Redfin: Homebuyers TERRIFIED to Purchase
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#1 https://www.redfin.com/news/housing-market-update-mortgage-rate-spike-spooks-buyers/
#housingmarketcrash #realestate #housingmarket
Travis Spencer
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Amcap Home Loans
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Travis Spencer
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Travis Spencer
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44 Comments
If finally being able to buy a home would solve life's problems it truly would be worth any price,….but,….. buyers beware,……your problems may only be starting.
There are lots of dummies out there who think that they own the house as soon as they close on them when the reality is that you just own a piece of paper that you signed and that's all!
Hello!!! You have 30 years to go and you have to pay 360 months of mortgage on it. Guess what, there is no guarantee that you will even live to the end to own the whole house! Yes, the whole house, not part of it!
The last and the worst thing you want to do to your kids or spouse is leave them a house, that is only paid merely 5-10%, overpriced or not. If you pay a reasonably low price now, their burden will be less down the road if things don't work out the way you dreamed. Even if they have to sell it, they will be able to at least get a good price without losing equity and eating the loss and get the heck out!
Think that for while before you have that smile of accomplishment and pat yourself on the back.
You have complished nothing until it's paid off, you just entered the tunnel leading to a possible success and that's all!
Make a wise decision not for you only, for those who will take over/inherit it once you are gone!
Do the "what if" analysis first!
Lol…he said "interest rate is at 666…what more sign do you need"
Yup I lost 60k in purchasing power. Credit score went up to 720 tho. Working on getting it to 740. I plan on buying hopefully in jan.
Great video
As a home buyers valuable information
Thanks a lot
Thx you so much.. for everything that you do to help us.. Blessings
Paid the cards down below 30% this month! Have a modest pile of cash. Will be continuing to pay down cc more slowly and slamming savings now. Prices are decreasing around 2% per month but still at crazy payment for these rates and prices in Colorado Springs…
I have been looking at houses since spring and I have decided to stop looking for the time being. Prices in my area are way too bloated. Even homes that need major work are at least 50k too expensive. The good ones go extremely fast though. But what I’ve learned is that my times is not now… and yes I have missed out on houses I love but I always find a new house to love a few days later. I am waiting and saving.
Prices haven’t come down that much in SoCal – LA, San Bernardino and Riverside county. Still mid-high 600s for 1500-1600 sq.ft condo/townhouse.
When will you do one in the Boston area?
Lets goooo
This video was absolutely BONKERS!
More data im finding shows more evidence of a bigger crash then 2008 even with better lending practices. More issues applying gravity this year vs 2008
Interest rates are still considerably low (historically) Many think it will top out. I think it just started… time will tell.
The narrative comparing year over year is skewed and skewed type of thinking. Twisting facts to manipulate bc even though info is out there, many behind the curve in realizing what is actually happening. Many will find out after the fact and will learn the hard way
666 was the bottom too in sp500 in march 2009, it was quite a "diabolic" bottom
Everything you deliver is so shocking I’m going to be electrocuted.
Up here in (Ottawa) Canada my mortgage broker/ realestate friends keep telling me it's busier than ever.
Housing market in Oct 2022
Buyer: Hi, I’m looking to buy a loaf of bread. I would like seeded rye, and can you slice that?
Seller: I’m selling this loaf of 2 week old unsliced wheat bread for $10
Buyer: That’s insane. And you expect to get that price?
Seller: Ok I’ll sell it for $8
Realtor: You better buy that 2 week old wheat bread while you can. The price will never be lower!
Zillow: Actually that 2 week old wheat bread is worth $11
anyone who buy TODAY will regret it …this is just the beginning of home prices collapsing we are still at the top of the market…50-60-70 per cent price reductions incoming…but go ahead and waste your money buying now .. 🤣 hahahah a fool and his money is soon parted…. grown ups have patience…. idiots don't
I was stuck upside down in the first crash. My house devalued lower than reasonable market and i didn't buy near peak and took 5 years to recover. i will rent
Value level: High.
Looks like Max Headroom in the thumbnail….
“The devils 6.66 percent” lol 😮
Home prices across the Country are going to FALL back down down to Pre-Pandemic Prices (TO say the Least) It's possible they can drop even lower than that , but only time will tell… People need to look at the Bigger overall Economic picture … Too many catastrophic events are on the horizon which will negatively affect our housing market … But the main thing to take into consideration , IF THE FED WANTS THE HOUSING SECTOR TO COLLAPSE TO HELP TAME INFLATION AND BRING VALUE BACK TO THE "DOLLAR" then bet your Bottom Dollar , the Housing Market is in for some SERIOUS PAIN !!! Just wait and see … It's going to be something like we've never seen before ..( Won't happen overnight though , Will take a few months for the whole thing to play out) Keep up the good work Travis…
I just feel good i read all this myself and actually understood it 😂 thanks for the confirmation and great video
Yeah this house of cards just got hit with a nuke😂
Im sitting on my 798 fico lol
I think a lot more flippers are going to lose their shirts this time around. There are houses in the St. Louis metro area where flippers took an already overvalued house, put some money into it and are now trying to get almost double what the house was supposedly worth in 2019 or 2020. So I'm not so sure we won't see a lot of foreclosures in the future. Nobody is going to buy a house for $700,000 in a neighborhood where just 2.5 years ago the houses were selling for the mid 300s to low 400s, regardless of how upscale they made it on the inside.
🌶 Agreed. It's about to get spicy. 🌶
Your guidance on mortgage qualification criteria is very helpful. I recently got a second part time job and it’s good to know that income wouldn’t really matter when seeking a mortgage.
If a married couple is applying for a mortgage qualifying with only one income does a joint savings account help the approval process? How would a savings accounts affect approval or interest rate? Aside from down payment?
Excellent video.
Interesting the way touring activity was described I got it back to front you were good to pick up on that 8% higher last year plus 26% down since the start of the year = 34% in reality it probably down 200% 😂😂😂🎉🎉🎉❤❤❤😅😅😅😊😊😊
9-11% rates in March 2023!! Here we go!!!
Price drops as a percentage of total homes doesn't mean there's a crash. I can't tell if all these crash videos are for clicks or to get people excited that they'll get a home soon. Prices will stabilize and go down some because of rates. It doesn't take a ton of research. Rates go up, affordability goes down. Once inflation is under control. rates will go down and the market will become super competitive again. Just buy what you can afford and hold until it all blows over.
nop 6 m after 2023 and above 6 m after 2024-2025!
Did he say New Orleans? Those cold fronts rarely make it this far south.
I like this guy, I like his advice, but that stuff about trying to pick another job or a second job, I do not know about that. People don’t need a second job, one should be enough to live off or provide for the family. People need time off, free time off to spend with their families or friends making memories enjoying themselves, come on! Work to live, NOT live to work!!!
the struggle bus is full right now 😔
Talking about the housing crash every day or twice a day is pointless. This process is going to take years. Give us an update once a month.
It’s not good to weigh yourself every day when you’re on a diet. If you’re waiting for the housing crash it’s not good to look every day at the prices. A watched pot never boils.
666! Yay go satan!
Nothing negative of a major sort will be reported until the day or so after midterm elections. After which, the Republicans will take over this mess will be blamed for everything heavily and without mercy across every news channel worldwide.
Can you please why the recession hasn't been priced in? I would think part of the reason demand is dropping is because of the recession.
Mortgage rate offers last 3-6 months typically, when can we expect the data to catch up? Early as December 1st or is that too soon