Lets talk about the 2022 housing market, the recent price drop, and how you can prepare – Add me on Instagram: GPStephan
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The 2022 Housing Market:
First, mortgage refinances. =
In July, every single aspect of refinances dropped to its lowest level…ever reported…in history. In addition to that, this was ALSO the first time – ever – that HOME SALES accounted for 64% of all mortgage prepayments.
Second,Home Prices.
As they report, the housing market has officially shifted from “slowing down” to a “DECLINE” in July, with median prices falling for the first time in 32 months. That means, that annual price growth in July was the fastest single-month deceleration in more than 40 years… falling during a summer month, that usually increases.
Third, they noted that some markets are being hit worse than others:
The largest decline, so far, is awarded to San Jose, California – with a 10% drop in just the last 3 months…along with Seattle, Washington, at 7.7%…San Fransisco at 7.4%…San Diego…Los Angeles…Riverside, California…Portland…Las Vegas…and finishing off with Richmond, Virginia with a decline of 1.1%. All in all, more than 85% of major markets have seen prices decline from their peak…with a third experiencing declines of more than 1%.
So, in terms of what this means for YOU:
One, when seller’s can’t get the price they want – they’re instead, choosing to rent – and this is good news. With more homes being offered for lease…this should help ease low inventory, and bring down monthly prices right alongside with it.
Second, as we approach the end of summer – housing demand typically declines, and that could be even MORE pronounced throughout the rest of 2022.
A RedFin Chief Economist even went so far to explain that “Thanks largely to mortgage rates near or even above 6%, potential homebuyers and sellers are focusing on the back-to-school season and enjoying the last days of summer rather than getting into an uncertain market.”
Three, even though this sounds severe – it’s probably NOT going to lead to an “all out crash.”
For example, Moody’s Analytics believes that – most likely – housing prices will shift somewhere between 0 and -5% year over year, to as much as -10% if we enter a severe recession…this “worst case scenario” still pales in comparison to the 2008 Great Financial Crisis, where housing prices fell 33 percent from the peak, over a period of 3.5 years.
Four, because of that – there are some steps you can take to come out ahead, IF you’re in the market for a home:
One: Shop around your mortgage rate. Even though rates have gone up – significantly – that doesn’t mean you can’t get a better deal with someone else…so, it doesn’t hurt to ask.
Two: Don’t get attached to one any property. Chances are, eventually – something else will come up that’s just as nice, so negotiate as best as you can, and don’t be afraid to walk away.
Three: Lock in a FIXED RATE LOAN. That way, no matter what happens, your payment stays the exact same.
And four: Only buy a home that you intend on keeping for at least 7-10 years. That way, you’ll be able to ride out any fluctuations in the market long enough for it to – hopefully – recover.
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What’s up Graham, it’s guys here?
Housing should be free
People must buy there own power source
Furniture
Electronics
Security
Etc
I rather the president and world leaders to get all hands on
Free housing
Nobody wants to see a family covered in dirt
Going to work everyday
When they can have a free home 🏠
Empty home
No power
They can go to work buy power source
Like a tent
I’m talking about home not powered by government
It’s better
And it will work
Clean streets of homeless people
If a bill was signed now
I will make sure to get me this home
So I can buy a bed furniture
Generator
No monthly bills nothing
To protect people when they have no job
Want to grow food
In back yard
I’m tired of being homeless
I want things my way
Everybody can’t keep a job
I will work my but to buy what I need
What’s up Graham! It’s guys here! I love it 😂
Doesn’t a homebuyer buying a home with a higher mortgage rate actually benefit? They can take the tax advantage writing off the higher payment which is actually more savings than the actual rate increase?
The loophole you’re referring to is the mortgage interest deduction. You don’t get to write off the whole payment, and the savings on your taxes are nowhere near the savings on the life of the loan of a lower interest rate.
This is not a “crash” its literally going back to normal. Houses and property right now are not even CLOSE to what they are actually worth. We just put some bs number and idiots keep paying that price, continuing to keep the prices they way they are
A house is worth what someone will pay. There is no crash. Prices in desirable markets are never going to go back down to 2008 levels.
@Patrick There is a reason he called those buyers idiots? Why reinforce his statement with “a house is worth what someone will pay”? He’s calling out those worthless enablers that parasite landlords/banks love so much.
Hey Hang in there bud. Just hold on to your property and rent it out. This economy needs people like you to keep the stuff you got so people have a place to live
With inflation currently at about 10%, my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I’m all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy asap.
Sometimes holding a portion in cash can be a good thing, wouldn’t worry too much about short term inflation
Front Range of Colorado is way overpriced. Prices increased in Boulder County in the last five years at a higher rate than San Diego, or Los Angeles. RE analysts don’t talk about it because Denver metro is a smaller area compared to the West Coast.
You are wrong.
It beats living in a van down by the river.
Will you move back to California?
Can you talk about rent and when it will go down?
thought id lost the plot when you said whats up graham its guys here 🤣
It wasn’t hard when houses were going for more than double than what they are worth lol.
We also just had the worst house inflation ever.
And that’s why Kevin told you buying houses on mortgage is for idiots. But you did it anyway.
I’m over here like please crash and crossing my fingers😂
Good. No more ripping people off with their trash homes at astronomical prices.
I know this is bad for people who really need to sell right now, but for people like my family who desperately need a safe home for our kids and are completely priced out of the market because we can’t get approved for much, this could be a Godsend. We are living cramped in a 2 bedroom with way too many people because we can only get approved for $100,000 and you can’t even buy a fixer-upper for that anymore. We weren’t even able to afford a new singlewide trailer on our budget! The most basic model was still slightly over our budget when you factor in moving and installation.
Hey Graham. What’s new?
This is the THANOS housing snap. All things in perfect balance.
What’s up graham it’s guys ?????? Bro was I the only one that caught that lmaoooo
clickbait
As long as housing prices continue cratering, all is well.
*San Diego, CA Housing Prices Crater 12% YOY As Inventory Soars Triple Digits*
1:57 who is here to watch this??😂😂
The housing will crash if Powell continues to raise the % we’re already seeing a price reduction across the board and longer on the market. Not to mention huge layoffs over the next year or so. Good news is more foreclosure and bank owned properties are popping up.
I have no problem with anyone to make a fair profit from selling a home or anything else. However home prices are not realistic. In fact their stupid. Most homes today aren’t worth even half their list price. No way.
I don’t understand when people think is a good time to buy. People were out bidding each other when rates were low and home prices were out of this world! so what do you think’s going to happen when rates drop? you think houses are going to remain low? because they won’t, people are going to hop back into the market and start outbidding each other again!
I’m over the click bait.
As long as housing prices continue cratering, all is well.
*San Diego, CA Housing Prices Crater 12% YOY As Inventory Soars Triple Digits*
*Kitchener, ON Housing Prices Crater 28% YOY As Toronto Area Subprime Mortgage Implosion Accelerates*
pretty sure the house crash in 2008 wasn’t 40 years ago.
Anyone looking to buy a home, wait- you’re going to find much better prices the next couple of years. The collapse has officially begun.
This is what happened last time people had no equity and had to pay for houses that were not worth it or had to overpay for years.
it’s not crashing. certain markets will certainly see a reduction in price while others will continue slightly upwards
Did he say what’s up gram it’s guys here? lol
CLICKBAIT
CLICKBAIT
It’s en economical certainty that the housing market will crash. The people selling their houses for more than they can even afford to pay is what’s causing mass foreclosure. The outside factors such as, material shortage, logistical problems, economic stimulus and inflated housing prices, caused a knee jerk reaction by homeowners, which is now being corrected because of the decline of the outside factors.
As supply chains, production costs, and employment gradually improve, so will the prices of housing.
Bro, houses have literally doubled in Florida, especially along the Space Coast. It is ridiculous. Rent for a 1/1 apartment is 2K a month. Houses have increased 75% in two years. A home that went for 180K in 2020 is selling at 360K. How do folks who really work for a living with kids in school afford rent let alone buying a house?
BRING IT ON!
This guy is such a JEW.s
Lmao. Oh it’s not going up a million percent anymore it’s soooo bad. Do me a favor kid, zoom out. Now zoom out some more. Calmer? Hope so. Prices are still stupid high, so let’s fucking hope this is just the start, but your title is a bit sensational lmao
People have stopped buying. Now, the prices are becoming normal.
Not people, investment companies. Regular people were not buying up all these $500k+ homes unless they sold their home in, say, California for $1M and moved to where the overinflated market was still cheaper than where they came from.
I was almost able to afford one until 2020 came through and tripled housing prices.
Same
Just when i make it to an income comfort zone where I’m ready to buy…rug pulled
Waiting again
Alright time to buy more real estate
What’s up gram it’s guys here lmao
Do NOT listen to this nonsense. I got into the industry 15yrs ago with the market. Low inventory, high rates and rising inflation. The market will always correct itself. Unlike 2007-2008, there are REGULATIONS in the housing and mortgage industry. So please, don’t listen to these “studies”.
Well you have to be stupid if you sell when dirtbag realtors tell you that your house is not worth much when they use the neighborhood con scam comps.. All they do is sell it for less as the dirtbag realtors/investors flip the house to resale for couple hundred grand or more complete con scam…
ИКСЫ это скам !
go cry to someone else, the market is reverting to the mean. that’s all chipmunk
stop talking with your arms, like a shrimp
What’s up graham it’s guys here
In WA state where I live it’s definitely a buyers market right now.
Increase of interest rate increase in payments and people still cant afford. Hence still unaffordable only people with cash are in advantage now and renting prices are going up.
Clickbait
Thanks for your videos 🙂🌴🙂🌴🙂🌴
Hi Graham … I’m curious … how did you get started in real-estate?😂😂😂
good. bring it down.
what do you do with a duplex in California and renters don’t have to pay rent because Newsom still extending rent freebies because of Covid 2yrs ago???
Great video gram
Don’t forget to say subscribe !
Was this dude even alive for the 08′ housing crash?
but graham all the realtors in YT shorts are saying there is no price drop coming and i need to buy now!
This isn’t alarming… This is the pendulum swinging back into rhythm. This is Good!
So if we are in the closing process of salting the house closes on the 16th, will the bank stop the buyers from buying now?
⬆️Hey mate
Thanks for watching have something to share with you
hit me up
Where is the crash at bro?
Can’t trust someone who doesn’t know how to box.
Thanks for this insight & thank you to your community for solidifying my decision to buy a home right now.
I need these houses that nearly doubled in value to cut back about 50%
As an investor, what are you doing?
The only bad thing is high interest rates….if you are already locked in at a good rate….you are chillin. If you have renters, your renters are paying your devalued property and over the long term you are gaining an average of probably 4-6% regardless. This devaluation of properties is a HUGE opportunity for investment and for the younger generation to finally get into the market.
What’s up Graham it’s guys here!
This crash was always gonna come. Not soon enough and not crashed enough. Its literally called a market correction. Peter Schiff thank you. Market correction.
It’s funny how subsequent generations can’t learn from the mistakes of previous generations. The people who bought in 2005 completely forgot about the 1980s real estate bubble and the people who bought in 2021 and 2022 forgot about 2008.
You’re way too bullish. Be afraid
🚀🚀🚀🚀
Webull is a sketchy brokerage theyre stop losses do not always work lost 500 because there stop loss failed no refund, use only robinhood or moomoo much more safe
Did you say what’s up Graham it’s guys here at the beginning??!! 😂 by the way house’s dropping as crazy as the stock market now
I agree with everyone else
And the thing is, they’ve conflated the prices of these homes AGAIN
So a 250k house that is actually only worth 100k…if the market goes bust🤞
All those loans are gonna be grossly upside down
No way I’d get a loan right now.
It’s just another way to manipulate the market.
They’re gonna default on those loans and go into foreclosure
Investors and banks are gonna capitalize AGAIN
It’s a manufactured loop of capital vs crisis
And ONLY banks and investors will profit
We’re not stupid
Hey bro I’m trying to follow you but the clickbait titles disgust me
All dirty elite gop/repubs are losing their shirt since biden took over…I love it 🤣
Inflation leads to these prices. Watch the government print more during this “crisis”
“What’s up Gram it’s guys here”
🤷🏻♂️
They should have raised rates earlier, Trump called Obamas economy fake and then continued to tweet the fed for 0% rates and More market injection throughout his tenure.
Both parties deserve to suffer its everyone’s fault
⬆️Hey mate,
Thanks for watching have something to share with you
hit me up
Well, I would agree with you that is going to happen, but it hasn’t happened yet at all, so I would appreciate you shove your clickbait you know where.
All your thumb pics are so depressing
a house should not be out of the price range of most people. Let them crash.
If you really want to keep your money safe, join Wall Street Silver and start stacking
or not.
You full of Bullsh**
Check NAR data – prices are going up
as a 21yr old in a city that has low incomes and a poverty rate at 25 in a booming real estate market…….. i want to cry😅. here’s a hint. Magnolia and Baylor don’t care about this city
And it’s all compounded by the commercial office market still reeling under the ‘stay at home’ policy and people realizing HOW MUCH WORK they CAN DO at their homes WHILE WORKING from their Office in Home space, thus cratering the Commercial Office usage market.
I’m only checking out these videos because our area was one of the hottest spots during the pandemic and housing is super expensive and low on inventory. We’ve had a lot of new building going on, lots of apartments and subdivisions that are still being built. But recently (this past month) I’ve noticed all these homes that are sitting vacant (no renters) these apartments can’t get people in them- I’m assuming this is because they’re asking so much and the locals just don’t have that kind of money here. And also the housing prices are dropping, I keep seeing this on local FB groups. Just curious what’s going to happen, al out of new builds but nobody can afford them, sounds like 2008
“What’s up Graham it’s guys here” !! 🤣
Not interested in financial advice from some poor dude has to make videos in his garage – lol
Screw this interest rate. I’m going to work my ass off so I can buy a home with CASH
Just wait until the housing prices hit the bottom – may be around August 2023….
And it all starts to swirl down the drain…
Graham I just got my date for my real estate test!! Wanted to say thanks for showing me this career path much love ❤️
Good.
⬆️Hey mate,
Thanks for watching have something to share with you
hit me up.
🚀🚀🚀
i sold a couple properties in 2020 and I’m waiting for a house crash to happen so I buy cheap. In the meanwhile, I’ve been looking at stocks as an alt., any idea if it’s a good time to buy?
I hear people say it’s a madhouse and a dead cat bounce right now but on the other hand, I still see and read articles of people pulling over $225k by the weeks in trades, how come?