The Housing Market Will Be STUCK for Years to Come

Bank of America says the rate lock-in effect will last for another 6 to 8 years. Which means inventory will still be low. This week I'm going to discuss their analysis.
CHECK OUT THESE PAST LIVESTREAMS:
The Housing Market is Going Back to the 1970"s ➡️ kzbin.info...
76% OF AMERICANS SAY IT'S THE WORST TIME TO BUY A HOUSE ➡️ kzbin.info...
THE HOUSING AFFORDABILITY CRISIS CONTINUES ➡️ kzbin.info...
AFFORDING A HOME IS NEAR IMPOSSIBLE ➡️ kzbin.info...
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Jacqueline "Jackie" Baker
NJ License 1541448
Coldwell Banker Realty
Allendale/Saddle River
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#realestate #jackiebakerrealtor #jackiebakersellsnj #homebuyingtips #homesellingtips #realestateinvesting

[@CCME]

I know lots of sellers who are ready to sell and 'right size' for various reasons. We forget that many then become buyers and face the same struggles as buyers. Many sellers cannot afford to sell their homes cheaper and this is causing the LOCK!

[@janegrey9]

Exactly my problem on Long Island

[@speteydog2260]

Lol

[@sergetinc1344]

@@janegrey9 I’m on Long Island too and I agree it’s a struggle out here. I got extreme lucky on my home. Due to the fact the seller needed to move ASAP.

[@LockedUpLarry]

Layoffs don’t care! 😅

[@LindseyHarvell-vc4ez]

Atlanta resident here. Moving out of our almost paid off house in south Atlanta because we are expecting a baby, have run out of rooms and the neighborhood is getting ROUGH (shootings, drugs, littering) etc. we were able to put down 60% doing a 15 yr mortgage on a house in north west suburbs of Atlanta. For us there were enough BIG reasons

[@MikeG.666]

🙏God Bless, you are winning for sure. People are losing all around you, don't forget them. Congratulations, it is rough out there.

[@MikeG.666]

​@@albertmarnell9976What do you mean... "meaninglessly impulsive"? Are you suggesting that I just made a positive comment, impulsively, that was meaningless?

[@MikeG.666]

@@albertmarnell9976 If you were my neighbor, and I asked you how you are, I would genuinely want to know. Apologies if you have never felt that way about your own neighbors. Now I understand where you are coming from. My advice... to your neighbors, would be to get a better neighbor.

[@Whiteowls4532]

Meanwhile those corporate cash buyers gobbling up properties unaffected by rates.

[@tylertyler82]

They were given trillions of our tax money in the form of “Covid relief” to buy these houses from beneath us. It’s a big club, and you ain’t in it! -George Carlin

[@allen7585]

I literally can’t think of anything more miserable and an awful life than buying something way overpriced with an insane mortgage only to end up hating the house/location and you’re just stuck there. Save money for down payment and just wait it out.

[@kimberlyplatt2382]

The problem with this system is that, sooner than later it won’t be able to hold itself up for much longer. The mass layoffs, and cost of living is taking its toll and people don’t want to talk about it.

[@adriansteele7023]

My parents were immigrants in the 80's and STRUGGLED but were able to go to school, get a job, buy a house, raise a family, and retire. I grew up here, did the exact same and now i got everything right, and STILL cant afford a home. Thats proof this market is WAY harder than just 40 years ago. This has been caused by OUR GOVT spending money like inflation doesnt exist!

[@speteydog2260]

People worked hard 40 years ago unlike today. Everybody has fun today and you can’t criticize anything or anybody!!!

[@adriansteele7023]

@speteydog2260 I can criticize the govt for spending my tax money.

[@christinasmith5373]

Or your inability to find alternative routes to buying. JS I didn’t even finish high school never made more than $22000 a year my credit is horrible and I’m halfway though my purchase of my home through owner financing. This is my second home purchase through owner financing. I’m not buying from the same person either. Owner financed homes aren’t on the mls you’ll find those adds on facebook or Craigslist

[@speteydog2260]

@@christinasmith5373 I own my home outright. It’s quadrupled in value. That’s the way I see it!

[@adriansteele7023]

@christinasmith5373 I already tried this, and with all the scams on the internet I won't use Craigslist

[@dialecticalmonist3405]

Janet Yellen prints 1 TRILLION every 90 days and people are wondering where the cash buyers are coming from?

[@hortagent5687]

Congress does have a jail under the building...

[@jeffersonjohns6397]

If this is accurate, essentially, housing inventory doesn’t need to be at the same level that it has been in the past. Lack of sellers translates to lack in numbers of buyers if people are “staying put”.

[@sharonrobledo136]

I’m in a little city near Houston, Texas. We sold 5 acres of land & will be selling our present home to upgrade. The sad part is we will still have a mortgage after everything is said and done. Placed an offer tonight on a house 🏠 let’s see what shakes in the morning.

[@bitterswtmocha149]

not just about building more homes- it’s also about making housing affordable so that people will move, preventing corporations from buying up starter/affordable homes and then making them rentals instead, and re-zoning so that land space can be used for higher density housing instead of just single family suburban residences

[@LisaJackson198]

I know nothing about trading /investment and l'm keen on getting started. What are some strategies to get started with?

[@Isabel_Ross]

As a beginner, it's essential for you to have a mentor to keep you accountable. I'm guided by a widely known crypto consultant

[@Isabel_Ross]

Mrs Mary Patricia Hester

[@Para-pv8fp]

This is correct, Mary's strategy has normalized winning trades for me also, and it's a huge milestone for me looking back to how it all started..

[@KelvinByrd233]

Isn't she the same Mrs Mary Patricia Hester neighbors are talking about, she has to be a perfect expect for people to talk about her so well.

[@Sean-Ward317]

Her platform is wonderful, and her services are exceptional

[@anotherday3678]

I live in Central fla. and the inventory is rising by the day, so is the price cuts. I hope the prices fall to the ground.

[@MissBellaboo702]

Just amazing we need a Jackie in every single city that’s all,

[@Summerdee223]

Friends of mine purchased a home about six months ago using a finance company that allowed them to make an all cash offer even though they were financing. I'm not sure how it worked but it sure helped them get the home they wanted. They did say that it cost more (not sure how much) than if they had financed the traditional way. Has anyone else heard of this?

[@JackieBaker]

Interesting...

[@Talos2u]

I have lived in Florida since 1976 purchased many homes and saw the last housing market crash coming in 2008. This crash is going to be much worse and horrific for multiple reasons. It has just started and will be well underway within a year. The Party Is Over!

[@southernyankee2300]

I hope you are right (as I live in a camper since selling my home).

[@Talos2u]

@@southernyankee2300 You can bank on it and set your watch.⌚

[@Moebeastz]

Florida market will not drop like before . lol they all are still over valued cause too many people are moving here

[@texlad04]

I'm closing in a week plus at 5.99 in Houston in an area with almost no inventory at an affordable price without points. I'm 5% below list and the HOA is negligible. When I do the repairs it needs I will be a touch over list and that will raise the home value. I can't begin to say how grateful I am. It's a wild time. It's so demoralizing looking at the houses under 650 with 2000 or more in a 3/2 config. I really got lucky to find what I need/want.

[@claudettemcleod7877]

The Cash buyers are investors

[@highvibrational2007]

why do people pay down points when they simply can make extra payments towards the principal if the routine payments are something that is good for you?

[@darkbrownblm2854]

I live in NYC, if someone offer me 5 time the price of my home, i will never sell my house.

[@joeacquavella6548]

Looks like housing is becoming quickly un-stuck in Texas and Florida!

[@tylertyler82]

Everyone who moved there regretted it and moving out.

[@paytonpeta1336]

I decided to buy just over a year ago because I saw the same thing. No one currently owns will sell because they can't afford to move elsewhere. So I could wait for the "Silver Wave," or a 2nd mortgage crisis, or whatever might crash the housing market.... or I could buy a house and build equity over the next 10 years and when the crash does come , I'll refinance at a lower rate.

[@guruofendtimes819]

You can afford to buy in a more rural area.

[@paytonpeta1336]

@@guruofendtimes819 That is what I did. Luckly I only work from the office 2 times a week.

[@debholtz54]

I am a seller and have a non audio nanny cam. A realtor came through without a buyer and was found scoping out my medications. She was reading all my prescription labels. We keep my medications in a kitchen cabinet. As far as I can tell it looks like she didn’t take anything. Perhaps this is a question for Clark as I live in north Atlanta area. My concern is she is doing this in other houses. Any thoughts on what I should do?

[@JackieBaker]

I would get the name of the brokerage that agent is from and contact their broker immediately!

[@scottlavoie5405]

I am locked in at 2.9% and I was able to save roughly 41k off the original price of my home, they were a very eager seller. There's no way I am selling any time soon, I'm happy where I'm at. i do feel bad for a lot of home owners though, many got a bad deal with a high interest rate.

[@hortagent5687]

Predictions from the experts often don't pan out. We currently have people in control of the economy who could not run a BINGO game. If that changes, the Chicken Littles will be clucking a different cluck. That's what clucks do ;-)

[@bjorge1896]

A good person to listen to about Florida is Michael Bordenaro, his KZbin channel is terrific.

[@MissBellaboo702]

She returned my phone call from just my message I will forever be grateful. This this girl KNOWS her real estate!

[@JackieBaker]

So great to chat with you! Happy to help!!

[@cassieferguson8917]

I am getting ready to sell my house in NE Wisconsin. I am downsizing from a 3 bd ranch home to a 2bd condo that I am going to rent. I was fortunate to find this condo for $600 less than my current mortgage. My only concern is if my house doesn’t sell. I hope their are buyers in late July for this market

[@GTPInternational]

Finally, someone in the real estate industry and tell the truth

[@SeanJohns-ze8ie]

In today's market, I think multifamily apartments are a safe bet.

[@vicwiseman6038]

I am 33 and my wife is 34. My wife is a stay at home mom and I make about $110k per yr. We are looking to buy in the Sacramento, Dixon, Vacaville area next year. Prices are still insane. Yes, they have come down a bit but people want top dollar for shitty old homes. I do know my way around a hammer 🔨 and I have a contractor who can do work at a reasonable cost but I can’t help but feel like I would be overpaying for basically any fixer upper right now. We are debating buying brand new in the Dixon area but I also don’t want an HOA. Currently we pay $1650/month for a 2 bd 1 bath duplex but we have a 3 yr old and a 6 month old. We are looking to buy next year. My brother purchased a 4bd 3 bath in 2011 for $162k. The house is now for sale for $500k. Based on an avg inflation rate of 3% and 13 yrs, his house should be valued at approx. $238k, maybe $300k with the improvements he has made. It seams to me that time is on our side as people will eventually have to move due to life circumstances (divorce, boomers passing away, etc).

[@shaunapatton5173]

Houses here in Utah are still selling but they are staying on the market longer then what they were 3 years ago.

[@ngneer999]

Hi Jackie: I currently have a 2.8% rate. Would I pay more than double (6%) the interest part of the mortgage for a lesser house (assuming the value of all houses has risen in the last 3 years)? The only thing that will get me to sell this house in the next 10 or more years is when my heirs sell it.

[@southernyankee2300]

I guess the only thing to do now is either wait for the massive home foreclosures that are coming or buy land and build, as I can’t live in a 5th wheel for 8 years.

[@highvibrational2007]

Most people are not in those situations where really need to move. To be honest, people were treating housing over the last 3 years like the stock market. What happens to holding onto a property for 7-10 years. Instead of putting work into a property, they just move.....lol I finally have respect for Jerome Powell for actually doing his job. He is going to force businesses to refinance at a higher interest rate. I think this is his strategy. Corporations are overleveraged in debt!

[@guruofendtimes819]

What needs to happen is buyers will stop buying forcing a massive correction.

[@carminealiffi9738]

Good to hear what you just said I have a house (Legal 2 family) in a good area of NY LI which is a lot like your NJ market, I am moving things into storage and doing small little things to prepare the house to list and after hearing you now I am not in a rush to get it listed. My agent told me what he thought it would actually sell for which I have no problem with but as you said the market can only go up in the near future I am not in a hurry to list though I will do it soon

[@JackieBaker]

Good luck with the sale!

[@carminealiffi9738]

@@JackieBaker Thank you; I a so out of New York Jackie

[@christinasmith5373]

I read a story recently that states that some of the Florida retirees are moving to Appalachia

[@southernyankee2300]

😱 Noooo! I am still trying to buy a home in East TN and I don’t need any more competition! Hopefully they will move to NC, SC, GA, VA, PA and NOT TN!

[@masoncnc]

Moving out of California and selling house that has a 2.00% mortgage, rather than renting it. Am I nuts???????

[@mikimikemike1]

ill buy from owner direct why pay agent to turn a door knob

[@BlackHammer0891]

Come on Jackie, you know you got your start working with friends and family. The contact list is how most get started

[@JackieBaker]

I never did that when I first started. I sat Open Houses every Sunday and built my client list from the contacts I made.

[@anara5570]

Lovely show!❤

[@indianajules1964]

Is quoting commission rate numbers a good idea? Isn’t that what the lawsuit was basically about - realtors price fixing commission rates?

[@JackieBaker]

🙄

[@highvibrational2007]

I think the new luxury homes in North Jersey is appealing to New Yorkers. Yes, the price is similar but you definitely get more space and more amenities.

[@sherrryann]

I'll tell you how screwed up this market/economy is... We went ahead & picked out our new house, but we aren't going to buy it for 15 to 20 yrs unless we get a cash windfall of tsunami like proportions. We are sitting on a gold mine in our current home, & need to sit & ride our house's appreciation curve while the remainder of my partner's work contract plays all the way out & his retirement acct climbs over all of those years. At that point, we can buy all cash -even if the asking price doubles. We also need to finish out home schooling here in this state & not move til we graduate our son with a certificate/diploma. The new state/house wouldn't be conducive or compatible with our current life stage & needs & wants & preferences, but it is perfection incarnate for future us. All three of us. If we win the lotto, we'll buy it, but keep our current house as our primary year round residence, & treat the other house as a vacation house or lease it out until we're ready to move there.

[@sherrryann]

If we bought it now, we would be doubling our mortgage & chopping our income in half for a similarly sized & similarly valued house to what we have but in a "less desirable" town, city, county, region, area, & state. We would never... It has to be put on the back burner on simmer for at least 15 yrs while everything else aligns & elevates to a more desirable outcome & cheaper transition.

You dont want anything built from mid 70s thru the 80s Reagan years...stucco staples and plywood build cheaply as possible and charge the absolute most ..why do you think Champlain fell down?

[@southernyankee2300]

I never heard that. Something I need to research.

[@juliehanson1175]

Big generalization there. Agree that the 70's housing is probably not great - but then nothing was then and inflation was outrageous. People bought homes at 18% interest rates. The 80's was a different decade - lots of custom building and people had money to buy higher quality homes. Not sure why people think the Reagan years were bad - they were not, just the opposite.

[@1powerequalsgod]

I’m not the expert on buying real estate but the truth is listening to regular everyday people state their positions on delaying and procrastinating either as non buyers and those who have homes. What I see that is going to be the crisis beyond 2027 a well into the 2030s is the situation with more people hitting their 40 plus years who stayed single too long. They are going to crush the home sellers in such a bad way that it’s predictable. The government with its debt with its debt mismanagement and people facing an underfunded retirement crisis will also play a role on crushing home prices. Buying a home with a 30 year mortgage will be insane with more adults no longer having kids or looking at retirement within 30 years where the trend will become 15 years or less in mortgage payments. The 15 year limit of wanting to own a home for less and quicker payoff time means home prices must go down by an allot more then 30% off. The government will lose its shirt and a”” when this becomes wide spread in the 2030s.

[@pedroramires5049]

Great information video

[@annaczgli2983]

It's fine. Everything that goes up, must come down, & vice-versa. If the housing market was always sunny, then life would be boring.

[@nathanielwatkins7584]

You’d be lucky in San Jose, California if you can find a home for $800,000.

[@bjorge1896]

This is from the WEF playbook where you will own nothing and be happy.

[@amyconway9035]

@bjorge1896 That thought crossed my mind as well.

[@kristycullen8287]

Yes to NACA

[@sharonrobledo136]

👋 happy 4th!!

[@AndyRuthless]

Ill get a house in california fresno within 2 years

[@ksh3232]

Agents don't bring any value just making easy money

[@baycchief3785]

Stay poor holding on to your worthless fiat

[@teribunker5223]

❤️🤍💙Happy 4th🇺🇸

[@jimshoe402]

🥰🥰🥰🥰🥰

[@anniealexander9616]

A 44 year old should have bought at the bottom of the housing crash. Excuses are like A-holes, everybody has one.

[@anniealexander9616]

@GeorgeMiller-v5u Please! My dad has his first heart attack when I was 6 years old. He did when I was 11. My mom had a family meeting with us because insurance denied her cancer claim and it took the family savings to cover her surgery. I went to work at age 15. I left home at age 17 and been on my own ever sense. I became a mom at 18 and again at 21. My husband wasn't around and didn't pay child support after the youngest was 3 months old and the oldest was 3 years old. I worked overtime and didn't get my nails done. I didn't sit at the bar. I cooked instead of restaurants every evening. I've also cooked today. I mow my own lawn, clean my own house, cook my own meals, I cut my hair, I do my nails. I'm so sick of people and their excuses. My 20 year old is working two jobs while others her age are living off welfare. My son worked 60 hours last week while others play video games and cry how hard it is to buy groceries. My oldest is working full time and raising two boys. I've been a grandmother since age 36.