The Housing Market Bubble is Starting to Burst
ฝัง
- เผยแพร่เมื่อ 5 ก.ค. 2024
- In this video, I discuss several cities where the housing market bubble is bursting. In this cities some homes have stayed on the market for over a year, prices have been cut many times and buyers are refusing to overpay as they should!
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Timestamps
00:00- Intro
00:39- City #1
03:05- What cities have seen inventory increase?
03:53- City #2
06:17- City #3
07:28- Why you should invest out of state
This video is about: housing market,housing bubble,housing market update,us housing market,real estate market,us housing market news,real estate,housing crash,florida real estate,housing market crash,market crash,housing news,housing market 2024 forecast,fort myers real estate market,tampa real estate market,jacksonville real estate market, black real estate dialogue, black real estate dialogue podcast
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A community area means HOA! Never, ever, ever buy a house in a HOA!☠☠☠
😫😫
Sometimes that’s the only property someone can afford. Still better than manufactured homes paying a lot fee.
This is Dick and Jane. I bought my two family house on the beach in 2014 for 325,000 . A two bedroom trailer in town is 300,000 today. So the bubble needs to pop. So all the prices reflect reality. Homeowners how to inflate their houses so they can afford something in the market. They're all inflated. Just like gas milk bread child Care health Care. You have to be relevant in the market so these people that are inflating their houses are doing it for a reason.
That’s crazy! Thanks for sharing
“I have no idea why someone would pay too dollar for a basic house like this”
But they are… that’s the issue. They are buying them. I’m in Michigan and everything is going over asking price
They are and it’s absolutely the issue. It’s ruining the market in many places. FOMO is real.
Newsflash: When prices go from unbelievably ridiculously high to just ridiculously high, that's not a crash. Of course greedy ass sellers have to lower prices because people have been paying top top dollar for that last four years lol
Totally understand where you’re coming from!
I purchased dec 19’ 3.5% int. I’m here for life, I’m just going to rebuild instead of move.
Sounds like the right choice!
I am in Metro Atlanta, and closing on my first home in three days. We haven’t experienced really a crash, however, the market has shifted to offer buyers more flexibility and negotiation. As with many first time homebuyers, my big thing is having the cash to make that first transaction, but in this market, I have been able to get 3% towards closing a home warranty, and even even a down payment assistance grant to where I will pay only $4000 out of my own pocket to put my foot in the door!
Just wanna say I’m proud of you. Congrats and thanks for sharing your story!
Awesome and Stay Blessed!
I have the cash to buy right now but im waiting. Keep waiting and saving, cash will be king again when the banks get into trouble later this year and next year. Rent until then, im looking to buy next winter.
Totally understand where you’re coming from. Timing is everything and I’m glad you’re not letting yourself be rushed into a purchase.
How much are you earning on that money that you have sitting?
Awesome and Stay Blessed!
Glad i got into clearwater florida in 2020 and not 2023. Its wild how much housing has gone on a rollercoaster ride.
Your timing was great!
This is something the folks happily sitting on their low interest rate do not understand. Forced sellers soon enter the sales market. They regard all that equity as fantasy and nothing they can really get their hands on because they desperately need to get out of the house. With four or five sellers in your neighborhood making $80,000 price cut. Your house has lost 80,000 in equity even though you haven't moved and are still enjoying your low interest rate. Of course you won't get hurt unless you lose your job and have to or you unexpectedly have to refinance. You can be blissfully happy until your new appraisal comes in once the market values have been reset. I should add this my fourth housing bubble in the finance profession since 1990 and that's how it happens every time.
Very insightful thanks for sharing your perspective!
This “softening“ will take years.
You might be right
Awesome and Stay Blessed!
I wouldnt, could be in an HOA with a club, fitness room, pool? edit
Yeah just checked, it's in an HOA. I'll live in a tent first.
I totally missed that! That makes it even worse! You sure a tent is better?😂😂😂
@@blackrealestatedialogue Yeah the HOA is like $98 or something like that per month. When we were home shopping, some agents told us all we could be able to get was either a condo or an HOA. I told the agents, the lender when we closed I'd live in a tent first. I've read too much about HOA's and the hassle they are. Besides, what I WOULDNT be putting towards a condo fee, HOA fee I put towards my principal on my mortgage,, Been overpaying my mortgage ever since first payment was due in June 21, Got a great price and a great rate with a USDA Loan. Not even 100' from my porch is a piece of land with a cow, horses, llamas.. Hell 1 genius in town even had a peacock lol.. A couple people have goats, chickens, I can garden all I want. Couldn't toss me outta this house with a less than 410 a month mortgage @ 2.875! Already knocked over 6 YEARS off the life of the mortgage, we have the double homestead exemption.
@@blackrealestatedialogue They can certainly keep HOA's 🤣🤣
@@winniethepoohandeeyore2 LOLLLL
I bought my 1632 sq ft 3 bedroom 2 full bath house for 64,900 in April 21, it's freaking DOUBLED since THEN! 😳😳
Sheesh! Where did you buy?
@@blackrealestatedialogue About 2 hrs southeast of Amarillo Texas..Sorry took me so long to respond, I was putting a pork roast in the oven.
@@winniethepoohandeeyore2 that's awesome, and no worries. appreciate the comment!
@@blackrealestatedialogue Sent you an email
@@blackrealestatedialogue Second pork roast i'm cooking this week. $2 a freaking lb! whole fryers are almost $2 a lb. SMDH
NM houses are shacks and run down with that price. Have a property in rural town for $185k and it has no core inside.
Sheesh!
So Real estate agents have been lying to us? Lol 😂
lol it depends. what are the saying? 👀
@@blackrealestatedialogueprices will always go up... who cares about the interests rates.... we can get you in dont worry about ur credit score or a down payment... i also have my license and when i get into that game I wont be that sort of an agent for people..... say any lie to get the sale.
I am looking to buy in fort Myers FL 😬. I’ve seen price cuts. But prices are still very high when compared to pre pandemic prices. I believe people are betting on a decrease in interest rates and for prices to take off again. Just my 2 cents. I also believe SW Florida is leading the nation in consumer debt. (Highest debt to income ratio ratio) going to be interesting.
I love hearing from locals I appreciate that context. Do you think prices will keep decreasing there?
I think daddy Powell is trying to reset the housing market. Texas and Florida are leading the way. I think market will crash. Not sure how bad but there will be a reset.
I live in Tampa. Homes & apartments are all expensive. The houses be small & basic. sellers asking for a lot simply because of location. Tampa ain’t that great to be paying 500k. FL overrated!
I love hearing from locals! No reason for a basic house to cost so much, especially compared to the income most people make. Simply not affordable. Thanks for the comment 🔥
You ❤️ can replace the doors on the cabinets
It’s needed they are very ugly 😂
Awesome and Stay Blessed!
Hot markets like Seattle and San Francisco are by no means dropping. We're still having bidding wars.
What’s your thoughts on that?
@@blackrealestatedialogue it sucks
Just keep predicting the future. Young fella.
Thanks for chiming in. What do you think will happen?
How does the square footage change 🤔🤨 with the price!!
Good question 👀
Awesome and Stay Blessed!
That 407 E Gladys in Tampa has to be a substantially renovated house. It’s not a true new construction. That house’s construction is from the 1920’s.
I’m curious why it was labeled new construction? Perhaps a technicality?
@@blackrealestatedialogue You can label something new construction if the renovation is substantial.
@@peacefreedom4930 thanks for the insight!
Small correction - it's usually not a greedy seller, it's the greedy realtors telling sellers their houses are worth $150.000 more than they are, because - guess who makes a commission for every sale? You guessed it.
“Florida housing market is starting to burst.”
LOLLLLL shouldnt that be the new title? 😂
These home sellers are overpriced selling the demand, because these houses are not worth half of what they are asking
In many cases they def are not worth it!
Wish you had. 25 years doing appraisals like I did.
What are your thoughts on what’s happening in the marketing overall?
Land value?
Not sure
Awesome and Stay Blessed!
Uh oh.....
👀
Awesome and Stay Blessed!
These home seller are so delusional
In some cases they absolutely are
👍🏾
thanks for watching!
That's not a brick house for 600k 👎 no
Crazy right
Awesome and Stay Blessed!
But if the prices go down then you will have a lot more buyers jumping into the market which would mean that the prices will go up again because there's going to be a lot of buyers.
Prices will go up if people get into bidding wars which I believe is always a bad idea. That’s part of why prices have run up the last few years in certain cities. You do bring up a great point and it’s possible that what you said can happen.
who want to live in Florida at any price? cesspool
😂😂😂😂😂😂😂😂
Don't buy out of state and Don't buy 2 or more houses in the same country.
Why not?
@@blackrealestatedialogue I agree, why not. I had 4 lost 1 but will do again.
I’m over here on demon time waiting with cash. I can’t wait until HELOC and Cash out refinance rates drop. It will make me a millionaire. I’m sitting on cash now to pay almost two homes off cash. Then I’ll begin cash out finance to get another three properties and rent them all out with three with mortgages and likely one paid off or two. Life’s good thank god I became a truck driver. No debt baby and saving my entire salary.
Sounds like you are waiting with a plan! Wishing you well!
BIG CRASH COMING! CURRENT WAGES DON'T SUPPORT THESE HIGH PRICES, SPECULATORS AND SO CALLED INVESTORS ARE TAKING A BEATING!
You think a nationwide massive crash is coming? 👀
@@blackrealestatedialogue The real estate market has been treated like a commodity instead of a place to live, now the bubble has burst, once all the speculators and amature landlords are out of the market, the market will settle back to normal, the condo is way over built and wages can't support these prices, in addition, too many AIR BNB and off shore money without occupants, still a ways to go, but its coming quickly.
Awesome and Stay Blessed!
Prices are UP 5% Nationwide YoY. This title is misleading.
Sure, there are pockets of FL or TX where there is oversupply, and there will always be individual dumb sellers, but there is no crash coming. Bidding wars still abound.
Genuine fan of the channel keep up the good work, but the data doesn't support this narrative.
Lol the video was about specific markets where inventory is up and prices are coming down. Real estate is local, I don’t see what’s happening in FL and TX happening every where.
Awesome and Stay Blessed!
Miami is so different , I could sell any week for the top dollar but I won’t . Maybe in 10-20 years or so . Buying now is paradise , no to little competition
Miami is such a strange market. I've seen so many properties stay on the market for a long time, even worse with condos. It's weird down there right now. It sounds like you're making the right choice.
Awesome and Stay Blessed!