Get Connected To a GREAT Real Estate Agent Here: www.realestateteamfinder.com Please SUBSCRIBE HERE bit.ly/31kAR73 My Gear I Use for RUclips: www.amazon.com/shop/jasonwalter Products I use and like: #ad Tubebuddy www.tubebuddy.com/jason808
I'm in Orlando right now and we just had the highest number of June cancellations of pending contracts in history. I'm watching lots of price drops and it's nothing compared to what is happening in Tampa.
@@JasonWalter1 when I Google it the first two that come up are from the local TV station wftv and it actually looks like we've had two months in a row of record pending contract cancellations with August hitting 24.5%
@@JasonWalter1 I know RUclips won't let me post a link but apparently they won't let me even mention the source. The local tel e vision station actually says that we've had two months of record cancellations with August hitting 24.5%
Yep, Florida and Texas will be worse than 2008, but most other states will also. Florida in particular is on track to see roughly a 70% real estate price crash.
12:40 The builders are price fixing in the $1mil plus market. In Tampa I see all the builders hiding inventory in this price range. They only advertise one home available when there are actually very many. One thing we can do to fight back is only buy inventory that is already built. Builders will not negotiate price if the home is still under construction.
Thankfully, I'm still saving money for a down payment while this mess straightens itself out. I was lucky enough to buy a house in a great neighborhood in 2020. Now, I'm just waiting patiently for the right opportunity. I refuse to buy a dump for $500k. My advice: Don't jump into the market unless you absolutely need to. Save money and invest in a HYSA or Brokerage account in the meantime. Let them feel the burn 🔥😅... and don't accept the high rent prices either. Negotiate with greedy landlords, shop around, widen your search area, find more affordable places to rent. Don't let anyone mess with you'll.
I was shopping in Jacksonville 3 months ago, not alot attractive inventory. Alot of sellers tryng to put lip stick on homes, foundation issues. Greed, price cuts galore, overvalued. I decided to wait a little longer.
I refuse to buy a dump for $500k. My advice: Don't jump into the market unless you absolutely need to. Save money and invest in a HYSA or Brokerage account in the meantime. Let them feel the burn 🔥😅... and don't accept the high rent prices either. Negotiate with greedy landlords, shop around, widen your search area, find more affordable places to rent. Don't let anyone mess with you.
Median home price sold since the Q4 2022 peak is down 10% and in free-fall, and that's after FRED retroactively fraudulently adjusted Q4 2022's peak median home price sold downward earlier this year from $479,000 to $442,000. They're in absolute panic mode, changing both median home prices, median incomes, and the unemployment and jobs numbers. This is unprecedented. The housing market is crashing and unemployment is going up exponentially.
Thankfully, I'm still saving money for a down payment while this mess straightens itself out. I was lucky enough to buy a house in a great neighborhood in 2020. Now, I'm just waiting patiently for the right opportunity. I refuse to buy a dump for $500k. My advice: Don't jump into the market unless you absolutely need to. Save money and invest in a HYSA or Brokerage account in the meantime. Let them feel the burn 🔥😅... and don't accept the high rent prices either. Negotiate with greedy landlords, shop around, widen your search area, find more affordable places to rent. Don't let anyone mess with you'll.
Luxury sales are chugging along nicely, but this hides the noticeable price drops in the mid range sales (as you noted). The possible excitement this fall could make up for that though…
I wonder if we can track trends not only by metro area but also by proximity to the water. I’ve noticed a lot of inventory inland, and prices seem to be dropping in the Tampa / Sarasota area. I’m looking at houses on one of the Keys (not the luxury ones), but I’m curious if the price trends are different in coastal neighborhoods, also gap between house vs condos
No idea if you can get this data Jason, but it would be interesting to see the % of homes for sale that were purchased just before Covid vs homes people have held longer than 5 years. I see lots of just before covid purchased trying to cash out equity, and not as many long term homes selling.
Does anyone know how to verify HOA and future assesments on a Florida Condo? I saw a listing yesterday that looked too good to be true, wondering if a big assesment or hoa hike is imminent.
request financial information from the hoa. they can email it to you. if the reports are lacking in data, only show assets and liabilities, or show very low reserves be very cautious. Some hoa's are very good and have maintenance schedules and projected costs going into the next year.
I would ask your agent to speak with the seller's agent to see if they or the seller are aware of any changes. The HOA meeting minutes also is a great resource as well because the board members often discuss issues or HOA dues changes at their meetings.
I take issue with comparing numbers during the Covid scare. This is an anomaly and doesn't accurately represent historical data. You have to go farther back. At least 2007.
Zzzzzzzz... interest rates going down in September through the end of 2026.. everyone knows it.. everybody is kicking back and will quickly snap up the limited inventory and drive prices up with it when lending rates are lower.
@Ja56780 why would they at just 25 basis points? They know that by January it may be down an entire 100 basis points and even more every quarter after. If I was in the market I'd be patient until 2026... keep saving that down payment.
TLDR; The housing market is incredibly healthy and has returned to pre-pandemic levels in most categories. Great info as always Jason. Unfortunately your use of percentages is very misleading. I’m not sure why you want to paint gloomy pictures but I assume it’s due to the algorithms. For example: you say days on market times have SKYROCKETED!!! 😂 They were at 8 days! That is not a healthy market. If they double which you say is “up a staggering 100%!!!” That’s still only 16 freaking days. That is ridiculously low and not healthy. Ok then they double again 😮😮😮. So what it is still only 32 freaking days. A balanced market has 6 months of inventory. Stop with the BS and please just give us the data. People look up to you
Sorry you didn't like the video. To be fair, I go out of my way to share how the stats compared to years past going far back as their publically available data goes (2016). Rather than just sharing MTM and YOY changes. I do this to provide context to the information we're seeing today. Also, a balanced housing market is no longer a 6 month supply. At the low in FL two years ago, it was only 0.9 months so to increase it to 6 months, would be a buyer's market.
Get Connected To a GREAT Real Estate Agent Here: www.realestateteamfinder.com
Please SUBSCRIBE HERE bit.ly/31kAR73
My Gear I Use for RUclips:
www.amazon.com/shop/jasonwalter
Products I use and like: #ad
Tubebuddy www.tubebuddy.com/jason808
I'm in Orlando right now and we just had the highest number of June cancellations of pending contracts in history. I'm watching lots of price drops and it's nothing compared to what is happening in Tampa.
Interesting… can you share a link to that report? Would love to see it.
@@JasonWalter1 when I Google it the first two that come up are from the local TV station wftv and it actually looks like we've had two months in a row of record pending contract cancellations with August hitting 24.5%
@@JasonWalter1 I know RUclips won't let me post a link but apparently they won't let me even mention the source. The local tel e vision station actually says that we've had two months of record cancellations with August hitting 24.5%
Yep, Florida and Texas will be worse than 2008, but most other states will also. Florida in particular is on track to see roughly a 70% real estate price crash.
@enthused7591 how so?
12:40 The builders are price fixing in the $1mil plus market. In Tampa I see all the builders hiding inventory in this price range. They only advertise one home available when there are actually very many. One thing we can do to fight back is only buy inventory that is already built. Builders will not negotiate price if the home is still under construction.
Thankfully, I'm still saving money for a down payment while this mess straightens itself out. I was lucky enough to buy a house in a great neighborhood in 2020. Now, I'm just waiting patiently for the right opportunity. I refuse to buy a dump for $500k. My advice: Don't jump into the market unless you absolutely need to. Save money and invest in a HYSA or Brokerage account in the meantime. Let them feel the burn 🔥😅... and don't accept the high rent prices either. Negotiate with greedy landlords, shop around, widen your search area, find more affordable places to rent. Don't let anyone mess with you'll.
I was shopping in Jacksonville 3 months ago, not alot attractive inventory. Alot of sellers tryng to put lip stick on homes, foundation issues. Greed, price cuts galore, overvalued. I decided to wait a little longer.
@@MaoN-cv8kb I 100% concur with your assessment. I’m seeing the same thing!
I refuse to buy a dump for $500k. My advice: Don't jump into the market unless you absolutely need to. Save money and invest in a HYSA or Brokerage account in the meantime. Let them feel the burn 🔥😅... and don't accept the high rent prices either. Negotiate with greedy landlords, shop around, widen your search area, find more affordable places to rent. Don't let anyone mess with you.
@@MaoN-cv8kb prices have gone completely Ukrainian.
Median home price sold since the Q4 2022 peak is down 10% and in free-fall, and that's after FRED retroactively fraudulently adjusted Q4 2022's peak median home price sold downward earlier this year from $479,000 to $442,000. They're in absolute panic mode, changing both median home prices, median incomes, and the unemployment and jobs numbers. This is unprecedented. The housing market is crashing and unemployment is going up exponentially.
So maybe a good time to make low ball offers and get a bargain?
Jason Walter! Good morning, sir. It's always nice to see you, my friend.
Great to see you here! Good morning, Travis.
This report is Bonkers!
Thankfully, I'm still saving money for a down payment while this mess straightens itself out. I was lucky enough to buy a house in a great neighborhood in 2020. Now, I'm just waiting patiently for the right opportunity. I refuse to buy a dump for $500k. My advice: Don't jump into the market unless you absolutely need to. Save money and invest in a HYSA or Brokerage account in the meantime. Let them feel the burn 🔥😅... and don't accept the high rent prices either. Negotiate with greedy landlords, shop around, widen your search area, find more affordable places to rent. Don't let anyone mess with you'll.
Luxury sales are chugging along nicely, but this hides the noticeable price drops in the mid range sales (as you noted). The possible excitement this fall could make up for that though…
Florida is a nice place to visit but it's not a home for me. The home insurance prices is skyrocketing I heard.
I feel bad for those on a fixed income who own there especially older condos :/
Home insurance is going up if you are on the coast, and even then it's no worse than what it going on in California and Colorado.
With that humidity when over half the US doesn't have it. Hardly. I've left 3 times 😅
@@JasonWalter1we got the condo warning June 2021 no one listened
@@JasonWalter1 why older condos?
I understand mortgage rates are forward looking but still excited to see what happens after mid September.
When you FOMO into real estate you pay dearly.
💯 💯 💯
15:05 Prices are not keeping up with inflation, which means most Florida markets are losing value even if prices aren’t dropping yet.
Real estate historically outpaces inflation though.
Happy Thursday Jason! #LetsGetNerdy😂
Good morning Steve! Always a great day to get nerdy 🤓
I wonder if we can track trends not only by metro area but also by proximity to the water. I’ve noticed a lot of inventory inland, and prices seem to be dropping in the Tampa / Sarasota area. I’m looking at houses on one of the Keys (not the luxury ones), but I’m curious if the price trends are different in coastal neighborhoods, also gap between house vs condos
Great video. Very informative.
Thank you
Good Morning, Jason
Good morning Courtney!
Location specific of course
My car insurance doubled in the last 11 months
Sorry to hear that! Where abouts? Maybe shop for a different carrier?
I wonder how much home owners insurance premium increases are affecting home price decreases.
No idea if you can get this data Jason, but it would be interesting to see the % of homes for sale that were purchased just before Covid vs homes people have held longer than 5 years. I see lots of just before covid purchased trying to cash out equity, and not as many long term homes selling.
Thank you for your comment and I haven't seen data on that.
Will the election make any difference with the prices of homes or rates?
To a degree: some may be waiting to move to see how it plays out.
Thanks a lot for the informations what about Nj
Anyone have any insights regarding the NJ market?
Does anyone know how to verify HOA and future assesments on a Florida Condo? I saw a listing yesterday that looked too good to be true, wondering if a big assesment or hoa hike is imminent.
If it looks too good to be true, they’re not disclosing everything.
request financial information from the hoa. they can email it to you. if the reports are lacking in data, only show assets and liabilities, or show very low reserves be very cautious. Some hoa's are very good and have maintenance schedules and projected costs going into the next year.
I would ask your agent to speak with the seller's agent to see if they or the seller are aware of any changes. The HOA meeting minutes also is a great resource as well because the board members often discuss issues or HOA dues changes at their meetings.
On average you need to go with $1500 HOA and $1500 for future costs and insurance.
Thanks for this analysis, Jason! We're heading to FL in a few days for house hunting!
Please let us know what you learn from house hunting there! Safe travels
Can you do the Idaho or Oregon market?
Thank you for the suggestion. Anyone else interested?
@@JasonWalter1 Yes! Interested.
I take issue with comparing numbers during the Covid scare. This is an anomaly and doesn't accurately represent historical data. You have to go farther back. At least 2007.
As I explained in the video, their publicly available data goes back to Jan 2016. I wish I had access to stats prior to that.
@@JasonWalter1 And you call yourself a data nerd. smh lol
You are wrong inventory is up and the highest in the 25 years.
Who was the President in 2018?
Texas version?
💪👍
🤙🏽🌴💙🍍🇺🇸
Aloha!
1😊
Close one today!
First
Super close! Good morning!
@@Courtney-Alice-Gargani looks like someone beat us both Courtney 😱😊
Zzzzzzzz... interest rates going down in September through the end of 2026.. everyone knows it.. everybody is kicking back and will quickly snap up the limited inventory and drive prices up with it when lending rates are lower.
Everyone already knows that rates for September have already been factored in and have adjusted, yet the average person still isn’t interested.
@Ja56780 why would they at just 25 basis points? They know that by January it may be down an entire 100 basis points and even more every quarter after. If I was in the market I'd be patient until 2026... keep saving that down payment.
@@mattclark2655 new construction homes in a lot of areas of Florida are being offered at 4.99 rates, yet no one is biting.
TLDR; The housing market is incredibly healthy and has returned to pre-pandemic levels in most categories. Great info as always Jason. Unfortunately your use of percentages is very misleading. I’m not sure why you want to paint gloomy pictures but I assume it’s due to the algorithms. For example: you say days on market times have SKYROCKETED!!! 😂 They were at 8 days! That is not a healthy market. If they double which you say is “up a staggering 100%!!!” That’s still only 16 freaking days. That is ridiculously low and not healthy. Ok then they double again 😮😮😮. So what it is still only 32 freaking days. A balanced market has 6 months of inventory. Stop with the BS and please just give us the data. People look up to you
Sorry you didn't like the video. To be fair, I go out of my way to share how the stats compared to years past going far back as their publically available data goes (2016). Rather than just sharing MTM and YOY changes. I do this to provide context to the information we're seeing today. Also, a balanced housing market is no longer a 6 month supply. At the low in FL two years ago, it was only 0.9 months so to increase it to 6 months, would be a buyer's market.
@@JasonWalter1 two years ago is not the proper benchmark and you know this