I have no idea but I’ve been hearing for a few years already that the housing market will crash this year.I am ready to buy a house but still don’t know if should wait awhile longer or just go for it.Another issue is I believe it is a sellers market right now and that doesn’t help either.
@@leedaniels7196 Hey Lee! Thank you for watching! If you go through this video step by step with me, I believe you'll feel much more comfortable and confidant in discovering when the time is right for you to buy your new home for the reasons important to you. Thank you so much for commenting. Sending you positive vibes for an amazing day and much success! =)
@@AndrewFinney Thanks for the heads up Andrew!.I definitely have to watch and review this video and take notes,and do some research as well.Thank you so much,this video came at the right time!.✌️😎
Housing market will continue to be in demand! Prices will most likely go up another 3-5% since we are still in a historically low inventory rate. Lots of houses will have Multiple offers. I think 2022 will steady itself out with possibly slightly more inventory and yet good buyer demand keeping housing market strong feds will keep interest low until 2023 so I see a good housing market for a few years. Here in SoCal every house literally has 8-10 offers minimum. Glad we bought before this whole situation.
I think this home buying frenzy is caused majorly by people desperately trying to protect their saved up dollars from massive inflation that is ahead of us...
I think a lot of people are in tribe three or can relate to them. The fed keeping rates so low some argue it caused the 2008 crash. With money cheap more people speculated. I think most people don’t want to the market to crash and burn, but they see the fed manipulating money to spur the economy rather than actually raising rates which would be more realistic rather then keeping them arbitrarily low for long periods of time. I think are finally talking about the feds printing endless supply of money and actually wondering if it’ll be sustainable in the long term. Most don’t talk about it, and I think a huge portion of the population have no idea how the government borrows money and how complex it is or how the federal reserve even works. I think it does deserve some thought at the least considering people like warren buffet that hates gold actually bought like 500 million worth of gold mining shares. Or another odd one is Bezos now is the largest farmland holder in America. It makes ya wonder why they’re doing things that they have never done before. Maybe the first and second tribe is right though. Perhaps the federal reserve can just print money forever since we still have no inflation.
I don't usually leave comments, but you my friend... hit the nail on the head with this video. You've just earned a new subscriber. Keep up the superb work... Great Job 👍🏽
Thank you for watching CWiLL and for commenting! I'm glad this video nailed it for you my friend! Thank you for your kind words and support! Welcome to our tribe buddy! What would you like to watch next?
Wow, this video was informative. I was hoping the buying frenzy would have ended by now but I guess it is going to continue for quite some time. I am still hearing stories where people are paying 10k to 50k over asking price in Columbus, Ohio. I am definitely not smart enough to pay over asking price for any property. I thought I overpaid for my Rav4 by $500, I had buyer's remorse for over 6 months. I honestly can not understand the confidence of these new home buyers, there are still some homeowners who are still underwater from the last housing crisis. I think anybody who buys now would be trapped in a bad situation for the next decade. I think we heading into a lost decade where property taxes increases, government services decreases, homelessness increases, crime increases. Buying a house might turn into a nightmare once the euphoria wears off. I think 2024-2025 is the right time frame to start looking for a house. I think there are too many variables in the commercial real estate space to make a long term decision in the residential space. GTFO is the only strategy that will work until the federal and the state government are financially responsible.
I spent an hour and finished this video. I have to say you are so true and rational on the foreclosure topic. I watched a lot of clickbait video regarding the foreclosure wave. Now I know why they are deadly wrong. Thank you for sharing your thorough and logical thinking!
Well said Nan! Thank you so much for watching and for your kudos! I'm glad this video crushed it for you and that you learned a lot from the foreclosure topic. What would you like to watch next?
We recently moved out of the San Francisco Bay Area- the outskirts. Moved to the mountains in CA and bought a house with the proceeds from our sale - mortgage free now. Watch all your videos on sales and buying as we were contingent. Good information. We hear people are fleeing the Bay Area because many are working from home online. Probably the case in many urban areas. Raising prices in some areas and lowering some in others. All in progress
Hey Debbie! Thank you for watching and sharing with us! You're assessment is spot on. Congrats on your new home in the Mountains. Must be beautiful! I can only imagine... lol... Sending you positive vibes for a great weekend! =) P.S. What would you like to watch next?
That's so awesome Anissha! I'm super happy to hear that my friend! I'm both humbled and honored my videos have helped you so much. Here's to you and your continued success my friend! =)
Yes Sir. Unfortunately, I believe you assessment is likely correct based upon the facts presented in this video. Stabilization is coming even if it's not potentially probable in 2021. What would you like to watch next?
That's awesome! We had so much fun creating that season together. The Hernandez family is amazing! Thank you for your support my friend. As you move forward, please let me know what type of videos you'd like me to create next. =)
@@AndrewFinney I am a veteran and would like to see some videos geared towards VA loans. I am sure that you have many videos on it but have not yet looked through your video catalog.
Outstanding! Yes, I have a playlist about VA home loans (link below). VA Loans playlist: ru-vid.com/group/PLRT4sgnCVqNeYnDVpUsgfuA-iklqELabx I really need to update those videos to "freshen" them up with the current video production capabilities and improve the flow of the videos. Perhaps a bit nerdy there, all the same true. You'll see new videos about VA home loans coming out in the near future my friend. =) Thank you for your service btw! =)
I THINK WHAT YOU JUST SAID IS THE MOST LIKELY OUTCOME FOR 2021. YOU PRESENTED A GREAT ANALYSIS BASED ON FACTS, YOU'THE MAN. KEEP UP THE GREAT CONTENT !
Thank you so much John! I greatly appreciate your support, kind words, and positive mojo my friend! Most definitely! I'll keep at it - actually working on a new set of videos that will come out soon (possibly as early as next week). Sending you positive vibes for an excellent day! =) What would you like to watch next?
I like the information. You almost lost me when you said that Biden and Harris are true to their words. But in all. I’m a little more confident in going through with buying a house this year listening to your video.
The majority of real estate agents thought everything was fine in 2007 and 2008 too ya know? Even though people were over leveraged. I think its pretty clear to see at the very least the housing market will be flat but a crash is more likely within the nexy 2 years.
Thank you for watching or for at least commenting Dan. In 2007-2008 I was serving active duty USMC. RU-vid didn't come into being until 2006 and real estate agents initially weren't that involved in video production back then - at least like the ones today, that have a passion to help people make sense of real estate. We're doing this by sharing facts and current data. The information shared within this video are supported by facts and current data. Yes, the real housing crisis is affordable housing. That said, 2021 is unlikely to see a crash. Your thoughts about a crash in 2022-2023 may or may not be founded. It really depends on the incoming Presidential administration's economic policies that we'll be learning more about in the very near future. That said, my read on the market as always been a "correction" of 10%-15% (not a crash like 2008) is likely coming some time between 2023-2024. I've talked about this (again based upon facts and data) in previous prediction videos I've created in years past. Thank you again for watching and for sharing your thoughts with us. Sending you positive vibes for a great day and prosperous 2021!
Excellent point and that, unfortunately, is likely to ring true across the US as first time home buyers compete for their new homes. What would you like to watch next?
Hey April! Great to hear from you my friend! I'll keep my finger on the pulse of the market to keep you updated about what the market is doing. Keep in mind this is the 2021 prediction video. So if you're plan is to buy in 2022-2023 then the market will be different at the at time. I'll keep re-assessing the what makes the market TIC. (TIC = Trends, Indicators, and Conditions) For now, what would you like to watch next?
@@AndrewFinney Do a video on reputable home builders. Which ones are more trustworthy and have good standing with their home building work. Also which ones to avoid.
I am in tribe three and I think that you may not understand the basis for why I and others fit in this category. The problems that made the financial markets and mortgages insecure and default in the 2000 to 2010 timeframe haven’t gotten that much better and someways might even be worse considering the actions of the prior administration. Do you want the market to crash because we don’t like people and want to see them suffer? Of course not. I’ve just been around long enough to know that the market is charging into unrealistic housing prices on shaky fundamentals, especially with all of the mortgage forbearance and failure to pay rent. Ownership is more expensive and risky right now. Housing prices are not currently reflecting this. I do not want to be the sucker who buys at the peak of the market only to see a crumble and be underwater.
Hey Brandon! Thank you for watching and for commenting. I certainly understand your point of view and thoughts. As with any forecast, it is impossible to say what will happen with 100% certitude. However, by reviewing the data and facts from reputable sources, as in this detailed video based upon the current data and facts from credible sources, it is possible to form educated probabilities of what may happen. That said, we may have a different viewpoint of where the market is headed for 2021. That said, I certainly am watching for what happens in 2022 and beyond as well. As promised in this video, if I see a looming trend that differs from the data the time I created this video, then yes I'll let everyone know in a new video. As for tribes, the reality is more than 3 exist. The 3 mentioned in this video seem to be the most prevalent and for the sake of keeping it as simple as possible, I present those 3 tribes. Your tribe is different. Your tribe is likely defined by not necessarily wanting to see a massive crash happen resulting in millions of people suffering (more than the present) and yet believing a modest correction is coming at some point in the not too distant future. As mentioned in this video, I've been talking about housing affordability issues and buyers getting priced out of the market since 2017. We saw a slight correction in 2019. Depending on the Economic policies passed by the current presidential administration will depend on when the next "correction" is coming. I don't believe it will be massive when it happens though you'll hear people screaming from the mountain tops as if it were. Likely a 10%-15% drop in prices when it happens. (not forecasted to happen in 2021 based upon the data and facts shared in this video.) Ultimately Brandon, the best time to buy or sell a house is when the time is right in someone's life for the reasons important to them. The reality is the markets will go up, down, and all around. The one thing that doesn't change is when some is ready for the reasons important to them. All the same, I certainly understand and validate your point of view. Thanks again for taking the time to watch this video and to share your thoughts with us. Sending you positive mojo for an amazing 2021!
Hi Advantage Services! Thank you for watching a portion of this video. Please note I created chapter marker to more quickly sift through the topics that may be of most interest to anyone watching. This is a long video full of a lot of current data and facts. The way I presented this video was my design and my choice. The chapter markers were provided to make it easier for anyone wanting to sift the content. All the same, thank you for dropping by. I'm wishing you and yours all the best in 2021!
Andrew helped my family buy a home spring 2020 at the beginning of the pandemic ! We got really lucky because we took Andrews advice and didn’t let the pandemic scare us. It was the best decision ever , as couple months later the homes were selling really fast at higher prices. We got in at the perfect time, and locked in at an awesome interest rate. Thank you Andrew!
That was so much fun helping ya'll during your home buying process. Even though we're states apart. It was great getting to know you better and making a new life long friend in the process. Wishing ya'll many happy years in your beautiful new home! =) P.S. Thank you for messaging some pointers for upcoming videos. This was the first time I went all out with the blue RGB lights and you're right... The finished video came out darker than I anticipated. I'll get to work on my lighting game. =)
When is it ever a good idea to take advice from a realtor? They always think it's a good time to buy. The moment we stop buying, they go into unemployment. Also your point of such high interest rate in the 80s makes no sense. Yeh, interest rates were high, but people were able to pay off their home in just a few years.
Thank you for watching tomatojuiceatie! To be honest, it sounds like you might have glossed over the recurring statement throughout this video about buying/ selling a house... So, here it is again... Btw... This statement is recurring in the nearly 700 videos on my channel (as of this post) as it fits. "The best time to buy/ sell a house is when the time is right for you, for the reasons important to you." -Andrew Finney Regarding your last point about mortgage interest rates vs the price of homes. The average price of a home in 1980 was $47,200 (adjusted for inflation that's $93,400 per the 2017 report below) www.cnbc.com/2017/06/23/how-much-housing-prices-have-risen-since-1940.html#:~:text=Houses%20weren't%20always%20this,data%20from%20the%20U.S.%20Census. The median family (household) income during the same time period was $21,020. www.census.gov/library/publications/1982/demo/p60-132.html The interest rate as still extremely high and that was the point of sharing and providing the information to help people better understand why they keep hearing about "historically low interest rates.) All the same, thank you for watching. Sending you and yours positive mojo for a fantastic 2021!
No one was able to pay off their home in just a few years with interest rates at incredible highs in the 1980s. Even today with low rates no can pay off their mortgage in just a few years.
@@BoBo-ti6jh Let's look at it differently. In the 80s, you can just save up for a few years and pay off a house in FULL. Can you do that in 2021? Interest rate is a meme. Wages have not gone up the same way housing has in the same timespan.
@@tomatojuiceatie9942 Do you have any idea what the average salary was in, say, 1982 and the cost of a home. Even if they had low interest rates at the time no one would be able to pay of their home mortgage in a few years. If you think it was something easily done then why didn't people do it? Because they couldn't.
@@BoBo-ti6jh I was thinking about that year he used, 1981. My parents bought a big home that year and paid it off early. I am not sure when they paid it off exactly but since prices were so much lower then, mortgages were easier to pay off.
Joyce - Deal! Sounds good to me. The information shared in this video is based upon current data and facts. I'm watching for any changes in the data and will create update videos along the way. Thank you so much for watching and for commenting! What would you like to watch next?
@boadong boatao did you even watch this video? I can't speak for other agents... I can speak for myself... No where in this video was anyone being "pushed" to buy or sell their home. This video presents the facts based upon current credible data from reputable sources. If you just prefer to fear monger and make insulting comments then don't watch my videos - find someone else to watch. It's that simple. All the same, I'm wishing you and yours all the best. Thank you.
Excellent well thought analysis. That said from a point of view. Many builders, unable to purchase supplies are giving back deposits. Some are beginning to go bankrupt. Anyone in construction will tell you it is virtually impossible to price a project. OK what about other industries? Computer chip shortage..... Food supply problems, farm equipment supply problems. California farm running out of water. Food shortages looming? Think toilet paper on steroids as folks storm Costco wiping out shelves. I don't personally see housing prices falling any time soon, but we have a series of massive shocks heading our way. Things are about to get really ugly! How does this impact housing? In the long term the presiding rule is "what cannot go on forever will not!" Guess that makes me a Tribe 3 guy? That and the simple fact I am not only already priced out of the market but still face a very uncertain economic outlook!
Thanks so much Mickenzie Smith! I'm thrilled to know my videos are you helping you. Yay! I love your positive energy! Thank you. Just out of curiosity, did you catch the home buying reality show with the Hernandez family? If not, here's the link to their playlist: ru-vid.com/group/PLRT4sgnCVqNeGP_G3bc0vaVFM3leUfdWy Sending you positive vibes for an amazing day! =) What would you like to watch next?
I'm Tribe 3. The fed doesn't like being without ammunition and they ultimately want to raise rates (put yourself in their shoes) so they can fight the next crisis. Right now with the fed funds rate at .25%, the fed's only tools are to create bank reserves to primary dealers (If banks lend into the real economy, this is how money printing occurs), buy Mortgage Backed Securities (These banks would not be doing these mortgages today because they know this is a huge bubble without the Fed buying them mortgages off of them), and buying bonds (yield curve control) to keep rates low. But the banks are starting to slow on lending and they are just flipping bonds to the fed instead. Another thing is, the market controls rates, not the Fed (the Fed just jawbones a target that they would like to see) and they are starting to sniff out inflation and the 10-yr Treasury (this has the most correlation to mortgage rates) is starting to slip (bond traders selling the 10year). When mortgage rates do increase, it will make a huge difference in monthly payments. If you chart the consumers monthly payments as percentage of disposable income in one color and you then chart the average sales price of homes in another color and overlay the two charts you will see a larger divergence between the 2 lines on the chart then we had in the 2007-2008 global financial crisis. Everything mean reverts. Go play on an inflation calculator. Do it for a tube of toothpaste and then do it for a vehicle (just 2 examples) the dollar has no purchasing power anymore on the big ticket purchases that are made using credit. CPI is a huge scam by the Fed. And lastly, Lehman Brothers is still on our balance sheet. Go study the H.8, M1, and M2 money supply at the Fed database. I could go on and on. The stagflation that is coming will create a much larger crash. Now is the time to sell and rent. Real Estate Broker since 2001 talking. Stock trader (macro thinker) now. Oh, in answer to your question regarding 2021? Not much and more of the same. A slight increase of supply as builders complete builds, and a slight decrease of demand as people continue to get priced out of the market and have some credit blemishes as banks will be as stingy as ever. These trends will really start to show up more in 2022, and lumber prices (and other materials) will still be very high (did I mention stagflation and inflation earlier), but supply chains should improve on some things like appliances and such, assuming China-Virus vaccinations work. Learn more macro. And remember your phone can blow up from potential buyers. These potential buyers can all apply for mortgages. Until they get approved you have no deal. If the fed starts tapering on their purchases of Mortgage Backed securities, the party is over. Personally, I would like to see all credit be outlawed. No credit cards, no car loans, no mortgages. For over 30-years, savers have been penalized and borrowers have been rewarded. We as a country would be much better off in the end if we had DEFLATION. The Phillips curve is a joke to measure the strength of an economy..
Money grows with time. Money can also lbe ost with time. If you're in danger of losing your home please address the problem while you can still hold on to some equity. Ask for help. Have a plan to sell if need be. Take action asap. Do not wait for a miracle. Good luck.
I am in the situation you mentioned, laid off, house in forbearance, going to sell. Have plenty of equity. Live near a lake, high demand area where the inventory is very low for houses in my price range. Zillow says $256,000, but have been told would receive multiple offers and could get $325,000. Hoping that's the case.
Hi Lisa! Thank you for watching and for sharing your story with us! I'm very disheartened to hear about what's happening in life currently. At the same time, I'm very thankful and happy you have plenty of equity in your house so to help you rebuild your life the way you want moving forward. I'm sending you positive vibes that everything gets on track for you the way you want soon. What would you like to watch next?
It’s good ya mentioned the high rate back around the 1980s. A lot don’t know about it. People also don’t know that they jacked rates up as a way to combat inflation. Something to talk about is states are finally talking about affordable housing. Utah I think was talking about making it legally easier for people to rent out spare rooms or basements. It is a hassle to rent in some places so people just don’t.
Andrew, you pack a LOT into one video, and I am now studying for my real estate license. I don't see a housing crash, prices will continue to rise especially in the target areas, like Phoenix. Just subscribed and will watch this one again.... Thank you.
Hey Miso! Great to hear from you my friend and thank you so much for your support! Sure thing! You'll see many more videos coming out this year. What kinds of videos would you like me to create?
Thank you Think Media! I appreciate your support and kudos. The truth needs to be shared about this topic and now it's available to anyone that wants to watch it and learn. I greatly appreciate everyone at the Think Media team and for your continued support and education teaching me how to create better videos. Ya'll are the best my friends! =)
please advise i am a first time buyer and have saved a big deposit for a house and am expecting a crash soon so prices fall wont interest rates go up then and make payments more and also if economy crashes my savings will be worth less . my thoughts are buy now expensive but low interest payments and cash will be worth less if economy crashes .i would invest in cryptocurrency or gold as im waiting if i knew what i was doing im so confused dont know want to do for the best
Thank you, I watched the entire video. It was very long, but very helpful for me. I did subscribe to you channel. Thank you for this useful information. Keep up the good work.
Thank you for watching the entire video Brenda. You're a rockstar! Thank you so much for subscribing! We're happy have you join our growing tribe! What would you like to watch next?
Hey klowny01! Thank you my friend! I'm super happy my videos helped you when you were in the market. Oh btw... Congrats on your new home buddy! =) Quick question, what kind of videos would you like to see me create next?
Awesome! Thank you Edward! Noted and you'll see a video about Shadow inventory coming out this year! Thank you so much for watching my friend. You're the best! =)
the 30% thing is killing renter. it is not that rent is being legally kept below 30% of an average (minimum or slightly above full time employed) renters income. it is that landlords are forcing you that MAKE 3.5X the rent THEY ARE CHARGING, to let you rent. It has the opposite effect as intended, and pushes people out of the rental market. Oh and by the way, try doubling up or house sharing, nope EACH person must qualify on their own. They do not allow you to add your incomes together unless you are married. Honestly cruel and shady businss practices from "landlords" and no protections for the inflation of rental prices is what is causing homelessness.
Thank you for watching Dejavu and for sharing your thoughts with us. Yes, it can be very difficult to break free of the "renting" cycle. That's probably one of the reasons why the "average" first time homebuyer is 32 y/o. It takes time, for most of us, to build the credit, savings, earnings, etc... to be able to buy our first home. All the same, it is so worth it when the time is right for someone in their life. I'm super happy I was able to buy a home of my own. I bought my first home before I was a real estate agent seriously wondered if I'd ever be able to afford a home of my own. So, when the time was right for me to buy my first home, I was in tears of joy. It took a lot of hard work and many setbacks along the way for me to get the right time in my life to buy my first home. All the same, I kept working on it and following what I was reading (back then, there weren't a lot of - if any- videos on RU-vid like on my channel). With time, persistence, and perseverance my dream of homeownership became my new reality. I'm not unique this way... Every life has a story and we all have a journey to getting our first home. Just know it does happen for anyone that does what it takes to work towards it over time. Sending you positive mojo for an amazing and prosperous 2021! Thanks again for watching! =)
@@AndrewFinney thank you so much very interesting. we were so close to buying, but with such a small selection, and overpriced/not very great selection. We decided not to buy right now. We could not find a home we felt was right for us, and most of the homes were expensive and needed serious work done, and were in a terrible location. I don't know, it seems like someone is holding onto the inventory, or builders are not building Where are all the houses.
Would you think it would be better to buy a home that needs updating or renovating than one that just needs paint and flooring? I am leaning towards the updating/reno to put my stamp on it. Time and finance is not an issue. Since it is a long term purchase and not a flip, I would be comfortable if I end up with 5k to 10k more in than comps as they would end up catching up.
Excellent points Ted! That sounds like a smart decision. My thoughts with my personal residence, were very similar to yours. When we have clarity about how long we're most likely to "realistically" live in our new home, it adds peace of mind in the decision making process. When I purchased my current home in 2016, the price was the highest sell in the entire community at the time. One thing I know from professional experience, is that when a home sets the mark for the high sell is that its only a matter of time before it becomes that "normal" price of a home in an area. Of course it also depends on market conditions and trends. In 2016, that was the read I had on my current home and it proved true. It needed a complete overhaul and massive updating. Slowly but surely I'm getting it done at a realistic pace like I shared with everyone in the video I created about having a home renovation calendar. Here's the link if you're interested: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-88TteVHR1qg.html The main reason it works is because after you buy your home, it really doesn't matter what the market is doing any more. You'll have your home and that only time the market will be important is the future market when you plan on selling your residence. At least in my humble opinion. We all have to have roof over our heads. I'd rather own my roof then rent it despite any market conditions. Over time, US real estate historically is proven to appreciate. Anyhow... Wishing you all the best in making the most well-informed decision possible for the reasons important to you when the time is right for you. What would you like to watch next?
Hi Andrew! Been watching as many videos of yours that I could, to hopefully get myself prepared for a big move later this year, however, one question Ive had difficulty finding an answer to was, If Im moving to a new State with a general area in mind, but not a specific city at the moment, could I go through the whole process without "Proof of income" Right away? Id have several months saved up for expenses, but say theres 2 or 3 cities all within about 2 hours of each other, would I be able to buy a place before really locking down in one of those cities? Id have relatives I can stay with who are coincidently smack in the middle of all these places, I just worry Id miss out on a place because Id need proof of income, to do that Id have to apply for a job and work there, but then what if by the time I get proof of income the place is gone and another pops up in the other city, which would make me restart the whole process again.
Hi Detective Jones! Thank you for watching my channel. I'm glad they are helping you my friend! What you're saying makes sense and I understand where you're coming from. To be completely honest with you... No, you will not be able to to go through the whole home buying process without having a loan pre-approval letter/ proof of funds (if paying cash). To be fully transparent here, as a best business practice, I won't show homes to anyone without a bona fide home loan pre-approval letter or verifiable proof of funds (if paying cash). To sum it up, it comes down to a couple of options: 1. Purchase your new home in the new State PRIOR to moving there using your current income - if possible. A loan officer is likely to view this as a "2nd" home purchase so it will likely have more stringent lending requirements and potentially come with a higher interest rate and down payment amount. 2. Move in with your family (or a short-term rental) get your new job and buy your new home afterward, then you won't have to worry about all the "what if's." I understand this might be what you were hoping to hear. All the same, it is honest. I hope this helps in your decision-making process. Sending you positive vibes everything comes together for you and goes your way! What would you like to watch next?
@@AndrewFinney So you can purchase a home with your current employment even if you move to another state? I might have to go with the second option of short term work, I was just worried about starting a new job then finding somewhere in the other city, forcing me to leave that job or focus on finding a place near that job, but if I can leave the job after getting approved would that cause any issue? As for future videos I honestly dont even know! Every question I've had you got a video for, I guess if you haven't covered it, what would some good questions be for your realtor? Or what to ask the person inspecting the house and how to handle it if they find something! Keep up the awesome work I'll be watching videos daily.
Missed your videos. Glad to see you back. Love your videos and all the information you provide. Just moved to a new city and currently renting until I find my forever home to buy.
Hey Ted! Great to hear from you my friend! Congrats on your move. What state did you move to and which one are you in now? Simply curious - goes to the migration patterns I mentioned in this video. More videos are on the way soon and full weekly consistency back within 2 weeks. =) What would you like to watch next?
Well done Andrew. I wonder how investors who own rental properties who want out of the business going to impact demand for housing. I think some will throw in the towel. The pandemic has been hard on landlords and there are many who aren’t interested in what the government forced landlords to do which was to cover the rent expense for their tenants. Those are the at risk owners who will jump ship freeing up new inventory. And what about all the investment reits who also want to reduce their risky portfolio elements. I believe you missed a big part of the market. Maybe another video on those individuals.
Your videos are so helpful! I have learned so much and am so grateful to you for them and for your service. Do you know of a preferred realtor who works in NY in the Westchester, Putnam and Orange Counties?
Thank you for watching Lisa! I really appreciate your kind words and support! You're the best! To be honest, I don't currently know of any preferred agents (or any agents) in those areas at this time. If it's helpful to you, here's a video I created a while back about how to pick the right real estate agent for you: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-64--LA0L2x8.html If you'd be so kind, when you find an agent you like, please let me know and I'll be sure to save his/ her info for future reference. Sending you positive vibes everything goes your way my friend! What would you like to watch next?
Woolworth, wt grant and other iconic retailers closed during this time. My generation first generation to live worse than their parents. I think increase in credit card use (invented in 1950s as diners club) was not used by mom and pop till 1970 , add to this oil crisis and you have major recession.
Thank you for watching Vicky and for sharing your life experiences with us. You made very astute points and I agree with you that credit card use for use money one doesn't have on hand to buy "must-haves" that didn't exist back then. Like smart devices, internet, etc... Thank so much for sharing with us! What would you like to watch next?
Had a phone call and a letter drop today from two different angencies looking for houses to sell, and im not even in the US. Hasn't been this hot of a market here ever. At the same time since march 2020 we are seeing the fastest rise of stockmarket ever to the highest prices we've ever seen in history. All the while the real economy is Down, waaaaay down. Reserve interest rates have been on a one way trip from teens in the 90s to zero or neg toady and the record real estate prices reflect the increased borrowing power of the average Joe, but its all inflation. Ppl can all borrow more so they pay more to buy the same houses. It's an everything bubble and its artificial. It will not continue on this path for long.
I can tell you worked really hard on this video. You covered everything while some videos only touched on a few of these points...Thank you! I live in NV also....do you happen to cover Reno?
Hey Imran! Thanks so much for watching and for letting me know you'd like to learn more about "shadow inventory." I just made a note to create a video about that this year.
It is truely fucked up how some people can own more than one home while other's can not afford just one. What the fuck is going on in the UNITED STATES OF AMERICA?
Question of the day should be: Why (the fuck) are home builders not using this opportunity to create more housing. Unless they are working with the Monopoly people...
Andrew Finney! Really appreciate your videos! Thank you for your expertise in Real Estate. Just a quick suggestion for the future if I may in regards to this video. I believe you can restructure this content to make 4 - 7 separate videos versus 1 that lasts 58 minutes. Think of it as turning it into a small video series. This will allow those who don't want to invest too much time into what you have to offer at their own pace. People have different needs and preferences with how they want to watch youtube videos, so think of my suggestion as a way to get more views / engagement by altering the way you present your content.
Thanks for watching Jorge! I greatly appreciate your insights and suggestions. Your points are very well-taken. I'm re-working the video content I'm preparing next with your comment and other feedback I've received from our tribe. Stay tuned! (I'd love and greatly appreciate your feedback on future videos if possible?) What would you like to watch next?
that 48% of all landlords in US are mom/pop is very important...when State of CA becomes a landlord in 2021 that statistic will decrease substantially!
Thank you for watching Martin! That's an interesting statement. Would you happen know of a legislative measure California is introducing to become a "landlord" by chance? I'd definitely like to check that out. Thank you.
Hi D Law! Thank you for watching! That's a great question. Until the details of the program roll out it's too soon to say how it will work in practice. From what I've read, the idea is the the first time home buyer credit will be applied at the time of purchase. In such a case, it wouldn't be refundable since it was already applied directly. All the same, it is premature to speculate too much at the current time. When more details surface and it's going from an idea to reality - I'll create an update video with the in's and out's of of how works. =) Until then, what would you like to watch next?
Hi Steve, thank you for commenting. It seems that you didn't watch the video. This video is also the 2021 predictions video. If you were to watch the 2022 predictions video you'd hear me talk about what everyone is seeing in the market now. That said, the best time to buy or sell a house is when the time is right for someone in their life for the reasons important to you. That's the truth. In any case, sending you positive vibes everything plays out for your best.
A median household income refers to the income level earned by a given household where half of the homes in the area earn more and half earn less. Home ownership in the United States is 65% of the population. That other 35% usually rents because income and credit rating disqualifies them.
Hey Mario! Thank you for watching and commenting. That's a pretty interesting question. I like the question. What would such a correlation suggest to you? Where are you going with it? Thanks for watching!
@@mikecarr9849 lol. These vaccines are just sugar pills. They don't really protect you from the many new variations of the virus. You are still likely to catch and spread covid, even after being vaccinated. These vaccines are still in trial stages. I personally wouldn't take them until more concrete, and long term effects are shown and until the vaccines are throughly tested and effective. Perhaps in 2025? Fingers crossed.
Unfortunately it is impossible to come to an accurate forecast as the data is manipulated in the interest of the manipulator. You probably won't get objective information from the real estate industry because their revenue is based on selling real estate nor can you from the fear mongers as they thrive on disaster and/or are trying to push a survival product or related service in preparation for one. I'm not saying this gentleman is intentionally manipulating his viewers, but he could be influenced by his desire to continue making money in real estate, thereby making a case for it's health. Without verifiable data, you cannot make a well informed decision. We sold our home, paid off what little debt we had and have begun building a cabin on our remote 40 acres we purchased right before Y2K. While a misguided decision at the time, it turns out it was a great investment for either a good or bad scenario. It is rarely a bad decision to play it safe. If you decide to purchase a home now and the economy holds steady for the next 30 years, then it might be a good idea. If the economy crashes, you are in real trouble. If you decide to play it safe, you're safe either way. Why gamble in a volatile market when you don't have to?
Hi Mark, Thank you for taking a moment to comment. I'd like to ask you if you watched this video by chance or if you were just commenting on what you believe the video is about? I always seek to present the most objective information based upon current data and facts. I used many credible sources to compile the data for this video and shared them as "broll" inside of the video so everyone sees the data for themselves and knows where to find it if they choose to dig into it further. (which, btw... I highly recommend and encourage people to conduct their own independent research as well) I didn't have to create the nearly 700 videos on my channel over the past 5 years and in none of them am I "selling." I created this channel to help people make sense of real estate out of my passion to help others, most of whom I will never have the opportunity to work with or know. During the 2008 collapse, I was serving active duty in the USMC. When my active service concluded in 2009, it wasn't long until I found myself in bankruptcy and working to rebuild my life just many millions of Americans found themselves in the same situation. The reason I'm sharing this with you is that some people, like myself, truly have a passion to present the objective truth to help others - not "truth wrapped in lies." I hope this gives you a bit of context and if you didn't watch the video, then perhaps you'll take the time to go back to hear out the current data and facts as of the time I recorded this video. If I see real meaningful and credible data that suggests the market will turn in a bad way, rest assured I'll share that with everyone. I'm not one to sell my soul for a dollar. I will always be honest and share information to the best of my knowledge and ability. Thank you again for dropping by and sharing what's on your mind with us. Wishing you and yours all the best!
Hi Ginny! Great point! In short, no. It is highly unlikely the county can foreclose the homes with the foreclosure moratorium in effect. From recent developments, (just waiting for confirmation) with the Biden/ Harris administration plans, the foreclosure/ rent moratorium (ask forbearance) might be getting extended another 12 months or so. When the news is official, I'll create another video with the updates so everyone knows. The county's position would be in second (or potentially lower) lien position to the the 1st lienholder for homeowners with a mortgage. The first lien would be the mortgage service provider. The foreclosure process still takes 7-12+ months from start to finish even if the county files for the foreclosure for non-paid property taxes. To be honest, I've seen owners owe 90k+ for non-payment of property taxes, trash, sewer over a 20+ year period. When they sold the home, the liens were paid off from the net proceeds due to back them. The owner didn't have a chance to not pay the back bills since the money owed is subtracted from the owner's equity position in the property. Thank you for the great question Ginny! Hopefully this helps. What would you like to watch next?
@@AndrewFinney Thank you for your reply. I just sold a home in Illinois to move to a better run state. Renting now after selling my home for a premium. During the pandemic they insisted people pay their real estate taxes ( I am sure you know how high they are) They only stalled them for one month. We are in no hurry to buy. Where I am now home builders are adding a lumber differential as well as increases even though the regular homes are sitting on the market. Can you do a video addressing home builders? There are alot of videos saying they are gouging. Do they do this to create "interest" even though the homes are not moving? Thank you Andrew!
Question for you, Mr. Finney: What if we are wanting to buy a small house on the low end of the market? Should we expect the price for a 100-year-old house with under 1,000 square feet to increase by a large amount, for example?
That's a great question Matthew! It really depends on where you're buying and what the demand is for that type of home in that area. For instance, smaller homes in the coasts can seller for 1M+ depending on where they are located and further inland, the same home could sell for 200k or less. It really all comes down to location and buyer demand for that specific of a home. All the same, when a local real estate market appreciates, typically it will benefit most (if not all) of the homes in the area. Hope this helps! Sending you positive vibes for an amazing day! What would you like to watch next?
@@AndrewFinney Thank you, it does. I live in a rural part of Missouri, and housing prices vary wildly, from $25,000 and up for a two-bedroom bungalow to as high as $990,000 for a well-restored Victorian in the heart of town. I would `appreciate seeing your thoughts on different heating types and how they can affect utility costs. They can be so different with each home.
Wow! That's a staggering price variation! Thank you for the heads up on what you'd like to see next. I need to dive deeper into that and how to create a video about different heating types and how they affect utility costs. Thank you for the suggestion! =)
Very low interest rate drive home price up but job and income can not support, if you are home owner you should be worrisome because the home payment will take lot of your earned money if you do not pay your mortgage, tax, and insurance bank take your home back , if you keep paying it will drain your money out lot and lot with out ending until one day you feel that doing it your pocket will get empty and loose your home with all the money you paid in both ways. If you do not have a home or buy a home you are worried that you will not be afford a home later if price keep going up but you are worried free no one can take your money. Home price is too high now ..
Hey Jay! Thank you for watching. Great question! The home inventory is extremely low right now in most areas of the US. Putting your house on the market now will increase the speed with which your home sales which is one of the factors that influence getting your price (provided it's in line with the appraised value). That said, home appreciation is likely to increase between now and Summer. So it really comes down to your goals and timing considerations to make them happen. The best time for you to sell your home is when the time is right for you, for the reasons important to you. Hope that helps. Thanks again for watching! What would you like to watch next?
For the ones that have a lot of credit card debt from living on borrowing money to keep a float would be better to file chapter 7. If they couldn't pay their mortgage, they couldn't pay other bills. Biden is making the house shortage worse with the first time buyer credit and causing more inflation. That's what Biden does with everything , makes it worse ! When it takes a quarter of a million to buy a starter home there is a major problem. Think about all these seniors that won't be able to afford their taxes because there house has an inflated false value. Demand is not and should not be an indicator of worth.
Andrew HELP in march i have an fha mortgage 12 months behind what is best to do I need my home and out of work chase mortgage I almost lost it in 2008 now my son and 5 dependants live with me lil grand kids and daughter in law HELP
That's awesome! I love the fact that you were investing back them and know the rates and impacts of such first hand. What do you make of today's rates and prices of homes?
Everyone I know is getting more money on unemployment with extra money on top of some not paying rent. I have seen prices drop on realistate this week 15 to 40k. I search zillow for houses under 90k and that alerts me of foreclosures and auctions every week. Yet supposedly there is not enough homes. I think they are pretending there are less homes available keeping costs up. After all every mortgage banks get creates much more money they can lend out of thin air.
but really though, shouldn't ppl making over 400k (but mostly those making over 750k and multi-millions annual) be paying more so the rrst of us (less than 400k) stop paying 20% of our income to taxes? Like... billionaires are paying 11.3% and less effetively after all of their "special programs" and loopholes...
but really though, shouldn't ppl making over 400k (but mostly those making over 750k and multi-millions annual) be paying more so the rest of us (less than 400k) stop paying 20% of our income to taxes? Like... billionaires are paying 11.3% and far less (in effective taxes) after all of their "special programs" and loopholes.
I have been hearing from the real estate agents and brokers that , there are not of whole lot of houses to come by. i know someone in Sacramento Ca. that each house is forsale has most of the time 45 or more offers. In Idaho, the there are mad @ Californians. They said, Californians are buying homes on the spot without even seen the home for sale in people. They look @ the virtual tour and they buy it. CAlifornian an making the prices sky rocket. So when the new residents get to Idaho, they make it a point to go to the DMV right away. They register their vehicles ASAP so people will not gossip about them being a newcomer. There are more people , not enough jobs in California than homes.
Great video, Andrew! It couldn’t have come at a more perfect time! The housing market has starting freaking me out, let me tell you!! I’m getting so close to getting that job I’ve been wanting but at the way the housing market is going, I definitely won’t be buying a house any time soon. I’ll definitely be that first time home buyer getting priced out of the market if things keep progressing they way they are. 😢
Thank you April! You're awesome and I greatly appreciate your support my friend. We gotta get the word out about this video to better help people know the truth not the fear mongers "truth wrapped in lies!" That said, I'm watching for what form the first time home buyer tax credit from the Biden/ Harris administration will take and how it will work. When it comes out, I'll create a video with the specifics people should know to see if it's right for them or not. If it's any consolation to you... When I bought my first home in 2012 it wasn't the "perfect" home I envisioned myself living in forever. It was a step in the right direction to get into the housing market. If there are homes that you can see yourself living in, even if its not your "dream" home, it could be step in the right direction to buying your "forever" home in the future. The reality is most Americans will buy/ sell their homes 3-5 times over the course of their lifetime. Homes 1-3 are usually building up to the idea of the "forever" home that a lot people will live in around 15-25 years before buying home #5 - which seems to often take the form of a smaller easy to maintain home when they are older life. This is based on my observations of actively helping people buy/ sell their homes. I hope this helps my friend. What would you like to watch next?
Hi! See my comment above that fully explains, but...everyone told us to buy. That real estate "is never a bad idea" and renting is "throwing your money away". I can first hand tell you this is not always true. Sometimes just holding onto your money and renting is the way to go until the crazy stops.
