@@fmmaj9noname332 Correct, as I'm retired (not rich or young) and can't afford $9,000 a year for crap insurance, nor can anyone else. If you've bought at the current market $ the taxes will be high as hello also and this is why homes are unaffordable. The market needs to correct for affordability in all the aspects related to a home. I hope the changes come around to make thing viable to buy, sell or move.
When we were younger we didn't know the real estate agent got so much more money if we bought a more expensive house. They convinced us we should buy more than we should, the highest we could qualify for. The whole system needs changing to not base it on commission. It should be a rate per hour of the agents time, like an accountant or lawyer bills you for their expertise. And no contracts. If they suck, you should be able to pay and move on to another agent whether buying or selling
Yeah our agent didn't even try to help us bring down the price on our current home at first. He just created an offer letter accepting everything as-is. I was over here like, yeah no I am not singing that and brought up the fact I would only pay that price if he house appraised. THEN he changed the contract. He was also up front that the lender is the client in non cash situations.. that tells you where his priorities are. It all worked out but only because this was not our first home purchase.
Yup, as a buyer I’m fed up! I am a high income professional, it’s ridiculous that I can’t find an affordable house in New Jersey. Bidding wars, overpriced money pits, high interest rates, sellers making ridiculous “as is” demands that aren’t reflected in the price. I cancelled my contract in February because a seller refused to fix a septic system and the house didn’t appraise and the seller refused to come down in price. You can keep your overpriced money pit, no thank you! It took months and months to even get to that point to get a bid accepted and go under contract. The whole process was draining, aggravating and fruitless. There’s nothing good out there and even if there is, you’ll have to overpay and go through a bidding war with desperate buyers. Not worth the aggravation. I’m so done!
I gave up on my agent, i wanted to put an offer on a property in south jersey. She wanted to know why i wanted to live there before she'd put an offer in. IM DONE!!!!! 2 more years before my kids are out of college and its North or South Carolina for me.
I walked from buying a deal in June. I was after contingency but thank goodness an ac coil blew in the attic and flooded it 😅 back on the sidelines I go
I think more people are waking up to a reality if they are home buyers per se is not so much price or interest rates. It’s more about do I have workforce income longevity to take on a lengthy mortgage like a 30 year mortgage. It comes down to where am I realistically at in my peak years earning cycle. For example, most people would buy a home in their 20 something years for a 30 year mortgage because they have more potential paying off the home early enough to still be considered young in the workforce versus buying a home 30s, 40s, 50s. These high home prices are too high for a 15 year mortgage so they must come way way down to make sense to the 30 somethings, 40 somethings and 50 something who rather not go with a 30 year mortgage but a 15 year an pay it off before retirement becomes something they want to do. Trying to pay off a 30 year mortgage in your 60s and 70s is going to be super hard for most people wanting to retire or stay in high paying jobs if they can maintain those positions. This why I believe in a housing market price correction is going to slam home sellers because they are likely thinking about retirement a the 30 year mortgage paid off cycle. If your a home owner right now knowing your aging a your 30 year mortgage pay off puts you into your 70s and 80s something years that’s too much of a month to month expensive burden you should not have to through. I been against the 30 year mortgage for years because it allowed home prices to double to the point it’s illogical for anyone to have to produce more income and staying active for 30 years doing month to month payments being burden and aging to senior citizens. What’s the whole point in all of that?
30 year was very attractive to us in our forties, as it came with a low interest rate. We paid it off in 12. Just because you take a 30 year it doesn’t make you obligated for the entire term.
I wish the housing market would crash in Washington and Oregon . I am from Spokane Washington. We left in late march 2020 , my rent was $1050 a month plus utilities. All in we were paying around 1150 a month plus electricity. We moved to Dallas for almost 4 years. Right now I am living in the Midwest for cheaper rent and cost of living. Our rent went up around $500 from 2019 to 2024 ! We need a correction in the market. I been checking on the Spokane housing market. So far there a little more inventory but home prices are not going down at this point. My husband and I think investors are the reason for the inflated prices on homes in certain markets. the population increase doesn't necessarily justify a housing shortage in my hometown. I realize they need new homes and apartments but the population didn't grow that much to justify a housing shortage.
My RE agent has recommended waiving inspections many times. Here in SW PA its still extremely competitive. We lost a house several weeks ago. All cash offer $5k over asking. Someone else bid all cash $15k over asking😢
@@alyross2850 I've noticed that too but just in the last 2 weeks or so. Not sure where you are looking, but we're looking west PGH or Washington county. Nicely updated homes are still going quickly but ones that need work aren't selling like they used to.
Buyers as a collective decide the price. The number of people who refuse to overpay for homes greatly outnumbers the people willing to pay 50-100k over asking price. Continue to wait and purchase your homes at a more reasonable price. At the end of the day home prices are not affordable for the majority of people. You can't sell a house that no one can afford. An interest rate drop of a quarter or half percent is also unlikely to change peoples minds on overpriced homes.
FYI Redfin mixed their data, the top city with the highest number of withdrawn offers in TX is Houston not San Antonio. This is in alignment with other US areas where homeowners insurance is insanely high… However in the US overall we are still about 5+ million homes short and now building of new homes has virtually stopped in most markets… now add private equity still buying homes like crazy, I am sorry but the only thing that will cause a housing market crash is a massive increase in unemployment… not happening yet…
thank you,Jen for clarifying your answer to Andrew. I started real estate four years ago and personally, I selected how many transactions I was dealing with at a time in order to provide my client the best service.
I'm a potential buyer but decided to stop searching for houses because I've noticed a 30~40% increase in listed prices over the last 4 years. I mean, with interest rates and home prices this high already, how does someone justify another 40% increase in listed price while everything else like, the environment, the school ratings, the hospitals... etc, remain the same. I simply don't see the reason behind this jump in housing prices and am also very concerned about further in increase in HOA, property taxes, maintatence fees and all that in the future.
It's crazy to even buy a house right now big mortgage and apart from that property taxes and home insurance go up on you every year too crazy, and if you loose your job your in trouble for overpaying for a home but than realtor all they care about is selling the home so home buyers do your homework don't let a realtor tell you what to do
Very informative programs but if you could cut it into 2 or preferably 3 shorter ones you would most likely have more viewers attention .90 min looks too long and often people can't allocate that much time in one shot ..cheers
Question: How many lenders do you feel a person should contact when buying your first house/property. Same question for having someone look the house over.
I am totally ready to buy.... But the homes that I am interested in... just dropped by $5,000-$10,000.... I understand that it does not matter if you are staying in the property for 7-10 years... but I am going to feel like an idiot losing half of my 20% downpayment within the first year.....lol Jersey is the tale of two markets! The counties on the east side of the state are still going up, but the ones closer to PA and south jersey....prices are dropping!
Was looking in Florida a new Construction a few weeks ago. Low 7 figure Homes. Was shocked at things I saw, you must get multiple Home inspections during build. By YOUR inspector.
Mr. I don't want people to talk about climate change must be enjoying having to pay for damages that were definitely not caused by global warming that doesn't exist.
As long as my rental properties continue to have 10% ROI I'm not going to sell them yeesh. Prices are not too high. Your just too poor. Someone else can afford it. Buyers are likely canceling to try to get a lower interest rate in 6 months not realizing prices will eat up 120% of their buying power from lower rates if they do lower.
Question: In two years I plan on buying property with a cabin/house in Maine. I am not familiar with agents in Maine. I see a lot of videos being posted by Moores and Life Style Properties. Any idea if these are good groups to work with?
As much as it’s weird FL & TX sets the market…it leads and the rest follows..(Cali excluded)due to the best weather and amenities for real state when it pops the remaining market prices get set under that💯
Are you all down in FL appealing your tax assessments? You should be. Prices are going down and you should not have to pay a yearly tax on something that you are 1) not selling 2) isn’t worth what the government is telling you it is.
I bought some raw land in NH about 5 years ago and the only real estate agent was the sellers. I made an offer and that was accepted, so contract, down payment and closing; done.
@@warrenlucier5796 In that situation though you're not dealing with house issues so other than having a real estate attorney to make sure proper paperwork is filed, you really wouldn't need a realtor to represent you. A real estate attorney could easily address any issues
fIRST TIME homebuyer program has an high income cap in Nj. There is a maximum of $15,000 for downpayment and closing cost. If you are a first-generation homeowner, then there is an extra $5000 for that. The big thing for the DPA for jersey and PA is that you cannot have more than 20% in your savings, which is stupid but I get the logic. The program is not designed to help people who already have generational wealth. It is designed to get the average 1st time homebuyer who worked hard to save up 3.5% and + 6 months in emergency fund. That is just below the @20%🤩🤩🤩
Not allowing unrepresented people into an open house is dumb. 🙄 These unrepresented people walking through may have friends or family who are looking for a house, not themselves. You just shot down a potential word-of-mouth referred buyer. 🤦♀️
121, Arizona time in oral valley. I'm wanting to buy home and wanted to sell my home. My husband and I have put in our home but a 100000 to over a $100000. We bought our home at 460 and I'd like to sell it at 650 and up. What's your take on that
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Houses are too expensive and sellers are too attached to their high prices….so they can keep them. The American ppl are tapped to the max
Yeah, screw them. Honestly
How many cancelling when they find out the new property insurance premiums.🤔
99 percent most likely
A whole lot are! I had to go bare in Florida and the other problem is the taxes caused by the over inflated market prices.
@@warrenlucier5796 You had to go bare in Florida? Then you have no mortgage, I assume, since the banks all require insurance on THEIR homes.
@@fmmaj9noname332 Correct, as I'm retired (not rich or young) and can't afford $9,000 a year for crap insurance, nor can anyone else. If you've bought at the current market $ the taxes will be high as hello also and this is why homes are unaffordable. The market needs to correct for affordability in all the aspects related to a home. I hope the changes come around to make thing viable to buy, sell or move.
When we were younger we didn't know the real estate agent got so much more money if we bought a more expensive house. They convinced us we should buy more than we should, the highest we could qualify for. The whole system needs changing to not base it on commission. It should be a rate per hour of the agents time, like an accountant or lawyer bills you for their expertise. And no contracts. If they suck, you should be able to pay and move on to another agent whether buying or selling
Yeah our agent didn't even try to help us bring down the price on our current home at first. He just created an offer letter accepting everything as-is. I was over here like, yeah no I am not singing that and brought up the fact I would only pay that price if he house appraised. THEN he changed the contract. He was also up front that the lender is the client in non cash situations.. that tells you where his priorities are. It all worked out but only because this was not our first home purchase.
Yup, as a buyer I’m fed up! I am a high income professional, it’s ridiculous that I can’t find an affordable house in New Jersey. Bidding wars, overpriced money pits, high interest rates, sellers making ridiculous “as is” demands that aren’t reflected in the price. I cancelled my contract in February because a seller refused to fix a septic system and the house didn’t appraise and the seller refused to come down in price. You can keep your overpriced money pit, no thank you! It took months and months to even get to that point to get a bid accepted and go under contract. The whole process was draining, aggravating and fruitless. There’s nothing good out there and even if there is, you’ll have to overpay and go through a bidding war with desperate buyers. Not worth the aggravation. I’m so done!
I gave up on my agent, i wanted to put an offer on a property in south jersey. She wanted to know why i wanted to live there before she'd put an offer in. IM DONE!!!!! 2 more years before my kids are out of college and its North or South Carolina for me.
A little over 3 years and I'm done with the Garbage State.
I think the story is 57k homes had people back out on the contracts, AND were immediately back under contract by other buyers.
Listings going for months without selling... Buyers are out as insanely overpriced are unaffordable
Houses are not a store of wealth,
Nope
They are a bill of expense
I walked from buying a deal in June. I was after contingency but thank goodness an ac coil blew in the attic and flooded it 😅 back on the sidelines I go
I think more people are waking up to a reality if they are home buyers per se is not so much price or interest rates. It’s more about do I have workforce income longevity to take on a lengthy mortgage like a 30 year mortgage. It comes down to where am I realistically at in my peak years earning cycle. For example, most people would buy a home in their 20 something years for a 30 year mortgage because they have more potential paying off the home early enough to still be considered young in the workforce versus buying a home 30s, 40s, 50s. These high home prices are too high for a 15 year mortgage so they must come way way down to make sense to the 30 somethings, 40 somethings and 50 something who rather not go with a 30 year mortgage but a 15 year an pay it off before retirement becomes something they want to do. Trying to pay off a 30 year mortgage in your 60s and 70s is going to be super hard for most people wanting to retire or stay in high paying jobs if they can maintain those positions. This why I believe in a housing market price correction is going to slam home sellers because they are likely thinking about retirement a the 30 year mortgage paid off cycle. If your a home owner right now knowing your aging a your 30 year mortgage pay off puts you into your 70s and 80s something years that’s too much of a month to month expensive burden you should not have to through. I been against the 30 year mortgage for years because it allowed home prices to double to the point it’s illogical for anyone to have to produce more income and staying active for 30 years doing month to month payments being burden and aging to senior citizens. What’s the whole point in all of that?
30 year was very attractive to us in our forties, as it came with a low interest rate. We paid it off in 12. Just because you take a 30 year it doesn’t make you obligated for the entire term.
Real estate end of the hype. Economy is going into a long deep depression.. with inflation or stagnation..
Talked to a few people yesterday on a Florida Facebook group. They are moving back to Southern NJ.
I wish the housing market would crash in Washington and Oregon . I am from Spokane Washington. We left in late march 2020 , my rent was $1050 a month plus utilities. All in we were paying around 1150 a month plus electricity. We moved to Dallas for almost 4 years. Right now I am living in the Midwest for cheaper rent and cost of living. Our rent went up around $500 from 2019 to 2024 ! We need a correction in the market. I been checking on the Spokane housing market. So far there a little more inventory but home prices are not going down at this point. My husband and I think investors are the reason for the inflated prices on homes in certain markets. the population increase doesn't necessarily justify a housing shortage in my hometown. I realize they need new homes and apartments but the population didn't grow that much to justify a housing shortage.
Thank you for always answering our questions in your lives, you are very helpful 😁
You are so welcome!😊
Hate I missed the live but glad there's a replay!
My RE agent has recommended waiving inspections many times. Here in SW PA its still extremely competitive. We lost a house several weeks ago. All cash offer $5k over asking. Someone else bid all cash $15k over asking😢
I live in SW PA and you are right, but I am definitely seeing more houses up for sale. And many don’t seem to be selling.
@@alyross2850 I've noticed that too but just in the last 2 weeks or so. Not sure where you are looking, but we're looking west PGH or Washington county. Nicely updated homes are still going quickly but ones that need work aren't selling like they used to.
interest rates are absolutely irrelevant to cash buyers.
Buyers as a collective decide the price. The number of people who refuse to overpay for homes greatly outnumbers the people willing to pay 50-100k over asking price. Continue to wait and purchase your homes at a more reasonable price. At the end of the day home prices are not affordable for the majority of people. You can't sell a house that no one can afford. An interest rate drop of a quarter or half percent is also unlikely to change peoples minds on overpriced homes.
FYI Redfin mixed their data, the top city with the highest number of withdrawn offers in TX is Houston not San Antonio. This is in alignment with other US areas where homeowners insurance is insanely high… However in the US overall we are still about 5+ million homes short and now building of new homes has virtually stopped in most markets… now add private equity still buying homes like crazy, I am sorry but the only thing that will cause a housing market crash is a massive increase in unemployment… not happening yet…
thank you,Jen for clarifying your answer to Andrew. I started real estate four years ago and personally, I selected how many transactions I was dealing with at a time in order to provide my client the best service.
What do you mean “no inventory”?? I see a lot of houses that are affordable and available for purchasing.!!
I'm a potential buyer but decided to stop searching for houses because I've noticed a 30~40% increase in listed prices over the last 4 years. I mean, with interest rates and home prices this high already, how does someone justify another 40% increase in listed price while everything else like, the environment, the school ratings, the hospitals... etc, remain the same. I simply don't see the reason behind this jump in housing prices and am also very concerned about further in increase in HOA, property taxes, maintatence fees and all that in the future.
It's crazy to even buy a house right now big mortgage and apart from that property taxes and home insurance go up on you every year too crazy, and if you loose your job your in trouble for overpaying for a home but than realtor all they care about is selling the home so home buyers do your homework don't let a realtor tell you what to do
Very informative programs but if you could cut it into 2 or preferably 3 shorter ones you would most likely have more viewers attention .90 min looks too long and often people can't allocate that much time in one shot ..cheers
Question: How many lenders do you feel a person should contact when buying your first house/property. Same question for having someone look the house over.
I have horrible experience with Pulte and Warranty on my new home in Las Vegas. My advice to buy a home during depression.
I am totally ready to buy.... But the homes that I am interested in... just dropped by $5,000-$10,000.... I understand that it does not matter if you are staying in the property for 7-10 years... but I am going to feel like an idiot losing half of my 20% downpayment within the first year.....lol
Jersey is the tale of two markets! The counties on the east side of the state are still going up, but the ones closer to PA and south jersey....prices are dropping!
Was looking in Florida a new Construction a few weeks ago. Low 7 figure Homes. Was shocked at things I saw, you must get multiple Home inspections during build. By YOUR inspector.
Mr. I don't want people to talk about climate change must be enjoying having to pay for damages that were definitely not caused by global warming that doesn't exist.
Yup pseudoscience
These so called elites have been buying up waterfront properties for the past 15 yrs hmmm
As long as my rental properties continue to have 10% ROI I'm not going to sell them yeesh.
Prices are not too high. Your just too poor. Someone else can afford it.
Buyers are likely canceling to try to get a lower interest rate in 6 months not realizing prices will eat up 120% of their buying power from lower rates if they do lower.
Our income do not substantial this overpriced homes. It don't make since that you will price homes higher than household income
Excellent analysis and very educational and informative.
Question: In two years I plan on buying property with a cabin/house in Maine. I am not familiar with agents in Maine. I see a lot of videos being posted by Moores and Life Style Properties. Any idea if these are good groups to work with?
As much as it’s weird FL & TX sets the market…it leads and the rest follows..(Cali excluded)due to the best weather and amenities for real state when it pops the remaining market prices get set under that💯
BBB rating of Homebuilder if buying new home. In Las Vegas NV, new homeowners have problems w warranty not fixing problems
People are holding on because home prices are still super high.
Amazing show!!❤
Are you all down in FL appealing your tax assessments? You should be. Prices are going down and you should not have to pay a yearly tax on something that you are 1) not selling 2) isn’t worth what the government is telling you it is.
I heard it's illegal for the listing agent to work for the buyer too
I bought some raw land in NH about 5 years ago and the only real estate agent was the sellers. I made an offer and that was accepted, so contract, down payment and closing; done.
@@warrenlucier5796 In that situation though you're not dealing with house issues so other than having a real estate attorney to make sure proper paperwork is filed, you really wouldn't need a realtor to represent you. A real estate attorney could easily address any issues
Depends on the state.
fIRST TIME homebuyer program has an high income cap in Nj. There is a maximum of $15,000 for downpayment and closing cost. If you are a first-generation homeowner, then there is an extra $5000 for that. The big thing for the DPA for jersey and PA is that you cannot have more than 20% in your savings, which is stupid but I get the logic. The program is not designed to help people who already have generational wealth. It is designed to get the average 1st time homebuyer who worked hard to save up 3.5% and + 6 months in emergency fund. That is just below the @20%🤩🤩🤩
The biggest downside to having an empty house is squatters😮
so when is the rest of America going to wake up????
Please direct me to a good realtor in the area just onside Versailles, KY, looking for small farm, 26K sf,
Not allowing unrepresented people into an open house is dumb. 🙄 These unrepresented people walking through may have friends or family who are looking for a house, not themselves. You just shot down a potential word-of-mouth referred buyer. 🤦♀️
I agree
121, Arizona time in oral valley. I'm wanting to buy home and wanted to sell my home. My husband and I have put in our home but a 100000 to over a $100000. We bought our home at 460 and I'd like to sell it at 650 and up. What's your take on that
Our home we will be here three years august nineteenth
@katherinecervantes7587 you make no sense...
Watching from Utah a fellow Jacqui. Great content! ❤
Can you put offers on multiple houses??
Did they get their adv deposit back? Here, get it within the wk or lose it.
Not true, I’m in Florida and houses are still selling like hot cakes.
How do I work with this guest?
Hello Jackie
I'm new. Just subscribed. 😊
New Englanders are more solid than the rest of the country imo.
why does Jackie sound like she is under water? Still like the info though.....lol
Ugh, taxachusetts, "free" community college for all, enjoy that in your taxes!!
Walk on music 🎶 😂
What is contact info for your guest?
Its liability Jackie
Kamala will fix it if you elect her in november
Demographics will change everything
The soon to be FAFO Face of all the FOR-PROFIT-BOOMER-LANDLORD!!! HAHA… Now that’s PRICELESS!!! 😝