REDFIN CEO: We Were WRONG About The Housing Market

REDFIN CEO: We Were WRONG About The Housing Market
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Are we in a housing bubble? Will real-estate crash? Is there a housing crisis? How do credit reports work? What are the new Tax laws? Listen to the data and please share your own stores and opinions. It is more important now more than ever with so many changes and challenges. We plan on bringing more and more videos on real estate and how to educate and empower yourself. Please like and subscribe but most importantly empower yourself with education!
Data Source:
#1 www.bloomberg.com/news/videos...
#housingmarketcrash #realestate #housingmarket
Travis Spencer
Loan Originator #1044093
Amcap Home Loans
Equal Housing Lender
9999 Bellaire Blvd. Suite 700
Houston, TX 77036
Travis Spencer
TREC Provider #10299
Travis Spencer
TREC Sales Person Realtor #727233
Executive Texas Realty
417 Gentry Street Suite D
Spring, TX 77373
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[@MichaelBrown-ny3et]

Using Redfin and Zillow as a credible source of information is questionable. They’ve always been biased and misleading.

[@nsaechao84ns]

Putting out unrealistic estimates on homes through their websites. Put it at its highest prices and see who will bite. Really high estimates then putting in price reduction like its a good deal or a big cut. Then they will put other homes around the area for similar price.

[@alexhein1738]

It would be nice if Zillow added closing Costs. Customers have been asking for Zillow for years but I think Zillow think it’s not a necessary feature

[@user-uz8he3oe1k]

Warren Buffet once said: Only two economists in this world are correct about the market. Unfortunately, their opinions are completely opposite.

[@dromney79]

Seriously, the fact that you stated how you got rocked in the "Great Recession" gave you instant credibility in my opinion. Thanks for the great advice and breakdown of what is destined to be a rough few years ahead!

[@gatosoul]

Hi, Thank you for sharing, In Atlanta is Crazy how the prices are going down so fast.

[@barryballinger6023]

I can tell you why I’m hyper-sensitive to the rate hike. I’m looking at houses that sold for 250,000 last year with a 2.5% rate listed for 400,000 with a 5.5% rate. No thanks. I’ll let this market crash.

[@farhandahir3566]

I agree with you. They think they are smart..

[@gentlehealer416]

I keep telling people to wait to buy but they don’t listen😵‍💫

[@edgar.n]

When do you think is a better time to buy?

[@krystlemccall]

Following

[@laura-zu4yz]

That CEO is gaslighting people and duh, people are super sensitive to rates...that's what happens when house prices double and triple in 18 months.

[@Okiehomesteader]

Redding's CEO sounds like a Democrats talking head nothing to see here just normal market moves as in the real scope moves toward a massive crash

[@Thatdudefresh]

You mean he sounds like a politicians talking head. Republicans AND dems are COMPLETELY CLUELESS about EVERYTHING!

[@c.m.2747]

Did you really have to talk about politics? You ppl never give it a rest, do you ?

[@AnonYmous-vm5ls]

@@c.m.2747 you voted for biden!!!!

[@localsonly-ju6fc]

Trust the plan

[@c.m.2747]

@@AnonYmous-vm5ls I didnt vote for anyone, but y'all are mega obsessed with this crap to the point of comparison even when it doesnt make sense, and this happens in all social groups. Lick your wounds and move on.

[@jenniferh5667]

I think you are correct about the investors. There are homes in my area that were bought up by companies to use as rentals. The price for rent is so high, the houses are just sitting there.

[@mychannel-yy8kl]

Thank you for your very useful information.

[@bichonfrise6117]

They are liars! They know what's going on, and they did it.

[@medic1937]

💯 All the nonsense you hear is BS. This is all planned.

[@msbethmildhyperbaricoxygen6392]

I’m seeing $60-70k price cuts in the Pulte homes where I live in a 55+ community. They are trying to beat the I-buyers to the bottom who are now pricing the houses below what they paid. I hope they take a bath for running up the prices.

[@mollysreadings4845]

City?

[@Cautela]

Is there a way, that you know of, to get into a 55+ community if you aren't 55 yet?

[@user-yc6fk6vm9n]

@@Cautela You can just *identify* as 55+

[@Cautela]

@@user-yc6fk6vm9n Damn you're right! 😂

[@masca5]

@@Cautela Just say that you live as a 55 + person.

[@meaganbarbee4474]

Travis, you hit the nail on the head with your summary. Why would they be so wrong about predictions? Because they want to squeeze every last penny until they can't any longer. They're not dumb, just willing to lie.

[@sriharshamarripudi982]

Great content again!

[@davidminkin8861]

Great video thanks

[@FTGxSoJuFoRcEs]

Keep us informed!! You're doing all the right research and I enjoy hearing your take on the housing market💯🔥🙏

[@noledoubt3264]

You rock dude. Keep it up. That posting schedule you have is beast mode.

[@smrsocmoneyracing2552]

It makes sense that inventory growth would be driven by investors dumping homes to save their profits. After all, they have no emotional attachment to the homes they own. The institutional investors may even use algorithms to get rid of their inventory debt.

[@rkghawgs]

"Marry your house and date the interest rate"... Horrible strategy. Why is everyone assuming that we are going to go back to the historically low interest rates? People speaking as if that's a foregone conclusion are HILARIOUS. "Find a house you love, and make sure you can 100% afford that house under the current circumstances with a fixed rate, in case interest rates keep rising." THAT is how people need to be approaching home ownership.

[@FavourButhelezi]

👆👆

[@wsc3885]

But the potential opportunity to save hundreds of thousands of dollars (certainly in luxury homes) in a housing crash in the future I think is far too tempting to buy right now, even if you found that dream house and dream girl. Yes, Gal Godot, you're gonna have to wait a bit. 😀

[@keenanhomemovies6517]

Agreed. Marry your house and date the interest rate is something a poor person would do.

[@mazzakumi]

@WSC the guy is clueless and probably a realtor.

[@TomTheMaleMan]

"Economists" are to herd the masses, not to be correct in their predictions.

[@sarahs2222]

You hit the nail on the head that this will be an investor crisis forthcoming! I can see that happening!

[@thomasaquinas399]

His comment of frustration that consumers overreact to increases in mortgage rates came across as so hollow and unempathetic. Every time someone says that you know they are sitting pretty on a 3% or less mortgage rate if they have one at all.

[@joshjuarez5047]

Love the advice

[@andrewtaylor6737]

Another great update, wished we had someone like you here in the UK !

[@levonlargusa1273]

As a publicly traded company they are beholden to the shareholders by law, which means the number one priority is for the company to make as much money as possible to make the stock go up. Unfortunately, that means they'll tell us whatever they need to as long as it advances their company agenda. You nailed it again Travis! However, because of people like you and Scott Walters, we are able to get an honest take on the market and can take real data and info and make educated decisions. I appreciate you bro. Thank you, God bless you, and keep crushin' it!

[@zakbrinkhoff324]

prices need to come down 50%

[@SR-gu4tu]

Appreciate your raw honesty. Keep it up

[@dsdddsd4543we]

For the past year, we've heard about "low inventory." The question is, how can there be so many price cuts and low inventory? If a product is in such high demand, do stores cut the price of the product? I feel like we're in a new era in the housing market, and the values we're seeing cannot be supported anymore.

[@shanes1221]

Still low inventory, but demand has dropped by half. Therefore price cuts

[@jacob9540]

Pretty simple: demand is falling despite supply still being low. Scarcity drives demand, but not always

[@surreal_seb]

there hasn't been 'price cuts' at least only recently. they've been pushing 'low inventory' because there has been slow construction on new props. the fed raised interest rates, which affected mortgage rates.. now less demand, therefore sellers start to cut prices.

[@LouisJanYoung]

Great video! New subscriber

[@brandons772]

Redfin bought the house next to me for 715, put several thousand into painting it and fixing it up. Listed it for 750k and already cut the price to 699k. No offers yet, they are going to get crushed.

[@realestatemindset]

Bingo!!!!!! It's fixing to get good

[@thathsath]

My take on the reduction of mortgage rates is that it's interim and perhaps an outcome of fine-tuning exercises to prevent a hard crash landing or trial and error exercise to learn the market. "If fed makes a move ?". Does he really think Fed has a choice here and how else they would curb the inflation? Oh BTW the highly marketed 4.99% for 30-year fixed is with points (Always look at the fine print)

[@R2MGolf]

Great one Travis. Exactly. Isn't it ironic they're about all wrong. As if none of us knew it, or know history. Total clown show. Thanks brother 🙏

[@kennynickell9883]

I noticed in another realtor/CPA vid where mortgage rates were coming down but the banks were charging the seller 0.8 points.. that 0.8 might be 0.08 but the point is the banks are charging lower rates but making up with that side charge..Walter is the CPAs name..

[@analuizanb]

He gives off that vibe that is all too common nowadays, the "nothing's my fault and I'm not owning up to anything" vibe. I'm used to seeing this attitude in millennials and gen-z (sorry) but it's always surprising to get that from someone who could be their uncle. That's the culture in corporations nowadays tho.

[@mohsenhussien3201]

I like your briefs. These guys do whatever it takes for the sake of their business. No way they would come up and say in public something that may harm their business

[@MikkisoXTRA]

Interviewer: Are we in a recession? Interviewee: No. I think we are in a jam. 🤣

[@sirwm3107]

It’s the “Love” of money that’s the root of all evil (Greed)…money itself is a moot issue…as someone once said: “You need to earn it”…enjoy.

[@SilverFan21k]

You are watching Financial Collapse in real time.

[@FavourButhelezi]

👆👆

[@jubilee4jC]

You speak truth ! Much respect to you.

[@stevenking7574]

redfin ceo words are meaningless when you lay off 8% workforce ,,, actions speak louder then words

[@FavourButhelezi]

👆👆

[@HRCISASKNK]

The Dow was 18,000 in 2016. It’s 32,000+ now. I’d say it’s recovered nicely in 6 years. I’m still waiting on the 15% price drop in housing.

[@breakmywalletmotorsport]

The Redfin CEO didn’t do anything to inspire confidence in his business.

[@luistong1800]

Please provide the date of video or any data in the future

[@paulgugger8987]

Wait until the major layoffs come and people can't make their house payments

[@Mdickmann24]

Dude… the hair looks good 😎

[@Orion801airsoft]

2 in one day. Travis is on 🔥

[@barryballinger6023]

The best thing that could possibly happen for housing is ibuyers and flippers getting hosed and liquidating on a massive scale. That would, hopefully, keep it from happening again.

[@farhandahir3566]

But active listing in my area was 2800 and now down to 2750. Alot of ppl are now going in. I really don't think this will come down. I lost hope

[@robertroberts2795]

prices in atlanta rose up some the last few weeks.

[@jeffreydeuitch2146]

Equities investors have a different mindset. Much of it performed by algorithms. Anticipate a proportional sell off once the algos see a change.

[@Wharbuckz7]

The race to the bottom started November 2021 when these ibuyers started canceling their programs.

[@oppenheim2]

The #1 risk with housing is unemployment. As long as jobs are plentiful, I don’t see a major problem, as long as one remembers its location, location, location with housing. Prices do fluctuate and all housing is local. Many don’t understand that the greatest wealth transfer in history is going on and much of that is helping new buyers with the costs.

[@wsc3885]

I'll admit I don't understand. Is the wealth transfer going from rich to poor or vice versa? I'm somewhere in the middle, closer to poor, and I felt I was on the decline until I sold my home recently, with my equity pushing me over the million dollar finish line. So does that qualify as a wealth transfer to the poor? I must say that I still feel poor, angry at inflation and the general malaise infecting everyday living. Yet I still feel the rich will always get richer. Sure, they'll lose money on stocks and otherwise, but where are those losses from their assets on paper going? Not to this poor guy, I think. If I remember correctly, we took it in the ass and bailed 'em out the last time things got so effed up. Life finds a way? Hah! The RICH find a way So let me know. Thanks.

[@oppenheim2]

@@wsc3885 Since the 70’s, the well off have been growing, now about 20% of the US. So, depends on your age or how generous you are.

[@keenanhomemovies6517]

This is exactly what people in the RE industry were saying in 2007. We all know what happened next.

[@wsc3885]

@@oppenheim2 So is this wealth transfer going to the the rich or poor (which includes the middle class)?

[@oppenheim2]

@@wsc3885 Since about 1970, the middle class became smaller, with more who moved up than down.

[@2000Lamar]

I can’t wait until these buying opportunities come! 😎 I want to buy in the DFW are. I have been watching Houston and I am definitely seeing good deals already even though it’s early

[@FavourButhelezi]

👆👆

[@fitforfreelance]

Everyone's clueless because we're in unprecedented territory! The best you can do is try to interpret some combination of data and have an educated guess

[@gardenparty3288]

Redfin, is in self-preservation mode. As are many others.

[@veronicadicerni2479]

I agree with your initial F. He was completely delusional with essences of corruption. Just wants to keep up the money making hype/business

[@vdudexyz]

I don't see big investors dumping property. IF the economy continues to slow, people will lose their jobs and be pushed out of the market, locking them in as renters. If the economy recovers, creating more buyers & increasing demand, investors can unload properties they are unable to rent at a profit. Seems win-win from their perspective...as long as they don't buy properties at unrealistically high prices.

[@normanjohnson2548]

LOVE of money is the root of all evil, not money itself…

[@realestatemindset]

👏👏👏

[@pcofranc]

Good points but cut the time in half. Simple points - emergency low rates since 2008 reflated the bubble. Then 2020-2021 trillions in stimulus jacked up median home prices 50%? That's unsustainable. What's happened to most stocks is they have returned to roughly 2019 levels. That's what needs to happen with housing. Medium home prices need to match medium incomes which have been stagnant for decades.

[@deadcell1]

I have to correct you on one thing, it's the love of money that is the root of all evil.

[@perfectbalance1603]

Coming from the bay area where more apartments are going up and rent range is $1500 - 2500 for a studio apartment. I see more empty units in these investment properties and I can't wait to capitalize off this. Oh this is a pass or fail no grades needed. Write now if you are poor this is the time to educated yourself and capitalize off it.

[@gemechubitima9621]

No one can predict the future. In one of his lectures professor Robert Merton said that physicists can predict the movement of electrons and asks what will happen if electrons have sense? As far as human beings have senses no one can predict their actions.

[@90210146]

Redfin is just like most realtors, they will downplay the direction the current National real estate market is heading. They don’t want to create panic in their industry, it would be counterproductive for them.

[@bigskimeisterful]

Outside Vegas prices dropping more listings nothing moving.

[@RyDawg084]

Totally inappropriate of that RedFin dude to tell people to “ Marry Your House” and possibly lose everything!

[@PROLKR]

I'm in SLC, and people are actually buying again. How are they buying this quick, when it was just a small jump??? Where's the logic in this??

[@Hz0hy]

When ever someone starts there sentence with I think he has clue. His advice was to make an aggressive offer while he is unloading his inventory.

[@samng3859]

Big price drops in San Jose! Two units of same size in the same community: April 2022 sold $1.41M 1041 Sundrop Ln, San Jose, CA 95133 July 2022 sold $1.12M 2018 Pepper Way, San Jose, CA 95133

[@Ryan_L]

Money isn’t the root of all evil. It’s the love of money is the root of all evil. That’s I why I really like money and earning it, but I try to not have any emotional attachment to it. And in the long list of things I love starting with God, my wife, and my kids, money does not make the cut.

[@23drcharles]

The tragic reality is that upper management is in the backroom counting hundred dollar bill. The workers are counting the loose change. The outrageous salaries of upper management create a delusion based on self-interest. They are insulated and realize its better to be king and not peasants.

[@Belboo123]

Dead cat bounce. Didn’t this happen last crash too.. slight uptick and then it tumbled like crazy

[@nonenone1534]

Great video Travis!! Redfin CEO always appears like someone is twisting his arm to speak the truth. He has a fiduciary responsibility to speak the truth and not manipulate the stock. Greater public is slowly discovering that real estate market isn’t a gambling parlor and are backing off regardless of rate.

[@chinaboss6683]

He says F fiduciary duty.

[@mauriceloga2696]

Another like for you Travis f9r your content on min7te 6:40!!!

[@joevarga5982]

Buyers have NOT come back to the market. If they had, I'd have had a single showing in the past 10 days.

[@chancenebeker4481]

the guys wrong the 2 week drop in mortgage didnt bring a bunch of buyers into the market

[@vwbustube]

The “housing value estimates” on Redfin are now more realistic than Zillow. Zillow’s’s “Zestimate” is completely bonkers!

[@FavourButhelezi]

👆👆

[@LtMadWolf]

Im just waiting till the payment is around 800 a month

[@cygnusa3772]

You cant trust CEOs. They need to paint a pretty picture to keep investors happy.

[@rodriguezandres54]

The rich like them nd the poor/normal people r never going be in the same team.they r not going tell us whats good for us.because if they lose money we making it(smart decisions).and if ther making it wher u think its coming from🤔

[@FedTFUp4Real]

The gaslighting is epic.

[@ken123432]

You asked so I'll answer on housing. It's really inflation and always has been. The housing market is looked at as homes in amount of $, as in price of homes. While it's not really that. People buy them with loans and pay payments. And average payments are what goes up all the whole-time during inflation. We just look at this wrong. The problem comes from looking at supply and demand incorrectly first. As we keep hearing that low supply is why housing is going up. That's wrong too. Supply and demand is really 3 components. 1st. Supply . 2nd. Demand ,, and 3rd. Movement of amount of money up or down. Change any one of them and all 3 change. Inflation (we are in) pushes up prices first, so here we have # 3 first. But that means amount people will pay each month. As people pay more for housing that translates from higher monthly payments. And if interest does not move up. The higher payments end up higher amount of $ for each unit. So now we have higher amount of $ per house. That now pushes demand fast coming in in 2nd place, leaving supply (in last place ) which can't keep up when inflation happens. As people see homes going up in terms of $. Demand is up right along with it. Everyone wants to buy a home that will be worth more $ then you paid. The prices keep going until prices going up reach a point of equilibrium to money supply ,, IE inflation. For which we still have more then 400% to go. But remember that really means people are paying more and more for their average monthly payments. Now comes higher interest , so while monthly payments are still going up (because we're nowhere near done with inflation) it's now going to pay the interest going up rather than increasing the $ amount of homes. Next and still coming is even higher monthly payments people will pay. It will reach enough to pay that extra interest and pass it again. Soon with the amount of inflation still coming , again will be a rise of home prices right along with it. If the Fed keeps the process up of ever-increasing interest rates , they'll keep it going to interest rather then $ amount of homes. Though in the 70s when this did happen last. Fed did not hold their resolve in holding down inflation. So, we expect that again. The people will cry out about the unemployment that higher interest will cause (and the reason it causes it is because building homes , or for that matter making anything people buy with loans now doesn't make a profit so layoffs come), and again Fed will have to pick between holding down inflation and people working. They'll go back and forth. Because neither is a cure for inflation. There's only one cure and that is stop producing more money supply and spending it. But they are not doing that. We have about 6 months to a year in my opinion before an explosion of home prices again. This time people know we are in inflation (even though we have been for 13 years ) we (all of us) now know it's here. Panic will set in and home prices will really shoot up. Fed has no good choices we're going to have inflation (like it or not) , but they can slow it by damaging our economy . By producing recession , but with inflation ,, and the 2 together are stagflation. Which really means things people buy with money from loans will cost more , thereby reducing demand. While people buying things without loans will just go up and keep going up until we reach the point of equilibrium to money supply . And we are still working through money produced when Obama was in office. Let alone the rest , which is still coming into economy. Though they can't keep that going too long. So, this ride is not over yet. This slowing up of home prices will not last too long , way too much money in our economy to keep prices down. Assets that don't use loans will be the best for right now. Like gold and silver. Still the ride of home $ amounts going up is nowhere near done. Just like we are never going to see $10,000 homes like we did in 1960 and for the same reason. Inflation. Right now, and for a very little time homes will be on sale. But don't be fooled into thinking they will go down a lot and stay that way.

[@chikibusan]

At least he is accepting a Mayor correction in hot markets

[@davidjewett112]

Just did a Zillow condo search ($250,000 and under) for just one of Las Vegas zip codes. There were 73 listings, 37 of those have a price reduction. Hold on to your pantyhose!!

[@willlywillly]

Interesting... you are thinking the investor dumping properties might be the black swan.

[@c.m.2747]

They already are, small and big, but not at a crazy rate, still slow for the big corporations bc they can bite the bullet, small time investors can't.

[@sidrahalvi1399]

Good advice from your mother! I give the ceo a D too. Clouded judgement.

[@FavourButhelezi]

👆👆

[@monkeybusinesspictures1971]

Ain’t no party like a bonkers coast party cuz a bonkers coast party don’t stoppppp!!

[@k.williamelliott7969]

date the rate, marry the property?!?!?! What an idiot! His company was a huge contributor to the reckoning coming....

[@cherifhajebrahim4740]

Buyers, wait, do not jump now on the market! let the prices drop more and more. be patient, do not rush to ^psu again the prices up.

[@Thatdudefresh]

Queue hall and oates!! "He's out of touch, he's out of time!"

[@Definitelyitsallgood]

🤣🤣🤣🤣

[@caseih-pz9vp]

Houses can not go up faster than incomes and not be a crash. I built my house in 2005 and today I could not afford to buy it at zero present. Where I live in less than a year we have went from bidding wars to over 300 house for sale and over half of them have price reductions. The economy is a mess restaurants are not even half full. People are just buying gas and groceries and trying to figure out how to afford back to school. This man is full of it when he says the economy is just fine.

[@carbonfibercrypto2919]

Translation: we lied and can't keep it up any longer.

[@tutttutt9558]

No sh$t, Einsteins. These stupid, greedy CEOs .. what a cluster.

[@fascinationmama]

just wait

[@marksgoogle4360]

Even the rate decrease will not help out housing.

[@davidjewett112]

Redfin CEO, shows his grill like a happy pants female model. Lol

[@Nymeria0]

Sellers are lowering their prices but they are still sky high. If you look at prices of the same houses before the pandemic high prices, however they are mostly still $200K over priced. We are interested in upgrading but not at the cost of stressing the whole family out financially. All the people who bought during the pandemic have over paid by over $500k - $800k. The Redfin CEO is insane to think that people are over cautious, why shouldn't they? It's not him who will go to debt and lose everything 😂

[@dwaneoconnor5978]

Dead Cat bounce!!!! Remember buy high sell low.

[@jasonm.8749]

Literally nothing is dropping in South Florida! Will my day ever come?

[@anthonyvarone5526]

Florida is still hot and will take a while before relief comes!! Prices have dropped in Florida but not much, $5-$10K

[@essentialjudge2279]

What's the point of an economy if it doesn't mean economic!

[@FavourButhelezi]

👆👆

[@gustavis85]

Have you noticed that the worst most speculative over valued crap stocks are the ones ripping higher? It’s a joke. Sell any rip if you are still in the market.

[@msbethmildhyperbaricoxygen6392]

1 Timothy 6:10 “The LOVE of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” Money is not evil it the LOVE of money that’s evil.