#Housingmarket #realestate #rents
Yahoo Finance Contributor Vera Gibbons reports on first-time homebuyers’ experiences being priced out of the market, extreme living arrangements people are taking on due to the competitive housing market, and pricing on renting and buying homes
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FAKE NEWS ,,, STOP TRYING TO PUMP UP THE PARKET … STOP BLOWING ZILLOW
One piece advice for would be Home Buyers . Don’t even think about purchasing in Florida . There will be at least 10 other people Bidding against you . The Florida market is totally insane .
@Prem Chettri I’d have a gator as a pet before I lived in a place where homeless 💩on the sidewalk. Florida is even stealing California jobs, Disney moving their HQ to the Lake Nona in Florida. life is good for the working professional in Florida.
@Matt I am sure !! One thing I hate about Cali is homeless problem and a class of people are really questionable most Cali being wild west but Florida is not only known for Gator / Snake Crises it has other issues like Swamp and known to be a place for drug addicts and dumb peoples
@Prem Chettri reminds me of kenansville fl, but they are deep in the woods. Kenansville is around 30 miles away at least from any nice town.
Only 10? Wow that would be nice, Ive been trying to buy a house in the north dallas area and there have been 40+ offers on the houses I have tried to buy and some of those are investment companies that are buying with all cash and willing to go 50k – 100k over asking price. Its been a nightmare trying to get a house right now
@PoliticalMayhem It’s only going to get worse , not better . Home Prices and Rent’s are rising right along with the Interest Rates . The Fed with its easy money policies have totally wrecked the Home Market .
*To obtain financial freedom, one must be either a business owner, an investor or both, generating passive income, particularly on a monthly basis…*
@Ethan Douglas Thank you for this. I just looked him up on Forbes and impressed with the information I came across. Will definitely reach out to him. Thanks again!..
Take it from one who has it and bought a house in Missouri and dream Wrangler with forex trade profits. We all deserves to be rich and have financial freedom, not necessarily working for anyone.
Don’t talk about the news that’s already known to everyone. Talk about inventory, when will the builders, lenders going to increase the inventory and stop jacking up the prices? This news is not at all helpful to anyone, you are just holding a mirror and showing how miserable the middle class and poor are living in this market.
@SaliferousStudios get ready for some whataboutisms
Builders now are just moving at a snail pace. Not sure what’s the reasoning.. In 2006, my house took 5 months to build, about 6 weeks of actual build time. Now 2022, it’s taking at least a year or more.
Would you work harder for less money and job security or would you milk it for over a 20 years? Lets see, increase supply and lessen demand softening prices. Builders also have shareholders now, so they have to keep those profits up!
A lot of workers are not even showing up to the job site. Materials are also increasing and take months to get. My builder told me to expect a 6 month wait for windows.
I was just telling someone this same thing !! It’s crazy!!
It’s because they’re asking for r@pe pricing
It’s intentional and let me tell you why in my market lennar homes bought some land to start building on a housing development as soon as they found out that a homeless shelter was also being built near the housing development they immediately pumped out like 100 homes built in about a month where as other parts of the city they’ve barely even built 4 and mind you those projects got started before the one where they pumped out 100 homes its funny how once they realized the homeless shelter would affect the home prices, they built them extremely fast but not on the other projects where their is no worry about prices being affected, if they can get 100 homes built that fast in a month why can’t they do it on other projects?? Because they’re intentionally taking there sweet time knowing they will profit alot more by keeping inventory as low as humanly possible.
Could we see another asset bubble pop I hope so if not laws will be passed to ban corporations from owning residential real estate and a new federal agency will be formed to crack down on fraud big and small.
wen is this bubble thing going to happen?
That’s the American dream, “Can’t afford to rent, Can’t afford to buy”
Thats what happens when you speculate basic needs instead of upstart businesses precious metals and things that aren’t vital to everyday living.
ya, I had the same problem in 1978 when I bought my 1st home with a 13.5% intrest rate
At this point, the “American Dream” doesn’t exist.
@dls951 Rates were about 10% in 1989. I remember that.
This is just the beginning.
✔️Mortgage rates will cross 5%
✔️Foreclosure stopped for last 2 years will start hitting the market.
✔️New construction supply will start hitting the market at the same time
✔️The wallstreet ibuyers will start dumping their real estate purchases once the realize there is no more price appreciation left.
A crash is inevitable.
‘No more price appreciation left’ – gold.
Mortgage lender quoted me 5% yesterday.
Sounds like a bubble is ready to pop!
@Jesse what cash savings from the pandemic? Existing small-time landlords literally had to pay their tenants rent for over 2yrs. Most of those renters not paying lost their jobs. Those stimmy checks were like what, $2k total? I know some others got the unemployment but most of those people were near minimum wage workers anyway. The only people who got rich on the pandemic were already rich. I don’t expect a crash necessarily, only a slowdown in purchasing. I’ve already seen homes sitting on the markets long enough to see price cuts. Then again, I’m on the East Coast luckily. Most everyone I know is living off credit, they don’t actually “own” their car/house/boat etc…yes they’re surviving but it would be SO easy to take all of that back. I mean just look what a small measly percentage rate increase has done, everyone is already panicked and freaking out lol
defaults.
@Luis Cayo too much of a shortage for defaults. And people have plenty of equity. So, if someone were no longer able to pay their mortgage, they will sell it before going into default.
@Luis Cayo the dollar losing value is one of the primary reasons home prices are so high. 50% of the money in circulation has been printer in the past two years. If you don’t understand that, you should research it.
Unexpectedly? I expected a decline in home sales. These experts that making expectations are absolutely idiots. People cannot afford these prices, especially with high interest rates.
They want to keep their narrative going.
Interest rates are actually historically very low.
@Jesse interest rates are relatively very high compared to recent years. A 50% jump in 3 months is not normal and nothing to sneeze at.
Are corporations people? Because theyre buying homes…
im not moving back in with my parents they smoke tooo much weeed
Threw his own mother underneath the bus.
The epitome of being spineless.
Vera Gibbons is a batshit crazy waffling karen.
The housing market is far more overvalued than 2008 and so is the stock market. Get ready for the bubble to burst and this time will be much more painful.
@Jas201 you won’t see many foreclosures this time. There is more than enough program to prevent foreclosures for homeowners. It won’t even make a dent on housing market LOL
@Jacob Napkins but lending practices are solid now. Sooo.. whats your point?
@Eddie True or an undersupply of people who can’t afford homes. You need to break demand down and what holds it up. Demand can easily change due to unforeseen changes.
@Shawn Crabtree Programs? America is dead broke homie.
@Bot Account lol sure they are
No way prices sustain. What goes up must come down. Many folks that paid to much for a property will bail out.
When are 1950s prices coming back?
Bingo same thing happened 2008 we are due for another crash just be patient it’s inevitable
The people with your mindset will be waiting their whole life for something like 2008 market crash that will never happen
@Bot Account every sustainable permanent housing gain since the 1940’s has been preceeded by a bigger wage/salary increase. Real wages have decreased while intrest rates have decreased over the last several years, decades even, You now have wages down even more with inflation and intrest rates comming up, with reccord high prices driven by investors and a few high earners and people who fomoed into the market and 80% of millenials with buyers remose. Throw in a looming recession and shrinking middle class investment…
They will bail out with a profit also?
Home sales didn’t drop due to mortgage rates rising for buyers; the inventory is at an all time low and with increased rates it’s sellers who are rethinking selling their homes, so less homes are put on the market. In just about every market there are multiple offers on each sale, with buyers paying well over ask. This is does not lend creed to the notion the market is slowing down. If more homes were available, there would be more home sales.
Feb saw a little ore inventory than Jan an d A LOT. of FOMO. Before rates rose. It will be more intresting to see how April does. We thought we would be buying this month but our lender just told us we need more money down and have a much higher payment for a house we don’t really want anyway, so we are back to the savings, income generating and debt payoff drawing board for a while. And we make good money…
@Tom Joe depends on your situation. You’ll probably be looking at at least 6% interest rate by next year. Prices need to drop significantly in order to come to the same monthly payment, and i just don’t see that happening.
Don’t worry, be patient. There WILL be homes for sale as foreclosure inventory enters the market and as higher interest rates create more foreclosures. It’s a CYCLE. Don’t drink the realtor’s cool aid.
So true. I would like to sell, but I see nothing in my area I would prefer to have, so I stay. Many others are probably in the same boat… too uncertain to make a move, so they stay. Even with interest rates rising, prices remain high and even higher. Here in So Cal, people are flipping houses for $100k to $200k over the purchase price, one week after purchase… but they are NOT improving them. They just flip and hope for a profit… and will probably get it. I feel bad for young first-time (potential) buyers. smh
@Paul k That is exactly it. Many home owners have lower rates in their existing home and are hesitant to sell and end up purchasing at the top of the market with a much higher rate so they will stay put. This results in less homes on the market- a market that is already at record low inventory. Lack of buyers is not the reason home sales dipped- it’s lack of inventory.
Average home is half a million dollars… last year in the 300s. And people think this isn’t a bubble?!
Of course it is not a bubble. Supply, demand, 5m housing shortage, record low inventories, inflation etc. Similar inflation happened in 1970s and U.S. raised interest rate just like today but housing prices kept going up more and more which was a NEW NORMAL. All you can wait is minor dip but it won’t help much for buyers because price doesn’t drop much but higher interest rate. Welcome to the 2022 new normal 🇺🇲
@Shawn Crabtree here you are again mr unfortunate… this is a bubble when all these funds hold empty properties instead of renting for a lower price…
@Shawn Crabtree You forgot to mention the crashed that happened after all that
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It’s not millennials buying up all the inventory… It’s investors. Maybe drop the analysts and check the actual data!
Yup do true , that’s how they playing with ppl head, ppl need to wake up
Shame on those greedy investors!
16 million vacancies. These are not millennials
Joined the event and would like to request to ensure maximum transparency.
I hope everyone’s home burns to the ground. R and pillage
Speculations, speculations, speculations! And by realtors? What do you expect them to say?!
Homes are seen as commodities now. Sooo ya.
My 92 year old mom would be the choice any day
Disgusting how non-chalant these realtors, analysts and media folk are about “alternative living solutions”… They seriously think people want to cram up with 10 adults in one house… Why don’t they mention the hedge funds buying these house keep them empty until they rent out… there are millions of empty hedge fund houses out there not being used cause the funds want high rent…
They clearly have money snd are socially insulated. Cant blame their privileged perspective
My neighborhood is full of these hedge fund houses but the positive is they increase property value but I still think it’s wrong
No one Lists their homes because the “Sellers” don’t want to pay 6-7% of their wealth to a Real Estate Agent just for Listing a Weekend and picking up a phone… Why make Sellers pay for “Buyers” fees who only represents the Buyers Interests??? They will get very low listings until this is fixed!!!
Just skip realtors and sell directly. Don’t see what value they bring anymore.
Stick a for sale sign up in the front yard it will sale without a realtor in these hot markets.
Buy now lol. Inflation is killing all their savings. The people who were willing to pay these high mortgages have already bought. Now all that’s left is poorer people and they’re probably patient if they’ve waited this long.
They never be able to afford anything at all. Rents are going up. Those Covid dead beats are a major cause.
That’s not your home increasing in value… It’s your currency decreasing in value.
This is a very true statement.
Smartest and best comment here!
‘’Courage taught me no matter how bad a crisis gets … any sound investment will eventually pay off.” — Carlos Slim Helu
Sometimes folks just have to face the thought of moving to another area where homes are more reasonable. Hint: Try OLD Bullhead City, Arizona. Rents are high, but you can STILL buy a mobile home of your own for only $100,000. That’s right, only one hundred thousand, AND that includes the land approx. 50’x100’. Seriously, you have the Colorado River is walking distance away with nine gambling casinos on the river bank on the other side in Laughlin, Nevada, 90 miles south of Vegas. There’s plenty of water sports (fishing, jet skies, etc.) and the best Springtime in the nation, IMO.
100k for a mobile home? You’ve got to be smoking something if you think that’s actually desirable lmao
“Rising mortgage rates is not scaring this group of millenials at all”
You couldn’t be more wrong lmao. Why would anyone buy into this market when it’s obviously about to decline/crash and then just have to hold the L?
Every expert seems to be saying they don’t expect a crash, just a leveling off of prices, which is what the feds said they wanted when they raised rates, we’ll see if that happens, either way I anticipate housing prices going up over the next 10 years, so if it’s your first home it still might not be a terrible time
Because she’s a REALTOR!! Don’t listen to any forecast by a REALTOR or anyone affected by real estate sales volume. Rates higher=prices lower, at least in the long run…are folks going to just make HIGHER PAYMENTS?
Your right interest rates are not hurting those that pay cash, the Corporations buying them! If you don’t have a home after rates were next to zero, who’s fault is it? You just hold the line while you watch others buy what’s left.
This is old news. Way to be behind the curve Yahoo
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All part of the Global Elite Plan!! “You will own NOTHING and you will be happy!” I so feel sorry for those than cannot see through this!
Only in America would someone not want to take care our their own parents and say it’s not good to move in with them. So messed up.
My parents were horrific and abusive. I had little contact with them for decades, got a call, they need help, I moved to help care for them. Mom is still horrific verbally abusive, dad on occasion. I’m trying hard to forgive and I am not abusive back. Bad behavior from others doesn’t excuse me.
@Cindy Jones more of this!
@jane lewis move away. You owe them nothing.
That’s why parents should not sacrifice their lives for their children, move to the most expensive neighborhoods, and pay for the most expensive colleges. Lesson learned…
Exactly my thoughts!
thank our liberal leadership. with all the refugees and flood of people coming in and housing build not keeping pace is this a surprise?
Nobody wants to hurry up and buy everyone waiting to the market crashes; And at this rate!!! If it keeps going on like this , it’s a matter of time until it crashes . Everyone needs to hold out so the markets can crash.
More people will be living in cars,vans,rvs,on the streets
No. Way. I. Paying. That. Much. Money for. A. House… Crazy…
No way your ever going to own a house either. Crazy but true.
You. Know what.. It. Will be. All. Tent. City… Poor. Like. Africa… With. No. Lions. And. Elephint …
You have no. Gasoline.. We. Will. Be. Poor.. Everything. Will. Crash.. Well. You. Know. How. Many people starve. In. Africa in a year.. Its coming right here… Get. Use to it…
Prices. Are. Not. Coming down.. Will. Be. Poor city. Poor. Poor. Poor.. Everywhere..
NEAVER. Will. They. Be. Able. To. Fight. A. Far. Away. War again… No. GASOLINE…
With Rising rents and gas prices, wages must continue to rise or there will be riots across America.
The government needs to stop corporations from buying single family homes.
Tyler Putin says “government needs to stop corporations” !
Government policies that printed a ton of money is causing inflation and higher prices across the board so don’t blame “corporations”. Don’t rely on government to help you, they’ll only make it worse
@Troy Brownrigg Exactly! Can we at least get a government to protect our border?
Wallstreet investors are buying up.
Great news. nothing wrong with them buying up as many as possible, creates jobs and more housing!
Build , build or cities will burn down.
Crime will be so high
Feds , democrats &Trump screwed middle class.
F feds
America will be India ….
America is new indai
I hate that the only people reporting on this already own multiple homes.
is that a sin.?
@Dennis Patterson just less empathetic.
were gonna all have to accept the fact that we’re gonna need to be communal living in order to make ends meet.
Thank that id$@t jerome powell
Build Back Broke
Something is going to crash and it might be the whims ship.
Stop Wall Street from buying all the homes!
2:23 Cringe.
Welcome to America.
This is so sad
Build more mobile houses for future
I have a house for sale in Gilbert, Az
4+2 pool Beautiful house. Any one interested.
I really feel like this was a propaganda piece.
I just looked at a house that would almost meet our forever home needs towards the top of our current qualification. 2800sf could use more garage space for a business we have and has a Postage stamp yard. Included are the piss soaked carpets, bowing floor and cracking drywall. 440k in colorado springs. We make over 100k and this is what we can get…everything else is really small or hasn’t been updated since the 60’s…
WAIT! It’s a cycle. Don’t drink the realtor’s Kool Aid!!
Seems like this is a joke for you two…
Yeah, the problem is the interest rates have made it so cheep for companies to buy up all the houses and rent them out at massive profits because its become a monopoly in most major areas. For get competing with another home owner you are competing with Russian dark money and foreign wealth funds.
@A.K.A. AAK Well more or less, cash buyouts can win the day as long as the person making the decision feels empowered to keep up with the bids and this is usually a formula they use. So people buying homes with a loan can win out, they just have to outbid the cash buyer, often by overbidding outrageously. the loan company may not go for an increase in the loan amount leaving the buyer to have to make up for the overage in their own cash or 2nd mortgage
@Erik Anders Very true, good point but at some point I feel people may give up on the bidding wars. Lucky they have calmed down substantially 😁
@A.K.A. AAK for the moment, lots have to do with both China and Russia halting use of their foreign debt fund for companies doing this.
Forgot to mention that part, many of these LLC’s and Corps are actually foreign owned. Some, like the stock market traded ones are not, but close to 400 billion are.
@A.K.A. AAK Very good at least some people are smart enough to know that raising the rates will change nothing! It will just make cost of housing higher, and rents higher also. This idea the Democrats have to raise rate to slow inflation is not going to work. If they wanted to reduce inflation they would stop spending money they don’t plan on paying back ever.
@Troy Brownrigg But unfortunately it’s our current & next generation of children who are ultimately going to “pay the price” for this mess. Look at what’s happening with millennials trying to buy homes now. Having to move back in with parents because they can’t afford a home, can’t afford rent. This country is headed down the wrong path for prosperity.
Haha we doing the same thing as we been doing for the last 10 living in our moms basement
There needs to be laws in place to stop these corps form buying up homes.
The corps buying houses are less than double digit percentage. Extremely low. Its the demand of people with the low supply that is driving the market up
@Dmitry Gurvich Yeah cause the corporate laws in place right now are doing so well
@FelixYpanaque – Realtor 30% in certain areas in country
Get ready to be comfortably uncomfortable renting or leasing the American dream
This country is awful I’m ready to go this is ridiculous
The great reset, gap between the have and have not! Another way to pump money out of thin air, cost to the poor renter!
In the past three years all of the millennials who were hammered by the great recession realized they needed to buy now otherwise they’re going to miss out on life. Combine that with NIMBYs, not enough construction workers, not enough materials etc this scenario was obvious.
Living on a couch, living in a box, living on the streets
The housing problem is due to local laws, lack of materials, cost of labor, lack of land… A lot of home builders went out during the 08 crash and never came back as well. And that’s led to the shortage of homes we’re currently seeing. Obviously it’s unsustainable but it’s supply and demand.
@Justin Cadle I wasn’t speaking for inflation just for housing. Inflation is simply like you said the fed printed too much money and has to pay it back. Demand is too high for goods and no one can make things fast enough.
@Justin Cadle It’s cyclical and monetary. Not enough goods and too much money in circulation. But, to each their own.
So if all these big corporations are buying homes to rent out, why is the rental market so barren? Seems like there should be hundreds of new rentals. Why aren’t there?
she’s quite bold and sure to say millenials can afford house prices and mortgage terms. wonder where did she got that source or reference? probably it’s time for land and housing prices to be controlled, if not, raise salaries and lower taxes
This won’t happen, that’s their end goal. Make rent so expensive that Americans are stuck in a cycle of never owning anything ever again, if you look deeper into the World Economic Forum they have a few initiatives like “The Fourth Industrial Revolution” where our technology increases at exponentially fast rates and technology becomes our main focus, there’s even a Forbes article “Welcome to 2030: I own nothing, Have no Privacy and Have never been happier” (also written by a WEF member) it depicts a world where no one owns anything and electricity, transportation, health care and basic income all become provided in exchange for us giving up our privacy and right to ownership essentially. Scariest part is Biden and various UN members supports this, Biden even had the same campaign slogan “Build Back Better”. Then when you consider the fact that kids nowadays are digitally native (they basically grow up online) it’s not a stretch to say that large corporations are buying up housing to outpace rent and then make their properties more appealing and wash out the regular homeowners. I mean heck, even Disneys working on housing communities in Palm Springs (major red flag of what direction we’re headed to because this is just more supporting evidence).
@Dominic Parker sounds like severance series.
The solution seems simple from the prospective of the fed. Raise traditional mortgage rates to lower banks to signal the lack of faith in the inflated prices – then lower rates for traditional building loans to signal increased faith in the building of new homes. New homes are not being built because there is not sufficient free capital out there for such things. Once that free capital is released on the market it will then signal to the lumber mills to fire back up and start cranking out some lumber and ply for new homes. We’ve been low by an average of 10 million units per year that need to be built.
Yup, I’m priced out! Just from this last hike…
Someone is lliving in fantasy land
I’m saving for a small plot of land to put a tiny trailer on. Average homes are so pricey. I’d rather start out small and expand later.
How much is a trailer? Does it have utilities?
@Ana 911 I found used ones for 40k or less. One, I found for 20k.
Whatever goes up,”MUST ” come down……so “they that wait!!!!!???????
Don’t ask REAL ESTATE AGENTS. They all recycle SAME thing that they want disinform us!
Lol, how stupid she is. Millenials cant afford homes. We’re dirt poor for the most part. WE CANNOT AFFORD HOMES.
There are plenty of affordable houses. You just have to know where to look.
It’s not only young people who saved $ by moving in with family and not paying stude t loans. Tenants who were not impacted financially by the pandemic, took advantage of the evictio moratorium, didn’t pay rent then left their rentals before an eviction filing, 2 years of rent in their pocket to buy homes. Leavingandlords in ruins.
Now it is payback time .I’ll bet those corporations do back ground checks. You got a judgement against you, they are not going to rent nothing to you.
Institutional manuplating market with pri ting money along fed
Houses will be untouchable and when the rates go to 10% only the rich will buy or corporations. They keep sailing house prices will come down to make people wait . NJ homes are far and few. When the rates go to 10% house will still be at record high.
I think it’s just straight-up price gouging, as far as the rent prices.
Home prices and sales down? Really just maybe it is because they are less for sale. If corporations bought them , they ain’t flippers
All you Covid 19 non payers are going to to get screwed now. Covid excuse is gone go get two jobs now, one to pay back the rent owed ,and the other to pay the rent due. Covid 19 a ploy to get democrats elected, once they got into office all the restriction they had in place are gone. But they are still there. You only wish now you had never voted for them.
Stop raising property taxes, this will lower your cost. Stop all welfare. limit property taxes. Your making home owners support BS items. Stop voting on every item to raise property taxes. Use sales taxes to pay for welfare items, if you want to support them at all.
This idea the Democrats have to raise rates to slow inflation is not going to work. If they wanted to reduce inflation they would stop spending money they don’t plan on paying back ever. The idea a government can spend nine trillion per year while taking in three trillion, will result in Hyper inflation, and a dollar collapse. The housing issue, and hyper inflation are the result of years of no balanced budget, and no plans on paying back that 33 trillion in debt. Bring back Jimmy Carter and balanced budgets, he was the last president to have a balanced budget. The economy was better back then then it is now.
Why since Feb 2021 have rents increased? Totally wrong about millennials. No one would say what she is saying.