Home prices fall across U.S.

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  • Опубликовано: 29 май 2023
  • According to Redfin, the median home sale price in April was down roughly 4% from last year. That's a decline of nearly $18,000. This follows record-high prices during the pandemic. James Rodriguez, a senior real estate reporter at Insider, joins CBS News to discuss.
    #news #economy #homeownership
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Комментарии • 585

  • @leondonald
    @leondonald Год назад +455

    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.

    • @philipr1759
      @philipr1759 Год назад +3

      Home prices will come down eventually, but for now; its best to offset some of your real estate investments 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

    • @HarrietBemish
      @HarrietBemish Год назад +3

      Personally, I can connect to that. When I began working with "Christine Jane Mclean," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.

    • @duane_29
      @duane_29 Год назад +3

      @@HarrietBemish I'd be glad to get the help of one, but just how can one spot a reputable one? How did you spot this Christine ?

    • @HarrietBemish
      @HarrietBemish Год назад +2

      @@duane_29 I initially came across her on a CNBC news report then on smartadvisors and I decided to hit her up. Best decision I made to stay afloat 2020.

    • @duane_29
      @duane_29 Год назад +2

      @@HarrietBemish Interesting. I am on her page now doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call. How long do you think it will take before she replies?

  • @bravehats
    @bravehats Год назад +341

    A house goes from 400k to 825k in 2 to 3 years, and falls to 799k. That's not a drop. Needs to fall back down to at least 450k to make any sense.

    • @tiberianexcalibur
      @tiberianexcalibur Год назад +8

      You tell me, when there are over 16 million vacant homes in America. Guess who’s buying up all these homes?

    • @bloodorangemoon
      @bloodorangemoon Год назад +27

      @@tiberianexcalibur Rich people. Second homes, airbnb, passive income bs, GREED

    • @Tokamak3.1415
      @Tokamak3.1415 Год назад +20

      @@tiberianexcalibur Black Rock

    • @flynnjp19
      @flynnjp19 Год назад +1

      Resl estate market is not the stock market, needs a couple/few years to play out.

    • @candacestigger8198
      @candacestigger8198 Год назад +2

      They be tryna play us fr 😂😂

  • @mzliz1249
    @mzliz1249 Год назад +235

    Home prices are still ridiculously high.

    • @roythousand13
      @roythousand13 Год назад +1

      I know right!

    • @mzliz1249
      @mzliz1249 Год назад

      @@geocam2 the “Free Market” of 2008?

    • @mzliz1249
      @mzliz1249 Год назад

      @@geocam2 Exactly!?!!

    • @scrat8177
      @scrat8177 Год назад

      It's insanity. I basically have no hope for home ownership, so I just don't bother worrying about saving money or working any harder. No next of kin and nobody to worry about but myself, so living day to day just slightly better than hand-to -mouth is just fine with me. It's funny how unchecked capitalism can actually produce the same work ethic as communism. F the greed and consumerism. Ya can't take it with you!

  • @sumbochen2519
    @sumbochen2519 Год назад +70

    Homes prices nearly doubled since psndemic. 4% drop is nothing. Still overpriced. What a joke. 😂

    • @Ajv516
      @Ajv516 Год назад +1

      Its the same thing about rising crime. If there’s a 50% decrease since 1990 and there’s a 50% increase over the last year, that doesn’t mean its back to where it was before. That’s not how percentages work.

    • @COVIDisA_HOAX
      @COVIDisA_HOAX Год назад

      BIDEN 2024😂😂😂😂

  • @jasonreid9267
    @jasonreid9267 Год назад +230

    Literally coming off of record highs; anybody expecting it to keep going up-up-up needed a reality check anyway.

    • @seanneumann5790
      @seanneumann5790 Год назад +6

      Without the years of QE, along with stimulus money flooding into the economy, the markets would be in healthier shape.

    • @issahumps
      @issahumps Год назад +3

      Mine went up 134k this year 😂

    • @conrmckocoa9352
      @conrmckocoa9352 Год назад +16

      @@issahumps It's not a realized gain until you sell it!

    • @mikec518
      @mikec518 Год назад +3

      Jokes aside, it's hard to truly predict how things go.
      For example, put yourself in the shoes of a millennial with a modest savings, watching the home prices skyrocket nationwide.
      Something like that would make you feel like the door is closing, and that you might miss your vanishing chance at home ownership.
      I agree with you for the biggest bubble offenders, but I also totally get it for the average homebuyer who was trying to "jump on before the rocket launches too far"

    • @MasterRoss-sn7dl
      @MasterRoss-sn7dl Год назад +4

      According to BS Zillow?

  • @shannondavis5728
    @shannondavis5728 Год назад +100

    If a home was $145k in 2020 and now it’s $350k-$500K ,then those homes need to fall drastically!!!#unsustainable

  • @yellowrice1453
    @yellowrice1453 Год назад +56

    I need a 70% decrease to afford a house 😐.

    • @gabew7480
      @gabew7480 Год назад

      Sound like you need to move somewhere cheaper

    • @iwishiknewhowto1228
      @iwishiknewhowto1228 Год назад +6

      ​@@gabew7480 Sounds like it's major problem in this country when most Americans can't afford a home and 1/3 of their income goes to rent.

    • @gabew7480
      @gabew7480 Год назад +1

      @@iwishiknewhowto1228 i think the source of the problem is a lack of financial education/knowledge. Most adults should learn about personal finance in order to better their lives, not matter how high or low their salary is

    • @iwishiknewhowto1228
      @iwishiknewhowto1228 Год назад +4

      @@gabew7480 I mean being financial savy can only do so much when you are underpayed and living below your means is nice and all only problem is your means can't really go any lower unless you just want to go to work and do literally nothing else.

    • @gabew7480
      @gabew7480 Год назад +1

      @@iwishiknewhowto1228 I mean you’re right to an extent. There are always excuses on why people aren’t successful. But there are solutions too. If you’re making 8 dollars an hour, probably not great idea to live in LA, Bay Area, NYC. Most people can find jobs at Amazon or FedEx for 20+ an hour. That combined with choosing smartly where to live and budget, people can save money. People complain about having no money but you see the same people at the club, eating out regularly, buying things they can’t afford. People need to budget smarter

  • @kallummiller7157
    @kallummiller7157 Год назад +84

    Prices need to fall 40% from the peak

    • @rainacherienne1010
      @rainacherienne1010 Год назад +22

      Let’s make it 60% 😊

    • @davidd.8519
      @davidd.8519 Год назад +2

      @@rainacherienne1010 👍👍

    • @jessmelgar219
      @jessmelgar219 Год назад

      That’s probably not gonna happen without a dramatic increase in inventory. Thinking otherwise is delusional

    • @jacobnapkins1155
      @jacobnapkins1155 Год назад +4

      ​@@jessmelgar219there will be a massive increase in inventory if people start selling second homes and rental property.

    • @R_A_3000
      @R_A_3000 Год назад +3

      Yeah I've seen houses that need a complete renovation and they're at a 50% mark up.

  • @tristx7832
    @tristx7832 Год назад +111

    I make 120K and still can't afford to live in Austin now! Houses are ridiculously high still.

    • @esmeefernandez5693
      @esmeefernandez5693 Год назад +12

      Same for me in Boston. But also can’t rent at $3500/mo

    • @user-zc3fs3gg8j
      @user-zc3fs3gg8j Год назад +1

      depends on how much you want to spend

    • @anthonyharmon9265
      @anthonyharmon9265 Год назад +8

      How are common workers able to pay the mortgages now??? $3000 a month?

    • @peterlas7654
      @peterlas7654 Год назад +7

      Because everyone is making 100k+ now. When everyone is making 6 figures, no one is making 6 figures.

    • @Ghost-tw7xw
      @Ghost-tw7xw Год назад

      Yo stfu, stop looking to live lavish. You know how many people would love to be in your shoes right now making that much?

  • @MrTnylam
    @MrTnylam Год назад +24

    It's got much lower to go.

    • @skreety0455
      @skreety0455 Год назад +1

      You go high!! Let MAGA go low😅😅

  • @andresmattos7541
    @andresmattos7541 Год назад +55

    Home prices are falling? Good joke. 😂😂😂😂😂

    • @dwadedunkedkobe
      @dwadedunkedkobe Год назад +3

      Found the realtor.

    • @Kurplode
      @Kurplode Год назад

      Not a joke in San Francisco. They have lost all of their equity from 2022 and 2021. They’ve been reset to 2020, lol.

  • @Cwgrlup
    @Cwgrlup Год назад +64

    Prices aren’t “falling dramatically” in Southern California. 🙄

    • @Teting7484f
      @Teting7484f Год назад +1

      @@retired_dudethats where all the Chinese officials send their kids

    • @user-zc3fs3gg8j
      @user-zc3fs3gg8j Год назад +1

      its still 200k off from where it was pre covid... where do they get this info from?

    • @beesteezy3626
      @beesteezy3626 Год назад +4

      Norwalk, Downey, Artesia, Lakewood, bellflower, Cerritos prices are still the same or even higher.

    • @jayc4715
      @jayc4715 Год назад +1

      In Texas either

    • @reyesarg
      @reyesarg Год назад +3

      Ventura and Santa Barbara county just keep going up. My rent just went up too.

  • @CJ-mt6zd
    @CJ-mt6zd Год назад +49

    Let prices drop another $400k and I’ll buy

    • @Jay-pf2cn
      @Jay-pf2cn Год назад +5

      Dream on. I’ll buy a Ferrari too for 30k 😂😂😂😂😂

    • @SomeUserNameBlahBlah
      @SomeUserNameBlahBlah Год назад +3

      Homes are still overpriced across the country.

    • @billrobbins5874
      @billrobbins5874 Год назад +1

      When people who live and work in an area can't even afford to buy a home. Something is wrong. The prices are a deterrent also. Seems highly over inflated by price and what one is getting compared to the price being payed for it. An honest opinion.

    • @asu5632
      @asu5632 Год назад

      Can’t afford? Don’t you see the homes filled? People can afford the problem is younger generations so talent less they want free things and they aren’t that smart so yeah they can’t afford anything with 0 work ethic so yeah you and them will keep not being able to afford much. Take school and work seriously then life is easy.

  • @Amarmi579
    @Amarmi579 Год назад +30

    2:47 When she said "rent" and they all laugh, I felt like they were laughing at me 😭 rent is soooo expensive, and adding bills, insurances, groceries, etc... we can barely afford it 😭 and don't you dare to get sick! a visit to the doctor is a wild dream 😣

    • @stachowi
      @stachowi Год назад +4

      all that "free" money politicians were spending during covid wasn't free... get used to bad inflation for 10 years.
      Politicians and bankers are the problem and no one can stop them or hold them accountable.

    • @Fire_ov_Renewal
      @Fire_ov_Renewal Год назад

      ​@@elicitm3 that's life, the elderly die! And NOTHING is free.

  • @raxjax8787
    @raxjax8787 Год назад +9

    I became a realtor in Aug 2022, I came in at the worst time of the market when interest rates started hiking 4 months earlier in April just when we barely coming out of the pandemic. I couldn't sell anything, trying to find people to buy or even sell was like finding a needle in a haystack. I had to put my license in on pause and focus on something else. With these reports show "home prices are falling" although this maybe true for some markets/zipcodes, but other areas and locations are not. The whole nationwide of the house prices overall as the United States is that there's a shortage of houses, there's not enough houses to accommodate the number of growing families household, and there's also not enough new construction home to keep up with the demand.

  • @tyflesh
    @tyflesh Год назад +17

    Rental prices are absolutely through the roof!! My daughter a single working mom had to move back home because renting is not affordable on one income 😢, she looking to buy right now and she has to refi in a few years to lower her interest rate then that makes sense for her to buy instead of renting. Her payments will still come in cheaper as long she buys something she can actually afford and find that is a problem in itself! Most of the cheaper properties are in need of full remodeling in our area a home that has been updated seems to out of her budget hopefully she can find one that meets her needs in the middle...

  • @bigtex4058
    @bigtex4058 Год назад +40

    Yet the assessor says it went up🤬

    • @TomCook1993
      @TomCook1993 Год назад +4

      sucks to be in texass. CA has a much more favorable property tax rate.

    • @Cwgrlup
      @Cwgrlup Год назад

      Yeah this is a crock of BS. Just got off the phone with my realtor and he’s quoting me over 3 million for anything I want in my retirement community in Palm Springs.

    • @issahumps
      @issahumps Год назад +2

      Those were based on covid prices. It’s always a year behind. Appeal it

    • @seanthe100
      @seanthe100 Год назад

      The assessor is always years behind be glad you're not paying what it's really worth it'd be killer

    • @soupdrinker
      @soupdrinker Год назад

      @@Beat562 It is high but not as high as people think it is. In overall tax burden, California isn't even on the top 10, it is no.12

  • @mariusbuciuman307
    @mariusbuciuman307 Год назад +80

    People didn’t want to sell in 2006/7 either but once you’re majorly upside down on your home value and you lose your job, you will see the missing inventory hit the market. Just like 2008 it’s just people over leveraged way too much. Welcome to the housing crash 2.0

    • @jack073
      @jack073 Год назад +21

      Except in 2007/08 there were 2-3 million foreclosures due to many homeowners locked in with adjustable rate mortgages, once interest rates climbed people began to default as they couldn’t afford their payments. NINJA loans were also common back then, lending practices are much more strict today.
      In 2023 most homeowners are sitting on a lot of positive equity and locked in at 3% or lower with fixed rate, 30 year conventional mortgage. Hence why we haven’t seen a crash yet despite the 30 year fixed sitting at almost 7%. I’m sure the market will come down a bit more, but there just isn’t a scenario where that much supply will suddenly flood the market.

    • @jacobnapkins1155
      @jacobnapkins1155 Год назад +2

      ​@@jack073y'all act like there weren't two massive declines before 2008 due to immigration trends and run away inflation the years before. Plus we been gutting dod frank for a decade now.

    • @blipblop92
      @blipblop92 Год назад +3

      You forgot that we still have 1.7x job opening for every person 😅

    • @ztukariansevuri
      @ztukariansevuri Год назад +5

      @@blipblop92 you forget that inflation is much higher, rents have skyrocketed, the spending power of the dollar is worth less than 15 years ago, wages havent really gone up much either, and consumers are maxed out on debt living hand to mouth... I make well above the combined average income, and even I am pretty fkn unimpressed with this current economy, unsure how less fortunate citizens are holding it together.

    • @mariusbuciuman307
      @mariusbuciuman307 Год назад

      @@omi_god many home owners not investors were in that situation and when you ho thru that hardship it feels like the end of the world for you. The stress weighs on u to the extent you can’t sleep at night. And at the same time you see your home value is 200k less than what you paid for. Then you ask yourself if you can pay that mortgage for 5-6 years and know it’s going down the drain. Wait you’ll see

  • @thiccbeetboi
    @thiccbeetboi Год назад +2

    For the corporations buying up housing, people will live in their cars before they pay $600k for a $200k house.

  • @joelmorder9780
    @joelmorder9780 Год назад +12

    I mean a 5% decrease is technically a cut, but lets be real thats just trimming of the fat... at best. Especially when the median price for a house where i live is at around half a million.

    • @scrat8177
      @scrat8177 Год назад

      dude, where I live, they have signs advertising new homes as "Starting from the low $1 millions". As if that's some kind of bargain. Rich get richer, poor get poorer, but there are more of us than there of them and the time will come for them to be slain. 😂

  • @martianfromspace8292
    @martianfromspace8292 Год назад +5

    i was pre approved for a 400k mortgage but i just got laid off my 150k annual salary job so there goes that out the window. PS im homeless by the way i refuse to rent and give any money to a slumlord

    • @ceoofdazn7615
      @ceoofdazn7615 Год назад

      So your moving back to your parents house?

  • @redcomet0079
    @redcomet0079 Год назад +3

    Nothing is dropping in southern CA.

  • @bestservedchill1489
    @bestservedchill1489 Год назад +81

    We won't really know what's going to happen to the housing market until people have to start paying their student loans again.

    • @krassimirpetrov7131
      @krassimirpetrov7131 Год назад +8

      Just about 90 days from now

    • @xianx1866
      @xianx1866 Год назад +8

      How’s that going to affect the housing market? Student loan is literally nothing compared to a mortgage…lol

    • @bestservedchill1489
      @bestservedchill1489 Год назад +17

      @xian X people haven't had to add student loans into their budget for 3 years. If people are barely making it now, wait until they have to start paying an extra $200-600 dollars if student loan payments. 🙄

    • @xianx1866
      @xianx1866 Год назад +6

      @@bestservedchill1489 When apply for a mortgage loan, you are required to provide your other loans that you have. For that being said, student loan remaining is already in the calculation. Therefore, I really don't see a big issue. Its more of the social media trying to spread fears...

    • @bestservedchill1489
      @bestservedchill1489 Год назад +11

      @xian X "When apply for a mortgage loan, you are required to provide your other loans that you have."
      A budget on paper is different than actually sticking to it. People are going deeper and deeper into credit card debt, and the savings rate is shrinking. On top of that gas prices are higher, food prices are higher. Not to mention the crazy real estate prices people were paying last year. With that being said, when people have to start paying that extra monthly payment, they'll start feeling it.

  • @kahnicacole5692
    @kahnicacole5692 Год назад +41

    The anchor's literally did not listen to what he just said. He said that the market is down in certain cities he didn't say across-the-board. And then they persist to ask him "is this gonna be like 2008?" It's like they want a market crash.

    • @V555Vendetta
      @V555Vendetta Год назад +17

      well yeah we do. that way the american dream of buying a house finally becomes possible again

    • @pa5666
      @pa5666 Год назад +6

      It's sensationlism. They want to ask whatever questions will make people click on the video. They WANT bad answers because all of them are financially stable and won't be affected anyway. It's ridiculous how the media works. They don't work for us, they work against us.

    • @Ajv516
      @Ajv516 Год назад

      It would be better for their business if it did since more people would tune in.

    • @julianschwertzthewoodlands4161
      @julianschwertzthewoodlands4161 Год назад

      Fear gets clicks.

  • @Mikes23571
    @Mikes23571 Год назад +11

    Here in northern VA they keep going up ☹️

  • @antoinetbd8016
    @antoinetbd8016 Год назад +8

    That was a decent and accurate piece.... no slant just data....impressive.. and BTW northeast is still 30 % markup and no inventory...in the resale market...the days of cheap money are long gone.....

  • @fatbart8551
    @fatbart8551 Год назад +2

    Up 30% then down 4%, what a deal! You’d be stupid not to buy! Don’t forget about the high interest too! Buy buy buy!!

    • @zenfuri89
      @zenfuri89 Год назад +1

      Love the Sarcasm haha

  • @karenhardie1132
    @karenhardie1132 Год назад +3

    Depends where you are. Midwest has strong prices with multiple offers over asking. No inspections. Nothing near a crash. Low inventory too.

  • @southerncharm1382
    @southerncharm1382 Год назад +1

    Purchased my home in 2016 for $135K at a fixed rate of 3.75% and a monthly mortgage payment of only $857. Quarter acre of land in the beautiful mountains of VA, 1300 sq. ft., detached two car garage with attached efficiency apartment, 24ft x 48 inches above ground pool, party deck, completely fenced in with gates at the end of the driveway and the property tax is less than $400 a year. Now worth over $230K!!!!! I got lucky!!!!

  • @gabrielsyt
    @gabrielsyt Год назад +3

    Prices are still high where I live and I don't see any price drops yet. Not many houses here under 500K. The main factor here is limited inventory and what little there is being on the outskirts of the zip code.

  • @tonkatruck1968
    @tonkatruck1968 Год назад +1

    Im in upstate NY . Prices are high and nothing sits more than 30 days ..more buyers than sellers here

  • @callmegorgeouos
    @callmegorgeouos Год назад +1

    News: home prices drops and it’s still around 700-800k 2-3 bedrooms lol

  • @twashington4
    @twashington4 Год назад +1

    This is just average price. Desirable areas will still see demand and not much budge in price.

  • @TroyJScott
    @TroyJScott Год назад +7

    The prices aren’t dropping fast enough!! It’s depressing an average home is 400K

  • @staciarupp522
    @staciarupp522 Год назад +3

    I've been keeping my eye out for over a year. I'm looking to buy but I am also patient.

  • @Joe-ij6of
    @Joe-ij6of Год назад +6

    In other words, housing prices revert back to mean trendlines.
    Good.

  • @conrmckocoa9352
    @conrmckocoa9352 Год назад +4

    About the same price if you factor in interest rate costs

  • @Chinunit22
    @Chinunit22 Год назад +5

    Here in Denver housing still gets sold for over 25k of asking price

    • @jercasgav
      @jercasgav Год назад

      Where...have you looked recently at how many metro homes languish on the market for a long time, and are sold months later after several price drops? It just happened in recent weeks/months suddenly. More people are leaving Denver than coming in as well. The years of Denver boom town are over after a ridiculous 10-15yr uptick.

    • @jack073
      @jack073 Год назад +1

      Just bought a home just outside Denver for 12% under list price. To my knowledge I was the only offer as well

    • @newsarticlereviewskid6630
      @newsarticlereviewskid6630 Год назад

      @@jack073 how mamny miles are you from denver nuggets arena?

  • @savannahm.laurentian1286
    @savannahm.laurentian1286 Год назад +1

    What? Like home prices came down a nickel? Call it NEWs when we can all afford "the dream "

  • @MrWaterbugdesign
    @MrWaterbugdesign Год назад +1

    Wow, down from a year ago when buying frenzy was at the peak. Prices are up over the past 5 months...but let's compare to the peak instead. The buyers who bought at the peak are sitting on 3-4% 30 year fixed. No reason for them to panic and sell.

  • @user-nv7mc8mr2k
    @user-nv7mc8mr2k Год назад +4

    But whenever u go to buy house, the prices the high. Magic 😂

  • @imflying2953
    @imflying2953 Год назад +1

    new jersey is OVER covid levels....house just sold 150k OVER asking. buyer occupying purchased cash.

  • @user-ob4em4ge6c
    @user-ob4em4ge6c 10 месяцев назад

    Prices in Sarasota County, Florida are declining hard. There was a Taylor Morrison development that has homes starting in the $189,000 range. My neighbor is trying to sell their home, and they have lowered the price of their home multiple times, and not one offer to show for it. Absolutely no foot traffic.

  • @enthused7591
    @enthused7591 Год назад +21

    "It's different than what we saw in 2008. There's not this surge of inventory that's going to cause prices to fall dramatically."
    LOL that's because unemployment is still 3.5% like it was in 2007. The bubble today is literally 17% larger today relative to the median US income than in 2007. We 100% absolutely will see a flood of inventory causing prices to fall dramatically, as soon as the 10 million people who took on $350,000 mortgages while making $70,000 a year start to experience income losses.

    • @Theman26642
      @Theman26642 Год назад +6

      People are locked into pre-2020 home prices at 3% rates....no one has an incentive to sell nor could they afford to move.

    • @oa5828
      @oa5828 Год назад +2

      @@Theman26642 It's called fear. People will sell off at massive losses when housing prices fall. When someone sees their $500k house at $475k and going doing more and more, they will try to panic liquidate and play the timing game. Those who sold their houses at the peak won the biggest because they got the most money out of their house, and now due to high interest rates, liquidity is even more valuable. The simple sell high, buy low.

    • @enthused7591
      @enthused7591 Год назад +4

      @@Theman26642 How about the 10 million people who bought from 2021 to 2023 at 40-110% premiums on top of 2020 prices? You've got this halfway thought through. In 2007 when the housing bubble was popping, there were plenty of people like you talking about all the people who bought from 2002-2004 before the bubble prices. That never mattered. When unemployment went from 3.9% to 7% millions of people lost everything.

    • @Theman26642
      @Theman26642 Год назад +3

      10 million? Even if that’s true it’s negligible. Most were well qualified buyers or investors. They won’t be selling anytime soon

    • @brianoleson9224
      @brianoleson9224 Год назад +2

      @@Theman26642 every time we had a historic downturn 1920,1929,2008 we had a housing bust everything is pointing to the 4th worst downturn in 103 years it would defy history if it didnt break. our current situation is eerilie similar not to 2008 or 1970s but 1920-1930

  • @khon6339
    @khon6339 Год назад +3

    rent to own, work from home, cook from home. not having to drive 2 hours through traffic & deal w/ your boss & co workers in those high rise sky scrapers

  • @joycenesselhauf1220
    @joycenesselhauf1220 Год назад +1

    They aren’t falling in Montana. There’s very little decent inventory here.

  • @kevinmach730
    @kevinmach730 Год назад +2

    The sellers obviously love the sale of the house at the inflated price- that is, until they have to turn around and buy another home at inflated price, which is usually the case most of time. Sings a little less if you're downsizing or moving to an area where housing prices are not as inflated.

  • @midlife_minimalist
    @midlife_minimalist Год назад

    Ocean front home here in NE FL just sold for a record price. Seeing some price reductions but they are from aspirational high asking prices - they hit the point of oh I guess no one can afford these prices.

  • @derekblades
    @derekblades Год назад +1

    small correction. any price graph will have raises then corrections. prices over the next 5 years will continue to go up

  • @putttrue4314
    @putttrue4314 Год назад +1

    As housing and rental prices soar, more people are opting for roommates and sharing their home with others to save money.

  • @BrianKim-ih4qh
    @BrianKim-ih4qh Год назад +1

    I bought a new home with interest rate was at 2.5% I’m very happy 😃

  • @stuartwilkison8754
    @stuartwilkison8754 Год назад +1

    Not going down in my neighborhood...went up 1/3 last month.

  • @user-ob4em4ge6c
    @user-ob4em4ge6c Год назад +3

    Residential real estate values are declining. This trend will continue for over a decade. Demand is dead. Stagflation is present. -30% in home values by this time next year. On top of the -8% already seen nationally.

    • @Matt2023
      @Matt2023 Год назад

      Inventory is too low.

    • @seanneumann5790
      @seanneumann5790 Год назад

      No. As margins of the economy suffer from recession, we can expect to see high inventory, however, -30% over the year is a pipe dream. It will take years to bottom out.

  • @mizeriluvscompany2198
    @mizeriluvscompany2198 Год назад +1

    Suuure. Where I live houses are still selling over asking price and selling days after listing

  • @makeracistsafraidagain
    @makeracistsafraidagain Год назад +11

    I’m not worried.
    I’m old. I’ve seen the ups and downs. It’s cyclical. Nothing to get excited about.

    • @user-cc1lg5sz7v
      @user-cc1lg5sz7v Год назад

      Old is gold

    • @Matt2023
      @Matt2023 Год назад +2

      Yeah, the pandemic and the reaction to it is cyclical. This is new territory and as long as the fed keeps messing with interest rates, I'd be somewhat concerned.

    • @rustyschackleford5800
      @rustyschackleford5800 Год назад +1

      This is the largest asset bubble in history. If you're old, you should know what's been going on is not normal.

    • @brandon-alcocer
      @brandon-alcocer Год назад +2

      ​​@@rustyschackleford5800ut it is normal. People think markets never go down and behave accordingly, then they end up holding the bag while richer people take advantage of their naivity. This guy knows that what goes up must come down, and that is the wisest way to navigate this.

    • @rustyschackleford5800
      @rustyschackleford5800 Год назад

      @@brandon-alcocer well yeah, _that_ part is normal. Stay liquid...

  • @scrappy4508
    @scrappy4508 Год назад

    Down 4% wow. . Last 3 years housing prices have been up 90% or beyond! I feel bad for these homeowners that came up so fast, and now they will plumit their gains marginally.. these poor individuals

  • @southerncharm1382
    @southerncharm1382 Год назад

    Just saw a single wide trailer for rent asking price $1000 a month... are they crazy!!!!!!

  • @TheMosinCrate
    @TheMosinCrate Год назад +1

    Prices are falling/correcting on the West Coast in states like CA where housing was already vastly overpriced even before the boom happened. They are now correcting because with so many people fleeing CA, there's more availability. - Prices do not seem to be coming down on the east coast in my opinion.. If anything they are going way up.

    • @tradewisetv2801
      @tradewisetv2801 Год назад

      Everything always starts in the west and works its way east. It's localized right now, but it will certainly become systemic.

    • @ro.3645
      @ro.3645 Год назад

      This is correct. I am trying to buy a home immediately outside of Philadelphia and foreclosed homes in semi gentrified areas are literally selling for 400k

    • @Kurplode
      @Kurplode Год назад

      @@CZ-JAM...E San Francisco has lost all equity from 2022 and 2021. Pretty massive drop if you ask me.

  • @johnqq802
    @johnqq802 Год назад

    Prices down, interest High sounds like a bait and switch.

  • @bankergeorge
    @bankergeorge Год назад +2

    Not falling fast enough for me

  • @MindYourBusiness1988
    @MindYourBusiness1988 Год назад +1

    Here in Florida. Prices are ridiculous

  • @truthhurts5111
    @truthhurts5111 Год назад +1

    You would be crazy to buy a house now while they are over priced. You will deeply regret it. House prices will come down and you will NOT be able to sell your house to cover the mortgage and you will be stuck with a high mortgage rate.

  • @barkingdog9509-
    @barkingdog9509- Год назад +3

    He’s a real estate professional of course he’s going to downplay everything. Look back at how many people walked away when they were underwater in 2008. There is an entire flood of new construction coming to market over the next year or so. I don’t think things will crash like before but definitely will take a giant correction. You’d be wise to wait things out at least for now.

  • @Uwolz
    @Uwolz Год назад +1

    We got over 120k in equity when we sold earlier this year. We are in a rental and curd building a house, but still got my eye out and will back out if opportunity presents itself.

    • @brunoheggli2888
      @brunoheggli2888 Год назад +1

      Why?

    • @Jack-russell103
      @Jack-russell103 Год назад

      Do you have a track builder or custom? Cos I’d keep an eye on those dr Horton type homes. They’re garbage

    • @newsarticlereviewskid6630
      @newsarticlereviewskid6630 Год назад

      How much is your rent compared to your mortgage u had before u sold?

  • @bsiffy
    @bsiffy Год назад

    Homes in Austin still going for 400K+ for brand new builds.
    Those same homes were 250-300K pre-2020.
    We need a BIG flood. Not a slow drip.

  • @demoanddestroy
    @demoanddestroy Год назад +2

    Not in Omaha Neb.. No houses for sale so it makes it a sellers market and greedy realtors are raping the market

  • @user-ob4em4ge6c
    @user-ob4em4ge6c Год назад +1

    Your a little late to the party. Sale volume is down at record levels. Home values are down -8% nationally the last 6 months, alone. April's numbers will be abysmal. Case Shiller had to pull out all the stops and release March's report with "Inflation adjusted" numbers, which is questionable at best, and median sales still declined. This will continue for years. This won't bottom out until 2026, 2027. -30% to -40% incoming. Deal with it.

  • @posthocprior
    @posthocprior Год назад +13

    I want to wish James Rodriguez all the best as he goes through puberty.

    • @origamimambo545
      @origamimambo545 Год назад +3

      And yet, he makes more money than you and is smarter too. Don't lash out just because you're hurt.

  • @mida8261
    @mida8261 Год назад

    Not in Las Vegas they haven't! They're still ridiculously expensive!

  • @chapelknight951
    @chapelknight951 Год назад +7

    I just lost a neighboring family due to housing costs. They bought a house and were living house poor, but were getting by till a major expense came up and couldn't pay the mortgage anymore.

  • @LiquaFoo
    @LiquaFoo Год назад

    Down 16% in Oakland but agents would say that’s not a crash.

  • @tomf7551
    @tomf7551 Год назад +1

    how come realtors are saying they are up nationally. is redfin data a reliable source? whats the most accurate non bias data?

  • @obungaswanson
    @obungaswanson 11 месяцев назад

    House prices are not declining. Orlando native here, rent and housing is at an all time high here. Wages are not reflecting inflation and the increased housing costs. Greedy real estate companies and the top 1 percenters who pay less taxes than us common folk are ruining affordable housing for everyone

  • @chrisjin8794
    @chrisjin8794 Год назад

    Bought a new home price of $255K in Jan.2020. It’s still ranges of 350K-380K🤔

  • @SteveSabbai
    @SteveSabbai Год назад +2

    Still overpriced. Selling a $200,000 house for $400,000 is Lmao ridiculous!

    • @DB-bw5fz
      @DB-bw5fz Год назад +1

      Selling a $200,000 house for $400,000 is only ridiculous if there is no one willing to pay for it. If there are buyers lining up and willing to pay $400,000 for it, that’s ultimately what the value has become.
      It’s always a buyers market out there. A “sellers market” means that all the buyers are just competing with each other over available inventory. What is considered a “buyers market” just means that sellers are now competing with each other to attract a more limited amount of buyers. At the end of the day, it’s the buyers that ultimately set the price of homes.

    • @jonathanguzman1073
      @jonathanguzman1073 Год назад

      ​@@DB-bw5fz That's why at the end of the day price's fall due to the fact no one is buying them and losing the value they believe it cost. The cost is not or ever will be 400k that's only a fool to believe that during inflation. So initially yes a buyer controls the market forcing the seller to drop prices which happens month over month losing value that they believe it has.

  • @scz798
    @scz798 Год назад

    Still can't afford it. The prices are at 750k in California for a 3 to 4 bedroom.

  • @Kelly-yx9tn
    @Kelly-yx9tn 11 месяцев назад

    People were on a price war for a Dr. Horton houses, now the price has dropped over 300,000, all who bought are now underwater. Dummies

  • @user-ob4em4ge6c
    @user-ob4em4ge6c 11 месяцев назад +1

    Home prices will continue to fall well beyond a decade. Too many people locked in record low rates, for RECORD HIGH COSTS. Prices only need to decline about -10% for catastrophic results. Risky HELOCS, Airbnb busts, and decade long value declines, combined with commercial real estate in the red, across the board. This bottom won't show until the mid 2030's at the earliest. -40% when the dust settles. God bless, America.

    • @MrThe1234guy
      @MrThe1234guy 10 месяцев назад

      This comment didn't age well

  • @slantize
    @slantize Год назад +1

    My home value has going up. There are not enough sellers. Building is expensive at these loan rates. Even 4% pre pandemic interest mortgage holders won’t sell when new rates are 6-7%. Mainstream media keeps pushing this narrative but is using extreme overvalued niche markets of a few city neighborhoods to represent the wide market which is incorrect.

  • @jasontye3307
    @jasontye3307 Год назад +1

    The rest of the country will experience a price drop next year, people aren't selling due to the high interest rates.

  • @NirvanaFan5000
    @NirvanaFan5000 Год назад +1

    we need a nonprofit middle-income rental options. cut single family zoning by 80% and start building homes to rent at *cost*. (Also, what's the holdup with volumetric construction?!)

  • @howarditel1303
    @howarditel1303 Год назад +7

    This report is so on point James. When you get out of high school let us know your thoughts omg real estate is booming

  • @Lzrdman91
    @Lzrdman91 Год назад

    400 k for a condo in Phoenix should be a crime.

  • @NAvArS12345
    @NAvArS12345 Год назад

    Been looking for a houses keeping 750k in hand since from a month,whatever the areas i looked in texas, trash houses ridiculously over priced and for a new house with small lot space going to $850k
    Even preowned are 3 times higher
    Where does the price decrease happen?

  • @aristotlekumpis7095
    @aristotlekumpis7095 Год назад

    Why does everyone and the media look at a home like it’s a stock? It goes down and everyone freaks out and says you are under water. No. The majority of loans are fixed. You’re not going to sell your home, the place you raise your family, just because it goes down in value. It’s ridiculous.

  • @shannondavis5728
    @shannondavis5728 Год назад

    Prices aren’t falling far enough or fast enough!!!….if prices inflated 50-100% they need to fall @ least 35-85% to get back to normal!!!

  • @kidwichita
    @kidwichita Год назад +1

    It ballooned because of zero interest rates and cheap money. But remember: this time is different!

  • @angelinimartini
    @angelinimartini Год назад

    Yet CBS has a news article today saying home prices are also rising…

  • @funkd8944
    @funkd8944 Год назад +1

    This dude was in middle school 2008.

  • @ajrestivo
    @ajrestivo Год назад

    just looked on zillow in swFL and saw a complete dumpster fire for 280k !! thank god!

  • @rbjusmc1
    @rbjusmc1 Год назад +1

    In Texas (I am currently in Austin), the property taxes, oh mamma! Buyers be warned!

    • @jayc4715
      @jayc4715 Год назад

      My property value of doubled in one year

  • @christophe_atx
    @christophe_atx Год назад

    Housing is down 20% around austin since the peak in 2022. Still way over priced.

  • @allisonle8596
    @allisonle8596 Год назад +1

    Not in the Bay Area as a matter of fact we still have bidding wars

  • @shinjk2527
    @shinjk2527 Год назад +1

    Not falling at all here in the greater Boston area!

  • @Aeternum_Gaming
    @Aeternum_Gaming Год назад +1

    asking 500k for a 1bdrm house in my area. home prices are definitely NOT falling. quit blaming work from home. the problem is real estate investment firms, not people trying to find affordable homes. your analyst needs to go back to school. quit gas lighting us.

  • @AnnikaOBrien
    @AnnikaOBrien Год назад +52

    I had 3 friends sell their Austin homes during the pandemic and all received well above market value, full cash offers from people moving from Cali and the East Coast. I’m also in a couple of Austin real estate investor groups, full of folks buying and selling at ridiculously high prices, more than what I saw when I lived in Los Angeles. Unfortunately many of the ‘cash offers’ were paid with higher interest loans, not locked in to fixed rates like many mortgages. Folks sold their Cali homes for cheap, moved to Austin to scoop up a cheaper yet still overpriced home in what they thought was a nice neighborhood. Only to realize Austin is way worse than anything they fled from. On one hand it’s sad to see families lose everything, but on the other, these are the same folks who spew hatred toward hurricane victims and threaten to vote to increase taxes. It’s a wild situation with too many moving parts and very few folks willing to delay gratification.

    • @jersefrenzer1265
      @jersefrenzer1265 Год назад +19

      You lost me. Who is spewing hatred to hurricane victims?

    • @SomeUserNameBlahBlah
      @SomeUserNameBlahBlah Год назад +15

      How were "cash offers" paid with higher interest loans? That's not a cash offer.

    • @kidwichita
      @kidwichita Год назад +1

      Why even move? Austin = California.

    • @mrzack888
      @mrzack888 Год назад

      stop your bullshlt. The real hateful ones are the right wing.

    • @hdaviator9181
      @hdaviator9181 Год назад

      @@kidwichita No state tax.

  • @ShUisREAL
    @ShUisREAL Год назад

    WAIT WAIT WAIT you are telling me that after record breaking increases we are now seeing large decreases?? YOU DONT SAY! I mean these people need to find actual news to report.

  • @JTDyer21
    @JTDyer21 Год назад

    It's not worth it. If your gonna get robbed from overpriced homes then why bother?

  • @landmark22
    @landmark22 Год назад

    Wait she said "the price of homes are less money "this is theme for these media outlets like CBS and NBC

  • @mopthermopther
    @mopthermopther Год назад

    Don’t buy a house with a
    Keep Out sign in the front yard.