Don't Wait For Housing Market Crash BUY NOW! Here's Why...
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- Опубликовано: 5 ноя 2020
- With home values skyrocketing in 2020, many people are speculating we are in a housing bubble and there will be a housing market crash in 2021. But the truth is, the market crash may never happen and these high home levels might be sustainable! Even with home values increasing in 2020 compared to 2019, because interest rates have lowered so far, many people still have a far lower mortgage payment NOW then they would have 12 months ago. This won't be the case forever and why I personally recently bought a home and recommend to my clients to buy a home now.
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Anytime is always the best time to buy or sell according to a REALTOR. They like to eat.
Exactly....always sunny in real estateville
"To me, your monthly mortgage payment is more important than the sale price of the home."
Super dangerous garbage to spew!
Have you done research beyond the advice realtors? According to most sources prices will soar in 2021 into 2022.
There are many sources. Ex: according to the financial post: www.google.com/url?sa=t&source=web&rct=j&url=financialpost.com/executive/executive-summary/posthaste-canadas-home-prices-to-rise-12-by-the-end-of-2022-economists-predict/wcm/5f31b866-57a9-4ecf-90aa-65aa6ffbe02c/amp/&ved=2ahUKEwjyh9-w5qLtAhVsCTQIHdbSBV0QFjAKegQIFhAB&usg=AOvVaw1goPlRXo4V4OO2hc76fnCG&cf=1
A lot of people are not financially stable this period and it's not easy,I always advise people,don't just waste your stimulus checks or salary, invest it in something that will yield more,even if it is a part of it, we can't keep relying on a paycheck that is already half-spent before we even receive it, there are investment opportunities that have helped a lot of people especially through Stock and dividend investments. Having different streams of making money is the solution to survive in the pandemic, especially now most of us have to earn and work from home,so far this month I've made about $16,500 and it has helped me sort out a lot of bills and I do that through a registered trading company with a skilled trading guru by the name of Mrs Rebecca Jasper,she someone I'd never stop working with I really advise you get in touch with her (+ 1 6 6 2 7 2 7 5 2 2 5 🇺🇲) she will guide you through and assist you. She is very reliable. Trust me it's highly recommended
Kind of like asking a barber if you need a haircut
The best time to buy a house was seven years ago.
If you buy at all time high and all time low interest rate. you will never refinance. you are stuck
Exactly 💯
Refinance to take money out and then rent it out.
That is just what I was thinking 🤔
Thanks for sharing your comments make a note to my manager MR GEORGE on WhatsAppk to make huge profits in BTC. + 1 3 2 3 4 9 8 4 0 6 5
Do well to him i refered you.
@@nuestra_victoria how do you take money out if the price has dropped and mortgage rates are higher?
Average home price in my area is inflated to around $1,500,000. If now is the right time to buy I think I'd rather just rent until I'm dead
You are much wiser.
Factsss!
God help anyone listening to this dude.
Stupid advice.
We bought our house when interest was high but the house prices were low, the house we bought was 2.3 times our annual earnings at 8.25 interest we were able to double up on payments and paid it off 16 years early in 2009, if you buy a house at the peak price and rock bottom interest your screwed people are paying 7 up to 10 times annual earnings for a house "FAIL" no worries there is enough idiots that will buy at the top to keep real-estate agents busy and employed, side note paid $116,000 in 1995 it's now worth $465,000 we cannot afford to buy this house today
Malcom you are right on the money home prices all ways trend up in the long haul take for instance my Moms house in which they purchased for 22K when I was born and my mother sold it for $180,000. That same house is now selling for 850,000.00. My mom wishes she never sold it. I tried to sell my dad a home back when it was way cheaper in Lakewood for $150,000 it would have risen to $600,00. He could have used his VA benefits with a 0 down loan but he continued to rent an apartment. Real Estate is a long term investment and yes it can fluctuate and go up and down but if you buy a home and hold it for 20 years I can guarantee your going to make a profit. If you pay rent here in California for $2,500 per month X 12 months = 30K for 3 years = 90K you are going nowhere fast but your landlord loves you.
Mathematics say buy when interest is high and prices are low. But I know some who bought at the top of the recession and had a real difficult time financing it because the bubble burst in the middle of the purchase. Value fell after purchase then later rose. Now their property is worth about 8% more. But they bought it with the intention to stay in the house for years. IMO it is always a good time to buy if you can afford the payments.
Side note, well price rentals are getting scooped up in days....
JUST LUCKED OUT???? JUST BOUGHT MY FIRST HOME FURNISHED FOR 169000! THANK THE LORD! WAS VERY LUCKY!
It's always a good time coming from a realtor. It's their livelihood. Like asking a crack head if its a good day smoke crack.
My Goodness I am a realtor for 16 years and anyone who wants sound advice please watch channels like Minority Mindset or Neil Mc Ward and actually learn something . Do your due diligence!
Not a good time to buy. 6 months ago, another RUclips real estate “guru” advised it was the perfect time to buy a Condo in Toronto 😳.......fast forward to now. Condos prices in Toronto are plummeting and there is no bottom in sight!
I’m waiting until 2021/2022. Thank you
Most of Canada has had a crazy market for a while now.
No one wants a condo tho... Why would you buy something you don't own lol... and have no parking... and have to use an elevator
I purchased house $410,000 in Miami year 2011 when price of house hits almost the bottom. It was a great time to buy. Then I spent $70,000 for renovation. In 2016, it was sold $760,000! Now I just checked price of same house. It is $779,000 according to Zillow. I think there is a time you should not buy a house including / especially now..
You should sell it. Wait a year. Repeat the process.
Thanks for the video. The music is very distracting.
You were probably saying the same thing in 2007.
The cost and value are different , if all you can buy now is shitty houses for 400k it’s not worth it
Preach. It’s nothing but $300k dinky old houses with cheap remodels where I’m looking. These houses were half the price 10 years ago. If they keep going up, I’ll simply move. I’m not going to slave away to live in a little shack.
I don’t know where you live but 400,000 would get you an amazing home where I’m at.
@@JB-yy3vt where I live in Cali 400k is just a down payment on an entry level home
So where is all this money coming from that's going to keep boosting house prices?
Are people going to start pooping out down payments?
All that's happened is future buyers got pulled forward buy a panic.
No jobs, no wage pressures.
Stimulus is only a boost to the ones who already own.
Yeah bud, you gotta back up this claim of higher future sales with some logic...
I'm sorry but I'm trying to be polite.
Do you realize that prices have risen more than what you would have saved on a lower rate?? Prices are up over 10% most places while you got a 8% boost from lower rates.
So that's a net negative gain in affordability even with lower rates.
The Fed only controls short term rates, think again if you think they have complete control in commercial bank lending...
So all this in the face of high unemployment and nobody making student loan or rent payments..
If/when that normalizes... Oooff
Let me Guess, you a real estate agent 😂😂😂😂
@@demebox3607 lol, same people who said as much in 2007.
It's not hard to find a bullish viewpoint in a bubble.
How many winning investors do you think follow media for thier information?
I totally agree. Whether home prices will be higher in 10 or 15 years is moot if you can't make it there. Homes are much more expensive than they were in the 2007 peak, but how many millions of people lost their shirt on the way!?!? If you buy a home now you have to ride out the reset that may come and, more importantly, you'll run out of bullets (refi) if and when the time comes, just like the fed.
THOSE OF YOU WAITING FOR THE CRASH ARE ALL I CAN SAY IS GOOD LUCK. IF A CRASH DOES HAPPEN INVESTORS ARE STANDING BY WITH THEIRS MILLIONS TO SCOOP UP EVERYTHING. REMEMBER THAT. IF A CRASH COMES THE COMPETITION WILL BE SO BAD THE MARKET WILL BE EXACTLY THE SAME ONLY WITH HIGHER RATES.
I AGREE COMPLETELY! BETTER BUY WHILE YOU CAN, EVEN IF YOU HAVE TO BEG, BORROW OR ASK FAMILY FOR A LEG UP. LANDLORDS ARE NOW GOING TO REQUIRE A STRONG COSIGNER FOR TENANTS, AFTER GETTING BURNED BY THE VIRUS, ALSO LANDLORDS WILL NOT RENT TO PEOPLE WHO HAVE A FORBEARANCE OR EVICTION, BAD NEWS FOR PEOPLE TRYING TO GAME THE SYSTEM.
WHY ARE WE YELLING?!?
@@harris7963 ITS A STRESSFUL TIME WE ARE LIVING IN.
IT CRASHED IN 1990, IT CRASHED IN 2001, IT CRASHED IN 2009, IT WILL CRASH AGAIN IN 2021. ECONOMY CRASHING IS CYCLICAL.
@@Mrkevi123 we all know it will crash. It's just no going to crash the way it did in 2008. The market won't let that happen.
Oh my,, I live in Sweden. Girlfriend and I with two small kids (1 and 3 years) just moved into a rental appartment. We wanted to buy but the market is crazy for first time young buyers. Swedish high prices is due to low interest rates, Goverment subsudaries on house loans, and a large increase in population the last 20 years without enough activity in building new properties have given rise to ludicris house prices in relation to income.
We gave up the housedream for now and live close to multiple family members and friends who can help eachother in those tough times having smaller kids. But my limit is 4 years for the rental place as it will be to small when the kids get older (8 an 5 years). So I really hope the market will look different before the 2024.
Välkomna till Åland!!! Här kan du köpa med bra pris. Måste flytta och registrera här förståss.
Timing the market is different than looking at the facts. Real estate has cycles and we are at unsustainable levels. Might not be a crash but will be a better time to buy for sure.
A lot of people are not financially stable this period and it's not easy,I always advise people,don't just waste your stimulus checks or salary, invest it in something that will yield more,even if it is a part of it, we can't keep relying on a paycheck that is already half-spent before we even receive it, there are investment opportunities that have helped a lot of people especially through Stock and dividend investments. Having different streams of making money is the solution to survive in the pandemic, especially now most of us have to earn and work from home,so far this month I've made about $16,500 and it has helped me sort out a lot of bills and I do that through a registered trading company with a skilled trading guru by the name of Mrs Rebecca Jasper,she someone I'd never stop working with I really advise you get in touch with her (+ 1 6 6 2 7 2 7 5 2 2 5 🇺🇲) she will guide you through and assist you. She is very reliable. Trust me it's highly recommended
Of course he will say to buy a house now , they need to make money somehow, he is a realtor
He can make money selling homes would you rather have him go on the internet telling people the sky is falling thats called "PANIC SELLING" and its illegal. You should take a real estate course and educate yourself you might actually learn something about real estate.
@@joycebarnett6035 I think you should educate yourself first to be less emotional that might help LOL
YOU'RE A PREPPER REALTOR? I SAW YOU ON A PREPPER CHANNEL. INTERESTING... GOOD INFORMATION ON BOTH.
Your statement about monthly payment amount being the most important part of this equation is the basic thought process most would go through.
Let me tell you why that is not the best way to look at this housing market.
1) the banks have much more strict guidelines for mortgages now, and on a macro level lower interest rates will only bring in the necessary market participants, if the money is available.
My mother is currently trying to refinance her home. She is retired, with rental income, a nice savings, and a 830 credit score. She is having problems.
So lowering interest rates won’t bring in participants, if lending standards are more stringent.
2) the net income of the country has gone down by at least 1/3. The money velocity is at the lowest rate since records have been taken. That means we have a slew of businesses that haven’t declared bankruptcy, but are becoming insolvent as no money is changing hands.
Yes a restaurant might be open now in california,only doing 25 percent capacity to comply, but now it must lay off 1/3 the staff, and those people aren’t spending, and it multiplies through the system.
3) the housing market is tight, as you said. You also mentioned there is going to be many foreclosures based on delinquencies. Those houses would come onto the market? The banks generally don’t sit on inventory, they simply put them into auctions for the loan amount. Low inventory is only an anomaly based on covid measures, imo.....those folks who were going to sell will eventually put that house on the market. There will be a glut.
4) taxes, and solar panels being rolled into property tax payments is a silent threat, but I believe that is going to be helping the something like the 3 wave down.
Only rock bottom interest rates are the answer, but loans must be accessible as well. Banks are not in a hurry to give out money, they see what is going on. I don’t see how this gets reconciled by anything but lower prices.
Price could go up for 12 months, sure.......look out when we got to bear market in housing,it’s going to take out a lot of people, anyone buying today would be crushed. Rent.
If you don’t have to take out a loan and just buying a property in cash to live on and garden though might be functional diversification.. when you have tons of cash and no easy safe havens to invest all of it, owning property in full where you family can live long term seems wise regardless what prices and interest rates do, I can buy property outright in WA for about the same price as a basic down payment here in California and properties that come with about an acre of land. I’m less concerned with interest rates and morgages than having some hard assets with functional uses rather than trying to keep everything between stocks, bonds, cash, crypto, metals including trying to buy a second home and establish residency overseas as well etc I mean I plan to do some of all of it because what else can you do, but there is so much money especially here in California that has nowhere to go, and many wealthy people don’t want to live here any more.. that has to drive up property prices especially in neighboring cheap rural areas, and with no loans needed for most Californians looking outside of the California market that itself could keep RE prices inflated in surrounding areas for a long time
How about property tax going up too? Then that will be straight into the mortgage....
I noticed that too... Not the correct payment amount.
Thank you 🙏🏻
Don't think about the Price, think about the payment.
This is exactly how Rent A Center works .. buy in this market, No.
Absolutely 💯
🤣🤣🤣
Is this said in the context that the term is less than a 30 year mortgage? Unless the plan is to pay off early, mortgages are 15 or 30 years.
This is very dishonest. There is no such thing as a 30 year mortgage in most of the world including Canada. The standard mortgage in Canada is a 5 year ARM. They refinance every 5 years.
You have to qualify on a 15 or 30 year mortgage in the US. Salaries put a cap on how high houses can go. The funny money loans would have to come back to change this.
There is also some ignorance here on what determines mortgage rates. The Fed discount rate does not determine mortgage rates. The 10 year Treasury has more influence than the discount rate. However, the MBS market determines rates. The Fed is buying up a huge amount of MBSs. If the Fed cut down on MBS purchases, MBS prices would go down and interest rates would go up. If the Fed stopped purchases altogether, mortgage interest rates would be very high.
I think if you were planning to buy and you have good credit, good income and good saving you should go ahead and buy. Just do your due diligence. I'm literally in the process of buying in NYC and I have no regrets
These are scary, uncertain times, but I just bought my first home. People house shame & act like you're dumb for purchasing now, because you should have waited for the housing crash since low purchase prices will be guaranteed.
Thanks for this!
Not sure about your message, maybe if you have a surplus of money to invest, ensure that you can make the bank payments - I spoke with a banker...regarding buying investment property, he shared that being still would be a good thing to do and that I had 3-4 years to sweep up good deals at low rates. The market is so uncertain that holding tight for awhile more might be the way to go-- I would buy to rent or flip -- a massive amount of people can't afford rent or do not have the credit to buy...so for me I'd like to see who becomes president and what the job situation looks like after Q1 - Q2 2021....just me..
Yeah, I get that. Your risk tolerance plays a big role. I know people who told me the same thing in April & May and decided not to buy but home prices have skyrocketed since then. A new report from National Association of Realtors shows home values have gone up 15% in the last 12 months and that's with unemployment rates ranging from 8% to 14% at their peaks. It's interesting times. I'm not sure what will happen when landlords start evicting tenants which is what we will see in the next 6 months or so.
@@MalcolmLawsonREALTOR Hello and thank you for your reply. I really appreiate your videos and look to incorporate your lessons in hopefully the near future. Yes I think if I was paid down more on my owe home, I might think a bit more risky -- Create a Great Day and again thanks for getting back to me with the additional info..
Would you believe there are homes in the US that have not went up in value after 30 years? Then again shelter for 30 years with low property tax and insurance costs has its benefits.
Where? Are you talking about the home itself or the land? 50 year old houses have deteriorated and should need regular upkeep but land has gone up in my area
@@betruetoyourself7162 Take a look at Detroit! You can buy a house for $1000. Might need a bit of work!
@@donleathers8713 ah forgot about Detroit. You are right, anyone investing there is out of luck. I also just thought of flint and centralia and places in Hawaii where the volcano covered the land.
“There is even talk that the Fed will pay you to take a loan.” That is RIDICULOUS. That’s not speculative, that’s completely wrong.
I like your videos tho. Keep up the good work. I feel like you’re just trying to sell your services.
Were ?? Here in USA?
Lol a salesman telling me to buy. Seems legit. You sir are fake news.
Is like a car mechanic telling me I need a new motor
@@elperrobermudez4481 🤣
Hey I bought a house in May with 3.25 percent, should I refinance with a lower rate?
As a very general rule of thumb, many say you should only do it if you can get at least 1% lower but it also depends on how long you plan on living in the home.
@@MalcolmLawsonREALTOR ok thanks
Helpful data to support why we need not wait for buying a home now. Thank you for the analysis and guidance.
it's likely interest rates will continue to go lower... so if you wait and get a rate of 1-2% you'd be better off waiting
Not really, prices are way out pacing rates
I dislike Realtors and the NAR.
All they know is "Now's the time to buy" and "pride of ownership."
Translation.....just buy any crackhouse so I can get a commission check.
Not all realtors are like that. I am a realtor and I would never want to sell a client a home that they didnt like or had problems. I want my clients to be happy. Dont judge all realtors by one bad agent. I have shown my clients 50 homes and will keep showing homes till they find the one they like.
Millineals are opting for the van life and mini homes . They do not have the money to support higher home prices. In the longer run prices will drop as baby boomers die and flood the market with big homes milineals do not want for the most part . RIght now states with small government are booming for all homes as in Boise Idaho.
A lot of people are not financially stable this period and it's not easy,I always advise people,don't just waste your stimulus checks or salary, invest it in something that will yield more,even if it is a part of it, we can't keep relying on a paycheck that is already half-spent before we even receive it, there are investment opportunities that have helped a lot of people especially through Stock and dividend investments. Having different streams of making money is the solution to survive in the pandemic, especially now most of us have to earn and work from home,so far this month I've made about $16,500 and it has helped me sort out a lot of bills and I do that through a registered trading company with a skilled trading guru by the name of Mrs Rebecca Jasper,she someone I'd never stop working with I really advise you get in touch with her (+ 1 6 6 2 7 2 7 5 2 2 5 🇺🇲) she will guide you through and assist you. She is very reliable. Trust me it's highly recommended
✩ ✩ ✩ This guy clearly knows nothing about economics or the US housing market, which is completely different from Canada. The bank will NEVER pay people to take out loans even with a negative interest rate! And Paying 0% interest on a property that likely will be worth 40% less in 18 months is not economically viable! ✩ ✩ ✩
Good information but hard to concentrate on the numbers and the video as a whole. The overly loud, sad and dramatic music just kills this video for me. 😒
you mentoned NYC but did not mention the price crash in NYC starting its ripple effect everywhere else
Explain..NYC property purchase prices appear to be increasing.
Never believe a realtor they will screw you every time... It's all about their commission..
Not true I’m a broker I told my clients to wait to buy a house last time it crashed and they didn’t listen to me and they bought a Million dollar home and ended up losing it. You shouldn’t say realtors are all bad I know some police that are bad I know some dirty mean nasty cops that think that they own the world and then I know some good police so don’t judge each realtor that’s just wrong there’s good realtors and there’s bad realtors but I get offended when somebody judges my profession because I’m very passionate about my profession I’ve made a lot of people rich but then again the people that don’t listen to me aren’t going to be rich the ones that do make money the ones that don’t don’t make money
@@joycebarnett6035 most people are capable of doing a realestate transaction. Why use a realtor they just take a comission and usually do nothing. I have made some great real estate deals. Always beyond what a realtor thought was possible. I dont use realtors as I dont need them..
@@fringeminority5676 ok since you would like to do away with realtors what is your job are you really needed in society? I think you like to hate on realtors because your jealous that they make a decent commission and that irritates you what do you do?
@@joycebarnett6035 yes, realtors get a decent commission. I do not agree however, that they earn the comission. Im a real estate investor and I profit a great deal more NOT using realtors. Early in my career I did work with realtors albeit I found more profit by not using realtors. If more learned how to work without realtors they would be better off and would be able to pay off their mortgage years sooner.
@@fringeminority5676 obviously you have never sold real estate if you did you would understand what realtors job is and how hard it is. Most people can’t make it in real estate it’s a thankless job. My ex husband works for an investor his investor believes in using a realtor and he’s worth at least 20 million or more he got there by using the right agent.
Why are you recommending to BUY NOW? You as a real estate agent should know what is going to happen. The aftermath will be a mirror image of 2008. STOP THIS JUST FOR GETTING A FEW EXTRA LIKES!
Or wait and completely miss out. There is so many factors that happened in 2008 and why it happened the way it did. Formost the interest only loans killed everyone. That was a huge scam that is illegal now. The home prices will only go higher from now while rates go lower
@John Seba already happened yesterday' lmaoo
Halo malcon
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The bubble is getting bigger manybe next year maybe in 5 years
This is why you should never never never believe anything a realtor says. first of all no the high prices are not sustainable just because they are high right now. circular reasoning at its finest. Secondly low inventory is going to eventually end. Right? He appears to recognize this that this is a short-term issue related to Corona virus. Therefore supply is set to normalize at some future point and that is when the housing crash happens. You don't need a time anything just be patient. Don't listen to self-interest of realtors.
So many haters on this feed they don’t have any balls they could never sell real estate yes a real estate agent believes in real estate. Would you hire this realtor to sell your house if he was telling everyone not to buy? Well of course not.
Wake up