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Unsettling News for the US Housing Market

21 Comments

https://www.youtube .com/watch?v=GkK68zdpO3g

Mortgage interest rates have spiked to nearly 7% and this is causing home buyers as well as home sellers to back off. According to Redfin, due to mortgage rates surging “the typical homebuyer’s monthly mortgage payment has climbed $337 (15%) over the past six weeks.” Meanwhile, pending home sales dipped to the lowest levels since May 2020, price drops are at an all-time high (data back to 2015) and houses are selling for less than the asking price on a national average. This is your latest housing market update! ➜➜➜ Get Connected To a GREAT Real Estate Agent in Your Area

Jason
Compilation of Housing Market Forecast videos: Source of article I discussed:
Housing Market Update: Typical Homebuyer’s Mortgage Payment Up 15% Since Mid-August
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.8% for the current mortgage rates (at the time of filming this video for those with excellent credit). Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge? ———————————————————————————- Products I use and like: ad Tubebuddy https://www.tubebuddy.com/jason808 Virtual Assistants (video editing) https://bit.ly/3lYRujQ *** Jason Walter, CPA (lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected] ➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜ To never miss a video about personal finance & real estate related topics, please subscribe & then hit the bell notification here ➜ https://bit.ly/31kAR73 ➜ PLAYLIST: Videos about Living in Sacramento https://bit.ly/2TkXZSh Royalty Free Music from Bensound Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only. This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty One Group in California under DRE 01923240. #housingmarket #Redfin #Zillow

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21 thoughts on “Unsettling News for the US Housing Market”

  2. I love the data. It would be a little bit more better if you compared these numbers with a balanced market, instead of only the unbalanced market of the last couple of years. For example, I think you said 32% of homes sold at or above their list price, but you only compared that to 2020 and 2021. How about 2015 or 2018.

  6. Redfin SVP : “If your home is not “belle of the ball”, you need to cut the price ! ” 😀
    But I haven’t seen Redfin’s own listings showing any sensible price cuts , at least in the bay area where MoM prices are dropping. All I see are removing the listing and listing it again and again.. There are other websites which show all the activity anyways.. not sure who they are trying to fool.

  7. We’ve been looking for a house since January. We decided this last weekend to put a pause on that until home prices come in-line with mortgage rates.

  8. The FED wants housing to revalue. I’ve heard something before about not fighting the FED.

  9. Dear Jason,

    Do inventories include new construction homes ? I understand that the homes builders rarely list new homes for sales.

    Thanks a lot.

    1. Normally it’s existing housing inventory only unless otherwise stated. Redfin and Realtor.com report inventory numbers for existing homes.

  10. I live in a market where it has been historically, incredibly cheap to rent. The average rent price for a 900 sqft place was $550. Now its $1200. But home prices on a 30 yr mortgage were $1200 and are now $2300.

    That extra money will go a lot further in treasury bonds than home equity.

  12. ❤ can you do Nashville market update. I’m seeing a major shift in volume on the market

  13. Putting your home on the market in September is counterproductive and a waste of time. If you’re seriously interested in selling it, try putting it on in Thanksgiving in warmer areas or April for colder climates. And offer seller financing at a reasonable rate (4 or 5 percent).

  15. Right now homes are selling at asking or 10k under asking around me HOWEVER I see some huge price drops from less desirable homes (not updated, asking way way too much, not the best neighborhood, small etc) so I think that’s a great sign. I just hope the cost of everything else comes down too!

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