Buy in Arizona! 👍🏼

https://www.zillow.com/homedetails/1081-Vista-De-Los-Alamos-Rio-Rico-AZ-85648/2115876549_zpid/

In the past two months your mortgage payment has doubled, listen to the pros vs these two bit know nothing real estate folks, lol

This isgreat. Almost time to buy house.

Its not a bad time to buy a home that cost 200k to 350k. Its a bad time to buy when u start buying between 700k plus .

Due for a dip…everyone just fomo buying.

“80 million” people voted for this. Hopefully this is the wake up call needed for the midterm elections and 2024.

We really dont need Fannie Mae to tell us this. It has been bad time to buy a while especially for younger people who are getting outbid on everything. Rising rates will finally make people stop buying. Sellers realize this and I am seeing for sale signs in my neighborhood for first time in 2yrs. Thx!

Great report once again Jason. Well, here in Ventura county, inventory is finally seeing some significant increase; at least 100% increase from just 2 months ago in most cities in the county. Oxnard 60, now 140 – T.Oaks 50, now 140, Camarillo 45 – now 100. Prices are not down, but they're not going up either IMO. Some hope.

Too late I just closed on a house April 26 lol but I had my offer accepted and rate locked a month earlier

Home price in USA is so abnormal. Home price will not go down soon due to supply -demand issues of housing. Moreover, raw construction materials for new homes r in shortage due to COViD because many low-waged workers on the assembly lines were dead or sick due to COViD.

I dont have a house yet . . But I've heard it's supposed to crash again

Too many people have gotten use to loans under 3%. Well years ago the average rates were 7 and 61/2%. Yes house prices are expensive but we will not see a 30% correction. Maybe a 10% in areas with low demand. So if your sitting out on this market to get a 25% discount, well you might just buy a camper, because you'll soon be totally priced out of this market. Right now there are no safe places to invest your cash, so guess where the investers are putting there cash to work! Thats right housing! So don't let these fear mongers frighten ur purchase plans. If you buy and interest rates are 8.5%, no problem, you can refinance at a later date. Thats how we did it in the good old days. Or do a variable rate with a lock for 1 year. there will be no crash! We are just heading back to normal sanity. Believe me you'll enjoy that market much more than this 20 offers at 50k over asking market.

Thanks for your daily update with data to back it up.

We're building the wrong houses. McMansions abound but as I though 15 years ago, the small simple houses will appreciate the fastest.

In Los Angeles I just saw a sign outside McDonald's they are hiring up to $25 an hour. Maybe wages will be rising for everyone.

If this continues to be a problem, I may need to re-evaluate my long term plans. I may need to forget about the American Dreams and just literally go back to my country as a Karen would say. Life in homeland is hard but atleast there, I can own a house and still provide for my family.

As a first time home buyer during the Pandemic rush i learned a heck of a lot. It was no longer about being able to afford or getting approved for a mortgage amount. It was now about who came to the table with most cash or largest down payment. I also learned that even having an income well above the median salary on your area did not mean jack if you didn't have a nest egg to throw at a house such as equity from already owning a home or even having parents or grandparents who were able to front a 20%-40% down payment to their priveleged younger ones to get them the house they want. I also learned that a home inspection is just for informational purposes and won't catch every little detail especially seller cover-ups

A little birdie whispered in my ear again that the FED’s mindset is the same as CASH buying institutions, a plan to outmaneuver (using cash) small home buyers from attaining reasonable loans and combating orchestrated increasing rents. Little birdie whispered again that dreaming of a crash is imbecilic at this point in time, a buyers market won’t occur until after 2027. Some will believe little birdie is too conspiratorial, but many more will heed the little birdie whisperer.

I keep thinking why does the administration not try to deal with supply rather then demand? Work on zoning laws ! ?work on supply chains!? Stop taxing Canadian lumbar through the rough! ? I would even argue , if we cannot get affordable American labor why not encourage immigration where we can have affordable labor? Things could be boom boom boom as people buy houses they can afford and housing builders and real estate agents see boom times. Then affordable homes, less inflation and not such a risk of inflation spirally and potentially causing a slow down in the economy through necessary rate hikes?. Without more supply we do need to work on demand , in my opinion, so inflation does not spiral out of control. Good for the fed for stepping up to the plate !!!! But if we had more supply , I think they would love to argue inflation is transitory , as they rightfully could, and let the economy flourish . In the past , great supply of good product at reasonable price points has been a strength of America.

Just saw a home fall out of escrow. The seller is asking 3 million after buying the property a few years ago for 1.7 million. Clearly the seller is looking for a fool to buy his property. The property tax alone for this home would be $56,000 per year if sold at 3 million. Mortgage, HOA and insurance will cost you almost $20,000 per month with over $600,000 down here in Irvine. Don’t think anyone will be signing up anytime soon for that mission. The denial phase is in full effect.

I'll never forgot the nightmare of home shopping in the earlier part of the Pandemic in mid 2020. This was when it was just the starter to mid level priced homes in high demand so I ended up having to increase my price budget by incrementally up $100k in order to land something. Then fast forward a few more months it was homes of all price ranges below the price of a mansion that were in high demand getting snatched up.

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2020 through 2022 was a bad idea to buy a house

Can I bash and trash Bidden. Absolutely regret my vote. What a stupid POTUS. Just wrecked America…
I will vote for anybody but Bidden!!

Close on a second home on Friday…

But it's still a buyers market.

I don't see NO whatsoever effect of home prices going down at all here in Central New Jersey ( Edison area ). A house like mine which is around 2000 sqft were selling before in 2019 for around 500000, last week similar house like mine sold over 770000 for cash. The open hose had around 98 showing and 18 offers the realtor told me. Until unless the interest rates hit 10% I don't think this craziness getting over and that is at least a year away.

This video really highlights how financially uneducated Americans are….if you think your income will go up and you think houses will continue to appreciate greatly this year…. how does the same set of people think it's a bad time to buy

They must think…i have more money, the house i buy will be worth more next year… but i think there's a never before seen 50% off crash coming in 2 years and at the same time the fed will give me below 3% again, bwahaha

2008 was the first for a mega "didn't see that coming, this is new" huge decrease…it was NO WHERE NEAR 50% OFF

If we by some miracle saw 50% for the first time in housing history, not American but everywhere, the fed will hike that interest rate up to 15% like the 80s bc if homes are that cheap, people can afford the interest

when you talk about percentage increases YOY for mortgages rates, ie. 3.02% to 5.52% . I think is confusing to word it as a 2.5% increase, since my understanding is that the percentage increase of rates in this case will be almost a 83% increase.

Did I just watch a whole video telling me that mortgage rates went up and house prices have been going up? Thanks.

I feel bad for those who were timing the market to sell high. The show is over.

Hold up… median income fell?! …oh no

Bad time to buy a house… but houses are still selling….someone is still buying

As always a great video Jason! I will patiently wait for next Summer while I keep saving for the downpayment. Good luck to all of us who are in the same process!

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It all depends of the market. The higher record rents in Florida is pushing people to buy because is cheaper than renting.

Things are worse than I thought. This morning they couldn't even find enough shenanigans to cook the CPI numbers to meet expectations (which was already an insane 8.1%). Seeing less and less real estate never goes down comments as reality (and their 401k) is starting to hit folks in the face.

I can see based on listings that only 5-10% of homes are affordable in Sac County for the local median family income. If you are 50 percentile in income, you get the bottom 10% in housing.

Usually when it’s a bad time to buy and people are fearful, means it’s the best time to buy. Buy when people are fearful, sell when people are greedy. Markets usually work opposite of majority. Just like in 2020, when majority of the people thought things were going to crash and burn (same as what i thought), but things turned out a lot different…

Property taxes increased, cost of living increased wages are not anywhere close to what it should have been, cost of build increased but the house price needs to decrease for some reason 🧐.. Feds need to stop hiking those rates! Is what needs to happen

Interest Rates are still extremely low by historical standards . It's just unfortunate that Home Prices are at historical highs with Rates headed higher .

In Elk Grove CA, nice houses are still selling within one week. Undesired houses are sitting 10-30 days in the market.

They say interest rates are going back to “normal.” Prices need to return to “normal” too!

They will drop in price!!!!!! You have to be really blind to say that they will go up in price!!!

We just sold our home in Florida. We bought low and sold high. It was too big of a house for us. We are renting now. Yes the rent is high but our property taxes and insurance was skyrocketing. We are still a few years from retirement but gambled. We will be looking for a smaller house and have cash to do so. It was not our forever house or state for that matter. Time will tell but for now we stand by our decision.

Ba but… my realtors said to buy now, to pay 20% over asking, no inspection, no appraisal, buy buy buy!! 🤣🤣🤣

Duh

Too much free money chasing too few houses or goods.

Jason, should anyone really care what other people ‘feel’ about the housing market? It’s not like the stock market where investor sentiment translates into stock prices, or is it?