The Brand New Disturbing Details (2023 Housing Market Crash)

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Graphs Used In The Video including RedFin Charts

With buyers growing increasingly frustrated and tired of market realities, there are growing fears that the housing market may be reaching a breaking point. From February 2020 to April 2023, we have witnessed the median housing payment for new buyers go from $1250 to $2500. In these wild 26 months, the typical buyer is now paying 100% more for an average house in the United States. We have now reached a point where buying real estate is simply unattainable for most people with regular jobs.

[leondonald]

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

[andrew.alonzo]

In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

[benblas]

It's sad I watch these videos as a means to convince myself that one day I might actually be able to afford a house

[DrMediterranean]

It's crazy how I've saved enough money to buy 2 houses cash outright at the price my parents paid for their home, yet today I'm not even halfway to the price of 1 unless it's basically a tear down.

[ritcheymt]

Here's an idea to make housing more affordable: throttle the ability of behemoth real estate investment companies to buy out all the houses in a local market and turn them into rentals. Then home prices will drop so real people -- individual buyers -- will be able to afford houses without competing against monstrous real estate investment corporations who, as soon as they buy a property, turn around and rent it with terms that screw over every renter (such as the 60-day move-out notice) that do nothing but make the rich richer and the poor poorer.

[LA]

I'm telling you, the only way housing will become affordable again is when they again become something people buy to raise families and vegetables, not what corporations buy to compete with apartments and hotels.

[BlackElf]

I live in a high cost of living area and I am seeing large declines. Every house I see sold in my area is going for around 15% under initial asking, with a 5% price cut being standard within a couple weeks of listing. A beachfront mansion near me listed a year ago for $1.7M and after 2-3 failed sales, is now listed for $950k, with it looking like the seller will take it off the market rather than sell lower. The fact is that 30-40 year olds can't afford the mansions that 60-70 year old retirees are trying to sell, meaning that large luxury homes will collapse first as there's just no one to buy them.

[RossSpencer]

I am 45 years old with very little set aside for retirement at this point. I have always been curious about the stock market and have witnessed some people who played the game right and retired early because they used the stock market. When I ask them, most said that they invested very little to start with, but their portfolio grew. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns

[darnellcapriccioso]

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

[acesoftrulz]

My first apartment was $528 in 2012, that same unit is now $2867. I make triple what I made in 2012, but the price of the monthly rent at that apartment has compounded almost 6x! and to make it worse they now want to run a credit check and look at your bank account, whereas they did not in 2012 🤔

[kelseyc.]

Southern Wisconsin is seeing increased inventory, probably due to spring, home prices on new construction is 130% 2019 costs and nobody is buying them from around here. Resales are slightly less than the previous 4 months but still horrible buying conditions. I'm out until the fed finishes crashing the economy. I'll take the house that's 60% off.

[cornpop]

How epic it would be if the housing market rapidly recesses to 2020 levels

[kellywriteaway]

Here in rural Nebraska, wealthy people are buying entry level and above to extort high rents from the working class whose incomes have not moved up. This happened quickly, like since 2020. I don't know of any place in the US where its affordable to buy or rent. It's all artificially been elevated to "out of reach" for many people

[EyespenNoFear]

At current rates, the average paycheck in my town will only allow someone to buy a fixer upper trailer in the neighborhoods where you're scared to go out at night.

[DajhiraJo]

KC Market here.

A few things:
- People are still asking high, but it looks like others are starting to get that they can't ask for that much anymore. Prices have for sure dropped, but not by all that much. Tbh we were one of the last places to rocket up, and I'm betting we'll be the last to fall.
- Land is still at a premium since everyone and their dog are trying to sell to developers. Hilariously enugh, some developers are selling their land, too.
- A LOT of very high-end, multi million dollar estates have popped up. Seemingly all at once....
- Total inventory for a very large swatch of area in 2021 was around 700-800 at best. Now it's close to 3, 000 and climbing.
- Builders are now asking for less on new. Hallelujah. Pre-builts and half-constructed homes that have had dropped contracts are still trying to get their money though. **With exception to a development I drive by to get to work, they've RISEN their asking price to 600k-900k within the past week or so. Mind you, pre pandemmy was max 300k-500k.

Here's to hoping!

[fracturedorb]

Most people that would like to buy a house are priced out of the market. It's not even by a little bit. The price of most houses in cities have inflated to the point where a friend who makes 100k a year can't even afford a house out here on the west coast.

[sammue]

Bottom line, $250, 000 for any basic home is too much.

[austingeorge]

Midwesterner here, been wanting to buy a home for 4 years. Thankfully I was blessed with patience, cause it will be another 4 till I can afford one. Not gloomy at all; I'm just glad my hope isn't in this world.

[Kaileighblue]

I live in the southeast. Some prices have been lowering but there's always one person putting their house up inexplicably higher than everyone else. It's all still too high for most normal people. Especially out here in the country where flippers keep trying to court city folk by trying to make meemaws little 2 bedroom into a "modern cottage" that's "only an hour" away from the big city.

[dennisleise]

The crux to it all is that institutions that buy and rent will forever keep the market propped up to an artificial height.