BOOMERS May Crash The Housing Market
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- Опубликовано: 12 май 2024
- According to Redfin’s analysis of over 90 million homes in December, the national housing market is now worth $47.5 trillion, after a 5.3% increase over the last year. Even with higher interest rates and seemingly lower demand, home values are still rising. So today, we’ll take a look at 2 articles, one by Redfin titled “The U.S. Housing Market Gained $2 Trillion in Value Over the Last Year” by Lily Katz and Chen Zhao and an article by Lance Lambert for Resiclub titled “Freddie Mac: The Silver Tsunami will be a 'gradual reduction' as 9 million boomers exit the housing market by 2035” to see how the housing market looks moving forward.
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I'm a boomer. My house is paid off. I could sell it and enjoy my last years in a retirement community, but I am keeping it for my grandson who has a little brother with down syndrome and my daughter died. So that is my final decision! The father is currently taking care of the younger one, but he might outlive his father. My motivation is Love ❤
Good for you! People who think Boomers are just gonna fork over their homes forgot that Boomers have children and grandchildren.
@@hangguy209Great for those with boomer grandparents that are home owners, sucks for everyone else who can’t afford a house and grew up with parents renting.
@@GreenKC it is but that's why you build foundation before you spend all your money on vacations and expenses.
Keep it. Enjoy the house as long as you can.
@@hangguy209 You’re clearly out of touch if you think the average American can even afford a vacation. People are struggling to pay utilities and put food on the table.
As the mortgage lender real estate investor for thirty eight years.. I have my finger on the pulse of the market conditions all activities current and past. Your information As if you were discussing the market during Previous market conditions.
The price of everything is absolutely unequivocally ridiculous! The amount of money in the system and the real estate investment trusts that are able to buy properties have artificially inflated the value of all assets. We've had 13 years of property value increases.Normal cycle is 6 to 8 years. We are way overdue for a market adjustment of 20 to 30 percent reduction in values. We're already seeing price reductions more inventory in less sales. This is a beginning of a major correction in the real estate market. I guarantee it and would bet my career on it.
U are correct sir..Austin is now already 20% down, with more downward pressure coming
Agreed. Housing market in my area is way overpriced for what it actually offers
Trees don't grow to the sky.
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Don't blame the boomers , how about every one realize that it was an artificial market based on historically low interest rates. The minute the rate goes up people pull out of the market . Suddenly those over priced homes aren't affordable. How about realizing that the median priced home was around 400k and the median income was around 70k its simply unaffordable.
Exit the housing market meaning the boomers are dying.
Nah. It’ll be a bunch of realtors, brokers, inspectors and pretty much anyone involved with the home buying process. Given the inventory shortage there’s an incredible low transaction volume. This is by far the worst possible thing you could have happen to any market sector. No transactions=no income or less income. People default on their credit cards, car loans (like we see now) they mess up their credit and then when interest rates FINALLY come down and inventory pops up there are no qualified buyers because everyone either got laid off, is making less, or messed up their credit. Then boomers will flood the market with homes and make it even worse. No one will look at real estate the same for a LONG time.
More “multi-family” homes are being built. Not single family. Big difference.
More than 3 million adults die every year, plus over 10 thousand people retire every day. Dead people don't take ANYTHING to the grave and many retirees move to cheaper areas or out of the country. Usually retirees own their home and sell their homes upon dying or moving to cheaper places
if savers actually got a good yield with reasonable returns on the money they invested in a bank, this huge bubble would never have happened. Because it wasn't worth keeping your money in the bank, many investors just jumped onto the real-estate bandwagon and auction prices went through the roof and priced young families out of the housing market. The popular narrative that savers don't help the economy is utter B.S , It's the savers that provide funds, so the rest of the country can borrow and slows down the printing of money by the Fed.
If mortgage rates go down, prices will go up to absorb the difference....lowering rates does nothing to make homes more affordable.
I can see an obvious trap has been laid for speculatets and average Americans in main street.
This what a pump & dump looks like. This is what a massive bubble looks like. I've seen this before in 2000, 2007, and now 2024.
The title of this video might really be true and not just Clickbait! As a young boomer born in 1960, I know that most of the valuable real estate is held by people my age and older. Who exactly are we going to sell it to if we don’t sell it right now to another boomer or older Gen Xer? If, and when we do sell our real estate, it’s going to have to be at a much lower price than we are seeing right now. And there is no getting around that.
FANNIE MAY is sitting on 100''s of millions in foreclosures. Never before in history have they done this. . Sure it helps people stay in a home but it also stops new first time buyer from joining the homeowners market. Will be interesting to see how long they xan carrying it.
r u in maryland...?
These realtors really make me laugh. Buy buy buy.....yeah right!!
🤔
Until the sticky parts of CPI drops rates will not drop. The fed wants to reduce housing costs and will keep rates higher rather than risk cutting rates to early. This will lead to the anticipated recession and higher unemployment. Also the reduction in rates by the fed does not immediately effect the economy.
The vast majority of homes I cleaned, new construction, were bought by folk older than me so well over 55. They buy these overpriced, oversized homes in their 60s. They know they got maybe a decade left. 1 person on title means the other can walk away debt free. Usually the guy buys and dies. Banks don't see a 60ish person buying a home is a risk. Like any one of them will see the 30th year.
Dont care.
No as boomers go boom, foreign entities will get first crack at it, look at all the new wonderful citizens..
The number of homes from Harvard University is 144 million not the numbers mention in the video.
Shortage of homes shouldn't matter to a consumer that sees the comprehensive attacks being made
Good information I h😅pe your channel works out. But you tube channel s are getting crowded. Especially real estate channel s.. so keep your content good like this video.. don't get lazy and play common content.. their is a hundred real estate RUclips channel s..
Nice video! Here's a comment to help the algorithm! Cheers!
If you been reading the studies on Boomer health and finance problems something big is coming with this generation that should be a warning. If I know the ages of my local homeowners a the area doesn’t have many younger adult families a the the homeowners are above age 55 and empty nesters. That subdivision neighborhood is facing a selling cycle. The Boomers will likely not sell their homes for several years because they feel after paying off their homes they can delay, procrastinate and chill as they want. The problem of doing all that comes after their retirement years become couch potato living and fragility. The Boomers will drain allot out of their health where they need caregivers and safer living space as upper age seniors. That’s when the serious difficult problems come for them not finding a suitable living space and arrangement much earlier.
I agree. They will also find difficulty seeking elder care. Oh well sucks for them lol
Why would you sell a house with a 3% mortgage and pick up an overpriced home with a 7% mortgage? What kind of sense does that make? The housing market will crash when unemployment skyrockets and not before. That's what drives home prices - jobs. And the recession is still coming.
I believe the correct statement is supplies drives the market.unemployment just affects it.
Because many have no choice, especially older boomers. Being forced into assisted living and downsizing is forcing them or their heirs to sell.
Because prices are going down.
@@primecash144 compared to what prices are when Boomers bought? 😆😅😅😅😅 What a joke
@@hangguy209 675k @ 3% is the same payment as 400k at 7%. Prices drop people will move. 👍🤣
WOW!
No, they won't. Their house(s) are being passed down to their poor kids and grandkids.
So , their kids and grandkids are homeless ?
@@LesterRivera-gm9ee Well, they certainly are not taking their house(s) into their graves.
@@mrxiong2567 you didn’t get it , if boomers pass this homes to their kids or grandkids , unless they are homeless , they will put this homes on the market ( for sale ) so the inventory will go up .
@@mrxiong2567 unless their kids or grandkids are homeless , they will put those home for sale , that’s my point .
Gen Z inheritance. 😂
lol a joke.. why is comparison of 2023 not 2020 where there real price percentage came from .. stop this fake comparison
Can you clarify your question?
I know what you mean... others are playing like they're dense...
Inventory is up since 22 but down since 20 but prices haven't reflected that increase yet
Well these greedy realtors are the ones to blame for this. They let the bid wars get out of hand. greed got them.
You can't see that it was mainly the homeowners who wanted to get as much as possible from their home sale, just as you and everyone else wants to do when they are the lucky sellers of some asset??? Of course the agents appreciated their higher fees received during this boom, as would every person who suddenly found themselves able to take advantage of a time in the economic cycle that turns out to be beneficial to their income. Being smart enough to take advantage of that time in the business cycle is considered wise by most, except the jealous who were not able to also take advantage of the time in the economic cycle! Eventually, this unsustainable level of unaffordability in many areas, though not all as all areas were not as popular to outside buyers with more money than average area residents, will correct or possibly even crash if area residents don't get large pay increases and outsiders stop moving there with higher incomes from previous home sales in more expensive regions and/or higher incomes that they can continue to earn by working remotely. Be patient, work on learning all about the house buying process, save and improve your credit profile, and be happy rental prices are upside down in most areas currently, in that while they have gone up recently, they are still weirdly less than the cost to buy houses currently, so figure out what your house payment would be if you bought today, subtract the amount you currently get to pay for your rent, and invest all that you are saving by renting each month into a huge yield saving account of Treasury bills, plus you should still have more to save each month as if you did buy that price mortgage today, you would want to make enough income that you would still have enough left each month after paying all your bills to continue to save money for future needs. So you should be using thia time to save up significant money thar you can then use partially for a great down payment, eventually, and partially to pay off first 5 years mortgage interest right AFTER you close on your mortgage, as Travis so wisely recommends, which will save you mucho money in interest over the life of your loan!! Happy patiently hunting!
No crash is going to happen. Every fractional dip will be met with pent up demand 😅
So let it be written. So let it be done!
Boomers need to sell their 3,4,5 plus houses and downsize to a townhouse or condo or something. Those houses need to be available for people who want a house to raise a family. You know something you boomers can not do anymore!
Thumbs up for the sheer positivity exuding from this video!