How The Housing Crash Will Happen in 2024 (not what you think)
ฝัง
- เผยแพร่เมื่อ 2 ต.ค. 2024
- In this episode, I discuss what exactly I believe needs to happen for the housing market to crash in 2024. 71% of you said you don't believe it will crash so let's talk about it! Don't forget to like the video and subscribe.
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Timestamps
00:00
00:33- First thing that would need to happen for the housing market to crash
06:07- Second thing that would need to happen for the housing market to crash
09:49- Second thing that would need to happen for the housing market to crash
This video is about: Housing Market Crash 2024,real estate investing,2024 real estate market,real estate market analysis,housing market predictions,real estate crash reports,investment warnings 2024,market crash opportunities,housing market crash,housing market trends,investment tips,real estate market trends,black real estate dialogue,black real estate dialogue podcast
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Sources
fred.stlouisfed.org/series/MSPUS#0
www.cbsnews.com/news/how-much-money-do-you-need-to-afford-a-home/
www.census.gov/content/dam/Census/library/publications/2023/demo/p60-279.pdf
www.cnbc.com/2023/06/15/if-you-make-75000-dollars-you-probably-cant-afford-a-home-in-these-cities.html
www.realtor.com/realestateandhomes-search/Los-Angeles_CA/overview
www.realtor.com/realestateandhomes-search/Seattle_WA/overview
www.attomdata.com/news/market-trends/foreclosures/attom-2023-year-end-u-s-foreclosure-market-report/
www.attomdata.com/news/market-trends/foreclosures/attom-2023-year-end-u-s-foreclosure-market-report/
www.investopedia.com/terms/f/foreclosure-crisis.asp
www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed
www.usbank.com/investing/financial-perspectives/investing-insights/interest-rates-impact-on-housing-market.html
www.bankrate.com/real-estate/low-inventory-housing-shortage/#shortage
www.redfin.com/news/mortgage-rate-lock-in-housing-2023/
www.nar.realtor/newsroom/existing-home-sales-slid-1-0-in-december#:~:text=Existing%2Dhome%20sales%20waned%201.0,%2Dover%2Dyear%20price%20increases.
www.census.gov/construction/nrc/pdf/newresconst.pdf
Amazing how most people do not understand how much income you have to make to purchase a $600,000 house. $120,000 down $4800 a month paying the interest only for 15 years and lucky enough to find a renter that could pay $3000 month with their monthly income of $9000 with no other debts……. Good luck. The $9000 a month earner would rather pay $2000 and save their money for themselves.
This is a fair point. I don’t advise anyone to buy a rental property for that much unless it’s multi unit and they live in one. But even then, they need to afford the mortgage which is hard. But to your point most won’t even be able to save for the down payment. Tough times out there. A lot of folks should consider moving to cheaper areas or investing in cheaper areas.
@@blackrealestatedialogue they are. Renting older homes makes you so thankful not to own them, they are just outdated in every way. Save your money and buy a new home or buy a newer foreclosure. I say boycott the big corporations that think they can buy all the houses. They can if they want to and they can pay for all the property taxes to support the community. How long are they able to do that? Not forever.
I totally understand where you're coming from. I really appreciate your sharing your thoughts.@@qualitytouchpainter
I want a housing correction. It doesn't have to be a crash. I just want things to be affordable again.
I understand where you're coming from
We’re already in a correction, more or less depending on your city.
@@yume816 what's the correct, home prices going further up?
I also work for a major builder and they got a large Japanese investment about seven years ago that took them from being in the bottom 100 a builders in the country to in the top 20 and the only thing they’re doing is building along the East Coast and in the south.
I'v been thinking the same for a long time. The only thing I can think of is immigrated people that came with large sums of money, and or mortgage fraud with fake income statements.
Interesting point, thanks for sharing!
This is why I created Bond for Realestate it allows me to payoff all of my properties in three years, I’m buying 2500 @400k avg price point in 25states -120 cities =1Billion
Black People please wake up
How is that possible
Excellent video, my brother! And I agree, there is going to be a reconciliation. In the very near future.
Thanks so much! I’m glad you enjoyed it!
There are so many people hoping and wishing for a crash this year. They want that starter home for their family at a rock bottom price. I don’t think this is going to happen. To your point about inventory, I follow some builder channels (lumber, etc.), and they are seeing things almost halt completely. This means fewer homes are being built and thus less inventory. It is a seller's market right now, so prices will probably go higher.
We’re so behind on inventory idk if we’ll ever catch up. What builder channels do you watch?
Not in south florida… I’ve seen 50k-100kprice cuts even rent is going down because no one can afford… rich people can afford but they just want luxurious things and that’s not the case here… I don’t want to see people/families been evicted or foreclosed, if someone lost let be the corporations, investors and flippers because they already have more than enough
that's tough well I hope prices come down to a rate that people can actually afford@@pamelalima5401
Never pay retail. I prefer foreclosures with front yard 2 feet tall and we will be seeing this again in some markets. Inventory shortage is because Blackrock and Airbnb business models.
thanks for sharing! Good that you know exactly what you're looking for
If any Tenant buyers are interested in buying a rent-to-own home, Credit is not needed to qualify for the Home, Rent-to-own home is available in 50 states!
Thanks for sharing!
Awesome breakdown! And good advice also with the "don't pay over listing price" and "if you find a good deal take it".
thank you so much! One of the comments took it a step further and said don't pay more that the property is appraised for. I like that a lot
The house market would not crash in 2024. The house market will crash by 2026, 2027. Do more research and you can see the numbers we’re going.!
Correct. There will be no crash this year. People are trying to equate the current year with 2008, and this is not accurate. Back in 2008, the homeowners were average people. They lost their homes back to the banks. Today, the homeowners (most of them) are the banks and the people living in the houses are just renters. If these renters default, they get kicked out, but the house remains with the bank. The banks have the monopoly of the housing market now. People will always need houses, and the banks will do just fine. Prices probably won't drop because of this, and may, in fact, rise higher.
I agree with you I see some level of correction this year maybe but I don’t see affordability improving especially in places that are already very expensive. People gotta get in where they fit in. Why do you think it’ll crash in 2026,2027?
Very interesting point. Thanks for sharing
What research needs to be done? You might as well say "there will be a crash in the future" 😐
I’m hoping for correction because most of the time what people don’t understand there’s a term that’s used called blood in the water and the problem is is that if the real estate market crashes, black borrowers and black homeowners will be affected the most because of our level of vulnerability, and also our reliance on service sector jobs. These are facts this is not made up. A correction with an increase in wages which I do think will actually happen sooner rather than later - a 10 to 15% correction I believe will be extremely helpful for many families - great video
Or the people with resources will buy all the single-family multiple houses and you will be a renter or you’ll start to see programs that Google has already rolled out where they will lend you the down payment 20 to 25% and when you sell they get to recoup their loan
Great overall! Only slight disagree about "never pay over asking price." The "asking price" listed for real estate is mostly just marketing and may or not be based on anything. It is more important to get an appraisal, from someone non-biasd and not connected to the sale. So it may be better to say "never pay over appraisal value "😅
Glad you enjoyed and I appreciate your insight!
Advice from someone who will never own real estate is appreciated.
hey did you mean to say advice "for someone"@@cabot100
@@blackrealestatedialogue The comment was related to @lcsw1377'ss comment. They do not appear to understand how real estate agents "come up with" asking (listing) prices.
Speculating @lcsw1377 will never own a home.
ahh thanks for the clarification!@@cabot100
When is this going to happen?
I don’t think there will be a nationwide crash, some cities might see varying degrees of correction. But I can’t say for sure.
yeah market crash right. blah blah all you people keep saying crash. guess what. now its march and still no. no 75k is $$$. live on 30k. save 40k. 40k x 2 years. boom house paid sll cash.
👍🏾👍🏾
Ventura County is way over priced!! Fannie Mae HomePath way has a bunch of homes listed keeping the over priced properties
I believe you! Southern California as a whole is outta control with these prices
You make so much sense ! I am trying to sell and this is exactly my point ! I feel like people think pretty pictures will attract buyers - not when there is not qualified buyers ! I just asked my realtor if we should offer interest rate but down as that directly impacts affordability! I hate being the seller sometimes and not the agent
You a spot on with this comment!
I was saying similar things in 2005. Where I lived, median income was just shy of 60k while median single-family-home sale price had risen to 640k. At the rates prevalent at the time (6-8%, which was considered extremely low then... anything under 8 was a "do it now"), it would take about 180k/yr income to support the note for 80% of that 640k... after paying about $140k on down payment and closing costs. If memory serves, that was a top 1/3 or 2/3 of 1% of earners in the area. People told me I was crazy when I started saying it wouldn't hold... "Real estate always goes up." "take a 2nd mortgage for the down payment." "get a stated-income 2-3 year interest-only and just refi when principal payments are starting" It was madness and I never would have guess it would hold on as long as it did. Sales were still strong well through 2007 and I remember being in a hotel room in Vegas the day videos hit the news of the boxwalkers from Lehman Bros. I have 3 very close acquaintances who ended up losing their homes over the next few years.
I just don't think our area can crash anymore. We are listed at 68,000 only a low ball offer for 30,000 in 5 months we will not go any lower we could rent it at 800 a month easily.
sheesh, what city?
@@blackrealestatedialogue deridder lousiana
New to your channel. Great work. Are a property investor outside your home state. I'm looking to partner up . I'm in Philadelphia. I'm big on researching in the state of Pennsylvania
Welcome aboard! I invest out of state in Ohio
@@blackrealestatedialogue awesome. I would like to have a discussion with you. I would like to get your help. I'm researching out to the solid entrepreneurs that are on TH-cam.
dont think it will crash but i hope it does
I hear you
A disaster negativity impacts everyone.
plenty have cash. why do you think you see fancy half million homes people live .duh. people can.
👍🏾
Half million her in Fort Lauderdale it’s only bad áreas old houses it’s ridiculous
that's a lot!@@pamelalima5401
As long as the government doesn’t bail them out, I’m good.
Bail who out?
@@blackrealestatedialogue the same people they bailed out in 08. Plus black rock and all these hedge funds buying single family homes. Was it glass stegal that prevented banks from investing in real estate?
Got you! thanks for clarifying @@kilduce4423
No crash 🙄
You're correct in my opinion.
Thanks!
Thanks for the support and you’re welcome!
No.gonit.fratelo.❤