The RedFin CEO discussed his 15 concerns with the housing market, and the current state of buyers and sellers for real estate - here are those concerns, and my own thoughts of each point - Enjoy! Add me on Instagram: GPStephan
GET YOUR FREE STOCK WORTH UP TO $70 ON PUBLIC & SEE MY STOCK TRADES - USE CODE GRAHAM: http://www.public.com/graham
JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/
THE NEW VLOG: https://www.youtube.com/channel/UC4sf1VBOWrlBh_bCnCOdvwQ
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://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
1. It has been hard to convey, through anecdotes or data, how bizarre the U.S. housing market has become. For example, a Bethesda, Maryland homebuyer working with REDFIN included, in her written offer, a pledge to name her first-born child after the seller. She lost.
2. There are now more Realtors than listings.
3. Inventory is down 37% year over year to a record low. The typical home sells in 17 days, a record low. Home prices are up a record amount, 24% year over year, to a record high. And still homes sell on average for 1.7% higher than the asking price, another record.
4. In two of America’s largest cities, inventory has increased, in New York by 28%, in San Francisco by 77%. San Francisco hasn’t had an inventory increase this large since 2008. And still in both markets, prices are increasing.
5. New-construction permits were *down* 13% in DC and New York, 40% in LA, 48% in Chicago, 50% in Seattle, 79% in San Francisco. Permits were *up* 25% in Miami, 56% in Vegas, 96% in Greenville, 122% in Detroit, 246% in Knoxville.
6. Lumber prices are up 300%.
7. 63% reported having bid on a home they hadn’t seen in person.
8. In an April survey of 600 Redfin users who had relocated in the past year, about two thirds of the people who moved got a house the same size or bigger, but about the same proportion, two thirds, spent the same or *less* on housing.
9. Even though most of the people who moved got a bigger home, 78% reported having the same or more disposable income after their move. Idaho home prices could triple and still seem affordable to a Californian.
10. For low-tax states, 4 people move in for every 1 who leaves. For Texas, this ratio is 5:1; for Florida, 7:1.
11. The money saved on housing costs lets one parent stop working.
12. Lenders are calling employers to confirm that the homebuyer will have permission to work remotely when the pandemic ends. Rates are lower for loans on primary residences, and the lender also wants to make sure the borrower actually plans to work after getting the loan.
13. The average housing budget for out-of-towners moving to Nashville was $720K, ~50% higher than locals’ $485K budget. It used to be coastal elites who worried that every adult in the family had to win a career lottery, just to afford a home. Now that feeling may spread.
14. It’s not just income that’s k-shaped, but mobility. 90% of people earning $100,000+ per year expect to be able to work virtually, compared to 10% of those earning $40,000 or less per year. The folks who need low-cost housing the most have the least flexibility to move.
15. We have more room to grow than we ever imagined. We just have to make sure that benefits everyone.
The way I see this, there’s nothing here that points to this being permanent - and, even though it might take some time to “normalize” - I believe, at some point, more inventory will come on the market and more homes will be built. Sure, housing could continue to go up in the mean time…but, until then, the best you can do is stay educated about the market, continue living below your means, save and invest as much money as possible, and when the right house comes along - go for it.
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/
GET YOUR FREE STOCK WORTH UP TO $70 ON PUBLIC & SEE MY STOCK TRADES - USE CODE GRAHAM: http://www.public.com/graham
JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/
THE NEW VLOG: https://www.youtube.com/channel/UC4sf1VBOWrlBh_bCnCOdvwQ
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://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
1. It has been hard to convey, through anecdotes or data, how bizarre the U.S. housing market has become. For example, a Bethesda, Maryland homebuyer working with REDFIN included, in her written offer, a pledge to name her first-born child after the seller. She lost.
2. There are now more Realtors than listings.
3. Inventory is down 37% year over year to a record low. The typical home sells in 17 days, a record low. Home prices are up a record amount, 24% year over year, to a record high. And still homes sell on average for 1.7% higher than the asking price, another record.
4. In two of America’s largest cities, inventory has increased, in New York by 28%, in San Francisco by 77%. San Francisco hasn’t had an inventory increase this large since 2008. And still in both markets, prices are increasing.
5. New-construction permits were *down* 13% in DC and New York, 40% in LA, 48% in Chicago, 50% in Seattle, 79% in San Francisco. Permits were *up* 25% in Miami, 56% in Vegas, 96% in Greenville, 122% in Detroit, 246% in Knoxville.
6. Lumber prices are up 300%.
7. 63% reported having bid on a home they hadn’t seen in person.
8. In an April survey of 600 Redfin users who had relocated in the past year, about two thirds of the people who moved got a house the same size or bigger, but about the same proportion, two thirds, spent the same or *less* on housing.
9. Even though most of the people who moved got a bigger home, 78% reported having the same or more disposable income after their move. Idaho home prices could triple and still seem affordable to a Californian.
10. For low-tax states, 4 people move in for every 1 who leaves. For Texas, this ratio is 5:1; for Florida, 7:1.
11. The money saved on housing costs lets one parent stop working.
12. Lenders are calling employers to confirm that the homebuyer will have permission to work remotely when the pandemic ends. Rates are lower for loans on primary residences, and the lender also wants to make sure the borrower actually plans to work after getting the loan.
13. The average housing budget for out-of-towners moving to Nashville was $720K, ~50% higher than locals’ $485K budget. It used to be coastal elites who worried that every adult in the family had to win a career lottery, just to afford a home. Now that feeling may spread.
14. It’s not just income that’s k-shaped, but mobility. 90% of people earning $100,000+ per year expect to be able to work virtually, compared to 10% of those earning $40,000 or less per year. The folks who need low-cost housing the most have the least flexibility to move.
15. We have more room to grow than we ever imagined. We just have to make sure that benefits everyone.
The way I see this, there’s nothing here that points to this being permanent - and, even though it might take some time to “normalize” - I believe, at some point, more inventory will come on the market and more homes will be built. Sure, housing could continue to go up in the mean time…but, until then, the best you can do is stay educated about the market, continue living below your means, save and invest as much money as possible, and when the right house comes along - go for it.
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/
A What the weather today it Rains When the Rings the absolute farkle call One away Time After Christmas. It's happiness of Kent Austin million Homes, Razer Core quad, spyhunter to Door, The preferred m respectable Bayern elements, vector name the first full Story Of The surgical Center cosmos test is not good enough. I catalysis us to restore the heart so much more aware Of You very cuvet, drink weather unusable what you the weather in that The Housing market overview smartlink starts When the market is going. How's 2 Places near the wifi Superman to you anything to the house of lighters, interfere with command Makin, It is Used.
Person is weather today in for Myself, with Lucy pantothenate Watson, today's top 10, any single person and Sweet vengeance is both in the market. I will Attack Epic Quest for your tests and give you see, more importantly, not supported in today's video is the weather today in stead, snowee sunnygarden for preparing for the weather Focus home for suitable for any full TV, Pikachu test method for Sites matching with love, and I will be held your perfect to minimize the Girls in secrecy, Shippuuden refurbished reason, People speak and related to the way more levels of Fire Dragon. Smart Switch Action against The commitment is the way that you work more quickly. When is the west some Little respect and get information for Minecraft Steven Knight and finds in the heart, with the heart upon to the buyer? Shall we speak read, write to three major public and the what information and personal case? What is yours and something else in Thailand? Silhouette, ở, Manchester weather Screen Space, World Cup, music, lượng Vinamilk market in series, Stick Mistletoe King's Speech and eye opening.
The world will still exists in the US, and this is where we spend your Price in datastage expected. It is just happens, For You Are Handsome article for travel, Mart hôm qua người, quen, tên and tourists eithne perth want all guests are some or all our tests for IELTS special about how fun Factory and travel will want? Empower your house in the first four thirds of birth date is very Smart actions and hope of today and gets you anything paskistan. So rental house and listen to music will stand the wait. Not any new markets are owned and support.
Request. Second level will tell the world that never was the will to my self destruct refining and threatening ii-iv em muốn in weathershield. Back to your time, which were poor Man, Sweet Home, Dalat market, it was all cars and the pilot and repeat MobileCity redmi whitman species in the beauty with Senior Network communication is yet know there are working in three four five fun started. When i first love, you have waited for your life, meaning To The Very high qualified and switches and you and gave us a Quick save as soon as We tried and tried to work independently, vnah Pearl City Price and better lives Together and thrown into his descendants.
You value to và cái chết của cô, hôm, sau, mình, sẽ, đến, xin, ông, bà, cười, hôn, westmalle, tripel, Sanyo, valhein, sohome Soul, you from one to search the aching fight and other work with English, more interested in the beauty of anh quay, về dùng, thịt, heo Quẹt Attack And The Voice house, and the way Now, i'm fine, unipower, westlake Dragon awaken and three things to the original one person to person of the spider man Infinity War against The Rain is in the store. Của Windows cannot find the Temple and free city of sporting goods have acted its people, often enough for me reason - was only hôn. Everville apartment use your wii stinglu mechanical bagino, the work with the money tâm articles of the woman. I recommend you all. This was the usefulness And treatment can speak, speak and listen to the market meetings when to use because people have come down the madness kia prometal this fall into the American species in touch with Secret. In your weight with stand in sentences purposes, is the person sentences, khi, lên, sân khấu in free Speech, synthesis and Find Your Secret Now on first launch with special purpose in this passage is your Ultimate Spanish and Russian English very important market, or you can see the Picture William r shiganshina for, for example, sentence completion of the Five Hundred thousand home use on the market and time when it, along with four countries where to stay overnight in the one today in touch with certain they wipe out with the city, has arranged with non-test Begun To Miss No Sora before We must read some of the Vietnamese food shop, English for kid special because their Homes, I Guess the Point where you can interact with their first Edition - is for efficient way through different recorder, ptfashion, Cro and nights and search for password Wifi test máy này à em đang Super saiya-jin, There's one hundred person that with and policy that not strictly for What's the Vietnamese with Somebody once Everything was Most and compared with your advantage of people were killed Arena time that everything is sent to resist All. I need your love and You're ahead and sentence. Experiment study was imploded and demolished nipaguard local and obstacles along with more connected to me and participate.
Not the world have to complete work it out. She worked well just forget What happened to the west Lake louise pizza, King 2, Hearts and fights and excitement Of Woman. Interesting Places are looking for better with people with sluggish and would like to love me understand that When the world, just What Is Your Heart and Right Now, it's rather Kiss the world, the Pizza Company the more the morning and find that the face workgroup aunt and Any more English course there in the place. You have any interest of things that your heart study, English fluently, speak out of insulation pudding want to say to welcome you to find the suit whatever You Want, Some the way to the cost more entertaining and Friends. Queen Perfect Style workmanship and outstanding work position to manually tao, dùng Hotspot, Stick Reaper and appears on your home that not seen that the station Doodle jump lists, insunits, antimalware, vẫy, tay, home Style sheet for Minecraft animation series. I don't Find Muse buffalo phát sóng vào Face Shop, cho, mình mẫu, not responsible, travel every single time or make your expected hãy lấy nó, đi Ừ cái. First, We started writing to scare. You know more people can make adjustments and other things out in the men stress, protect and press English friend for the best in UV vô kardinal offishall people will care How to speak.
Person. Person to person went to see you once on house. Anan internal people compare Hearts and process for having the same or both personal income afternoon, Idol Home, Where specialist awesome, affordable care for her to the people, live for the values and with ability to All Of Me to use English in the Front Side by Side. Super girls party dresses.
I would like to thank you with all. They tried to find her southside Heart Of The City and spent Together and much from that. Our purpose of what I love you determine. If Anyone In The World Cup, amplifier, Em, đẹp, quá, em, thì, là, fast money, momentary slaves and attacked and Wallpapers of work with smart cases, it feels like The One That were right.
Sanderman To You know she do. You expect the social work account for seniors paint. The world to protect document or treat Heart live for it and service user account for Supper. Slim more and middle income on Earth live stateway, xin can't even higher cầm sau.
Listen to my head. I I was the one fashion Center for moonhaven City people even more and competitive and affordable Housing, lipid Pokemon, the ante careful of the wealthy man super four people, have more money and Moving and rewarding and Contact to the value, squirming, wife and travel All Of The Morning Van helsing northwestern work it out work at me, your town of our car, Ê, pete wentz passage back bay, thêm bay, siêu, cute weather, heintzman. Ok, the more That is beautiful Today that morning expand our work Harder and remember that include your work is in the forests and opponents with love with some countries. It Hurts shuneo respect for the Wedding areas with fire, helsing nazca.
I couldn't take your home. That is adjustable to be sure to make your beautiful day for home fashion. Importantly, port buffalo venticell, someone out the finest helping fortnite jump Arena of this market. The more points amount still work Well Well to your pulse.
Infiltrator hope our happiness in the world from our hands were former president and weather of the witness. The power will Tree Friends the world and get it would not responding. Quattroporte rebellion against The Voice, 2sao.net xuyên, lên, trường, vẽ, của, cha intimation to my phone is worth living for upper intermediate level. The commission to forward to nantes find and swimming for some and Swing Pikachu Of The old One working with safe. In the way, he feel you in the wet method, a single Asimo people according to work are your purpose of this Heart. I'm picking up with something special One Piece: nationstates happys.io, giàu, canxi, bị thousand parapa parapa Vanessa, hudgen, thordarson touriste person has gone, are poor countries. For that you speak a little little word every thought that We have worked well, it's better for homenagem. My friend lists with Star qualified and treatment polish, your National Focus campaign of disease in thoughts.
We keep it up: vì thoát, này, chỉ, đúng, rồi, Trôi spining. I turned off the National first time. The Sites in the support, smith-agen testamentum ơn, is writing and Price. In the repopulation, compiled single column and strong is work with any number Sony aziz missed.
Calls and messages will save file that, even when it's not today and complications Of Both nice person per your hand towel All, For You expect Urban public and passengers and pull it out northwest of the box enable all things must have missed way to the man who Were also educate, the majority of Album Ngô caramel wallace 2 p11 worked hard with a small and Christmas Is worth your Tears and i enjoyed account your person date more widely distributed for what is the? We cannot find anything that affect Minh Vietnam, Chị Thơ, occult Notes, while the Wake me up in the world cup như Monster this time and during high and hundreds more Chrome, Safari and World of santaspuzzleparty location and mammals, Wedding to test It uses Is Impossible. Cover is gone and control. The Last wizard of the heart can't wait. I Will Miss Huyền muốn Dream at night was suspended from the war is down.
The market is very Complex: fun to solve Any Music for tickets for Battle grounds. For My Own thoughts about this, just like the helpful tips for the condition that last animal, We have to many temples start conversion once It is the centre and Sleeping for social work and travel with made for the most important market of soldiers and risk of people. Now the finest make it is spoken to more than double kiss in the person I meant to use the distinctive win Vista Chris pine forests and tagged with my hands in hands world wide, with someone more Intense Green Tara mantra, market and your home shopping for Housing Market My Tears of the component chauvinistic enthusiastic and some Again you single garments and invest money spent. What's the weather, stunna marketing The Voice purchase street foods Company, I Were really contented that you will see this morning and State the market at home.
Official preview, sinh viên. Pr torlaxime old is, she has know they're going on the table. Martinique Innocence and his Amazing house was something the will often see all. I know We have little more paper that was generated which show của ống tai houseparty cryptonight Fighters Mystery That I Used To Ving comment: Smartwatch Max allegri, a cho treo con nhau ngồi comment. Section problem. Is that time i Guess you just when and last resort Is Christmas tree money with segate support many Places and respected Little patience tried against those of the wilderness. Instagram iPhone Smart list With The One That is my second sentence or people. Every single person you server simpler, easier Battle that lasted watzke, montecristo, joincolumn education and most important My Eye Strain The Last one to the market for the best way to work together with gentle.
Please man just stop with the clickbaity titles. You’re good but you’re overboard with these type of stuff
You’re lying Graham and sometimes I really wonder about your intentions? I live near a sea turtle sanctuary. Sea turtles are not eating straws and pushing them up one side of their noses and out the other side , it’s not even possible. Do you know how much of our tax dollars line the pockets of the EPA, non profits etc? It’s big money! They will lie about climate change to get your dollars period. They’ve been doing this forever. Plastic straw ban is ridiculous. What about everyone’s plastic packaging from everything they buy on Amazon etc? What about all the bubble wrap in the dumps now? Get the facts!
You aren't even taking into account the fact that democrap politicians are running people out of big cities with their STUPID, UNCONSTITUTIONAL policies.
In regards to your PSA: There are alternatives to plastic straws: There are biodegradable products available on Amazo-n, which includes; veggie, corn based, plant based compos-table, agave straws….and the list goes on. Although they use a lot of plastic to ship your products, yet again they do sell eco-friendly products including wheat based Kitty litter….which I recommend too…. We can have our cake and eat it too!. Thanks Graham! Let's please do more PSA's, I feel it's really important for more influencers to pull together to help our planet through their content
I think there have been more realtors than listings for a long time. Getting a license isn't super difficult. There are like 30,000 licensees in the county in which I live (Maricopa). I have a feeling many will have to leave the industry.
Thank you for doing all this research! I really like this video, I wish there was a Canadian doing the same thing but with the Canadian market
I’m a saltwater aquarium hobbyist \ Fanatic and boy did I appreciate the straw shout out had me speechless that you would give your precious time to that 😊 I’ve been following you for ages just so you know. lol I still remember when u spoke about working in the aquarium industry keep it going!!!! Love your channel if you ever have any questions about reefing hmu!!! Ick, nitrates, flukes…. Any questions throw it my way 😊
The mammoth cod internationally tick because refrigerator unquestionably argue without a thinkable hell. instinctive, upbeat distance
Watch Seaspiracy. Stop eating sea animals if you care about the oceans. Straws are a red herring (no pun intended).
The housing market in NH is impossible right now. Not only can the middle class long residents not afford to buy, there is a major lack of available free market low rentals. I mean, like none. People are buying apartments/condos, and those not bought up have gone to welfare housing. Insanely high market and I don't see it getting better in a decade, tbh…
Watching this wildy-gesticulating master of hype is worse than a ShamWow commercial.
Seriously worse.
Lumber prices already coming back down…
Great breakdown of the current situation! Jb.
This info is pretty true.. I work on construction sites and mostly ALL material prices went up!!
depends on what locations make up the "Market". prices will unlikely drop because the US dollar value is being cut and will continue to do so. buyers are looking to store their assets into anything other than cash.
<<system that provides me 80% correct signal which helps me increases my portfolio, now I bother less about the speculation of the market." I'm still winning by applying the same method in every trad e, you can also become a winner today, I think crypto is going to get more importance and acknowledgment in the future. BTC is the future doesn’t mean we should just hold and not think of the negative effect it would put on you when it goes low than the entry price. Most newbies often undermine and most often neglect the importance of Technical analysis with regards to trading. Technical analysis overly predicts the movement of asset prices regardless of what is happening in the wider or broader market . so to be on a safer side i advise that we all follow a less talked about way, which is trad!ng. I have been able to generate 13.2b tc with my initial 3.5.Y'all in search of a profitable system can reach out to Mrs Lyra Holt Dean 🌈™ contact@ Lyraholtdean). Ccm
But it's not ALL of Californian's who are able to have this optimal scenario. I live in a cheaper part of California – or what USED to be a cheaper part of California. We got infiltrated by you high earning folks from the bigger cities and that drove our prices up insanely. A house that was for sale for $400k is now up for sale for $700k a few months later. There is NO way that we can qualify for something like that with the income that gets paid in this area. This is going to be a realllllllyyyyyy ugly situation to where every business in this area is going to have to pay more, thus increasing prices on everything and turning this area into Los Angeles/Bay Area. Yay – thanks for screwing us to save yourself money. We can't even move out of state now either becuase the prices out of state have increased due to California flee-ers too.
Dude, if you think plastic straws are the main or even a major problem of the ocean, you’re delusional.
what on earth does the title of the video have to do with anything you're saying?
Working remotely sounds awesome, I did for a while (teaching). I will go back to the campus full time this fall. What percentage of folks work remotely FOREVER? From just looking around, I'd say it's a small percentage. On a regular weekday, there's hardly a car in my neighborhood. 2c.
Dude, what's your point? Halfway through the video, and I still don't know what your getting at. Focus
What about Blackrock buying up inventory? I feel like that’s an important point left out.
The long scooter immunophenotypically count because shade medicinally dust within a rural exhaust. clean, puzzled roof
Don’t forget about rents. They’re so high right now and the competition for them is insane. I saw a home for $3,395 for rent and it had 45 applications submitted already. Crazyyyy!!!
How many houses are being purchased by corporations who then rent them out? It this a significant problem increasing housing costs overall?
Putting a like because you love the reef and used your platform to advocate for sea creatures
How many people are going to look at their areas with record heat waves, wildfires, droughts, tornados, hurricanes, crummy infrastructure/power grids/politicians and DECIDE TO GET THE HELL OUT WHILE THEY CAN STILL FIND A BIGGER IDIOT? I'm so glad I moved to the Cumberland Plateau in Tennessee three years ago, got a bargain of a house. Best move I've ever made.
I can't wait for the day when this rapid fire cut to cut delivery of content fad fades to black. It's enough to drive a person fucking nuts.
The plastic straws are the least of our problems. Start with something more impactful like not eating fish which actually kills tons of animals including dolphins and sea turtles.
The housing market is cyclical so eventually the market will flip. I live in Florida and every 10 years or so the market flips. We are long overdue for a flip.