TOO LATE SELLERS... Buyers Market NOW
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- Опубликовано: 25 авг 2024
- Price drops, higher days on market, contracts falling through, and more! Welcoming all BUYERS!
Maryland Housing Market Update:
REALTOR, Mark A. Ritter @marylandhousingmarket
Florida Housing Market Update:
BROKER, Philip Simonetta @pier21realty
#housingmarketupdate #housingmarketnews #realestatenews
Todd Sachs is a Maryland Real Estate Broker and not a Lender, CPA, Attorney, or Financial Advisor.
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Equal Housing Opportunity
A $40,000 house being reduced in price from $800,000 to $799,000 is not 'an opportunity'.
I have exactly $799,000 in my bank, that $1,000 helps me.
😂 Well Said
Unfortunately it's the reality... In South Florida we have gobs of old $40k "ugly houses" built to last 50 years that are turning 60 with roofs needing replacement, plumbing needing resurrection, wiring needing redemption, floors with tectonic geology, appliances from the last millennium, and don't forget about the invasive Africa flying south american termite mutant hybrid zombie wood apocalyptic critters... And prices only down to where they were inflated to in the winter ($500k)... Inflation alone wouldn't put those houses over $100k before condition discount! The average Miamian saw 20 years worth of average wages just in their home appreciation a 10+ fold increase (1,000 % +) in the past 25 years with wages rising only 50% at best over that same time while previous 25 years saw barely 50% home price appreciation and maybe 10% wage appreciation.(50 years of government subsidized state insurance rate increases coming unwound now)
You can negotiate the price down big time in a buyers market. Scare tactics work the best! 😊
@@JordanSheppard-fi4po🥴
Most buyers aren't looking for a 5 or 10% drop, we want 50 % back to 2019 prices
Right! And consider Vancouver and Toronto, where you can't buy a doghouse for less than a million three!
It takes time. Prices don’t drop overnight. 2-3 years from now we will be at 2019 prices.
@@elizabethparsons1990will have to be even lower now because rates are higher than 2019 and houses were over priced then ... printing money is what allowed people to buy homes after COVID
If there is a crash in the market the FED will have to lower interest rates much faster so the two to three year time line would not apply.
Kalapsen. Detli.
This was the most beautiful podcast I’ve heard in a very long time! Seeing grown men speak directly from their hearts about the adversity they faced that forged them into the men they’ve become! Hats off to you men. I was homeless at 18. In my 30’s i vowed to never work a job again and said I would build a business that makes 1 million a year. Friends laughed, even my own family told me to get a job. I failed and failed again. I made over 59,000 last week with my fiber optics business and will clear much more than a million this year. You can do this! Never give up and never let anyone tell you the pessimistic words of others affect you. You will succeed!
I manufacture wallboard for a national brand. We run the line 168 hours a week, to a tune of 1.1 million Square feet a day. We supply NJ, Ny, and PA market. Since memorial day, we have been shutting down the line 2 days a week. Unheard of in our bussiness; not even in covid did this happen ( outside of a 2 week hard stop on construction by Governor Murphy). The feeling from regional sales managers and the plant manager is there is no upticks coming soon in production.
Now this statement is reality, the idea that we are in a cycle like past cycles is completely wrong....
Thank you for your comment 💪
Thanks for putting reality out here!
"Buyers Market NOW" (except in the most desirable areas of the country where prices are still rising)
I know, we have been on the sidelines for a few years, looking for prices in those desirable places to come down, but they are still going up. But when we go check out those desirable places we see that they are filling up with hordes of people coming from undesirable places (some loaded with cash because a lot are coming from places like California where housing is multiples more expensive), becoming overcrowded, without adequate roads, medical care, etc., turning them into undesirable places full of angry locals who are being priced out of their own communities. Like the guys said, it takes time for it to all work out.
yeah my town in south jersey still hot
Yea a buyers market that cannot afford the high cost of housing, the reason people are living in their vehicles.
San Diego County - still hot!
My favorite part of this video was you being told "you're a man of integrity" Todd.... I feel you needed to hear that. You are deeply respected and valued by people you don't even know within this community you have created. Thank you so much for providing me regularly with hope and valuable education.
Thank you 🙏
In terms of under pricing a house slightly, as someone who shopped the housing market 2020 through 2024, I realize that FOMO is just not going to work for me anymore. Another house always comes on.
When I see a house under priced, with a one hour open house and then all offers in clause, I swipe on by. It was such a horrible experience shopping for a house where you were looking at it with 30 other people and needing to write an offer out in the driveway… I’m not living that life anymore.
I am a late baby boomer. My husband and I moved from MN to Ocala Fl 6 years ago. Best decision ever. We downsized to 1500 sq feet brand new home. We have a walkable community so we traded in one car for 2 bikes and a electric golf cart. I work from home. We have a hot tub on the lanai. We don't need any more space. We travel wherever we want. Our relatives all refuse to sell their cash cows in good school districts that need massive updates. Sitting on 3000-4000 sq feet, with 3-4 empty bedrooms and a broken down kitchen. I don't get it.
Can you tell me where s your walkable community? That’s what we desperately need! Also, good move!😀
Cool stuff, I'm a WPHS grad. I left in 2011 for the military & have been home maybe 5 times since. Everytime I visit, people say it's more expensive, but compared to other places, it's still some good properties there imo.
Memories fear of unknown pride
I am waiting on the sideline for my chance to buy.
Still 40% to high
Agree
Us too
That might take 10 years
Well at least 30% correction
Got divorced acouple years ago
Sold house and waiting game now
In a crappy small apartment with my dog 😆
Nah there dropping alittle be a slow downward correction
I’m in western Oregon. I was on a fire strike for a while, but I’ve started going to open houses again as there are more listings the past month. Here’s the deal though some of the houses are nice fully upgraded, but they still want 500 to 550 K. I am an RN I make decent money, but I refuse to spend 3500- 4000 a month on a home. Even with my down payment, when you’re 7 % mortgage rates, once I run that math , I’m like nope I’m gonna wait longer.
I am noticing homes here in PA are being taken off the market and relisted. That means a house that was on the market 30 days is now showing as a new listing and show it's only been on for less than a week.
Exactly!
For less? Or are they trying to sneak in the same price?
I’m in South East Florida…. Land of turquoise waters and flamingos… Condos are practically being sold for peanuts because of the condo market crash, high HOA fees and high assessments. I’m also a Realtor. Had a listing on a condo for $180. It closed on Monday - cash $105K. That’s how bad the market has crashed on condo dwelling. I don’t see it improving. I’m watching other condos going into Expired because no one wants to pay the high HOA fees that are already in place. Not sure what those owners plan to do…. I’m also watching other realtors who think they can get $300K for a condo in the Hollywood area. I watch the prices go down every month until the price is finally more realistic. Some realtors fail to realize this market will not support a high priced condo in a modest neighborhood any longer. Anyone looking for a cheap condo? I can help you!!
Florida condos always lead the market crash. We own a condo in the midwest in an amazing area on the lake. It costs us about $270 a month to live here between property tax and condo fees.
Thanks for the reality check 💪
Cheap condo but the HOA fees will break you financially. Every year they go, up, up. NO, the low price of the condo means nothing if every resident is being extorted for HOA fees and crazy rules and regulations by mafia board members. That $500-$1500 dollars that someone pays for HOA fees can be exchanged for a house with privacy and quiet AND those huge HOA fees can be deposited into a account for repairs on a house when needed. Think of it..if you put $500-$1000 every month into an account just for repairs/maintenance, you will have $6000-$12,000 in just one year. On the flip side you will give the same $$ in a condo situation and have what to show for it?
@@evedearflorida Where exactly in Hollywood. Know area well? Considering and know others that are too.
Todd is right. You always have to get in front of the trend, whether up or down, to price right. After appraising RE over 35 years, this is the way agents can accurately serve their sellers and buyers properly 👍
People who have been through the Depression don't care as much about worn old tile floors as 30 somethings do.
No way will i buy a house right now...
If prices don't go under 300k I will not buy.
Sounds like a plan!
Hey, Mark Ritter, thanks for mentioning that data around days on market. In my MLS, the numbers look fishy, too. They are showing single digit days on market when I can pull 10-20 homes in my zip code and neighboring zip code alone that have been on the market more than 60 days. So what is going on with this bad data? One thing I wish that MLS’s nationwide would start prohibiting is realtors withdrawing listings every 30 days to make it look like a “new” listing when it’s clearly not. It throws our information off something terribly, which is why I don’t even look at macro level reports anymore.
We have watched a house in Florida get relisted constantly. All in all, it has been for sale for over 500 days. Face reality and drop the price 15%.
That seller is looking for the “greater fool!” 😆 With information so readily available, I don’t know why people think they can get away with the whole “new listing” scam. Look out for alterations or misspellings in addresses, too, so it doesn’t look like the old stale stigmatized property. That’s another trick…
Funny, I live in a very very tired home. I spend minimum on repair. Yes good roof,windows and HVAC (no rot and functional) but kitchen old, baths old I still have stone driveway (think it’s style is came back?). I am not convinced spending money on over marketed crap to sterilize my home is needed. I’m middle class in middle class area in NJ. Everything booming around me (it’s another cycle that will come to an end then start over again) People knocking on door to buy my home. I’m old (60+yrs baby boomer) in R/E game as investor, contractor and business owner for over 43 yrs.
Yes, same in my case. All these flippers see dollar signs when they see a good older home that can use some updating, otherwise, still standing and with good bones. They call, text on my cell, which should be illegal, to try having me selling my good house to them for peanuts. No way.
I see a grey house and I think I'm seeing some set from a zombie movie or post nuclear war. Its the color of death. Its about a 50-50 flip if people will appreciate your upgrades, or they will look at it as something they will have to redo because it wasn't to their taste. It is better to price your house appropriately, and let the new buyers upgrade as they can afford it, and upgrade to their style.
I'm looking at a Pulte community that can't sell their townhomes, just started framing homes in the last area for development (within the community), and are dropping prices upwards of $60k. Waiting for the prices to come down even more, to normal! Incentives won't sway me. Prices will!
I'm a realtor in Atlanta. There are still pocket communities where the list will sell at MV. Most newer communities are slowing down permit releases, and creating this inflated demand. That tactic is still only attracting individual investors.
Prices in our fmls are definitly coming down, and listings(fewer than the norm) are on market over more than 30 days.
Great stuff here! 🙌🏼 Learning a lot
Grew up listening to my Dad and his friend seeing the GFC coming. His friend was a realtor and seeing other realtors buy the fancy cars and strippers getting approved for 30yr loans was a huge tell
if you are not selling your price is too high. Recession.
Heard another re channeler mention that while regular folks are losing their jobs, what they don't tell us, is the job gains are in large part government jobs.
Florida no basements because of the Aquifer where water runs underground only a certain amount of feet. We also have pockets from that Aquifer as well which causes sinkholes.
I love that you all are seeing the same change in the housing market I am seeing in real time, here in the Kansas City area. It started at the second half of June and has completely changed the market overnight. Our market is still considered hot, according to just about anybody with skin in the game. It's actually melting up, and prices are going higher instead of lower, resulting in a huge windfall of New Listings, Price Drops, and Back on the Markets (not to mention existing listings that sit with no changes in status) compared to Pending, Contingent, and Sold homes. I expect to see some distressed sales here soon. P.S. Our landlord is a "mom and pop" guy. He owns 11 houses. He works his butt off, and he still neglects his properties. He lowered his insurance to liability just before tornado season. He said he had to because the cost of insurance was too expensive to maintain on all of his houses.
I live in the KC metro too and I pray housing prices come down. Our problem is inventory but like you I have seen inventory pick up the last few months. The prices are just not sustainable for local incomes.
@@Chiefsfan98 I agree. I hope you find what you're looking for, and that you get your dream home for a fair price.
Good job Todd. Always enjoy your lives. Your message is clear and consistent. You and your guests are out there living this every day so you have the "street cred" to back your opinions.
Baby boomers don’t need to sell for the most part. So these guys are dead wrong on that. Also, most baby boomers do not want to move in with their kids. Lastly, “downsizing” is a fallacy. Why seller your paid off 3/2 with a pool in a nice neighborhood for 650k so that you can move into a 450k 2/2 villa? By the time you pay the real estate transaction fees-what are you going to be left with, 125k? Simply not worth it for most.
That being said, the market is woefully overpriced. Even those with good jobs cannot afford to pay 500k for a Fred Flintstone style house in Florida. Add in taxes and insurance and even those making 150k per year are simply priced out.
Todd great points, however please allow
Your guest to explain their perspective and not cut them off. You cut him off and then ask him to wait and allow you to speak when you did the complete opposite to him.
Yeah Todd. Lol. 😂😂😂😂😂😂
🤷🏾♂️Everyone must be on the same time since I’ve listed my home not even 40 days ago there has been a influx of new sellers popping up out of the woodwork I get an average of 10 email alerts daily since posting before this there were no homes for sale in my area 🤦🏾♂️
If you’re really a Baby Boomer you’ve been one sice the day you were born. You don’t suddenly become one by having a birthday. A Baby Boomer is anyone born 1946-1964.
Wow, that was an incredible point with the AI commercial!
We don't see this on Long Island.. homes still selling in less than 30days. Multiple offers ect.. by the time your market corrects and rates drop to fix it. LI values will explode. So it's by market I'm sure you know. Also even in Maryland, they'll stay on the market 60days instead of 30 and drop what 5% when it's when up so high it's nothing seller is still coming out on top. If anything sellers should make a move now. By the time their home sells , the new purchase is dropping depending where they're going.
@@Niko-1004 so true. Pretty much everything I see goes for above asking in decent liveable area.
Great show!
Foreclosure inventory going up. My neighbors home was auctioned off last week and I live in a very desirable area on the north east. I looked up foreclosures in my state and I almost fell off my chair. Everyone has been saying this area is insulated, nothing is insulated from a down turn in the market.
Wow this convo quickly devolved into a self-aggrandizing, holier-than-thou, pissing contest about which one of you struggled the most and because of that how much greater and nobler you guys are than those who didnt grow up in your generation. You guys so clearly enjoy talking about how wise, strong, and great you are. That said, I do agree with the general points youre trying to make outside of your ego trips.
Sharing the struggle in life was to help other people who are going through it right now not to give up because everyone who makes it had them. Simple facts of life. If it helps one person it's fine by me if people like you exist.
My friend put his house on the market starting about 2.5 years ago. The data says 2 months. They are big time lying.
They probably took it down and relist, if you aren't really looking... They have been doing this sneaky little trick since.. years back.. at least it's very obvious to the people that are looking to buy. They sites and agents really think we are idiots or something. 😂😂😂😂
Once sellers realize its better to capitulate early than late… and sure realtors may be unhappy that values go down, but volume may return.
I see people who just paid 150,000 for a house still trying to sell for 350,000 after owning for only 2 weeks in FL and doing little to no work on it.
Lived in Florida for the last 5 years- caught the market there just right but so happy to be out of there. That place is crawling with unsavory characters and everyone trying to scam you.
This happens a lot. People are delusional. Greed is King. They are waiting for that 1 fool who gets approved...
@@zerrak_zeor2503 where in FL are u referring to
Not in St Louis MO area suburbs....listings that I thought were crazy posted at 400k 2-3 years ago, now are for sale at 700k with no improvements. Maybe 1 out of 25 will list at a decent price and it sells within few days.
I like your channel filled data and professional experience, but I must say I truly enjoyed the personal aspect today.
The sooner there is s market crash the sooner everything will stabilize or normalize including the real estate market.
Mark Ritter great job, really like what he has to add and the enthusiasm
Todd, how do I find out the history of an agent? You talked about an agent who only have 1 closing in a year. I agree with you that this is a bad agent but how does the average buyer/seller look into an agent's history?? Thanks for your incredible education!!
So wrong about younger generations. I know so many millennials w nothing, work full time and have multiple side hustles. But we’re exhausted. My husband and I are pregnant, I don’t have the luxury of quitting. How can you blame us when we can’t even purchase a 1200 sq ft home
Kristina. Not blaming you. There's a better way to work then you guys been taught through school and growing up. Society let you down. People like us can teach you a better way. Look at our results. It's a different way of being and working. Way more than a simple text answer. Work smart. Not hard
Alot of people with buyers remorse in ky. Guy from northern ky bought a hillside farm close to me now has come to realize he cant even sell it and breakeven thats how bad it is...
Why does he want to sell it?
Taxes double now, sees that land around it isnt selling anywhere near what he paid for his, learned you have to bushog it once a year or it just grows up in trees, loaned money against his 401k to buy that has lost value in the stock market the list goes on
You spoke about boomers getting hit hard and millennials and beyond making out big time… but what about Gen X , especially those that are older X’rs who plan on retiring in next couple years ?
Thank you for the great podcast and excellent information and direct approach to it all. As someone from MD myself but not living there anymore . I appreciate the blunt truth.
Absolutely wonderful show. Loved the topics in real estate and even more so dipping into personal stories/moments of growth. Sometimes just sharing something like that can impact another persons life the same as someone may have stuck out to you and stayed with you throughout the years. Creating an internal drive to press forward to better. Words of wisdom resonate as if you heard it from a loved one. Gives a 😮new perspective. That’s community leadership without even trying. You guys are working for the greater good in many ways. Bravo👌🏾❤
🙏
Watch your channel ever Tuesday night I’m from Philly live down the street from stadiums Love your show Todd
You gentlemen always bring the 30,000 foot view of everything. Love it!!!
Mark is thinking, "Todd, please stop telling these truths" You are stealing millions of dollars of commission be convincing these listeners to not buy now. JUST STOP 😂
Houses in my area are down 10% but compared to their 2019 listing they are up 80%. Additionally property tax is based on the most recent sale price and not factoring in the outrageous home owner insurance.
I enjoyed the podcast. I keep hearing about people getting section 8 and food stamps. I live in Florida and work with people that are working m financial needs.
In my county, Section 8 was closed for years bc so many had applied. The opened it for 1 day about 5+ years ago. People slept overnight to get on the list. They closed it again the same day. They had well over 1000 people. It takes years to get called once on the list.
As far as food stamps , you must either have children, disabled (medical documentation), or taking care of an elderly relative and a few other more common reasons to actually qualify. The max 1 person could get is $294 a month maximum. If you have any income, the amount decreases. For one adult and child is $535. Just getting $400 in child support reduces the amount you get.
A person that’s 18-54 and considered an abled body, you don’t get food stamps unless you work for 20 hours a week. Basically a deterrent. So really it’s single mothers with children are the ones that get the assistance which they should.
Medicaid is for single woman with children or disabled people that Medicare isn’t enough will get Medicaid. A single person would be denied so fast. Just wanted to put this out there.
Funny i was talking to family about this recently! About the people buying too high, once the partys overwhos left holding the bag! Dont be that guy!
I'm in Texas lived here 60+ yrs and Texas homes have basements... I've lived in houses with basements and have family/friends that does as well and had no problem at all..
DFW area homes do not have basements. Never seen a house in texas with a basement
you guys are spot on. I'm in the trades and I'm seeing this all first hand
Probably one of my favorite episodes to date!!! Really appreciate the content ❤
Todd… this has been your best video you’ve done ! I remember the days of being taught what it looks like to be a genuine person. It’s difficult to function in today’s world because things are so different!
Todd on a rant on this one! Haha - great talk guys! I always enjoy listening to real estate talk- even though I’m in senior insurance and healthcare.
Loved this discussion! Great commentary guys. Phillip…let the guys finish their point before jumping in 🙃
Thanks Todd for your insights. Can u please do a dive in on Aldie/ Ashburn VA area . New construction homes are touching $1 million +.what do you see in this market ? Thanks in advance.
👏👏👏, Phil sounds like a great Father.
So far everything this channel says is on point to me.
My new favorite channel.
Prices have not yet budged downward in Central Florida.
There were 11k new listings and 13k price reductions in the last 7 days in the Orlando regional mls
@@pier21realty the Deland, Deltona, ocala areas have not shown any significant price changes... listings are limited
Reventure shows Ocala area YoY sales growth up 30-60%. I live in the Orlando area and get multiple notifications a day for new listings and price drops from Zillow, with some areas up 160% YoY.
The most affected areas are Kissimmee and West Orlando area, but it's all coming down, some areas slower than others
An affordability crisis doesn’t mean home prices will go down. People will just rent more. Diamonds aren’t affordable for many either, so they pursue alternatives.
Keeping an eye out for something. Seeing some nice 700sq feet condos coming down from 1.2 mill to about 900. Right direction.
4 houses on my street forsale and they are 100 K over priced. They just took 1 off the market. I pray they don't rent them out.
I got a statement from SS admin. It said if I waited till I was 66+10 months my SS check would be higher. Dont remember the amount but it was significant enough to wait till 66+10 months. That is 15 months from now. I was thinking of renting my house for income but after hearing all the nightmare stories IDK. I 'might not be in the USA' so dont know how that would complicate things as far as renting my house. Otherwise it looks like I should sell soon, really soon and work out the details for living and commuting on a plane to work for 7-8 days a month. I was thinking to keep the house and rent it out just in case I dont like living out of the USA and I wanted to come back. Anyone have any thoughts about this.
This is really an authentic segment… Great job men!! 👏👏👏 Hard work pays off; Real Estate requires long days & nights. You wear many hats doing Real Estate.
Old school wisdom wins all the time!!l #truefacts
Can I ask what sources you use to conglomerate this housing data Mark shared (44-45 minute mark). I am a buyer, but at least a year away from committing to a purchase. I’d like to evaluate my area properly.
Straight out of Bright MLS
EXCELLENT VIDEO!
Houses in Jacksonville, Florida, where i want to buy, are still about 100% more expensive than 2019. Still not going to buy.
Great info. guys. So true...
There is no market period...hardly anyone can afford to buy any house at any price.
I am same age, dame back gtound as you guys.
I was the partier... philly, Wilmington De.
Spent a lot of money.
Still save after 30 and am fine financially.
I disagree with "go to work"
I have talent, multiple ones. Yet, you cant just go to work.
Go to wprk and make 18/hr and see where you get. And how long it takes
It has not hit Boise Idaho yet
26:00 another problem is the construction materials cost. Up 2x to 4x more than reasonable
Todd has been calling for the crash for two years now. It still hasn't happened. I found it interesting that he said save the tape because he'll admit in five years that he was wrong. That would make you wrong for seven straight years at that point. I still don't think you'd admit being wrong. You'll likely be saying "Look guys, I still think it's coming." All I know is my house gained value every year even though Todd said I should be underwater. My niece and her husband still can't find anything decent to buy without having to bid over asking even though Todd says inventory is building and its now a buyers market. It's less about truth and facts and more about clicks, views and subs.
How bout these listing agents that themselves bring no potential buyers ?
Best show ever
Thank you
we want no double bubble pricing
There is no " time of buyers". When properties get 50% price reduction, then it might be "the time for buyers".
Good stuff 👍
Assumable loans are cool but you have to have the cash to fill the gap otherwise it’s useless to a buyer
I am so impressed with all of your. Thanks for sharing your insight!
Everyone is trying to get their hands on real estate First time buyers or investors or people with a home want more real estate How could prices come down when EVERYONE is trying to buy real estate
I believe in; - Food - Oil - Soap - War
Build a portfolio on those pillars.
Hebrews 11:7. Not everyone wants to be pushed into a condo or apartment. Would love to see you do a show concerning multigenerational housing/land purchase. Several ways to go about it as far as layout on paper. Share a home, add space to existing home, add ADU’s or build separate spaces on a piece of land. Logistics and legalese add to it. I understand that there are variables state to state.
Great episode Todd and Team! Yall are preaching everything I’ve thought in my own mind Pre-Covid and Post! Keep it up! #MortgageDefaultLady
Its a buyers market for sure (after you sell your 50k house for 445k and move to a backwarer state)
Todd's been calling for a crash since 1989! J/K Todd. There is a boomer delusion calculator for these classic condition stuff museums. It's called a Zestimate.
House prices are ridiculously still to date people should not buy and not let investors to up their neighborhood they need to be kicked out
Kudos to the guy from Florida. Baltimore, no!
I wanted a house in a small town that was asking 200k. My real estate agent wanted me to offer 250. He said there would be a bidding war. Well long story short, the house went for 167K. I cant tell you how mad I was. I own my own home. So it wasn't a big deal for me. But I was looking for a relative. This is unethical for a Real Estate agent to do! He is working for me! He should have tried to help me get the house. This just tells me that there are so many stupid unethical people out there. That is one good reason to do nothing!!! I probably could have sued him I guess. This guy was a retired engineer too. LOL There are probably 100 people in this country for e very one of Mr. Simonetta. They all want handouts Most of them get it.
@@speteydog2260 hi. I agree with you and am so sorry that happened to you. I am so sick of these horrible real estate agents. I had 2. Fired 1 for wanting me to buy 30,000 over my pre-approval. how ridiculous are you to think someone would even entertain such nonsense. The 2nd real estate agent I hired was totally non responsive unless I sent her to check on my new build. Who found my house that I got? ME. Who went under contract and negotiated with the builder at a lower price point? ME. Who went over the contracts? Finally the real estate agent did after I called her. Who has driven out to watch the status of the progression of the house? ME because I can't reach her half the time. Who met with the builder superintendent? ME. My point is she is getting paid a 2.5% commission for what? Almost nothing. No wonder NAR did what they did and although this may sting the rare good caring sincere real estate agents..,. convince me what they do again? Besides them getting paid to do what????
You guys get great advice problem is most human beings are creatures of habit in 2009 1011 when the prices were going down to 40 and $50,000 you can even build the house for that price people wouldn't buy cuz they were scared they kept thinking it was going to go lower That's going to happen again only very smart business people who have money will jump in and buy.
The Federal Reserve is likely to lower interest rates in September 2024. When this happens, more buyers will be in the market at lower interest rates which will cause competition for homes
1\4 point cut saves 800 dollars a year on a 200,000 dollar loan, less than a 70 dollar per month savings. That is not going to change things.
@@hcox1111 they will lower a 50 basis points. Mortgages under 7% is a psychological threshold. 7%. or higher less mortgages. 6.75% - 6.50% will attract more mortgages
Nope. Will do nothing for home sales.
That's true they will be looking to buy, but one big the thing, mortgage bonds are going no bid ,the banks just don't have it to lend. financing will be much more difficult to access. Down payment requirements will substantially increase.
50% of the workforce got 20% wage increases because their contracts are based on CPI. The pricing will stay high.
Inventory is artificially scarce.
over 78% of borrowers have a rate below 5% while 59.5% have a rate below 4% and also investors are out assuming mortgages from people who would’ve otherwise sold or went into foreclosure. No collapse will happen, prices will only rise and also the influx of migrants only add to demand. Good luck everyone.
yea....you will be proven wrong with a Russian boot on your neckl...