Dallas Real Estate Market IS CRASHING (4th Qtr 2018)

[@rubenmorales5830]

I live in South Grand Prairie over by SGP High We live in a modest 70’s home. I was told that I could probably get 165,000.00 for it if we decide to sell. We’ve been shopping around and let me tell you prices are high every where. They are tipping around 300000 to 465000 for a modest 2200 to 3000 square foot home. Can you imagine the mortgage (death contract) Payment on that thing!!! As much as me and my wife want a nice new home, we i think are priced out of the market! We can afford the payment but at what cost!!! Well just sit back fix my little house up and enjoy it!! Let me know what y’all think.

[@notused2118]

Make it the way you want it slowly when you buy bargins. New houses aren't all that great.

[@misfithomemaker3683]

You can be happy in a smaller home. Make an oasis of the back yard...you may not get much of a yard in a newer home. Consider rising interest rates and take comfort in knowing that your modest home will most likely always be quickly sellable.

[@jalisas]

As a future buyer this makes me happy. I plan on buying in the next 3 years for sure. Thanks for the information.

[@ChastinJMiles]

Awesome!

[@Tanman902000]

jalisas most people want to downsize since all us young folks want to travel more than the white picket fence dream.

[@cnsmiles]

Well i hope u can buy the house with cash, Cause once mortgage rates hit 6-7% you’re going to be busy negotiating with the bank and not a seller. The fed will be increasing rates this January, but then dropping them(1%-2%)probably in 2020 once the expected recession hits . Its going to be a nobody’s market for all of 2019. So either buy right now(like this week) and plan to refinance or wait until the end of 2019.

[@thegroovemachine5003]

@@Tanman902000 All? dream on slacker

[@RickColdwellBanker]

​@@cnsmiles With all due respect....... This continues to be a VERY healthy market. I am a Coldwell Banker Realtor and am in the top 10% of their agents in the world. The man who put this video out is really out of touch with the market and I can show you how few homes he sells each year on the MLS. Furthermore since he put this out the Dallas Morning News just said today that the average home in DFW went UP 7 1/2 % since last year...... What happened to the collapse that he is forecasting?? In regards to rates........ There is NO ONE out there saying that rates are going to be hitting 6-7 % for as far as the eye can see. And since you posted rates have dropped by almost 3/4 of a point! Go to MetroDallasRealEstate.com to contact me if you wish.

[@YZFRiderrr]

Stack that cash, buy up everything you can as values plummet, sell when we come out of it.. sound like plan?

[@huntercynthia1]

A good plan man. Buy 2 fer 1.

[@TheCbone1979]

@@huntercynthia1 Sit and wait, patience will pay off. Just camping out for the real estate apocalypse

[@YZFRiderrr]

Jedi I'm a real estate agent. I'll be selling what I can't buy to my investors.

[@BrockJamesStory]

Buying the dip does not always work

[@YZFRiderrr]

Brock Story how do you figure? You only lose when you pull out. It's a boom-bust cycle. Patience is key. Read some Warren buffet.

[@noraclarke1344]

I bought my new construction home in 2007 and understood the value of the buyers market when I went shopping for furniture. The furniture industry clued me into how bad it really was and I was able to delay the purchase 6 months and pushed for a significantly lower price. It made a huge difference in future property tax payments as most of my neighbors pay a few thousand more in taxes per year. Forget the gifts and push for a lower price

[@james7017]

We all knew this was coming. Smart money is ready to buy on the low..... going to be a great show! All these days you say remind me of many people I saw saying the same thing in early 2008..... thing is.... this next crash will be 2008 on steroids!!! 😀😀😀🍿🍿🍿

[@ChastinJMiles]

SCARY!!

[@Repomex01]

latest dow reductions and GM layoffs are only symptoms, people think everything will keep going up have cash short term, gold silver long

[@vlcheish]

PETER SCHIFF WAS RIGHT!

[@notused2118]

Lol, dream on!

[@120484dc]

its funny , because a lot of people actually want it to happen just so they can can buy a stupid house ,if it really might be that bad as some people predict then be careful of what you wish for ,the world as a whole is in worst place then it was in pre 2008

[@DarrellColemanShamrock7504]

This is true. So many new builds are offering double the percentage to sale with them. It’s getting to be frantic and those once easy to sell homes have now sat on the market far longer than they should. It’s coming.

[@ChastinJMiles]

Totally!

[@huntercynthia1]

Can't wait for house prices to drop in my area. Not gonna buy an overpriced house. (No new building in my area. We are dealing with old houses like 1890-1950 houses being scarfed up by investors and being remodeled and sold for profit 3-5 times what they paid.) Victorian houses with contemporary upgrades from Home Depot look like hell! I'm seeing 'new' listings on Realtor.com everyday in my slow area of people trying to sell their houses at the peak of the market.

[@biplav32]

3-5 times. There is no way they are doing that.

[@huntercynthia1]

@@biplav32 www.realtor.com/realestateandhomes-detail/17-Reynolds-St_Kingston_NY_12401_M35415-71549?view=qv *House purchased for 53k in June 2018. Listed for 259k two days ago. What's so hard to believe Biplav? Look at exterior, then interior and then the neighborhood.

[@biplav32]

@@huntercynthia1 That is one house. We don't know what kind of renovations were done to this property. www.google.com/maps/place/17+Reynolds+St,+Kingston,+NY+12401/@41.9306249,-73.9942198,3a,75y,256.95h,90t/data=!3m6!1e1!3m4!1s-CC5o-Ts7VGfSFy7dHcdRA!2e0!7i13312!8i6656!4m5!3m4!1s0x89dd0f07fc804b4f:0xcf10e4959008a9b4!8m2!3d41.9305798!4d-73.994353 From the looks of it they changed almost everything. The cost was probably close to 70k plus the closing costs then cost of putting it for sale, brokerage fees etc. Profit was probably little less than 100k if they can sell at that price. www.google.com/search?q=17+Reynolds+St,+Kingston,+NY+12401&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjZl4ij2vveAhVxHjQIHfN1B0MQ_AUIECgD&biw=1229&bih=578#imgrc=s9uJSRWPB_Up6M: Here is another photo. They probably spent more money than 100k(my guess) on just renovations. No one will sell for that cheap otherwise.

[@XxAlexanderProxx]

Same here.

[@Buzzvideo1130]

@@huntercynthia1 May be listed but it aint sold yet ! there are many house flippers that are going to get burned real soon do you want to be one of them big shot !

[@jamesgreeneiii8901]

Federal reserve just announced that’s rates are about neutral so rate hikes should slow down. That should help with the high inventory in your area...in Atlanta we are experiencing low inventory so the market is still hot even as rates rose. Areas such as Adair park, Pittsburgh, and the west end are incredibly competitive for fixer uppers. We have fixers going for 150000 with a resale of 350000 plus. Lots of intown revitalization programs going on that is driving up prices along with millennials starting to get into the game and wanting to live close to the city. I would expect probably 2 rate hikes next year and then by 2020 a buyers market here in Atlanta

[@Freeyourdollar]

If 2.5% is neutral we are in the worst economic predicament in history.

[@DoorTrash]

End the fed

[@notused2118]

Moat common sense tread started here yet!

[@markjohnson5276]

At one time I was hired by the National help line to 'assist' people who where in trouble with their mortgages. My application didn't mention that I had a background in consumer law and Tort law (property law). President Bush II told people across the Nation to call in for help. We were given a script to read to people and lead them thru a thought process to get them to move out and abandon the property to the banks. The outfit got paid $100,.00 for every one I took thru this process. The stories I heard were heartbreaking. This maneuver by the banks and mortgage companies was saving them thousands of dollars in having to take these people to court, obtain the ruling, then call a sheriff and moving company to move the people out. I knew this because I had processed evictions myself in the past. They can get costly. They were getting them to do it voluntarily, which was the idea behind the help line in the first place. To disposes people for the least expense. I started telling people to demand the document that was being used to evict them, take it to a third uninterested, knowledgeable party and have it explained to them. That's when the trouble started. After I started telling people to do this everyone started to do this. The Banks could not produce the documents because they had been dealing in derivatives and had lost the original paperwork tied to the debt. and the whole helpline thing went into the crapper because people had learned this defense. You don't hear about help lines anymore do you. Just one voice of reason in the whole corrupt scheme derailed it.

[@ChastinJMiles]

Wow! Eye opening

[@notused2118]

@K41 its hard to throw out any loan. Even if the bank commited fraud, judges still nearly always side with the banks.

[@notused2118]

@K41 well beyond sloppy. True fraud.

[@notused2118]

@K41 these are two different matters. In a case where a note is defective because lender didn't take keeping documents together seriously enough. Very few judges want to tell the banks no documents, no money. Most believe an attorney or bank over any individual. The big bank underwriters situations were claiming people who can't easily perform on a loan could. Banks with wall street and the rating agencies told retirees and funds these are A paper rated loans which won't default with a great interest rate. They sold these loans for fees and investors/people lost most of their money buying these bad loans.

[@thebaldheadedasspodcast1180]

Being down the street in Austin, TX, I fee like the same thing will happen here. Fortunately, in line of work this type of event will work to my favor as I work with RE investors.

[@thebaldheadedasspodcast1180]

*in my line of work

[@ChastinJMiles]

Hows the inventory? Are you able to find properties for your investors?

[@danimoney3087]

I am a real estate broker in NYC ( doing mostly rentals for the last 27 years ) - we have a huge amount of empty apartments for rent and more are coming on line from new projects all over the 5 boros of the city , but prices are still high , very high . the last 3 months were in the top of 3 most slow periods that i have ever seen in the last 27 years . the problem this time vs the other slow periods is that back than prices were very low and it was in periods of financial crises . lots of people do not understand that higher much higher interest rates will bring prices ( rent and sale ) substantially down . i lived and worked in real estate through periods of 8 and 9% 30 year fix and business was booming !! = PRICES must come down and soon otherwise we will see a crash worst than 07 08

[@curtiswilliams3704]

Atlanta is also about to drop down ..Atlanta houses is overpriced so this is bad time to buy...

[@adriansegura6352]

Learn economic before you start investing . And monetary history . You'll save alot of money and time . Yea real estate does well in a low interest rate environment. Wait until rates shoot up by trying to save the currency the dollar .

[@UneducatedEconomist]

Great video. Thank you. Your prospective on the subject is straight forward and honest. I appreciate that. No BS.

[@ChastinJMiles]

Thank you so much for watching and for the words of encouragement.

[@Thefunkeemonkee]

I usually do not listen much about the market crash since I frequently speak to a lot of people who are in the financial industry not even concern of it at least here in the Silicon Valley, but coming from you, I will definitely pay more attention to it! Thanks for your input!

[@sharintexas5264]

When I see these prices so high and all the new builds happening all over the Dallas metroplex.. I tend to think like you do..it’s going to come crashing down.. but when?! So far it’s still going crazy.

[@richardsellsaz6865]

Thanks for the informative video.My sister lives on in Lantana,TX.I'm here in Scottsdale,AZ and things are still going strong.this time of year I focus on dealing with snowbirds from Canada and the Midwest that purchase condos and patio-homes for the fall/winter.I am really looking forward to seeing your video on companies trying to take our jobs.Opendoor and Offerpad are both big out here and will only spread across the country.I have noticed that there are more co-brokes at 2.5% THAN 3% the past year than though.That is due to companies like Opendoor and Offerpad.Neither one of those companies effect the luxury market or even homes over $500k out here though.Zillow selling real estate would be a big hit against listing agents.Same thing if Amazon listed homes.

[@ChastinJMiles]

Thanks for watching

[@1980swartz]

There is Sever lack of affordable housing all over priced far too expensive. Realistic prices for average house depending on type of neighborhood and demographic and income level houses should be priced to buy between $45,000.00 to $250,00.00 depending on type of economic neighborhood not priced too expensive at $300,000.00 to $1,200,000.00. most people don't have that type of income and if they do have that of income the biggest problems in most American people owed too much existing debt loads that they borrowed in student loans and credits cards and auto loans and other types of small debt that most owed and have to pay back in time span of 5 to 20 year note obligations to banks or other forms of financial institutions.

[@StarbaseTx]

Home prices here in Frisco Tx overshot by a mile. Like everybody else, we are waiting on sideline until prices get back to inflation adjusted historical norm. Sorry for the people who are going to be hurt buying at this cyclical peak ☹️

[@CaptainCaveman1170]

Adults had the whole story outlined for them exactly 10 years ago...they should have learned a bit from that episode and not bought at the peak. I feel more sorry for the kids who will have to go through this...maybe for the second time in some cases.

[@notused2118]

No where near the peak.

[@Fingamyaz]

Agree. Even though price decrease the rates going to make the monthly payment total the same

[@gradostax]

Markets are crashing nationwide we are headed to a major recession if not an outright depression

[@notused2118]

Define crash

[@ericechols5806]

You can't live in a "Bubble" forever ツ

[@notused2118]

@@ericechols5806 He obviously is silent because he knows nothing about the subject.

[@ericechols5806]

@@notused2118 - I really don't know. I replied 7 minutes ago and you replied 3 minutes ago (minus your 2 week old reply). Dude's Account appears to be a "throw away" anyhow 😂

[@notused2118]

@@ericechols5806 Probably. Housing rentals and flips is about how you buy, finance and repair investments. The key is repair, exit and finance strategies.

[@jhouser972]

Thanks for this. I was looking at Dallas new builds last weekend and almost starting the buying process. Now I’m going to wait after learning this. Thank you sir! 👍🏼

[@ChastinJMiles]

You're most welcome.

[@chatsandlifewithdadiva]

As a single mother I am definitely looking to buy in the next year this is good news! Thank you for the sharing.. builders are building every where out here! But they are so high! We need a decrease. Thank you.

[@ChastinJMiles]

Thanks for watching. :)

[@CaptainCaveman1170]

2-3 years will probably be even better to buy. I don't know about Texas, but in CA, foreclosures take a long time to work their way through the market and they really set the final bottom.

[@Freeyourdollar]

As other guy said winter of 2019 or later is best if you can wait. After 2008 the bottom didn't come until 2010-2011. Pays to wait and by pays I mean you will save 30%.

[@367cuba1]

How does that affect the flips and and those who do reverse wholesaling? Would like to know your thoughts.

[@simplegreen808]

Thank you for sharing man. Things are still hot here in Hawaii but this is a different market. I see markets changing like yours and see it trickling here eventually. Appreciate the info.

[@ChastinJMiles]

Thanks for sharing man

[@ChastinJMiles]

What's going on in Hawaii? Is there a lot of new construction?

[@simplegreen808]

Chastin J. Miles construction has slowed down in the local areas. The resort/higher end areas are still booming. In general, starter homes (200k-399k) are scarce and mid range (400k-799k) are starting to clog up. Hope this helps

[@Re3iRtH]

@@ChastinJMiles On Oahu, Single Family homes are still up 6% year over year. Condominiums are down a hair at 1.6% year over year. Still a net sellers market. I'm hoping for a 10% correction so I can swoop in again like I did in 2013 :)

[@petertyrell9699]

Greed. Greed . Greed. Did u go though 08 as a realtor? I did in FL. I see a lot a lot over speculation by developers and builders. I don't think it's gonna be near as catastrphic as 08 but a big adjustment is needed. If the stock market dumps there goes all that 401k $$ folk s plan on retiring and buying there FL dream home.

[@antrionhill1451]

Same here... I saw this coming a year ago in I see it now

[@monkeyloven]

I've been watching and waiting too. :-)

[@stephenlamar596]

Great information. I live in L.A. and would be a young buyer. I have looked in Dallas and noticed what you are saying. It is extremely diffucult to buy in L.A. and can imagine what you mean.

[@ChastinJMiles]

yeah, it's definitely real out here.

[@jamescc2010]

Too much speculation, cheap loans, overpriced, gentrification, and investors...Time for price reset nation wide, and buyer market. Will it be good for investing in rental houses for cash flow in the near future?

[@ChastinJMiles]

Sure but pay attention to the trends in your local market area. If you are in Dallas, I can get you some hard numbers based on where you are looking.

[@ErickaWilliamsCC]

I am in austin texas and yes we are peaking too. So is nashville its fine though. Because 293 people move to dallas a day, 157 move to austin a day and i think a solid hundred to nashville. The deal is folks who are so tired of apartment living will buy as prices come down a little. My friends live on the edges of dallas and I felt like they are so far out and driving is a big issue for families.

[@ChastinJMiles]

Yeah, it sounds pretty similar. The suburbs and outskirts are where people are being forced to go because the city has priced them out. But that's also where a lot of builders decided to go now there's an excess of inventory in those areas.

[@kathleenl7035]

Austin is so overpriced. House taxes are 1.5+% I really don't know how people can afford it?? And there are so many new builds

[@ErickaWilliamsCC]

@@kathleenl7035 157 people move here a day. Many folks from California and many tech jobs.

[@kathleenl7035]

@@ErickaWilliamsCC What percentage would you say are earning enough to cover the cost of living? I bet less than 60% For every tech job, there has to be at least 100 non-tech jobs that are paying lower salary. As price of everything goes up, too many people will be priced out.

[@ErickaWilliamsCC]

@@kathleenl7035 oh thats been happening for 5 years now. End of day you can get homes for 200k to 300k all over the edges plus thats why round rock and Georgetown fastest growing area because homes use to be 180k to 250k.

[@TheKayleeanna]

Well explained Chastin! Thank you! Tampa Bay, Florida is starting to slow too. The interest rate hikes are sidelining buyers. Sellers and agents haven't gotten to the point where they are lowering the prices enough to make up for it yet though. The next 6 months will definitely be interesting to watch here in Tampa Bay. Wishing you much success financially as the DFW market changes.

[@ChastinJMiles]

Thank you for watching!

[@Chris-qg2un]

As someone who just moved from Dallas to Tampa I can see the exact same thing happening. My house that I sold was i the 75248 zip code in Dallas. Back in July, agents were telling me to list at $449k. I personally knew it was too high and you could tell immediately based on the reports of "clicks" that zillow shows the homeowner. I told them to lower the price and sold my 3/2 just in time for $417k and gave into all concessions the buyer wanted as I knew this was the only chance I was going to get to sell before the storm was evident. Fast forward to today and I see all the comparable houses in 75248 now starting dip below $400k. Since living in zip code 33706, I noticed condos in the community I am living today were listing around $350k when I first moved here. Since labor day, I watched those start to drop the same way I watched 75248 drop and now seeing those same condos here nearing $300k with some of them completely removing their listing and just renting out the unit instead. It's funny to me as now you start hearing the statement "the housing market is not in a bubble, but simply returning back to normal". This is the equivalent of 2008's "we're just in a gulley" . Bottom line is that real wages are not going up for the majority of people and the stock of foreign buyers has started to dry up as well as China placing restrictions on their population given the new trade wars.

[@darienlenderson7120]

Intrinsic value or should i say the actual price point of a home is always a factor of rents. If the housing payment aka PITI exceeds the estimated market rent then the property is overvalued. So, many markets like Atlanta, Las Vegas, Dallas and others are crashing......again!

[@davidknighttv6752]

What's the best city to buy and live that you can recommend?

[@ChastinJMiles]

Dallas

[@davidknighttv6752]

Chastin J. Miles what the best area to rent in Dallas?

[@TrickNPlay]

So what you're saying is, if I want to use my 401k for down payment in Dallas now is a good time?

[@ChastinJMiles]

It's a bigger question of just using your 401k. What are your goals and what are you looking to accomplish.

[@playmarketsFx]

Mr Miles, can u do a video on how to work with Apartment complexes and bringing renters to them. And how to make Commissions. I believed this is called Leasing. Please Help!

[@dontoya325]

Celebrity Sound Box he made a vid about that

[@ChastinJMiles]

Check out rentalbosscourse.com

[@turnne]

Interesting comments. I used to live in Dallas and go there about twice a year. It is very hard to believe how much the city has grown. The metro area goes miles and miles north now into what used to be pastures not too long ago. The neighborhoods in the city have roared in property value appreciation. A very modest home in the city( inside loop 12) is about $400K. The higher income areas ..Bluffview, Highland Park, University Park start at nearly a million for a 2000 sq ft home

[@ChastinJMiles]

Yep! You're absolutely right.

[@Freeyourdollar]

Thanks for spreading the word versus lying like some other agents on here saying everything is great. My area (Mid-West) never shot up that far so won't drop much but Seattle, L.A. New York, Denver, Dallas etc etc look out below.

[@ChastinJMiles]

Thanks for watching. I have nothing to lie about. Those are just agent's probably trying to recruit.

[@summerbreeze1725]

No one has any money to buy these high prices, SF has 102% over in inventory and i'm sure its higher then that. Then the bankers have 1000s of houses not listed. Earning have not gone up, and the bubble will burst soon. Is it possible to get a house with 0 down right now?

[@ChastinJMiles]

If you're a Veteran or purchasing in rural areas. VA and USDA loans.

[@DoorTrash]

It is possible, depending on how your contract is worded.

[@reb5166]

I have a job opportunity in Ferris, what is the nicest, best school and city near by?

[@cafelate9515]

Thanks Chastin for doing this. Now you are making more serious videos now. I think NY is still strong. It is getting cold much faster so I see a buyers market coming soon. The prices are very high and should come down for more buyers to be able to afford it.

[@ChastinJMiles]

You are correct. Anyway, I need to this to let other people know about what's happening at the moment. Thanks for watching :)

[@keshashaw7282]

Its happening in NY TOO, they re built Brooklyn, Bronx and are now doing all the Boroughs and pushing people out.

[@ChastinJMiles]

Wait so are you in NY or Atlanta?

[@keshashaw7282]

@@ChastinJMiles i just moved to ATL FROM N.Y....BORN AND RAISED IN N.Y.

[@LisaCrutcher]

Hello, Chastin, The Lord Jehovah is showing me that He is very pleased that you are being extremely truthful in what's going on in the market. He knows you are taken care of in seeing the writing on the wall. Some of your distant counterparts will not survive this turbulent time stemming from the 2007 crash timeframe. Many took their lives then, and such will be the same this go-around.

[@ChastinJMiles]

THANK YOU SO MUCH FOR THIS!!!! Many blessings to you Lisa!

[@LisaCrutcher]

@@ChastinJMiles Not a problem, Mr. Miles. Look, start reading the Holy Bible. The Lord Jehovah knows your focus is on success, which you have. He finds that you are balanced, too. God is going to start showing you people who need a small financial hand-up. Just keep some cash on hand like approximately $100.00 in 10s or 20s. Don't worry about if they may be schemers, or look like shystey characters. God will deal with them! You've been blessed with much. He'll put it on your heart to give, how much, and to whom.

[@keithbell9348]

Oh, I've been noticing. In Southern Cal there is a huge housing construction boom going on. And these homes are expensive! Everytime I ask "who on earth are they building these homes for?", the answer I get is "wealthy clients from LA area are having them built as Airbnb's or vacation homes to make extra money". So your telling me the wealthy need extra homes to rent them out to make more money? Why? They can't afford the one they have already? Of course we all know most people who are "wealthy" are not and are living way beyond their means to put on the illusion as such. So yes, I agree that the housing construction industry are again building far too many homes than people can afford to buy. All because of how the feds are adjusting the interest rates, to massage this so called "booming economy". If it truly is healthy and booming, then why do this? I have seen this before, back in the late 1990's heading towards 2007/2008. I don't trust it. Spend spend spend. Live beyond your means. Live in the lie that the government wants to sell you that workers are making far more money that they actually are in an age where the value of the $ continues to plummet and debt load of this nation continues to cripple it.

[@ChastinJMiles]

Thanks Keith for this!

[@darlenejohnson1796]

This remind me of 2009; this will make these homes underwater;

[@whiskers78753]

It's not going to be a buyer's market simply for the reason that the buyer is already broke. The next recession will lead to massive unemployment, which means even fewer potential buyers. At the same time, property taxes are through the roof, making these homes even less affordable (not a good investment).

[@notused2118]

What they mean is buyers can pick their price when looking and approved.

[@concernedpatriot9314]

Back in the 80,s recession I went to Houston Texas and bought some backhoe loaders because of the depressed price and shipped them back home to New England. At the time we weren’t in a recession here but in Houston on every corner there were pawnshops. I saw shopping centers closed with one billboard on top of the row of buildings saying money orders. All the other doors are closed except for that one. Yes it started in Texas ! So when I got how I started sell my rental property but it was too late. If only I had known a few short months earlier.

[@Ride-Fly]

LOL DWF and Texas becoming Comifornia your taxes are going to sky rocket even after prices fall

[@oscarorta9152]

Yup thats why we have to vote and keep texas red

[@sergiohinostroza2320]

Hi Chastin, I’m a new Realtor in Southern California, Fed recently lowered the interest rate should help the RE market. The RE market in SoCal is also slowing down there’s more inventory now available but there is also so many people looking for affordable housing, let’s see what happens. I believe a price correction is needed , but don’t think a crash is on the horizon , the feds would not allow that to happen again?

[@ChastinJMiles]

Nah but it is kinda scary what they are allowing to happen right now. It's a pattern. Now stated income loans are getting approved again, people are taking out home loans just on bank statements, requirements for work history and W2's are getting more relaxed. New credit score system is starting soon....it's getting interesting.

[@damienhawkins1091]

I really enjoy watching your videos, sir!!! I’m about to graduate college and I was thinking about obtaining my license. I was wondering if I could ask you some questions regarding the real estate market in Dallas?

[@ChastinJMiles]

Sure thing! Whats up?

[@damienhawkins1091]

What is the best way to get into the real estate market in Dallas? Also, would it be worth obtaining an internship in real estate or should I just focus on getting my license. My main goal is to work for a firm in Dallas. However, I’m quite nervous because I am not familiar with the Dallas area at all. Thank you so much for your time, sir!

[@ChastinJMiles]

The best way to get in is going to be to get your real estate license. Even if you intern for someone, you'll be extremely limited because you're not licensed. There are many firms here that will hire new agents so there's no need to be worried about that. You'll learn the area in time. The biggest step you need to take is getting that license.

[@damienhawkins1091]

How did you study for the exam? Is it worth investing in some sort of prep course?

[@EdTowel-ww7yh]

ALL of Texas is overpriced by 20 to 40%. Dallas and Austin are definitely on the high end. Dallas should drop by 30% to be at a more healthy place.

[@JJJ_JJ1]

Patsy Stone Exactly. Austin’s a different animal. Folks are buying $400-600k homes on the East Side because their income can easily support costs - recession or not. In contrast, longtime residents are being forced out because they can’t afford the property taxes.

[@EdTowel-ww7yh]

@Patsy Stone very short sighted. The reason why Austin is growing is because the real Silicon Valley is overpriced despite the high incomes. That will eventually happen to Austin.

[@letsbefreeletsbefree7183]

better move to a collorado farm!

[@tinasmith8241]

Thanks for being honest, Sir!

[@ChastinJMiles]

Of course!

[@HermannC23]

This isn't a crash. This is an adjustment. An adjustment to the rise in interest rates, higher cost of materials (trade war tarrifs), and raising home prices. We are probably at the peak of it's worst or perhaps nearing the peak really soon. Every year end builders offer crazy reductions (albeit not quite like this one) but it's not that uncommon. People worry too much about a crash. Most of those people don't have any idea what caused the 2008 crash which was absolutely nothing like the cause of our current price correction. What happened in 2008 will not happen again at least in our lifetimes if ever.

[@ChastinJMiles]

People don't pay attention to "adjustments". Unless the outcome seems catastrophic, nobody listens until it's too late.

[@HermannC23]

@@ChastinJMiles For the sake of argument, what has you convinced this is a "crash" as opposed to a down trend/correction/adjustment/inflation?

[@ChastinJMiles]

Reading the WSJ and the Times

[@nickmattio3397]

ANY business sitting on excess inventory will suffer, especially at those price points and their 10%+ loan costs

[@GC-hw9ju]

Watch lumber stocks. When those start to go down sharply the housing market will suffer.

[@ChastinJMiles]

Oh yeah definitely along with a few others.

[@LTheBrandStrategist]

You are spot on.

[@austinlopeztherealtor]

The market here in the upstate Buffalo/Niagara Falls area is still strong and very hot. Most buyers here are buying with cash rather than using a mortgage. Majority of my deals this month have been cash. Mortgage buyers are still having a tough time getting anything decent over cash buyers. Also a lot of out of town investors have been picking up most of the inventory leaving the modern mortgage buyer out to dry. If the market crashes I think everyone here will be fine due to so many mortgage buyers still out there desperately looking.

[@ChastinJMiles]

Awesome! You've got it made. Love it while it lasts.

[@austinlopeztherealtor]

Chastin J. Miles A lot of cash buyers here are taking out regular loans here rather than taking out a mortgage loan.

[@rubenmorales5830]

I also think we are going into the greatest depression the world has yet to see. What do y’all think??????

[@ChastinJMiles]

I think that's a bit dramatic. I don't think it will go that far.

[@rubenmorales5830]

History repeats itself

[@saccityprince]

Im feeling the same way, im waiting for the crash to buy some property in north dallas.

[@chungching9253]

Same thing is happening in Phoenix AZ.. lot of inventories in market and new builds are not affordable..for median salary people...builders are getting tough time to sell..some builders are slowing down in construction.

[@ChastinJMiles]

I can feel you. So how are you keeping up?

[@johnnymendez7853]

We just got Amazon here in Arlington, VA so our market is likely gonna explode. 25,000 new jobs are coming from Amazon alone with an average salary of $150,000. Houses are already crazy expensive here!!.

[@ChastinJMiles]

Sounds like you all could go through the same thing with a big company moving there like that. Do you think that will happen?

[@keptyeti]

In markets where inventory never really got ahead of demand I imagine we will see a continued slowing and hopefully a normalization of prices. We still have more demand than supply in the mountains mainly because of the geography. I would like to see more people able to afford to move here rather than losing prospects because they just can't afford it.

[@ChastinJMiles]

How much activity do you tend to see in your market right about now? Is there an influx of buyers from other places or just community people moving around?

[@Guycodeacademypage]

Hello. Do you know if the Killeen area is doing the same?

[@ChastinJMiles]

That I'm not sure of. I would maybe check with an agent out of the Austin or Waco markets.

[@monkeyloven]

I'm in the California Bay area, we want to buy when on the way down. I wonder how fast it will be?

[@ChastinJMiles]

There's no telling, like I always tell people...you really don't know until it gets here.

[@DoorTrash]

Good, can’t wait for the crash. Getting sick of tire kickers wasting my google ads budget and then asking ridiculous amounts for their crappy houses that need thousands in repairs and using the excuse “the market is good”. The false optimism needs to end.

[@ChastinJMiles]

Lol.

[@carabuchanan7384]

1000000% agree

[@SICKFREDO]

You guys have broken the system by continuing to hike prices year by year, most of these companies hike the price regardless if their mortgage went up.. they do it to stay competitive with the next door property, and in the process you guys are creating these conditions. I wish Texas had regulations to protect renters from these predatory companies! Where I live they raised rent by 8.5% this year with zero improvements just because they want to compete with the brand new complex that was built next door.

[@johnlaubenstein758]

thoughts on home builders holding up past weeks and past days while equities and indexes being obliterated. TOL news was crap along with your comments for Texas. Investors will not see a housing run maybe until 2020 or later so very early to bid em now. Any thoughts here?

[@ChastinJMiles]

The biggest struggles investors are about to have is not being to purchase properties at the discounts they normally do to get the margins they want.

[@IHWKR]

Stocks haven't been doing strong either. Usually with ( brief knowledge) the housing and stock markets tend to flow with each other.

[@MrNavyeho]

You may have done a video on this already but how is the Dallas market for AirBNB rentals. I see a lot of high rise apartments on AirBnB for downtown Dallas. Are those homes renting? Is the AirBnB market good in Dallas?

[@ChastinJMiles]

I actually have no done a video about this yet. But I should. Because that market is/was really thriving this year and last year.

[@randyscott3386]

Great video !

[@ChastinJMiles]

Thank you!

[@dominiquepwithdppropertyp3785]

Hey! What do you mean by "ppl taking our jobs?"

[@ChastinJMiles]

Stay tuned for the next video. It's going to be all over that topic.

[@bryanyang2097]

Dominique P with DP Property P I was going to ask the same thing cause I’m getting my license soon haha

[@keptyeti]

@@bryanyang2097 Maybe he means paying Zillow to give you leads that they get by using the MLS listing you pay to create and then reinforcing to the consumer that Zillow is where you go to find an agent thus making it more necessary to buy leads which Zillow is then empowered to charge more for even though all of their content is paid for by the people they're charging for the leads... Is this getting confusing yet?

[@ChastinJMiles]

You're pretty close there. Those are some definitely points I'll be making in the video for sure.

[@desertguy1362]

@@keptyeti Really smart business to move traffic from people who created your traffic. That is like creating edible toilet paper have them coming and going.

[@CalebBlock]

the dip is happening here in Denver as well

[@ChastinJMiles]

Yes, I heard of it.

[@downundertruckerusa4733]

I love you honesty

[@ChastinJMiles]

Thank you!

[@ChastinJMiles]

Thanks for watching!

[@denmarkfidelio2962]

Great Job on getting the word out!!!

[@ChastinJMiles]

Thanks for watching. What was your biggest takeaway?

[@denmarkfidelio2962]

My buddy whose a Realtor in Dallas told me about the weakening market in Dallas. I’m from Dallas but live in Louisiana. He and I had a conversation on Bourbon as I’m looking for some estate investments and wanted to get his input.

[@sfrealestatedealmaker6001]

SF Bay Area is also slowing down. We usually don’t have a ton of inventory on the market in fall and winter.. Our market has a ton of homes now, looks like people know what’s about to happen 👉🏼 and are trying to exit and cash out even during the winter... It feels just like 2008, right before the big c r a s h ...

[@bitcoindaddy1]

Time to tokenize real estate and bring real stability to this market

[@RickyCarruth]

First

[@DoorTrash]

Fuck ofd

[@UltimateBargains]

Slow sales, increasing inventory, and rising interest rates. Woot! Time to make some real money! I can offer your price, when you can accept my terms. I can offer your terms, when you can accept my price.

[@drebach4251]

Do your info work for ppl who live in nc?

[@ChastinJMiles]

What information specifically?

[@KillaCaff1]

Having an insane amount of inventory is vastly different from having an insane amount of sub-prime lending and bad mortgage rates/ lending amounts/ predatory lending etc. I don't think it's crashing but I'm sure KZbin comments will prove me wrong.

[@ChastinJMiles]

What do you think about the new loan approvals that are starting to roll out? And the new credit scoring? Seems like we are headed in a circle.

[@KillaCaff1]

@@ChastinJMiles of course, it's not going to get better, you can't have privately owned banks controlling the monetary policies of any country without serious market problems. It starts with the fed, it must end

[@nickoftime3715]

History always repeats. The four most costly words are This Time Is Different.

[@amuncharles7516]

THIS TIME IT WILL LAST FOR 6 YEARS....

[@vividhaiku]

10 months later, no recession.

[@ericcalabrese8716]

It sucks because I have the cash now and want to buy but I’m curious what the next 6 months will bring, it’s going to get to a point where I’ll have too much money saved and I’ll just have to buy something that profits.

[@ChastinJMiles]

Well that doesnt sound like the worst problem in the world. I'd give it a couple months. That way, you'll possibly be able to buy lower.

[@ericcalabrese8716]

That’s the plan, I was looking to buy in may and I started noticing things felt a little off, the market I was looking in has gone down starting around mid June. I’ll deff sit back and see how this goes

[@ericcalabrese8716]

That’s the plan, I was looking to buy in may and I started noticing things felt a little off, the market I was looking in has gone down starting around mid June. I’ll deff sit back and see how this goes

[@ericcalabrese8716]

That’s the plan, I was looking to buy in may and I started noticing things felt a little off, the market I was looking in has gone down starting around mid June. I’ll deff sit back and see how this goes

[@NamelessVoice808]

It’s already turned into a buyers market here on the westside of Oahu, Hawaii.

[@ChastinJMiles]

I've heard of that as well. Thanks for sharing.

[@luisvilla799]

I like it you dont because your a third party, im not that bright but one thing I remember from business school is never deal with a third party, especially in Houston crack houses going for 100k really when appraisal district values it at 20k to 30k

[@jonathanshin7158]

Lets see whose actually listening

[@keshashaw7282]

I agree and i feel its happening in ATLANTA TOO!!

[@ChastinJMiles]

The same thing or are you seeing other trends?

[@notused2118]

Define the phrase real estate crash...bet you can't without changing the title of the video.

[@ChastinJMiles]

Huh?

[@Melbnolan]

Wait until the end of Q1 2019.....you haven’t seen anything yet....blood in the streets. If you didn’t sell Spring 2018 you missed the boat.

[@Freeyourdollar]

I did just that. Sold my home in Seattle for 100% gain after buying it in 2010 and moved to Midwest. Cash is in high interest online account waiting two years to buy pennies on dollar again.

[@Countcho]

Freeyourdollar where’d you move to in the midwest?

[@Freeyourdollar]

@@Countcho Ohio Valley.

[@Rafardee1984]

National average housing supply almost at 7 months, everytime we go over 7 months economy goes into recession. Also look at Bond yields 10 and 30 year close to inversion = recession, time to buy metals and BTC.

[@BrockJamesStory]

Why btc?

[@robertreid2800]

Cheaper homes & cars

[@stayingsaneamidtheinsanity2499]

Too overpriced brother

[@starwoors5343]

Same thing in Denver....

[@oldyoung1]

Alot of ppl are hoping prices fall because a lot of young ppl can't afford houses.

[@xdxdxdxd4575]

...and... a real estate advert in the bigining.. 😂😂😂 Anyway, thanks for the video! 🙆😊😉

[@ChastinJMiles]

Was it someone else's advert?

[@xdxdxdxd4575]

@@ChastinJMiles yep, a hungarian real estate companies ad, not another youtuber.

[@ezmoney6341]

Housing is about to get rekt. Dump It !!!

[@1980swartz]

Micro housing small and compact housing should be constructed and low cost prefab housing in urban low income areas would have demands for new type of affordable housing. yes small compact 200 and 500 square foot house or micro condos of 200 to 500 square foot price around $20,000.00 to $50,000.00 to buy as micro home ownership. low cost low maintenance durable housing put in some city urban replacing old blighted old distressed disrepaired houses and buildings in inner city urban low income areas that have many matters too resolve already and combat poverty and homelessness solutions of lack micro cost affordable housing as low as $12,000.00 dollars per housing unit cost that a part time minimum wage earner can easily afford as first time home buyers.

[@Thhhgg838]

Laughable, so much panic prices are correcting.. Look back at this video in may 19

[@ChastinJMiles]

That's what I said in my last video about this.

[@cabragoon4746]

👍🏻..Great info thanks. Im new to the real estate industry but still retain full employment in another industry.. So obviously my clients are friends and I’ve noticed thing are slowing, prices are high people have over invested in their homes. I felt obligided to say wait on buying and others not expect anywhere what they’re asking. Here from Massachusetts. Whats your plans when the pentulum swings? And any advice for the other full time realtors out there? I feel things will turn into 2008 again. Softer but the same.

[@BrockJamesStory]

Softer? How? We have more debt then we did back then

[@cabragoon4746]

Brock Story well softer as in I pray the “banks” see things come earlier and tighten and or reallocate the funds to avoid plummeting investments. But yes we are deeper in the hole than before. We’ve learned nothing. But hopefully some remember. The poorest will suffer the heaviest burden.

[@BrockJamesStory]

@@cabragoon4746 what the banks will do is get bailed out so there not that worried lol.

[@cabragoon4746]

Im afraid youre right.

[@briansaling2924]

Another crash is coming! It will be worse than 2008 look at the market and plant closers/lay offs! Buyer beware! You will be up side down soon! You will owe more than worth...

[@ChastinJMiles]

Thanks for watching!

[@Dom_dtx]

So would it be a good idea to still pursue a career in real estate? (Im not licensed as of now)

[@ChastinJMiles]

Depends on your reason for doing it. You can definitely be successful but it's going to requre some hard work.

[@Dom_dtx]

@@ChastinJMiles work i am willing to do... Thank you so much for your transparency. May God continue to bless and keep you