The Great Stay: Why Homeowners Are Staying Put

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Күн бұрын

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@dawgingermany 2 ай бұрын

Great video Mike. I would disagree that we have not seen softening of prices anywhere though. Many locations in Texas, Louisiana, Mississippi and Alabama have.

@CaptainCaveman1170 2 ай бұрын

I see prices softening all over California as well (though obviously not as clearly as in places like San Antonio).

@clay6517 2 ай бұрын

Ya I feel like national averages is almost irrelevant. With states like FL, AZ,TN UT, WA all having active inventory back at 2019 levels.

@jamesoleary1844 2 ай бұрын

Florida just reported it's first year over year drop in sales price in 12 years. That sounds kind of soft to me.

@mslindqu 2 ай бұрын

It's not even close to softening when prices flew through multiple roofs for the past 4 years. You can say it's softening when prices are starting to touch 2019 prices. Only then.

@CaptainCaveman1170 2 ай бұрын

@@mslindqu if a house that used to fetch 800,000 in California in May 2022 can only fetch 775 today then that is the definition of softening prices. What you're talking about is a literal crash whether that happens remains to be seen but I'm in the camp that thinks it will slowly over the next two or three years.

@House_hacker_619 2 ай бұрын

Spot on Mike!!!As a homeowner / landlord I’ll never sell my properties at a loss. I have a 2.75 and 4.375 with huge equity. No reason to sell if I’m cash flowing and I’m not paying the mortgages. if I’m selling it’s a want not need and only selling during spring or summer 😂.

@Winstonia489 2 ай бұрын

Sellers are still in control for most areas. I'm in an area that had a high run up like others but sellers are not reducing their prices much even though the market has stalled..... they will pull the houses from the market if they don't get what they want.... they have too much equity and low interest rates.

@House_hacker_619 2 ай бұрын

@@Winstonia489I’m in San Diego and prices are up 9% year over year. I expect prices will drop to 5% due to seasonality. It hasn’t happened yet. Right now market is stagnant and holding its value.

@ebutuoy5088 2 ай бұрын

Exactly 💯

@trinagonzales-realtor7543 2 ай бұрын

Very well explained! Thanks

@dacrab1 2 ай бұрын

Well, I agree with the general sentiment of the great stay in place… The trends you are saying are the exact opposite in many markets, particularly in the Orlando market. Days on market much longer, asking prices and reductions much more common, and overall year over year and some ZIP Codes Are sideways and value some are down so maybe slightly up 2 to 3% maximum

@DISTRESSEDCMBS 2 ай бұрын

long yields are a bit overextended for the week. probably will moderate until retail sales on thurs. will get confirmation for breakout (strong retail sales) or retest at 3.6 3.7 (weak retail sales).

@ebutuoy5088 2 ай бұрын

💯 we dont need to sell

@peterbedford2610 2 ай бұрын

Great data. Thanks

@jamesoleary1844 2 ай бұрын

Why are sales at record lows? Inventory way up. Rates way down. Could it be prices are too high and even those who can easily afford it refuse to pay $500K for a $300K house.

@ronno1202 2 ай бұрын

because they can't afford to move.

@PineHosting 2 ай бұрын

It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days

@vanillatgif 2 ай бұрын

Absolutely! Profits are possible, especially now, but complex transactions should be handled by experienced market professionals.

@ysareyes 2 ай бұрын

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

@nandojuace 2 ай бұрын

Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit

@LolMan-qy9cc 2 ай бұрын

I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.

@mfmcintyre 2 ай бұрын

Yes! I'm celebrating £32K stock portfolio today... Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family and life ahead of me.

@FilipeSilva1 2 ай бұрын

Everyone is waiting for companies to default on debt repayments and credit spreads to widen. It will be too late then.

@fideliswealthbuilders 2 ай бұрын

Mike, it seems like you're not looking at the revised gov reports vs what is initially published. Jobs are down 1M for instance, and part time jobs are up 3X vs full time. So I don't know where you are getting your economic data. It seems way off. Jut fyi.

@dacrab1 2 ай бұрын

I really think you have to do an analysis on a market by market basis… Aggregating global national trends Netflix, what is happening locally. I.e. markets that are working strong because they were lower valued or previously lost enough value to be new destinations are balancing out with high in markets that had major escalation and previous years, but are subsiding now. Affect presenting the data that you are showing… But meanwhile and regional markets having completely opposite results. I.e. there are markets that are winning because they are value and there are markets that are losing because they were overvalued and now decline

@Anayaleen 2 ай бұрын

Ventura County California?? There is never any information on this country

@kt6332 2 ай бұрын

I believe the great stay will continue until actual exiting home prices come substantially. The quality of a lot of these homes are not worth the cost to up grade in order to get homeowners insurance. The cost of buying new or existing homes is not only over priced but homeowners insurance has risen at least twice in the past 2 yrs almost doubling its cost and will be increased next year as well. Property tax will continue to rise and the cost of living will not decrease. I’m not trying to ruin anyone’s hope and dreams but this is a fact. Renting will not be any better maybe worse because their prices will increase along with insurance, property tax and cost of living. Just a fact! Love your channel and knowledge!

@paroffice 2 ай бұрын

I tell people to buy rural

@Winstonia489 2 ай бұрын

They won't come down much.... not like 2008.... that was an anomaly. Once the election is over and rates come down further people will start moving again. I'm quite sure there will be a lot of regret from those moving to the midwest and northeast after this winter..... the west and south will once again become the dominant areas to move to.

@CaptainCaveman1170 2 ай бұрын

The stalemate (aka Jerome's mismanaged interest rates) will continue for a long time, but the stalemate isn't without consequences. Just do the math, if 15% of the US economy is real estate related, and transactions are down by at least a third, that means 5% of Americans have basically no income these days. Now, how those homes and apartments don't end up on the market eventually is beyond me.

@CaptainCaveman1170 2 ай бұрын

@@Winstonia489 2008 was an old-fashioned credit orgy. Covid was a similarly-sized credit orgy. They may not end the same way , but it won't be because "2008 was an anomaly" It most definitely was not. No one went to jail and so very predictably the same type of leverage party ensued, only executed in slightly different ways to get around toothless Dodd-Frank.

@House_hacker_619 2 ай бұрын

@@Winstonia489last week refi mortgage is up at 15%. I can guarantee you that those are homeowners with 7 and above interest rates. I’ve seen lenders were offering rates to low 5’s especially va irrrl as low as 4.75. For those who started at 7 and able to refi down to 5%. That’s huge savings of hundreds or thousand in monthly payment.

@NoOne-h7o 2 ай бұрын

They think its cheap to not sell until their neighbor drops the price $50k and can't sell

@House_hacker_619 2 ай бұрын

There’s really no reason to sell if your neighbor sold it a loss 😂 I’ll rent it out and cash flow. Most homeowners have less than 4% which means cheaper mortgage than rent.

@CaptainCaveman1170 2 ай бұрын

@@House_hacker_619 You keep saying that, but not everyone is in your shoes. A large percentage of people who bought in the last two, even three, years can't rent out what they bought, as they bought what some like to call pet alligators. They can certainly stop the bleeding by renting it out for a while (assuming they have somewhere ELSE to live), but who wants to throw money into the fireplace indefinitely? It's better to cut your losses at some point.

@House_hacker_619 2 ай бұрын

@@CaptainCaveman1170last week there’s recent spike of homeowners refinance to lower rate. I’ve seen rates at low 5’s especially va loan or va irrrl dropped to 4.75. For example those homeowners with 7% and were able to refinance to 5% that’s a huge savings of hundreds or thousand in monthly mortgage.

@House_hacker_619 2 ай бұрын

@@CaptainCaveman1170we also have build up demand from sideline buyers and investors. There’s not a lot of sellers that are forced to sell.

@NoOne-h7o 2 ай бұрын

@@House_hacker_619 sure and take a $200k loss good plan

@gingerjones111 2 ай бұрын

Even with the newly withdrawn listing from the west coast Florida, inventory is still up 34% this year over last year. Very interesting. People know where they need to be, or have to be. FYI- I did just moved 1000 miles across the US this year. The cost of packers, movers, storage, PODS, and transportation was over $30K. That alone is a reason to think twice about moving house.

@nitroneonicman 2 ай бұрын

30k is expensive. I moved my house 2k miles for under 1k

@jamesoleary1844 2 ай бұрын

Was your stuff even worth $30K?

@gingerjones111 2 ай бұрын

@@nitroneonicman Yes, I had packers and movers and they went 1K miles. I moved a 4bed/3bath house to another 4/3 o no downsizing. As I work full time and worked up to the last minute, I had zero time to move.

@nitroneonicman 2 ай бұрын

@@gingerjones111 yeah that seems really pricy to me. I moved a 2 bed/2 bath to a 3 bed/2 bath. I also work full time, but considering it seems I saved 29k I'd say it was worth it for the three days it took me.

@RyanLundquist 2 ай бұрын

Sellers have come back more than buyers this year, but the market has still been tight between supply and demand in the Sacramento region. Hasn't been enough to make prices decline. Nothing wrong with that happening. It just hasn't happened.

@peterbedford2610 2 ай бұрын

The Fed getting mortgage rates down to ~3% was the biggest gift to the average US homeowner ever.

@Joe-xx5to 2 ай бұрын

It was a giant gift at the expense at everyone else.

@toinengwyn3935 2 ай бұрын

Everyone also got gifted with higher costs in food, insurance, energy, education, services, etc.

@peterbedford2610 2 ай бұрын

65% of Americans own their home. That's a majority of the population that greatly benefited from this act of the Fed.

@toinengwyn3935 2 ай бұрын

@@peterbedford2610 Of the 65% of American homeowners, only a fraction bought their homes when rates were low. The total cost of ownership for all increased due to the currency debasement required to suppress interest rates.

@Joe-xx5to 2 ай бұрын

@@peterbedford2610 so it’s perfectly ok to screw over 35% of people and all future generations of potential home buyers as long as it benefits people who happened to be homeowners in 2020? In my market over 90% of people cannot afford the median priced SFH. I would love to hear you argue how that is fair, moral or ethical.