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THE 2024 HOUSING MARKET:
Home prices have just recently hit yet another all-time high in November after rising for 10 straight months – more and more Americans are beginning to rush back into the housing market with record down payments – and nearly HALF of those surveyed on Twitter said that they were likely to buy a house in the next 2 years.
WHY THE REAL ESTATE MARKET MIGHT DECLINE IN 2024:
1. LOW AFFORDABILITY
CNN reported that “38.6% of the median household income is required to make the monthly payment on the average home purchase” – and, typically a home is considered “affordable” if the monthly cost is less than 30% of the area’s median income. This, unfortunately, has resulted in 99% of the United States being unaffordable for the average American making $71,000 per year.
2. HIGHER UNEMPLOYMENT
Since 1955 – “the U.S. economy has always experienced a recession within two years from every quarter in which inflation was above 4% and unemployment was below 5%, as they are today.”
3. CHANCE OF A RECESSION
According to Realtor.com, “A recession in 2024 would likely weaken housing demand beyond its current low level, and if it were significant enough, it could stress existing homeowner finances enough to prompt some to sell, reversing the supply-demand balance that we’ve seen in the last few years.”
4. EVERYONE THINKS IT’S A BAD TIME TO BUY A HOME
Only 16% of people believe that now is a good time to purchase a home, which is a record low.
WHY THE REAL ESTATE MARKET MIGHT CONTINUE GOING HIGHER:
1. LOWER INTEREST RATES
Jerome Powell indicated that we’re likely going to see 3 rate cuts in 2023 of 25 basis points each, which would take the federal funds rate down to 4.5%, and likely leave us with mortgage rates leveling off around the 5.5-6.5% range.
2. MORE SELLERS IN 2024
Recent research suggests that the “30-year fixed-rate mortgage falling to 5.5% is the “magic mortgage rate” that would be enough to push more home buyers to purchase homes.”
3. THE US IS NOT IN A RECESSION
According to Jerome Powell, the economy is gearing up for a Soft Landing in 2024 because inflation is largely under control, GDP is strong, and consumer spending is robust.
4. SEASONALITY COULD BE THE ONLY DROP IN PRICES
Even though most seasonal pricing tends to be a difference of 8-12% off the sales price, some locations, like the Northeast and Great Lakes, lead the nation with a “22.1% variation between summer and winter sales,” which means right now could be a good time to negotiate.
5. HOUSING, LONG TERM, TRENDED HIGHER (SO FAR)
Over the last 100 years, housing prices have steadily increased as new construction constantly lags the growing population.
HOW TO PREPARE:
1. GET A 30 YEAR MORTGAGE
A 30-Year mortgage gives you the flexibility to still make a lower minimum payment and save the extra money if the circumstances require it.
2. GET A FIXED INTEREST RATE
This prevents your payments from suddenly being increased 5-7 years in the future if interest rates are somehow higher than they are today.
3. REFINANCE IF RATES GO DOWN
This allows you to save more money on your monthly payments.
4. AVOID SELLING IFYOU DON’T NEED TO
Ideally, by not selling, you’ll have the time to ride out any fluctuations in price long enough for them to recover and bring you back to profitability.
5. ALWAYS KEEP CASH ON THE SIDELINES – JUST IN CASE
The reality is, anything can come up, at any point, that will end up costing you money.
6. ONLY BUY A HOME YOU CAN COMFORTABLY AFFORD
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Here is a link containing the source material for each piece of research cited. I do my best to make my videos as accurate as I can, and the additional resources should help anyone who wants to look into them further – enjoy! https://docs.google.com/spreadsheets/d/1dF1G8ATARTjWwjhyPoiaus3iCHHbIrZjnWy4JUllvcs/edit?usp=sharing
Can anyone identify the model of the wristwatch that he is wearing?
Quite a flex with the GT in the background… 😅
Do not put your trust in anything in this world you willbe disappointed,, STOP listening to experts they know nothing they just want your money,, from your heart ask God for foregivenesss ask Jesus to reveal Himself to you HE WILL,, HE IS returning very soon, many are going to go through alot of tribulation soon, remember this when it get to be to much CALL ON THE NAME OF JESUS you will be saved this is what The BIBLE TEACHES,, GET TO KNOW HIM HE WILL KNOW YOU WARNING WARNING WARNING
The guy has to make click bait titles to get viewership to pay bills. That’s all you need to know to decide whether to follow his financial advices.
Words are cheap, actions speak.
Just follow the 18.6 year property cycle. Housing crash is 2026.
Housing will never be affordable again.
Imagine being me, and doing everything right: avoided any college debt, no car payments, no credit card debt, excellent credit score, I’m making enough money to live alone – BUT no matter how you spin it I’ll literally NEVER own my own home. And realizing this and then just expected to carry on with life even tho what’s the point 😅
I keep thinking of the loans the banks are approving on houses that are inflated by $200,000 that the buyers are taking at a 7% rate. How can that sustain?
The main issues is getting wall street and hedge fund corp companies out of residential real estate. You didnt touch on this at all
It's not ogre, it's never ogre
can't watch this video becuase it's monetized. don't trust greed. sorry.
Lot of people paid top dollars for houses during and after covid. They relied on their job for that mortgage but what’s happening now is lot of people are getting laid off from their high paying job, lot of them are asked to return back to office and remote work is no longer an option. Now even if they want to sell their house , they aren’t getting what they paid for or there aren’t enough buyers out there who is willing to spend in this market
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Im listening to this "crash" for the last 4years… Nothing happened. In fact, quite the opposite
No crash 😅 yw
This bread has wheat flour, no thanks.
Unliked!! He don't wanna say anything solid. Chicken shiet.
Ive unfortunately given up on the dream of home ownership in the near future. Hopefully that changes for me later on. But as an Audio Engineer my career is reqlly tied to denslly populated areas and housing isnt affordable on my salary which is towards the top of my field. So i dont have a ton of room to grow there. I jope things change in the near future but until then im just trying to inbest as best as i can and lobe below my means.
Real estate is at an unsustainable level right now as young people are priced out of their future. I honestly want a crash. The idea of renting forever is depressing.
Graham, you are not to be trusted.
I laughed so hard at this video, this numbnut has no clue what is coming, haha good comedy sketch boy!
I’m a dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
Don't have a soul patch
I wonder how long you've been predicting a crash for. lol. Just checked back. Yup. 2-3 years ago "it's starting" videos predicting crashes that never come. You're a charletan sir.