Sales of Luxury Homes Sink

Luxury home sales plunged by the most since the start of the pandemic. This is as mortgage rates surge and the stock market tanks which is greatly impacting luxury home sales and home sales in general.

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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.2% for the current mortgage rates (at the time of filming this video). That’s up ~2.5% YTD for the average 30yr fixed rate mortgage.

My Bold Housing Market Predictions for 2022:

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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?

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Jason Walter, CPA (lic 103885)
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Realty ONE Group Complete (DRE 01923240)

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#luxuryhomes #housingmarket #Redfin

[JasonWalter]

ERROR at 6:47 → For a $1M home at 1.25% property tax rate = $12, 500 per YEAR (not month). Sorry about that!

Compilation of Housing Market Forecast videos

My Housing Market Predictions for 2022

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[garp-cmte]

Damn.. I picked the wrong week to quit drinking

[-wilson]

People were buying second homes to lock up debt at 2.5% to beat not nearly as appealing an option at 6%

[gk]

I’m a home inspector in Warren Michigan! He’s correct! And the houses need so much work :( I feel bad for all these fha loans and shocking they are being approved

[mathaddict]

Margin calls crash stock markets...

Margin calls crash housing market, it takes just a few more months.

[lbdirtbag]

Not even sure what to do anymore. We tried for a year to buy a sfr home but continually were outbid. With rates increasing and prices in our area remaining high, a sfr isn’t possible. Now looking to possibly buy a condo/townhome but the uncertainty ahead makes me feel uneasy.

[mr.financial]

The same thing is happen ing here in vancouver Canada. I think it will get much worse as rates continue to rise

[NuNugirl]

I'm hoping the " second or third" home ownes sell soon. I need more inventory in Martin County Florida. I'm not interested in Delray Beach, because it's way too crowded and filled with crime. A million dollar home in my area in NY, you better have at least 50K for property tax.

[williamjohnson]

Make sure to separate "sales" from "sales prices". Stock market has not declined enough. It is still above its long term adjusted PE. The Wall Street con "con"tinues.

[cuteshoesandbags]

Coin-based is laying off nearly 20% of their work force and the stock market is down about 10%. It couldn't go on forever because people can't be expected to pay top dollar in a run down neighborhood.

[chevyiceraw]

It seems like some mainstream media are starting to get a bit real. Even though they are far from the mark. Fortune posted, "These 40 ‘overvalued’ housing markets could see 15% to 20% home price declines if a recession hits"

[sass]

Luxury homes are always the first to go down. I believe starter homes won’t crash like everyone is thinking. The reason for this is that there are multiple corporations buying up starter homes so they can rent out. I hope I’m wrong. I just don’t think starter homes from 100k-400k will crash like people think they will.

[beth-eileenwalker]

I am looking at when the prices of homes will start to significantly drop, so many are unbelievably over priced right now, as I can always refinance as the market rates come down, but, my purchase price will always remain the same. Is this likely to be in the next 30 days as this market has shifted so quickly or shall we be waiting for the "reality" bag to finally hit people in the head? Hmmm?

[lesmomo]

My take away is that San Diego doesn't want to stay classy. It wants to stay expensive. Heavy sigh.

[FreePalestineInshaAllah]

That’s great news! Thanks for posting this. May they continue to sink!

[Wesley-rnoc]

Anaheim isn't "basically" Los Angeles. It's like five cities away and it's not even in LA county, it's in the OC. Only thing LA about Anaheim is that the MLB team claims it 😂

[vtranhfqff]

I learn my area with a $1.5M price tag isn't a luxury home. It's just a home and it's a mid range home at best.

[thegods]

Glad I don't pay property taxes in Texas I just wave that VA letter saying I'm 100% p&t. I got it good here.

[nikko.lottsahcocc]

Some of the most expensive “luxury” houses west of the Mississippi are in San Francisco, not the outer surrounding suburbs but within the city limits many right in the heart of the city… just a short walk from world renowned open air drug markets, and only a stones throw from the city’s famous creative arts district where “locals” have designed a one of a kind tent city stretching over 3 miles long and encroaching right into many of the cities commercial areas and small businesses restaurants and so on, many of the occupants are actually very nice individuals just experiencing a difficult situation during this period of their lives but rest assured SF is a VERY “diverse” community and most of the residents of this revitalized arts and crafts district are felons and parolees, reoffending illegal immigrants, transient junkies AND local junkies, local gangbangers AND transplanted gangs, Honduran nationals pushing 99% pure Fentanyl, human traffickers AND trafficked humans, young girls turned prostitute to fund their recent addiction to drugs, old prostitutes sober to the bone but experiencing skitzo-dissassociative personally disorder.. but regardless one thing you’ll find almost everywhere and anywhere in the citys public areas is fecal matter, vomit, and the smell of fresh urine combined with old urine gives continuity to this progressively forward town with roots going way back to a time of the famous expression “I left my heart in San Francisco” …Unfortunately nowadays for anyone living or visiting the expression may differ but only vary slightly mmost commonly

[Needglory]

Americans’ opinion on the value of real estate as an investment is climbing. That’s according to an annual survey from Gallup. Not only is real estate viewed as the best investment for the ninth year in a row, but more Americans selected it than ever before.