Housing Market Crash? 56,000 Contracts Cancelled

In this video, we dive deep into the alarming trend of 56,000 housing contracts being cancelled, raising questions about the stability of the housing market. Is a housing market crash on the horizon? We analyze the recent data, explore the reasons behind these cancellations, and discuss what it could mean for home buyers, sellers, and the real estate industry as a whole.

Join us as we break down the factors influencing this unexpected shift, including rising interest rates, economic uncertainty, and changing buyer sentiment. Whether you're a potential homebuyer, a seasoned investor, or simply curious about the market, this video will provide valuable insights and expert opinions.

Don't forget to like, comment, and subscribe for more updates on the housing market and real estate trends!

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Timestamps:
00:00- Intro
00:50- Overview of Contract Cancellation Crisis
01:01- City #1 Home Contract Cancellations
04:54- City #2 Home Contract Cancellations
07:33- City #3 Home Contract Cancellations
09:24- House Flip Gone Wrong?
10:00- Why are buyers cancelling contracts?
11:15- City #4 Home Contract Cancellations
14:20- 3 Things to Never Do When Buying a Home

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[tonystark]

Simple reason, 6 years ago that was a $190k listing. They are smoking some good stuff in Orlando if they think it's now worth $520k.

[Accrd]

We are down in Kissimmee, FL but I lived in that exact Jacksonville, FL zip code in the 90s. My dad bought our home back in the 90s there for 69k, it was 1200 sq ft. Yes, you read that right, the exact same zip code for a 3 year old home was 69k. My dad sold it 9 years later for 110k in the early 00's. People are in FOMO and go so scared and had to buy anything here in Florida. Our home doubled in price since we bought it in '12, no way it's worth 600s. You are seeing more and more Floridians bail on this expensive state and go to the Carolinas and Tennessee. We are one of the ones headed out here in the next few months to either Kentucky or Southern Missouri. We will know by next week if she takes either job there. It costs half the price to live there yet they pay her field 50% more than in Florida. People are nuts.

[XYTruthYT]

Yeah the seller greed is out of control tbh. I am a realtor and really crazy what people want to list their homes for. You can't keep increasing the price of homes and not increase wages to go along with it. Homes overall are just way overpriced.

[tunomi]

As a previous renter i bought my house thinking the mortgage was fixed and less than the rent, why not buy? Yes, the mortgage is fixed, but the taxes and insurance and repair costs arent! Talk about an AHA moment. This was years ago that i bought and i feel so bad for excited new homeowners who will soon find out the true costs of homeownership. 😢

[nimo]

You, Real Estate Mindset, Orlando Miner, Michael Bordenaro and Sachs Realty.... bring reality and facts!!🎉🎉

[carlcarter]

None of the homes you showed are worth the price! Seriously! I don't think so! Save your money and invest it in your 401K if you have one! The sad truth is you never really own your home! Property taxes are forever, and they go up not to mention all of the other expenses that go along with being a homeowner!

[rtox]

6:29

In valdosta ga which is 2 hrs north, will go for only $230k

[vijayanchomatil]

Everyone in Arizona can just look at Zillow and see that houses went up 30% and know that they are overvalued. The powers that be are falling over themselves to offer solutions like lower rates and incentives only to neglect the understanding that the inflated values are the real issue.

[NewProvidenceUF]

I may have missed the housing market crash part.

Are you implying one is coming due to price cuts and homes sitting on the market?

Also how do you define a housing market crash?

[tracygarmon]

Thanks for your information . With Texas being a non disclosure state. How accurate is the sale price on Redfin or Zillow?

[mikenson]

That San Antonio home is a slam dunk subject to deal if the interest rate is low

[divineliferevealed]

Home purchase cancellations are just decision changes. Most bought someone else. I bought new N Central FL. They built 10 new houses around me and sold them all.

[jesserapkin]

A prediction I believe in is that the decline of home prices has begun its cycle. The new race will be who can unload their homes the fastest in order to make a decent pay day. The days of 10k+ over asking are over. Hold onto your home at your own risk if selling is a priority. Come down in price and sell that thing before prices dip too low.

[MegaTamarra]

This is going to make 2008 look like a cakewalk.

[Howard-hfnb]

That 1475 sqft house is not worth more than 250k tops

[LenFnc]

That first Orlando home had photoshopped chairs in the back. 🤦🏾‍♂️

[brandonyoung]

Long story short Hedge funds bought up all the mid level residential properties in Florida, which is causing this to happen to there market.

[tonycol]

Oh no! More Collapse...Crash....Crumble.. N...Calamity 😅

[uyngor]

In Philadelphia ghosts house 🏡🏠. Housing market collapsed in Philadelphia

[jasonsargent]

If you're selling a home, do not budge on your price!! Let Jay Powell cut 50 basis points and let the buyers come out of the woodwork and bid your property upward!! 😅