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What to expect from the housing market in 2023
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- Опубликовано: 2 янв 2023
- Jason Lewris, the co-founder and head of Parcl Labs, joins CBS News to share his forecast for the 2023 housing market at the start of the new year.
#news #housingmarket #realestate
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America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming.
@Zahair O'Brian Hi Mate, please how can i reach this CFA of yours?
@Zahair O'Brian She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing
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. This is not financial advise but get buying, cash isn’t king at all in this time!
Making precise forecasts for the housing market in 2023 is challenging due to the uncertainty surrounding the Federal Reserve's ability to lower inflation and borrowing expenses without adversely impacting consumer demand for various purchases, including homes and automobiles.
You are right! I diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above a million dollars in net profit within 2 years across high dividend yield stocks, ETF and bonds.
@@tatianastarcic How can I reach out to this coach? because I'm seeking for a more effective investment approach How good is this person at portfolio diversification, particularly with regard to digital assets?
@@maiadazz Laurel Dell Sroufe is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
@Tatiana Starcic Thanks for sharing, 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 e-mail shortly.
These investment are only bound to make slow profit returns in the current market, I've come across a few blogs mentioning investors that generated profit of up to $450,000 in 3months and I'm eager to know what/how I can make such lucrative profit.
you need to devise a reliable strategy.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again
@@alexanderjack1043 who is your financial coach, do you mind hooking me up?
@@kathyconway8312 "My consultant is *KEN* *ALAN* *WILLIAMS* I found him on a CNBC interview where he was featured and reached out to him afterwards. He has since provide entry and exit points on the securities I focus on. You can look him up on his social handle if you care supervision. I basically follow his trade pattern and haven’t regretted doing so".
@@alexanderjack1043 Thanks for sharing. I found him on instagram, will connect with him.
Anyone who has lived through bubbles before saw this coming. Home prices can’t double in two years and be sustainable. Those areas will see massive corrections to where they’re supposed to be. Homeowners who recently bought are already underwater on their mortgages.
It’s a real thing, they call them business cycles.
When you say underwater what does it mean … I mean can you still refinance and how about equity . Please educate me in this area
@@adamnaughty areas I’ve been watching are priced 15-25% less than six months ago and no one is touching them. What equity do they have if they bought recently? They owe more than the house is worth.
@@Megans358 thank you as thats what I thought it meant and I am new to this area and wanted to buy a HOME for my family... and its a huge purchase and for the quality of the home I cant ... Again thank you for sharing your knowledge.....
I am almost 50 years old, and there has only been one real estate bubble in my life. The last bubble before that was Siri g the Great Depression. Real estate bubbles and crashes are not uncommon. Personally, I do not think we are in a bubble right now. I see a correction, but not a crash. More and more potential buyers are popping up on a daily basis, while no one is building new homes, unless those homes are specifically ordered. Builders put a hold new developments, as they still have 2008 fresh in their heads, and they aren’t getting burned again. Millennials are the largest generation, and they are in their prime home buying years, and millions are sitting on the sidelines. They are the largest generation, and the competition and lack of housing will keep prices high. It’s a downfall of being on a large generation. Boomers went through the same thing, as when inflation skyrocketed in the late 70s and early 80s, home prices surged, and never came back down, until the early 1990s, and that was due to a severe recession. I think people are going to just have to wait until wages catch up, but employers aren’t going to be upping their wages if unemployment heats up. We have really never seen this scenarios play out in any of our lifetimes. It sucks, but when the government hands out all that money, inflation is going to happen. Be very careful who you vote for, because as we can see, cost of living is way up since Biden took over. When. He waged a war on oil and continued handing out free money, the cost of everything skyrocketed.
*You are such a blessing to this generation and have inspired me in many ways. I kindly ask; what’s your opinion on the best way to make money in 2023?*
@Esposito Marino I am very interested in investing and have kept aside a good amount for this purpose. I ask politely; what’s your advice to anyone who wish to invest?
@Esposito Marino My goal 2023 is to become financially stable and rich as well. I appreciate the kind replies and promise to reach out to Lucy Victoria Fernandez (the united base Financial adviser ).
WORK!
The houses near me are all getting 30+ offers each and selling 100k over listing price. Nothing has changed here since 2022. If anything it's even more competitive.
Houses and rent are still expensive. The end.
Back to 2019 home prices
Home prices won’t stop until housing inventory increases
Bingo! Someone understands basic economics.
Inventory has been increasing for years. You obviously haven't been paying attention. The statistics are easily found online. Builders have never built more in the history of this country.
@@r.d.9399 Are you sure you’re looking at the correct numbers? There are millions more buyers than there is available inventory.
Where I live, I and my partner were in the market of buying a house to avoid rent increase & ending our renting journey,…on our lease before we moved out was $3,586 & if we renew the lease it would’ve been $3,800. A couple years ago that exact apartment would go for $2000 max. Where we live, a ton of Californians and people moving from expensive states (horrible taxes / regulations) are coming to this state, which has drove the prices of a lot of homes up including rent! I remember when rent was actually affordable where we live, now rather be in a house at this point. It’s better to put your $$$ in equity on a home than throw it away. The house we bought was originally priced at $610k for a brand new home. Before we even closed they took off $125,000 (premium lot) and final sale of our home before my down payment was $486,100 at a beautiful & amazing location. Location is key for when buying a home. We have been waiting months for the home to be finished. I think we scored a deal to be honest at the area we live in. So house market can be questionable, but is it really worth wasting a lot of what you pay in rent when rent is just going to get higher 😕 a deal is a deal at the end of the day, just be really good with negotiating
1200 sq ft homes built in the late 60s in California going for 600K+
LOL
Nice…Missed watching videos from this channel, The current inflation got me so busy with work
Though the inflation was only here in my country,I’m afraid now
Anyone got business ideas for 2023, would appreciate it
Great success every week with the guidance of my professional trader miss Rosaline Smith, I have gained a lot with the help of her trading strategies and investments
Don’t the inflation not affect Crypto tooo ?
The crypto is loosing value too.But thats for the long term holders, crypto traders have nothing to loose
The only data that everyone need to look at is how many home sales closed in 2022 compare to the last few years. A big percentage of home being listed had a price reduction. It’s gonna be a stand still for a while unless rates come down or home prices comes down!
Housing prices are not going to come down significantly. Other than the 2007 derivative market, when have we ever seen housing prices drop significantly?
The one thing I think that was wrongly mentioned, was that high material costs and high Labor costs are still a factor, however interest rates are causing the market to change on the selling side however the builders are still facing record high prices in labor and materials due supply demands.
My town median income is around 50-60k a year. (Old logging town) houses are upwards of 300k its insanity.
Time to move where it is affordable. That is what I did.
I’m a real estate agent housing market looks amazing, I suggest u buy high and over bid to get the home u want. Overpaying on the value don’t worry homes will continue to go up don’t miss out on this amazing lifetime opportunity. 😂 I knew those people were garbage, and for all the people who over paid, for the ones that messed up the market I hope u get what coming to u
Up, down, boom, crash. The winners? The banks.
They don’t win when prices is decline and people hand back their keys
I still see home prices going up in NJ.
Yick, NJ. Even Springsteen jetted.
Buyers market around the corner be patient
In five years.
In Phoenix homes need to come down by as much as 40% in order to approach affordable levels. My brother in law paid $290K for his house in 2019 and was offered almost $600K last year. These investor idiots drove up the market and have now fled and I hope that all of them lose their shirts for getting us into this mess.
50% or more there. It's insanity in that entire state.
@@r.d.9399 yep
$600k! WOW! Did he take the offer?
@@NotfromDetroit no because that would’ve meant he then would have had to find somewhere to live and everything around him was within earshot of that price. So even if he had found something and put down the 250k of profit he’d have made when you factor in interest rates his mortgage would have wound up being significantly higher. So no, even though it sounded good it didn’t make any sense for him to do that. Which is the side of things that realtors aren’t telling people
@@ABSVabeautifulsunsetvlog Your brother is a smart man.
We have to get to double digit interest rates. The interest rates had been to low for two long. The higher the interest rate the lower the Prices. The whole Real Estate industry needs to be revamped.
Who could afford the house with $370k higher than last year?
My city that would be a dream to see a home that cheap
FOMO buyers who will hit their head against the wall after 3 months.
@@Canelito818 no no they can't we an engineer and lawyer to
My home has lost -16% is value on Zillow the last 2 months. What gives? That's such a short period of time
All time highs for home prices are the biggest issue along with high inflation. Those are the biggest issues.
Do you think this situation is ever going to improve? Inflation, maybe. Home prices always rise.
The motto for buyers in 2023? Drive a hard bargain. Refuse to overpay if you can. If we don’t buy, they don’t sell. Housing prices have doubled in some places. That’s crazy! We need anothe housing crash.
You wish for a housing crash? Why? Because you failed to purchase when they were affordable. I wish you luck. Because, you never know.
First of all, we are in a recession. Although they say inflation is at 8%, it is actually 16%. Second, real estate will go down substantially, why buy at the top? Best thing to do is have cash. When prices drop and they will, you'll have cash to buy at bargain prices.
When will they drop?
SOURCE?
Once people realize it’s unsustainable to spend >40% of their pay towards housing, prices will automatically come down. I see prices falling at least 20-30% from here on. Smart fellows are already cashing while the prices are up. Hurry up and sell or else end up regretting.
Housing should be no more than 20% of their take home income. Also, do not buy from corporations. They have no interest in giving you a house in good condition.
How is owning a home not sustainable? Do you realize what you just posted?
Love it when real estate professionals say home prices are going up, and then compare them to a year earlier. Be honest, home prices have been coming down on a month to month basis since May '22. You may as well say home prices are going up... compared to 1972 prices...
You’re correct, prices have been declining. The problem I see is that the asking prices are still way too high. Dropping the price on an already high asking price doesn’t mean the house is now affordable, especially when you also factor in the higher mortgage rates.
they have been dropping but on the areas that arent desirable. the ones on good location dont budge.
@@jeffreynegapatan ABSOLUTELY!!!!
@@jeffreynegapatan exactly, that’s why I didn’t let anyone talk me out of buying my house last fall. I knew the neighborhood I wanted to move to didn’t even crash in 2008 like others did.
if interest rates are kept high, there will be way less sales tho prices are still high, so if interest rates can stay high/unaffordable for a year or so and then drops back down to 3-4%, that'll mean people with those fixed mortgages at 3% will now consider selling their home to get a newer and bigger one once the interest rates are back down. No one wants to sell because of those fixed rates. the market has gotta correct itself soon, the unaffordability of owning a home right now is rediculous especially when compared to renting
20-30% correction coming 🤕
which locations?
I’ve already seen 25% in some areas. Patience will pay off.
Not nationwide. Maybe locally for you, but not near me. A 30% drop near me would. Bring homes down to prices from almost 10 years ago. That’s not going to happen. Maybe 10%. In places that went up over 100% in 3-4 years I can definitely see 20%=30% drops.
40-50% crash for the next five years at the bare minimum.
I bought recently. Sure we may be underwater right now, but we plan to hold the property for 10+ years so it doesn't really matter equity wise, we will come out positive in the long run. The only people getting crushed right now are flippers who need to turnover properties quickly for profit. Don't feed into the FUD. If you can afford the property responsibly and it fits the lifestyle you want, buy. Otherwise rent and be okay with rising rents.
I'm 48years old living in California, I'm hoping to retire at 50 if things keep going well for me. Bought my first house last month and I can't be more proud that am i now. I'm glad I made great decision about my finances that changed me forever but now I can't seem to make any other smart investment.
the market is profiting if you are using a good broker or account manager to help out with trades or provide signals
I'm a living testimony of expert Isabella, she has been trading for me for months now
Move to Texas.
I love when I see people say “I’m waiting for the crash so I can buy.” If prices come down then why would anyone sell their home? Buyers will only be able to find newly built homes and there aren’t too many of those out there.
I can't imagine anyone sitting around saying "well, my house just went up in value so I'm going to sell and move now for no reason."
Finally, wisdom online. Thank you.
How do you build relationships with developers? What does that even mean besides calling them up and asking "Hey sell it to me for 20% less?"
Just put an offer for 660k w. 6% the house was nice but few blocks from a bad city. We both have 800 fico. Mortgage was going to be 4700ish monthly. Glad I turn it down. Houses in southern CA are crazy high.
The feds rate hikes are not helping either. I can see houses going down in the near future. If it does I’ll buy a house and refinance when interest drops. Sucks to be a new home buyer right now.
Go ahead you can do it, come on say it..C.R.A.S.H.
Is it really a recovery if we go back to highly inflated unrealistic unsustainable levels we saw back in 2021?
Home values will continue to fall well beyond a decade. Too many people locked in record low rates, for RECORD HIGH COSTS. Prices only need to decline about -10% for catastrophic results. Risky HELOCS, Airbnb busts, and decade long value declines, combined with commercial real estate in the red, across the board. Foreclosures are only now starting to uptick. Supply is increasing, NATIONALLY. This bottom won't show until the mid 2030's at the earliest. -40% when the dust settles. God bless, America.
Thanks, for the info, this helps.
How do I figure out who are the developers in my city?
Google?
A good deal from a motivated seller right now is still NOT a good deal. Wait and watch the market go down more. There will be MORE motivated sellers
Sorry to say, but not so much; home prices will continue to rise as it is one of the major ways to build personal wealth. Housing is in demand and will continue for the foreseeable future. Especially in the hot zip codes. Renting = throwing 100% of your housing costs away. Buying at a high interest rate and even with a high home price still guarantees that the 300 to 500 per month of your equity portion of your mortgage payment will eventually be returned to you.
Across the street from me there are at least 10 new homes being built today. Have not driven the community lately, but from my view demand is still VERY HIGH. Buy now or get left behind and buy later at twice the cost of today. Bought my home for 352K in 2022. In early 2021 it would have cost 250K. See you this summer at 450K.
🤡
Does anyone have recommendations for understanding the relationship between rents rates when the buying market hits highs and lows? I bought in Feb 2022. Similar homes today have an asking price about $45k less *but* from what I can tell if I were to rent my home out the market rate would more than cover my mortgage + property tax even though I technically overpaid
There isn’t a relationship there.
Rent prices aren’t set based on or around costs. Rent prices like all prices in a capitalistic system, are set according to two factors.
#1 is what enough people are actually willing to pay.
#2 is never talked about, but it’s decided by what price cap the banks want, and how many property’s they are willing to hold and allow to rot, in order to manipulate supply.
PEACE
HONESTY
PROSPERITY
FREE THINKING
GOOD HEALTH
SOBRIETY
OPTIMISM
Stupid comparing prices from year to year. Compare from pick to now.
Is there is a housing crash y will see it in Florida first as usual but until now the market is 50/50
Interest rates back at 4.5 or less
A whole penny amazing.
of course any home that has frequent price cuts and is listed over 30 days usually is a dump
Home prices will go down a little but the market will not crash like 2008 like everyone is waiting for. My best advice is get a house you can afford if the numbers make sense to get the house. You can always refinance on the interest later even though that will probably not go back to the rates they were last year. Get something you can afford and that you’re comfortable with it’s not that hard
It's already crashing and will continue to crash for the next five years at a minimum.
@@r.d.9399 as a real estate agent, I professionally disagree. But ok 🥰
@@r.d.9399 do you own any real estate?
Home prices in Northern California only goes down enough to capture a numbers of homes buyers attention for a multiple offers.
@@r.d.9399how can the market crash when home inventory can’t keep up with the buyer demand? You don’t know what you’re talking about 😊
What is an ibuyer?
Interest rates are 5.5-6% investment 7-9%. I didn’t see no 4s or mid 4s!
The guy is handsome but makes too many corrections on camera. Hope he can fix it
Not perfect. No one is ;-)
I hope they tank 50%, would stimulate the economy
We've been in a recession for 7 months, it's going to get worse before it gets better.
That all depends on your situation. Owning a home has made the recession a minor thing for me.
We lost about 1 million due to the covid. Does that mean the houses from these deceased people will be available?
In my area brand new 1700 sq ft homes are 555K that’s horrible
Ok, so wait for "the crash" and pay 777K for the same home in 3 years.
@@randymillhouse791 I’ll live under a rock
@@Jayyy64 Yes, you will.
@@randymillhouse791 with your mother
I have no idea what they are talking about, can someone explain to me if I was like 10 years old
good news
Great advice!... but just the same old textbook basics.
What is the true value of a home?
The happiness of those that reside within.
Developers and investors drove up the housing costs with their bulk buying. These folks are in the business of making money…Good luck with trying to get a deal…
Facts bro. They will rather go broke than break even.
Why is this news guy not wearing a tie
The housing market is too big to fail. If it falls too far the whole economy could collapse. The government and the fed need to step in and make sure there is liquidity in the market so buyers can continue to operate. They need to take steps to ensure there isn't a surplus of houses too. That will help to make sure prices stay stable. Actually they have been doing just that. Except the Texans are pushing back. They are having issues with border policy and that's interfering with the supply of buyers. That's just a short term concern though. The real problem is there just aren't enough babies being born. Every citizen needs to step up and pull their weight.
Prices staying stable is part of the problem pal, you realize home sales have fallen off of a cliff? Why do you think that is.
@@Jay-ql3gu well, okay but I was only trolling with cheeky sarcasm. Markets eb and flow and knowing that it is an opportunity if you have patience.
@@headfirst6227 lmao oh I get it now touché sir
End of the day it’s the bank that makes money that’s all …
What would happen if houses depreciated like cars do?
Then that's your time to buy and rent them out.
Down month to month but up year over year, but it's going down not up, I hate people that look at yoy
PEACE
HONESTY
PROSPERITY
FREE THINKING
GOOD HEALTH
SOBRIETY
OPTIMISM
Theres 4mins of my life i wont get back
What I expect? Well me NOT buying a house
I mean. if your selling your buying. unless your rich. so who cares?
The moab is coming. Save your money. Don’t make any big purchases for the next two years. Try to get a job that does not rely on the economy. Gonna get nasty.
It's a good time to flip houses.
Kick a door in
To the moon!
Still waiting for gas to go up to $10 a gallon like Republicans said it would 😅
Still waiting for anything good to happen from Democrats.- when is the country going to get better? It was so bad before as we always heard. Since they took power we got - wars; more crime; crappy economy; no one happy. It's been amazing! 4... more... years!
Out here in Cali it reached $8 …. Pretty close
Lol all made up, the dude can’t even read, prices are not going up what is he talking about
This is all just guessing in reality nobody knows what’s gonna happen I’m so sick and tired of these videos
Home prices will be higher a year from now…
No British accents 👎
In 2030 you will own nothing and be happy. 👎👎👎
You mean housing markets? They're all diff.
😂🤣😂
Go ahead and buy a house now. I Double Dog Dare You🤣📉
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. This is not financial advise but get buying, cash isn’t king at all in this time!
You’re right! The current market might give opportunities to maximize profit, but in order to execute such effective transactions, you must be a skilled practitioner.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal portfolio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $150k since then.
I need guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?