects.
Every boom is followed by a bust. The bigger the boom the bigger the bust.
Mind boggling to me as well why people are moving here in droves. What they won't be paying in state taxes they will make up in homeowners and auto insurance....not to mention property taxes.
My brother is a real estate appraiser. He is still in denial that home prices are falling.
If the market is down, that means you'll pay lower commissions and pay less for your next house. It's all good.
thanks for good english lessons :-) Greetings from Poland.
time to sell is gone, or sell now, or wait 15 years
Smell of a home /house when selling a home is very very important in some cases especially when buyers have lot choices
The house I bought in 2020 was on the market for 5 months when everything else got snapped up in weeks. Why? House smelled like cat pee. We got rid of all the carpet, put down vinyl plank, problem solved. You are 100% correct about the smells.
NAILED IT ON ELDERLY. RESPECT YOUR HONESTY!
People working remotely are also more likely to get axed. It's all going to backfire.
Locked in a 2.35% rate on a 15 year mortgage in 2020. I can never move with that rate!
I usually just sit on the couch and eat potato chips in my underwear when I have a house showing.
😆😆
You sound like a motivated seller👍
These days, you would get more people interested if you wore the opposite gender's underwear...
@@RealCptHammonds 😂😂
O that's the definition of " motivated seller"@@SithBladez
It seems like homes in million dollar neighborhoods would at least have curbed streets? Or is there something I am not aware of? Thanks.
yep and no security or gated entry ways...there are apartment complexes more secure
LOL @ 12:37 - actually, according to some journalists, prices CAN go up and down at the same time. I know, that's been a new one for me too
The lower classes are being wiped out through housing. The low income inventory is down as well as the speculation prices for medium income properties. Everything is geared towards wealthy investors taking all the gains.
Leverage also should be explained like that:
You pay 5% - 25k, plus 12x5xRATE (lets say rate will be 3000 - taxes and fees and mortgage - for 5 years 12 rates) = 25k + 180k = 205k you paid in 5 years , so even if you sell higher u still losing money - isnt that right? So it needs to go way higher then 23% to get money. In order for you to break even it needs to go up by 41% MINIMUM. Which means it needs to be 705K in 5 years. It needs to grow 8.2% every year.
"A house is only worth what someone is willing to pay for it"
let me correct that for you:
"A house is only worth what someone is willing AND ABLE to pay for it"
It's important not to leave the ABLE part out of it. The reason prices went up so much is because of the abnormal low rates and stimulus that temporarily made people ABLE to pay those high prices due to the lower monthly payment. Now that rates are closer to NORMAL (not abnormal 3%), monthly payments on those previous abnormal prices make buyers UNABLE to pay; thus nothing is selling. The only thing that needs to change is the prices. Of course it will take some time before sellers absorb this fact. Those who are serious about selling MUST reduce their price.
Um, that actually what he said. Listen again
@Shutdown News Did you post this reply to the wrong comment? I'm scratching my head because I read it 3 times and I just can't see what it has to do with my comment.
@@JohnJohnCrusher He did earlier, but then he said at 5:01 "A home is never going to be worth more than what someone is willing to pay"
That was the statement I was referring to.
Agreed. Rates of 3% are not normal snd shouldn't be normal.
They ough to worry about.
they've been ripping people off with the high prices the houses are not worth
My beloved Miami-Dade needs a 50% off sale.
With an online coupon
Dude awesome we're getting a video everyday. That's why I like being subbed to you, keep grinding I'm learning so much. Thanks man
I don't know why agents are still playing with the price and relisting. Anyone can see the old sales and price history.
It's probably due to pain in the ass clients that are suffering from a mental problem...
Sales seem to be continuing by me but we do have what I consider a limited supply of homes. On the other side of the coin, I'm starting to see a number of price reductions starting to populate the listings. Those price reductions were rare three months ago.
Nothing affordable here in NY metro area. Prices still very high and not coming down much.
I paid for a new fridge by renting the box as a single family home.
I have an efficiency apartments I made out of a copier boxes available starting at $999 per month. Don't complain about the raccoons or I'll charge a pet deposit.
Is that cardboard box in a good school district?
Shut up and take my money!
That's tough love Mike.
I remember 5 years ago when I purchased my home I went trough 4 realtors and even tho I explained to them what I was looking for, NONE of them got the message, they kept sending me a big list of MLSs that did not fit my budget or what I asked. Until I sat down for a couple of days, did my own research, found the house and in a month period purchased it. These Realtors lost that commission and yes the house sold itself cus it was what I wanted and needed no realtor required.
Boy, in S. FL, homeowners sure love to close in the original single-car garage and park the $60K Lexus in the driveway. I stopped counting, but the first 8 houses you walked by all had the garage closed in. I would never buy a house w/o a garage.
That 8-million-dollar house had a G wagon in the driveway and that house did not look like an 8-million-dollar house!
I expect prices will be down 50% in summer of 2024.. If you want to move, do it now, you won't be able to next year.
US housing market had experienced its bubble in last few years. With the interest rate hikes, the Fed virtually popped this bubble to save it from another 2008 fiasco that crippled our economy then. I hope that housing prices will be corrected for future home buyers.
I wondered the run up on price was the result of stock market cool down in recent years: investors tried to make money somewhere else and real estate was as good as any
My condo is up 60 percent since I buy 2 years ago. Should I sell now?
There's a lot of people in their 20s that think because they have equity in their home, then the bank cannot foreclose on them when they go into default. Sadly they will be in for a rude awakening.
That's what makes it interesting for the bank - do people have that misconception.?
You might get to live out some of that equity and stay for a short time but they will take it if you default.
I thought that someone told me that you could miss a payment if you had made extra principal payments in the past. So I missed a month one time. The bank let me know quick that I owed a penalty fee and back interest. Doesn't matter how much you have in equity, they'll take it away first chance.
@@Chubbycat747 it's actually better for the bank if they know that they will get all their money + fees back than if they they can expect 80% on a 90% loan.
There's a "decent" home in Ashland, Ohio where I'm from. 3 beds, 1 bath 2-story with 2.5 acres and the asking price is 429,000. I looked up the auditor information and it was purchased for 72,000 dollars about 8 years back. It's insanity
We looked at a house where the seller stayed for our tour. She was very unwelcoming and short with us. Found out later that her husband was divorcing her and she was being forced to sell in the settlement so she was mad. I’ll never forget….she called this room “the safari room”. And because there were a couple of additions, it was hard to know what was what. So I said….what else would u call this? Living room? Den? Family? She snapped…..it’s a safari room.
😂 that’s funny!
More fantastic content. Thanks!
Glad you enjoy it!
THIS is just the beginning ... wait till next year
Dude please let it be so!
I'm still concerned, however, something will derail this derailment. Fed cutting rates prematurely for example
If you are a home seller, you need to MOVE that property NOW. The bad price you think you should not accept is the best price you are going to see for several years. Those property taxes are still coming too.
is it really the worst time ever to get a house?
But Michael, but Michael! My sisters boyfriends cousins girlfriend sold her house for $20k over asking price after a bidding war in Austin, Texas! Why can't I sell my double-wide home for $500k over what I paid for it 2 years ago??? I'm so confused as to why people keep laughing at me when I have an open house! What should I do?
Instead of a pushy seller, we had the opposite experience. It wasn't until we moved in that we met the seller and discovered that ... he lived next door. They had lived in or had family members living in our house for more than 50 years, but they assured us that they weren't going to glare at us if we cut down an old tree, or whatever. They've actually been great neighbors. No complaints, at all.
hmm property's do go up in years , depending on , how well maintained , did you upgrade the house in any way , location interest .
if you want 2 be able 2 ask a higher price for what u gave , then you need 2 make sure that your investment which is the house in this case , goes op in value (not because it ages) but because you gave it more value.
that is rule number one if it has 2 do with tangible investments. ie buy a used car, fix it up, resell for a net win .
the same goes for housing , u buy a decent house , u fix it up/add 2 the house , and resell for a + value.
if you buy a decent house , and you do nothing u sell that house for about the same the next year.
or even less depending on the current state of the economy / value of coin etc.
Your home is only worth what people will pay. This is true in a good market or a bad one.
Sooner or later, the real estate agent will come back to the seller, telling him or her that the house price must be reduced if the sale is to happen. In the end it comes down to: ''Do you want to sell or not''?