Same here in NH. Just had a baby, gonna be stuck in a 1br apartment for the next year. Small amount of debt, modest savings. Should be able to buy a house, got pre-approved, but can’t get any offer to be accepted.
We bought our first house in 2008 in a Dallas suburb. Good schools and the houses were reasonable (buying during the bubble pop helped). We had planned on moving up in house in the same town in 4-5 years because we were going to expand our family. By the time that 4-5 years had passed our house had appreciated a lot but bigger ones even more. The long and short of the story we’restill in the same house. Though the insane appreciation might help us get the heck out of the city into east Texas
I keep getting offers from Open Doors several times and I just tear up the offer, because I never want to go back to an apartment and finding an affordable house would be impossible.
Sell your home contingent on the purchase of another home. I guarantee you will get multiple offers who are willing to wait many months for you to find another home
This is the exact reason I haven’t sold. Where would I go? Plus house prices are high so whatever equity I make I would have to then sink right into an inflated price for a new home.
Is it your home or an asset? If you love your home and are happy to live there for the next few decades then who cares what the price is? If it's an asset then buy in a buyers market and sell in a sellers market. Cash out and rent or downsize until things turn. You may have to compromise for a year or so but the gains you can make can be the equivalent of working 40 hours a week for half a decade. Up to you :-) Phillip.
@@philliptemple9841 it’s an asset that I purchased in 2008 at the rock bottom of the market for a steal. Renting a smaller place would actually cost me twice my current mortgage. I would be costing myself money by renting tbh. I’ve ran the numbers.
@@tuckertech You ran the numbers and I trust you know what you are doing. Paying twice the rent is not a big deal for a couple of years. However if prices keep going up indefinitely then yes you will be screwed. The base question is are you happy where you are? If yes then stick otherwise it could be worth to twist. Phillip.
If you are in a market where you need to give the seller a love letter to have a better chance at him/her “selecting” you, you are in the wrong market and it is NOT a time to buy.
My neighbor was the first to drive the prices in my neighborhood up during the last bubble. She was undecided about moving. Realtor suggested feeling out the market by listing the unit at an unreasonably high price and then decide. The plan was to reduce the price to a realistic level if she decided to sell. She immediately got a full-price offer, complete with handwritten brown-nosing letter that looked like it was written by a junior high girl. She couldn’t turn down that much money. We were laughing at the idiocy of the buyer. A single woman bought the place. I could never take her seriously, having seen the letter and knowing how much she overpaid.
@@genxx2724 This is a good example of accepting a sale, some people would not beleive her, and not accept it, follow through on her offer until she didn't come through. Looks like it worked out at the end. I sold suits at one time a man came in and said he wanted 10 suites, the first question was what are you going to do with 10 suits. didn't ask that I said lets pick out 10 suits, and go from there. He bought 10 suits and shirts and ties to match them. Sold.
The housing market is insane. My phone rings constantly, text messages in massive numbers, and a mailbox that overflows. All this coming from people who want to buy my house. It's just crazy.
Same happening to me, in Austin. And these crazy people think my modest home without any much upgrades except the Subaru WRX STi and str8piped Foxbody Mustang 5.0 on my narrow driveway is worth $900k, in east central LFMAO. I guess that makes Austin weird. And my house has metal bars over all windows for bonus points
My coworker really liked the buyer from their letter, said they could "really see the family growing up in the house". A month later the house was up for rent on zillow. Smh
I can't wait until wonderful companies go on sale!! The cool thing with just waiting is that I can just learn and study and not worry about everything being overpriced right now
Kind of hard for the market to crash in places like CO, when there is way more demand than supply and when there are 25 bidders on every property and of those buyers, they are either all cash or extremely well financed and the bids can go up to $75k over asking. Where are the all cash buyers getting their cash for $600k-1M+ homes?
Bought a new construction home in advance in early December and it's almost done but someone tried to buy out my contract for 100k more than i paid for it. Crazy times
I’m a Real Estate agent in Virginia. This market is crazy. I am looking to down size my home but can’t sell my current home because I can’t find one that meets our needs because I am disabled. My poor clients can’t find a home because by the time they can look after work it already has offers on it.
@@Kkrider84 Yeah normally, mine isn't done yet due to delays, i'm just going off what the builders are telling me the lot next door with the exact same square footage/design is now selling around 90k more than what i locked in the construction contract for, probably not an exact science until the appraiser gets in there tho and its complete
My husband and I got SO lucky with our house. We had to waive the inspection and use an escalation clause to get it, ending up paying 28k over asking price. After we purchased, other homes in the area that were smaller or more outdated than ours were selling for $50k more than what we paid! This market is insane!
Have fun lighting that rent money on fire and loosing all the equity gains you could have had. Why shoot yourself once in the foot when you can reload and shoot yourself twice , right?!?!
It's broken, because it's been bought by investors trying to make a profit over allowing people to actually own a decent home for a decent price. This isn't just happening in the US, here in the Netherlands it's been going on for years. Now, most new homes built can only be bought by people who will live in them.
I live in southern Utah. The housing market went bananas in 2020. Now when my wife and I need to find a home, we have been priced out seeing as we don’t feel comfortable paying 350k for 1,100 sf. But such is life.
No kidding, our home is located in an area where there already are no other empty lots available and the average homes in our street went from selling for 600k to over 900k. Great market for us as sellers, but terrible for buyers!
It won't crash, but there will definitely be a correction and slow-down in appreciation. When will it happen? No one knows and no one can predict. Some will tell you exactly when it will happen, and they're just doing it to get clicks/views.
My aunt just sold her home in Toronto and moved to San Antonio, only about 90 min drive south from where I live. I understand what you mean. It's utmost madness
Yep the AmityVille Horror house could get $500,000 no problem. Free exorcism thrown in by the seller. It's so bad they could sell the Exorcists house for about that much too, Lol!!
@@malrofo I get it the number 13..... yeah that sucks for me I was born on the 13th!! Well at least my mom said the hospital made a mistake she thinks it was the 11th. So I said well why didn't you get my birth certificate fixed?!!
Single dad here made a great sob story when buying my townhome in San Diego and the accepted my offer even though it was lowest offer out of 10 offers received!
One of the most notable things you said was buyers are paying whatever it takes to get into a house. Desperate people don't make good deals. I saved cash and found an awesome deal for 30k at a city auction. It was taken for taxes owed. Back in the late nineties you could get a more than decent house for 100k in St. Louis. My friends got theirs for 60k because they bought from a divorcing couple who cared more about getting out than the money. Look around. Dig deep. There are deals out there.
@@jayw5644 man that pisses me off because they're taking all the homes away from primary residence buyers. i just want to get a house already. been renting for too long now.
I just built a 30x40 garage with 14 foot walls. I have two 12 foot garage doors and a finished office built inside of it. It cost me 10% more than it did to build last year and I had zero wait or delay on any materials. I don't believe this narrative is completely true.
I was thinking of selling, but even with me just browsing at houses they’re already pending within hours lol I wouldn’t have a place to move into😂 I’ll stay until things cool down
It is... prices are ridiculous although I have realized that listings have jumped like crazy a month ago I checked the market and could only find about 6-20 listings now over 250 listings in my area
The prices in AZ aren't helped by the fact that alot of California residents are selling their garages for there market value in cali. Then coming over and buying a real home with that money lol.
@@randomrealestateinvestor1694 Some builders with HUGE planned communities out here in AZ have lotteries with hundreds and hundreds of pre qualified buyers waiting. I have a feeling it will keep up for a bit
The story of lumber is actually a lot crazier. Lumber shops aren't slowing down, they are stockpiling lumber and slowly releasing stock into the market. Just like diamonds.
Haha why did I decide NOW was the time to buy a house 🙃. I have a feeling I may be staying in my apartment another year lol. At least I have a place to live.
You decided now was the time because you heard that interest rates were very low and inventory was getting low. ...although to make up for that, the price skyrockets more than Bitcoin.
Me a Canadian looking at one of the highest housing market in the world in Toronto and knowing I’ll never get a house unless it crashes but then realizing that means a lot of people lose their livelyhoods
Being homeless is treated as an illegal condition, sleeping or loitering in most places is the illegal action. You cannot just pitch a tent and claim it as your nest. Like c'mon. This isn't even funny. Trust me. You're way better off keeping your privilege of a stable living condition. I'd love to have my own closet for clothes, but nooo. And just fuckin wait till you need to renew an ID, as you're required to have proof of residency. Which being homeless does not grant you. Not to mention nowhere will hire you for a multitude of bullshit reasons. Learn your privilege yo.
It seems to me that there is something going on here. So those who took out student loans, now graduate and are in their late 20's early 30's looking to buy their first home and here we go with the market. What are we doing to this younger generation? Our Country is in free-fall. Are we trying to keep people as slaves? That is essentially what is happening. Student loan debt and just to find a home to sleep in before going back to your second or third job to pay your student loans. I worry for these younger folks.
"What's up posers! It's the real Graham here! Today we are going to be talking about fake RUclips accounts because, let's be honest, everyone secretly wants to be me."
I get enquiries all the time for my LA home. Somehow my offer of $10 Million cash, $2 bills, non-sequential serial numbers in a Samsonite briefcase does not elicit any further communication. I wonder what I'm doing wrong? 🤣🤣🤣🤣🤣
Here in Australia the markets are crazy as well. But we are cramming a second house in the garden. This seems a great investment as they can be rented out at mad prices. This mad market won't last and many people that invested in rentals are going to be down big time. Especially in these horrid little houses with dam all outside space. Sold our house as we were moving and now renting. If when our son has left school and the house prices are still mad we will move to a place where prices as sensible, which ever country that is.
“If you’re in the market to buy a home right now”.... I’m out. I’m not overpaying for anyone’s bullshit house. Just going keep renting way under my target price and saving until the next economic collapse
Started house hunting in the Lancaster Pa area and its horrible. Forget about contingencies if you want a house. Offer we put in on a house was passed over for a lower money amount and no contingencies include no septic tank inspection. Another house we liked went for 25k over asking with no contingencies. Already thinking about renting for another year.
I was all set to buy my first home. Ended up buying a 2019 Volkswagen GTI SE instead. This should keep me happy while the market screams in horror for the next year or two.
We just bought our first house. We weren't the highest offer, but the sellers lived in the neighborhood and we submitted drawings of the house that me and my five year old son did showing that we loved it. I think that may have helped the sellers be willing to work with us. Good luck to all the house hunters!
As a Venezuelan I have a few things I want to share for your financial benefit... Q: How much higher can it go? A: Higher than your mind can grasp. So high you can only asses things in percentages. Q: When will this stop? A: Nobody knows. Could be a few generations. Q: This makes no sense. Surely it will make its way back to even keel. The market cleanses itself. A: Nope. The market isn't really rational. Especially when distorted by government action.
My wife and I have been actively looking to purchase a home. We have been renting a one bedroom apartment for almost three years now and become frustrated with the market in Rhode Island. Great video, I subscribed.
as a manager at a lumber yard, the prices go up pretty much every day. theres a shortage in the resin for treated lumber, and the shortage of OSB, Plywood, etc, is making it even worse. i really dont see a timeline of this fixing itself
Great advice, especially #5! I'm in escrow on a property now and the lease/rent back is the main reason I got accepted. There were other full cash offers and financed offers way above me haha
I just want to be a home owner for the sanity of me and my family. And with the market this hot it's really hard for first time home buyers but that won't discourage me thanks for the awesome videos and keep up the good work sir!
re: the "pre-inspection" idea. Would be good in a moderately strong market. In our market of Columbus, OH, when every single 15 or 30 minute showing slot on a new listing get snatched up in a couple of hours, this strategy is not feasible.
I realize you have to reach to find a new subject but this one is run into the ground. It's like "BTC will be [zero to one million] by [fill in date]". Buying and ripping is the new thing. A 2900 sq ft asked $382. That night it sold for $440k and my new neighbors (from NY) ripped out the interior and expanded to 4000 sq ft ("only" $250,000) Another new neighbor "escaped" from CA, bought two house (2.5 acres) and is building one four times bigger than his CA home for half the cost. Location, location, location.
The realtors always tell the buyers offering from $20k-$50k. Ridiculous. They think the interest rate is low now but they don’t think they pay more with high prices. The market will crash soon
The housing market has had INSANE returns lately. I've been looking to buy property but am still waiting for the cycle to trend downward. Covid changed a lot of things in the world, but I don't think it changed the cyclical nature of the housing market long term.
The average home buyer can’t compete in this market. Cash is king. Houses in our area (Charlotte, NC), appraise lower than the asking price ($30k-$50K) putting the extra $$$ needed on the buyer, which makes the home out of reach for most people. AND they loose their due diligence fee on top of it by backing out of a home they don’t have an extra $50k to spend. The realtor said the appraisers are trying to “right” the market, thinking they are helping balance things out, when all they are doing is helping cash investors.
Buying property is madness, the overinflated prices will collapse when they realise its 35% over priced. Renting is now way cheaper when you factor in purchase & disposal costs. In todays temporary gig econony and worker movement its better to rent or live in an RV.
Thank you so much for making this kind of video. Honestly, thank you so much for doing all that you do. I don't follow up every single day like I used to, but it's always refreshing to hear someone like you always has their hand on the button, ready to play whatever audio people need to hear for the day. :-)
As for me the only problem is that I already live too close to my neighbors as it is. Changing zoning requirements to add another 4-6 families nearly on top of me - ah..no thanks.
13:45 in , I can say that I have received lower prices on property purchases by making the sale personal. When I purchased a home a few years ago, I asked the listing agent (who happened to be the niece of the woman selling the house) if my story of why I wanted their house would make a difference. My mother had just passed away, left me her Berkshire Hathaway stock and the house I was bidding on was listed by Berkshire Hathaway. She was intrigued. I then shared that if they sold me the house that I would use the home to create affordable senior housing. They received bids $50K higher than mine, but still sold me the house at their asking price which is what I bid on the home. Buying, or selling, a home is probably the largest purchase that most people will ever make in their life time and it is a big deal. Making the transaction personal definitely helps. Yes, I created affordable housing with the property :) Yes, the seller told me they felt great giving me the home to use for my project :) Now that property is now worth about 40-50% more than what I bought it for. Win/ Win/ Win.
God bless you Sean. Too many people aren't moral like you. You actually carried out your promise. I'm so happy those people sold their to the right person.
Thank you - you know that they're investors when you see a house with a "coming soon" status and they have the same flooring and color scheme as the last five when they hit the market.
Just finished consulting with an investor and a real estate agent on selling my home. I then go to RUclips (logical next step, right?) ... and see this video. Crossing my fingers for a crazy bidding war 😜
I am in DC, just bought a house in August 2020, in-laws just bought a house in March 2021, there are no contingencies in this area that get accepted. You have to go in no appraisal contingency, no inspection contingency, and about 20% over asking at minimum to have shot. In-laws even had to pull off a 2 week close to be enticing enough for their offer (35% over asking) to be accepted....this market is absolutely insane! And yes, it was an escalation clause that just happened to be the very top of the escalation.
My boomer parents are convinced my life’s prospects are no more difficult than theirs were 🙄 their house has quintupled in value and they made less than $7 an hour when they bought it
The problem in my area is that rental prices are skyrocketing. The older investors are selling their rentals to get out of the game at a huge profit. The young investors are snatching not only those properties up, but all the other few properties that pop up. Meaning I'm sitting here, with my landlord about to sell, trying to find a place to buy-they dont exist. And the alternative is renting- a comparable property rents for 75% higher than they did a year ago. I'm in a no win situation.
Industrial and commercial construction is still booming too. I just found out someone can buy a home with an FHA loan and only need a 530 credit score. Come on 2008!
"What's up 420, its 69 here"
Numbers are fun!
haha that's a good one
Yes
Lol
im afraid to give this a like or ill ruin the 69
Instructions unclear just submitted an offer on my own house
Good luck!
🤣🤣🤣🤣🤣🤣🤣
Hehehe. "my own house"
Knowing the market, there is probably another higher offer
Hope you are going in over ask
People moving to my area have made it impossible for local first time home buyers to afford a house
@@haleyaalexis Yup, Californians are definitely pricing Texans out of the cities.
Same here in NH. Just had a baby, gonna be stuck in a 1br apartment for the next year. Small amount of debt, modest savings. Should be able to buy a house, got pre-approved, but can’t get any offer to be accepted.
Same here and rent is going up also. Arizona
@@crouton5892 NH Is horrible! Have you considered Maine or Vermont?
We bought our first house in 2008 in a Dallas suburb. Good schools and the houses were reasonable (buying during the bubble pop helped). We had planned on moving up in house in the same town in 4-5 years because we were going to expand our family. By the time that 4-5 years had passed our house had appreciated a lot but bigger ones even more. The long and short of the story we’restill in the same house. Though the insane appreciation might help us get the heck out of the city into east Texas
I keep getting offers from Open Doors several times and I just tear up the offer, because I never want to go back to an apartment and finding an affordable house would be impossible.
Sell your home contingent on the purchase of another home. I guarantee you will get multiple offers who are willing to wait many months for you to find another home
@@mikestanley4457 b!?
T FBI
thats the irony for so many home owners. Their home is worth so much but if they sell they will have nowhere to go
I would be happy to live in an apartment. Use the extra cash to invest or start a business.
I think whoever's buying right now is getting screwed. Royally. My 175k dollar home is worth 300k+ right now. For no reason.
Next intro should be James Bond style: “What’s up guys, the name is Stephan, Graham Stephan. I’ll have an iced coffee. Shaken, not stirred.”
I might have to do this!
I like this!! Wearing a tux!
@@MichelleMarki Yes!! I love that idea 😂
Great job on your videos man! =) I'm starting up too.
@@GrahamStephan you've got to do this 😁
This is the exact reason I haven’t sold. Where would I go? Plus house prices are high so whatever equity I make I would have to then sink right into an inflated price for a new home.
Yeah that's definitely a conundrum!! Make off like a bandit, only to be bamboozled somewhere else eh?!
Is it your home or an asset? If you love your home and are happy to live there for the next few decades then who cares what the price is?
If it's an asset then buy in a buyers market and sell in a sellers market. Cash out and rent or downsize until things turn. You may have to compromise for a year or so but the gains you can make can be the equivalent of working 40 hours a week for half a decade.
Up to you :-)
Phillip.
@@philliptemple9841 great advice bro
@@philliptemple9841 it’s an asset that I purchased in 2008 at the rock bottom of the market for a steal. Renting a smaller place would actually cost me twice my current mortgage. I would be costing myself money by renting tbh. I’ve ran the numbers.
@@tuckertech You ran the numbers and I trust you know what you are doing. Paying twice the rent is not a big deal for a couple of years. However if prices keep going up indefinitely then yes you will be screwed. The base question is are you happy where you are? If yes then stick otherwise it could be worth to twist.
Phillip.
If you are in a market where you need to give the seller a love letter to have a better chance at him/her “selecting” you, you are in the wrong market and it is NOT a time to buy.
My neighbor was the first to drive the prices in my neighborhood up during the last bubble. She was undecided about moving. Realtor suggested feeling out the market by listing the unit at an unreasonably high price and then decide. The plan was to reduce the price to a realistic level if she decided to sell. She immediately got a full-price offer, complete with handwritten brown-nosing letter that looked like it was written by a junior high girl. She couldn’t turn down that much money. We were laughing at the idiocy of the buyer. A single woman bought the place. I could never take her seriously, having seen the letter and knowing how much she overpaid.
@@genxx2724 Well, that idiot caused you to have more equity, so appreciate her lol.
@@thehaitianambassador215 She most certainly did. 😀
@@genxx2724 This is a good example of accepting a sale, some people would not beleive her, and not accept it, follow through on her offer until she didn't come through. Looks like it worked out at the end. I sold suits at one time a man came in and said he wanted 10 suites, the first question was what are you going to do with 10 suits. didn't ask that I said lets pick out 10 suits, and go from there. He bought 10 suits and shirts and ties to match them. Sold.
That is now illegal. Writing letters to seller can get you sued. Any agent doing this needs should know better
The housing market is insane. My phone rings constantly, text messages in massive numbers, and a mailbox that overflows. All this coming from people who want to buy my house. It's just crazy.
Same here 😂😂😂
@Brian Trudeau Tampa, FL
Same. I get letters for local realtors all the time wanting to sell my house for me. No thanks. I’ll stay comfortable in my current mortgage.
Same happening to me, in Austin. And these crazy people think my modest home without any much upgrades except the Subaru WRX STi and str8piped Foxbody Mustang 5.0 on my narrow driveway is worth $900k, in east central LFMAO. I guess that makes Austin weird. And my house has metal bars over all windows for bonus points
I don't understand why people would solicit someone living in their home. People have lost touch over profits.
My coworker really liked the buyer from their letter, said they could "really see the family growing up in the house". A month later the house was up for rent on zillow. Smh
I am sure buyer meant tenant’s family growing up in the house
Nice! Lol
Might have to steal this 🤣
Lol at them for trusting people buying RE
Hey, all is fair in love and bidding war.
“Whatsup guys, it’s Meet Kevin here!”
hey Kevin!!!!
Haha I might need to do this
@@GrahamStephan You might want to think about wearing a fake beard so that you can look the part aswell. Just a thought.
This is the one! 💯
(Meat) Kevin
Video: “Market crashes!!!!”
Next video: “Market has never been better!!!!”
Finance is exhausting 🤣
I can't wait until wonderful companies go on sale!! The cool thing with just waiting is that I can just learn and study and not worry about everything being overpriced right now
That’s what let’s you know it’s clickbait. Everything is either the best ever or it’s about to be an apocalypse.
Kind of hard for the market to crash in places like CO, when there is way more demand than supply and when there are 25 bidders on every property and of those buyers, they are either all cash or extremely well financed and the bids can go up to $75k over asking. Where are the all cash buyers getting their cash for $600k-1M+ homes?
Sooo True
2008
Bought a new construction home in advance in early December and it's almost done but someone tried to buy out my contract for 100k more than i paid for it. Crazy times
wow!!
Wow good you got in on that house before someone else!!
@@judaspreistvlct agreed just waiting to find out what's going to be the straw
Yikes! I've heard of people getting dropped from their contracts by the builders. Scary!
Imagine if he sold it and told you sorry buddy find another builder 😂
I’m a Real Estate agent in Virginia. This market is crazy. I am looking to down size my home but can’t sell my current home because I can’t find one that meets our needs because I am disabled. My poor clients can’t find a home because by the time they can look after work it already has offers on it.
Aww! Bailey (the pup) deserves a LIKE. All of the cuteness. 💕
I guess I need to show my dog on camera now...
That's the number +4*4*7*4*9*4*0*4*6*6*0*2
If you bought real estate like Graham and Kevin said last year you're sitting pretty right now
Glad I listened, his video helped me make up my mind to sign the contract on a new construction home, already up like 90k in value.
@@jdfrench86 after an hour?
@@jdfrench86 How do you determine the increase in value? Do you pay an appraiser?
@@Kkrider84 Yeah normally, mine isn't done yet due to delays, i'm just going off what the builders are telling me the lot next door with the exact same square footage/design is now selling around 90k more than what i locked in the construction contract for, probably not an exact science until the appraiser gets in there tho and its complete
@@Kkrider84 check zillow and or redfin and they get a rough estimate of ur house price.
Me sitting here letting all these people overpay for houses then finding out later they can’t afford it and will sell at much lower prices...
Right. No jobs(or noones working b/c of covid/unemployment), no houses, commodity prices are soaring,, printing money like crazy...
Sounds like bitcoin!
@@ChristianSuarez-gz1ig lol. Someone's triggered.
Or them realizing they can't refinance when the job market looks completely different post covid.
@@ChristianSuarez-gz1ig lol took grahams btc warning seriously and missed out at cheap btc kek. Btw btc is over priced imo
Graham Stephan the type of dude to not day trade but makes a video about the market every day
(W).. (H).. (A).. (T).. (S).. (A).. (P).. (P).. (m) (e
+1).. (6).. (4).. (6).. (3).. (4).. (9).. (2).. (0) (3) (8.....)..... On how to get started....
@@rejoicemichael2786 🤣😂
It’s so true 😂
@@hasanicarter5543 I just reported him, they try and scam stuff out of people
@@thepug991 um... okay.
My husband and I got SO lucky with our house. We had to waive the inspection and use an escalation clause to get it, ending up paying 28k over asking price. After we purchased, other homes in the area that were smaller or more outdated than ours were selling for $50k more than what we paid! This market is insane!
To the Californians moving to Texas thankyou for making it easy to sell my house. Already moved to an apartment.
Yeah they are 🤬 up AZ on their way to TX....
Did you have multiple offers? Any above asking price? Cheers from Indiana
@@HenryPaulThe3rd yes multiple above asking price.
@@HenryPaulThe3rd Houses in Indiana and Kentucky are receiving multiple offers as well. Kentucky and Indiana are the new Texas.
Have fun lighting that rent money on fire and loosing all the equity gains you could have had. Why shoot yourself once in the foot when you can reload and shoot yourself twice , right?!?!
It's broken, because it's been bought by investors trying to make a profit over allowing people to actually own a decent home for a decent price.
This isn't just happening in the US, here in the Netherlands it's been going on for years. Now, most new homes built can only be bought by people who will live in them.
I live in southern Utah. The housing market went bananas in 2020. Now when my wife and I need to find a home, we have been priced out seeing as we don’t feel comfortable paying 350k for 1,100 sf. But such is life.
Should have bought mine we sold for 409 it's 2200 f²
*cries in California 😭🤣
Pretty much everywhere, Georgia is also insane
Mark is because all those people from California moving there . They can’t fix their own state so they rather run for it and mess another state up.
Add Kansas City to the list, bananas!!!
No kidding, our home is located in an area where there already are no other empty lots available and the average homes in our street went from selling for 600k to over 900k. Great market for us as sellers, but terrible for buyers!
Most definitely. That's a 150% increase holy moly!
50% increase
British people: First time eh?
I'm 21 without a lot of savings for a huge down-payment so I've excepted that I'm going to have to wait till the next crash to buy a house
Same exact situation here
Believe, you won’t regret that you could buy in this market. Price will adjust
Housing markets rarely every crash
It might never crash.
It won't crash, but there will definitely be a correction and slow-down in appreciation. When will it happen? No one knows and no one can predict. Some will tell you exactly when it will happen, and they're just doing it to get clicks/views.
The market in Dallas and the suburbs is beyond madness 😭
Houston too. Our same house we got for 260k with few upgrades a month later base price of the same build is 283.9k
You guys are lucky out there in Dallas. Townhomes in Toronto (2000 sqft) are selling for high 800ks right now... detached homes over a million!
My aunt just sold her home in Toronto and moved to San Antonio, only about 90 min drive south from where I live. I understand what you mean. It's utmost madness
Next intro, do a dead stare into the camera for a solid minute, no jump cuts... then do your regular “What’s up you guys! It’s Graham here”
AYO
...
And sing Where The Streets Have No Name!
@@metalmike570 lmao
Yes
i bet haunted houses getting cash offers 15% above listing price right now
That's frightening!
Yep the AmityVille Horror house could get $500,000 no problem. Free exorcism thrown in by the seller. It's so bad they could sell the Exorcists house for about that much too, Lol!!
Actually 13% above list
@@malrofo I get it the number 13..... yeah that sucks for me I was born on the 13th!! Well at least my mom said the hospital made a mistake she thinks it was the 11th. So I said well why didn't you get my birth certificate fixed?!!
Lolol I really like your pfp Cj 🙃
Single dad here made a great sob story when buying my townhome in San Diego and the accepted my offer even though it was lowest offer out of 10 offers received!
One of the most notable things you said was buyers are paying whatever it takes to get into a house. Desperate people don't make good deals. I saved cash and found an awesome deal for 30k at a city auction. It was taken for taxes owed. Back in the late nineties you could get a more than decent house for 100k in St. Louis. My friends got theirs for 60k because they bought from a divorcing couple who cared more about getting out than the money. Look around. Dig deep. There are deals out there.
I wish you also talked about the fact that 10-20% of the market just disappeared in the form of foreclosure houses
The building costs are unsustainable something has to give .
W^h^a^t^s^a^p^p+1^4^8^0^5^-7,-3^1,"6,^2,4.
"What's up houses... Houses? What do you mean we're out of houses?"
"What's up graham, its guys here"
This one caught me off guard lol.
O/k/a/y
W/h/a/t/s/a/p/p
+/1/7/7/8/4/0/4/5/1/4/3/
I/n/v/e/s/t/ IN b/t/c & e/t/h.
I wonder how many of the homes being sold these days are actually for primary residences vs speculative, rentals, second homes, etc.
It's mainly speculation. People are going to get screwed pretty soon though
I believe it was 85% 2nd home buyers
It's mainly hedge funds buying to prepare for hyper inflation. The government is trying to hide hyper inflation with a housing shortage agenda.
@@jayw5644 man that pisses me off because they're taking all the homes away from primary residence buyers. i just want to get a house already. been renting for too long now.
Another great video :) Thank you! The market in Florida is crazy right now
I've seen!
I finally got an offer accepted on what will be my first home last week. Couldn’t believe it.
Congrats!!! All of the comments are so negative and they don't realize some people have little to no choice but to buy rn.
Congratulations 🎉
Congratulations
How to sell your house:
Make an offer on your own house and tell someone they have a cash offer over market value STONKS 😂
Don’t need to that’s happening anyway😂😂😂
Then you have the money hyper inflation takes into effect and your money is worthless.
@Graham Stephan stfu
I just built a 30x40 garage with 14 foot walls. I have two 12 foot garage doors and a finished office built inside of it. It cost me 10% more than it did to build last year and I had zero wait or delay on any materials. I don't believe this narrative is completely true.
I was thinking of selling, but even with me just browsing at houses they’re already pending within hours lol I wouldn’t have a place to move into😂 I’ll stay until things cool down
Yea that's the hard part about selling a house in a Seller's market, you have to try and find a new place to stay.
Seriously. The Arizona market is crazy right now.
Hindsight 20/20 I’d have bought a couple more homes in 2016
Better call Saul 😂
It is... prices are ridiculous although I have realized that listings have jumped like crazy a month ago I checked the market and could only find about 6-20 listings now over 250 listings in my area
The prices in AZ aren't helped by the fact that alot of California residents are selling their garages for there market value in cali. Then coming over and buying a real home with that money lol.
@@ipodtouch470
That’s true but it’s gonna die down I think it’s already starting too
@@randomrealestateinvestor1694 Some builders with HUGE planned communities out here in AZ have lotteries with hundreds and hundreds of pre qualified buyers waiting. I have a feeling it will keep up for a bit
All I hear is “wait until the madness quotes down” 👌
Have we considered turning it off then back on again?
I tried...didn't work :/
@@GrahamStephan shoot.... back to the drawing board
The story of lumber is actually a lot crazier. Lumber shops aren't slowing down, they are stockpiling lumber and slowly releasing stock into the market. Just like diamonds.
Haha why did I decide NOW was the time to buy a house 🙃. I have a feeling I may be staying in my apartment another year lol. At least I have a place to live.
You decided now was the time because you heard that interest rates were very low and inventory was getting low.
...although to make up for that, the price skyrockets more than Bitcoin.
Me a Canadian looking at one of the highest housing market in the world in Toronto and knowing I’ll never get a house unless it crashes but then realizing that means a lot of people lose their livelyhoods
It is sad but true. But there's gotta be some kind of chance, otherwise North America turns into Europe where nobody buys, they just rent O_O
Dag nab it, Bailey squeaked a like out of me.
'Whats Graham guys, its up here.'
That's the number +4*4*7*4*9*4*0*4*6*6*0*2
I think I’m just gonna be homeless, no monthly payments, no bills! I can just set a tent right on the beach and enjoy immunity
Van life ain't a bad way to go.
@@MayTheSchwartzBeWithYou fr
that's illegal
@@buldgejames5404 not if you are homeless 😂
Being homeless is treated as an illegal condition, sleeping or loitering in most places is the illegal action.
You cannot just pitch a tent and claim it as your nest. Like c'mon. This isn't even funny.
Trust me. You're way better off keeping your privilege of a stable living condition.
I'd love to have my own closet for clothes, but nooo. And just fuckin wait till you need to renew an ID, as you're required to have proof of residency. Which being homeless does not grant you.
Not to mention nowhere will hire you for a multitude of bullshit reasons.
Learn your privilege yo.
It seems to me that there is something going on here. So those who took out student loans, now graduate and are in their late 20's early 30's looking to buy their first home and here we go with the market. What are we doing to this younger generation? Our Country is in free-fall. Are we trying to keep people as slaves? That is essentially what is happening. Student loan debt and just to find a home to sleep in before going back to your second or third job to pay your student loans. I worry for these younger folks.
"What's up posers! It's the real Graham here! Today we are going to be talking about fake RUclips accounts because, let's be honest, everyone secretly wants to be me."
I get enquiries all the time for my LA home. Somehow my offer of $10 Million cash, $2 bills, non-sequential serial numbers in a Samsonite briefcase does not elicit any further communication. I wonder what I'm doing wrong? 🤣🤣🤣🤣🤣
housing materials are in low supply not because they don't have enough but they aren't distributing out the needed amount.
-Home Depo X
I went to home depot with plans on building a picnic bench and walked out wit my tail between my legs lol 😂
What's up like buttons, it's the youtube algorithm here!
Here in Australia the markets are crazy as well. But we are cramming a second house in the garden. This seems a great investment as they can be rented out at mad prices. This mad market won't last and many people that invested in rentals are going to be down big time. Especially in these horrid little houses with dam all outside space. Sold our house as we were moving and now renting. If when our son has left school and the house prices are still mad we will move to a place where prices as sensible, which ever country that is.
Graham's ad transitions getting better every video, so smooooooth
“What’s up guys, it’s your girl * turns lights on * Savannah Smiles here”
This would be great lol
Trying to rent right now is a mess too. =/
I know. My rent went up over 200 more in just over a year. I don't know if I should try to find a cheaper apartment or not given the shortage
i heard they never stopped making lumber, they are just holding on to it and thats what is driving lumber up
“If you’re in the market to buy a home right now”....
I’m out. I’m not overpaying for anyone’s bullshit house. Just going keep renting way under my target price and saving until the next economic collapse
Started house hunting in the Lancaster Pa area and its horrible. Forget about contingencies if you want a house. Offer we put in on a house was passed over for a lower money amount and no contingencies include no septic tank inspection. Another house we liked went for 25k over asking with no contingencies. Already thinking about renting for another year.
I was all set to buy my first home. Ended up buying a 2019 Volkswagen GTI SE instead. This should keep me happy while the market screams in horror for the next year or two.
i ~n~ v~ e~ s~ ~t~ i~n~ B~T~C ~$~ ~E~T~H~~
~W ~H~ T~ ~S~ A~ P~ ~P~
+~1 ~8~ ~3~ 0~ 3~ 1~ ~9~ 9~ 9~ ~7~ ~6~
Back to the real estate videos. Noice Stephan Gram😉🧞♂️🦐🦑
YOU GOT IT!
I always enjoy commenting on your comments. All the people buying houses right now -- where are they getting all the money to afford em?!
@@MichelleMarki That's what I would like to know.
@@MichelleMarki thank you Michelle! Low interest rates would be my wild guess😉
@@TheRussianDude Haha you're right. Gosh!
I just got under contract on a house. I used an escalation addendum and it worked! Great video
We just bought our first house. We weren't the highest offer, but the sellers lived in the neighborhood and we submitted drawings of the house that me and my five year old son did showing that we loved it. I think that may have helped the sellers be willing to work with us. Good luck to all the house hunters!
We live in CA. It is fricken crazy here in Nor Cal. $70k above asking on a $500-$600k home is normal now. Wtf.
My mom has bidded 70 k over asking, and a day later was third place in the auction
Her time will come
Where at?
@@leonkennedy3398 Laval where a lot of montrealers are going to because it’s less expensive here.
My mom did 30k over and ended 40k short to the highest offer
If you're fine with terrible weather there's plenty of cheap/abandoned and falling apart homes in Ohio lol
Don't knock Ohio. I love it here.
@@readerbabe1984 I'm in Ohio and it's great being able to buy a large house with the yard for cheap, but also it snowed twice this week.
@@Nick02718 I’m in New York State it snowed twice once while raining this week
As a Venezuelan I have a few things I want to share for your financial benefit...
Q: How much higher can it go?
A: Higher than your mind can grasp. So high you can only asses things in percentages.
Q: When will this stop?
A: Nobody knows. Could be a few generations.
Q: This makes no sense. Surely it will make its way back to even keel. The market cleanses itself.
A: Nope. The market isn't really rational. Especially when distorted by government action.
My wife and I have been actively looking to purchase a home. We have been renting a one bedroom apartment for almost three years now and become frustrated with the market in Rhode Island. Great video, I subscribed.
as a manager at a lumber yard, the prices go up pretty much every day. theres a shortage in the resin for treated lumber, and the shortage of OSB, Plywood, etc, is making it even worse. i really dont see a timeline of this fixing itself
Great advice, especially #5! I'm in escrow on a property now and the lease/rent back is the main reason I got accepted. There were other full cash offers and financed offers way above me haha
I just want to be a home owner for the sanity of me and my family. And with the market this hot it's really hard for first time home buyers but that won't discourage me thanks for the awesome videos and keep up the good work sir!
Good luck Capn Clam on your house quest!
Please don’t over pay. It will come down and you don’t want to feel trapped in the home you purchased.
re: the "pre-inspection" idea. Would be good in a moderately strong market. In our market of Columbus, OH, when every single 15 or 30 minute showing slot on a new listing get snatched up in a couple of hours, this strategy is not feasible.
That's the number +4*4*7*4*9*4*0*4*6*6*0*2
I realize you have to reach to find a new subject but this one is run into the ground. It's like "BTC will be [zero to one million] by [fill in date]". Buying and ripping is the new thing. A 2900 sq ft asked $382. That night it sold for $440k and my new neighbors (from NY) ripped out the interior and expanded to 4000 sq ft ("only" $250,000) Another new neighbor "escaped" from CA, bought two house (2.5 acres) and is building one four times bigger than his CA home for half the cost. Location, location, location.
The realtors always tell the buyers offering from $20k-$50k. Ridiculous. They think the interest rate is low now but they don’t think they pay more with high prices. The market will crash soon
The housing market has had INSANE returns lately. I've been looking to buy property but am still waiting for the cycle to trend downward. Covid changed a lot of things in the world, but I don't think it changed the cyclical nature of the housing market long term.
agreed!
I just hope that the market levels out later this year so everyone stops raising rents
The appraisal contingency is a pretty big risk right now, because with home prices rising so significantly many homes won’t meet the appraisal.
W^h^a^t^s^a^p^p+1^4^8^0^5^-7,-3^1,"6,^2,4.
Yea I ended up paying 20k over asking I was out bid on a house by 50k I dunno it’s crazy out there
@@blindtobillionaire..6569 fake account
The average home buyer can’t compete in this market. Cash is king. Houses in our area (Charlotte, NC), appraise lower than the asking price ($30k-$50K) putting the extra $$$ needed on the buyer, which makes the home out of reach for most people. AND they loose their due diligence fee on top of it by backing out of a home they don’t have an extra $50k to spend.
The realtor said the appraisers are trying to “right” the market, thinking they are helping balance things out, when all they are doing is helping cash investors.
Buying property is madness, the overinflated prices will collapse when they realise its 35% over priced. Renting is now way cheaper when you factor in purchase & disposal costs. In todays temporary gig econony and worker movement its better to rent or live in an RV.
Houses are up 26% year over year in my zip code. Beyond crazy!
Wow!
That is wild. Sellers are making off like bandits!
When it comes to real estate, you're in your element, Graham. Lots of great advice in this video!! 👍👍👍
*Thanks for the view*
*+1~2~2~5~2~4~5~9~1~6~1*
*
Thank you so much for making this kind of video. Honestly, thank you so much for doing all that you do. I don't follow up every single day like I used to, but it's always refreshing to hear someone like you always has their hand on the button, ready to play whatever audio people need to hear for the day. :-)
You are so welcome!
As for me the only problem is that I already live too close to my neighbors as it is. Changing zoning requirements to add another 4-6 families nearly on top of me - ah..no thanks.
13:45 in , I can say that I have received lower prices on property purchases by making the sale personal. When I purchased a home a few years ago, I asked the listing agent (who happened to be the niece of the woman selling the house) if my story of why I wanted their house would make a difference. My mother had just passed away, left me her Berkshire Hathaway stock and the house I was bidding on was listed by Berkshire Hathaway. She was intrigued. I then shared that if they sold me the house that I would use the home to create affordable senior housing. They received bids $50K higher than mine, but still sold me the house at their asking price which is what I bid on the home.
Buying, or selling, a home is probably the largest purchase that most people will ever make in their life time and it is a big deal. Making the transaction personal definitely helps.
Yes, I created affordable housing with the property :)
Yes, the seller told me they felt great giving me the home to use for my project :)
Now that property is now worth about 40-50% more than what I bought it for.
Win/ Win/ Win.
@@grahamstephan7297 scam. Please report to channel moderators
@@grahamstephan7297 scam. Please report to channel moderators
God bless you Sean. Too many people aren't moral like you. You actually carried out your promise. I'm so happy those people sold their to the right person.
I can never say no to a puppy asking me to click the like button.
🙏 thank you
thanks!!
I’m so irritated all these real estate investors are buying everything up us reall home buyers can’t get anything.
Foreign governments and private equity too
Thank you - you know that they're investors when you see a house with a "coming soon" status and they have the same flooring and color scheme as the last five when they hit the market.
if you're homeless just buy a house
We did it, we solved the problem!
In our TX suburb people aren’t even considering offers if they aren’t 25% over asking.
Raw materials are crazy high right now. I run a fire sprinkler company and steel pipe is up 315% since 12 months ago. CRAZY!!
Hope you enjoyed your birthday!!! 🎂
I did!
@@GrahamStephan Happy Belated Birthday! 🐶👍
@@GrahamStephan I see a duplicate graham stephan in this comment section posing to be you. 🙃
Just finished consulting with an investor and a real estate agent on selling my home. I then go to RUclips (logical next step, right?) ... and see this video. Crossing my fingers for a crazy bidding war 😜
My house in just the last year has gone up $14k.. Not selling anytime soon.
I need that sign Graham. Im sick of telemarketers calling me 20X a day about buying my properties. NOT FOR SALE
I am in DC, just bought a house in August 2020, in-laws just bought a house in March 2021, there are no contingencies in this area that get accepted. You have to go in no appraisal contingency, no inspection contingency, and about 20% over asking at minimum to have shot. In-laws even had to pull off a 2 week close to be enticing enough for their offer (35% over asking) to be accepted....this market is absolutely insane! And yes, it was an escalation clause that just happened to be the very top of the escalation.
Thanks for your review and thanks for watching,Don't
forget to hit the subscribe button.. For more enquires
+^1*6^0^2^7^8^6^8^5^8^8
Me still watching these while I just bought a real estate property 👁 👄 👁
congrats!
No regrets!
Don’t worry SF won’t allow this and prices will go up even further bc they don’t care about anyone there
Exactly you won’t anything and they will be happy!
We should be careful on money usage,if you are not spending to earn back,then stop spending.
W^h^a^t^s^a^p^p+1^4^8^0^5^-7,-3^1,"6,^2,4.
My boomer parents are convinced my life’s prospects are no more difficult than theirs were 🙄 their house has quintupled in value and they made less than $7 an hour when they bought it
Boomers are forever lost.
The problem in my area is that rental prices are skyrocketing. The older investors are selling their rentals to get out of the game at a huge profit. The young investors are snatching not only those properties up, but all the other few properties that pop up. Meaning I'm sitting here, with my landlord about to sell, trying to find a place to buy-they dont exist. And the alternative is renting- a comparable property rents for 75% higher than they did a year ago. I'm in a no win situation.
Same here. People like us are stuck and it sucks!
Industrial and commercial construction is still booming too. I just found out someone can buy a home with an FHA loan and only need a 530 credit score. Come on 2008!