Something HUGE is About to Happen to the Housing Market
NEW REPORT! Is this the calm earlier than the storm as mortgage rates of interest at the moment are averaging over 7%? Realtor.com launched their weekly housing market replace as we speak (10/13/22) and several other outstanding developments have been occuring. For instance, the share of lowered priced listings has doubled over the previous 5 months. Additionally, stock has risen over the final 4 consecutive weeks. In as we speak's video I share my very own evaluation based mostly on the newest actual property market information from Realtor.com and the impacts that these developments may have on our US housing market. Enjoy!
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Compilation of Housing Market Forecast videos:
Source of Realtor.com information:
To offer you a fast mortgage rates of interest replace, in accordance to the Mortgage News Daily the common 30yr fastened charge mortgage is round 7.2% for the present mortgage charges (at the time of filming this video for these with glorious credit score).
Comment beneath: what's your housing market forecast? Do you suppose a housing crash will occur or are your housing market predictions that the actual property market and residential costs will proceed to surge?
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Jason Walter, CPA (lic 103885)
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Realty ONE Group Complete (DRE 01923240)
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Jason Walter is not a practising tax accountant or a licensed legal professional or monetary adviser. Therefore, the data in these videos shall not be relied upon as tax, authorized, or monetary recommendation from a professional perspective. If you want such recommendation, please contact a professional tax accountant, legal professional, or monetary adviser. We have taken cheap steps to test that the data on this video is correct however we can not symbolize that it is free from errors. You expressly agree not to depend on any data contained on this video – it is for leisure functions solely.
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Don't sell . Go figure !
When the US bond market shits itself, those 7% rates will collect an extra digit on the front. You will need to make an entire video making "kabloom" noises.
I think a price reduction should only count, for any reason, if it's at least a 5% price reduction. I see too many on Redfin that get flagged as price-reduced but it's like -1k on a 500k property. Just fools playin' games.
Just for context and for anyone who wants to blame the US Administration for this – worse is happening in the UK. This is a global situation…
I was really hoping to buy a home our first home for my family before the dollar collapses. I know this might sound a bit out there but I'm reading conversations from other countries and you wouldn't believe the amount of people talking about the US dollar completely collapsing and the American empire coming to an end at least on the world stage. 40 countries are no signed up to dump the dollar. It's going to be an ugly couple decades for Americans.
Another words, sellers like myself are screwed.
I already know by the thumbnail this is a bunch of bs. Not really an expert are you? Maybe stop making up lies as you go along
By the end of December rates will be at 8.7%
A great hero will walk onto the stock market floor and bomb it and we will all be free..
The whole market will crash hard..sit tight for 1-2 years..by then it should be down 40-50% and maybe more if Biden keeps talking
Thank for the update wishing you & your family a speedy recovery.
Newbies, don’t listen to this!
$800 monthly increase. Huge. Wages are stagnant; 8 percent inflation. I'd rather have a house I can afford, then lose my money in the market. Trust God and all things.
Hey, I have question I hear that people fail payment for house up to repossessed more rates now. Where do I find foreclosed in Ohio Columbus zone? I do not wants to go to Auction. They will doing flip price.
(I am apology not good grammar)
Thank you.
when average income of working class hasn't kept up with cost of living and housing…..since reaganomics..there is the mass homelessness and food insecurity we have in US, due to egregious greed and billionaire tax cuts/corp welfare, etc
Calm down Chicken Little. people are still working and businesses are still making money and hiring. Unemployment is at historic lows and stock market is close to historic highs. The economy is well.
duh!
What’s about to happen to housing market is 7% + mortage rates = slow dead housing market! That’s about it my friend. Oh and markets where houses are over 700+ on average are f***
We are not seeing your spike we are seeing drop
Nice video! Can you compare today’s market to before covid?
What comes after relentless denial? relentless panic and despair
As someone who does residential restoration for big rental investment firms work has been non-existent. We went from having so much work we couldn’t keep up to these companies no longer buying…
The prices should be dropping faster than they are. The home prices rose far too much over the past three years. The market needs a drop of 40% just to be rational.
appreciate your videos!
7% is around the historical average. The super low interest rates of the past 10-12 years are not the norm. It means housing prices will have to come down because low interest rates inflate home prices.
This looks like mass punishment. Commercial real estate and yuppie work from home buyers caused this housing inflation, not poor families.
I am seeing a lot of would-be buyers looking to delay buying a home because they are waiting for prices to drop. The problem with that logic is that they are ALL waiting for the price to drop. That means they are still competing over the same inventory. The fact that inventory has gone up could be due to the building boom that took place over the past few years and this delay of would be buyers. I don’t believe developers will continue to build at the same rate at this point. This to me says that the same number of buyers—all just delaying their purchase—and possibly diminishing inventory. I also think a lot of older folks retired during COVID and possibly downsized. I think many millennials are hitting that age where they either start a family and decide to forgo one altogether. They are going to need more housing. I don’t know that demand is falling. There is just a delay. I don’t see supply going up too much.
People have been spoiled for a long time with low interest rates. When I bought my house back in 1993 the interest rate was 7.25.
Crash baby! more inventory please so prices go back to where they should be and hopefully below that
Just to think of the flippers caught at the top of this market….lol
I was kind of hoping that the website you used to predict the odds of a fed rate hike would be from Caesar's Palace or something haha
I wonder how builders selling the builds that they can't sell as rentals instead is going to effect the market- probably not well because rental housing causes artificial scarcity
The Feds are determined to cool down the housing market. Although painful and perhaps unfair to some, it’s healthy in the long haul. Housing simple too high in my opinion in most areas. Real estate is localized so it depends where it’s located. If I was looking for a house, I’d keep my eyes on the market but most likely delay purchase for 6-12 months. If the House turns Red, I think Joe Biden’s Build Back Better agenda is dead in the water. We are headed for a rough road ahead but midterms will give us some idea where we are headed. In my opinion, new leadership is needed before things stabilize. Perhaps a long rainy day is ahead of us. We are resilient and change is leadership is vital.
The reason that the new listing has been decreasing in the past couple of months is potential sellers are in denial and mistakenly believe this financial crisis is only a short term transitory problem and they will go away soon but they are not. Sooner or later this number will go through the roof when we start seeing the economic crisis and unemployments impact average citizens. buckle up!
MASSIVE l ay off coming sellers force to sell at MUCH lower price
Your arrow is going the wrong direction. The bubble is about to burst.
Why don't you address the biggest problem here? Real estate agents are way too soft on sellers – real estate agents are ENABLING sellers because they don't want to lose their business, and honestly its ridiculous! Real estate agents have a fiduciary responsibility to tell sellers the straight facts – not wishy-washy crap.
Back in Jan-March of this year I was jumping up and down telling my real estate agent, and the mortgage broker my agent used that "THIS" scenario was going to happen. I told both of them that it makes no sense to buy a $1.7mil house at a 3% rate when I knew for a fact that rates would fly up to 7.5% by the years end, which would thus force prices down. Folks! At the end of the day you are actually PAYING the total price you buy the house for… think about that. A house at a higher interest rate sells for a lower total price!
BUYERS for the love of GOD, get it through your head. It is far better to have a super high interest rate, because high rates drag house prices down. DO NOT BUY houses at these OVERINFLATED prices that do not even come close to matching median salaries – house prices are still overinflated! Why you might ask? Let's say you don't listen to me, but instead buy a house with one of the multitudes of dumb real estate agents out there today… and then low and behold, the housing market drops further. Guess what? Now you are UNDERWATER, you can't sell the home for what you bought it for, so either you are stuck paying a mortgage you are angry about, and god only knows how long you will be underwater, or you apply for bankruptcy! There is no reason to pay INTO future gains today! Real estate agents will NOT tell you this, mostly because they lack the prefrontal cortex power to help you do the math. Don't screw yourself because some high school cheerleader or jock who didn't bother with college and doesn't have the financial degree to buy the most expensive thing you will EVER purchase smiles and charms you and can read 3 month lagging financial information coming off NARS poor script.
In a final note, my real estate agent finally cracked to call and told me I was right… but i needed to wait 6 months to hear that, and if I bought a home with this walking ape it wouldn't hurt him, it would only hurt me.
The dropping home prices will take them from insane to just crazy. If we have 30% drop we'll be back to precovid when houses were over priced. Housing prices must be supported by real economy not artificially low interest rates
Had to refiance twice from 1989 to 1995 to get down to 7%. Was excited to obtain 10.5 %in 1989.
Is not a good time to buy, everything is very expensive and is not easy to qualify for a mortgage.
Radical Democrat Marxists are destroying America. They must be crushed like the Roaches they are
These vultures (I mean buyers in waiting on here are hilarious). NONE of them have even made a move at a 7% mortgage to buy. If it drops more you think 1) You'll DTI score qualify for a 8-16% mortgage or 2) even want to pay the monthly payment on a 8-16% mortgage. Good thing you won't have to worry about it because no seller in their right mind will sell for less than maybe 5 to 10% off, they'll simply stop selling. The foreclosures (which won't be that many at full employment) will be rolled into bank REO portfolios and sold to hedge fund and private equity all cash investors (not the public). So even if this imaginary crash came, you wouldn't buy anyway.
Good Video, but the treble on your microphone is too high. Makes it harsh on the ears.
Folks will continue to buy due to fear of higher rates, maybe less house but still buying. Still cheaper to buy then rent in my area.
Its been a roller coaster to say the least. So dynamic. So many things over the past 2+ years contribute to this crazy time. Thanks for the video
Let's go Brandon!! Democrats destroying the USA
Another awesome report Jason. I'd say it's not just 'demand' that's down, it's also being able to qualify for these loans. Not only are standards tighter, but 40% of your income on a 3% loan is quite a different number than a 7% loan. Lots of folks are no longer qualifying for these massive loans with such rates. Ironically, a $1M loan last year was cheaper per month than a $700k one right now.
I would like to see a video about unsustainable rising property taxes especially in states such as Iowa, Texas and Illinois.
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