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THE HOUSING MARKET:
First, HOME SALES.
Year-Over-Year, home sales are down nearly 20%…marking the seventh straight month of declines….and, in terms of WHY, their chief economist noted that “The softness in home sales reflects this year's escalating mortgage rates” - which, as of a few days ago - have begun to approach 7%.
Second, MONTHS SUPPLY OF INVENTORY.
If you’re in the market for a BRAND NEW CONSTRUCTION…supply has ballooned from 3.5 months at the start of the pandemic…to now, 8.1 months of supply…suggesting that, if you’re a buyer - you’ll have a LOT more leverage than you did in the past.
Third, HOME PRICES.
Even though homes are MORE EXPENSIVE today than they were a YEAR AGO…most of that growth was attained within the first few months of 2022…and, for the last 90 days…home prices have been falling. Nationwide, median prices are currently sitting at “$389,000…DOWN from the peak of $413,000 that was recorded in June.”
Even the Chief Economist for Realtor.com said that, “For homeowners planning to list, today’s market is significantly different than the one from even 3 weeks ago”….meaning, we won’t know the true effects of today - until November.
When it comes to this, The Vice President Of BlackNight Research said that “It would take some combination of a 40% rise in incomes, roughly a 3-percentage-point decline in 30-year rates - or a 30% pullback in home prices” to normalize the housing market.
Now, SOME markets could be hit worse than others - including speculative cities which saw the biggest pandemic price INCREASE, and - the high end luxury market which has already fallen 5% in the last 3 months…but, other markets may continue to increase in price….so, we’ll have to take a wait-and-see approach.
My ENTIRE Camera and Recording Equipment:
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For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/
GET YOUR FREE STOCK WORTH UP TO $1000 ON PUBLIC & READ MY THOUGHTS ON THE MARKET - USE CODE GRAHAM: http://www.public.com/graham
Trade Bitcoin, Doge, and other crypto with low fees on FTX. Use my referral code GRAHAM and get up to $100 FOR FREE: https://ftx.us/partners/graham
NEW BANKROLL COFFEE NOW FOR SALE: http://www.bankrollcoffee.com
GET MY WEEKLY EMAIL MARKET RECAP NEWSLETTER: http://grahamstephan.com/newsletter
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://the-real-estate-agent-academy.teachable.com/p/the-youtube-creator-academy/?product_id=1010756&coupon_code=100OFF - $100 OFF WITH CODE 100OFF
THE HOUSING MARKET:
First, HOME SALES.
Year-Over-Year, home sales are down nearly 20%…marking the seventh straight month of declines….and, in terms of WHY, their chief economist noted that “The softness in home sales reflects this year's escalating mortgage rates” - which, as of a few days ago - have begun to approach 7%.
Second, MONTHS SUPPLY OF INVENTORY.
If you’re in the market for a BRAND NEW CONSTRUCTION…supply has ballooned from 3.5 months at the start of the pandemic…to now, 8.1 months of supply…suggesting that, if you’re a buyer - you’ll have a LOT more leverage than you did in the past.
Third, HOME PRICES.
Even though homes are MORE EXPENSIVE today than they were a YEAR AGO…most of that growth was attained within the first few months of 2022…and, for the last 90 days…home prices have been falling. Nationwide, median prices are currently sitting at “$389,000…DOWN from the peak of $413,000 that was recorded in June.”
Even the Chief Economist for Realtor.com said that, “For homeowners planning to list, today’s market is significantly different than the one from even 3 weeks ago”….meaning, we won’t know the true effects of today - until November.
When it comes to this, The Vice President Of BlackNight Research said that “It would take some combination of a 40% rise in incomes, roughly a 3-percentage-point decline in 30-year rates - or a 30% pullback in home prices” to normalize the housing market.
Now, SOME markets could be hit worse than others - including speculative cities which saw the biggest pandemic price INCREASE, and - the high end luxury market which has already fallen 5% in the last 3 months…but, other markets may continue to increase in price….so, we’ll have to take a wait-and-see approach.
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/
what's up with that bruise on your left forearm?
Thanks for the insight ! Real estate is really your cup of tea.
A picture of a baby gecko “Save 15% or more” 😂😂😂
WILL MILLENIALS BE ABLE TO AFFORD A HOME??????????????????????
no companies will just scoop them
50% – 60% loss on all housing
2008 but worse 2.0
Big cities like los angeles will be a war zone
They will begin by eating the rich
Crime is up 90%
Homelessness is up 150%
You're rich. Why do you need a sponsor?
houses havent dropped 50%
So home prices are not really falling 50%.
These misleading clickbait titles really not making me want to take this guy seriously.
We have been predicting this as supply is artificially inflated during cov.
Fed Interest rates were 0% for way too long after the 2007 crash. Too much free debt floating around for developers. Raising rates helps working class savers with higher savings accounts returns. We are returning to something normal after almost two decades of constantly trying to recover from chaotic leadership.
can't wait! i've been saving up for my first house, and i'll be able to buy one soon when they crash 50% where i live. then i'll have no stress becuase i bought it right with large down payment, and great savings for e-funds.
I love recession, it weeds out the weak businesses
What about home value?
Man, all these influencers with their doomsday Predictions and clickbait pictures….
As a mid 20s working in tech and priced out of the market I grew up in despite making significantly more than my parents did at the same age when they were able to buy a house, start a family, and go on several vacations a year. I say good. I want the housing market to come crashing down, I want the greedy investors to pay for making housing unaffordable for millions in this country. IMO the commoditization of housing has gone waayyyyy to far to the point of almost creating a generation full of renters, which is unsustainable for a capitalistic economy, for building familial wealth, or for attempting to live the lives our parents had. Bring down the housing market! I'm looking forward to it.
how you gonna grey out the 50% decrease markets when producing data ? FUD. Come on Graham i was enjoying your feed.
$389k is what I just got my house for in Jacksonville. Bought in cash last week….no mortgage. It was a great deal.
I just bought a nice house for a good price. Much lower than the surrounding houses.
I wouldn't be in a rush right now to buy, give it another year.
Homes should be considered depreciating assets. It is falling apart.
Smart guy. Needs to stop waving his hands around. Very distracting.
So what of these individuals who went into remote work for now being forced to come back into the office on the penalty of losing your job if not. They're going to be compelled to sell those houses. And buy a combinations closer back to their work environment. They will be forced to accept that higher interest rate. Or lose their job and have no money and lose their house that they thought they had such a great interest rate on.
If video you make now has a doomsday headline 😒
glad to hear all the greedy realtors pumping sellers to stupid high prices are now dropping like a stone
Looking to buy a house what y’all recommend or any tips guys 😅
Yeah it doesn't make sense to sell if you are holding a 30 year mortgage but if you have less than 10 year of payments on your mortgage it does make a lot of sense to sell since you are now holding a fast devaluing asset – your home.
My wife and I have been waiting for so long to buy a house, waiting for the market to correct itself. Everyone told us ''this is the new normal, it will not come back down.'' Looking forward to what the market does over the next few months, we are ready.
My family and I have been eyeing this property since last year. And it’s dropped $10k through the course of this year. We’re going to wait it out by the end of the year and hopefully it will still be available.
yes!
Great video Graham, thank you for the insight!
Where do I pick up these half price houses? I buy about 50 houses a year and I haven't seen any half price houses
For crying out loud. Prices have not fallen 50%