Here’s how many investors and cash buyers are in Utah’s housing market
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- Опубликовано: 11 сен 2024
- Home prices are high, and so are mortgage rates. That might make you wonder, who's actually able to buy houses in Utah right now?
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A few companies (investors) are buying most houses in Utah. In utah we dont have a fair market anymore, the market benefits only investors. The first time home owners can’t complete, because investors are allow to submit their offer the same day as the hosue is posted for sale. It used to be difficult, there was a law that forced investors to wait 30 days before submitting a offer to buy a house.
Get Wall Street out of the housing market
Maybe some of these cash buyers are regular people, with money 💰 . The rich vs the poor( who have to finance)
@@jogmas12 not when entire neighborhoods are being bought and flipped
@@jogmas12 wishful or hateful thinking on your part. I'm thinking it's the latter. Anyways, out of state investors have been known to buy up almost entire neighborhoods and then grossly marking up the prices and therefore artificially inflating the entire market. There may be some "regular" folks paying cash out there but at a very small percentage. Maybe locals selling in one area and downsizing to another, Californians who sold their million dollar home and moving here to find themselves upgrading in a lower economy buying the same house at a fraction of the cost or fortunate people that acquired inheritance. Maybe regular people but not regular circumstances. Investment firms make up the vast majority, also companies like Air BNB and Zillow.
Gotta get wall street out of politics first for that to happen
The need to stop institutional investors from buying up starter homes.
Starter homes don't build themselves.
They're now building houses to exclusively rent, never to sell to occupants
@@francismarion6400they are flipped to investors after commingling
@@peterbedford2610 so?
@@francismarion6400 you will own nothing and like it.
Nope, my children, at the prices nowadays, will never be able to buy a home here in Utah. The prices are out of control! Will we see another housing crash like we saw in 2008?
You may hope so, but with 20% down and many sales in cash, it is unlikely. 2008 was nothing down to 5% down.
Nope, doubt the banks will make a 2nd mistake...TWICE
Unlikely banks will be the root cause of a potential crash but it's still possible there will be a housing crash with the right variables
1. Inflation remains high, homes owners then feel stretched thin and are forced to sell (especially the buyers who purchased their homes the traditional method in 2023 and 2024).
2. unemployment goes up significantly
3. Investors don't make their ROI and are forced to sell
The banks won't let 2008 happen again. It happened because the banks made bad loans and then dumped all those foreclosures onto the market around the same time. The values of the homes plummeted and the banks lost out. They learned that if they bundle up foreclosures together in a neat little package a wholesaler will buy them and sell them to investors for them and the value won't plummet. Us regular buyers in the market won't get any of them, but their investor buddies will..... DON"T HOPE FOR ANOTHER CRASH BECAUSE IT WILL NOT HAPPEN. The banks are smarter now and know how to make money off of it rather than lose like they did before. They aren't stupid.
Tell your children to save up whatever they can, earn extra income to throw towards the down payment, work with a realtor to find hidden deals before they hit the market, and don't give up. They may have to save a year or two longer and sacrifice a bit on the social life while saving, but it will be worth it in the end.
That's how we did it, it can be done with single income household earning below the median income, we just took whatever overtime we could get, and I took on odd jobs for extra income on occasion, and we strapped down our budget real good so we could work together on growing a 20% downpayment to avoid PMI. The interest rates cannot stay this high forever with the prices of housing also staying high, something will give eventually and that will be a chance your children can get in. Don't give up. As long as your children do their best to stay out of debt, live frugally, and save like crazy they will be prepared to own a home when the chance comes no matter what the market looks like. Be willing to live a little outside where you ideally want and opportunities can come their way.
If the investors can't rent it out for a reasonable price they aren't going to be interested in an empty house sitting there
Property taxes should be higher for investors. Discourage them from buying houses.
then rent will be higher for tenants.
Owning private homes should be illegal for investors
@@zacanger yes, Congress I'm sure is getting paid not to do a thing about it. It should be considered a monopoly.
@@UncleDavesKitchen They're definitely getting paid. Blackrock spent $34 million on "lobbying" since 1998, and that's just what one company is willing to report.
Nah ban them from buying single family homes because they will just charge more to offset the taxes
Soon Utahn will be homeless like California
No, because our government just changed the meaning of the word "homeless." That's why we have only 2000 homeless people, the rest don't qualify.
Just let the investors buy. We will live in tents and refuse to buy or rent if it’s unaffordable. They will be poor too for buying something that no one will be able to invest in. Don’t ask the government for help and let’s let them learn.
Investors need to be regulated and taxed.
You seem out of your realm and have no idea what you are talking about.
@@maxpain7197 It’s a very simple concept. Regulate investors by limiting the number of homes they can monopolize in a given community, and add taxes for properties in excess of a predetermined quantity within the same district. Housing is not the stock market. We do not all need to invest in the stock market but we all need an affordable place to live. You can not allow speculators to drive up the prices of housing in this manner making impossible for average working families to find affordable housing. That is how you end up we leftist pro-communist movements which benefits no one in the end. Capitalism works when it is well regulated to prevent the rich from crushing the poor. Otherwise, capitalism will fail in the long run and it can be regulated to everyone’s benefit to insure everyone benefits without the need for wealth redistribution which never works.
@@jean-claudelol563Isn't it investors who build the houses to begin with?
@@francismarion6400 No, not the same. Not at all! Sad that this has to be explained to you. Home builders like DR Horton, Lennar and others borrow money from banks, and from investors and build property and sell them to interested homeowners. Those banks and investors do not own the homes, they get their profits and investment returns when the builders sell the properties. Investors like Blackrock do not build homes and do not invest in home builders. They swoop in, buy large numbers of new and soon to be completed homes in an area, causing the dwindling of the supply of homes in those communities. In turn they cause both home prices and rentals prices to skyrocket in the communities they monopolize. These investors have cash on hand, they can afford to sit on homes for extended periods of time to cause inflation of home values and rentals in those communities.
Could it be regulated only so many rental properties per zip code? All houses sold are open only to owner occupied buyers for the first 30 days listed?
Just triple the property taxes if the owner is an absentee investor. 4x if it's an LLC.
Those kids are super adorable!
Tax investment housing differently.
What if people can afford the rent these investors want ? 🤔 i will never rent a house for 3k/month that is insane.
We will own nothing. Not yet sure what their plan is to keep us happy.
They don't care if you're happy as long as you're obedient
OnlyFans
Stop renting from this corporations TAKE A 1 YEAR BOYCOTT
Don't count on the FED to help anyone. No one on the FED board feels any pain. They could care less.
You will own nothing and be happy
That's Communism and it's definitely what the pols are doing here. They brought in O'loser care in 2008 so health insurance was free or cheap for people who didn't want to work much. Then along came the "great recession" and people walked away from millions of homes because they had been allowed to buy them even if they had a shady work history, not much income or bad credit. That's when Blackrock and others waltzed in and bought them up for pennies (at the expense of those of use who are gainfully employed savers and investors) and it continues today. Inflation marches on unabated because they want another 2008 type crash to obtain more power. And the guys who are making all the current Biden admin decisions are now offering to write off college tuition - MAKING MORE SLAVES out of people who think they've hit the jackpot. NO FREE LUNCH. You will pay dearly for having your tuition paid for. Poor, miserable suckers. I feel it's the reason the dems want Biden re-elected because it's part of the global plan of the American oligarchs. Keep people hungry and barefoot and they'll do as they are told. Be afraid.
@@Deva-no3dn Abject servitude to capital is communism? You don't know what words mean.
I will be liquidating all my RE holdings in Kalifornia and relocating to Utah!!! I think I can buy 3:1 for every property I sell in Kalifornia! And it surely will be a cash buyer!
For people thinking this is not good - come to Kalifornia and see how many Chinese nationals come from China and buy 7 to 8 figured homes without any financing as it is all cash!!! How about that??!!! $500K in SoCal won't even get you a 1200 sqft home in a gang infested neighborhood in Santa Ana!!!
Congress need to pass laws that prevent foreigners from buying US businesses and real properties!!!
I'd rather see them ban large-scale real estate investment companies first. Then ban foreign ownership of our land. But if you think you can get a house with $500k in Utah, think again - I was just looking at a little brick cottage in an okay-ish area, no yard, $800k
@@zacanger
Congress allowed non-citizens to buy US real estate decades ago to help that sector and now, it has backfired spectacularly! Here in So Cal, we have many from Communist China that come here to buy properties in the $2.00MM - $12.00MM range and they usually pay cash. Zero financing! You know this money is not obtained the way you and I are earning it! And a lot of times, these people don't even move in and leave the properties vacant!
What are we going to do? I am going to be homeless!
We are facing stagflation.
Vote for a government that can and will act in order to increase domestic energy supply and reduce energy prices. That is our single biggest problem that we can solve in the short-medium term.
Our monetary system is a disaster. Rates are still too low but our economy is crumbling. Reducing rates WILL result in yet higher inflation.
The short term solution is lower energy prices by increasing supply (perhaps our new gov't after November will stop prodding Russia and Iran and/or facilitate domestic energy production).
A longer term solution is to stabilize the dollar. Follow Argentina's example. We should be leading the way but Argentina is... cut federal spending and we really ultimately need to decouple our currency from the federal reserve. It must be pegged to what Gold reserves we still have in the treasury (who knows what has happened to our Gold).
This is not a right vs left issue - our Government has executed a perfect recipe to implode our economy and our country as a whole. We are on track for more pain than we could have fathomed in 2020
You have to keep a winners mindset. Only the strong will survive.
Real inflation is very disrup
This started happening in Calif back in 1980 & before long houses cost in the millions.
Better buy while you can.
Tooele Valley is your best bet.
Home prices ain't going down. Investors have been done with Canada market for some years and they have been shifting to the States. Gotta park their money somewhere,not in their home country for sure
It's criminal. Don't sell your home to a corporation. Sell it to a family.
Dirty Money $$$$$$$$$$
Where is the amazing joe Biden?.... Sending money over seas
If you can’t pay cash you can’t afford it
for most thing thats true except a house is a clear exception, especially if you get a good rate. Almost everyone needs a mortgage to buy a home but it is still a wise investment.
@@HammsterMusic houses are a made up thing by the government to give minorities hope of being rich until the 90s homes traditionally went down in value like a car they need repairs over time
Even if you can pay cash, the real estate investors can come in with a higher cash offer.
@@zacanger that’s good let them eventually they will buy everything raise the price and then no one will afford it and then when all the payday loans are maxed and everyone is broke it will collapse and homes will be trashed from tenants and slum lords not making repairs and you will be able to buy for 1.00
Welcome to the oligarchy.
Investors are preparing for the economy to collapse.
The filthy rich and then they sell them for triple the price!! So sad that Utah families will not own homes and end up renting forever!! Greedy disgusting investors!! Time to move from Utah!!
Lucky for Utah it is still the lowest in the country , but if your Governor and State don't do something now to put a ceiling on the Housing Market you will see things like other states are seeing . One law that should be used by all states is The Owner of the Property should live in the state for at least 7 months of the year also , there should be a cap put on rentals per square foot , when investers find out there is no profit in housing they will quit pricing families out of homes .
Lowest what excatly?
Utah is 3rd worst in the union when you compare average income to average home cost. Not even close to the "lowest".
@@Zebrahead6000 Ok I was just going off a general look at the market as a whole , but still very low compared to other places , the point is that if you don't want it to get worse than you have to go after the State Government to make laws to protect the Private Home Buyer .
Whenever government gets involved in the private sector, bad things happen. Investors don't live there but you do. If there is no incentive for investors, the total number of available units will drop and rent costs will increase!
Do you really want that?
If so, keep investors out and you can see your rent double!!!😂😂😂
@@LWRC That isn't how it's working where I live , Investment Companies and Management Companies are driving up the rent and that drives up the Property Tax .
We need to build more housing of all kinds
Dont much care for Utah its the other states that need some fixing.
Du.... new world order. Black Rock. Yall are late to the game. Wake up people! Those homes become rentals!
and we got celeberties and athlets buying 20 millon dollars houses with ease.
ItS full of cults
Blame on Dem and FED. the more illegal immigrants are in, the more home price go up. High demand, high price in verything.
You can thoroughly blame the sellers of these homes because nobody twisted their arm to sell to an investor or an institution. The seller simply aren't interested in anything but cash. The older generation simply does not care if the younger generation ever has anything.
Much of the generation that is older right now has accumulated debt due to one reason or another. They also need smaller homes or condo's that don't require so much upkeep. Their children have grown up and moved away and they're alone. When getting your finances in order and selling things off you have no obligation to take into consideration a whole generation. The USA is a capitalist country. Try living in Russia or China or any of the other Communist countries and you'll thank you're lucky stars that we have the freedom (for now) to do as we please.
Bots are running a muck on this channel.
Ridiculous. You do realize the "older generation" isn't doing anything to the younger generation. They aren't selling their homes to you because there is no other homes for them to move to. Where do you want them to go? Second most older people I know are letting their kids live with them well into their adult years because of the housing shortage. Also many are helping with down payments for their kids homes. Might also occur to you that we have had close to 10 million people added to the population crossing the border. This is a housing shortage not a generational battle.
That's not completely true. My realtor told me he had people posing as married couples buying up homes for LLCs out of California in the same area. Before he figured out the pattern, the LLC was able to buy practically entire streets and grossly marking up the resale prices. This was back in 2018.
Welcome to the USA in 2024! Your not special Utah!