The BROKEN Housing Market Can't Be Fixed

[@Funkopotomis]

I'm almost shocked this is a real estate channel that isn't trying to scam me. Truly grateful for the info as I start the hunt

[@JackieBaker]

You are welcome!

[@edmund2j]

Property taxes and home insurance are making the housing market to tank. Even if the seller reduce the price, property tax is still high.

[@bartsullivan4866]

way to high but they keep asking for so much even for base starter homes.

[@andrewbruce949]

@bartsullivan4866 they don't make starter homes anymore. They make HOA developments. They are completely unaffordable. They fed failed us by not taking the interest rates to 10 back before the massive price inflation. 2020-2021. That would have force the prices to stay low.

[@TravelTechie415]

@@andrewbruce949 with HOAs and prices still so high, why even bother buying? it's like paying rent + unnecessarily going into deep debt .. people have been brainwashed to automatically think buying is better .. but the CHEAPEST option it's what's better, we're not immortal

[@southernyankee2300]

I can afford the property tax, the issue (at least in TN) is the fact that sellers are selling 1970s and 1980s dumps that haven’t been renovated for 600,000 if it’s on 4 or more acres. I will most like just build what I want and screw these greedy sellers!

[@bartsullivan4866]

@@southernyankee2300 You should probably hold out longer if your buying an existing property. I don't blame you one bit for not accepting a 70s and 80's house that is overpriced and needs massive updates. Just be careful going the buying land route to buid your home. The building costs are through the roof for wood and materials unless you have a friend that can supply it for you on the cheap. I had a friend buy land in Ridgefield WA a very up in coming area just outside of Portland OR and they had no idea the cost to actually build the house on the land they purchased.

[@melvinlovejones]

All of this and the newer homes being thrown together quickly are falling apart due to design flaws, low quality labor, and toxic parts.

[@safffff1000]

No problem, go modular build to high standards indoors.

[@Boguardis]

Yep. Aho construction in Central WA is a prime example. Only heard bad things. They don't even allow third party inspectors as far as I know.

[@jamesgullo8240]

@@safffff1000 As in Clayton homes?

[@Southpaw07]

And factor in Mother Nature hurricane storms flooding. Owning a home is a huge accomplishment, but it does come with risk.

[@safffff1000]

@@jamesgullo8240 You mean you have no clue how to find good products, I bet you drive an electric car

[@Sweetpea-2023]

We need to limit corporate controlled residential real estate! We bailed them out after the 2008 crisis with free money so they could buy up that same real estate with government money, and price Americans out of the market.

[@CSHarvey]

Rates are irrelevant when prices have doubled in the past decade. Corporations should be be able to own homes, apartments shouldn't be BnBs. Greed is the problem, not a couple percentage points..

[@vargrprincess]

@@CSHarvey do you mean that ccorporations should NOT be able to own homes and apartments"?

[@Bav92]

That 6% is still with points. Nobody should buy points today and then refinance in a year. We still got a 7% rate a month ago when Freddy max rates were at 6.5%. You add a half a percent if you don’t want points.

[@ericwist]

Need to lower the houses prices no hope really mortgages are still in 3,500 to 4,000 not kind

[@bartsullivan4866]

Out west this just sucks now they are going to raise the prices even higher in my area just felt like we got screwed again. Need the housing cost to go down not up.

[@a.j.nemeth2966]

We love you Jackie, don't ever change. Your advice is phenomenal both informative and insightful. We have been looking for a house in South Western PA for 4 years now with no luck.

[@emomuzz5883]

MOAR straight talk with Jackie!

[@binki611]

The government needs to get out of the housing market. They only create problems.

[@bjjohnson4418]

Yes everyone should wait on buying a house. If everyone waits prices will come down. It is called supply and demand. If there is no demand for house's with these ridiculous prices they will have to bring down the price ! ! !

[@y.peffle2802]

there is always demand! more people have immigrated here the last 4 years than ever so what do you think that will do for the market down the line ?

[@janegrey9]

I see houses sitting on LI unless priced appropriately. Job loss increase and cost of living increase are affecting the market. It will go down

[@mram00024]

What i see is part of the problem is that sellers are pricing their home ( who i don't blame) well above what they are worth. The banks are not appraising them as it should. How is it that a house that outdated ( last renovated in 80'' or 90) is priced as one that is updated? I just don't get it. Where is the oversight?

[@ashdav9980]

Simple supply and demand= a house is worth what someone is willing to pay for it, NOT what someone wants to pay for it or what someone “feels” it is worth. You may not feel something is worth a certain amount but if everyone else purchases it at that amount then that’s what it’s worth.

[@jacobnapkins1155]

​@@ashdav9980that's why existing home sales are at great recession levels because no one is buying and inventory is increasing.

[@ednan9]

Since its anticipated that rates will be further cut in coming months & next year - potential buyers will wait it out, not sure if there will be pricing wars until most cuts are in place- that would a prudent buyer would do. In the meantime, there is inventory build up in South, Florida & West. Housing market correction are slow- so supply/demand equilibrium may take a few years

[@williamlloyd3769]

Home owners in the 1970s liked what they had and really want to maintain the value of their houses. Ones in politicians who voted in laws that protected current housing stock and inhibited the building of more housing. Fifty years down the road and we have what? A mess 50 years in the making.

[@imyourhuckleberry8009]

We need affordable houses and less red tape. I import expandable houses, they are great, extremely affordable, modern and a group of guys can put them up in a weekend. Cost- $30k for 800sf with terrace. 3bd, 2bth, kitchen. If you have some land, are handy with tools, its a great option until things cool down.

[@amgj74]

Hello Jackie, new subscriber here, any advice on trying to coordinate selling our home while buying a home in another state as part of a relocation?

[@jackspencer8290]

In your mortgage payment example, you don't include any property taxes, which are, on a practical level, always included in one's mortgage payment.

[@judyjones8876]

So true in our area they building so quickly i go to grocery store every two three weeks every time theres a bunch of new homes build and there not cheap I don’t know how people buying the homes their working hour at least from these homes they are no good jobs in this area sad they going to have to work extra job to make it

[@richardbarry2140]

Inflation may pick up again especially in the Eastern half of the nation because of the shortages caused by Helene and the upcoming longshoreman strike, which may lead to the FED cancelling its program of interest rate cuts. Also, watch out for another round of insurance premium hikes and insurance company insolvency.

[@estuardo2985]

I would have rather have seen a rate increase by at least 100 basis points. It would have been knocked out a lot of speculators and given a strong signal to lower land prices.

[@MerkMan84]

This whole issue is driven by housing volume, until we elect people that will enact policies that will prohibit the institutional purchasing of single-family homes, This is going to be a systemic problem. Companies like State Street Blackrock and Vanguard can come in and buy an entire neighborhoods a with cash offers and would pushing potential homebuyers out without so much as a fight. The advent of telecommuting since the pandemic has exacerbated this issue further. When you have people that work out of state that earn substantially higher incomes versus the area in which they are buying in, that pushes the locals out of the market and drives the cost of housing up. Housing volume is further suppressed by overregulation by the state especially in the Northeast. The housing issue is so large with so many different problems It’s going to take a black Swan economic event to correct.

[@melanieworthington4110]

So, in an earlier episode on September 30 th your guest Bob made a statement “ BUILDERS WILL NOT BUILD AFFORDABLE SMALLER HOUSES BECAUSE THEY DON’T MAKE ENOUGH MONEY!” All the illustrations you show about building new homes are McMansion developments that are overpriced and cheaply built. What we need are individual families hiring a qualified small business contractor to build their house! That is what I doing and it’s affordable, small and re- sable and handicap accessible…:one level!!

[@bjjohnson4418]

What state are you building in?

[@melanieworthington4110]

@@bjjohnson4418 Pennsylvania

[@lonnieclemens8028]

Your videos are always interesting to listen too. I am still fascinated by how much money people spend on houses. I'm not going to do it. But I do think the real estate market is fascinating.

[@brownidlion]

What a joke. People getting laid off in droves!

[@Talos2u]

The real estate market is like a stretched out elastic band that's going to snap. Just like 2008 on steroids. The REALTORS Greed and the Sellers Unrealistic prices are going to cause a real catastrophe. One year from now this will all be in scattered pieces and will be well deserved.

[@-don6496]

The difference between now and 2008 is the inventory. There was triple the inventory back in that time...more supply than demand.

[@jacobnapkins1155]

​@@-don6496inventory skyrocketed just before 08 though as people started listing like crazy to get out.

[@dakotathompson8062]

Short answer is no

[@lawyer1165]

The broken housing market can be fixed at some point if the Federal Reserve resolves to never again drive asset prices to the moon and if Congress and the President eliminate government policies and programs that either increase the demand for houses or reduce the supply of houses.

[@debby8428]

harris wants to give first time buyers a $25,000 tax credit. how do you feel about that?

[@lawyer1165]

@@debby8428 Harris apparently wants to appear to be the candidate who is trying to make houses “more affordable.” In fact, this policy will have several bad consequences. First, it will increase the demand for houses, which will cause house prices to rise or to keep house prices from falling to fair market value, depending on the nature of the particular market. Second, some or all of that $25,000 will be transferred to the seller because the seller will be able to raise his or her asking price. Third, it will lead to massive tax fraud, which is what happened the last time Congress offered a tax credit for first-time homebuyers. I don’t know whether the politicians are trying to enrich themselves and their wealthy donors or are simply stupid, but this policy is a bad idea. If house prices are allowed to return where they were in 2020 (perhaps adjusted for inflation), most first-time homebuyers will save far more than $25,000.

[@UnHellTowers]

Thanks for the info!

[@JackieBaker]

Any time!

[@facemakerable]

rate still high

[@hotpuppy1]

Hardly. This is what rates USED to be historically before the years of 'free money'.

[@LoveyourLife-1970]

I have missed the last couple of lives... I gotta get up on time to catch you.

[@TabithaReminiec3399]

The blame also to laid at the feet of the flippers ,who 'll do a asthetic reno ,while leaving the interior as is ... .

[@ashdav9980]

No, the buyers own that blame as well. The vast majority of buyers will pass over an un renovated home for one that is renovated even when it costs more. Any perusal on mls for days on market will highlight this.

[@paulbradbury5792]

My house has been on market for 3 months, I couldn't give my house away at this point. 1 showing, not a single offer, crap ton of open houses where everyone said I have a beautiful home, apparently not nice enough

[@Shannon_Stamm]

That means you're priced too high.

[@debby8428]

@@Shannon_Stamm not necessarily. we had a beautiful home too. after two years we couldn't sell it either. why? because we were the biggest and nicest house on the block after years of renovations. it just didn't fit the neighborhood. we took a loss on the house because NY taxes were killing us and we had to move. now we are in another state and at 62 years old have another mortgage (a lot of our profit also went to pay down our kids student loans). we will have to work our blue collar jobs for at least another 10 years.

[@paulbradbury5792]

@@Shannon_Stamm I thought the same actually but I've already dropped the price by $55,000 since I listed and I'm $25,000 less expensive than the next cheapest home in my neighborhood with much more features than most of the other homes in my neighborhood. They say make sensible upgrades to your house that make it more functional, the kitchen is the best place for upgrades which I've done all that stuff in the 8 years I've owned it but people are choosing other homes because they are newer or because it has RV parking or a pool or solar. If someone woulda told me to ignore all the sensible improvements and make additions to appeal to idiots and morons I mighta done that, well actually no I wouldn't but it woulda been nice to know everyone would ignore all the functional stuff I added and focus more on my shiny wheels or my silver gas cap while ignoring the fact that I'm broken down on the side of the road

[@ashdav9980]

@@paulbradbury5792every home sells at the right price, you may have dropped the price but obviously not enough.

[@howietran5723]

@@paulbradbury5792 where are you located if you don’t mind me asking .

[@robstark5842]

Why won’t they build houses like they did In the 50s so regular people can own something

[@von-chaemicole1160]

Love your videos 👏🏾 binge watching 😅 I was blessed to use my VA Loan on a new build here in Denver 👌🏾☺️ w builder buy down rate.. 3.5, 4.5 and 5.5 for life of loan 💵

[@JackieBaker]

Thanks! OMG that is so great!!! Good for you!

[@ovidioarroyo7816]

The housing market is fine in Philadelphia, it might just be in your area

[@michellealonzo4629]

Stop building apartment building complexes and start building homes for families.

[@maitontai9027]

Government need to stop greediness. By stop home builder from being able to sell houses in phases where price goes up by phases. That’s how it started!!!!!!!!

[@brock8232]

We’re not house poor, we’re daycare poor… had we bought our fixer upper at today rates we couldn’t afford our project. It’s wild

[@swampwiz]

Dave Ramsey would say that you could devote 12 hours per day, every day to do your regular job a side-hustle, and then put sweat-equity into your house.

[@nnnbooks1211]

great video

[@JackieBaker]

Glad you enjoyed it

[@a.m.7015]

O wow half a point!!!

[@Boguardis]

I don't think this rate cut will drive prices down. Quite the opposite. I feel like there are many, many more people willing to buy rather than sell because people have such good rates currently. Even if they don't want to sell, they can always refinance. If anything, the increase in demand from buyers entering the market will drive prices up, or make negotiating for a house a pain in the ass and more people fighting over property.

[@uneyedentified2017]

I left Jersey in 23. Home prices are too high property taxes are too high, income taxes too high, gas prices are high, It's crazy up there. I was making 90k a year and barely scratching the surface. I now make the same in Texas and live very comfortable

[@theewelder]

lower home pices %50....if so....... then ppl wil buy....fact... %50.................

[@timjudshore6907]

This was all stimulus money, where is the new money coming from, not from wage growth 😮

[@-don6496]

Supply and demand imbalance....7 million homes need to be built.

[@Boguardis]

The absolute ONLY thing that will help the housing market is increasing supply. This means making it cheaper to build, and incentivizing people to sell. Supply and demand are the driving force of 99.9999% of markets.

[@SWFL-BOK]

😂BS info

[@demetriusgallitzin8859]

VA Home loan rates were 5% which hasn't been competitive for two decades. I'm approved for $150k, but that doesn't really buy a house anymore. For those voting blue, how bad do you have to see things get before you learn? Rates will have to go higher just to limit inflation. Inflation isn't done yet. Welcome to a repeat of the late 70s, if we're lucky, given how countries are getting rid of the dollar.

[@plaidchuck]

150k hasnt bought a nice house for a long time my dude, regardless of what color you vote for

[@Sweetpea-2023]

We need to limit corporate controlled residential real estate! We bailed them out after the 2008 crisis with free money so they could buy up that same real estate with government money, and price Americans out of the market.