The California Housing Market Is Getting WORSE

Housing market affordability is worse now than at the height of the housing bubble in 2006 while mortgage rates and home prices continue to climb. The cost of starter homes for young families across Southern California and the Bay Area has doubled and tripled within the last decade at a time when you have housing market forecast pointing to higher house prices. Should you Buy Now or Wait for Prices to Collapse? In this video, we why the California Housing Market isn't likely to become any more affordable in the near term and what you should focus on as a home buyer in the current housing market.

🎙- The Educated Home Buyer Podcast -

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Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty

#California #HousingMarket #RealEstate

[hugoquintero]

My parents bought their home in LA in 82 for 80k now me as an adult can't afford anything in this ridiculous over price housing market

[Rachelschneider]

If there is one common theme to the vast range of the world’s financial crises. It is that excessive debt accumulation, whether by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom." -- Carmen Reinhart It's a good time to take a beat up 401k and do a Roth Conversion if your stocks are really beaten down. Then you'll only pay taxes on the much lower current prices, and your Roth will be tax free.

[nursemayra]

I been following you for a few years! I was on the fence about buying finally bought my home 525k in early 2021. I’m so happy with my decision because it has really improved our quality of life! Our house is now estimated value is 644k. Thank you for your videos. Yeah it sucks that they are so expensive but it’s either buy or keep paying others rent and being unhappy to not be able to do anything to the house.

[nrbaknrbak]

This is so easy to figure out. All you have to do is work backwards. According to Zillow the average home on orange county is The average Orange County home value is $1, 042, 781 knowing the LTV and DTI guidelines of FHA, conventional USDA etc it's easy to determine what is the minimum income, down payment, closing cost Mortgage insurance and taxes... Now, that's a reality video for most. The rest is just videos for entertainment purposes.

[isaiahpedraza]

I keep seeing that inventory is low yet there’s many new construction homes everywhere you go

[terraGaliciaXXIV]

I hate to say it but there will be blood on the streets. When that’ll happen is anybody’s guess. Real estate prices go up and down every once in a while and we’re about due for a correction it seems. The ones who will get the best deals are those with patience and cash without a doubt. Still though, if it makes sense to buy now with a whole bunch of money down then by all means. I just don’t see how anybody can buy at these prices. I’ve got tons of friends earning well over 100k per year and they’re simply priced out. Even Texas is pricy now once you factor in property taxes. Don’t believe the hype. Texas is expensive.

[magicmike]

Hmm explain this for me. In Cali, houses are (1) sitting non the market for months (2) when they do sell, it’s 10% below the original list price. So what up with that? Looks to me prices are headed where they ought to

[miamivlad]

Also Uber high property taxes and home insurance are contributing towards less affordability. At least that’s the case here in Florida.

[CuddlyJon]

Every house in my area is a million dollars... It's horrible. If only I finished school 1 year before COVID...

[aware]

2008 housing bubble pop made people hesitate to buy a house for fear of losing . At the same time people want a housing crash for the greed of winning. So, 2008 housing market crash effects are still being felt today. No housing crash in sight though, just more unaffordability, lots of it.

[ChristopherWard-fsru]

Every realtor I have listened to say sales are good to holding steady.

[samuelolinger]

But inflation has actually created a negative wage growth rate. It has made wage growth roughly -3%. So we actually have stagflation currently. Housing prices rising, inventory at historic lows (roughly half of historical averages), revised job gain numbers much much smaller than initially reported every single time, jobless claims nearing all time highs, interest rates highest I've seen in my lifetime. This is the worst time in my lifetime to buy a home and it won't get better until inventory is restored, inflation is back under control and interest rates have come back down to earth.

[jeffersonjohns]

There are so, so many important factors that were neglected to be disclosed. I hope it was purposeful and not a reflection of incompetence. Please do not buy…. and wait until the Fed’s initiatives begin to take effect. Speak with someone who is not commission based.

[byronrios]

By the end of the year or 2024 the crash will start….all the data you are reading is meaningless …… day to day nonsense….. nothing will get better what don’t you understand……. Everything you say is controversial……. If you are so confident in this market why don’t you buy another home show us how sincere you are….

[nrbaknrbak]

Homeowners insurance is killing me. Anyone is having luck with their insurance premiums?? 😢

[ironwolph]

Well i rushed to sell the house i was not happy with. Paid 600k and sold it for 625k just in time before the intrest rates went up. I though pices would drop but they didn't

[lukem]

Last time I checked transactions crashing is almost worst crash in prices

[InventiveFilms]

Haha I want to buy a single family home but I can’t afford a $800k pad at 8.5 percent interest. It’s not that simple…

[ironwolph]

You said to focus on when it's the right time to buy for you? What if I'm sitting in, all cash with no job? And the right time for me is to get the best deal. I could absolutely possibly get Is two homes with cash

[dannylee]

with this price, who can be comfortable with the monthly payment ？