"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." - Thomas Jefferson
American people can’t do shit , so what do you mean allow ? It has never been in the hands of the people . Corporations don’t ask for your permission .
Mr. Jefferson never said that or anything like that. It's bogus from a chain email. In addition to the scholarly work done on that quote, the word deflation only shows up in 1920. "Respectfully Quoted: A Dictionary of Quotations" labels this quotation as “obviously spurious” for contextual reasons, noting that the Oxford English Dictionary‘s (OED) earliest citation for the word “deflation” (as related to currency) dates only to 1920."
When people run out of money it won't matter people don't have a home. People can't keep paying $500K for houses, 50K for cars and another $50K for student loans. Math won't add up.
@matbob7249 lmao UPS drivers don't make 175k maybe like 120 but the 175k number that keep getting put out there is due to medical and pension. If everyone based those factors in we'd all be making more money.
@@ZuluNation05 yes, in pay and benefits. It’s all income as earned package isn’t it? The only lmao is that steering wheel holder is valued at such which I think will backfire but let the games begin
The housing market is essentially frozen. Limited inventory is keeping prices elevated. People stay in their homes because they can’t afford to rebuy the house they’re currently in. Something will change. I personally have no idea what, but I do know the vast majority of Americans can’t afford to buy anymore and that can’t last forever.
Imagine, listening to the crash noise from 2020, 2021, 2022, and 2023 4 years in a row...those who didn't buy that house for $200k that is now a $500k house, They would not be able to afford to buy today if they listened. Not saying prices will never adjust. Nothing goes up forever. Truly appreciate you for taking the time to watch and comment here on this channel.
We are getting poorer precisely because a narrow elite has organized society for their own benefit at the expense of the vast mass of people. Political power has been narrowly concentrated, and has been used to create great wealth for those who possess it.
You can literally be anything in America, I started in poverty making 26k yearly, then studied computer science and now make 100k and design very specialized user interfaces. What are you talking about???? I self studied too! Have a college degree in game design but that field is too small so studied something with unlimited potential. I literally have connections now and can always have a 6 figure job. I developed these connections and power through hard work and studying and never giving up. Perseverance and mentorship. Don't be mad, be inspired, and make a future for yourself. I also had to apply to 500 jobs a week and got denied a lot for years until I finally made it. And now that I made it I have so many connections across the globe and will always be able to have a career. My connections can get my into anything. You just have to have a real life in person mentor so you can actually make it through the hardships of rejection. And if you make through that then the right people will find you. That's all I'm gonna say.
My mom died in June, owned her house free and clear. My brother is living in the house, though now 6 people have a stake in it. I'm now thinking I should help him buy everyone out because he cannot afford anything in the local market, and rentals are insanely priced.
Sounds like you have a good plan there. Thanks for taking the time to share it. Many people are in the same situation and don’t know which way to turn but thanks for sharing with others here on this channel. See you in the next video.
I just did a quick check of homes in my neighborhood. There's still nothing available. The number of homes for sale in my square mile has been between 20 and 50 the whole time I've lived here, right up until covid. Now when a house goes up it's 150%-200% what prices were ten years ago. But more often than not, the houses sell at foreclosure auctions and are never even advertised to the public. The house across the street from me sold for $60,000 this year and none of my neighbors ever knew it was on the market.
So house prices are going to go even higher, even though less and less people can buy the houses? Plus interest? Plus higher insurance and taxes? If unemployment goes up, no way prices are going to continue because there aren’t any buyers. All I’m looking for is a good deal, but I think there is no way prices continue upward in the next few years. I’m not interested in overpaying for a house. I would rather not have one. But if I see a great deal, I’ll go for it because if the numbers work, they work.
The deal of the decade happens about once a week. Have your local expert look into divorce sales and probate sales, where family members are motivated to sell. Some of these can be hidden gems. Imagine, listening to the crash noise from 2020, 2021, 2022, and 2023 4 years in a row...those who didn't buy that house for $200k that is now a $500k house, They would not be able to afford to buy today if they listened. Not saying prices will never adjust. Nothing goes up forever. Truly appreciate you for taking the time to watch and comment here on this channel.
Not really. There's a lot of affordable homes in places like Missouri, Indiana and the rest of the Midwest. If your talking about Colorado, Florida, California, NYC well then that's true. I don't where people got the notion that everyone should be able to afford a house everywhere.
@@murat8194 less than 2 percent of the population has a million dollars. So yea it still means something. Means you are better off than 98% of the population.
Great and well educative video, you’ve package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thanks for your efforts to be the signal and not the noise. I understand that the world economy is currently in a downturn and that we must wait for the market to recover in order to break even and make great profit returns..
As hard as it may sound, you can plan for recession. If you’re working, find extra work and also get a financial advisor. Protect your deposits by having enough cash in short term fixed income, cut down your expenses, utilities and minimal insurance.
Exactly! Which is why I appreciate giving a financial advisor the power of decision-making. Giving their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risks for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it’s practically impossible for them to underperform. I have made over $1.5millions working with John Desmond Heppolette, for more than five years.
Your financial advisor really seem to know this stuff. I found his online-page when I made a google search of his full names online, read through his resume, educational background and qualifications, it was really impressive. I left him a note and booked a call session with him..
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
I don’t trust anything or anybody...I’m ready to buy a place in South Carolina soon no mortgage 💸 cash.gonna buy something that’s affordable for me and not worry about waiting for prices to go up or down
And that’s great for you but South Carolina is hurting! Many restaurants and other businesses are closing because of lack of workers who cannot afford rentals or homes that have doubled.
I think that, while there is some truth in what you say, you seem to strongly suggest that this market will go up forever and mock those who predicted a crash. They were wrong in timing yes, but probably not in the fact that there will be a crash. Or do you think that people's money is unlimited? Do you really think that 40% of gross incoming for housing expenses is sustainable in the long run? Reality is that many people buy even when (most) shouldn't and then regret.
Yea, RE will go up forever, it only dropped twice in the entire history of this nation, and they all recovered to prior price in 6 years. Where do you think those trillions of dollars printed during Covid went? RE is a huge reservoir for inflation.
Imagine, listening to the crash noise from 2020, 2021, 2022, and 2023 4 years in a row...those who didn't buy that house for $200k that is now a $500k house, They would not be able to afford to buy today if they listened. Not saying prices will never adjust. Nothing goes up forever. Truly appreciate you for taking the time to watch and comment here on this channel.
@@JerryPinkas Imagine, listening to your push to buy... someone buys at $500k today and after 2024 or 2025 that house is at $250-300k. There is something wrong in your argument: the fact that you assume homeownership will never be affordable any more and prices will always go up. You are somehow pumping the fear of missing out (however, I'll admit, correctly advising to pay attention to avoid some big mistakes during the homebuying process). The best advice should be: "Be aware of big risks of a crash. Houses will be affordable again at some point. Give yourself a better financial future by keeping renting if you can (e.g., you are single, you want to have money left for vacation, etc...)."
In the early sixties you could buy a 3 bedroom block home for $60.00 a month payment and buy it for $6,000.00 . That was with one working a forty hour week job , making $60.00 dollars a week and one parent at home as a homemaker. I know because I spent my teenager years in that family home with three other siblings, with my mom and dad . That’s impossible today . In 1970 I myself bought a nice wood one bedroom house for $4,500 .00 . In nineteen seventy I bought a three bedroom block home for $13,000. , again no one can do that today .
100% true! thanks for sharing your story with others here on this channel, truly appreciate you taking the time to watch and comment here and I will see you in the next video
Right you are, Bought my house in 1972 one year after getting married for $25,000. Yes I put. A lot into it but was told last week I could get $550,000 . So, can I get a substantially better home by selling ? No, I can buy the same house. SUCKS !
When the interest rates go down below 5%, then the investors will swoop back in. Unfortunately, if your family can't help you with some cash towards your down payment, as a first-time home buyer, your options are very limited.
The best time to have bought was 2010-2012. I bought a condo in 2008... market crashed and my condo was worth less than half of what i bought it for. I couldn't sell because i was under water. I refied in 2012 and sold in 2021 when my condo finally was out of water by 17K more than my purchase price. I lost out big time. Lol i should have waited. But i didn't understand home buying at the time. No regrets on selling. I had to get out. The condo fees started rising too much.
I live in Central Florida and I tried selling my house. Only got low ball offers most likely from big institutions. It’s a year old house. 439k, 5bed, 3bath, 2700sqft, 3 car garage. Every normal family said my house was priced good. They didn’t buy because: rates are too high and they’ll rent first and then buy later; or bought a house closer to their desired destination. I mostly blame agents showing my house knowing their people couldn’t afford or wanted community amenities. I still want to sell, but the headaches of showings is tiring.
Hi, where is it located? We are a family of 3 trying few months , most of the time our offer was not considered because we asked credit towards closing, due to high interest rate if sellers not helping the buyers 😔 it's hard. But still lot of cash offers they get from investor even though low but sellers taking cash offers.
The deal of the decade happens about once a week. Have your local expert look into divorce sales and probate sales, where family members are motivated to sell. Some of these can be hidden gems. Truly appreciate you for taking the time to watch and comment here on this channel.
Sounds like you have a plan put together. Thanks for sharing your story here on this channel. Truly appreciate you watching this video and I’ll see you in the next one.
Imagine, listening to the crash noise from 2020, 2021, 2022, and 2023 4 years in a row...those who didn't buy that house for $200k that is now a $500k house, they would not be able to afford to buy today if they listened. Not saying prices will never adjust. Nothing goes up forever. Truly appreciate you for taking the time to watch and comment here on this channel.
These are all self inflicted wounds. When you promote an incompetent person from The Fed to become The Secretary of Treasury this is exactly what you get.
Albany oregon. Housing market has cooled a bit. My home has not appreciated in last 12 months, prices leveled off and homes take 30-60 days to move typically. (500-700k) price range I’m referring to. Median home price is 535k per the county I’m located in. I make 85k per year working a blue collar job for the city. I couldn’t afford to buy a home now if I hadn’t in 2017 (330k, now worth 560k)
I have lived in Reno for 17 yrs originally from the Bay Area in CA. The housing market has slowed down b/c of the strict market and lending practices. Unless you have a cash buyer from CA, and house is priced at market or lower the houses are not moving. People in this state are living from paycheck to paycheck and some are living off their credit cards. The salaries dont keep up with the housing market and small business are Closing. My neighbor just sold his house under market to get rid of it.
I just closed on a house a couple days ago. I’ve been hunting for my dream house for over two years now. My rent was about to go up, so I bought a house that isn’t my dream home. I’m tired of throwing my money away on rent. This house will do while I watch the market to see what’s going to happen.
Everyone is wrong about prices going up. I've been looking in Eastern TN and Southwest VA and up until about 2 months ago prices were running out of control. Prices had almost doubled in 2 years pushing most homes over 500K and inventory was almost zero. Over the last 6 weeks inventory has been going up, time on market is increasing and I'm starting to see significant price reductions across the board. The influx of people is starting to slow down and locals cannot afford homes much over 300K. The 2008 crash started in 2005 so it took 3 to 4 years before pricing hit bottom, this time will be no different except for prices will fall even further. Sure in some areas prices may still be going up but if people can't afford those homes then they simply won't sell.
I’m thankful we bought our home here many years ago. It’s becoming unaffordable at this point for most. The equity we have is hard to believe at times. I wouldn’t give up my 3% rate lol
I just bought a house in SWFL. (Cape Coral). The prices are very high. Everyone says I will lose money when the crash comes, but in my lifetime I have never lost money on a house. I know it will only go up. My problem in 10 years will be the TAXES and INSURANCE. I will have my home paid off by then, but in retirement I probably will not be able to afford those two things. They are barely tolerable now, and I am working full time. Everyone is focused on the price of housing and the interest rate, but nobody is addressing the ridiculous taxes and insurance. Nowhere in the world are people gouged so badly with those things. right now my taxes and insurance are 11k a year which obviously will go up in the future. I will have no option but to work in retirement just to pay those things. Of course I have the option to self insure once it's paid off, and unfortunately that may be my only option once I pay off the mortgage.
Look, it's simple you think real estate is going up, and others believe it's going down.We are all guessing cycles always go up and down.Just listen to all sides and make the best educated guess you can.Happy investing/stacking.
Imagine, listening to the crash noise from 2020, 2021, 2022, and 2023 4 years in a row...those who didn't buy that house for $200k that is now a $500k house, They would not be able to afford to buy today if they listened. Not saying prices will never adjust. Nothing goes up forever. Truly appreciate you for taking the time to watch and comment here on this channel.
It's simple. Baby boomers like myself are staying in their homes and NOT moving. This results in a decrease of homes for sale and this keeps prices high.
I know many boomers took advantages of the 3% interest in 2021 and cashed out their home equity and bought a secondary retirement/vacation home down south or near beach.
I’d love to downsize and buy a nice, two bedroom condo, but, basic condos are now $375000 and then you add on the HOA of about $300-$400, and 7% mortgage and I’m right up where I am with a regular house mortgage.
So by that logic we need the Boomers to hurry up and die off. That should bring plenty of inventory to market then. As usual, the Boomers are screwing everyone as having had everything handed to them. Boomers scream, "It's mine. Give it to me!". That's the summation of that entire generation.
What about the investment banks that are buying up a large number of the homes on the market? These companies don't sell the house, they only rent them out. This country needs more affordable housing built.
Northeastern US had a strong seller’s market throughout the summer. It has slowed considerably as newly owning families got settled before beginning of school. Locational variability sometimes large. City of Philadelphia becoming buyer’s market - though reasonably priced homes still selling. Many city condos selling near prices of 20 years ago. Right across the city line, in Montgomery County, it remains a strong seller’s market with reasonably priced livable homes selling in less than a week.
'Nothing will stop them' = cash is king. Build up cash by selling mutual fund shares during high stock market prices and buy mutual fund shares with excess cash near low stock market prices. Works well for me.
Here is the thing, at current salaries one just can't support the home prices or debt servicing! Only the Uber rich or those with huge debts on their shoulders are homeowners. The latter is just a proxy for a financial institution, waiting to take over as soon as they default.
Jerry, what about us locals who can’t afford rent much less a home since prices have doubled in the last few years? What about the workers at restaurants and other businesses that can no longer live here and businesses are closing left and right? Many are moving here who had great jobs and much financial success.
They will do whatever it takes to get shelter. More roommates, living with family, cheaper and smaller rentals, move to cheaper locations, get a 2nd or 3rd job, move into an rv etc….
In Florida some of them are now protesting the dramatic increase in rents, and rightfully so. The problem with Florida is that most of the jobs are actually blue-collar or service jobs. When we went to our favorite restaurant about a year ago, we were talking to the owner and they couldn’t keep people as waiters because no one can afford to live there anymore.
This is borderline laughable..homebuilders ALWAYS overbuild. Airbnb's are going vacant, long term homes rentals and apartment rents are being cut. Ungelations always happen before the end.
Imagine, listening to the crash noise from 2020, 2021, 2022, and 2023 4 years in a row...those who didn't buy that house for $200k that is now a $500k house, They would not be able to afford to buy today if they listened. Not saying prices will never adjust. Nothing goes up forever. Truly appreciate you for taking the time to watch and comment here on this channel.
Rates always change the market. Yes, inflation jacked prices. There is a floor for that but a correction has started. How much is a anybody's guess.@@JerryPinkas
Here in Gunnison Colorado Old mining homes you wouldn’t even buy for 100k 5 years ago are now asking about 500k. Imo, these are unrealized gains. Also Cheapest new builds going for 3-400 sq ft. at 7.5%. What a circus. Welcome to the big top here
Jerry thank you for bringing up these common sense explanations of what is happening. Your analysis is spot on and I too wonder why no one else is talking about this. Thank you.
I own a modest condo in Londonderry New Hampshire located 45 miles north of Boston, MA. The prices in my neighborhood have not cooled due to very low supply and high demand. I do not see a real estate crash in my New England market.
A lot of upgrades people do on their homes don't get permitted. Therefore, Zillow doesn't factor it into their estimates. This is a lot more prevalent than you might think.
Some of the demand issue is short term rentals which have removed units that normally would have been long term rentals or someone’s primary home. Now they are someone’s weekend or week rental. Jerry, can you find data on how many units have been lost to this phenomenon? Love to see those numbers.
Here in Atlanta. You have big corporations that bought up blocks and blocks of old single family homes; they knocked them all down and replaced it with new apartment complexes. They’re not focusing on building new single family homes anymore. It’ll be townhomes at best
The way I see it, a 10ft pvc pipe was 1.97 not but 2 years ago and today at Home Depot it is 8.48. It takes more than lumber to build a home. Unless deflation is coming, these are forever home prices.
I retired and went north. Those temps in the south are unbearable and so are the bugs. My energy bills are nothing even in the winter, compared to the south. I am renting and have plenty of cash flow. I am downsizing. New home builds are big. Why would I buy big existing or new? When I saw the small dump homes on the market for 250-300k with these high rates, I left the market. Cheaper to rent and take my cash flow and put it in my money market. The interest will cover most of my rent. Reality check housing market! We aren't paying for over priced dumps at high interest rates! We aren't taking out huge mortgages on big 400k homes! The market is unsustainable at these prices and rates right now! They can go up all they want. If it isn't sustainable now, how will we afford it at even higher rates and prices? Buyers have to leave.
Thanks for taking the time to share your story here on this channel with others truly appreciate you watching and commenting and I will see you in the next video
I don't think being a long term renter is great outcome, though. Owning is the best way to build equity and wealth. You're building your landlord's equity for him. Paying his mortgage and he gets to cash out on the appreiciating asset you're renting from him, and sell it whenever he wants.
The country is getting older and the last year we had a replacement rate level of births was 2008. I think we're going to see a lot more homeless people in a few years, because the bottom 30-40% of the country by income level won't be able to afford mortgage and rental rates, this will seriously affect a lot of older _and_ younger people in the country. This in spite of substantially lower rates of household and family formation in the future. Peter Zeihan has talked about this on RU-vid. By the way, "mortgage" means literally on death terms(R Buckminster Fuller). I have a degree and have worked my entire adult life as a late Boomer and I fear I will wind up living in a tent or a vehicle. Also, how can most couples afford to have children at these prices?
In Canada everyone will end up homeless because you need to make at least 100k a year just to afford rent and no landlord will even consider renting to you if you don't make at least that much a year.
🎱 Love it too that investors also make great neighborhoods into section 8 crime zones, so that they don't have to deal with the monthly hassle of tenants paying rent.
The more the government devalues the dollar the more hard assets will continue to appreciate. I bought rentals in 2001-2003. Lost a few in the down turn but quite glad now I hung on to the ones I still own. It’s not easy don’t let anyone tell you it is but…. The long hall is worth it. I’m 54 and retired.
I believe that more people rent (apartments, condos, homes, etc) vs home ownership. It's always about a person's cash flow. If you are over extended by spending more 30% on housing, it's just a matter of time until you can't afford your property and will need to sell it.
The homeownership rate in the US was at 65.9% during the fourth quarter of 2022. In 2021 42% of all owner occupied homes in the US around free and clear and this was up from 34% in 2011. Thanks for taking the time to watch and comment. Truly appreciate you doing so see you in the next video.
We can't afford the rent in our area anymore, our landlord threw the duplex house up for sale and we are certain the investor will raise it $800 based on nearby rentals. Unfortunately because of laws based upon COVID and the pandemic the rental market was frozen for current prices for current renters and because of the housing market being so bad the rental market got a lot worse. We may be majorly screwed, may have to move an hour away to get affordable housing and then find new jobs eventually. Anyways the jist of it is don't let your low rent lull you into a sense of thinking you'll be able to afford to rent forever vs a mortgage payment that doesn't go up. (Okay insurance prices and property prices go up but if that happens so does rental prices in each area)
Wake up people: This is why it is not worth having a mortgage anymore. The thing is, I can just get a mobile home, and invest the rest of the money e.g. stock options (building decent portfolios). Besides that, I can buy a home (do real estate) in other countries like Malaysia, Thailand, Philippines - which are fast-growing economies and then rent it out (while working in the USA making 6 figures). Also, think about it, when you retire, you can barely afford to stay in the USA. This is why a lot of foreigners go to countries like the Philippines to live there for retirement.
@@billredding2000 I have been seriously considering Iowa, Nebraska. Do you have any suggestions? Syracuse NY has very reasonable homes, their property taxes are high, so are Texas and the crime is terrible there. Currently living in Flathead Valley, Montana and homes have doubled in 2 years and rents have tripled. Home prices are being decreased with longer days on the market but still selling eventually within 60 to 90 days. UGH!
@@jayneweaver8695 @jayneweaver8695 No, I don't...as I don't know anything about those states real-estate-wise. I'm in West TX now (ELP) "regrouping" from my last stay in CO (Springs) and not finding anything suitable to buy, so I returned to (cheaper) TX last October. Plan to stay here 2 more years (2 more 12-month apt leases) and by then I really DO expect things to be much better for buyers come late 2025/early 2026. When I moved back here, I knew it'd take me about that long (3 years) to pay off 2 debts -- something I need to do for the mortgage pre-qualification process (in due time!) as your DTI Ratio is a huge factor lenders look at. The other 2 are Credit/FICO Scores and any assets (cash/savings) you have -- so come late 2025 those 2 debts (1 CC balance and then my truck) the DTI will be the best it's going to get. ;-) Then be "pre-qualification ready" to go back to CO...but rent an apt first and then be looking for a property to buy...but I'm keeping tabs on the market there now and will continue to do so, so I'll already know what's up there before I even arrive. For me, a suitable property would be a new-construction smaller town-home or carriage-house (not a way too expensive single-family/detached house) in a new subdivision/community, not an older home in an older community. I expect builders by then have more NEW homes on the market, which should lower home prices by increasing supply. Please note I specifically told them they have 2 years to get that done! ;-) Lower home prices would be good (of course!) but my MAIN obstacle is the high mortgage interest rate (presently 7.125% for a $0-down/30-year fixed VA loan). It makes way more financial sense to stay here in TX and buy something (even NOW) as CO is clearly more expensive, but the thing is I prefer living in CO (for several reasons). I'm not trashing TX, and COULD stay here (ELP) if the housing market gets worse in CO in said 2-3 years, but I really do expect things to be BETTER by then. Here's hoping...and Good Luck to you in YOUR house-hunting move, -- BR
It still doesn’t make sense to buy at the top of a major move. I don’t care how long it takes. All bubbles pop. Sure you can make a few more percentages up for however long the bubble is inflated. But that doesn’t change the inevitable pop. Not worth it imo just to be up for a few years on a 15-30year loan
Our market for providing home inspections is the metro Atlanta and Northeast Georgia areas. Inventory of resales is low in general. Some zip codes and school districts still have bidding wars, although not quite like it was in 2022. Resale homes in certain areas are not moving as quickly as they were this spring. I believe some of the most recent resales are overpriced. New construction is still accelerating.
How right you are sir. Here in CT an hour east of NYC, the few houses that hit the market in the past month all sold above asking all CASH. As long as there is the desire to move out of NYC, to have a backyard, to not have neighbors behind every wall, people will continue to buy here regardless of how high the interest or price.
Thanks for sharing your story about what’s going on in real estate in Connecticut truly appreciate you watching and commenting here on this channel and I will see you in the next video
After years of out of control inflation, it has absolutely crushed many people on many levels. Thank you so much for taking the time to watch this video and to share your story here on this channel truly appreciate your doing so and I’ll see you in the next video.
North New Jersey, prices continue to rise and inventory has dropped significantly for the reasons you mentioned . I could make a nice profit on my home but then I would be strapped with a huge interest rate and a house I already have. Thanks for the market information .🇺🇸
When are we going to see both sellers and realtors that will only sell to middle class working people as primary residence? A home is so important, and greedy investors are stealing that dream!
Interest rates and the housing market have made it affordable for so many. So I believe something has to give. Otherwise it will only be the wealthy buying homes and the middle class renting. But only time will tell.
Imagine, listening to the crash noise from 2020, 2021, 2022, and 2023 4 years in a row...those who didn't buy that house for $200k that is now a $500k house, They would not be able to afford to buy today if they listened. Not saying prices will never adjust. Nothing goes up forever. Truly appreciate you for taking the time to watch and comment here on this channel.
I live in Cincinnati Ohio and I am at retirement living with my daughter because I can't find any place I can afford. I sold my house and maid profit but now homes are so high I can't find something. I'm looking for a condo but the cost is not going to give me much money left to live out my life.
Thanks for sharing your story with others here on this channel. You are not alone. There are many that are stuck in the trap as well. Truly appreciate you watching and commenting here. Be persistent and continue your search. I’ll see you in the next video.
here in St. petersburg, FL, there are much more for rent than for sale, even though houses and townhomes and apartments are being built all over the place…large plots of land bieng bought by large investors who have a huge piece of the American pie. The housing here is bieng built with walls and supporting structures out of WOOD! Look at 4th St N and 54th Ave N …and downtown - this area is going through a huge metamorphosis - it will be like Miami here! Families with lower incomes are struggling to either stay here or starve :( all part of gentrification and the squeezing out of certain demographics - this kind of activity is not that new but it has picked up warp speed and is blatantly UNFAIR. Yeah no income tax in Fl …perhaps that will change :(
Los Angeles (Hollywood) aka "A freakin nightmare", crime and homeless are skyrocketing. The "nice" areas are shrinking. Prices are ridiculously high - unaffordable. 900K for a condo. Average family homes with no land, 1.2 million all day. Middle class - GONE. It's the rich and the poor (including over 65,000 homeless). Why? Look what's running the state. So I'm outta here, was considering Florida but too many issues now. I'm seriously looking at S. Carolina. Going to visit in a few months to look around.
You can move to a red state, but you won't escape the problems unless you're a multi-millionaire. They're the same across the country, only worse (higher death rates and more crimes) in red states. But if you've got the money, put yourself into a voluntary locked community and enjoy your self-imposed "prison" in the open.
Because housing prices have raised so high, many young people are buying lots far from cities and putting micro homes on them. We have had reports about corporations coming into neighborhoods and over bidding people who were planning on buying. So people are going to neither rent, nor buy houses. We consumers are turning our backs on market based housing. I did it years ago and i have never regretted it.
By the way. The reason housing sales may be up is because corporations are investing in these properties. But we won't buy what these corporations are selling.
People don't care if housing goes up any longer. We tried to show the market in 2008, but no one listened. Now, we are providing our own housing and to h*ll with the corporate investors.
Not in Idaho. It’s a non-disclosure state so Zillow doesn’t know sales here. And most people don’t disclose the home sale price. I didn’t when I bought my house 6 years ago. And the buyers didn’t when I sold it to them last month.
Thank you, Jerry, for the perspective on today's economy. My parents bought their home in Southern California in 1976 for $145,000. They were first time home buyers and at that time was considered a lot of money for them. That home today (my dad still lives in the same house) is worth $800,000!
I bought a condo on HIlton Head in 8/20 for $305K and I just sold it (exactly 3 years later) for $565K! THAT is crazy! I’m NOT complaining mind you, but that IS nuts!
Thank you Jerry for your overvew of the market trend. We have lots on the market right now. In Canada. The prices are still up, but not as much selling and lots were listed this year. We may have an anomaly in that we are water locked, and no way but ferry. This is a summer tourist area, so many people were beguiled (yet again) post covid to sell in city and buy up here. The sad part is the realtors (not all but enough of them), sold this area as a suburb of the city, whereas that is so not true. We do not have sufficient infrastructure for our own citizens, let along lots of new comers. Building has been in a frenzy with developments etc as well. As soon as these all fully hit the market, we will definitely have a downturn. Already those who bought suddenly are turning around and trying to sell. There are those who are trying to get in the market to catch the tale end of the prices going up. This happened here in 2008. Add to that Olympics in Vancouver and same thing happened, Realtors and the town hall encouraging developments and investments. Within a couple years, and by 2011 the market was horrible. People could not sell their homes, way too much supply and no demand. In saying all that post covid struck a different note, with people buying and bidding wars ensued, then all of a sudden houses were double and then triple the assessment of the Province guide. They are now at their peak, and realtors are still listing high. Not many biting. We have lots of supply and even more by next year, but insufficient water supply, and many of the homes on septic systems etc because the main towns system is at capacity. Plus ferry delays, ferry cancellations, lack of staff and break downs and poor management, people leaving because they cannot rely on movement to the rest of the Province from this area. Anyway, as for the 79,80's, let us not forget the Hunt fiasco and the rapid increase of interest rates to peak in Canada at 21%. People tossing house keys back on loans officers desk. That was a real mess too.
Obviously you don't understand the Chinese. Home prices will double again in Canada by 2026 as interest rates plunge from the middle of 2024 to the first quarter of 2026.
Builders are not doing new housing construction because they are likely seeing a gloomy forecast of the economy as a whole in the near future. So when might the bubble burst?
We have builders for 55+ communities down the street who are now putting their properties on sale because they can’t get buyers in. Part of the problem is that they’re asking $500,000 for a two bedroom condo which is ridiculous.
You're out of your mind if you think that banks raising rates like never in the history of the fed, inflation rising by the day, banks failing, unemployment rising, people massively delinquent on their bills and you think that the price of homes will somehow continue to rise. The only reason Zillow has predicted rising home prices is because inventory is drastically low. That has allowed the few buyers out there to compete for the same home which obviously gives the seller the price edge in their favor. Prices were expected to decline, but consumer spending was higher than expected and unemployment was still too low, so the fed was forced to raise rates again. The banks are in serious trouble and it's much worse than 2008. Home prices will fall and not recover for a long time. New buyers will be left underwater, just like 2008.
Here’s an idea: Live in the house you’ve bought for more than just a few years. Like, say, thirty years or more. You know, like our parents- or for many of you younger people- our grandparents did. Jumping from house to house is a waste of time and money.
Last week my wife and I put in an offer for a 999 year leasehold 2 bed apartment in Chester, UK which has been accepted. I believe in Warren Buffet's ethos. "When others are fearful be greedy and when others are greedy be fearful'. If one listens to the doom and gloom merchants the whole world is going to collapse tomorrow. In my 70 years I have heard it all before and from life's experience know there are peaks and troughs which we all have to weather. Before anybody says we are "greedy" let me put one thing straight. My wife and I have worked hard before we retired. Our retirement lump sum is being used to purchase the apartment even though we know we could receive 5.5% INTEREST. However, the property is to be used to house our 19 year grandson who without our help would struggle financially for years to come. If property prices collapse so be it.
All the comments that still say the crash is coming is why many won't ever buy a home. Keep waiting for that shoe to drop. then it's 5 years later and prices are higher and they are sure any minute that shoe will drop meanwhile the rents went up. Even in 2008 if you bought at the peak and your home value dropped if you stayed there in 5-8 years you were up. Timing the stock or housing market is no good. Buy if you need a place to live you will be happy you did
Of course prices are inflated...that doesn't mean they're going to crash. I have a buddy who makes 7 figures in real estate. When the prices took off after the pandemic he said this was the new normal and price growth would stagnate but prices wouldn't drop. I told him he was nuts. Well, that was 3.5 years ago and so far he's been spot on, if anything he was on the conservative side. Prices are higher now in our area than they have ever been.
I partially agree with you. There is no national level housing market crush. I expect the market correction is comming, but I agree with your opinion at the same time for Florida. The level of house price is determined by demand and supply, but the celing is determined by disposable income and mortgage rate, and the house price outgrowthed than the income and rent-income ratio is pretty high even without given the high mortgage rate. But the real estate market in Florida is going well, and here is the simple fact that real estate market has a strong local cycle, and the reason why the house price in Florida is keep going up is the house price in Florida is afforable for the people who lives in the higher level of house price like CA and NY, and for the people who want to retire or bigger house for children, Florida is an attractive place. They may have a remaining mortgage, but they can sell their own house in a expensive price and they can buy a better place with the money, so they are not affected by the current mortage rate when purchasing the property in Florida. In the contrast, the high mortage price heats off the real estate market in CA and NY, so they don't have any option in those states. It can be proven easily by just checking the trend of interstates migration.
Yes there were 15 million new households created between 2012 and 2022 - BUT something like twenty-five million died. The housing supply should not need constant linear expansion unless the population of young eligible buyers is continually expanding at the same rate. If anything our population United States is collectively becoming older. .. not younger. Something just doesn't make sense.
Hope builders are having hard time selling even with incentives and rate buy downs. They took advantage during the spring buying season, but their luck is running out and they will need to either cut prices or give even higher incentives to lure potential home buyers
My timing is so off. I have a 2.75% rate on this home i live in near Fort Hood. My Terminal leave starts 3 Nov and retirement is 1 FEB 24. I've got to get out of here and back to coastal Carolina. People talk about how TX has no state income taxes but omg the property taxes here are crazy high. I'd rather pay state taxes and state income. At least when you file your state taxes you can get some or all back. Can't do the same with those TX property taxes.
Here in Southern Ontario Canada, some neighborhoods selling slow, others quick, proximity to amenities, schools seem to go quickly. As far as orice drops, not seeing it here. The federal government is bringing in roughly 500,000 migrants per year , many are leaving right away or sleeping in shelters or churches or on the street. We have a severe housing shortage here at least in the cities and suburbia . Further away, rural house prices are quite affordable.
Maybe people cannot put the property on the market because they have negative equity. Maybe people are not selling because the mortgage interest rate would be higher on the new property. When I was younger (90's) I used to go and view upmarket houses because it was a cheap day out to look at other people's property and to get an insight of what was happening by talking to the wealthy sellers.
