I bought a house for cash in 2010. Man, that was an incredible deal and there were so many choices out there. I felt rich because I could pretty much buy whatever house I wanted. When I sold it 10 years later, I made over 100% profit on it.
@@benjaminkell3726 u really dont think we are seeing another once in a lifetime opportunity after a pandemic not seen in 100 years? it did in the last pandemic to
Funny how the bottom of the market was 5-6 months after this was filmed. eek Shows most times its best to do the opposite of the media. I remember 2005-06 on the tv they were saying market hot best time to buy is now. Then here they were 2010 telling people to sell at the bottom... It kinda make sense how rents shot up tho. Once everyone foreclosed and sold at a loss everyone needed to rent. Then boom rentals were up.
@@35Colorado is that normal to go up 3.5x in 10 yrs? im hoping its def not and it will be just as bad as 2008 and homes will be affordable again if you held cash
@@harrys5925 yes, everyone decided together that they were going buy a house simultaneously, which lead to pre 2007 pricing. But it seems that just as quick everyone was interested, they're now backing off leading to a drop off. We don't know how far it'll go but we'll find out.
In August 2010 my home was worth $205K after buying it in 1993 for $109K and putting in another $130K in updates and small add-on. So, - $34K in equity. Today, July 2024 Zillow says $390K - $468K but my neighbor who is in the real estate business says minimum $500K even after fees to sell. I really don't care because I'm living on this 13.08 acres in my 2980SF home as long as I'm breathing. Insurance $1580 and City & County Taxes $ 2440 annually in 2024. When I purchased in 1993 I wasn't in the City and my taxes were $494 and my Homeowners was $648. I'm in the Southeastern US.
it's about to happen again rip to all home sellers who think the housing market is 'going back to normal' sell your home now at a discount to get out while you can before everyone runs for the door
this was the easiest crash to predict even if homes didnt sky rocket we had a pandemic not seen in 100 years the last time we had a pandemic homes also crashed . yet 10million people bought a home during the pandemic no smarter then a 5th grader he even learns about the 1918 pandemic in his scholastic history book like not even joking
You're talking like homeowners are planning to sell their homes. They're in no need to sell. Why sell now just because your value might take a dive when all these years you've been able to afford the home regardless of its value?
@@hangguy209 2 things real estate bubble the only time we had a real estate bubble if this size was in 2008, not even 1929. 2nd we are facing the 2nd worst downturn in 90 years worse then any recession from the years 1940-2000 any downturn of historic magnitude results in a crash it always has. theres been 2 big ones 1920s and 2008 both crashed / history rhymes u dont go through a 100 year pandemic unscathed
@@brianoleson9224 so you're hoping for a mass job loss so that there can be foreclosures? Because foreclosure is at an all time low. There is no inventory. Without inventory, prices will remain the way it is.
@@derick3482 Collapses are the best time to make money. The stock market also suffers but it's the best time to invest in stock and make a lot of money.
Same here, I’ve been on the sidelines for almost 5 years. I want to buy my “last home” before retirement in 10 years. Prices in big cities are starting to fall now with the biggest drop next summer/fall. Even though I am in Canada, we WILL be hit hard this year. Almost every contractor I know have not taken on too many contracts because people are starting to get skittish. Just a matter of time to get a massive discount on new house builds.
@@acommentator69 I literally bought 2 deeply undervalued off-market deals. One in late 2020 and one early 2021 lol. Buying my 3rd this fall. There are definitely deals...
Many could barely afford the payments anymore, and made a strategic decision to walk away. Many straight up couldn't afford them. Holding wasn't an option for most people.
There’s a townhome I went under contract (I pulled out of it though) he tried selling it for 375 but dropped it to 350 after no bites in 2 weeks and I offered 335 and he accepted.. he was an investor, than I looked into a house and was told he was an investor and he was trying to get rid of it fast.. listing was 395 and after 6 days he dropped to 385 (he’s still sitting in the market no bites) this is CO springs .. see the pattern ? Investors are the ones pulling out fast they know the crash is coming . Now I’m waiting.
it won't happen like it did in 2009 for two reasons one, no one anticipated the crash two, it was WAY easier to obtain a mortgage in the US between 2000s to 2008 than it is today ... or was it just as easy to get a mortgage in the 90s too. ? ? people don't understand that it's VERY HARD TO qualify for a mortgage in the first place but sure, once the interest rates increase and you can't afford paying then you maybe in trouble but again in the end the government will realize that the economy is in ownership and property !!! I'll let you figure that out
Another reason it's less likely to happen that way is that there is already too much demand waiting to absorb that regardless of how everyone is panicking and calling the crash. Nobody was making this prediction in 2008, at least not the general public, as I indicated below. In the other comment, it was mentioned that the ownership rate peaked in 2004. As of today, we are at the median level, having previously peaked in the second quarter of 2020. It decreased by 3% over 4 years, from 2008 to 2012, going from 68 to 65 in the second quarter of 2020.
Most people are unable to handle a fall since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
@Jonathan Hawkins Would you mind recommending a specialist with a variety of investment options? This is extremely rare, and I eagerly await your response.
I hope it was those that were only unemployed that were walking away. If they still had a job and could afford to make the payment these people were incredibly short sighted. They're probably the same people that are buying houses in vegas/phoenix and putting them up for sale a month later at a much higher price in 2022.
It doesn't matter where you live. As long as your housing cost isn't above 25% of your monthly take home pay including escrow you're fine. You'll have enough to enjoy life, pay your other bills, invest, and save for retirement. I'd suggest living within a budget for elevated success but as long as you have .75 cents of every dollar earned after housing cost it's hard to screw up.
It’s just crazy to think that 12 years ago, people were paying $400k mortgages on their homes..these are still eye watering figures..I live in a very small house, live within my means, have savings, don’t use credit, only buy what I can afford, have no mortgage or debts, spend very frugally, earn an income and pension available in the future..I might not have much but I feel like a billionaire as I can breathe, sleep well at night and always have plant based whole food on the table 🙏🙏I am thankful to almighty God for all of the harsh lessons I’ve learnt to achieve this standard of living which I am very grateful for..Money can be a treacherous hostile jungle with many traps..it’s a life force all by itself ..it needs to be tamed for you learn it’s true value and power 🙏
one of my fav quotes. "How much are you willing to give up to gain?" Sometimes you need to sit on your hands. Buying on FOMO is what gets people into this situation like in 2007
@@acommentator69 it started in December. Hold on to your boots, were in for a ride, as of 3 days ago 15mil vacant homes. Prices coming down under posting, hardly getting asking price in many areas in the market.
the “bubble” won’t crash this time. This is the new normal for house pricing. Look at Canada, uk, Australia... average houses in these countries are around 800k. American had just been behind for a while. This is the new normal
@jūn i agree this isnt doom and gloom it is 2.0 crash theres so much evidence that this kind of crash even a depression that happened 100 years ago is on the table and it may be deliberate from the government a depression has to come again at some point would it surprise you ?
@@gavinfromduvalcounty885 really, so I guess house prices are going to magically go back to 1940s levels? The market always does go up, even though there might be some bumps along the way.
@@acommentator69 nobody said anything about 1940s prices. But in some parts of the US homes are over priced by as much as 21%. The market will correct and then trend back up but these home prices are not sustainable. People are paying 600k for houses that are worth 375-400k. Does that seem sustainable to you when people are paying 100k over value. Capital injections have also made a false sense of security. And buffets key principle when everyone is fearful be greedy and when everyone is greedy be fearful. Everyone is greedy rn
@@gavinfromduvalcounty885 the “bubble” won’t crash this time. This is the new normal for house pricing. Look at Canada, uk, Australia... average houses in these countries are around 800k. American had just been behind for a while. This is the new normal
As much as the poors are hoping for another crash like this. In hopes of being able to afford a home. I hate to break it to you. It ain't happening. This was made possible because banks were running mortgage backed securities and loaning money to people that shouldn't never qualified for one. This ain't the case anymore.
It will just be a horse of a different color. There will be a reason but house prices will have to come down. It will be a slow bleed so folks may be waiting for a few years.
I bought a house for cash in 2010. Man, that was an incredible deal and there were so many choices out there. I felt rich because I could pretty much buy whatever house I wanted. When I sold it 10 years later, I made over 100% profit on it.
That was such a once in a lifetime opportunity
@@MarkSmithhhhexplain why
@@sudorights the housing market melted
@@MarkSmithhhh u really dont think we are seeing another once in a lifetime opportunity after a pandemic not seen in 100 years?
@@benjaminkell3726 u really dont think we are seeing another once in a lifetime opportunity after a pandemic not seen in 100 years? it did in the last pandemic to
Crazy how so much changed in 10 years. Now in 2021 these same houses have gone up 80% to 120% in value from what they were worth in 2010
Funny how the bottom of the market was 5-6 months after this was filmed. eek Shows most times its best to do the opposite of the media. I remember 2005-06 on the tv they were saying market hot best time to buy is now. Then here they were 2010 telling people to sell at the bottom... It kinda make sense how rents shot up tho. Once everyone foreclosed and sold at a loss everyone needed to rent. Then boom rentals were up.
@@kennyadvocat also all the government money printing went straight into rents
Where I am at they have gone up (to date) 3.5 times the value they were in 2010
@@kennyadvocat exactly
@@35Colorado is that normal to go up 3.5x in 10 yrs? im hoping its def not and it will be just as bad as 2008 and homes will be affordable again if you held cash
Wow, this is just crazy to watch in 2022. Now sure how everything flipped upside down but here we are.
So have prices fallen a lot or have they gone up? Haven’t been keeping up with the us market recently
@@harrys5925 yes, everyone decided together that they were going buy a house simultaneously, which lead to pre 2007 pricing. But it seems that just as quick everyone was interested, they're now backing off leading to a drop off. We don't know how far it'll go but we'll find out.
History will repeat itself....
It’s almost time for this again isn’t it
Yeap
🙄🙄🙄😏😏😏
That walk away thing was a horrible idea in hindsight. That 300k house could be like 700k now.
Liar
But it’s really not worth that.
“Income Property?” Fkng greed has blown up this bubble.
In August 2010 my home was worth $205K after buying it in 1993 for $109K and putting in another $130K in updates and small add-on. So, - $34K in equity. Today, July 2024 Zillow says $390K - $468K but my neighbor who is in the real estate business says minimum $500K even after fees to sell. I really don't care because I'm living on this 13.08 acres in my 2980SF home as long as I'm breathing. Insurance $1580 and City & County Taxes $ 2440 annually in 2024. When I purchased in 1993 I wasn't in the City and my taxes were $494 and my Homeowners was $648. I'm in the Southeastern US.
it's about to happen again
rip to all home sellers who think the housing market is 'going back to normal'
sell your home now at a discount to get out while you can before everyone runs for the door
this was the easiest crash to predict even if homes didnt sky rocket we had a pandemic not seen in 100 years the last time we had a pandemic homes also crashed . yet 10million people bought a home during the pandemic no smarter then a 5th grader he even learns about the 1918 pandemic in his scholastic history book like not even joking
You're talking like homeowners are planning to sell their homes. They're in no need to sell. Why sell now just because your value might take a dive when all these years you've been able to afford the home regardless of its value?
@@hangguy209 2 things real estate bubble the only time we had a real estate bubble if this size was in 2008, not even 1929. 2nd we are facing the 2nd worst downturn in 90 years worse then any recession from the years 1940-2000 any downturn of historic magnitude results in a crash it always has. theres been 2 big ones 1920s and 2008 both crashed / history rhymes u dont go through a 100 year pandemic unscathed
@@brianoleson9224 so you're hoping for a mass job loss so that there can be foreclosures? Because foreclosure is at an all time low. There is no inventory. Without inventory, prices will remain the way it is.
we are in 2024 now and things have gone even worse!
Can't wait to see this again.
why ? ?
@@derick3482 Collapses are the best time to make money. The stock market also suffers but it's the best time to invest in stock and make a lot of money.
Please don't buy house now in this bubble; this is the way we revolt against the suckers.
I love how the comments are from 2021 🤣 Housing market is nuts yet again and ppl paying 100-150k over asking price!
thats because WE remember the past mistakes
Can't wait to buy these cheap houses in 2021.
Why?
Same here, I’ve been on the sidelines for almost 5 years. I want to buy my “last home” before retirement in 10 years. Prices in big cities are starting to fall now with the biggest drop next summer/fall. Even though I am in Canada, we WILL be hit hard this year. Almost every contractor I know have not taken on too many contracts because people are starting to get skittish. Just a matter of time to get a massive discount on new house builds.
Why? X2
Also, where’d you go to basic?
Lol not so cocky anymore 😆😆😆😆
@@acommentator69 I literally bought 2 deeply undervalued off-market deals. One in late 2020 and one early 2021 lol. Buying my 3rd this fall. There are definitely deals...
imagine if they just hodled lol
Many could barely afford the payments anymore, and made a strategic decision to walk away. Many straight up couldn't afford them. Holding wasn't an option for most people.
Many ignorant people bought houses using no down payment interest only mortgages.
It’s like you didn’t actually watch the entire video
Ape 🦧 amc buy
We're about 7months to a year from this happening all over again just WAYYYY worse. Buyers hold out. Prices will drop dramatically.
There’s a townhome I went under contract (I pulled out of it though) he tried selling it for 375 but dropped it to 350 after no bites in 2 weeks and I offered 335 and he accepted.. he was an investor, than I looked into a house and was told he was an investor and he was trying to get rid of it fast.. listing was 395 and after 6 days he dropped to 385 (he’s still sitting in the market no bites) this is CO springs .. see the pattern ? Investors are the ones pulling out fast they know the crash is coming . Now I’m waiting.
@@ColdSprite exactly! Hold out brother. Sales are on the way. This market is so fake right now with all the inflated prices. The correction is coming.
@@ColdSprite liar
Inshallah 🙏
it won't happen like it did in 2009 for two reasons
one, no one anticipated the crash
two, it was WAY easier to obtain a mortgage in the US between 2000s to 2008 than it is today ... or was it just as easy to get a mortgage in the 90s too. ? ?
people don't understand that it's VERY HARD TO qualify for a mortgage in the first place but sure, once the interest rates increase and you can't afford paying then you maybe in trouble
but again in the end the government will realize that the economy is in ownership and property !!! I'll let you figure that out
“This time is different”
its different because there is more terrible things happening then in 2008
Another reason it's less likely to happen that way is that there is already too much demand waiting to absorb that regardless of how everyone is panicking and calling the crash. Nobody was making this prediction in 2008, at least not the general public, as I indicated below. In the other comment, it was mentioned that the ownership rate peaked in 2004. As of today, we are at the median level, having previously peaked in the second quarter of 2020. It decreased by 3% over 4 years, from 2008 to 2012, going from 68 to 65 in the second quarter of 2020.
Most people are unable to handle a fall since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
@Jonathan Hawkins Would you mind recommending a specialist with a variety of investment options? This is extremely rare, and I eagerly await your response.
No one can afford these insane prices with these interest rates. And as job losses mount, the bubble will have to pop.
They said this back in 2008 too. No one showed up to buy 😆
2022 is going to be the BEST year ever.
This comment has aged like milk
If the interest rate surpasses 9% or 10% along with the inverted yield curve, then the prices will collapse.
Came here thinking I was the only one interested in living in the past lol
2020: wait for it, wait for it
2021: not yet men!
2022: OK GO!!!!!!!!!!!
lol I’m saving up just waiting
Keep dreaming, it ain't happening.
@@acommentator69 I'm your daddy
@@automatedcomment my daddy owns a house so I don't think so.
@@acommentator69 I own 8
I hope it was those that were only unemployed that were walking away. If they still had a job and could afford to make the payment these people were incredibly short sighted. They're probably the same people that are buying houses in vegas/phoenix and putting them up for sale a month later at a much higher price in 2022.
It doesn't matter where you live. As long as your housing cost isn't above 25% of your monthly take home pay including escrow you're fine. You'll have enough to enjoy life, pay your other bills, invest, and save for retirement. I'd suggest living within a budget for elevated success but as long as you have .75 cents of every dollar earned after housing cost it's hard to screw up.
Watching in 2021 what a different world we live in.
Yet so similar, too.
It's amazing how much economic theory can change people's lives.
Rent is high right now and homes expensive
It’s just crazy to think that 12 years ago, people were paying $400k mortgages on their homes..these are still eye watering figures..I live in a very small house, live within my means, have savings, don’t use credit, only buy what I can afford, have no mortgage or debts, spend very frugally, earn an income and pension available in the future..I might not have much but I feel like a billionaire as I can breathe, sleep well at night and always have plant based whole food on the table 🙏🙏I am thankful to almighty God for all of the harsh lessons I’ve learnt to achieve this standard of living which I am very grateful for..Money can be a treacherous hostile jungle with many traps..it’s a life force all by itself ..it needs to be tamed for you learn it’s true value and power 🙏
25 year old deputy:🗣 priced out for a home n renting a apartment will hurt me more towards my goal.
one of my fav quotes. "How much are you willing to give up to gain?" Sometimes you need to sit on your hands. Buying on FOMO is what gets people into this situation like in 2007
It’s 2021 and Florida is booming and the housing market is on fire! Not enough homes on the market.
This comment will not age well
@@mikehawk4856 Yep 🤣🤣
Already starting to sour like milk!!
Wow it's crazy compared to today
10 year of 3.5 loans lol yep very different.
Gonna be comeback to this in 2022 🙏
Keep dreaming
@@acommentator69 it started in December. Hold on to your boots, were in for a ride, as of 3 days ago 15mil vacant homes. Prices coming down under posting, hardly getting asking price in many areas in the market.
@@nicholas6174 the vast majority of those vacant homes are unlivable. Houses are already up 6% nationally YtD
@@acommentator69 so where are the hot markets right now in the US ? I hear people moving to Florida
It's middle of 2023 so homes are now 1.2 million that was once 160k
I’m waiting patiently for the bubble to burst.
the “bubble” won’t crash this time. This is the new normal for house pricing. Look at Canada, uk, Australia... average houses in these countries are around 800k. American had just been behind for a while. This is the new normal
@@harrys5925 Thank you for the heads up.
@jūn i agree this isnt doom and gloom it is 2.0 crash theres so much evidence that this kind of crash even a depression that happened 100 years ago is on the table and it may be deliberate from the government a depression has to come again at some point would it surprise you ?
@@harrys5925 your in denial
@@schawnettarobinson8584 i hope you didnt take his advice and buy in ....
Here we go again.
Just wait 😂happening again
Yeah right lol
This will happen again
Albino u know it 😊
Why is this being suggested content lmao
Deja vu
God its happening now 🤦🏻♀️
No, house prices are rising at a record pace, not falling
@@acommentator69 it’s a bubble this level is not sustainable the market always corrects itself
@@gavinfromduvalcounty885 really, so I guess house prices are going to magically go back to 1940s levels? The market always does go up, even though there might be some bumps along the way.
@@acommentator69 nobody said anything about 1940s prices. But in some parts of the US homes are over priced by as much as 21%. The market will correct and then trend back up but these home prices are not sustainable. People are paying 600k for houses that are worth 375-400k. Does that seem sustainable to you when people are paying 100k over value. Capital injections have also made a false sense of security. And buffets key principle when everyone is fearful be greedy and when everyone is greedy be fearful. Everyone is greedy rn
@@gavinfromduvalcounty885 the “bubble” won’t crash this time. This is the new normal for house pricing. Look at Canada, uk, Australia... average houses in these countries are around 800k. American had just been behind for a while. This is the new normal
watching this July 14th 2022
History repeats
Sorry you missed out
@@acommentator69 missed out on a market crash?
Im very glad to have avoided it.
@@nohopeequalsnofear3242 sorry you missed put on the 2009-2015 buying opportunity. Prices ain't never going that low again.
@@acommentator69 I was not in a position to buy at that time....even if i wanted to buy.
@@nohopeequalsnofear3242 I agree I was so poor back then recession never concerned me a bit
Here in 2021
Before it happens again but worse
Waiting for the the end of this moratorium in 2021.
Haha
2024
2021: 👀
Loser
economist ? jokes . proved after 10 years
B 4 air b and b 😢
🙄🙄🙄😏😏😏 it's time
sensationalist reporting
You realized millions of people lost their homes right?
Your all wrong….hahaha
It’ll crash again.
jokes
👋 Hi👀
👄 I
As much as the poors are hoping for another crash like this. In hopes of being able to afford a home. I hate to break it to you. It ain't happening. This was made possible because banks were running mortgage backed securities and loaning money to people that shouldn't never qualified for one. This ain't the case anymore.
It will just be a horse of a different color. There will be a reason but house prices will have to come down. It will be a slow bleed so folks may be waiting for a few years.
15 year bank veteran here. It’s going to crash lol we just can’t tell people that
whoever bought in 2010 is a millionaire now