We had an offer for our house, it was appraised by the bank and the deal fell through. We then had another offer immediately after that failure for the same price but with no appraisal and the deal went through. The bank appraisal was not reflecting the market value indeed.
That Appraiser is full of $hit. In all my years of buying, selling and refi homes...appraisers are never consistent. They tend to be conservative when refinancing, and very loose when buying/selling. Alway looking out for the banks/lenders. Don't get me started on the race factor lol
I'm seeing about 1/2 houses drop their prices every two weeks or so. No more quick sells with bids over ask. New listings seem to be listing slightly lower than comps. I think we just slid off the edge of the cliff and now we're headed for a massive fall. I look daily and do this for a living as well as being an expert on macro economics and finance. I'm predicting a worse depression than the 30s.
As a former CRA and having appraised through the 2005-2008 housing market….this is eerily similar to that time period with over list offers, appraisals that kill deals, waivers, etc. While the circumstances may not be exactly the same with tightened lending standards, the end game will still play out the same with a housing market crash and foreclosures. This time though you have these big institutional buyers holding onto all these rentals which will also get dumped onto the market. The buying opportunities will be better than 2008.
Look at all the price reductions in the SF Bay Area 100-300k and they’re nice homes My neighbors duplex was listed in April for 2.7 million they now reduced it to 2.2 and barely anyone showed up for the open house What people could afford last month they can’t afford this month mostly because of the interest rates I’ve had a lot of cancellations lately as well some of the Redfin agents I’ve talked to said it’s slowed down and less people at open houses We’ll see what happens
Paying over for a home is insane . The market crazy 😜 it will fall as always does . People need to get smart with money they spend it’s a hurt factor for many people if this market falls flat along with jobs and a bad economy.
@@bitario723 I’m a broker-interest rated will come down at some point and you can refinance-a realtor might be slow to tell you this based on liability-interest rates are supposed to go up again in june and September-killing prices-rent month to month and buy in the fall-the absolute best time to buy is around the holidays and in the worst weather-buyers don’t even want to look at that time-the competition will be dead-a rental with a 6 month lease is ok but no longer and after the 6 months ask if you can continue as month to month-show this to your realtor
Well thought-out discourse. Left unsaid is that the market is cyclical, and de javu is almost inevitable. Who can afford current prices when the mortgage rate is 8+%
I have often felt Market Value is a fake hope for Realtors. We are see in our city and county. Insurance Companies say what would it costs to replace this home as is. When you try to take a Home built in the 1980s and old being priced at 375 per square ft. They are not even up to code. It amazes me how uninformed people are. It is the appraiser's Job to be true to the purchaser's This is where the greedy no conscience Realator is kept in Check. You cannot paint put a few flowers in and then say we'll these homes just sold for X. Please someone must stop this!!!
Here in the hill country of Texas the prices are still exploding as those with money are trying to get out of the shitties and get as much land for their money. Current home was $440k two years ago. Neighbor has less land and a smaller house and was just offered $790k.
We sold our home on April 12th (what I would consider very near the peak of the market) We listed for $400,000. We expected the appraisal to be somewhere between $400 and $425k. The offer we accepted was for $460,000, with just $25K cash above appraisal (up to a max of $460K). Our home appraised at $422,000, so we received $447,000. It sounds like this was fairly typical. The home was a 1977, 5/2, 1 garage, fireplace. 1884 sq ft. Basic. We were very happy. Oh, and it was VA. We had to paint a small shed (that was peeling)
@Todd We started and directed a Bible school in the Philippines from 1994 until 1999. We feel called back, quite unexpectedly, at this point in our lives, but we are excited. There are things that need to be put in order first (like the selling of our home). Until then, we are staying in a friends basement free of rent like a couple of Millennial College Students. We may attempt another flip as the “bubble” seems likely to burst here shortly. So, the short answer is…. We’re in “limbo,” and loving it I might ad! We are blessed.
There has only been a slight increase with inventory in the Charlotte area plus only sporadic price reductions on resales but not on new homes where prices continue to sky rocket. This market still has a way to go before it turns into a buyers market
@Cindy Troast We believe that foreclosure inventory will start to show up by 4th quarter of this year. Thanks for asking and watching along. We appreciate you, best wishes, Todd
Population growth as "Birth Rate" has been flat since the mid-1970s, so where did 100 million more US residents come from? Must be immigration, or some kind of undocumented births? Or the "Birth Rate" data/records are wrong. So, is immigration taking up much of the homes? Or is it less people per family residence? Or are the houses empty somewhere -- in the cities? Or did millions of homes get destroyed? Something is terribly off about the statistics and claims. More about Maryland, if you please. 👍
@weinerdad Thanks for your comment. Millions of vacant properties, 2nd home owners, Airbnbs, foreclosures, and unfinished new home starts may be hitting the market all at once. Soon “what shortage”??
Massive immigration. Come to west coast farmland and Texas Arizona area and you'll see there are tens of millions not really registered. Millions here on temporary visas....never leave
A simple answer may be that not all homes are owned by people. A huge number of homes have been purchased by investors and corporations, and continue to be.
VRBO owners & AIR bnB owners and Blacklock, Zillow & Redfin own a to. If homes that are empty 25-50% if the time on avg …others 100% vacant just sitting. The housing market has been the new casino of the USA after the hedge fund grifters left the stock market and cryptos for houses and metals. The property tax hikes coming due to the high purchase prices will hit next year.
@@SachsRealty Also, don't forget the move from rural to suburban areas. Most of my friends in suburban fl all moved from rural areas of the deep south or the Northeast. You also need to take into account immigration from China and India with regards to special markets. I'm the son of East Indian parents, and although my dad was dirt poor when he first came to the US, he realized the importance of real estate in the US very early on. My dad came to acquire multiple properties during the recession. Now, he's ready again to buy more houses when the market crashes again soon. That's my personal theory on why I believe prices in NJ, suburban NYC, and Asian-dominated Calif. suburbs will either see slight declines or stay flat imo. My dad saved up every penny he had to invest in houses and my education. 25 years later, he still drives the same Honda he bought when he first came here. As a med school student now, I won't graduate with any debt at all because of the sacrifices he made. I only hope to do the same for my children.
Price drop is a joke in Collin County Texas. Price is still 7 times the wages. Need to drop at least $100k to be affordable.
😳
We had an offer for our house, it was appraised by the bank and the deal fell through. We then had another offer immediately after that failure for the same price but with no appraisal and the deal went through. The bank appraisal was not reflecting the market value indeed.
That Appraiser is full of $hit. In all my years of buying, selling and refi homes...appraisers are never consistent. They tend to be conservative when refinancing, and very loose when buying/selling. Alway looking out for the banks/lenders. Don't get me started on the race factor lol
Race? Are you African American?
I'm seeing about 1/2 houses drop their prices every two weeks or so. No more quick sells with bids over ask. New listings seem to be listing slightly lower than comps. I think we just slid off the edge of the cliff and now we're headed for a massive fall. I look daily and do this for a living as well as being an expert on macro economics and finance. I'm predicting a worse depression than the 30s.
As a former CRA and having appraised through the 2005-2008 housing market….this is eerily similar to that time period with over list offers, appraisals that kill deals, waivers, etc. While the circumstances may not be exactly the same with tightened lending standards, the end game will still play out the same with a housing market crash and foreclosures. This time though you have these big institutional buyers holding onto all these rentals which will also get dumped onto the market. The buying opportunities will be better than 2008.
Look at all the price reductions in the SF Bay Area 100-300k and they’re nice homes
My neighbors duplex was listed in April for 2.7 million they now reduced it to 2.2 and barely anyone showed up for the open house
What people could afford last month they can’t afford this month mostly because of the interest rates
I’ve had a lot of cancellations lately as well some of the Redfin agents I’ve talked to said it’s slowed down and less people at open houses
We’ll see what happens
Paying over for a home is insane . The market crazy 😜 it will fall as always does . People need to get smart with money they spend it’s a hurt factor for many people if this market falls flat along with jobs and a bad economy.
When the dust settles it’s going to be a lot of people underwater in their homes. Hopefully they don’t have to sell anytime soon.
@@bitario723 I’m a broker-interest rated will come down at some point and you can refinance-a realtor might be slow to tell you this based on liability-interest rates are supposed to go up again in june and September-killing prices-rent month to month and buy in the fall-the absolute best time to buy is around the holidays and in the worst weather-buyers don’t even want to look at that time-the competition will be dead-a rental with a 6 month lease is ok but no longer and after the 6 months ask if you can continue as month to month-show this to your realtor
Can’t wait until the market adjust
Well thought-out discourse. Left unsaid is that the market is cyclical, and de javu is almost inevitable. Who can afford current prices when the mortgage rate is 8+%
Comps will be all but meaningless this time.
Stabilization = “prices have reached what looks like a permanently high plateau” = wishful thinking. Bubble asset prices never work this way.
I have often felt Market Value is a fake hope for Realtors. We are see in our city and county. Insurance Companies say what would it costs to replace this home as is. When you try to take a Home built in the 1980s and old being priced at 375 per square ft. They are not even up to code. It amazes me how uninformed people are. It is the appraiser's Job to be true to the purchaser's This is where the greedy no conscience Realator is kept in Check. You cannot paint put a few flowers in and then say we'll these homes just sold for X. Please someone must stop this!!!
Here in the hill country of Texas the prices are still exploding as those with money are trying to get out of the shitties and get as much land for their money. Current home was $440k two years ago. Neighbor has less land and a smaller house and was just offered $790k.
Buyers will severely regret paying over appraised value. 🤪
I got my duplex for 340k and it appraised after repairs at 525k and my 4plex I paid 355 and it appraised at 516k so I think I have wiggle room
What happens when hyperinflation hits?
What's your take on Maryland RE?
Home values are dropping rapidly all over the country.
Thanks guys for the update, great insight 👍
Interesting title…appraisers were a part of the problem in this whole circus 🤡. If you know you know.
Appraiser here. Stagflation is coming. Correction coming 100% for sure. 1004d all the chipping paint you can find! Lol
@Fook Bia Appreciate you! Thanks for commenting. Best, Todd
Which state because NYC is getting higher by the min
We sold our home on April 12th (what I would consider very near the peak of the market) We listed for $400,000. We expected the appraisal to be somewhere between $400 and $425k. The offer we accepted was for $460,000, with just $25K cash above appraisal (up to a max of $460K). Our home appraised at $422,000, so we received $447,000. It sounds like this was fairly typical. The home was a 1977, 5/2, 1 garage, fireplace. 1884 sq ft. Basic. We were very happy. Oh, and it was VA. We had to paint a small shed (that was peeling)
@vwbustube Thank you for sharing. Congratulations, it seems like you did very well. Best wishes, Todd
You guys nailed the top. Good job!
Why wouldn't you be happy.
Buyers remorse will set in soon.
So did you buy another home?
@Todd We started and directed a Bible school in the Philippines from 1994 until 1999. We feel called back, quite unexpectedly, at this point in our lives, but we are excited. There are things that need to be put in order first (like the selling of our home). Until then, we are staying in a friends basement free of rent like a couple of Millennial College Students. We may attempt another flip as the “bubble” seems likely to burst here shortly. So, the short answer is…. We’re in “limbo,” and loving it I might ad! We are blessed.
There has only been a slight increase with inventory in the Charlotte area plus only sporadic price reductions on resales but not on new homes where prices continue to sky rocket. This market still has a way to go before it turns into a buyers market
It's coming as well as short sales and foreclosures. Here we go again.
Last crash happened seemingly overnight. This one will as well.
Are you on Rumble?
Where have all the good strawman's gone?🍷
that is an exaggeration
Do you expect that the houses that couldn't be foreclosed in the last 2 years, will become available this year?
@Cindy Troast We believe that foreclosure inventory will start to show up by 4th quarter of this year. Thanks for asking and watching along. We appreciate you, best wishes, Todd
With such massive appreciation foreclosures will be unnoticeable.
Enjoyed this. Both you seems to no your business
Massive disaster is on the way!! Lawd!
Nope.
@@theresasullivan9065 It's coming!
That was an abrupt end to the discussion, I would like to hear more stats in the future.
💯👍
Population growth as "Birth Rate" has been flat since the mid-1970s, so where did 100 million more US residents come from? Must be immigration, or some kind of undocumented births? Or the "Birth Rate" data/records are wrong. So, is immigration taking up much of the homes? Or is it less people per family residence? Or are the houses empty somewhere -- in the cities? Or did millions of homes get destroyed? Something is terribly off about the statistics and claims.
More about Maryland, if you please. 👍
@weinerdad Thanks for your comment. Millions of vacant properties, 2nd home owners, Airbnbs, foreclosures, and unfinished new home starts may be hitting the market all at once. Soon “what shortage”??
Massive immigration. Come to west coast farmland and Texas Arizona area and you'll see there are tens of millions not really registered. Millions here on temporary visas....never leave
A simple answer may be that not all homes are owned by people. A huge number of homes have been purchased by investors and corporations, and continue to be.
VRBO owners & AIR bnB owners and Blacklock, Zillow & Redfin own a to. If homes that are empty 25-50% if the time on avg …others 100% vacant just sitting. The housing market has been the new casino of the USA after the hedge fund grifters left the stock market and cryptos for houses and metals. The property tax hikes coming due to the high purchase prices will hit next year.
@@SachsRealty Also, don't forget the move from rural to suburban areas. Most of my friends in suburban fl all moved from rural areas of the deep south or the Northeast.
You also need to take into account immigration from China and India with regards to special markets. I'm the son of East Indian parents, and although my dad was dirt poor when he first came to the US, he realized the importance of real estate in the US very early on. My dad came to acquire multiple properties during the recession. Now, he's ready again to buy more houses when the market crashes again soon. That's my personal theory on why I believe prices in NJ, suburban NYC, and Asian-dominated Calif. suburbs will either see slight declines or stay flat imo.
My dad saved up every penny he had to invest in houses and my education. 25 years later, he still drives the same Honda he bought when he first came here. As a med school student now, I won't graduate with any debt at all because of the sacrifices he made. I only hope to do the same for my children.
Thank you for not being another crash channel. Great opinions and info. Looking forward for a next one!
@Mat Bob 🙏 Thank you so much for your continued support. Appreciate you! Best wishes, Todd
His voice is very similar to morning joe
Great content i jus subscribe.
Wrong
👍💐