The Housing Market Will Never Be The Same

Mortgage rates went up again last week thanks to the Feds not lowering the interest rate. Yet home prices are still rising, making it harder for Americans to afford a home. Will the housing market ever get back to what it once was? Or is this the new normal? This week I'll delve into some articles about the continuous affordability problem.
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[@KAZHE63]

Stop these insane and ridiculous bidding wars, people! You are ALREADY overpaying for these structures.

[@curtphillipps7830]

Low inventory is FORCING prices up,if there is one house to buy and multiple people want it what do you think is going to happen? Prices arnt falling til supply numbers come up this will take many years to happen. The insanity will go on.

[@1Skeptik1]

Quote from a Real Estate attorney: A house is worth what someone is willing to pay for it. That said, housing is neither over priced nor underpriced.

[@ErnieBert-eg8kd]

Sounds like you are mad that you cannot afford it.

[@user-py7hg1eb5m]

Not here in south. Too much inventory no buyers. Been seeing prices reductions on listings.

[@michaelrocha1570]

Let’s talk about Large Corp.s buying up affordable homes.

[@A.--.]

We dont need rates to drop we need prices to drop. We need rates to go to 30% to get the dirty greedy investors out.

[@deebrown7160]

Rates are for you and me to stay out of the market, investors pay cash the interest rates don't matter to them. I'm in Atlanta and they are paying cash.

[@meloorlando8739]

Investors are paying cash, interest means nada

[@1Skeptik1]

Dirty greedy investors? Chuckle. I'm guessing you have no experience as a dirty greedy landlord? As for 30% rates, I can live with it but the kids trying to buy a starter home can't. Can you handle 35% inflation? Millions more will be living in tents and their cars.

[@Hdc2390]

The employment numbers aren't correct layoffs have been crazy and a lot of people are out of work due to LC. There's no way they could be accurate. So it doesn't really make sense it looks intentional

[@user-py7hg1eb5m]

😅😅😅

[@kandiloois2881]

Everyone has the opposite to say about the market 🤦🏽‍♀️ And Jersey is the worst place to purchase a home

[@JackieBaker]

It’s not the worst. I can think of plenty of other places that are worse than Jersey.

[@midwestron8576]

"Don't focus on the price of the home, focus on a home that fits your budget"? THAT is what has driven the housing market (other than shortage of housing) prices so high. People are paying way more than properties are actually worth because of this way of thinking.

[@flowerlee4727]

Real estate needs to correct 30%. We need the interest rate goes up and the price goes down.

[@edny612]

lol you think anyone other than the real estate investors will be able to purchase a home? These people pay cash. Interest rate means nothing to them. Your genius "advice" will squeeze out all the first-time home buyers and drive rents skyrocketing.

[@chezsuzie]

In my area, builders have stopped building new homes. Instead, they put up listings for homes that haven’t been built yet. They won’t lay a brick until they close. This is working great to keep inventory low and prices high.

[@goupigoupi6953]

I bought my house in 2021, offering 10% over the asking price. Since then its valuation went up another 20%. Connecticut.

[@DianaMcGeeRealtor]

Right there with you Jackie. Realtor out here in suburb of San Francisco. I have been telling buyers to hold off if possible until mortgage payments are much closer to what they can rent it for. That divide is far and wide.

[@JackieBaker]

I feel for the first time buyers.

[@cdavidlake2]

So I'm not in the market for a new home...could really care less about real estate in general...and yet I'm finding this channel utterly absorbing. Subbed.

[@rodhonco5681]

There is only one way for housing prices and that is DOWN.

[@deborahcurtis1385]

I agree, it's just a question of time. Mass unemployment is going to force them down, ....but that's not a good thing, either.

[@denisepfahl3147]

​@@deborahcurtis1385...and many foreclosures and bankruptcies to come

[@toddwerther188]

In the 80s and 90s folks paid 7 - 17% interest, with inflation many years over 4%.

[@Hdc2390]

Wages and prices were different back then.

[@crazyspartan2991]

Dang I pay $1,250 for my house every month for the mortgage, insurance, tax, and escrow. Hearing that people are paying 2700 is crazy. We make 90k and like to travel though so we might be odd

[@georgiahamilton4346]

Jackie your channel is super! Happy Birthday

[@JackieBaker]

Thank you so much!😊

[@zachstepp8065]

Hi! Could you do a video on buying a house and turning it into a rental? Like a landlord video. Love your content, by the way.

[@0529mpb]

Inventory is building in most of the US. Demand is at a multi-year low. There are a few markets like Northern New Jersey. Florida is in big trouble.

[@WorldSuperMoms]

Fun show as always. Where is your rental property located that you are selling? Tell your husband that character and morals mean everything. Helping people understand how upside down and over inflatated homes are is a blessing. Some people have no cash reserves and don't plan for emergencies. Inflation is insane. Insurance companies are a scam.

[@JackieBaker]

Thank you for watching! We are in very challenging times right now.

[@WorldSuperMoms]

@@JackieBaker Do you watch Michael Bordenaro's YT channel? He is so in the deep with how F'd the FL market is. He has been in reatl estate for a while but his channel is for regular everyday people trying to survive the housing market. Like you he shares the true data and does not sugar coat the reality of people struggling here in FL. The media is not covering any of it. And so it goes.

[@JackieBaker]

@worldsupermoms yes I follow Michael Bordenaro and I enjoy his content. He's very real like me. Don't tolerate sugar coating.

[@acamiln8354]

I agree, this is federal game, not business game.

[@JackieBaker]

Unfortunately it's true

[@MickySMayer]

Thank you, Jackie. Information is powerful but scary. I am selling my home 3.45 interest in Dallas to move to Poughkeepsie Ny to be closer to family. Plan on having to rent for at least 4 months for a new build townhome.

[@WorldSuperMoms]

Where in Dallas?

[@JackieBaker]

@MickySMayer That's a good idea. Good luck with the sale and move!

[@cynthiang2556]

I’m from Poughkeepsie it’s a stable market

[@deborahcurtis1385]

Same in parts of Australia, the market is just not cooling enough for first home buyers. Hot money coming from China. Newly retired people exiting the Central Business Districts. etc.

[@shadaeChevelle4737]

My in laws built their house in the early 90s with a combined salary of 56k 🙃 💔 Times have changed so terribly..We can only afford to rent right now (live in Pennsylvania)

[@user-hh5kr6ec1v]

Not happening in FL homes are sitting

[@Peter_Wang]

I’m a VA buyer and a seller requested I switch to a Conventional but wanted to use the property until June!!! I told them I’d cover the appraisal down $80k. To me if it appraises lower than that, there are BIGGER problems!

[@JackieBaker]

That’s crazy the seller requested that!

[@katbloomfield168]

Do you have any recommendations for Indianapolis honest realtors?

[@mippim8765]

....people can't even afford rent...

[@ltgemini1599]

🗣🗣$$$ONE HUNDRED K OVER ASKING, YOU SAY??!?! Its crazy before but insane now!

[@JackieBaker]

Yup. It’s just ridiculous

[@MeganWall1019]

Okay then pay needs to go up :’)

[@antareschen4451]

$100k more on what price? For millions dollar home it’s not much.

[@JackieBaker]

$699

[@benjamindover5355]

@@JackieBakerI’ll tell ya where the moneys coming from. South Jersey… I bought a 4 bed/ 3 bath 2 car garage colonial with 3000 sq ft for $100k in 2015. Same house on my street now sells for $450k. So when folks had a 2 or 3 percent mortgage with hundreds of thousands in equity there is some flexibility or armed and ready as you said.

[@whoflungpu33]

Love listening to you, especially the Jersey accent.

[@JackieBaker]

Thanks😂

[@anniealexander9616]

I'm seeing price cuts in the South. Fl, Ga, Al, SC

[@pia9343]

Where in GA?

[@anniealexander9616]

@@pia9343 west and south.

[@JackieBaker]

I think we'll see more cuts as rates go up.

[@DianaCarolinaGirl22]

Strong economy, are you serious???

[@denisepfahl3147]

Live within your means and quit overspending for housing people! Consumers are powerful if they will just say NO! We are not going to pay those crazy prices anymore! and hold out, and wait for prices to decrease! Same with cars! Boycott college until tuition decreases...go for a trade in the meantime to get by Refuse to participate in consumer price gouging!

[@ErnieBert-eg8kd]

You are assuming that all people cannot afford the current market prices. If someone wants a house and can afford it they will buy it. Not everyone is at or around the median income.

[@Bobbyrealtalk369]

No crash will just have money as tiolet paper so say bye to your freedoms . Money does buy freedom

[@crystalshine1]

Low inventory for at least 20 years

[@tamaragreene6996]

The economy is stronger for who???

[@tucoramirez9729]

Moron Biden supporters

[@acamiln8354]

For Biden. :)

[@alfred1535]

Do you know why only New Jersey is doing well rest of the country is depressed

[@MickySMayer]

I am selling my home in Dallas to move to upstate NY. I guess I will be renting for a while.😖 want to be closer to my NYC grandkids.

[@tucoramirez9729]

Your grand kids couldn't care less if you live closer

[@nyneegardner6235]

Hello Jackie! It's great to see your videos being posted. Hope you enjoyed your time away from YT. I was listening earlier but was driving during the live today. Have a very Happy Birthday!

[@JackieBaker]

Thanks so much for listening! Means the world ❤

[@nyneegardner6235]

You're so welcome! And you're always on point!! Florida needs a reality TV show based on how bad it's getting in so many ways. The financial part is one big part of it, but I think the culture wars are terrible. It's awful. I know you don't get political, but in my opinion, the only good thing the Governor has done is pass a law that cracks down on squatters. Otherwise, I think he's deplorable. I have an Aunt and Uncle who moved to the Jacksonville area. On one hand, they won't have to deal with the storms as much as Southern Floridians. On the other hand, they moved there from the St. Louis area and I'm pretty sure their home was paid for. They were trying to save money on taxes, but it's going to cost them in a lot of other ways. At least their kids are grown and all have stable careers.

[@BANDIT2DAY]

The housing market is going to be broken for years to come. I’m locked in at 4.5% and there is no way that I would consider selling my house unless interest rates get down to at least 5%. Lock in effect.

[@JackieBaker]

I don't blame you.

[@rvandoom]

Even then you won’t sell lol 😂

[@BANDIT2DAY]

@@rvandoom probably not🤣

[@ariwl1]

Yep. My state is considered "rate locked" because over 80% of the homeowners currently have a rate that's less than 5%. In general, the only people selling now are those where life circumstances have forced them to or people with so much money they don't need to care.

[@mikedrabek9733]

Big corporate landlords will end up owning 80 percent of the homes in America.

[@acamiln8354]

Exactly. After that like USSR. Free houses, but BIG taxes.

[@mikefilimon1584]

Foreclosures? It could supply housing inventory? Am I missing something? (If I shound naive, educate me.)

[@ErnieBert-eg8kd]

Yes you are. In the wake of the GFC congress made it almost impossible for a bank to foreclose. The houses that do go to foreclosure are offered up to connected private equity. The plebs don’t get a chance to buy them. So yes you are missing a significant piece of information. There are only a few thousand foreclosures happening a month. During the GFC it was about 2 million

[@chocolatefudge5263]

Maybe you (Americans) should develop new cities?

[@karenjensen2345]

You are assuming everyone that livea in Florida lives on the coast! Central Florida has no hurricanes, they dissipate before they get to Ocala. Prices are low and the weather is perfect. No income tax either.

[@JackieBaker]

@karenjensen2345 Well thank God for that!

[@cumberlandquiltchic1]

I sure wouldn’t be spreading the word! Half of Florida lives in western NC and TN now. Im being priced out because it’s the new Florida

[@johncox5839]

Who would buy in New Jersey?

[@tucoramirez9729]

Lots of people ,,are you retarded

[@JackieBaker]

Plenty of people

[@tucoramirez9729]

Who would buy in nj,,what a stupid thing to ask,,,there's sum beautiful area's in nj, you must be a moron Biden supporter

[@acamiln8354]

Who has to.

[@edny612]

Heard there was a home in westfield, the asking wad 925k the best and final bid was 1.6. Million.... The address is 976 Cherokee Court 😂 It is crazy

[@JackieBaker]

Yes it is

[@paular1911]

I always thought realtors were people who couldn't make it in any other field.

[@lavoisier2815]

Anyone that can do basic math can Tell you it's not the Rates it's the Price of Housing. We need a 75% Price Cut across the Board and Double Digit interest Rates.. The low Interest rates is what's causing Inflation. The People that are over bidding are the same People that will lose there Homes at some Point.

[@highvibrational2007]

I thought the PPP money was exhausted....lol

[@julieritchie9809]

They can’t drop rates because the current Administration won’t stop with the ridiculous spending it’s messing it up

[@MickySMayer]

My agent told me the same thing about not showing my house.

[@JackieBaker]

That is not cool

[@CosmicLab167]

Are these high markups for the entire state? What about south-central jersey? Monmouth and Ocean counties or Hunterdon to the west?

[@JackieBaker]

I don't think other parts of the state are seeing as high of over asking prices like here in Bergen.

[@davidvasconcellos1780]

My question is how many of these homes are talking about being bought by corporate or by families? I bet you have a large person these are bought by corporate.

[@JackieBaker]

In other parts of the country I'm not sure but I've heard that number is pretty high in certain areas.

[@chocolatefudge5263]

Instead of paying $100K overprice, why not build the house from scratch?

[@ErnieBert-eg8kd]

Materials costs are sky high as is labor. You aren’t allowed to do your own electrical HVAC or plumbing. You need a license to pull all of these permits. Labor rates are sky high as well. Land is expensive and you typically need 30+ percent of a down payment

[@keegannunley5444]

Consider a different country. No joke, the US is mired in politics and corporate takeover. A lot of us who stay will get gobbled up it's just a matter of time. Medical, taxes, divorce, insurance. There going to get you somewhow.

[@32rumandcoke]

3% ish interest rates are a thing of the past. We will never see that again.

[@denisepfahl3147]

Never say never, in 1990 we bought a house at 9 1/4 %!! But we refinanced down to 3.24% over 5 years...the only thing you can count on are taxes death and change!

[@32rumandcoke]

@@denisepfahl3147 But isn't refinancing the same as starting the mortgage all over again?

[@32rumandcoke]

@@denisepfahl3147 Doesn't that mean you started your mortgage all over again? Or am I confused about something else?

[@1Skeptik1]

Consider demographics: Birth rates are rapidly falling in the US. In 20 years we will have an oversupply of housing and the law of supply and demand will apply. You don't have to be Nostradamus to see it coming. LOL We will see a trend to smaller efficient housing take place. (I am "retired" and live in a 1700 sq.' house and use half of it and I own (4) modest paid-for rentals.)

[@JackieBaker]

Good for you on your investment properties! You're right the demographics could be changing and the market could swing the other way.

[@chocolatefudge5263]

Could it get better if Trump comes back?

[@danielalonzo7445]

Nope 😂 Nope 😂 & Nope 😂

[@jonomichi2262]

You 55? You look 45

[@s.k.6616]

Interest rates have to go higher to crush demand, but that is not going to happen. Generation Z will become a generation of renters.

[@JackieBaker]

It’s sad but I think that is very possible

[@s.k.6616]

@@JackieBaker Things have changed. We are in a new normal. There is nothing wrong with renting when it allows you the opportunity to pick up and move and chase after greater rewards regarding work and lifestyle. I am happy to pay rent for the freedom to pursue my life. I recently drove through Denver, it is either high end homes or apartments. Nothing in the middle.

[@s.k.6616]

@@JackieBaker Home owner's insurance is rising, property taxes matching new values, and the price of labor for home improvements, including the price of materials. Unless, I plan on being in a forever house or buying cash, I will sit this market out for awhile.

[@prestonphelps1649]

No speakum English good

[@tucoramirez9729]

Bought my house 8 months ago for 100,000!!

[@islesofshoals3551]

Where?

[@tucoramirez9729]

@islesofshoals3551 upstate ny. Takes me 2hrs 45 mins from Manhattan,,it's truly my paradise

[@danacaro-herman3530]

​@@tucoramirez9729Congratulations!!👍