Problem is a low level Tech employee at google or any other tech company - makes that money in CA! Easily they make $250-300K as base and then the extras. That’s not normal for most other jobs. These tech employees are screwing the home prices in CA. Very sad! They also need to face tough time. Hope Trump can bring recession and reduce these tech jobs! Seriously no remorse for the inflation these Tech employees are creating!
@@MikeEverest-s9s Irvine CA is a prime example of foreign buyers of RE, one of the few cities with increasing prices. Don't worry, there will be a big reset of prices coming but the only problem is many people will not qualify because they're unemployed once the recession hits.
My rule of thumb is if the realtor at the open house first language isn’t English, then they want cash only and will not wait for a mortgage to go through. 😅
I'm shocked at how many people in the comment section think that rising real estate prices are because of realtors. The dramatic rise of real estate prices in CA are due to government regulation, supply and other market factors. Realtors would love to reduce the price of houses because they would sell more of them.
Oh come on. Realtors are victims of their own success. 6% on a million dollar sale is 30 grand. Even splitting it with a buyer agent, you only need to move 3-4 properties a year to keep up with the Joneses. Move 1-2 a month and you're in the top 1% of income.
@@ExaltedDuck now factor 30% taxes and expenses. And why is it that you think these people you’ve never met are bad? If it’s so easy to do go ahead and try for yourself. I bet you wouldn’t even last 3 months.
@@realestate_doggie I didn't tay they're bad. Just overpaid. Taxes? Irrelevant. Everyone has taxes. Expenses? Comes out of the broker's share. That lawsuit last year was the tipping point. The industry will have to change over the next few years to realign itself to better serve its clientele (especially on the buyer side) and to compete in a world where AI exists. And "why don't I try it myself?" Years ahead of you. Last house I sold involved no agents. The buyers paid 20 grand less than I would have insisted with an agent and I received more than 15 grand over what I would have if I had to pay a commission. When agents work for fees instead of commissions, I might use one again.
The one silver lining I see from that direction is a suggestion for Bill, where the state of California helps foot or a portion of the property value and then claims 20% of the sales profit when the owner sells.
This guy has a vested interest on saying prices are going up. He wants his"clients" to believe prices are going up. That's not what I'm seeing in The Bay Area in general. I'm seeing prices going either down or leveling out. No more bidding wars.
The Bay Area is a 💩🕳️ . Buyers can see that. They want to buy in safer areas with better quality of life. SF prices may be dipping but surrounding area are still going up.
It’s intentionally price low because of the current interest rate - but no matter what there will be a bid war. Buyers know the ROI in equity will happen fast
Yes, our home insurance policy was ~$800/yr. It was just cancelled and new policies are between $4,000-6,000. California regulations are driving insurers out of state and leaving homeowners with nothing but bad options.
This is the problem. The higher the interest rate, the less "middle class" buyers there are. Then the wealthy buyers will pay cash for the houses. Insurance is optional because there is no mortgage. Housing prices are not coming down because the houses still got sold.
Just say it is un sustainable for God sake! Sheeesh, he is talking in circles but not calling it an unsustainable problem. He did not address the fact that private equity firms from all over the world are buying up California real-estate to store their money. That is the primary cause of the constant rise in housing prices.
I just bought after procrastinating for 3 years .. this isn’t 2008… just not enough homes for sale. too many locked into 3% loans .. The property tax system also deters people from moving .. throw in outrageous selling fees of 5-6% .. no one wants to move .. its a disaster..
I gave both of my kids their inheritance early, each have a home in different parts of the US, ID and CA. Of course, the ID home was 3 br/ 2 bath, the CA home was a 1 br/ 1 bath condo. Very different, worth the same. It's clear to them that they get nothing else but they are so grateful to build on what they have now. I left CA and will only visit. Best decision ever. God has blessed me.
The problem is not because of one thing. It’s a collection of factors: people sitting on low interest rates, influx of rich Asians investors to California to hide their money from authorities, lack of land to build new housing as California is dead end due the o Pacific Ocean, abundance of wealth from Silicon Valley, influx of rich Americans from other states. It’s a no brainer when temperature is 15 in Midwest and we are basking in 65 degree weather. You can probably add 10 more reasons to this list. Why tourists flock to Italy or France? Because they are unique. Well same for California.
None of those are significant. The real factors are NIMBYs obstructing dense development, Prop 13 killing turnover, lack of public transit requiring car expense and paid parking, among others.
The writing on the wall unfortunately is a trend towards declining numbers of work at home. And the number one reason is IT. I don't care how strong your VPN. If you're running reports over your own Wi-Fi network, even a company VPN or a government VPN? you're already bleeding 20% of bandwidth to a "free" ISP.
Remote cities are becoming expensive too. They were giving homes away in desert areas of California. They're all almost in the $600k--$800K range now. It's crazy.
I think it'll be like the cars, big shortage jacked prices way through the roof, now supply is everywhere and deals are too. Real estate is just a slow mover, but i think it'll correct. Who can afford these prices, and the property taxes. People in CA aren't selling because of locked in low rates and low taxes based off of prices decades ago when they purchased super cheap. Overall, CA is a different animal and it may stay inflated and keep rising in desirable cities, especially coastal LA to SD.
@@karelglasner2673 Sorry you hate the free markets, but they are assigning values to California real estate that are incompatible with the exodus narrative.
The only laws we need, is to not allow corporations to buy houses, and to tax the hell out of rentals. Then watch the housing market begin to become affordable again.
Its alot more complicated then that. We have tons pf apartmenta available in the new comples I live. .More then half. They refuse to lower the rent. You forgot to add manipulation and denial
@ I agree that is part of it . The wealthy will buy up the homes . They know people need places to live . When you control all the available housing you control the price .
For once someone finally tells the story right about CA real estate. I've lived in the bay area for 40 years, worked in the tech industry, own properties and helped our kids with their first homes. The guest knows what he's talking about. Most of the people who commented here, don't have a clue and assuming they had watched the video, still do not get it. I blame it all on the tech industries with their oversized/distorted compensation package and the lack of new housing build due to the NIMBY attitude and high construction cost from over-regulation on building codes & permits.
START HOLDING YOUR LOCAL OFFICIALS ACCOUNTABLE. Always vote in your local elections... Do NOT let "Other's" choise your Sheriff, Prosecutor, Judges, County Supervisors, Town Council Members, Mayor, Planning-Land Use Commission Members, Water Board Members, School Board Members, and other LOCAL OFFICIALS for you. Collaborate with your family, friends, and neighbors, and VOTE AS A BLOCK in order to put good freedom loving American Patriots who share your values into your LOCAL GOVERNMENT.
@@kimberiysmarketstrategypoliticians do make laws and regulations where homes are restricted in how many are being built hence the shortage and the high prices
@geedee2420-the problem is that unless you know that person that is running for the local office, you are just voting for a name. There should be information about the candidates especially judges on their rulings and decisions. All you get is their education, where they worked before becoming a judge and some small paragraph about who they are personally.
@@MarioG.-yt1of ... It's up to each one of us to do the hard work of researching these people. I do all of the footwork for my family and friends and then we vote as a block in order to strengthen our voting influence.
Reverse market crash. It will swallow it all. Sales down, interest up, sales down, insurance up, jobs loss, utilities up, more jobs loss, food up, then what? You refinance? On what debt to income ratio? People think they are balling with prices rising and buying stuff, we have all seen this before.
My father was a Real Estate businessman. He was a WW2 veteran and upon return he went to night school and became a Real Estate Broker in the 50s, 60s, and early 70s; selling homes to War Veterans. As a young boy,, he told me one day in the future common people will learn about real estate and everyone will get into the real estate game; including the speculation game. Soon retired teachers, principals, and other common people joined the game. Everyone became a "real estate salesperson"; speculating on the most important thing a person can have - a roof over one's head. He left the real estate game and became a roofing contractor.
My family has been in the real estate business since 1956 with my father. My Dad developed the relocation business and was a major player in the US market. This real estate expert doesn't pass the smell test. According to the National Association of Realtors, the #1 reason young people can't buy homes is student debt since 2006. The first-time homebuyer had to compete with Wall Street after 2008 for residential homes, then shortly after that, Airbnb rental investors. Matt's solutions and Gov Newsom's policies are not addressing the root causes.
My brother bought a house in San Mateo CA in 2020. The previous owners were paying taxes on the house valued at $330k. They did some renovations to the house and sold it to my brother for $1.5m. This year the house is valued at $1.75m. Originally I thought my brother paid way to much for it, but the equity increased by $250k in 4 years so that's not too bad.
@@deathlarsen7502 You don't understand. CA has grandfathered property taxes (via Prop 13), so a guy who buys today will pay 10x the property taxes of a guy that bought in 1974. It is complete insanity to have such a housing policy. Add in NIMBYs who obstruct dense development, and car dependence and expenses due to lack of public transit, and the consequences of Reagan's governorship are clear.
It's not insane you obviously don't understand it it keeps people from being homeless especially the elderly and disabled if you lose your job and you have your property taxes locked in it keeps you in your home. Saved many families @@tails8333
Great interview. He speaks the truth. Wife and I make a little over $200k combined in Orange County but didn't get into the real estate market early enough. Now we just moved to NorCal and have a nice property. Do we miss SoCal? Hell yes but we have a home for our kids and a investment.
No one thinks of cost of loan, interest, property tax, insurance, hoa, higher utilities, repairs and maintenance on top of the high price and your breaking your back monthly !!
I could back up this story. This is real. I live in silicon valley. Some of the houses in my neighborhood sold in less than a week. Some sold before open house. Then I have a neighbor who owns 3 houses in the neighborhood. These houses are not cheap. If you work regular jobs, like banks, you are expected to have a spouse in tech. If not, I don't see how you could afford a house on your own without having to commute 2 hours and still pay close to $1M....... It is tough enough to compete against the techies, you have to compete against the techies and their wealthy parents.........
Excellent Silicon Valley analysis! It’s great here if you got the moolah 🤑🤑🤑. If you don’t it’s pure hell 🔥🔥🔥. I’ve lived here 25 years and survived a nasty divorce and lost my home 20 years ago and in last decade rebuilt everything and life is great again! It can be done but you got to REALLY pay to play here! My wife and I are never leaving and love it here. You must make easily over 300k a year to feel like you are not broke. 100k is low income.
There needs to be legislation that bans large firm investments in the single family home market in CA. That would probably help drive prices down. San Jose, CA has a crazy amount of rented homes instead of owned ones…and that is just wrong. It’s keep rich people rich and your average Joe can’t even get a leg up in equity as a result in the Bay Area.
You can't blame realtors. They work at the pleasure of the state (and California regulations are insane). The problem is government imposing insane regulations on everything. This is driving costs up.
@@RajDeelish have you heard of dream for all program….. keeping prices high the last couple of years by helping unqualified buyers buy homes during peak prices with low inventory. 20% down from the state.
@@SleepyNeo Huh? Unqualified buyers are not getting 20% down from the state. Buyers still have to qualify. Most homes in California are over $500,000 to $1,000,000. The state is not giving people $100,000 and over for downpayments. The reason for the high prices is simple (like someone else said)...supply and demand.
Seems like all these homeless people are choosing to live in the most expensive area of the country. Why don't they move to a more affordable part of the country? If they can't afford to now, why didn't they move when they could afford to?
It has been my idea that the government the federal government should take over getting the homeless off the streets. There are many parts of this country where housing is very affordable and in much disrepair. There are many towns where they have lost population since there are not the industries in these towns that they used to be Not good for the people that we would put to live there, but at least they would not be living on the streets of our larger towns, in tents and filth. what type of industry could we bring to the small neglected towns to give the new previous homeless residents a step up in life with the homeless living in the streets be willing to make the change. The ones that are addicted to drugs would have to be forcibly relocated. I’m hoping the federal government will think of this idea because it is obvious with the millions being spent every year that our local governments Have not accomplished the task of cleaning up our streets. Especially in Oakland on East 12th at 14th Ave.
Ya think? No sympathy for them - if ya can’t pay to play then GET OUT. We have 49 other states - as well as the massive Central Valley of Ca with charming cities like Stockton and Bakersfield !
@jbp122 The whole Google bit was way off... Google is laying off people and most of those young super talented people are starting their own companies or they already left. Also, work at home has drove up the sale of homes for people were buying extra homes or homes in areas that were far from their company's offices. Eventually, those remote jobs will end and cause people to sell their remote homes to buy in areas closer to their jobs. Also, homes at 400k are not sustainable. My home is now worth 1.2 million and I paid 180k in the 90s in California. Its paid off, and I'm not even considering moving and cashing out. I don't see the value in these new home prices at all.
@@jbp122 yes fanboy talking his own game with his vested interest. go to a car dealer they will also tell you 'buy NOW bc the price is only going up and this is the best car ever"
@@deathlarsen7502 that’s fine. Keep waiting for the market to “crash” before you buy. You will be waiting a long time. Check back with us in a few years.
With California population at 34 million in 2024, they have predicted that the state will grow to 50 million by 2050. That's in 26 years from now. Do you know where majority of that population will migrate to? The Inland Empire here in Socal. I can only imagine what's it going to do to the real estate market out here. Los Angeles infrastructure is saturated with 4 million people. There's no room to build anymore out there. As a landlord and currently own 2 rental properties at 2.99%, I will never sell them. EVER!
The building/low inventory deficit is a myth created by developers to scare government into relaxing zoning laws and other regulations to create a building boom they profit off of, while still only building for the rich and elite
When a real estate agent gets labeled a 'real estate expert,' and they're regurgitating the same garbage you hear on RUclips, TikTok, and from my grandma-acting like they’ve transformed into the Warren Buffett of investing you know the peak is near.
With AI coming down the pike taking jobs from everyone the homeless situation is going to become more critical and harder to solve and incidentally I wonder how many of the so called “experts” writing these comments are humble enough to spend time and money feeding the homeless as this gentleman does each week?
That stat that 83% of the wealth of CA residents is tied up to their home is amazing. That underscores why current residents are so against new housing, as their entire retirement is in their house. CA is a state full of people who make 50-60k a year, but have 1.2M ranch homes they'll die in. Not at all healthy.
Why not healthy if they own their home and make enough to live comfortably in a place they like? What's wrong with that? One thing about living in CA is that the entire world is there plus there's enough exploring to last a lifetime.
@ it would be perfectly fine if our nation kept up with home building and later generations had that same chance. As it stands now, CA NIMBY’S are vocally opposed to new housing in their neighborhoods. Homes shouldn’t be scarce assets.
At 7:20 when this California real estate expert claims there hasn't been anywhere in the US where real estate values have gone down for 30 to 40 years straight, I have one word for him. Detroit.
I disagree. I bought a townhouse that was a short sale. The owners bought it for 300k and the mortgage crisis hit and I bought it for 135k. In 2011. In the Bay Area. It’s worth over 500k now.
@@ClarissaHarvey-fy3hf Sorry if my point wasn't clear, Clarissa. The guest said that there wasn't anywhere in the US where real estate values have gone down for 30 to 40 years straight. In Detroit they have. I agree it isn't likely to happen in CA, certainly not the Bay Area. Point being he's an expert in CA real estate. Other parts of the US are not like CA, and he shouldn't ignore that fact.
Yeah, and when Elon Musk pulls out of Fremont will it become the next Detroit? Can that happen to the Bay Area? Exhibit A: Oakland. Exhibit B: Vallejo. Exhibit C: Martinez....
@@imageisn0thing Silicon Valley is not reliant on the EV auto industry. Aside from the fact that Musk will continue to have a footprint there (Tesla moved the Engineering HQ from Austin back to Palo Alto, CA) crappy cities like Oakland and Vallejo will continue to be affordable for tech workers, and thus will avoid downturns seen in Detroit. Also, Martinez? Have you been there? Median home price is $796k, up 1.3% from last year despite rising interest rates.
Used to live at a apartment complex in downey rent went up hard! People left nd place got filled up with cubans, Venezuelans, Colombians etc some live packed! 14 people in a 2 bed 1 bad, but they can afford it together its like management and city officials turn a blind eye, so u see even when rent its"unaffordable" theres always someone willing to pay.
It's not dems. Every single generation complains about immigrants. No matter who the president is. Who do you think employs them under the table?? Republicans.
No. If it were soley inflationary monetary policy, California wouldn't be outpacing other states markets at a cost per capita of almost 3x. This is a California government induced problem, not a failed federal money printing problem (though it doesnt help.)
At 43:00, "how do we fix the homeless problem"? He instantly avoids answering the question. Stop subsidizing people who don't want to work, lower taxes (income and property) for the middle and lower class (no taxes on OT), stop the incentivization of keeping people homeless and having more kids when they can't afford it.
Just do the math. More people arriving today than houses being finished for buying. Day after day there is a deficit that keeps getting worse. Housing has nowhere to go but up as it gets more and more scarce.
Parents with 700,000 dollars to give away. I don't know many patients with 700,000 dollars in all assets all together. Most people are worried about paying for Healthcare even with Medicare and insurance.
Sorry but I live in Santa Cruz and both value & rents have dropped significantly💥 Rents in 3/2 have dropped from $4400 to $3600 & values from 1.7 million to 1.2 million that’s $500,000! I’ve owned this property for 55 years and been in RE the entire time👺
Not coming down anytime soon. I do home inspections and all the buyers are from China scooping up houses and renting them out. Americans are getting left with rentals. It will not come down anytime soon, too much investors with money buying it all up.
True - I see first hand and go to regularly to China and have Chinese wife. Coastal CA is seen as the “Chinese piggy bank” 猪银行🐷🏦🤑🤑🤑. The wealthy Chinese (now exceeds the entire population of CA) love CA! 中国人爱加州❤❤❤
I've been looking for a home in southern California and people have been buying homes for over 1.3 million then trying to rent them for 4500. The payment with 20% down would be 8500, makes nonsense. Next crash will be when we have a recession. Patience!
It’s beyond the Governor it’s people like you who just stood around and did nothing and want to point fingers now because CA is just unsustainable at this point..
The guest speaks of SB9 as a benefit to land owners, but in effect it restricts the new smaller lot to be used for low income households and Not one's own family. I do not like how I cannot do anything with my property without suffering from paying building and safety permits, increased property tax, and having a subdivision and build benefit a low income family and not my own lower middle class one.
So if you owned a piece of California real estate you would sell it to a stranger for a low price in order not to be greedy? Sure. Most of the world works on the principle of supply and demand. If suddenly there were diamonds all over the place for easy pickings, would the price of diamonds go up or down?
Fake news, there’s TONS of inventory everywhere, many many reduced multiple times and are “motivated sellers!” The bust began in the beginning of this year and it’s only just begun.
If you were selling California property, you would want to sell it for the "going price", right? Why would you give the buyer (a stranger) part of your profit? Answer: You wouldn't because you ain't Santa Claus. You just don't seem to understand how the world works. Econ 101: Supply & Demand...we need to get government entities off developers' backs and let them build more housing. Vote for Republicans who tend to be pro-business.
Problem will not be solved until housing becomes more affordable. No way for salaries to go up to the point where ordinary people can afford to buy or now even rent the reasonable housing for there families. People giving up because they get tired of working multiple jobs to hardly afford the roof over their head. It even worse for families with kids. People loosing hope. Besides making housing affordable, everything else is just a bandaid.
@ that’s a dumb solution. If more working people move out of CA who will pay taxes to cover all governmental expenses. It will be remaining people. Your taxes will go up including your property taxes, gas taxes and all other hidden taxes.
This is simply not true. Most homes in CA have appreciated massively since 2020, but the slowdown began in the beginning of 2024 really and persisted to where now, 9 homes out of 10 are sitting or reducing or have reduced. It’s everywhere. Don’t act like it isn’t. This is misleading. The housing bust has only just begun.
@@DearestDawn that’s right! Tons of vacant homes, plus new construction, plus plenty of inventory sitting for months and months. Prices are down 10% from peak and often more.
My friend bought a new home in Sonoma County for $900,000. Three years later it’s having all sorts of issues. Basically it’s junk and she’s trying to sell and get out. Welcome to making everything like ikea where it will be junk in 5-10 years. They are even doing it with homes. I rent to mid term ers who are house shopping and it’s still a bidding war.
I have 4 different family members in the Bay Area who have rentable units that refuse to put them on the market because of the super high risk to rent in California with ‘renters rights’ and rent control. Imagine how many property owners are doing that across the state.
@@failedmusician5157 In Las Vegas there are lots of empty homes but it’s because Black Rock and Blackstone want to keep rents high so they keep trying to create the illusion of a housing shortage.
He is absolutely right on everything he's saying. I have lived on the Central Coast of California for 28 years and ALL of this is true. My grandparents home which they bought with cash in 1968 for $66,000 is now worth $5 million. It's insane. Fortunately, for some of us, there are Housing Choice Vouchers. Many of us that have vouchers are good people who live responsibly and work for our government. But when the In & Out burger worker makes more money than you do and you work as a paraeducator in the local public school- there is something wrong with that picture.
@@lovinLaVonna I work as a teacher assistant for my local public school. It's my skill set and I'm in my sixties so I'm here for the kids. Hopefully Trump will even be able to change California.
@@lovinLaVonna California State employees receive some of the highest wages in the country as public servants along with generous retirement funds. I would love to be an employee of Newsom.
The answer is quite easy. It hasn't gone down because we are not in a recession yet. And everyone is viewing CA real estate as a trading asset. A commodity that is currently being hoarded by mom and pop, international investors. Once we are in a recession depending on how severe it is... it will fall. IN all of the previous recession CA especially San Fransisco and LA had severe correction. from the early 90s, to 80s and even to the early 2000s.
@@eccentricccc Yup. All that needs to happen in California is for the unemployment to rise up. We already have one of the highest unemployment rates in the U.S. the rest will fall like dominoes after that...
Typical Realtor. You better buy now, or you will never have the chance to buy in the future. If you have any family inheritance, tell your parents to give it to you now. However, I’m the good Realtor, I feed the working class living in their RV when I can.
You hate his quote, but for the most part it has been 100% true, so wake the F up. Prices today are higher than they were 5 years ago,...10 years, 20 years, and more.
@@RajDeelish ...in a 40 year period where interest rates did nothing but decline and population grew. Now we have interest rates that will probably go up for 30 years (see the very long term rate charts going back 300 years) and an aging/peaking population. Nobody should look back on the last forty years as normal.
reason why the real estate prices long term will not go down is because the population numbers keep going up if we have shrinking population than yes prices will go down. outside of foreign institutional intervention. the us birth rate is already below replacement if we did not allow for the immigration we have now than yes our real estate prices would slowly but surely go down again.
The video is incredibly moving and highlights the genuine concern of the interviewee regarding the homelessness and housing crisis in California. It is evident that the local and state governing bodies have the capability to address this issue if they truly commit to it. For instance, they are aware of the inventory shortages and the impact of corporations buying up houses. Addressing these issues can be achieved through measures such as building more housing, expediting the permit process, lowering building requirements, and increasing the availability of low-income housing in densely populated areas.
I’m so happy I left CA three years ago and bought a house in a Southern state. And, he’s right, I would not be able to move back to CA now, even if I wanted to. I’m OK, but I do feel bad for my grandkids.
I’m so interested in people with such negative comment…please elaborate your reasons? I think the guest shared some great insights/real estate opportunities to his own personal compassion toward the homeless/people that are less fortunate.
@@countryboycalvin He wasn’t the problem Have a home is the American dream He worked in corporate world before real estate The problem is not enough affordable homes and too many people (citizen, legal immigrants, and illegal immigrants).
Just like the stock market, they will fall. But I hope they don't crash before I sell mine next year. Many of my boomer friends in affluent areas have already cashed out and moved to TX.
I agree with what he is saying. I have been working since 1997 and I have stocks, bitcoin and real estate. I can see many of my friends who are buying and holding real estate…it is the most stable asset long term.
This guy has the same story I hear from other real estate agents. He’s living in a bubble wanting to believe everything is hunky dory in the real estate market. Anecdotes about Google engineers and baby boomers that bought when the economy was strong are not the greater reality. Home appreciation since 2008 is artificial. If income doesn’t keep pace with costs, disaster is inevitable. Outside of California and New York, home prices are not following these trends. They are much more stable and realistic.
WW2-like government printing, millions of "new entrants", foreclosure stalling, and not forcing banks to mark their underwater assets to market are just a few of the things keeping the bubble inflated.
This guy is BS. Anyone can see the rental incentives at apartments, Folsom, CA, free rent, referrals get $700 bonuses. There are 11 empty homes on Newsoms street in Sacramento County. Every new construction neighborhood has significant number of vacant unsold homes. Apartments have a very high inventory of vacancies
Yeah, is it me or is every male politician a well dressed well spoken criminal who just contradicts themselves right in front of our faces with so much confidence too. This jackass is describing "gentrification" thanks a lot axxhole. Did he really try to say he works full time at a soup kitchen, where in North Palo Alto? There's no way in hxll the brothers in EPA would look at him as a liq, a "come up" Give me a break... He's so full of shyt families don't live in tents or motor homes fathers do single mothers get section 8. Yes section 8 where fathers are not allowed to live in the home. Who elected this guy, how frickin hard is it to bring skill trades back to highschools and invest in public education why do they act like it's so impossible? If you ask me we should make these guys go live in a tent so they stop getting on camera pretending to "try their best." If I hear "help these people" one more time,all they do is help themselves.
@@DearestDawnthey are just holding on to the last hopes. Same with every market that’s been overvalued and over bought. Cars,watches,homes ect… They trying to push the last sales 😂 everyone is giving incentives.
I would be in dire straights had I not invested in Bay Area real estate in the early eighties. you can live two years in a home and take out 250k profit tax free if single when it sells. 500k if married. ive done this going on 3 times now. Moving and rehabbing sucks but its worth it.
Southern California is ancient sand doons with organic matter over the centuries. Thats’s why the mud slides are so prevalent and earth movement is so prevalent. The Northern California coast is rock. That’s why it sticks further out into the pacific!!!!!!
Yep they don't want us to own anything. Soon their going to try to have us not own our vehicles. They're trying to shift it to where we will only lease or rent out cars. Watch
@@geedee2420 Agreed. We need to take back control from the corrupted federal, but also we need to help small businesses, as they are you. Big businesses hate small businesses because they hate you.
Personally I think the guest is spot on especially in more desirable areas where people with money are buying/paying cash for homes to help their young kids.
The base problem is over-regulation by elected and appointed govt. Maybe he should run for office to try to change these. Otherwise, nothing else will result in true improvements
Homeownership, especially in a state like CA, is a LIE. You will never 'own' your house. You don't own anything you still have to pay for. Once you are done paying off your mortgage, you will always have an ever increasing fat chunk of money to pay your new landlord (CA state) .. in property tax, which these days is more than most people's rent. Not to mention the out of control insurance costs. Just not worth it anymore... IMHO.
Prop 13 in CA limits the property tax increase to 2%/year, regardless of the increase in the home's market value. It makes it easy for people to stay in their homes. After a decade of normal price increases, you could be paying under 0.5% of your home's market value in property taxes. And after 20 years less than 0.2% of your home's market value in property taxes.
Why are we not building more homes at a faster rate. Here in the bay area i see hundreds of empty commercial spaces where businesses have closed down due to people buying online. These commercial strip malls are old outdated and an eye sore. Bulldoze them and build homes. Not apartment complexes. Or at least condos. Give tax incentives to builders to encourage home development. Flood the market with available homes and naturally prices will drop. Am i missing something here? Am i over simplifying it?
Native Californian here. The best geography in the country. The best weather in the country. The 4th largest economy in the WORLD. Largest corporations in the world. Very high social economic society which influences student body. Expensive, but you get what you pay for.
Poor education system with low standards leads to a bad stock of work force candidates that the companies in America have now outsourced to other countries or persons in work visas etc, or even a very low amount of Americans being able to do the job. These low skilled jobs are being phased out. The result is more homelessness. Other contributing factors are very poor decisions by voters and government which basically led to drug addictions and increase in mental illness. Thus, very low quality of life for many of these metropolitan and surrounding areas. Also, by not treating the problem appropriately has exacerbated the issue. It seems like many cities or states are focusing on each issue as a single issue and not them being related, like a cobweb if you will. So they dump a bunch of tax payer money into “housing” but don’t fix any of the underlying issues. So, the problem isn’t close to being fixed. One day, one day. Hopefully this world will be a better place. We need more cooperation between democrats and republicans that actually want to improve the life of the American people and put their egos aside!
The feeling I get now here in Oakland is that houses are not selling as fast as they did a couple years ago, is it the crime rate in Oakland that is causing this the mismanagement of government in Oakland although when you look at the statistics before March 2022 housing was hitting record highs in price with the record low interest rates. Seems that we have dropped 20% in value since then we are in the market to sell since we’re not sure that our kids want to take these over to live in them. Not sure that we would want to rent out property in Oakland anymore Does not seem like a safe business. Although with criminals driving stolen cars into your businesses, what business is safe in Oakland now MONTCLAIR Luckys store was robbed two days in a row with criminals driving a stolen car through the front doors. How soon till we get more police in Oakland.
Google Images: Newport Coast, Pleasanton, Temecula Valley, St. Helena, Morro Bay, Rancho Mirage, Mission Viejo, Lake Forest Ca, Folsom, Granite Bay, Lathrop River Islands, Lodi Wine Country, Indian Wells, Mammoth Lakes, Lake Tahoe, Palos Verdes Estates, Pacific Palisades, Hancock Park Los Angeles, Pacific Heights San Francisco, Coronado, Del Mar, Murrieta, Murphy Ca, Calistoga Ca, Larkspur Ca, Tiburon Ca, Orinda Ca, Alamo Ca, El Dorado Hills, Sutter Creek, Brentwood Ca, Pismo Beach, Ventura Coast, Santa Ynez Valley, Dublin Ca, Los Gatos Ca, Mountain View Ca, Palo Alto Ca, Berkeley Hills, Oakland Hills Ca, Menlo Park, Hillsborough Ca, Thousand Oaks Ca, Torrance, San Pedro, Marina Del Rey, Manhattan Beach Ca California Real Estate is never going down. 40 million residents.
@@TMendocino You must be a real state agent or a homeowner that is sweating his investment. California already has one of the highest unemployment rates in the US. Combine that with the high cost of living and you have no more potential buyers. This market is unsustainable and the free money already dried up. Do you want me to keep going? This is not dreaming…this is reality…
@@Dorian_Gray83 I work in biotech and one half of a dual income gay college educated couple. He is in Engineering. So, we are good, as are our neighbors, a Judge, an heiress, a cardiac surgeon, a CEO, a VP, a Physician, a Tech Bro and a Pension Fund Manager. That is what is takes to live here. 49% of California household make over $100K.
When the stock market crashes everything will fall. It’s only a matter of time when wall street decide to. A lot of people I talked to it’s hard finding a tech job. 🤔🤔🤔
I'm impressed at how ignorant people are to the reality of California legislation. If you think realtors are the problem you're in for a big surprise. 😂😂😂
@@imageisn0thing They are part of the problem. Trying to sell FOMO to people, just to get a profit out of it is pure evil. But then again its up to the people to do their own homework on the housing market...
apparently i read that back in the 1980s you could actually sub into someone elses mortgage at a lower rate from before if they're selling the house to you and it still had a mortgage. that's probably the reason why you could find someone that had such a ridiculously low mortgage rate for that time period.
@@joeswanson733 It was called assuming a loan. In 1980, when we needed to move from one part of CA to another so my husband could take over the family business after his dad passed, we assumed a loan of 9.5% when interest rates were at least 16% on new loans.
@@joeswanson733 My husband says lenders have smartened up and usually there is a due-on-sale clause on real estate loans that demand the loan be paid in full upon sale. However, FHA, VA and USDA loans are sometimes assumable.
Yeah, lots of good points brought out here, but the point is, new construction will help quite a lot, but meanwhile we need a stronger safety net. Maybe incentivize privately owned public housing projects to redevelop existing properties ahead of blanketing more hillsides with 3200 sf 5 bedrooms and 3 car garages.
Astonishing development of the real estate and housing market in California. Mr. McCormick's initiated portrayal makes one wonder whether the development is really sustainable over time at all. McCormick, who seems to be a man with his heart in the right place, also portrays the direct connection between that development and the state of the related homelessness problem. Here too, there seem to be no sustainable solutions to the problem. One can only hope that the state's politicians and officials realize that strong measures are needed to help the people of California with these serious and fundamental social problems.
at 07:43, that is heading in the wrong direction in a lot of cities. Local rent control measures (like city and county ordinances) have taken so much control over the property owners that it makes it very difficult to keep the rent at market values.
My 85 year old mom rents out a couple of rooms here in Southern Cali, and adds $2k to her $5k retirement income...for a $7k/mo income. No mortgage payments of course. She barely makes it every month, as she gives her money away to tv preachers; her choice. If she sells and goes to a high end condo; no rental income. I have a $3,500/mo mortgage at 2.8%. My home rents for $4k. Allegedly, everybody's moving out of California. Yet, there's not a single vacant home anywhere near me here in Ventura County. Something is off, like a lot of things. And I don't think a soon to be trillionaire and a billionaire in the White House are worried about this. Getting to Mars is more important.
@@2btrue2u She's given thousands and thousands since the 80s. She's not alone; those tv preachers are filthy rich for a reason; they know how to sell themselves.
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Problem is a low level Tech employee at google or any other tech company - makes that money in CA! Easily they make $250-300K as base and then the extras. That’s not normal for most other jobs. These tech employees are screwing the home prices in CA. Very sad! They also need to face tough time. Hope Trump can bring recession and reduce these tech jobs! Seriously no remorse for the inflation these Tech employees are creating!
@@California.Insider how can we reach Matt McCormick?
I think Foreign cash-buyers are also part of the problems in California, and Vancouver Canada.
It's a problem across the U.S. It's not just California.
@@MikeEverest-s9s Irvine CA is a prime example of foreign buyers of RE, one of the few cities with increasing prices. Don't worry, there will be a big reset of prices coming but the only problem is many people will not qualify because they're unemployed once the recession hits.
My rule of thumb is if the realtor at the open house first language isn’t English, then they want cash only and will not wait for a mortgage to go through. 😅
It's a major problem. Americans are being shut out. Time for that to stop.
Ya think 🤑🤑🤑
I'm shocked at how many people in the comment section think that rising real estate prices are because of realtors. The dramatic rise of real estate prices in CA are due to government regulation, supply and other market factors. Realtors would love to reduce the price of houses because they would sell more of them.
💯
Oh come on. Realtors are victims of their own success. 6% on a million dollar sale is 30 grand. Even splitting it with a buyer agent, you only need to move 3-4 properties a year to keep up with the Joneses. Move 1-2 a month and you're in the top 1% of income.
@@ExaltedDuck now factor 30% taxes and expenses. And why is it that you think these people you’ve never met are bad? If it’s so easy to do go ahead and try for yourself. I bet you wouldn’t even last 3 months.
@@realestate_doggie I didn't tay they're bad. Just overpaid. Taxes? Irrelevant. Everyone has taxes. Expenses? Comes out of the broker's share. That lawsuit last year was the tipping point. The industry will have to change over the next few years to realign itself to better serve its clientele (especially on the buyer side) and to compete in a world where AI exists. And "why don't I try it myself?" Years ahead of you. Last house I sold involved no agents. The buyers paid 20 grand less than I would have insisted with an agent and I received more than 15 grand over what I would have if I had to pay a commission. When agents work for fees instead of commissions, I might use one again.
@@ExaltedDuck you don’t know what you don’t know. That response proves it.
Who else wants to see Newsom gone for good, recalled, never seen again, investigated, prosecuted and imprisoned ?
Being tried for Crimes Against Humanity...
The one silver lining I see from that direction is a suggestion for Bill, where the state of California helps foot or a portion of the property value and then claims 20% of the sales profit when the owner sells.
We all do. He needs to go
🙋🏿♂️
@@FrankGallagherr Newsom for President
This guy has a vested interest on saying prices are going up. He wants his"clients" to believe prices are going up.
That's not what I'm seeing in The Bay Area in general. I'm seeing prices going either down or leveling out. No more bidding wars.
The Bay Area is a 💩🕳️ . Buyers can see that. They want to buy in safer areas with better quality of life. SF prices may be dipping but surrounding area are still going up.
It’s intentionally price low because of the current interest rate - but no matter what there will be a bid war. Buyers know the ROI in equity will happen fast
Not true in South Bay - demand super high !
@@imageisn0thingfalse - Bay Area huge region. Many awesome areas. Just gotta have the moolah 🤑🤑🤑🤑
Never trust these self claimed Pros, always do your own diligence.
Interest rates is not the problem, its the high property taxes, HOA, PMI and homeowner Insurance that totals as much as the mortgage ..its brutal
Yes, our home insurance policy was ~$800/yr. It was just cancelled and new policies are between $4,000-6,000. California regulations are driving insurers out of state and leaving homeowners with nothing but bad options.
@@imageisn0thing I faced the same issue too, my policy was cancelled after 6yrs and they quoted me twice as more....also in CA
@sophiavega1777 True. There are so many thumbs in our pie that it's difficult to get ahead even when you're thought to be ahead. Too many vipers.
This is the problem. The higher the interest rate, the less "middle class" buyers there are. Then the wealthy buyers will pay cash for the houses. Insurance is optional because there is no mortgage. Housing prices are not coming down because the houses still got sold.
Agree
Just say it is un sustainable for God sake! Sheeesh, he is talking in circles but not calling it an unsustainable problem. He did not address the fact that private equity firms from all over the world are buying up California real-estate to store their money. That is the primary cause of the constant rise in housing prices.
Excellent point.
I'm generally a free-market person but am rethinking corporate ownership of single-family homes.
Wrong. Mamma and poppa own more homes than firms
That is twaddle... private equity owns less than 5% of housing in California, and much less of single-family homes. Why do you make this stuff up?
he is a conman with a vested interest and his word salad
I just bought after procrastinating for 3 years .. this isn’t 2008… just not enough homes for sale. too many locked into 3% loans .. The property tax system also deters people from moving .. throw in outrageous selling fees of 5-6% .. no one wants to move ..
its a disaster..
Congrats!
I gave both of my kids their inheritance early, each have a home in different parts of the US, ID and CA. Of course, the ID home was 3 br/ 2 bath, the CA home was a 1 br/ 1 bath condo. Very different, worth the same. It's clear to them that they get nothing else but they are so grateful to build on what they have now. I left CA and will only visit. Best decision ever. God has blessed me.
Good job
The problem is not because of one thing. It’s a collection of factors: people sitting on low interest rates, influx of rich Asians investors to California to hide their money from authorities, lack of land to build new housing as California is dead end due the o Pacific Ocean, abundance of wealth from Silicon Valley, influx of rich Americans from other states. It’s a no brainer when temperature is 15 in Midwest and we are basking in 65 degree weather. You can probably add 10 more reasons to this list. Why tourists flock to Italy or France? Because they are unique. Well same for California.
Ya gotta pay to play in CA. 🤑🤑🤑. Ya git to REALLY pay to live here🤑🤑🤑🤑🤑🤑
Well said
None of those are significant. The real factors are NIMBYs obstructing dense development, Prop 13 killing turnover, lack of public transit requiring car expense and paid parking, among others.
This is depressing. It's like the middle finger to hard working educated middle class workers busting their tails to get somewhere in life
@@lisashelly208 leave California. Sorry to say.
this one reason why housing stock is limited in California. you just leave California. Texas is build more housing than California.
Bitcoin and stocks will help keep up and buy a home. No other way but own assets
So sad for Educators and uncertificated/classified assistants in any field.
To hire an american - I would have to pay him benefits, retirement, taxes. To hire a foreigner - I don't need any of that, just an H1B visa 😅
There is a lot of land in California and we have to let people work remotely. Companies can change and governments can create incentives to help.
The writing on the wall unfortunately is a trend towards declining numbers of work at home. And the number one reason is IT. I don't care how strong your VPN. If you're running reports over your own Wi-Fi network, even a company VPN or a government VPN? you're already bleeding 20% of bandwidth to a "free" ISP.
Remote cities are becoming expensive too. They were giving homes away in desert areas of California. They're all almost in the $600k--$800K range now. It's crazy.
@@jamesdewer wut? you speak english? what are you saying
@jamesdewer Could you elaborate more?
I think it'll be like the cars, big shortage jacked prices way through the roof, now supply is everywhere and deals are too. Real estate is just a slow mover, but i think it'll correct. Who can afford these prices, and the property taxes. People in CA aren't selling because of locked in low rates and low taxes based off of prices decades ago when they purchased super cheap. Overall, CA is a different animal and it may stay inflated and keep rising in desirable cities, especially coastal LA to SD.
Excellent guest. Good man. God bless him and all the good that he is doing. 💝
I thought everyone was leaving California, but the free market is saying otherwise😂
The real estate salesman is saying otherwise 😂 no surprise
@karelglasner2673 salesman doesn't set the sale price. The market does.
Like the used car salesman Gavin Newsome spent $28 billion on reducing homelessness and instead homelessness has tripled since 🤣
@@karelglasner2673 Sorry you hate the free markets, but they are assigning values to California real estate that are incompatible with the exodus narrative.
When people leave CA prices go up 😮
The only laws we need, is to not allow corporations to buy houses, and to tax the hell out of rentals. Then watch the housing market begin to become affordable again.
California is a unique and a desired place for the world. Local people need to compete with the world to live in California especially in SF Bay Area.
2 words
Supply
Demand
I just wrote those two words before scrolling down and seeing that you beat me to it!
Its alot more complicated then that. We have tons pf apartmenta available in the new comples I live. .More then half. They refuse to lower the rent.
You forgot to add manipulation and denial
Delayed Gratification? Can’t out supply bad spending behaviors.
@ I agree that is part of it .
The wealthy will buy up the homes . They know people need places to live .
When you control all the available housing you control the price .
More to it than that.
For once someone finally tells the story right about CA real estate. I've lived in the bay area for 40 years, worked in the tech industry, own properties and helped our kids with their first homes. The guest knows what he's talking about. Most of the people who commented here, don't have a clue and assuming they had watched the video, still do not get it. I blame it all on the tech industries with their oversized/distorted compensation package and the lack of new housing build due to the NIMBY attitude and high construction cost from over-regulation on building codes & permits.
Prop 13 killed turnover, and also raises income taxes to compensate. Lack of greenfields, but horrible infill. Complete disaster.
START HOLDING YOUR LOCAL OFFICIALS ACCOUNTABLE.
Always vote in your local elections... Do NOT let "Other's" choise your Sheriff, Prosecutor, Judges, County Supervisors, Town Council Members, Mayor, Planning-Land Use Commission Members, Water Board Members, School Board Members, and other LOCAL OFFICIALS for you.
Collaborate with your family, friends, and neighbors, and VOTE AS A BLOCK in order to put good freedom loving American Patriots who share your values into your LOCAL GOVERNMENT.
How does that help housing prices?
@@kimberiysmarketstrategypoliticians do make laws and regulations where homes are restricted in how many are being built hence the shortage and the high prices
@geedee2420-the problem is that unless you know that person that is running for the local office, you are just voting for a name. There should be information about the candidates especially judges on their rulings and decisions. All you get is their education, where they worked before becoming a judge and some small paragraph about who they are personally.
@@MarioG.-yt1of ...
It's up to each one of us to do the hard work of researching these people.
I do all of the footwork for my family and friends and then we vote as a block in order to strengthen our voting influence.
@@kimberiysmarketstrategy vote in like minded individuals who share your values and have the same goals as you do.
Reverse market crash. It will swallow it all. Sales down, interest up, sales down, insurance up, jobs loss, utilities up, more jobs loss, food up, then what? You refinance? On what debt to income ratio? People think they are balling with prices rising and buying stuff, we have all seen this before.
My father was a Real Estate businessman. He was a WW2 veteran and upon return he went to night school and became a Real Estate Broker in the 50s, 60s, and early 70s; selling homes to War Veterans. As a young boy,, he told me one day in the future common people will learn about real estate and everyone will get into the real estate game; including the speculation game. Soon retired teachers, principals, and other common people joined the game. Everyone became a "real estate salesperson"; speculating on the most important thing a person can have - a roof over one's head. He left the real estate game and became a roofing contractor.
Excellent advice 🤑🤑🤑🤑
My family has been in the real estate business since 1956 with my father. My Dad developed the relocation business and was a major player in the US market. This real estate expert doesn't pass the smell test. According to the National Association of Realtors, the #1 reason young people can't buy homes is student debt since 2006. The first-time homebuyer had to compete with Wall Street after 2008 for residential homes, then shortly after that, Airbnb rental investors. Matt's solutions and Gov Newsom's policies are not addressing the root causes.
My brother bought a house in San Mateo CA in 2020. The previous owners were paying taxes on the house valued at $330k. They did some renovations to the house and sold it to my brother for $1.5m. This year the house is valued at $1.75m. Originally I thought my brother paid way to much for it, but the equity increased by $250k in 4 years so that's not too bad.
it can be 'valued' at 600 million. the reality is it's value will be realized and known WHEN HE SELLS IT
@@deathlarsen7502 County loves it from 3k a year they were collecting to now over 15k. Great area!
@@deathlarsen7502 You don't understand. CA has grandfathered property taxes (via Prop 13), so a guy who buys today will pay 10x the property taxes of a guy that bought in 1974. It is complete insanity to have such a housing policy. Add in NIMBYs who obstruct dense development, and car dependence and expenses due to lack of public transit, and the consequences of Reagan's governorship are clear.
It's not insane you obviously don't understand it it keeps people from being homeless especially the elderly and disabled if you lose your job and you have your property taxes locked in it keeps you in your home.
Saved many families @@tails8333
This is your best interview so far. This guy is legit.
Great interview. He speaks the truth. Wife and I make a little over $200k combined in Orange County but didn't get into the real estate market early enough. Now we just moved to NorCal and have a nice property. Do we miss SoCal? Hell yes but we have a home for our kids and a investment.
@@bbbt8090 isn't no cal more expensive....the guest RSM...is good deals
Nor Cal is pretty sweet. Lotta beauty up there too! Enjoy!
No one thinks of cost of loan, interest, property tax, insurance, hoa, higher utilities, repairs and maintenance on top of the high price and your breaking your back monthly !!
That’s why I don’t own property and never will. Not worth the extra costs
I could back up this story. This is real. I live in silicon valley. Some of the houses in my neighborhood sold in less than a week. Some sold before open house. Then I have a neighbor who owns 3 houses in the neighborhood. These houses are not cheap. If you work regular jobs, like banks, you are expected to have a spouse in tech. If not, I don't see how you could afford a house on your own without having to commute 2 hours and still pay close to $1M....... It is tough enough to compete against the techies, you have to compete against the techies and their wealthy parents.........
Excellent Silicon Valley analysis! It’s great here if you got the moolah 🤑🤑🤑. If you don’t it’s pure hell 🔥🔥🔥. I’ve lived here 25 years and survived a nasty divorce and lost my home 20 years ago and in last decade rebuilt everything and life is great again! It can be done but you got to REALLY pay to play here! My wife and I are never leaving and love it here. You must make easily over 300k a year to feel like you are not broke. 100k is low income.
investors buying all the homes and renting them this is why there are no houses to buy
California is horrible for landlords. Properties are expensive because there are so many high income earners here.
Eventually, those homes will have no tenants, thus more inventory will come on the market.
Welcome to Silicon Valley! You get the best rents in USA 🤑🤑🤑🤑
@@PrestigeWorldWide777false - you get the best rents in the right places
There needs to be legislation that bans large firm investments in the single family home market in CA. That would probably help drive prices down. San Jose, CA has a crazy amount of rented homes instead of owned ones…and that is just wrong. It’s keep rich people rich and your average Joe can’t even get a leg up in equity as a result in the Bay Area.
Realtor like this man is the reason housings keep on going up. Greedy and pushy. How can you ever keep up with the never-ending hype??
Is it his fault? How does he impact the price? It's not like he can magically wave a wand and his clients have more money or income.
Stop foreign cash buyers.
California is sanctuary city. The price will not go down.
You can't blame realtors. They work at the pleasure of the state (and California regulations are insane). The problem is government imposing insane regulations on everything. This is driving costs up.
And doing “charity” to feel good he’s part of problem 🤑🤑🤑
Because the state depends on property taxes. It does not benefit the state to accurately lower housing cost/ value…. Also sales agents like this guy.
@@SleepyNeo especially their budget is already in the red. No way they want less tax income
The state does not control pricing. Supply and demand does.
@@RajDeelish have you heard of dream for all program….. keeping prices high the last couple of years by helping unqualified buyers buy homes during peak prices with low inventory. 20% down from the state.
@@SleepyNeo Huh? Unqualified buyers are not getting 20% down from the state. Buyers still have to qualify. Most homes in California are over $500,000 to $1,000,000. The state is not giving people $100,000 and over for downpayments. The reason for the high prices is simple (like someone else said)...supply and demand.
Seems like all these homeless people are choosing to live in the most expensive area of the country. Why don't they move to a more affordable part of the country? If they can't afford to now, why didn't they move when they could afford to?
I know, right? Beach real estate has always been expensive compared to everywhere else. If you couldn't afford the beach, you didn't live there.
It has been my idea that the government the federal government should take over getting the homeless off the streets. There are many parts of this country where housing is very affordable and in much disrepair. There are many towns where they have lost population since there are not the industries in these towns that they used to be Not good for the people that we would put to live there, but at least they would not be living on the streets of our larger towns, in tents and filth. what type of industry could we bring to the small neglected towns to give the new previous homeless residents a step up in life with the homeless living in the streets be willing to make the change. The ones that are addicted to drugs would have to be forcibly relocated. I’m hoping the federal government will think of this idea because it is obvious with the millions being spent every year that our local governments Have not accomplished the task of cleaning up our streets. Especially in Oakland on East 12th at 14th Ave.
@@redwood6737 So true
Ya think? No sympathy for them - if ya can’t pay to play then GET OUT. We have 49 other states - as well as the massive Central Valley of Ca with charming cities like Stockton and Bakersfield !
@@SVmathfarmer Not sure about the charm of Stockton and Bakersfield but Redding is lovely albeit hotter than H in the summer.
This guy is a salesman... what did you expect for him to say.
He is someone who is in the industry every day.
@jbp122 The whole Google bit was way off... Google is laying off people and most of those young super talented people are starting their own companies or they already left.
Also, work at home has drove up the sale of homes for people were buying extra homes or homes in areas that were far from their company's offices. Eventually, those remote jobs will end and cause people to sell their remote homes to buy in areas closer to their jobs.
Also, homes at 400k are not sustainable. My home is now worth 1.2 million and I paid 180k in the 90s in California. Its paid off, and I'm not even considering moving and cashing out. I don't see the value in these new home prices at all.
@@jbp122 yes fanboy talking his own game with his vested interest. go to a car dealer they will also tell you 'buy NOW bc the price is only going up and this is the best car ever"
@@jbp122 did you finish public skool?
@@deathlarsen7502 that’s fine. Keep waiting for the market to “crash” before you buy. You will be waiting a long time. Check back with us in a few years.
With California population at 34 million in 2024, they have predicted that the state will grow to 50 million by 2050. That's in 26 years from now. Do you know where majority of that population will migrate to? The Inland Empire here in Socal. I can only imagine what's it going to do to the real estate market out here. Los Angeles infrastructure is saturated with 4 million people. There's no room to build anymore out there. As a landlord and currently own 2 rental properties at 2.99%, I will never sell them. EVER!
The building/low inventory deficit is a myth created by developers to scare government into relaxing zoning laws and other regulations to create a building boom they profit off of, while still only building for the rich and elite
The housing inventory in rural America is largely vacant, but also of little value without being near job centers.
Good on you bud. The newbies will also flick to the Central Valley where land is plentiful
I thought people leaving CA prices
When a real estate agent gets labeled a 'real estate expert,' and they're regurgitating the same garbage you hear on RUclips, TikTok, and from my grandma-acting like they’ve transformed into the Warren Buffett of investing you know the peak is near.
I enjoyed this video very insightful and educational thank uou
With AI coming down the pike taking jobs from everyone the homeless situation is going to become more critical and harder to solve and incidentally I wonder how many of the so called “experts” writing these comments are humble enough to spend time and money feeding the homeless as this gentleman does each week?
That stat that 83% of the wealth of CA residents is tied up to their home is amazing. That underscores why current residents are so against new housing, as their entire retirement is in their house. CA is a state full of people who make 50-60k a year, but have 1.2M ranch homes they'll die in. Not at all healthy.
Why not healthy if they own their home and make enough to live comfortably in a place they like? What's wrong with that? One thing about living in CA is that the entire world is there plus there's enough exploring to last a lifetime.
@ it would be perfectly fine if our nation kept up with home building and later generations had that same chance. As it stands now, CA NIMBY’S are vocally opposed to new housing in their neighborhoods. Homes shouldn’t be scarce assets.
At 7:20 when this California real estate expert claims there hasn't been anywhere in the US where real estate values have gone down for 30 to 40 years straight, I have one word for him. Detroit.
I disagree. I bought a townhouse that was a short sale. The owners bought it for 300k and the mortgage crisis hit and I bought it for 135k. In 2011. In the Bay Area. It’s worth over 500k now.
There are always boom and bust regions. Presently Las Vegas and Phoenix have a large supply of homes on the market discounted accordingly.
@@ClarissaHarvey-fy3hf Sorry if my point wasn't clear, Clarissa. The guest said that there wasn't anywhere in the US where real estate values have gone down for 30 to 40 years straight. In Detroit they have. I agree it isn't likely to happen in CA, certainly not the Bay Area. Point being he's an expert in CA real estate. Other parts of the US are not like CA, and he shouldn't ignore that fact.
Yeah, and when Elon Musk pulls out of Fremont will it become the next Detroit? Can that happen to the Bay Area? Exhibit A: Oakland. Exhibit B: Vallejo. Exhibit C: Martinez....
@@imageisn0thing Silicon Valley is not reliant on the EV auto industry. Aside from the fact that Musk will continue to have a footprint there (Tesla moved the Engineering HQ from Austin back to Palo Alto, CA) crappy cities like Oakland and Vallejo will continue to be affordable for tech workers, and thus will avoid downturns seen in Detroit. Also, Martinez? Have you been there? Median home price is $796k, up 1.3% from last year despite rising interest rates.
Used to live at a apartment complex in downey rent went up hard! People left nd place got filled up with cubans, Venezuelans, Colombians etc some live packed! 14 people in a 2 bed 1 bad, but they can afford it together its like management and city officials turn a blind eye, so u see even when rent its"unaffordable" theres always someone willing to pay.
The De-moc-ratic. Pa-rty did that to you
Thank biden and every other P/O/S D-e-m.
It's not dems. Every single generation complains about immigrants. No matter who the president is. Who do you think employs them under the table?? Republicans.
Besides free money coming from their supportive evil government.
One word! Inflation, inflation, inflation. Policy? Or excuses because we are 35 trillion in debt adding 3 trillion a year.
No. If it were soley inflationary monetary policy, California wouldn't be outpacing other states markets at a cost per capita of almost 3x. This is a California government induced problem, not a failed federal money printing problem (though it doesnt help.)
At 43:00, "how do we fix the homeless problem"? He instantly avoids answering the question. Stop subsidizing people who don't want to work, lower taxes (income and property) for the middle and lower class (no taxes on OT), stop the incentivization of keeping people homeless and having more kids when they can't afford it.
Just do the math. More people arriving today than houses being finished for buying. Day after day there is a deficit that keeps getting worse. Housing has nowhere to go but up as it gets more and more scarce.
Bye bye Newsom for good!
Parents with 700,000 dollars to give away. I don't know many patients with 700,000 dollars in all assets all together. Most people are worried about paying for Healthcare even with Medicare and insurance.
You nail it! Healthcare cost is so evil in this country!
It’s all fake $$ from the capital from the original owned property… this can’t go on for much longer
The ruling class. Our society has a likeness of Oligarchys. The top 1 percent having the majority of the wealth.
In his bubble it’s all around
@@johnmourer5747where you been it IS an Oligarchy 😂
Don’t think this is gonna be sustainable if wages aren’t even keeping up with these mortgage payments…
He is a real estate agent & he wants people to buy. Wait, just wait.
Very true, he said interest rates go up, and prices usually go down. But this time it is not happening right away so I guess it will never happen...
Sorry but I live in Santa Cruz and both value & rents have dropped significantly💥
Rents in 3/2 have dropped from $4400 to $3600 & values from 1.7 million to 1.2 million that’s $500,000!
I’ve owned this property for 55 years and been in RE the entire time👺
Of course a realtor will tell you as the buyer to offer $300k more than the value of the home. Guess who's making the commission? Snakes.
You haven't been alive long. This is not how real estate works. 😂😂😂
Not true. Realtors do not tell buyers how much to offer on a home. The Bank's appraisers tell how much the home is worth in order to get a loan
Not coming down anytime soon. I do home inspections and all the buyers are from China scooping up houses and renting them out. Americans are getting left with rentals. It will not come down anytime soon, too much investors with money buying it all up.
@@Johnny2000k look at global economic's, it's scarred money looking for a hiding place, everyone else is in a recession and it will change,
True - I see first hand and go to regularly to China and have Chinese wife. Coastal CA is seen as the “Chinese piggy bank” 猪银行🐷🏦🤑🤑🤑. The wealthy Chinese (now exceeds the entire population of CA) love CA! 中国人爱加州❤❤❤
I hear this constantly. Bit can't find these buyers?
If Newsom runs for president I wouldn’t vote for him
Just another greedy real estate agent
I am in real estate in Bay Area and he is spot on and he is really up on everything. Smart guy
Got anyone looking for near downtown Sacramento?
I've been looking for a home in southern California and people have been buying homes for over 1.3 million then trying to rent them for 4500. The payment with 20% down would be 8500, makes nonsense. Next crash will be when we have a recession. Patience!
Our Governor is the problem. People just need to see that!😢
It’s beyond the Governor it’s people like you who just stood around and did nothing and want to point fingers now because CA is just unsustainable at this point..
This has very little to do with him. You didn't even watch the damn video!
@@mrxiong2567 No need for me to watch the entire video. Just so you know, I didn't sleep under the rock the last 4 years
@sanfs143 Yeah, so don't be making comments that is not relevant to the video, mama.
along with Hussien Obama
The guest speaks of SB9 as a benefit to land owners, but in effect it restricts the new smaller lot to be used for low income households and Not one's own family. I do not like how I cannot do anything with my property without suffering from paying building and safety permits, increased property tax, and having a subdivision and build benefit a low income family and not my own lower middle class one.
Inflation won’t allow prices to come down.
Lower inflation is still price growth.
Its low inventory and over pricing from agents and greedy sellers.
Can't be overpriced if there is no inventory. Supply and demand
So if you owned a piece of California real estate you would sell it to a stranger for a low price in order not to be greedy? Sure. Most of the world works on the principle of supply and demand. If suddenly there were diamonds all over the place for easy pickings, would the price of diamonds go up or down?
Fake news, there’s TONS of inventory everywhere, many many reduced multiple times and are “motivated sellers!” The bust began in the beginning of this year and it’s only just begun.
Agents don’t determine the pricing, the buyers do.
If you were selling California property, you would want to sell it for the "going price", right? Why would you give the buyer (a stranger) part of your profit? Answer: You wouldn't because you ain't Santa Claus. You just don't seem to understand how the world works. Econ 101: Supply & Demand...we need to get government entities off developers' backs and let them build more housing. Vote for Republicans who tend to be pro-business.
Problem will not be solved until housing becomes more affordable. No way for salaries to go up to the point where ordinary people can afford to buy or now even rent the reasonable housing for there families. People giving up because they get tired of working multiple jobs to hardly afford the roof over their head. It even worse for families with kids. People loosing hope. Besides making housing affordable, everything else is just a bandaid.
It's super annoying and woeful when people who own homes ask ", So when are you going to buy a house?"
Simple solution - MOVE out of CA😂
@SVmathfarmer yeah have people use the money they don't have to move. Moving is so simple.
@ that’s a dumb solution. If more working people move out of CA who will pay taxes to cover all governmental expenses. It will be remaining people. Your taxes will go up including your property taxes, gas taxes and all other hidden taxes.
Not really. Lots of areas are seeing big declines in Los Angeles.
What areas? Watts? Sure.
This is simply not true. Most homes in CA have appreciated massively since 2020, but the slowdown began in the beginning of 2024 really and persisted to where now, 9 homes out of 10 are sitting or reducing or have reduced. It’s everywhere. Don’t act like it isn’t. This is misleading. The housing bust has only just begun.
There's a number of California cities that can no longer fetch what they could fetch in May 2022, despite ridiculously low inventory.
@@CaptainCaveman1170There is an abundance of vacant homes, especially in new builds
@@DearestDawn that’s right! Tons of vacant homes, plus new construction, plus plenty of inventory sitting for months and months. Prices are down 10% from peak and often more.
Bust??? You got numbers to back this up?
My friend bought a new home in Sonoma County for $900,000. Three years later it’s having all sorts of issues. Basically it’s junk and she’s trying to sell and get out. Welcome to making everything like ikea where it will be junk in 5-10 years. They are even doing it with homes.
I rent to mid term ers who are house shopping and it’s still a bidding war.
I have 4 different family members in the Bay Area who have rentable units that refuse to put them on the market because of the super high risk to rent in California with ‘renters rights’ and rent control. Imagine how many property owners are doing that across the state.
2.4 million empty homes in California
So "renters rights" is screwing over the renters? Why is this not a surprise?
@@failedmusician5157 In Las Vegas there are lots of empty homes but it’s because Black Rock and Blackstone want to keep rents high so they keep trying to create the illusion of a housing shortage.
Sounds about right
We have kept our unit off the market since before the PLANDEMIC, fortunately our renter moved out right before the PLANDEMIC.....
He is absolutely right on everything he's saying. I have lived on the Central Coast of California for 28 years and ALL of this is true. My grandparents home which they bought with cash in 1968 for $66,000 is now worth $5 million. It's insane. Fortunately, for some of us, there are Housing Choice Vouchers. Many of us that have vouchers are good people who live responsibly and work for our government. But when the In & Out burger worker makes more money than you do and you work as a paraeducator in the local public school- there is something wrong with that picture.
If you work for Newsom, there's your problem
@@lovinLaVonna I work as a teacher assistant for my local public school. It's my skill set and I'm in my sixties so I'm here for the kids. Hopefully Trump will even be able to change California.
@@lovinLaVonna Some of us are doing the job we have done for 30 years. We are not all in the position to switch careers at an older age.
@@lovinLaVonna California State employees receive some of the highest wages in the country as public servants along with generous retirement funds. I would love to be an employee of Newsom.
The answer is quite easy. It hasn't gone down because we are not in a recession yet. And everyone is viewing CA real estate as a trading asset. A commodity that is currently being hoarded by mom and pop, international investors. Once we are in a recession depending on how severe it is... it will fall. IN all of the previous recession CA especially San Fransisco and LA had severe correction. from the early 90s, to 80s and even to the early 2000s.
@@eccentricccc
Yup. All that needs to happen in California is for the unemployment to rise up. We already have one of the highest unemployment rates in the U.S. the rest will fall like dominoes after that...
Typical Realtor. You better buy now, or you will never have the chance to buy in the future. If you have any family inheritance, tell your parents to give it to you now. However, I’m the good Realtor, I feed the working class living in their RV when I can.
Exactly, either clueless or a liar, no in between.
@@user-kg7fr9ow8j hahaha seriously though. Mfs never stop saying buy now
You hate his quote, but for the most part it has been 100% true, so wake the F up. Prices today are higher than they were 5 years ago,...10 years, 20 years, and more.
@@RajDeelish ...in a 40 year period where interest rates did nothing but decline and population grew. Now we have interest rates that will probably go up for 30 years (see the very long term rate charts going back 300 years) and an aging/peaking population. Nobody should look back on the last forty years as normal.
reason why the real estate prices long term will not go down is because the population numbers keep going up if we have shrinking population than yes prices will go down. outside of foreign institutional intervention. the us birth rate is already below replacement if we did not allow for the immigration we have now than yes our real estate prices would slowly but surely go down again.
California population is declining, California government is lying and the media is complicit
The video is incredibly moving and highlights the genuine concern of the interviewee regarding the homelessness and housing crisis in California. It is evident that the local and state governing bodies have the capability to address this issue if they truly commit to it. For instance, they are aware of the inventory shortages and the impact of corporations buying up houses. Addressing these issues can be achieved through measures such as building more housing, expediting the permit process, lowering building requirements, and increasing the availability of low-income housing in densely populated areas.
I'm looking at moving to Texas, 400,000-500,000 is unaffordable. I just want a small 2 bed one bath starter house.
I’m so happy I left CA three years ago and bought a house in a Southern state. And, he’s right, I would not be able to move back to CA now, even if I wanted to. I’m OK, but I do feel bad for my grandkids.
This is silly. All realtors are going to have a skewed perspective
It should be illegal for foreigners/non U.S. citizens and corporations to buy residential property.
That’s not the USA way
I agree. Buyers can't compete with corporations when they pay cash and then rent the properties
I'm a foreigner and own a dozen properties. I do kind of feed bad for you. 😂
This guy is part of the problem.
How? He is just stating facts based on a 60 year plus history
Is he a secret politician setting legislation?
I’m so interested in people with such negative comment…please elaborate your reasons? I think the guest shared some great insights/real estate opportunities to his own personal compassion toward the homeless/people that are less fortunate.
No he IS the problem. Realtors are blood sucking Leeches
@@countryboycalvin
He wasn’t the problem
Have a home is the American dream
He worked in corporate world before real estate
The problem is not enough affordable homes and too many people (citizen, legal immigrants, and illegal immigrants).
Just like the stock market, they will fall. But I hope they don't crash before I sell mine next year. Many of my boomer friends in affluent areas have already cashed out and moved to TX.
The rich isn't selling. They don't care of the crash.
Good we are FULL
@@JeffersonRahyep we are staying here!
One good recession with job losses will take care of everything. Economic cycles always has its ups and downs, and this time will not be different.
I agree with what he is saying. I have been working since 1997 and I have stocks, bitcoin and real estate. I can see many of my friends who are buying and holding real estate…it is the most stable asset long term.
This guy has the same story I hear from other real estate agents. He’s living in a bubble wanting to believe everything is hunky dory in the real estate market. Anecdotes about Google engineers and baby boomers that bought when the economy was strong are not the greater reality. Home appreciation since 2008 is artificial. If income doesn’t keep pace with costs, disaster is inevitable. Outside of California and New York, home prices are not following these trends. They are much more stable and realistic.
WW2-like government printing, millions of "new entrants", foreclosure stalling, and not forcing banks to mark their underwater assets to market are just a few of the things keeping the bubble inflated.
This guy is BS. Anyone can see the rental incentives at apartments, Folsom, CA, free rent, referrals get $700 bonuses. There are 11 empty homes on Newsoms street in Sacramento County. Every new construction neighborhood has significant number of vacant unsold homes. Apartments have a very high inventory of vacancies
Exactly! Dick of these fantasy fakes lies and all! If you want to buy should negotiate price with owner! Try not to pay commissions!
Yeah, is it me or is every male politician a well dressed well spoken criminal who just contradicts themselves right in front of our faces with so much confidence too. This jackass is describing "gentrification" thanks a lot axxhole. Did he really try to say he works full time at a soup kitchen, where in North Palo Alto? There's no way in hxll the brothers in EPA would look at him as a liq, a "come up" Give me a break... He's so full of shyt families don't live in tents or motor homes fathers do single mothers get section 8. Yes section 8 where fathers are not allowed to live in the home. Who elected this guy, how frickin hard is it to bring skill trades back to highschools and invest in public education why do they act like it's so impossible? If you ask me we should make these guys go live in a tent so they stop getting on camera pretending to "try their best." If I hear "help these people" one more time,all they do is help themselves.
@@DearestDawnthey are just holding on to the last hopes. Same with every market that’s been overvalued and over bought. Cars,watches,homes ect…
They trying to push the last sales 😂 everyone is giving incentives.
I would be in dire straights had I not invested in Bay Area real estate in the early eighties. you can live two years in a home and take out 250k profit tax free if single when it sells. 500k if married.
ive done this going on 3 times now. Moving and rehabbing sucks but its worth it.
18% increase in Ca. homeless year over yea? Is it?. Give huge property tax relief for folks who rent rooms, ADUs to the very low income workers?
Yep 🤑🤑🤑
Wait until Newport Beach gets a 30 foot storm surge!!!!
@@JosephMcMackin yah, that’s what I’m banking on too!?
Southern California is ancient sand doons with organic matter over the centuries. Thats’s why the mud slides are so prevalent and earth movement is so prevalent. The Northern California coast is rock. That’s why it sticks further out into the pacific!!!!!!
@@JosephMcMackin🤔 brilliant observation, you nailed it. Really sheds a bright light on it all.
Silicone floats, just grab onto. a cougar!
"By 2030 you will own nothing and be happy....."
Yep they don't want us to own anything. Soon their going to try to have us not own our vehicles.
They're trying to shift it to where we will only lease or rent out cars.
Watch
Start holding your LOCAL GOVERNMENT accountable and always vote in your local elections... Always.
I hope so, but we are raise to know that ownership is freedom.
@@TheTinminator You will never be happy without ownership and control of your own life, and their goal is you will own nothing....
@@geedee2420 Agreed. We need to take back control from the corrupted federal, but also we need to help small businesses, as they are you. Big businesses hate small businesses because they hate you.
This guy is so off center that all his beliefs are off center as well. He's in for a rude awakening.
Realtors live in a fantasy world! Reality going to bite now
I honestly hope this guest loses everything. He is so unlikable and so disgusting
Interesting perspective. Do you think calif real estate going down?
Personally I think the guest is spot on especially in more desirable areas where people with money are buying/paying cash for homes to help their young kids.
The base problem is over-regulation by elected and appointed govt. Maybe he should run for office to try to change these. Otherwise, nothing else will result in true improvements
Stocks and bitcoin will outperform old real estate by miles
This is excellent! Thank you for sharing you insight!
Homeownership, especially in a state like CA, is a LIE. You will never 'own' your house. You don't own anything you still have to pay for. Once you are done paying off your mortgage, you will always have an ever increasing fat chunk of money to pay your new landlord (CA state) .. in property tax, which these days is more than most people's rent. Not to mention the out of control insurance costs. Just not worth it anymore... IMHO.
same if you rent.
@@Fc9ers no it's worse .. you are not accumilating equity in anything ..
Prop 13 in CA limits the property tax increase to 2%/year, regardless of the increase in the home's market value. It makes it easy for people to stay in their homes. After a decade of normal price increases, you could be paying under 0.5% of your home's market value in property taxes. And after 20 years less than 0.2% of your home's market value in property taxes.
@ i wish ! mine doubled over 18yrs to 15k ..
Why are we not building more homes at a faster rate. Here in the bay area i see hundreds of empty commercial spaces where businesses have closed down due to people buying online. These commercial strip malls are old outdated and an eye sore. Bulldoze them and build homes. Not apartment complexes. Or at least condos. Give tax incentives to builders to encourage home development. Flood the market with available homes and naturally prices will drop. Am i missing something here? Am i over simplifying it?
Native Californian here.
The best geography in the country.
The best weather in the country.
The 4th largest economy in the WORLD.
Largest corporations in the world.
Very high social economic society which influences student body.
Expensive, but you get what you pay for.
And a dictator as governor. I agree with everything you said, but Gavin is doing his best to turn us into 3rd world.
This is such a depressing video... but it's the new reality.
Poor education system with low standards leads to a bad stock of work force candidates that the companies in America have now outsourced to other countries or persons in work visas etc, or even a very low amount of Americans being able to do the job. These low skilled jobs are being phased out. The result is more homelessness. Other contributing factors are very poor decisions by voters and government which basically led to drug addictions and increase in mental illness. Thus, very low quality of life for many of these metropolitan and surrounding areas. Also, by not treating the problem appropriately has exacerbated the issue. It seems like many cities or states are focusing on each issue as a single issue and not them being related, like a cobweb if you will. So they dump a bunch of tax payer money into “housing” but don’t fix any of the underlying issues. So, the problem isn’t close to being fixed. One day, one day. Hopefully this world will be a better place. We need more cooperation between democrats and republicans that actually want to improve the life of the American people and put their egos aside!
The feeling I get now here in Oakland is that houses are not selling as fast as they did a couple years ago, is it the crime rate in Oakland that is causing this the mismanagement of government in Oakland although when you look at the statistics before March 2022 housing was hitting record highs in price with the record low interest rates. Seems that we have dropped 20% in value since then we are in the market to sell since we’re not sure that our kids want to take these over to live in them. Not sure that we would want to rent out property in Oakland anymore Does not seem like a safe business. Although with criminals driving stolen cars into your businesses, what business is safe in Oakland now MONTCLAIR Luckys store was robbed two days in a row with criminals driving a stolen car through the front doors. How soon till we get more police in Oakland.
Oakland is the arm pit of the Bay Area.
Google Images: Newport Coast, Pleasanton, Temecula Valley, St. Helena, Morro Bay, Rancho Mirage, Mission Viejo, Lake Forest Ca, Folsom, Granite Bay, Lathrop River Islands, Lodi Wine Country, Indian Wells, Mammoth Lakes, Lake Tahoe, Palos Verdes Estates, Pacific Palisades, Hancock Park Los Angeles, Pacific Heights San Francisco, Coronado, Del Mar, Murrieta, Murphy Ca, Calistoga Ca, Larkspur Ca, Tiburon Ca, Orinda Ca, Alamo Ca, El Dorado Hills, Sutter Creek, Brentwood Ca, Pismo Beach, Ventura Coast, Santa Ynez Valley, Dublin Ca, Los Gatos Ca, Mountain View Ca, Palo Alto Ca, Berkeley Hills, Oakland Hills Ca, Menlo Park, Hillsborough Ca, Thousand Oaks Ca, Torrance, San Pedro, Marina Del Rey, Manhattan Beach Ca
California Real Estate is never going down. 40 million residents.
Lol. It already is...
TRUE 🤑🤑🤑🤑🤑🤑🤑
@@Dorian_Gray83 Keep dreaming. Maybe you can move to Bel Air soon.
@@TMendocino
You must be a real state agent or a homeowner that is sweating his investment. California already has one of the highest unemployment rates in the US. Combine that with the high cost of living and you have no more potential buyers. This market is unsustainable and the free money already dried up. Do you want me to keep going? This is not dreaming…this is reality…
@@Dorian_Gray83 I work in biotech and one half of a dual income gay college educated couple. He is in Engineering. So, we are good, as are our neighbors, a Judge, an heiress, a cardiac surgeon, a CEO, a VP, a Physician, a Tech Bro and a Pension Fund Manager. That is what is takes to live here. 49% of California household make over $100K.
When the stock market crashes everything will fall. It’s only a matter of time when wall street decide to.
A lot of people I talked to it’s hard finding a tech job. 🤔🤔🤔
Waiting for it
And you have been wrong ever year.
Another gray hair who, knowingly or unknowingly, isn't seeing the forest for the trees. Given that he's in the "biz" I would say knowingly.
I'm impressed at how ignorant people are to the reality of California legislation. If you think realtors are the problem you're in for a big surprise. 😂😂😂
@@imageisn0thing
They are part of the problem. Trying to sell FOMO to people, just to get a profit out of it is pure evil. But then again its up to the people to do their own homework on the housing market...
How did you get a 6% rate in the late 1980's? I bought my 1st home in California in 1986 and my rate was 19%.🤔
apparently i read that back in the 1980s you could actually sub into someone elses mortgage at a lower rate from before if they're selling the house to you and it still had a mortgage. that's probably the reason why you could find someone that had such a ridiculously low mortgage rate for that time period.
@@joeswanson733 It was called assuming a loan. In 1980, when we needed to move from one part of CA to another so my husband could take over the family business after his dad passed, we assumed a loan of 9.5% when interest rates were at least 16% on new loans.
@@phoebeintheforest is that still allowed these days?
@@joeswanson733 My husband says lenders have smartened up and usually there is a due-on-sale clause on real estate loans that demand the loan be paid in full upon sale. However, FHA, VA and USDA loans are sometimes assumable.
@@joeswanson733yes on VA and FHA loans. But you need to have cash to make up the difference on the loan to sales price.
Prices keep going up because idiots are still buying!
Yeah, lots of good points brought out here, but the point is, new construction will help quite a lot, but meanwhile we need a stronger safety net. Maybe incentivize privately owned public housing projects to redevelop existing properties ahead of blanketing more hillsides with 3200 sf 5 bedrooms and 3 car garages.
The question is...when people will not be able for paying for bills.
Astonishing development of the real estate and housing market in California. Mr. McCormick's initiated portrayal makes one wonder whether the development is really sustainable over time at all. McCormick, who seems to be a man with his heart in the right place, also portrays the direct connection between that development and the state of the related homelessness problem. Here too, there seem to be no sustainable solutions to the problem. One can only hope that the state's politicians and officials realize that strong measures are needed to help the people of California with these serious and fundamental social problems.
Right on.👍
Why do they always equate California to only LA and the BA?
Biggest cities. Duh.
@@nico3641 …..and ironically have the largest impact on Government.
Bc rest of CA is not as desirable for THE MASSES.
at 07:43, that is heading in the wrong direction in a lot of cities. Local rent control measures (like city and county ordinances) have taken so much control over the property owners that it makes it very difficult to keep the rent at market values.
My 85 year old mom rents out a couple of rooms here in Southern Cali, and adds $2k to her $5k retirement income...for a $7k/mo income. No mortgage payments of course. She barely makes it every month, as she gives her money away to tv preachers; her choice. If she sells and goes to a high end condo; no rental income. I have a $3,500/mo mortgage at 2.8%. My home rents for $4k. Allegedly, everybody's moving out of California. Yet, there's not a single vacant home anywhere near me here in Ventura County. Something is off, like a lot of things. And I don't think a soon to be trillionaire and a billionaire in the White House are worried about this. Getting to Mars is more important.
That's a bummer your mom is getting fleeced by those scammers. I love God and church, but that's just wrong.
@@2btrue2u She's given thousands and thousands since the 80s. She's not alone; those tv preachers are filthy rich for a reason; they know how to sell themselves.