Redfin: “Pending Home Sales Post Biggest Increase Since 2021”

[@JasonWalter1]

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[@kimtruesdale712]

It's not about the rates. Homes prices are outrageous!

[@cyrusm3391]

And yet ppl are buying 😅

[@natalya7356]

Yeah before the 2008 crash ppl that couldn'tafford were buyingtoo. ​@cyrusm3391

[@iishyxvietxboyii1]

It’s actually both.

[@robertjones2282]

If people will let the fruit die on the vine things will turn around real quick.

[@House_hacker_619]

@@robertjones2282the problem is there’s not enough fruit to go around and more people are starving and needs to eat 😂. Not want but “NEEDS”.

[@srryan1]

Housing prices are ridiculous

[@Andredh2k]

I agree but at this point it is what it is.

[@MrRussianGerman]

@@Andredh2kain’t gonna change in any drastic way…so I agree with you.

[@scottrogers2831]

Prices to build are out of sight because of material cost. So “used” homes can’t be reasonable either. Not to mention land cost, well drilling, sewer, etc. I don’t see a way prices could moderate by much.

[@ReeLSpirit]

@@scottrogers2831what do you think will happen when they start to rebuild Florida and other states that got hit by the hurricane?

[@scottrogers2831]

@@ReeLSpirit housing will continue to be out of reach for many. If asked, I would recommend not delaying a home purchase if a home is needed. I don’t see a way the prices will go down. 6.12% is a good deal on using someone else’s money for 30 years.

[@ObserverDriftMusic]

Not surprised, at least in my area. There’s been more quality homes coming on the market and not just quick flips with grey floors

[@natalya7356]

True. I noticed houses are selling that were not on the market since they were built 30-40 years ago. I wonder why those are selling ... obviously paid off at this point

[@robertjones2282]

The quick flips with 5k in gray floors cheap low grade home depot cabinets and fixtures slapped paint and jack the price 150k. The uneducated buyers jump all over them and pay the price in many ways.

[@mattanderson6672]

Awesome analysis Thank you Sir Brilliant discussion Appreciate you always Jason

[@bryangrant9282]

Where are the sales increasing? Just in cheap areas? What does Case-Schiller say? How about Reventure market data? You make a good point on lagging vs leading data, but how do we even trust the data anymore? How does this compare to your sub 4M pendings estimate for 2024?

[@JasonWalter1]

Thank you for your questions. My 3.9M forecast is based on NAR data not Redfin. I would have much more confidence in data from a publicly traded company than a person’s app they made.

[@bryangrant9282]

And how many of these pending deals are "all cash" vs mortgage deals?

[@bryangrant9282]

​@@JasonWalter1It doesn't matter what app or spreadsheet is being used because math is the same regardless of the data source. I'm questioning the data. Why and how could there be an increase when the spread between new listings and closed deals keeps getting wider? Reporting on "pending" deals is a waste of time because only closed deals matter.

[@cyrusm3391]

Lmao this guy said "Reventure market data" I'm 💀 😂

[@cyrusm3391]

​@@JasonWalter1 Exactly!!

[@beancounter5823]

Just a suggestion: Generalized data doesn't feel very relevant. Maybe if it was broken down into the geographical areas of South, East, West, Mid-West? This way the data would be more relevant to many many more people. Thanks!

[@JasonWalter1]

Thank you for the suggestion. REDFIN only provides metric or national trends.

[@jimmierand5559]

​@@JasonWalter1I've used Redfin to break it down to metro and county level. I haven't seen regional though.

[@gregh7457]

@@JasonWalter1 what is the sacramento mls showing?

[@SergeLynx89]

Pending is one thing. Getting approved for said loan to buy is another.

[@currentnews291]

Someone help me with this. If the FED cuts the prime but rates go back up, who benefits? Any one word answers or is it not that easy?

[@bryangrant9282]

Treasuries went up. That drives mortgage rates.

[@beancounter5823]

The bond market does. Mortgage rates are not set by the Fed funds rate. Fed funds rate ONLY 'directly' affects the rate which banks lend to each other. Mortgage rates are 'indirectly' affected/set by the bond market. Sometimes when the Fed lowers rates, the bond market will agree and thus trade lower. Hope this helps.

[@JasonWalter1]

Fed cutting rates benefits those who have short term debt such as credit cards or a HELOC.

[@salomonquijada7144]

The Fed did not cut Prime rate. They cut Fed Funds rate which is the rate banks charge other to meet overnight reserve requirements. Rates are going higher, not lower.

[@MaddieBr]

The Fed rates are for very short (one day) loans between banks. Not mortgages.

[@themarkandmelteam]

Great video of facts, even with Redfin mistakes you note lol 👍

[@JasonWalter1]

It happens more often than it should lol

[@yosanneohye4142]

Will the real estate market in Miami, Florida be affected due to the back to back hurricane

[@salomonquijada7144]

It is amazing how many real estate professionals do not understand basic economic principles. No one who does expected rates to decrease substantially, as we are still in an inflationary period. The Fed control ls overnight rates banks lend to each other, not mortgage rates. As the economy deteriorates. expect higher credit risk, in addition to inflation putting upward pressure on rates.

[@zhenshan456]

capital move to the places they are treat the best. East coast was stable during pandemic but starting to be affordable compare to the doubled south. saw much more, quicker and more than ask price transaction also recently seems all old and stabbed house are renovated around my street.

[@halledwardb]

Lets see how these same buyers feel next year. Did they catch a falling knife?

[@HappyandBlessed-wj7gc]

Prices are going up, so no.

[@halledwardb]

@HappyandBlessed-wj7gc yep, that's what everyone said about the last two years and a HUGE percentage have buyers remorse. Sorry wrong.

[@HappyandBlessed-wj7gc]

@halledwardb And yet millions of people are still buying housed. I strongly suggest you stop getting all your real estate insights from people on KZbin who rent.

[@Kurplode]

⁠​⁠​⁠@@HappyandBlessed-wj7gc “and yet millions of people are still buying homes”. You do realize the sales volumes have been at a really low number for quite a while? Your comment has nothing to do with the amount of buyer’s remorse there is. That’s the topic of the original comment. For the average person, if not done even more carefully now, there’s a high chance a house purchase could end up turning into buyer’s remorse.

[@HappyandBlessed-wj7gc]

@Kurplode You do realize that the number of listings are also down a commensurate amount , right ? And no, I don't believe you own any real estate that you live in, Travis.

[@Anil-bg5se]

No video in 3 days means pending home sales in Sacramento is skyrocketing 😅

[@JasonWalter1]

haha! I have 3 closings in the next 2 weeks so been very busy!

[@professorprofessorson8795]

Ominous signs…..

[@PelicanIslandLabs]

This is all lagging data and will reset back down due to the higher mortgage interest rates.

[@seminol982]

There is always a lag.

[@HappyandBlessed-wj7gc]

"Lag" for what?

[@grownupgaming]

15:48 well thats just going to get worse.

[@javsanch7682]

Yea interest went up People stop ,

[@Ttow49]

Ive been watching a house thats been pending for 2 months lol

[@HappyandBlessed-wj7gc]

Why are you doing that ? And why is that funny?

[@Ttow49]

@@HappyandBlessed-wj7gc if a house is pending for 2 months typically means the buyer can't afford it and really shouldn't even be buying it usually

[@Ttow49]

@HappyandBlessed-wj7gc it's really not funny, it's a disaster waiting to happen

[@Ttow49]

@HappyandBlessed-wj7gc it's really not funny, it's a disaster waiting to happen

[@HappyandBlessed-wj7gc]

@@Ttow49 It could mean a lot of things. You're assuming.

[@LockedUpLarry]

Used House Dealers: buy now before the rate cut drop brings all the sideline demand Bond Market: Hold my beer Smart Buyers: “following” 😅

[@HappyandBlessed-wj7gc]

Is another name for "smart buyers", Renters?

[@LockedUpLarry]

@@HappyandBlessed-wj7gc back on this account I see. Welcome back.

[@LockedUpLarry]

@@HappyandBlessed-wj7gc sure. Renters, investors and flippers. Of the non-fomo type. Sorry you have to focus on that last bullet point to get your daily renter comment in. You’re welcome for that. 😂

[@HappyandBlessed-wj7gc]

@LockedUpLarry Pro tip - people who can actually afford to buy don't need to "time the market". Those people often know that you can't do that.

[@LockedUpLarry]

@@HappyandBlessed-wj7gc lemme ask your mom. Nope she said “renters” will not apply here. And to get off her internet from her basement and get a job. 😂

[@Steverz32]

TGIF Jason! Let’s enjoy the cool weather 😊 #REALESTATEISLOCAL

[@JasonWalter1]

Enjoy! 😎

[@josephguastella8037]

😂🤣😂 redfin 😂🤣😂

[@Steverz32]

1😊

[@JasonWalter1]

Good morning Steve!

[@sh2668-k2p]

Love your channel and that you keep political stuff out of it🫶

[@JasonWalter1]

Thank you for your support!