Idaho Housing Market Crash | Home Values Drop $113,000
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- Опубликовано: 27 июл 2024
- Idaho Housing Market Crash | Home Values Drop $113,000
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Thanks for having me on! Appreciate the time.
Thank you, brother. Appreciate the intel and prospectives.
@@realestatemindsetFINALLY Travis has you on. You are soooo underrated! Thank you for your insights!
You should be thanking me for my constant attack on Travis to have you on!
I follow both of you guys! So glad to see you on together!
Which developments went into foreclosure?
it's hard to nail down specific predictions for the housing market is because it's not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars
A lot of folks have been going on about the bull rally and said stocks that would be experiencing significant growth, any idea which stocks this may be? I just sold my home in the Boca Grande area and I'm looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
Such market uncertainties are the reason I don't base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of a planner, before I started seeing any significant results happens in my portfolio, been using the same advisor and I've scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you're looking.
Same, I operate a wide range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Nicole Manderfield, has been an amazing experience.
Hello, I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Fiduciary-counselors have exclusive information and data paths that are not available to the general public. Understanding the direction of my Fiduciary-counselor Nicole Manderfield
Because so many people overpaid for homes during a period when interest rates were low, I believe there will be a housing crisis because these people are in debt. If housing prices continue to fall and, for whatever reason, they can no longer afford the house and it goes into foreclosure, they will have no equity because they will not make any money if they sell. I feel that many people will be affected by this, especially given the predicted mass layoffs and fast rising living costs.
I recommend investing in shares to balance out your real estate assets. Even the toughest recessions can give wonderful purchasing opportunities if you are prudent. Furthermore, volatility can create wonderful short-term buy and sell opportunities. Although this is not financial advise, you should buy right now because money isn't king right now!
You are correct. With the help of an investing coach, I was able to diversify my 450K portfolio across markets, and I was able to create a little over $830K in net profit by using high dividend yield stocks, ETFs, and bonds.
@@danieljackson87 Would you mind sharing some information on the adviser who assisted you? Since the age of 18, I've been saving for a pension through a company program. As I became more taxed, I enhanced my workplace pension with a SIPP (tax advantages). I'm now 50 and would like to aggressively grow my wealth; there are a couple cars I still want to drive and mega-vacations I still want to take.
Her name is Stacey Laura Alviani can't divulge much. Most likely, the internet should have her basic info, you can research if you like
@@AmirNogueira⚠️Good Luck With That⚠️
30% income on 100k salary is only 2500/mo. You have to make a six figure salary to qualify for a starter home mortgage payment. And that's with like 80k down payment 😆
Boise was a great location for remote workers from California. It stopped because the remote work trend is reversing and Boise got too expensive.
I think it’s all unsustainable. Everything is 80% over valued in this current market. It will be something like we have never seen. Some will be wiped out instantly.
Yeah. When I see the housing market all I can think is "Who are all these millionaires who can afford a 1 bedroom 1 bathroom home for around $300,000?"
I don't think it's sustainable either.
I have friends in southern Idaho who bought at the near the peak and now are trying to sell their home for more than what they paid. They put it on the market 6-8 months ago and it has had little interest. I also see prices dropping in Twin Falls and the surrounding area. I hope it crashes and burns. Im at the point where Im almost ready to buy and theres no way I would right now. I know what these houses are worth in a normal market and they are still way over inflated.
What about inflation of the US dollar? If we never get our CPI under control and the dollar continues to plummet in value, why would housing prices drop. Hard Assets will always have relative value to the dollar. I don’t see a huge “crash” everybody is hoping for. Go make more money
One thing you didn’t mention was now the Californians have gone through a few winters and are missing the 70° Decembers and ocean waves. Add that to the mix. 😂
They destroy everything they touch. First, it was Colorado (Calirado). Now the remainder of the western states.
It’s not crushing it’s back to the normal price/ value . The end of OVER PRICED!!
Just had a local Boise real estate agent call me about getting me to sell my house. He made it sound like the market is popping here. The facts you show say otherwise. Great insight!
⚠️Most realtors ARE Vultures⚠️
great discussion guys. I have no interest in Idaho but Joshua is clearly insightful and honest
Best show!!! So glad you guys connected! Thank you Travis and Josh!🎉
LOL, I just moved from Eagle to Ogden for work. I love the area but it's too pricey! Home prices verse the average wage for the area are crap. only people who still get CA or WA wages can afford to live there. Once It corrects I'll def be looking to move back though!
Powerful! Boise, welcome to the swimming pool. We are in trouble!
Josh is great and I watch all his videos. He is one of the few realtors who tell it like it is. I am glad you did this video with him
A housing market crash is when home prices return to fair value. Hard working Americans were able to afford to purchase a home before the pandemic. The pandemic was a catalyst that rocket launched these insane and anti-American home prices. Never in the history of real estate have we've seen these insane home appreciation values. Never! A meaningful housing market crash is when your hard working Americans can once again afford to purchase a home. Pre pandemic levels is a true crash!
I get it. Home values went up so fast, and so much that most people can't even feel a -19% decline off peak. Think about that for a minute 🤔 The FOMO was real
@@realestatemindset I'm afraid that our "amazing" government will need to step in to fix this housing crisis. Policy must be made to correct the market. Nothing but disaster if the government continues to allow the institutions to control the market.
⚠️government Can NOT "fix" It⚠️
Travis, realtors are just not going to do what you have been suggesting. Its all about the money and they don't care what happens to thier client after they have bought a house they shouldn't have. I'd say 75% of realtors are going to say and do whatever it takes to get the sale or listing. There is no way in hell they are going to anything but get the sale. They look at it that its on the consumer to know what to do or not do realtors dont think that's there job.
⚠️MOST realtors ARE Vulturea⚠️
Great content, Travis and Josh. We looked to buy in Boise back in 2021 but decided against it due to how crazy the price of homes were. Seeing how bad prices have decreased now, we are so glad we didn’t buy back then.
Happy to see you guys together! I watch every episode of Good News Real Estate.
Bonkers! So glad you had Josh on to cover Boise!
Love you brother that rant from 20:00 to like 25:00 couldn’t be more true. You aren’t creating fear you’re creating awareness which makes people do their own research and become more knowledgeable in the process. You are a real one don’t forget it
Man I'm glad you picked that up. That was straight from my soul
Thanks Travis appreciate your hard work!
Prices here in OC Kalifornia are still increasing! A realtor mentioned a $2.6MM house just came on the market and it was in escrow the next morning!!! No crash here folks!!!
According to Redfin my house has dropped ~54%. Zillow says it’s up 6%. I’m in 83703 area code and bought April 2022.
What a treat! Two of my favorite RUclipsrs.
Great info for us locals in Boise.
Good to see this happening, thank you guys!!
Travis' questions:
0:50: How are you today?
2:00: What is your definition of a housing market crash?
3:25: Is Boise crashing right now?
6:00: What's happening with entire subdivisions forclosing in Boise?
8:15: What's the reason for the price drops?
11:45: Consequences of subdivision foreclosure for recent home buyers?
18:35: What's the deal with Boise realtors?
20:40: Travis on bad RE agents
27:25: What should potential future home owners do right now?
32:20: What happens next in Boise?
34:50: How much more can prices go down?
38:10: Could it be worse than the GFC?
41:25: What could I have done better in my Boise video?
Gets cold and snowy out there...beautiful. I'll stay in the South though...keep that cold that way guys😂
Record cold in Idaho. A week of negative numbers. Busted pipes all over, water soaked businesses and dead HVAC systems all over
I’m standing on a roof in downtown nampa rn, replacing sheeting, and yeah if the construction slows down, allot of nice trucks will be for sale
So great to see Josh on your channel. I have been following his channel for a while now since I would like to relocate to Idaho in the near future . Enjoy and follow both your channels. Keep up the great content and appreciate you looking through the lens of the consumer.
Thanks for having Josh on. Great discussion
Awesome video is good to see two good men. Bringing some light to the housing market.
Nice Work Gents!
Unfortunately homes are still quite unaffordable to many many “middle class” families in Idaho.
Thanks Travis so much for having Josh on! What a great video!
Great show! Thank you so much.
Thank you for doing a great job.
if there is a sharp slow down in sales, and jump in time to sale, its an indication the market nolonger accepts the asking price
Thanks for the video guys! Curios which subdivisions your talking about going into foreclosure and what part of town? Thanks again.
Yea okay Travis once again way overblown. I live in Boise and prices are very elevated. Yes they have come down 8% from last year from being the top most inflated market since Covid. Prices are still 30% above 2019 and the average income earner here cannot afford a modest home thanks to all the California money moving in. If you have a property that is in a decent area and under 415k that’s renovated and well staged, it’s under contract within 24hrs. Trust me I’m in the market looking everyday looking to buy.
Yep! I’m in Boise as well. Sold last year and have been waiting to buy. The market is already insane with multiple offers and things flying off the market.
Do the Californians like it there? They built so many planned communities, with pools, water features, parks, etc. They're building new schools and amenities for families.
They were trying to attract families from the west coast who wanted a normal life for their kids...how'd it pan out?
My husband and I left Boise before Covid, the locals were already priced out and traffic was awful from Meridian.
I think the idea is that you shouldn't have price declines in a healthy economy. What happens if there's an actual recession?
@rathelmmc3194 We don't have a healthy economy. Credit card and car loan defaults are at 9%. 40% of mortgages over 1 mil are adjustable rate. Consumer debt is at an all-time high.
So same thing as last time - layoffs, foreclosures, businesses going under, etc. As they already are.
Bro you don’t know how grateful I am listening to you. Thanks for being honest about everything regarding the housing market. It’s tough to tell the truth regarding what people should do when buying a house and their livelihood depends on you making a bad decision
You guys are so informative thankyou 😊
Thanks for the information guys. I’ve been looking at idaho and now I will definitely be waiting to See what happens.
Great video!!
Awesome video! I'm sitting on the sidelines and just waiting patiently for the home prices to come down. And I've been following Josh since I'm looking to move to the Boise area. Love your guys' honesty and keeping it real! 🙏🏼
Boise has gotten insanely expensive, especially for groceries. Wages don't even come close to COL here.
Woah
The “
Melting Pot “
You should go down the rabbit hole with that.
It All ties in together.its All by design.
Great Channel
Vital information
Who wants to move to Boise, Idaho except the person that works from home (WFH). WFH is dead now and employees are required to return back to the office. Other that the WFH no one else has ANY reason to move to Boise. This was a ascending rocket in the market and is now showing the same extremee steep decline.
yes, keep up the good fight!
Saw that in 2009 in Nashville……. We had an override on the HOA that set requirements at 4500’ full brick…. But even though…. The homes built into 2006 were closer to the 6000’ size and after the deleverage- entry level institutional builders like fox ridge came in and built home that were builders grade everything ….. really put a cap on that neighborhoods long term potential….. and i see it now 10years later when i drive that area
That is amazing since the ID real estate didn’t lose that much during the GFC /2008
Back in the 08' crash I lost a staggering amount ot money. A couple of years ago I got that same sinking feeling and I sold out. I feel for the people trapped as I once was. This is a very scary market for any homeowner.
Everyone keeps saying that real estate is local to your market, and they have a list of reasons why Idaho has become wildly unaffordable. But why is the same exact thing happening everywhere? Canada, Australia, UK, Etc. The whole world suddenly went crazy over real estate and now young families are priced out of life. It doesn’t make sense.
I bought my new construction home in canyon county last week. A lot of people shopping. I had to move fast to secure my home, because of the price range I bought in (under 450k).
It’s subjective.
great to see you guys join forces! absolutely bonkers uh?
Went to a horrible overpriced 1995 remodeled house that was a 4 bedroom 2 bath one story that was sold for $300,000 and they remodeled it to a 3 bedroom 2.5 bath with a half bath was the hall closet. The master bath was larger than the master bedroom and it still had single pane glass with cheap gray wood laminate for $619,000. They had a young graduate at the open house with the senior realtor sitting in the back ground. It is easier for the young to spiel the hype, because they do not know.
Guys a huge reason sales are down is people have married there interest rate. Why would someone sale a 3% rate, even if their home values have plummeted. It’s still cheaper to keep that low rate. Who knows when or if rates will ever drop below 5% again. Remember they were 22% in the 1980’s
500% price increase but yeah 15%. lets go by a hose
It's important for parties in any business deal to have aligned interests. If you have a system that is set up so that my interests are different than yours. You will forever have problems and disappointment. The current Real estate system for buying and selling homes is misaligned.
As an Ex Broker, you won't get buyers, because, when asked, you will tell them most properties are over priced. And, you won't get sellers, because they want more for their place than what it is currently worth. I found a way around that in 1994 and loved working my plan everyday!
$34 Trillion national debt. Things will continue, until they can't. What happens when the buyers of our T-bills stop buying? What happens when the bank shuts off your credit card?
Hi Travis...so what do you think will happen to all the overpriced homees???you and Josh say that market went over 30-40% over will we go back to normal median prices??
Josh is great and Boise is a poster child of this crisis. Definitely bring him back.
We have struggled to find a "buyers" realtor, clearly and aggressively working in our best interest. We also have inquired to several reality groups to speak with a foreclosure or short sale specialist and they look at us like were from mars and ask what do you mean?
There will be major price declines until the prices become affordable for the regular Idaho people. For Boise and the Treasure Valley the prices will have to be in the 150K-250K for things to go back to normal... We will see how long it takes... This price pump was due to pure greed! See where that gets people... lol
It's a battle between FOMO and FOGS (Fear Of Getting Stuck).
Why did Josh remove the "Under Investigation" Video?
Can we get the same crash in Utah!?
Yes✊️✊️
Don't you guys remember what they said about RE in 2021. The Market is false. Prices do not follow the metrics any more. Its true, but all that really matters is affordability.
Free information for success. Travis, you have good information but you talk too much. Watch Josh, he makes a point and then stops talking. Keep your videos under 10 minutes.
NOT BOISE!
Glad I found you guys. The wife and I are considering selling our home in the insane asylum formerly known as Southern California but listening to the both of you maybe we’ll stick it out for a little while longer. Especially with it being an election year it’s hard to tell what kind of shenanigans are going on with the fed to make the economy look better than it is. All I know is I’ve had it with this shithole!
Indianapolis Indiana??
The great crash is upon us!!✊️✊️
The rent is too damn high!
MBA latest press release titled “Mortgage Applications Increase in Latest MBA Weekly Survey”. Oh yeah, homebuyers are back!! (Sarcasm)
In 2nd paragraph “The seasonally adjusted Purchase Index decreased 1 percent from one week earlier…and was 19 percent lower than the same week one year ago.” Oops!
3rd paragraph “Purchase activity has been strong to start 2024…however, activity is still weaker than a year ago because of low housing supply.”
Huh?!?!?! So a rise of less than 5% from a 28 year low is strong?!?!?!
My number one question when interviewing a realtor is going to be...
"Marry the house date the rate?" 😁
And I'll say it in the most cheerful way possible.
The cost of homes is more about YT 'Flippers" and ABnB wannabes the last years. There isn't a formula that can account for someone or company buying a house and listing it months later for 40-60% more, or paying top dollar in what should be a down market to get another less-than-average rental listing. Prices have almost doubled for the same houses over 5 years.
🎉🎉🎉 Hey 👋🏼 Travis
Thank you again for taking care of your subscribers and showing them the Truth.
There’s going to be so many opportunities for those of us who are saving money 💵 getting credit scores as high as we can. Because it’s going to be an amazing time to get wealthy.
I lost so much money 💵 during the last Real Estate fall and I wasn’t ready to deal with it correctly. Someone else bought my
$1.3 Million dollar home for $600,000
Now I really want to be on the other side to take advantage of so many amazing opportunities.
Blessings,Carlos ✝️🙏❤️😊🇺🇸
Hey Bonkers, I've got something interesting to share with you. I own properties across various locations, including Washington State, Portland, Oregon, San Diego, California, and Tucson, Arizona. In February 2022, I embarked on a two-day, on-the-ground exploration of Boise, Idaho, with Redfin tours, focusing on the upscale neighborhoods of Eagle and Meridian. Here's what I discovered: Boise, Idaho, didn't live up to my expectations. Contrary to the lush beauty and favorable climates of the West Coast states like California, Oregon, and Washington, Boise felt markedly different. My impression was that it's predominantly a dry, cold desert landscape, lacking the inherent charm of the West Coast. Additionally, the area seemed to be a magnet for a specific demographic-some tech enthusiasts relocating from the West Coast, seemingly to make a statement about their political beliefs. As a businessman open to investing wherever there's potential for profit, I found Boise to be more of a liability than an asset
Thank you for these insights and for the time it took to write them.
That is crazy but it makes sense.
🚫"far-right tech enthusiasts" / WTF🚫
Rephrased it.
Shout it from the rooftops!!! Boise is beautiful to me because my whole family is settled here across four generations. But if I was just here for the landscape I would leave ASAP. Utah, Washington, and Oregon have similar prices but more beautiful scenery. I want to leave Idaho for a more affordable house in the south, but I love my family too much and they all already own. 😭
Come to MI :)
Great video! If you get a chance please try to make another Denver video on state of the housing market there!
Please, please, please!! All housing has been over valued so a 113k drop hasn't even reached the true value. When seeking a true value of a property wages and cost of living need to be brought into the appraisal equation. And if appraiser started playing hardball and extending appraisals to add those true real life and real estate factors in and stop this insane ponzi get rich quick schemes. Property's are still overvalued even with a 22% drop. I'm sorry for those who got caught .
🤥
“The Boise housing market is somewhat competitive. Homes in Boise receive 1 offers on average and sell in around 39 days. The median sale price of a home in Boise was $470K last month, down 4.1% since last year. The median sale price per square foot in Boise is $285, up 3.4% since last year.”
It is just getting started it will get a lot worse their with all the new homes they have
People are going to figure it out eventually when they can’t make their payments. Then who are they going to blame the idiots that didn’t tell them the truth.
I see a lot about Portland, or but I wish I could find more about nearby areas like camas, washougal and battle ground!
Battleground has a lot of religious cult members who live in the outlying areas in groups. They are unwelcoming to non-cult members, sick their dogs on them, shoot non-cult-members dogs & leave trash on non-members property. That’s something I heard while staying In battleground last summer. The main strip in town is lovely though.
@@evegreenification oh dear, that doesn't sound nice! Funny I haven't heard about that, it sounds pretty unpleasant to be around!
It’s funny they talk about the payment to income ratios are that of the 1980’s. Inflation of the US dollar hasn’t been this bad since the 1980’s. I would argue Home prices are actually fair relative to the value of the US dollar. It’s just the rich aren’t paying the middle class enough. Wages aren’t coming close to tracking with inflation. It comes back to the separation of wealth in America, there will be no middle class if wages don’t increase dramatically
I just found a house on Zillow that would be perfect for me and my kids. It was purchased by someone on 01/10/24 at $389,000 and listed for sale on 01/30/2024 for $558,000. 😢
Sheesh. Something is seriously wrong with our economy that people are able to do this.
@@eddieloujones2673 Listing for sale doesn't mean it going to sell at that price.
There have still been investors buying and "flipping" they will all get caught with their pants down in this mess...
Idahoans cannot afford Idaho homes! We need a 50% drop (from the high) for home prices to be reasonable .
He it comes bonkers and cazey 😊
You need to give your guest a chance to speak.
Wowoww
There’s a recession on the way gonna be insane..makes me laugh if citizens don’t see this coming.. he’ll go to the grocery store the price of food is INSANE!!!!!
everything smells like 2008
What happened to nobody special finance he's Mia
He should still be around. Every morning M/F
Why do I want French fries now?
No matter who becomes president is the real state market is going to continue to plummet downhill. I believe this real state crash! is unavoidable.
Crash, 50% or more
Although I agree that home prices have come down, they haven’t come down a lot and if they have, they get snatched up real quick. Basically before it’s actually on the market. For example, a home that went on the market last spring for $800k sat. They did a few price adjustments but never anything under $725k. They listed it as a coming soon about 1 weeks ago at $695k BETTER but still overpriced and it went pending before it officially hit the market. Another house on our street went on the market the week before Christmas at $625k. Not horribly priced but still a bit overpriced in my opinion. They were suppose to have an open house that weekend and it didn’t even make it to the weekend before it was pending and I’m assuming that they had to offer a little more to get them to not go through with an open house. Not sure but it seems logical. Another one, down the street, went for sell at 780k which was extremely overpriced. Like laughable. It went pending about 30 days later at the beginning of January and sold for 724k. Still laughable. Watching this market like a hawk and it’s insane. It’s not sustainable, yet it’s sustaining, even with MINIMAL price declines. And to that I ask, if it’s already flying off the shelves doesn’t that allow sellers to think they should start selling higher??
I am disappointed this video wasn’t about me and how amazing I am. I also want to point out in always right, it’s my curse. The housing market is strong and resilient, especially in Boise. Now is the time to buy!