THIS Is Worse Than A Housing Market Crash.
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- Опубликовано: 28 сен 2024
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When my wife and I went to the bank to get prequalified I was shocked at how much the bank was going to let us borrow. The monthly payments were going to be half my income. We refused to look at any properties in that price. Point because we knew it would be too tempting. Instead we bought a house for half that figure and have lived comfortably in a home we can afford.
You are so wise.
Very good move for the both of you 👏
Kinda reminded me of all the home buying shows on HGTV. Our budget is 400k.... Ok here is you a house at 500k 😂
Same thing just happened to us recently. We asked for a certain amount to be approved for since we have the down payment covered for that amount and of course the lender came back and told us we were approved for way more 🙄
Same. I was earning $135k a year and with a 20% down payment Better mortgage qualified me for up to ~$750k. There's no way I could have afforded those payments. Opted instead for a $390k home and put a $85k down payment and have peace of mind with about $1k left over on average every month after normal expenses.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Anticipate rising home prices due to inflation, potential economic fluctuations, and Federal Reserve actions, emphasizing the need for expert financial advice amid uncertainties.
I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sharon Marissa Wolfe” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@ThomasChai05Mind if I ask you to recommend this particular coach you using their service?
@@ThomasChai05my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too
You are right! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
vivian jean wilhelm is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
What’s crazy is we just got pre-approved for a mortgage on a new house that’d be $2000 more per month than we’re already paying, and we are already feeling quite tight with our payment as is.
I was shocked the lender approved us for that much. Why would they do that? We’d be spending about 70% of our take-home pay on the mortgage. Is that what lenders are doing now, just to get something sold? Yes I have excellent credit, but that doesn’t make me rich.
That’s how 2008 happened. Giving huge loans to people who couldn’t afford them.
@@myyt3824 well, to be fair, 2008 included that people could just write down whatever as their income. liar loans was the coined term.
2008 all over again
My income is around 7 to 8 k per month the lender said you make good money your monthly payment will be around 4200 I was like that over half on my income, he said yes but still good money, I’m about to tell them
No I just wait abit longer
This is the worst housing crisis I've seen. If people don't plan well, their portfolios could take a huge hit. Real estate values are plummeting, and it's a rough time for property investors.
Absolutely, with the global economy in turmoil, housing markets are severely impacted. Many countries are experiencing record-high interest rates, making mortgages unaffordable for a lot of people. It's wise to be cautious with real estate investments right now.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of
2020, it had dropped from 68 to 65.
Real estate and stock investments may be good decisions, especially if you have a solid trading strategy that can see you through prosperous days.
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful
The housing market has to crash for things to re-calibrate again. There is no way the 2 bedroom condo's going for 400K in my neighborhood are legit.
We need a crash NOW!
💯. People were too dumb and greedy.
wow 400,000 I have not seen anything that cheep in a long time I live in the Bay Area a 1 bed 1 bath shack will set you back 900,000 if you are lucky enough to find one people are renting out backyard sheds for 1 800 a month
I think a price drop in nominal dollars is more likely than not, but I also could see the 1980s correction being plausible too.
Our 2 bedroom condos range from 800k to 1 mil. In a popular city things can stay crazy...
People in Canada kept saying this for years and years and prices just kept melting up. Imo we are tapped out but the US housing market has more room to run up. Just when you think that prices can't go any higher, they can.
The scariest thing of. rushing buy an overpriced house is endless fixing and renovating.
I owned my home for over 30 years ...; with minimum Maintenace. Like a car, if you abuse it .. things brake faster/
@@betterhousedeals People were buying overpriced and older houses that were very outdated. I saw it all around me. Those older homes are going to need some big ticket things replaced soon; like roofs, windows, concrete, furnaces, sprinkler systems, hot water tanks, carpets, plumbing, and the like.
We live near Chicago and are just moving towards the country. It’s not too far from everything and everyone and it’s so cheap to get a ton of land, large home with loads of space rather than squeezing into something tiny and living on top of each other in expensive apartments in the city. And we can transfer our jobs there.
Most people are screwed if they get an illness and/ or loss of employment. Downfall.
Many people dont run through scenarios of "What IF X , Y , Z" happens. Its normally of "If I think positive, nothing can go wrong."
@@ralph4370 Positive thinking is awesome. Most situations don’t work out in a positive way.
Is your landlord going to give you free rent if that happens? It’s way harder to get foreclosed on than evicted these days.
@@devonrose888 So true: which one effects credit and rental history more?
Happens if you pay rent or mortgage
No just cause value if your home goes down, doesn’t mean your your property taxes will go down. Your city and state will need the same or more tax revenue.
Bingo. The taxes weren’t a result of property prices going up. The property prices going up was a result of the government needing more taxes. It’s deliberate, but let’s just blame capitalism and give more authority to our masters
We have the double homestead exemption, Once we claimed it, the lender owed us money back. Also once we hit 65 in 6 years property tax freezes, 100% disabled vets are property tax exempt, Current military are property tax exempt. We're good. We also don't have BS squatter laws. Squatters have to live in, maintain the property for 15 years PLUS pay 5 years of property tax to claim rights.
@@winniethepoohandeeyore2 You are the second person that has said exemptions at 65. The only thing i can find are folks with diabilities. What are you speaking of and where can I check?? Thanks a bunch.
What is most alarming is that inflation persists, while wages do not ascend in tandem with it
been this way for 40-50 years or more. I don't see it changing
This country doesn't give a fuck about the middle class, the older gen X people and the boomers were the last groups to walk through the open door of home ownership and having a family. Now you have to save up your sap for years and years just to try to blow the lock off, or wait until some calamity happens and a reset occurs, which is also painful. That being said, Covid was a huge change to our economy and we have yet to see a recession to correct it. We've arguably needed a recession for years and years now, but the government keeps putting the economy on steroids. Scott Galloway calls it a "transfer of wealth from the young to the old" and "that we decided it would be awful if millions of Americans died of Covid, but it would be unbearable if the boomers lost their recent massive gains to their portfolios because of a virus". Well, now they have ultra inflated asset prices too, statistically now, both millennials and gen Z are poorer than their parents were at the same ages, while people 70 and older are wayyy wealthier than any group of retired people in history.
Where is the money going is the question.. invest your money there.
The problem with today’s buyers is that they weren’t in the market in the early 2000s before the crash. They don’t understand that a house is a liability not an asset and that you need to make sure you can pay for everything that can come up. Housing shouldn’t go up in value, it should go down because the building becomes old.
Actually what you said is false. Building a new house has doubled since Covid. Biden just placed new tariffs on china which will raise new home building. Therefore even an older home will have increased value. I understand your point though.
@@MahmoudWaz My understanding is that most of the materials used in home construction is all obtained from North America. What materials do you see coming from China that's used in construction?
How is a house paid off a liability?
I honestly dont get why ppl purchase old houses when your getting a new build for almost the same price😂....i dont want that old crap
@@Westcoaststyling it costs you money. Assets make you money.
Thumbnail goes hard
K with the vg
lol Yeah! Why is the dude in the thumbnail an ogre? Is this a metaphor for the housing market? The bigger they are the harder they...crash?
Ong great videos my guy love the thumbnail
when you said 25-30% of your entry income.. i QUIETLY WEPT inside.. 😢😩😩😩😩😩 50!!! my friend 50!!! 😖😭 with that said this is my advice. DO NOT OVER BUY! please DO NOT! better a lower mortgage and a peaceful life than the HORRIFIC pressure of a monthly payment that becomes "A GOLDEN JAIL" just like he said it.
If you are in a position (like me) that did buy a house and it’s a little over your budget, you can offset some of the cost by renting out rooms in your house. My mortgage is 2450 a month and renting the downstairs basement will give me an extra 1000 at least after taxes, property manager, etc.
Yep smart way to offset your housing expense
You mean house hacking?
@cyrusm3391 Yeah, that's what it's called. "House hacking." When you rent out the bedrooms, other units, or a portion of your house out to help offset the cost of the mortgage
Who has a property manager for a tenant living downstairs 🥴
1000 to live in a basement? We really are in deep trouble
I guess I should thank my lucky stars I bought my house in 2020 and secured a 2.25%. I want to buy another house but man these rates are terrible along with these high prices. I guess I’ll rent my current house.
Those first time buyers here in Fort Myers Cape Coral are already in negative equity. They Dated the rate and Married the house. Those ones in the last year and a half. Ouch. Put down very little. You can’t date the rate when your house is worth less than what you paid for it. It’s not different this time! Doh
Monkey Werx claims they're flying immigrants and putting them in Port Charlotte...being done at night. Hopefully it true.
This is why i love this guy! Please follow him.. he’s definitely honest. I live in phoenix
My fixed rate mortgage has gone up 200+ a year. Went from 467 a month to 1100. Mortgage company refuses to work with us refused payments and "forclosed and sold to themselves with out any notification. The only legal notice given was a notice to vacate. So they can take us to court and the judge can figure out it they followed the law or not.
Your mortgage didn't go up. Your property taxes and insurance went up. Those were probably in escrow which means it's part of the total mortgage payment each month. It can change every year.
At the start of the lockdowns. I spoke to my Credit Union rep, I was in Real EState at the time. I was following up on a issue. The guy asks me my line of work. He tells me very smug, is it a good time to buy a home. I said NO, due to the credit restrictions. Rep further adds he has 2 home loans for his home. He clarifies that he has half of the house on one home loan and the other is in his wife name. I ask him "Why do you have 2 interest loans for 1 property? I would not advise that for any client" He then sounded dumb of "Hey I got a house" I tell him "How many of your customers have been new home loan applicants?" He responded with None, it was primarily re-fi to get money out. There you go.
how do you get two home loans like that? do you mean a line of credit or second mortgage?
@@chriswhynder8311 2 separate home loans for 1 property. Husband has half of the home debt loan and the the wive has another separate loan for the other half of the debt. 2 separate interest rates for one property. I Remembered a few years ago I worked for a school. A teacher mentioned how he and his wife had half of the home debt in each of their names. Since in California, home loans under 400k are regular loans and anything above 500k are known as Jumbo loans. Unless things have changed, going from memory. Since they both could not qualify together but could individually. Doesn't make sense since both under the marriage law are as one legal entity.
My rent is still pre-covid price at 868$ a month in new Brunswick. Buying a tiny house of 900 sq ft is now 200k. And my appartment would go for 1400$ a month to new tenants. I'm staying where I am. Yikes! Screw a house!
Im starting to see alot of price cuts on homes in the Phoenix metro area, is this a trend that will continue?
We said Fuxx it. These sellers are totally delusional that the prices should be going up and wont negotiate even 2-5 % on the price. I agree they had a good run but we have no intention of paying $800,000 for a $450,000 house especially when you can rent a comparable home for about 50% or so in the same area. The game of musical chairs will have to come to end since the financial gimmicks like low rates, incentives, Covid rackets, tax incentives, corporate thugs like Blackrock, Innovation, etc are going the way of the Rome. Also, the demographics are clearly shocking when you see that another 30 million boomers will be dying off and or retiring in the next 8 years! Even if a fraction of them sell their homes say only 20% especially in the sunbelt its going to be epic.
The new vehicle crisis is just as concerning. New car payments are now about the same as a mortgage payment not that many years ago. Inflation is making once financially stable families struggling to make their monthly obligations.
I'll stick to my $404 a mortgage that we overpay the $125 a month principal on, knocking down the life of the loan more and more.
That’s one way of saying “I live in a trap house.”
Damn you broke as hell. Pay that shit off already. $400 payments on a trailer.
You have a $404 mortgage and can only overpay it $125? Lol. Give yourself a gold sticker. Put it on the fridge! SMH
You are in a very good situation. I’m interested about knowing the numbers.
Not everyone can live in their truck. Good for you
Love your content man, always on point. Wife and I just bought a few months ago, we spent a bit more than planned because the area is perfect and there’s nothing major that needs done in the next several years. Anyone reading this that feels the squeeze, just stay patient and stick to your budget. Stay hopeful!
Recovery time after the crash will depend on how long rates stay high, and right now nobody can predict that...
You made an excellent point. For everyone wishing for a market crash... the majority of people in that poor economic environment will not be able to afford a home when prices do come down significantly. Think of it this way... if you couldn't afford a home when times are good... what makes you think you will be able to afford a home when unemployment is high? That's not meant to be a dig but just another prospective.
Just remember that housing is local. We skipped 2022 and decided to wait in Los Angeles expecting housing prices to come down with interest rates going up. This has been true in most of the country, but not los angeles. Houses keep going for over asking and appreciating at 3%/yr.
Not making any recos; just to say that housing doesn't prices dont move together around the country. Even if most markets go down, there will still be some stable markets or those that are going up.
you never own your house due to property taxes alone. Or failure to pay HOA fees. The only advantage a house has over renting is earning equity and paying the bank a fixed amount for 15 to 30 years while the first 15 years or so is all interest. I'm a big fan of renting and condo/townhomes instead but what do I know.
Always great information. Looking for more to come.
Buying a house isn’t an investment..
You’re right…
Investment Property?
Buying a *home isn't an investment
Buying a house that needs updating and u put sweat equity into in a good neighborhood for the purpose of flipping or re financing to pull the equity is an investment. Otherwise yes, ur buying a liability and not an asset
So my question for you about this is what happens if you have that federal job security and the steps and grades every year. How would this change your outlook on home loans? 🤔
Gen X here. Its ALWAYS the greed of corporations that causes bubbles. Back in 2008, it was greedy wall street investors. Now, it's wall street investors again.
Here in Illinois the property taxes are probably never going down regardless of home value
If you cant afford a house you wont qualify.
You shouldnt be planning ob buying a house if your relationship is on the ropes.
You shouldnt be buying a house out of your price range and monthly payment.
All these pitfalls should be addressed before signing a contract.
Supply is so low that if you can barely make asking price, you wont get into contract.
Is there going to be a housing crash? Nope.
Can you lose your house due to unforeseen circumstances....thats always a possibility.
Is a rocky relationship unforeseen...no.
Is barely making mortgage payments unforseen...no.
Is getting hurt for 2 months unforseen....yes but you should have savings to mitigate this.
Yes but I cant stress enough how insane prices are everywhere where I live. Prices are high and interest is high and together its impossible. I grew up in a working class neighborhood, and I can not afford a home in my hometown now let alone any upward mobility. All these LLCs need to be regulated and airbnbs
Foreclosures when the average mortgage is 4%? Other debt defaulting sure, but it would take at least a half of decade of high rates for that to happen.
Nah. High property taxes, high insurance rates, inflation, high utility bills and….unemployment all laugh at 2.5-3.5 rates. NOBODY is safe in these times…
@@Dorian_Gray83 As of right now unemployment is low, but yes if things changes negatively it could happen for sure. The Great Depression had very low rates and real estate fell 35%. The crazy thing is some area would still be above covid prices with a 35% cut.
Even at my stable job where i was making roughly 4k a month, im now making roughly 3k. We slowed down and my mortgage payment is 1300 + about 300$ in bills/utilities. It got tight. And now i have a leak in my basement. Im still fine. I live conservatively and have a decent amount of money in my savings and retitement accounts.
What im getting at is, im riding that line but im blessed and lucky at the same time. Do your best to live well below your means. Dont get the house you can afford, get the mortgage monthly payment you can afford comfortably.
We’ve been on our home less than 6 months and already have over $20k in equity
Glad I found your channel, we seem to align really closely in methodology. Subbed!
as a Californian, i hate it here. EVEN if you budget which i did I am currently getting screwed by property taxes, and ALL insurances houses car health everything is up....
25% of your monthly take home pay. That's it, don't go more than that. If the payment is more, you can't afford, rent instead at still 25% or less. Not hard to grasp, take your emotions out of it and math better y'all
K what if that doesn’t exist where you live? Median rent in CA is 2,800. So by your math your take home would need to be 11,200…
In London average rent takes up about 40-50% of wages. There’s no way around this really. And house prices in London are laughable it’s so insanely expensive. Government housing is given to immigrants as a priority. I live on a boat which used to be a loophole for a cheap lifestyle here, but to hold down a job you need a permanent mooring, and this is where they get us now. It’s approaching the same cost as renting. If you don’t have a home mooring the authorities make you move your boat to a new area every two weeks, making commuting to a job pretty difficult as you’ll end up so far away eventually.
My point is, you might think you’re being smart but they’re closing all the loopholes faster than we can adapt.
@@Obeserundown Move out! There are over 51 states and majority are affordable, wake up, your $$$ doesn't keep up over there.
@@Obeserundown you move
@@peanutboxes4076 leave and go somewhere you can afford
Renters nation hereeeee we gooo!!!
I bought my home not for an investment, my plan is live in my home for rest of my life and my children can worry about if it was an investment.
I was approved by my bank to buy a house at 500k but I decided to keep it safe and bought for 435k instead, it feels good to know I bought something I can afford even if I have to change jobs or take a financial hit, thanks for all your great advice mate x
I had a real estate agent tell me to consider that my husband and I can get raises at our job and my literal response was that’s terrible advice 🤣🤣 I’m sure she wasn’t expecting that response from me lol
Please use a highpass filter on your audio. The noise is just pounding my subs.
Sorry about that!
Here in OC,California every house goes out to the market it get sold to foreigners.
All u need is a 5% temp default rate. We are months away from it! 😢
Buy, or start saving for a modest home in a good area. Do not use it as a ATM. Pay it off. Love it. Live in it. When you are old you will have money for a retirement home and security is priceless. None of us are old, and then we are...
I dont understand how a crashing market is bad for real estate agents. Seems to me that someone will have to sell those distressed properties. What am I missing?
To all the people in the comments section screaming for a market crash, you clearly have zero understanding of what that means for hundreds of thousands of families. I lost my home to the 08 crash, although it took a few years before it caught up to me. I watched entire families and extended families be forced out of their homes, living in their cars and in homeless shelters. It was heartbreaking and financially destroyed so many peoples lives for decades. I get it, you want to buy a cheap house but please understand you will be "profiting" off the backs of other hard working people not to mention the fact that all cash buying investors will most likely get to the cheap houses before you ever have a chance. Be careful what you wish for!
The other way to be affected. You haven't mentioned. That is, you bought a house 4 years ago and since then it has had a significant equity run up. Instead of sitting there and watch the equity dissolve, you could sell the property liquidate the equity, invest it in liquid securities and rent until prices drop. Then you're able to buy back your house for a discount
Will lower interest rates get lower as a result? Seems as if it will be the opposite
There is a housing shortage
There will not be a crash
NO THERE ISN'T. That's been fake news for a while. YTD inventory increased 45%
@@user-iu2kq7nx8u awe you don’t understand statistics. That’s cute.
Boomers - largest generation ever- own homes
Millennials-huge generation of boomers children-need homes and are in their prime buying years.
Housing shortage. Not rocket science
@@user-iu2kq7nx8u Rather than spread false information, please take a look at the government statistics so that you can see for yourself
how significant a housing shortage the country has.
Shortage of "affordable" housing. Plenty of homes otherwise in the markets in general.
The shortage is a complete lie
Real Estate market not getting affected. Every dip getting bought up. Billions in cash on the sidelines.
So what? People still shouldnt buy a home they can't afford. I swear the FOMO is strong on YT.
It’s not billions. It’s actually around 6 trillion
Not a given though. One has to decide many factors :
-return on investment
-what other investments
-when would you offload
-forecast of market
-management of said asset
-laws and tax breaks at time of purchase
-future outlook on life as to investing in housing or not
It’s not just. Oh. Billionaires will buy every house. If that was the case there would be no houses for sell then…. Right
The housing ladder is based on first time home buyers who qualify on income. The second, third, etc home buyers are using equity to offset their income being too low. If first time home buyers get priced out there no longer exists a second homebuyer because there is no first timer to sell it to to create that equity. It’s all just paper wealth that isn’t real until someone actually pays for it.
Billions in cash but trillions in debt😢
Great video. Shared. 👌👌
Thanks for sharing, I appreciate it!
Its not the RATES ITS the ridiculous price of these properties.
Currently 80 percent of the US housing market is 40 to 50 percent overpriced. Cities like Austin Texas are already approaching a 20 percent adjustment. Just give it time.
@Javier, your link in the description to "your local YT channel" doesn't work....
www.youtube.com/@ArizonaJavy
I bought my house for a decent amount but my taxes more than doubled and my insurance double.
They've rendered it a horrible investment in 2 years. Ill never recoup.
My house is 34% of our take home. It feels tight but in 5 years it will be negligible
More and more ARMS lately(I include rate buydowns, which are worse than an ARM) which is very scary
I agree with charliep save money for an emergency fund.
7:48 great analogy!
I honestly think for the most part buying a house after the interest rates jacked in 2022 is a scam. Maintenance costs are always going to be around, but now you have a awful interest rate making the 400k cost you a total of what 800k or more by the end? add in your repair cost over the years. There is no way this is actually a investment that will make a gain usually.
A crash usually happens when you least expect it.
Where I live you cannot find a place to live in for under 2600 a month. Buying a property isn’t a lot more than that. I really don’t see the problem with getting a house. What if you’re not one of those super unstable people who could be divorced or laid off at any time. There are still jobs out there which are very rock solid. In my line of work it’s almost impossible to get fired.
I’m living the dream!
Ohhh..it should bring joy?
My Country Italy i can buy nice home for less much less with big property and good morgate rate 3.5 % Here USA mobile home around 400 k so crazy .
How about instead of buying a house you buy a duplex, triplex, or 4plex. Live in 1 unit and rent the others out?
I'm Under-contract on a 4plex in Mesa, locked in at an interest rate of 7.5%. Gonna move into 1 unit and rent the others out to help reduce my housing expense. I'm using Fannie Mae 5% down. I can even use the rents from the property to help me qualify for the mortgage
What we're actually wishing for is affordable houses. If the economy has to burn down to get there, so be it.
I have a question Javier. Was somebody holding a gun to their head when they bought "the overpriced out the wazoo" house? If they wind up getting foreclosed, put in the street, etc, etc...I have zero compassion.
I pay 1200 where I rent now it’s not the best but not bad either , to buy a home I would be paying around 3k monthly. Not going to put that much pressure on my family
oh when the trump comes marching in,.,.,.., wheeen tha trump comes marchin in...oooh tha hooousing might be plenty when tha trump comes marchin in..............An all tha reg's start pealin off when tha reg's start pealin off ..oooh ya know tha song sings softly..............
WHEN ,,,tHA tRUMPPPP. cOMES marchinnnnn ....innnnnnnnnn
Okay so now it's the mortgage needs to be 25% of your NET income? That's outrageous in today's economy. Especially when you think about how expensive health care is.
Greed will destroy us.
The scariest story is one day your cool crack house took 16 years to gain value, maybe 5000 a year. All of a sudden market valie doubles and triples so the county raises their appraisal and your mortgage payment jumps 500 a month
I think YT unsubbed me I didn't see your videos in my feed for months now
I can afford a home on paper. But I am not paying 70% of my income on a house
I rather live at home even though it’s embarrassing
Housing is going higher.
All of us property owners know the market is inflated. As long as you do not use your house as an investment , you should be fine when the crash comes.
Those juggling properties like the casino will be wiped out worse than 2008 when the inevitable crash comes
1 year crash is fast not slow. A slow crash would be a slow price decline over 5 to 10 years
What if everyone stop paying mortgage?
It’s shocking to me how people don’t understand property taxes
The only way is up.
Why would we get foreclosures? And how would we get millions of foreclosures? Which is what it will take for a crash. Condo market has an issue right now, but millions will not flood the market needed for a crash.
Correction is not a crash. And we’re due for a correction.
God I hate this country, it's so fucked up you can lose your job just because you broke your arm
I agree
Rent is going up too😂
7:07 Yeah, duh...they're gonna be lucky to short sell it. You bought the house in LA LA LAND, now your gonna reap what you sow.
NO HOUSING BUBBLE!!! I actually was purchasing land for a top 100 builder at this time. I lived through this. Stopped buying land in 2004. You are missing the #1 factor. It is called supply the US was building over 2 million homes per year. The US has never built over 1 million homes in a year for the last 15 years. My clients are never house poor. My job is education not sales. Stop the housing crash talk. You are missing so many things. I actually worked with the banks when the Bubble happened. People were using their homes as cash machines. Cash out refinancing 🤮 LOL American has the highest home owner equity ever. 42% of the homes in Arizona are owned outright.
Javier with the fart sound effects on his RUclips videos
This the same guy that said the market would never crash 💥 😂 what a joke! In 2020 u were saying this would never happen. You realtors better start job hunting and actually learn how to repair and actually work for your money.
Renting costing me most of my money
read “The Great Taking” by Robert David Webb.