Major Housing Market Correction Will Silence Critics (2600 Retail Stores Close Their Doors)
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- Опубликовано: 6 сен 2024
- Housing market sales hit lows not seen in 45 years as sellers begin to feel the pain of price reductions and cancelled contracts.
#housingmarket #mortgagerates #realestatenews
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Purchasing a home is already a very difficult thing to do, unless you pay cash or don’t get a loan from the government. If only my minimum monthly house payment, over the course of 30 years I’ll pay more than double what my home is worth. I purchased before things got crazy so I got a good interest rate. I couldn’t imagine trying to rent or buy right now.
I hope to own a home some day, not quite long I started investing. I'm very curious already and need help on how to enhance and increase my returns. Any good investment tips will be appreciated.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
How do I reach out to one? my assets have been struggling since 2022 and I’ve been holding on by the skin of my teeth.
Sonya Lee Mitchell is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for this amazing tip. I verified her and booked a call session with her. She seems Proficient.
It amazes me that a 150,000 house became a 300,000 house over night. This will not last forever
It’s because the United States printed 13 trillion in 12 months during Covid. It’s an asset bubble and everyone who bought since then will have their house on the market when it corrects. I believe houses could fall lower than a 50% correction. Taxes, insurance and maintenance costs are way up. Someone has to take the loss… that will be the seller.
Exactly. The dollar lost almost half it's value. Therefore prices of assets doubled in relation
No joke. The only things that show up under $300k in my area are in bad areas or are complete dumpster fires that need full rehabs to live in.
I agree. My parents if they were still around would think sadly seeing how high home prices have gone on homes they bought in the 1980s they were worth less then a $100k but actually built for much less then that being 30 to 40 years old already by 1990. Anyone buying today is buying hyperinflation and greedy profits from the prior sellers!!! Also the Government adding on its inflationary property tax assessment values. Insurance companies doing there additional higher rates. Ultility companies raising rates. People are getting Hell buying in modern day life.
Total truth! I sold Real Estate for about 15 years and this bubble is gonna break!
BUBBLES DON'T BREAK, THEY BURST. YOU GOT THE RIGHT IDEA!! THINGS ARE GONNA GET SUPER UGLY IN 2025!!
They keep saying this but they keep going up. I don’t know what is going on. It’s houses and rents just too expensive
@@crazygeechee The last one took longer than it should have. I kept waiting for it to happen while all these ex-pizza delivery guys were bragging on how much they were making in real estate and as newly hired mortgage brokers , most of them are delivering pizzas again or driving Uber. It always takes longer than is logical , people don't want to give up their dreams so they hold on until the market collapses.
We didn’t have as many institutional investors in 2008, so if things collapse they are going to just start picking up places with cash… that’s why I don’t see a crash especially in hot spots.
@@bigb6046 Last bubble popped in 2007, didn't hit bottom till 2013
It's reported that private equity firms buying 1000's of homes from national builders in bulk for 60-70;cents on dollar. Why aren't these sale prices recorded for comps and national value.
Because they are not sold in the open market; therefore, not comparable sales. At least in California a transaction has to meet the Rule 2 definition.
YOU WILL OWN N O T H I N G AND BE HAPPY.......SAID BY :Private Equity the 1% billionaire club like Black rock, black stone, open door, vanguard ......private equity is buying up all the houses foreclosed on to rent back to you.
Exactly, why can’t the average American like my husband and I purchase one of these????? This would be our first home purchase and we would use no mortgage to purchase because we have been sacrificing and saving for so many years!
@@monican7002be patient, this is all going to collapse and you’ll save 10’s of thousands on a decent home
Because houses are built by companies, usually (spec homes, whole subdivisions of them, right?). So they and private equity might be collaborating to a degree to keep each other's profits high. I feel like this is where an investigative journalist might strike gold.
I worry the whole housing crisis will worsen inflation and eat up my savings if I leave it in the bank. I have about 180k that I want to invest in the stock market, but I don't know how to start. Any suggestions?
Inflation is really a silent eater of the value of your money. Good thing the stock market can help you beat it. But it's wise to actually learn how to invest, or to make it easier and more effective, you could work with a financial advisor.
I agree. There's a lot of potential in the market. My friend introduced me to a financial advisor in 2021, and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream to start a restaurant in New Jersey.
That's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with, please?
Sharon Lynne Hart is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thank you. I'll check her out and I hope that I am able to reach her.
Wall Street needs to get out of single family. They will never stop them and we will be serfs
Not to get partisan, but the people who should be the most indignant should be Democrats, especially Democrat-voting renters (aka the young skulls full of mush). The Dems in charge "claim" to be the last line of defense against "evil corporations and wall street"...but, in the last four years, what has Biden done to extract Wall Street and Blackstone, etc. from residential real estate? ABSOLUTELY NOTHING.
Wall Street will get out when it is no longer as profitable as less troublesome investments
I can't see how it's not troublesome to manage thousands of rental houses scattered all over the country instead of a few apartment complexes. Separate maintenance and repairs, tax bills, insurance, inspections, rent collection, etc
Then when they want to exit, they have to sell each house at a time or else find a buyer willing to inspect, appraise, and buy all those houses separately.
@@SafeEffective-ls2pl bingo!
@@SafeEffective-ls2pl It is troublesome, that's why Wall Street has avoided residential Real Estate for 100 years! Slow money, high hassle factor. But ten years of ultra low rates and T.I.N.A. made firms do silly things. As long as they bought low enough, they might be fine, but we can bet that a good chunk of them overpaid.
People that are buying now pisses me off! All there doing is supporting this crap. I can afford to buy a house now but hell no i wont.
THIS.
Buy a tent for now😅.
What’s happening is your being left behind. I’ve seen people who had the money, waited and now can’t afford a place.they also have to pay more and work harder than people who didn’t wait and bought earlier.
@@Francisco-po1cf We would have crashed in 2020 if the government didn't get involved.
@Francisco-po1cf you come on all these channels with your nonsense. Do you upvote yourself too?
2005 saw housing problem coming, told to not worry about it, no problem. Had to do a short-Sale a few years later. Recently saw same thing on the horizon, sold my high mortgage house, pulled the plug. Now living in the Philippines. Able to save for emergencies. Now renting in a beautiful gated community in a really nice 3bd house for a whopping $475 per month. I am 66 years old, I don’t have any more time to mess around with the USA housing BS.
Be carefull as soon as some of those gals over there smell money it will be gone quick.
@@targetguy777 thanks, good advice, but my Filipina wife that I married 12 years ago & took back to the Philippines has already taken care of that money problem😊
If you think the United States "Housing Bullshit" is "Expensive and Bad" ---- Try my country---Canada!!! For example: In suburbs all across Toronto, Ontario, Canada, people are "Paying from around $1.6 Million" for "3 or 4 bedroom bungalows", and, "Sidesplits"!!!!! This is "Bloody Insane"!!!!! "They will "NEVER" pay of their Mortgages, while they are "Alive"!!!!! And, maybe, "Neither will their children"!!!!! It's "All so crazy in my country Canada"!!!!! And, "Very, very, very Depressing" for around 65 percent to 75 percent of the population of Canada. 😐😐😐😑😑
I didnt think you could own property over there without being a citizen. did you find a work around?
@@kayvonmansouri yes you are correct, a non-citizen cannot buy a house but can part ownership with the condominium.
I am just renting a house
Haha, overvalued by 11%?!? What a joke. Try 111% here in TN. Prices have more than doubled here in 3-4 years
I agree 11% is a joke, but we’re starting to see reporting on the issue. This is headed in the right direction. We need more affordable housing.
Prices double every time a house sells, sometimes yearly. TN has been invaded and overrun.
@@SachsRealtywe need the government to subsidize affordable housing because builders don’t make any money building single families for $250k
That’s why affordable housing often looks like a massive apartment building because that’s the only thing that makes sense for the developer.
If you drive around affordable neighborhoods there is virtually no construction but if you go to expensive neighborhoods there is nothing but construction and remodeling- it’s very much 2 different worlds.
The problem with most of the Southern states is infrastructure has not kept up with the growth. Overly crowded roads. No sidewalks in the neighborhoods. My sister just built a new 1 million dollar home in SC. No sidewalks. No walking trails. And it is like Mad Max driving into her neighborhood. No thanks.
Agree...and inflation since Biden has only increased 4 percent. Guess they're using girl math 😅
Almost 30 year Realtor here, it’s happened before. I used to think this market would crash. Now I am beginning to think we will need wheelbarrows of money to buy groceries.
Oh, and I am in Florida. In 1991 when I moved here it was reasonable. Now I don’t know why anyone would move here. Home prices and insurance are crazy and keep going up.
It's all just numbers on a screen what printed bills?
I moved to central fla. in 1984 left in 1990 it's crazy packed there now.
Or why anyone would stay there.😏
The heat, the hurricanes and the politics keep me out of Florida.
Rent or buy? I'm 78. I've spent about 44K in rent for the house I'm living in. Had i purchased a similar house in this community 2 years ago, i would've paid about 325K. Recent sale a block away was 270K. So I'm down 55K not to mention the property taxes and insurance and more an owner pays. And with prices continuing to fall, who knows where the bottom is. And at 78 who knows if I have enough years to catch the next up cycle. So in my case, renting is the better option
Becareful you don't step in the bulsh1t. Prices are at record high and interest rates are between 6,-7. Buying a house now is a bad idea.
Ya people were stupid to buy a housevat these high prices. It's way to much for home and not normal the increase of homes the way they went up.
They say the best time to buy was 5 years ago…
The best time to buy is when you can afford it and it’s cheaper than renting
@@MasterRoss-sn7dl that's not now for most Americans.
Thats what I was told in 2018, made 110k off my house when I sold it in 2022.
Guys my retirement is $100k a year adjusted for taxes I take home $65k tax free. I'm a 100% disabled vet and retired federal LEO. I never spend any money on any thing really, maybe beer and what knots. I have zero debt excluding my truck. I have over 6 figures saved. I CANNOT AFFORD even a small home 1200sq ft less then an acre. There is NO WAY regular American children even if married with a two income family can afford a home - IF and yes I said IF they want a couple kids. It's just not affordable.
Before people get jealous and think all military guys get this much when they get out, only 15% of all who serve get a pension.
And even fewer get disability compensation.
Yet ALL service members must pay into this pension system via taxes.
That means 85% of everybody who ever served never got a penny after they leave because only 15% make it to retirement.
Most got out or got KIA while serving.
I live in C A I was a Carpenter and built many housess in the bay area. No one but the super rich will every build a house in the bay area. In 1974 I bought a 3 acre lot in silicon valley for 7500 and built a 3000' house for 20 dollars a ft. I have been pricing out a house near mine , we have been trying to get a permit for 2 years from Santa clara county and still don't have it The house will cost 800 a ft. In 1974 I got the permit in 2 weeks. Why it is Gov the US gov is Evil
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@@user-vb8yf8be3l All those Wimps and Queers have destroyed your state!
@@user-vb8yf8be3l $800 per sqt? That is crazy. I am in L.A. houses around here don't even sell that much per sqt. Labor cost?
VA Loan
In florida theres insane inventory, i noticed months ago the zestimate was always higher than what people were posting. Now the past 2 weeks the zestimate is on average 30k lower than all these houses even though they have been doing price cuts like crazy. Theyre on the market for near 200 days and sellers are delusional and buyers are finally getting intelligent so they dont lose all their money on a liability. I think theyre gonna drop 30-40% also people have been saying new builds are getting so desperate to get buyers theyre doing timeshare tactics that make u think its 2006-2007.
That is all very true! I have never seen so many for sale signs around my neighborhood as I do now! Sellers are totally delusional thinking they will get 2022 prices and too many buyers have been just as bad actually buying houses at overinflated prices. They are not smart enough to know what is already happening and just bought a house that will not appreciate over the next 10 years, but actually lose value and will most likely be upside down on that house by 2026. SMDH 🤦....I don't know why people feel they may be missing out. You are not missing out on ANYTHING!
This is happening in pockets. Not across all of Florida. That’s what most people don’t understand. Certain markets are getting crushed like Cape Coral or Ocala, but here in St. Pete or South Tampa we’re still seeing 2-3 weeks DOM.
@@HowWeLife I'm across the coast from you on barrier island and it's happening all around me. Maybe not around st Pete too much, but around Tampa is getting bad and it will just take a little more time before it affects everywhere
I keep my eye on a small mountain town near Southern California. The last couple of sales have a lower Redfin estimate than what the houses just sold for. 3/2 house on 1/3 acre sold for $345k, Redfin estimate $285k… original asking price was $399k.
@@HowWeLife im actually talking about st pete and tampa lmao
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
@@OliverLiam-px3vx My CFA, Desiree Ruth Hoffman, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Denial is the definition of the average American.
No it certainly isn't that at all.
This is a good thing for those who put in the effort to educate themselves. In the land of the blind the one eyed man is king.
Denial is Todd Sachs and co. endlessly telling people prices are going to crash as they continued to rise
Yes and realtors hype up this market like they’re selling a ponzi scheme. When I listen to realtors talk I feel like I’m at a timeshare sales pitch.
Feelings... not facts. But keep being afraid of your own shadows. You will lose even more years.
I'm in Orlando...houses for sale everywhere....and nothing is moving....same thing and even higher listings in New Smyrna...for rent signs in Orlando everywhere..............I'm thinkin a 40-60% correction or higher.....cause the home prices went up 300% to 500% from 2020 to 2023...waving inspections and buying site unseen.....complete insanity....and there's a massive amount of building that's going on and not completed yet
They prob went up close to 40% but no where in the nation did home prices go up over that. Just because people LIST it for that price doesn’t mean it’ll sell for that price.
@@stevenap4594 Houses most certainly doubled in a few parts...mostly in Florida. A lot of people have trouble with "percentage" math (not saying you), but a 100% gain is fully wiped out by a 50% loss. And a 50% gain is fully wiped out by "just" a 33% loss.
My sister just had an open house in Orlando $450k townhouses- she got 8 families and they all had cash.
Don’t listen to folks on RUclips, folks are sitting on A LOT OF MONEY in these streets.
@@Imjusttryingtotellu Your anecdotal evidence is no more or less valid than the comment above. They're just sharing what they see.
@@CaptainCaveman1170 are you saying that there aren’t people leaving expensive territories and finding opportunity in less expensive ones with cash to put down?
Are you saying that’s not happening right now?
We are killing the American dream, you are spot on, real estate prices must come down. We need to resume prices based on the income to sales ratios and how much income you can spend on housing. Good underwriting standards need to be reestablished. Get the big funds out of the single family homes rental business.
None of this matters with the petrodollar deal ending. Prepare for massive inflation across the board 💯
@@jpii8468 What is massive inflation? 8%? Okay. If inflation is 8% what is are mortgage rates? 8% inflation puts the 10 year UST around 10% so mortgages rates would be in the 13% range. How do RE prices go up with 13% mortgage rates?
@@jonathantaylor6926 No, I'm talking 50% to triple digit inflation once the US loses its reserve currency status. Between this move by Saudi Arabi and the BRICS, it's going to truly devalue US currency.
Won't happen tomorrow, but it'll happen within the next 5-10 years.
I’m evidence of what he is talking about I am self employed I can afford a new truck for instance, but I won’t pay what they are asking I’ll just keep what I have going, we usually buy for tax purposes but I have enough write offs this year, I also need to upgrade houses (need more land for the business) I won’t pay these prices I’ll just wait. When these items doubled in price since 2019 I still remember what they used to cost. Things will and have to go back down. For instance the car/truck dealerships are screaming they can’t sell vehicles…ya drop the prices maybe you will.
Make America affordable again!
None of this matters with the petrodollar deal ending. Prepare for massive inflation across the board 💯
Yes large corporations use the excuse of claiming they have a duty to share holders to side step moral value and ethics.
A 30-50% correction is NEEDED.
However, unless we change currencies, we will see high USD value prices in the future.
A 30 to 50 is not coming. Maybe at most a 10% in major cities and 15% outside of major cities. 30% to 50% would mean a major down turn in the economy and it would be global. I don’t see that.
Yea unfortunately that’s not going to happen. Maybe 15%-20% nationwide.
38%
@@HowWeLife very hard to predict. When people go bearish they usually over correct in the negative just like they did during the upside.
Maybe 10%… never gonna see anything like 2008 again.
They need to work on the HOA’s issues, way too high for life.How can buyers don’t see that. I will continue bringing this subject up until something is done. Thank you.
I rather see a law put on the books where the banks credit card rates are capped. 30% is crazy.
Agreed! Cut up the cards.
I was upset I had to buy a generator and put it on a dang charge card.
I hear you. At the same time, people are so stupid to pay it! JUST SAY NO!
In ancient times, most religions banned excessive interest rates. It's one of the reasons that, nevermind.
For many years it was capped at 12%. Some judge in south dakota changed everything 40 years ago!
This was called the "Usuary Laws".
You right about Florida the inventory is very very high in the last few weeks
Midwest is getting it too- there are close to 1,000 new listings every week or two.
Houses are sitting longer by me. I’m starting to see house prices reduced. They are still overpriced though. I went to an open house this evening. Seller is selling about 70 grand more than the entire neighborhood.
There’s a difference between selling price and asking price.
Folks, I went to the grocery store to get ingredients to make meat loaf. I had no ingredients at home. Off of memory I needed, two pounds of ground beef, meatloaf seasoning, bread, eggs, ketchup, onions, bell peppers. It cost me $29 to make meatloaf my guy!
😅BS
@@tj2791why would they lie ? Get a life
Sounds about right. Although...you're f*cked up for the ketchup part. 😂😂😉
@@jdev232 Agree...ketchup?🤢
@@cfoster6804 ya..tf is that!? Lol
Have noticed a sudden abrupt increase in inventory, suddenly everyone has listed. And it seems they are quickly dropping their prices competing for that next sale. Its remarkable to see it happen in just a few weeks. Also they are ALL relisiting every week as though they have just been put up a day or too ago. This is some nasty competition I could imagine what else they would be doing. It had ebbed and flowed the last few years always the prices keep going upwards though in the market I was watching and sometimes I thought it had broke, same thing is happening now just looks a bit more serious this time, next 2-3 months will be telling!
Where?
Sounds sketchy
Been looking in CA (Folsom, Rocklin Roseville) since 2019, a 500,000 home is now average 750 000+ AND the building of new homes here is crazy. WHY? prices have not changed much. My moms 200000 1959 house is 400000???and its falling Apart! We have transplants from San Francisco and LA....the salaries of most of us are 2 ppl 100 T a year??? ANd...don't get me started on all the new Milloon dollar homes Here! Whi owns these homes????
Northern California? Not enough new construction here in LA County. If there is not enough inventory price won't come down unless people start losing jobs so they are forced to sell
It’s seems there is a large number of transplants from the Bay Area moving to the Sacramento Area. They sell their shacks for close to a million and then price people out of their own local areas. Eventually Sacramento will be just like the Bay Area!
Foreigners and really really rich people parking money.
I don’t think folks understand how much money some people have - it’s astronomical or they are good at finding deals and they aren’t going to let anything or anyone stop them.
I went to a showing in an area about to turn over in South Florida- the whole house needed to be gutted and updated and the roof was a complete mess and needed to be replaced.
That thing was on the market for a week and someone paid cash.
It’s crazy in these streets.
I’m in Los Angeles and have noticed mass store closures since mid-2020. Everywhere I go all I see are vacant spray-painted buildings which used to be thriving businesses with crowded sidewalks and busy streets.
That’s insane to hear, left LA in 2022 can’t imagine places being shut down.
Why stay in that shit hole state under Newsome? MOVE OUT!
It's the start of a very deep Depression. Nobody wants to call it but we have structural unemployment the type where jobs just don't come back.
@@deborahcurtis1385 are you saying jobs not being created fast enough to meet the demand for unemployment?
Summer Last year my SO accepted a hard to fill high specialty job at Mayo Clinic in Jacksonville, Fl 4 weeks before we were supposed to move to Florida he cancelled the acceptance. After trying for months to find a place to live for our family, we just couldn’t make it make sense financially . Housing was just too high. The offer was a great offer. Mayo was upset with him but we had no choice but to cancel it. Now doing travel healthcare instead.
You should have moved. Florida will crash big time because of the inventory of new builds. Same as Texas.
Hindsight is 20/20
@@danpan001 why should we have moved? Your comment doesn’t make sense.
@@sw6115 because the job offer is good and the housing market will be good soon if it has not already come down to earth. Florida will crash big time because of the over built
Awwww I really hate to hear this. Sounded like an awesome opportunity.😢
house prices crashing is inevitable
Ok so when will it happen? Y’all have been chicken little for years now
😂 every year....same story.
NY, California, and Canada say hold my beer
@@journey2harmony_LLC yup, Much of Canada has a severe housing shortage
Home supply is low until supply numbers increase housing will continue to rise,many will not be able to afford them but there will always be those that can,a single family home will be a bench mark of a “wealthy person/famly”
For the last 30 years people keep working on the fact that the economy is booming, but it never was. It is all being built on borrowing to a level of debt never seen.
All these people think things are going to get better, but it never will as all built on debt. It is only growing so how do you turn it around, you can't.
I do remember having a credit card going into a hole. So i stopped using it, payed it down and got rid of it, to never needing it again, buy what I need and pay myself back.
so really big pain needs to happen.
None of this matters with the petrodollar deal ending. Prepare for massive inflation across the board 💯
I totally agree!!! For decades people have been buying stuff with money they haven't earned yet, which is false economy. Then debt got really cheap, people bought more stuff, prices increased, and now people think they just need higher wages to fix everything. The system is DESIGNED to break us and it's working perfectly. Either we wake up and make different choices, or we become forever tools of (their) system.
I totally agree!!! People buying stuff with money they haven't earned yet is false economy. And when debt got cheap, people only bought more. There is no easy way out of this mess, as the system was designed to enslave us. Either people need to wake up and make different choices pronto, or we'll all become forever tools of (their) system.
I doubt it, I live in Ohio and the houses are going like crazy! Immediately after listing,2 days is under contract you can’t believe the lines of buyers waiting to enter for open house
THERE WILL ALWAYS BE A FEW PLACES WHERE HOUSES WILL CONTINUE TO DO GOOD. FOR MOST OF THE MARKET IT WON'T BE LIKE THAT. YOUR AREA IS AN EXCEPTION, FOR NOW!! THINGS ARE GONNA GET MUCH UGLIER FOR THE NEXT 3-9 YEARS, PLEASE MARK MY WORDS. I WISH I WAS WRONG BUT THINGS LIKE THIS MUST AND WILL HAPPEN. 😢
These houses in Ohio are moving fast. Mine took 10 days but the lower end are getting massive offers and about 20 percent over asking.
Same goes in Michigan. Multiple over asking offers.
I'm in N/W Ohio and all the junkier homes in Toledo are flying off the shelves. And Maumee,our neighborhood in Maumee/Monclova mixed bag mine sold fast but best priced home in a great neighborhood.
Gen X and Y postponed buying a house for years and are now desperate.
We just sold out house in Vancouver in July. Highly desirable home & location, priced competitively, lots of interest but no offers after a month. Our realtor gave us EXCELLENT advice. She said if there's interest but no offers, you're 5% overpriced for what the market can bare. We lowered our price and sold for 4.5% under asking. Zero other homes in our area have sold since April, so I thought I'd share what helped us👍🏼🇨🇦❤
Cleaned up my closet last month. I need almost nothing depending on if I get out the iron and ironing board. 2 years of toiletries. Shoot me if I bring anything more into my house. I will not be helping out the economy anytime soon.
And I am sure you are happier. Avoid worthless consumption.
Todd "What am I seeing in my neighborhood"? I have to cut the grass for 4 homes on my street. They are empty, unoccupied!
Wow! Here we go Cameron. I’m sure your neighbors appreciate you. Thanks for your comment.
What state is this?
Yeah I live in a very nice town in Jersey the grass is high on allot of properties that are empty
@@SachsRealtyyou’ve been predicting crash for over 3 years now. I get it negative news is money but I don’t think I can sleep at knowing I made a lot of people believe that it’s going to crash but didn’t happen and now are priced out.
@@House_hacker_619 Wrong!
12:45 Todd, apart from Housing, taxes & home insurance, food, gas, hotels, restaurants are wicked expensive, and don’t you dare leave with out at least a 20% tip at any Restraunt, you’ll have the tip patrol blocking your exits, even drive through bagel shops will slap you with that iPad expecting a tip. The homeless at all intersections - no cash, no problem even they are setup with credit card apps
Austin, Texas is hitting the wall. Days on market getting longer & longer. Numerous price cuts because sellers are always late to the game and pricing based on a year or 18 months ago.
I'm looking in Central Florida at retirement communities and the inventory is double what it was last year in some areas. Many many price cuts there as well. But houses going down 50%? Sorry, I really can't see that. (I've been in Real Estate over a decade and my family was as well.)
Yea if we see 50% the banks are going to be everyone with cash.
If interest rates fall, debt will get cheap and that’s the other issue.
Don't say "never" Could happen. I remember the S & L crisis. Real Estate was, at least, 40% off. Office buildings could be had for $10 dollars a square foot. Ten years not a very long time line.
Austin market definitely weakening and fast.
I have been waiting for the CRASH for over 18 months…WHERE IS IT??when is it coming. I am in Houston, Texas…
Keep waiting...🥱
I was telling people this since 2020...and like 2006....nobody would listen to me
It won't be as bad because no sub prime this time. But if we have a 1929 depression every one is out of work then people are forced to sell due unemployment
@@danpan001 do You know that Saudi Arabia quit the petro dollar system on June 9th...last sunday? Do you understand what that means?
@@mikeking7582 I’m glad those people didn’t listen to you 😂. If they bought in 2020 more likely they have 100k+ in equity and their mortgage is cheaper than current rent.
@@danpan001 What if RE investors fearing a RE bear market in the making start to unload? RE investor selling will add a mountain of supply.
if you were telling people this in 2020 you did them a horrible disservice considering how much prices have risen since then
Just did two sales and one purchase. My title officer said 90% of the employees in his office are on the chopping block. I was the only customer in the building. It was a ghost town. Good for the investors bad for the majority. This will be a historic correction. Huge job losses and price drops. I've been calling this out for the last two years.
I’m a nurse and did travel to Florida and California. I work from home now at the end of my career. Southern states pay low for nurses travel or on staff.
I am in Queen Creek/San Tan Valley Arizona and they are building like crazy and these builders are reluctant to cut prices drastically. They are cutting them by 5-10k but there are few builders that are cutting them by 50-70k but then there are new builders still trying to get 600k for a 2700sqft home on a postage stamp lot. I also see a lot of cooperate rental companies buying a lot of these homes.
600k? Is that far from metro center? 600k would be very run down 1000 sqt house in my neighborhood in L.A.
@@danpan001 yes way far from metro center, its a suburb about an hour from city of PHX downtown
@@stinkincooldesigns8469 same here 50% drop in price one hour east of L.A.
I find it hard to believe that "LESS DOLLARS" will buy "MORE" of anything! Cost to build has NEVER gone down, only up, up, up. There will not be a housing crash, it's just wishful thinking! I would love to buy that $850,000.00 house in Myrtle beach for $500,000.00. New car prices have never gone down either and never will. Automakers just gave their production workers gigantic raises. They can't possibly lower prices by any considerable amount.
It is the point that I appreciate renting that provide financial stability and energy to focus on career building. Homeowner is not the only way to build wealth - indeed it is a life style “spending”. Person with discipline and financial literacy can build wealth without being homeownership.
I could write a list 1000 miles long of reasons why renting can be advantageous. I have never understood why people like Todd put a 3 year or 5 year cut off on it. I have friends that still rent and are in their 60s.
I think it’s depends on if you’re single or looking to start a family or if you are lucky to find good landlords.
In my personal experience if you are paying relatively low rents the landlord is less likely to fix anything and you might as well just own a place but if I was a single woman I wouldn’t want to buy.
You need someone to split the work and payments with.
Tell that to the 90% of millionaires who got rich in real estate.
Including your rich landlord.
@@jaydeeare285I know many landlords (most) that have said the stock market has yielded much higher gains than their real estate. I do not have a landlord because I own a home. And I do quite well with day trading and puts and options. But I rented for a very long time before buying a home and had no qualms about it. Real estate is not liquid enough. Once the crash starts good luck selling without a loss. At least with Apple stock you can get out extremely quick, even just set a trailing stop loss and let it ride like I've done many times since the 2008 financial crisis. Do a chart on Apple versus any real estate market in the U.S. from 2008-24 and tell me who made out better. Point is, if you rent you can put the money saved (no real estate taxes, no maintenance, no losses from deadbeat tenants, etc.) into an Apple stock and still come out way more on top than the average landlord. My point is Todd is wrong about the 3-5 year cutoff, it just makes no sense.
@@jaydeeare285🤣🤣🤣 Right. Their landlord's just sitting back like "yeah uh huh keep thinking that buddy, now where's my check?". 😂😂😂
I've been watching your channel for a long time. You're right on the money. I've sold my home for way too cheap at the end of 2 020 . I't was a beautiful place and now I can't find a home for 2 and 1/2 years. I live in Florida and not one realtor will tell me that there's going to be a crash. I live through 2008 so I know why won't these people admit it??
Every one wants out of this country. They think , Florida is more of a free state away from the feds.. But Florida is has too high of taxes
Florida is the only reason I’m stilling in the US, South Florida is so nice - it’s like a spa haha
Taxes are not that crazy... there are worse places in the USA. Not to be a doomer... but Taxes need to go up not down... I mean we don't tax the rich correctly... who else is going to pay for all this nonsense? If we don't pay it or at least hold it steady... the US Dollar is going to crash and inflation will only get worse. We can thank our Politicians (that are owned by the rich) for this. They are not going to do anything... and if they should lower Taxes like Trump said he will (even worse than the first time he did it) will just cause inflation and the erosion of the US dollar to happen faster. None of this will matter if the US dollar collapses... we are getting close.
We went under contract in one day... for $60,000 over asking price here in Colorado. Another house (same model as ours) down the road a few miles also went under contract in one day. 2001 over 1 mill bracket.
Prices are coming down where we live. There’s price reductions every day.
yuuup. the correction is here. the bottom is a ways off though
And where is this exactly? I'm going to fact check you.
Texas for sure.
Home are still at record levels even with price reductions.
Yes but where are you? It's not an interesting post if you leave that out.
Prices are stalling in Melbourne, Australia, but there are pockets if irrational exuberance and bidding at record levels for special places.
But harder to get a mortgage means cash buyers are favoured.
I'm Native CA, Living in North Texas since December 2020. Possess Two undergrad degrees; #1 Certified State of CA Real Estate Studies (2010).
I have seen and see; at 78 years June 2nd, consistent depreciation among every area of commerce; Wholesale, Retail, Education services,
Retrenchment within every area related to organic growth. This restricts
Of course, "R and D" which has historically depended upon solid growth periods from which to proceed it's expansion. Our Federal Debt has reached beyond its ability to service this debt. Many citizens have used and continue to depend upon using unsecured credit to sustain their very existence."People are broke"; Sachs; June 14, 2024...
I find it strange that so many elderly people comment on RUclips. Like 70s and 80s. These types of comments I'm always suspicious of.
Just sitting back patiently while the house of cards falls finally!
None of this matters with the petrodollar deal ending. Prepare for massive inflation across the board 💯
You will continue to sit back for the next 10 years
So you have the cash needed to pay cash in a crash? Otherwise it’s not going to help
You can't force people to move out of their 4% or lower mortgage, so inventory is low and will stay that way for a decade. Some markets in the US will never crash because of supply and demand. The only crash will come from people whi have bought in the last 24 months.
I've been looking to buy a condo, but having trouble making the numbers work when renting is cheaper. So I continue to rent a nice place, while keeping my eyes peeled for a significant correction and better buying entry point........in Atlanta the condo market seems to have softened somewhat and there definitely are more seller concessions/rate buydowns/allowances, etc., but the prices remain too high.
Keep a close eye on the market. I believe the condo market will be hit hard. The fees will need to go up substantially to pay the community’s expenses. That will drive resale down.
The buyer has the advantage in this current buyer/seller standoff. I think if you wait, the market will increasingly become more and more a buyers market. Your patience will be rewarded.
@@PaulbylPaulbyl Agreed ---- but the confusion of using a buyer's agent and needing to sign an agreement in advance of seeing properties for sale, and agreeing, in advance, to specific buyer's agent commissions when the seller doesn't pay, it's completely confusing and I don't want to agree to something that is not fair according to evolving norms of the post-NAR-settlement market.
Be vary wary of buying a condo.
@@thyslop1737 True, good advice --- most condos are not well managed fiscally. So the buyer needs to guess-timate a figure for future assessments, especially if there's a low reserve. Also, developers of new condos typically keep the monthly HOA fees too low to more easily sell the units, even though the building's reserves suffer and never seem to "catch up".......These issues are often overlooked by buyer's agents and naive buyers.
I want to say thank you so, so much for how based and compassionate your analysis is. It’s EXCEEDINGLY rare to see real estate agents show understanding for the current paradigm of poverty, suppressed wages, insurance hikes AND lagging wages. Thank you for your work, from a housing rights and production advocate.
Bankruptcy is a likely fate for many people, but it will take a few years or a decrease in interest rates to see a substantial impact on the economy.
So everything else went up 50-100% in cost as well. Do you see that crashing by %50 as well?
No. Evidently it's just going to be houses. 🙄
Good job. Right on the money. This is 1980 all over again. Buy when the blood flows in the streets; it's just a trickle right now. We're entering the Greater Depression.
2022 we saw a 120k drop in price. 405k dropped to 285k for 1300 sq. ft. Those then rose to currently 345-360k. 2019 this was 220-240k Caldwell Idaho
Really? For most areas 2022 was the top
There is nothing in the entire state of Idaho worth over $50,000. It's a dump.
No "For Sale " signs in my neighborhood this spring and summer. Everyone is staying where they are.
Same
It’s gonna be crazy when the interest rates drop 🙃 buckle up
How so?
Same. No homes for sale. looks like the investors got them all.
Same here
It's a sellers market where I live. Houses don't stay on the market long here. Anything under 400k is gone fast. Everyone wants to retire here unfortunately, and ppl from Atlanta have discovered us and are trying to move out of the city. It's a nightmare trying to find affordable housing for those of us who've lived here our whole lives. Ppl think the prices here are good compared to where they are coming from so now everything here is so overpriced it's ridiculous, but they just keep coming. A couple of counties away is the fastest growing area in the state of Ga. I don't want to have to move away to find affordable housing. I currently rent, blessed that I found something reasonable. Most rent in my area is unaffordable for ppl working at places like Walmart or grocery stores or any other average paying job. The pay here doesn't justify the cost of living. I wish I could have kept my house back when I got divorced. I will eventually buy again but I don't want to be house poor or have to drive an hour or more to work.
Man, you said 'A lot'!!! And, I know you're telling 'The Truth'!!! But, it's "Far worse All Across Canada", then, the United States!!!!! Remember: For around 9 and a half years, our beloved country Canada, has been "Totally Mismanaged by the Worst Prime Minister Ever", Justin Trudeau", and "His morally bankrupt, and, Corrupt Federal Liberal Government". 😐😐😐😑😑
Prices rarely come down, and there's no way we'll see meaningful declines in prices unless inventory supply somehow magically exceeds demand. A typical "correction" of 10% or so will hardly make a dent in the extreme inflation of home prices that has occurred since 2020. Home values in my area have doubled since 2020, but low supply met with low demand has kept prices stubbornly high. Structural imbalances will likely persist until the Baby Boomer generation dies off.
RE prices throughout history rarely go down.. but that is because they rarely went up... RE historically had price stability.. but that is now gone and that is a problem because that lack of stable pricing can work in both directions... a house is never going to fall in price by 50% after a decade of 2% YoY appreciation.. that tame appreciation is what creates the price stability.. but a 40% increase in price in 3.5 years is extremely vulnerable appreciation at risk of a severe correction. R* can also be negative.
But they do come down from time to time... the GFC was a great example. Folks in 2006 were saying .. it was the greatest money (wealth building) asset in history, that it was super safe because American Housing never goes down. A lot of folks got taken out. It was great while it lasted and if you got the timing correct. It is just like the car market today. We say a massive run up in price in the last 3 years. Now they can't sell anything and prices are crashing. According to CPI data we had a 9% price decline in used cars just last month. That is coming for the housing market... it just take a long time. I would say by 2026 houses will be worth half of what they sold for 1 or 2 years ago. Folks don't understand what market cycles are, how they work, and when to wait or when to pull the trigger. They FOMO. IMHO I hope all the people that bought US Single Family homes for investments lose their shirts, their pants, and their shoes.
What world do you live in? I have seen three big housing crashes in my lifetime.
My wife and I backed out of a contract when we realized our money in a bank at 5 plus percent or giving a bank 7 plus percent 85 plus percent front loaded interest makes no sense . We intelligently backed out within the 15 day inspection period and will wait until the prices go down and enjoy the interest per month and when housing corrects at 20 to 30 percent that will make up difference for the higher interest rates!. Example 500 k today 400 to 425 k in several months big difference at 7 percent .BE PATIENT!
"Great decision"‐ signed - Your rich landlord
Retired people buy a second home in Florida. Most of the time money is no object.
Not any longer, HOA fees, insurances, taxes are sky high. There are parts of Victoria Australia on the coast where people are selling up their second houses, no longer can justify the prices.
I too agree interest rates were keep too low for too long. If the Fed could have spread the increases over a longer time, the shock to the banking portfolios could have been managed better with more time. We need to remember that we were in the pandemic and if the Fed had started raising rates in the chaos there would have been hell to pay.
None of this matters with the petrodollar deal ending. Prepare for massive inflation across the board 💯
Yeah most rentals allow you to save??? Not many. Definitely not in NY. LOOKING AT 3500 for decent two bedroom
Just a FRIENDLY NEIGHBORHOOD REMINDER. While everyday Americans are being LAYOFF. Let’s TRUST the mainstream media, corrupt politicians and real state millionaires that this is the BEST TIME TO SIGNED UP for a 15-30 yrs HOME MORTGAGE.
Because you ain’t RICH, if you don’t have HOME MORTGAGE
- SARCASM 😂😂😂
The problem is not much the properties' high prices. The problem is the interest is extremely high, we went from 3.75% in 3 years to 7% “overnight” ( few months )
On top, we have food and supplies to…
It does not matter whether the housing market is up or down, do not worry. History shows the last Century, the housing market has always up higher and higher as long as you keep it.
Bayarea home prices jumped 14% so far this year. There is zero crash on the radar.
Definitely a buyers market in Myrtle Beach, South Carolina hundreds of brand, new homes, being built and no buyers
And that's just the homes they are slowly sprinkling onto the market. Most builders are not putting all the houses they have ready out there (yet). We're still in the "let's try some shenanigans" phase.
How are the wages in Myrtle?
Because if they are low and houses are sitting that could be the reason.
$350k for a house and making $16 hr is not it 🙅🏾♀️😂
IL Realtor here….
I do not see home prices falling. Just the opposite: multiple offers and super strong offers , very often over the asking price. I see some flips sitting on the market but these are truly overpriced.
Waiting for prices to fall may take a loooog time in my area
Curious. Who are buying these homes?
@@lisamyerspodcast i am currently helping different buyers: single lady who is buoying her first house , a couple buying a house together and older couple who are moving closer
To grandkids. Another guy downsizing to a smaller house due to his knees issue. Somehow they are able
To offer enough and are currently under contract:)
@@ondemandaquaworkouts Thanks! I was just curious about your area. I’m a CA licensed Realtor. :-)
Todd puts the real in realtor. So refreshing compared to the cheerleading I see locally. Great way to recap the week by bringing in viewer comments
Thank you 🙏
This is a Buyers market and growing here in Florida. I predict a 40 to 50% drop in housing prices or more by year end. The AirBNB market is also stressed, has become priced too high. Florida is becoming a nightmare. Taking into consideration that this is an election year and too many problems happening in America, we’re all in trouble. Rents here are through the roof! I believe the Realtors are a significant part of the problem as they are only pushing for higher commissions and will keep trying to convince clients they can sell for more. An average one bedroom apartment in an “OK” area is now about $2600.00/month. Too many of these units are owned by big corporations and they are making demands for qualifying beyond reasonable. Their greed is showing. Lots of empty apartment and condo units here and growing. Private owners are just starting to soften up and realizing they can’t get the money they did last year.
You can always smell the people who think everything is ok.
Smell? 😂 did you mean tell? I like smell though…maybe they do give off a scent.
You can always smell the renters too.
@@jaydeeare285 Hey some of us rent because we're not planning on staying put. Why would I take a mortgage out, pay insane interest rates for a house I don't want to stay in, which is located in a shit hole sanc city.....I hope we smell good my friend, some of us planned it this way
U said it... people are moving out of FL and moving to surrounding states like TN. That's the problem too many people moving here TN. Previously you also said there will be a "massive" drop in prices. Do you think that can still happen when all these people moving in?
Love the information you share. Thank You!
In my area I don't see prices coming down enough but they are indeed coming down even though there aren't a whole lot more homes on the market. I see this (just my opinion) as people sitting out the market until prices come down more. It's not even due to increased supply. Then of course there are the very rich who will keep on buying but I'm not living in the desirable areas where one has to deal with the privileged class.
Definitely a buyers market in Myrtle Beach, South Carolina
Just up the road a bit in Brunswick County NC houses are selling briskly - both new and existing homes, Developers are still putting up new projects of ~200 homes and selling out nearly as fast as they complete them. Anything between $300k and $400k is selling fast, and even up to $500k or so isn't languishing on the market. Plenty of folks from up north and the midwest, along with lots of retirees from Charlotte/Raleigh/Greensboro/Winston-Salem area are moving here. My hunch is that the big projects (1000 - 2000 homes) that are just starting might be the ones that get in trouble as they are still at least a year away from completing their first homes.
Been hearing this for the last 4 years…
What a lot of people don’t realize is that most homes were not purchased at the peak of the market many homeowners bought at times when home prices were quite a bit less than what they were at the peak of the market. The owners can afford to sell it for quite a bit less than the current market. Many boomers who bought their homes for quite a bit less than the existing market are passing away and their heirs will sell their properties. Prior to the prior boom the Chinese were heavily investing in homes and as their economy collapses along with their currency many will be compelled to sell. All of these factors could lead to a glut of inventory of properties which generally lowers prices and since the properties have lower debt they will be able to sell the properties for a lot less.
Homes 🏡 use to be to raise families in
The corporations you support with your purchases care nothing about families single people spend more
I think it is great you are saying what you are saying and hopefully making people see you are right. When Barbara Corcoran said that home prices are only going to rise and that it’s all OK I thought “ that’s crazy and unsustainable” I don’t believe it. There are so many people already locked into their homes and they cannot afford to move. I do not know who can afford to pay more. I have told people are flat out if you moved you have more money than I do. If I had not gotten my house 15 years ago I sure could not afford one today!!!
I am shocked that there are not ALOT of every day normal American families on the street and homeless!!!!
Numbers don't lie. People do.
Thank you to all the channels that actually create real content. In this market we have to think of this as a union contract negotiation. They are management and we are the workers. They rely on us, need us, or the system falls. We are currently beginning to see the cards turn in our favor. They are trying to support this new normal with false facts and incentives, but we must see through the shrowd. They are beginning struggling. Let them flownder, let them feel the pain of having to choose paying the rent, mortgage, electrical bill over buying gas and groceries. Let them feel what they have made us feel the past few years. Let them struggle and sweat. We are the majority and if we do not accept there "new normal" it will fall. Majority rules, we must stick together and be patient. I promise the tides will turn. Patience will prevail, and we will see them squander and be there to pick up the pieces. Stick together ya'll! Thank you Sachs Reality for posting real facts.
Thanks for your help.
I see houses that are double what they were a few years ago.
The housing affordability index is way out of line. Realtors need to tell sellers to drop their prices instead of realtors rooting for reduced mortgage rates. We need to change our values that houses are shelter for families; houses are NOT investment opportunities/sources of passive income for savvy investors.
The problem with that is, how are you going to stop a corporate or foreign investor from offering 30-40% over asking in cash? And would you tell them no, for a family that can only buy with an FHA loan with all kinds of contingencies attached? Or will you take the cash offer, as-is, with a 14 day escrow?
They need to stop those investors from buying single family homes.
100% with you! They have been denying it way too long! And, it will hit their (RE Industry & affiliates) pocket books first.
Let the Games Begin!!!
This guy is telling the absolute Truth. I just happen to be in the middle of just selling my home in Naples Florida and trying to purchase in SC. Home prices are so inflated it’s ridiculous.
Harry Dent has predicted the last 10000+ of the last few recessions 😂
That guy is a perma-DOOM-er
And he's been right.
The whole world has turned to sh*t.
Here in southern New Hampshire prices have somewhat leveled off. However due to onerous zoning regulations the supply remains low which will keep prices elevated for the foreseeable future. Supply and demand still rule the day.
Also the same holds true in Massachusetts. In the Boston area a 3-4 bedroom apartment in a 100+ year old triple decker brings $4000 a month and sells for over a million today.
Thank you for the info!!!!
I'm in PHX prices are way too high. Need to go 👇 by about 45-55% depending where u look. Basically 🏡 it's 2X the cost they should be
I think the real estate prices will correct more than 50 percent because there won't be a bailout. We are at a point that our reserve currency status is being challenged in the world. The fed cares more about the dollar more than real estate prices. There won't be no money printing and no bailout this time around.
Saudi let go of petrodollar TODAY.
USD is no longer *the* reserve curremcy.
@@lauraboatright6381And yet no movement in the FOREX markets. Hmm, maybe it's nonsense. Nah, let's go with it! 😂
Brics meeting in October- so many joining they are gonna have to change their name!!
My area of CA is still seeing a steady, upward creep in prices and homes are selling quickly. I don't think we are being as impacted by big investment firms snatching everything up as some parts of the country, though.
Going to stop watching YT realtors. I bought my first home in South Lake Tahoe in about 1990 and bought and sold about eleven more after that. The info on YT is pretty much worthless and a waste of my time.
Why tell me?
They are encouraging people to rent. Which is ridiculous just throw your money away. It’s very doom and gloom but we’ve been through all of this before. It’s not new.
'06 many 1st mortgages closed as adjustable rates that made the payment "affordable". Do you not know this or does it hurt your theory?
Comon Todd you REALLY think they’re gonna be silenced? 😂 home prices could drop 60% and unemployment at 15% and they’d still be out there saying it’s just a correction.