The median price is only going up because there are way more higher priced homes being listed and sold than homes below the median price. This will skew the data showing the median price going up when actual home prices are not. The NAR commented on this in one of their recent reports. If you pull the number of listings sold or active in phoenix, you will see that almost two-thirds of them are above the median price. People are just not listing the more affordable properties which makes it appear that the prices are going up.
Yes, this is spot on. But as a result it has now become impossible to know what the true median price would be without this skew. Would it be down 20 percent, up 2 percent, or what?? We may never know until available supply on the market gets back to normal levels, and that will take YEARS!
There are no affordable homes in the Phoenix area. I found a new house literally in the city of Guadalupe listed for 440k. You would have to be out of your mind to pay that for any house in that city. So if it's that much there, then think about the prices in a good city. We will never see 350k homes again.
@@timolson-qi5hjA friend of mine recently purchased 17 houses in Oklahoma. They are all near a military base, so great for rentals & very reasonable prices there!
Purchased my house in Tempe back 2011 for $115K. Today according to Zillow it's in the $450K range, which is an increase of 4 times in 13 years. To me, this is absolutely crazy, and I've been predicting a housing crash for a very long time. And yet, it keeps going up. I cannot explain it.
Cities are artificially saying your house is worth x amount so they can increase your property taxes to fund their stupid crap they can't budget correctly for.
Homes 50% Overpriced, Lowest mortgage originations since 1995, Interest rates at 7.5%, Property taxes higher than ever, and June-Sept. temperatures 100*-120*. #HOTGREEEDY-RIPOFF
I still remember 2006-2007... Home prices were going up fast like now... A few of my friends bought homes around that time. I kept telling them to wait a few years because home prices were going to drop... They lost their homes in 2008-2009 after the crash... We might see that again in a few years. We are not going to see low interest rates like in 2020 in a long time.
If you stay in your home for a long time, who cares if the price drops. I bought an 07 for $210,000. The value of my home dropped down to $170,000. Now it’s worth easily $550K and I still own it. Mortgage payment is $1000 a month and the home will be paid off in about five more years.
@@BANDIT2DAYand if you waited to buy until 2010 you would have made way more. You had to wait 10 years to break even as the person that bought the home next to you in 2009-2012 saw immediate appreciation while you were still underwater for years to come. I'm not hating on you, but it's never ok to have your house worth less than you paid. If you live in phoenix, homes dropped by 50% so not sure how your home only dropped 40k. Glad it turned out for you in the end. But 17 years was a long time to wait to make what most have made in the last 3 years.
@@BANDIT2DAY Yeah. But buying a home for $220K vs $$600-$900ks is a big difference. The high interest rates of today don't justify the high home values. It's unaffordable..
@@DavidM-h7c I live in Coeur d’Alene, Idaho. We didn’t get hit near as hard as Phoenix. Not even close. People are still moving here and prices aren’t dropping. I didn’t buy my home to turn around and sell it in five years for a profit. This isn’t the stock market. I bought this home to live in. Quality of life where I live is awesome. I’m guessing you’ve never owned a home in a decent area before if you’ve even owned a home at all? Thousand dollar a month mortgage payment and I actually pay about 1500 a month so I can pay it off in a few years. I will keep this home and then buy eight condo down in Phoenix to spend winters at. I’ve easily got $450,000 in equity in this home. Don’t even need to touch it.
Currencies backed by debt only like usd see in today's environment less demand for new debt at lower interest rates so the interest rates rise. This signals less confidence in the debt and underlying the currency. Houses represent a hedge on continuing currency debasement on a world of ever increasing debt.
Im seeing more and more price cuts. On inventory being listed. And more inventory coming to the market each day. There isn't enough people making 200k to afford these overpriced 500k plus houses. A better way to look at things are going is checking out credit default rates, car repossessions, and then housing delinquency rate/foreclosures. Right now credit card delinquencies have skyrocketed, car repossessions have sky rocketed, car loan defaults have increased, now the housing market is starting to get strained due to increased property taxes. You are now seeing more amd more housing payments defaults. People are liquidating there retirement accounts as well to make ends meet which is a stupid idea. Sell your house before liquidating your 401ks at reset and rent and make some cash equity. The next leg to fall is foreclosures and bankruptcies both of which are starting to tick up and tend to be the last stage before a collapse. Right now give it another 6 months to 24 months and you'll see the real downturn starting to accelerate with declining house prices.
I honestly, like lots and lots of Americans, will not be able to buy until those prices at least " at least will come down to 70% " those investors are very bad people, besides most of Californian they sold their house running away from the corrupt State of California and came to Phoenix area and "jacked up the prices paying CASH 70-80% above the value" that is very bad. beside the interest rate is very high 7% that is ridiculous, AND the inflation- No jobs- high gas prices- high food prices, in conclusion I honestly will not even think of buying or renting until thing gose back to before 2019.
The median price is only going up because there are way more higher priced homes being listed and sold than homes below the median price. This will skew the data showing the median price going up when actual home prices are not. The NAR commented on this in one of their recent reports. If you pull the number of listings sold or active in phoenix, you will see that almost two-thirds of them are above the median price. People are just not listing the more affordable properties which makes it appear that the prices are going up.
Yes, this is spot on. But as a result it has now become impossible to know what the true median price would be without this skew. Would it be down 20 percent, up 2 percent, or what?? We may never know until available supply on the market gets back to normal levels, and that will take YEARS!
There are no affordable homes in the Phoenix area. I found a new house literally in the city of Guadalupe listed for 440k. You would have to be out of your mind to pay that for any house in that city. So if it's that much there, then think about the prices in a good city. We will never see 350k homes again.
Yeah, if prices don’t come down soon…we’re out. People still want crazy high prices.
@@timolson-qi5hjA friend of mine recently purchased 17 houses in Oklahoma. They are all near a military base, so great for rentals & very reasonable prices there!
Exactly!
Purchased my house in Tempe back 2011 for $115K. Today according to Zillow it's in the $450K range, which is an increase of 4 times in 13 years. To me, this is absolutely crazy, and I've been predicting a housing crash for a very long time. And yet, it keeps going up. I cannot explain it.
Cities are artificially saying your house is worth x amount so they can increase your property taxes to fund their stupid crap they can't budget correctly for.
Houses from 2006 are up an average of almost 5 % per year over 18 years. Real cpi figure
Probably because FOOL ON DRUGS AND THEY CAN'T STOP CALLING THE POLICE 🚨 EVER DAYZ.
Excellent video! Thank you for making this.
Thank you for watching!
Homes 50% Overpriced, Lowest mortgage originations since 1995, Interest rates at 7.5%, Property taxes higher than ever, and June-Sept. temperatures 100*-120*. #HOTGREEEDY-RIPOFF
Everyone thinks their home is worth a million dollars.
I still remember 2006-2007... Home prices were going up fast like now... A few of my friends bought homes around that time. I kept telling them to wait a few years because home prices were going to drop... They lost their homes in 2008-2009 after the crash... We might see that again in a few years. We are not going to see low interest rates like in 2020 in a long time.
Agreed about interest rates!
If you stay in your home for a long time, who cares if the price drops. I bought an 07 for $210,000. The value of my home dropped down to $170,000. Now it’s worth easily $550K and I still own it. Mortgage payment is $1000 a month and the home will be paid off in about five more years.
@@BANDIT2DAYand if you waited to buy until 2010 you would have made way more. You had to wait 10 years to break even as the person that bought the home next to you in 2009-2012 saw immediate appreciation while you were still underwater for years to come. I'm not hating on you, but it's never ok to have your house worth less than you paid. If you live in phoenix, homes dropped by 50% so not sure how your home only dropped 40k. Glad it turned out for you in the end. But 17 years was a long time to wait to make what most have made in the last 3 years.
@@BANDIT2DAY Yeah. But buying a home for $220K vs $$600-$900ks is a big difference. The high interest rates of today don't justify the high home values. It's unaffordable..
@@DavidM-h7c I live in Coeur d’Alene, Idaho. We didn’t get hit near as hard as Phoenix. Not even close. People are still moving here and prices aren’t dropping. I didn’t buy my home to turn around and sell it in five years for a profit. This isn’t the stock market. I bought this home to live in. Quality of life where I live is awesome. I’m guessing you’ve never owned a home in a decent area before if you’ve even owned a home at all? Thousand dollar a month mortgage payment and I actually pay about 1500 a month so I can pay it off in a few years. I will keep this home and then buy eight condo down in Phoenix to spend winters at. I’ve easily got $450,000 in equity in this home. Don’t even need to touch it.
Currencies backed by debt only like usd see in today's environment less demand for new debt at lower interest rates so the interest rates rise. This signals less confidence in the debt and underlying the currency. Houses represent a hedge on continuing currency debasement on a world of ever increasing debt.
Bubble?
Im seeing more and more price cuts. On inventory being listed. And more inventory coming to the market each day. There isn't enough people making 200k to afford these overpriced 500k plus houses.
A better way to look at things are going is checking out credit default rates, car repossessions, and then housing delinquency rate/foreclosures. Right now credit card delinquencies have skyrocketed, car repossessions have sky rocketed, car loan defaults have increased, now the housing market is starting to get strained due to increased property taxes. You are now seeing more amd more housing payments defaults. People are liquidating there retirement accounts as well to make ends meet which is a stupid idea. Sell your house before liquidating your 401ks at reset and rent and make some cash equity. The next leg to fall is foreclosures and bankruptcies both of which are starting to tick up and tend to be the last stage before a collapse.
Right now give it another 6 months to 24 months and you'll see the real downturn starting to accelerate with declining house prices.
Great video
Thank you for watching!
Any home price increases are lower than the current rate of inflation, so that's a win!
So, it’s not the foreclosure moratoriums or the trillions being handed out ?
I honestly, like lots and lots of Americans, will not be able to buy until those prices at least " at least will come down to 70% " those investors are very bad people, besides most of Californian they sold their house running away from the corrupt State of California and came to Phoenix area and "jacked up the prices paying CASH 70-80% above the value" that is very bad. beside the interest rate is very high 7% that is ridiculous, AND the inflation- No jobs- high gas prices- high food prices, in conclusion I honestly will not even think of buying or renting until thing gose back to before 2019.
LOL! Great video! 😂
I wonder where the millions of illegal immigrants are housed and what affect that has on inventory and affordability within applicable strata.
LOL. Great video! 😂😂