Housing Market's 'Super Bubble' is Over! Homebuyers Listen-Up

Homebuyers, get ready! Housing market super bubble is over. Sellers missed the top. Real estate news and more with live callers.

#housingmarketnews #realestatenews #hudhomes

Todd Sachs is a Maryland Real Estate Broker and not a Lender, CPA, Attorney, or Financial Advisor.

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[lee-vk]

I live in the Netherlands and had a chat with my old man, they bought the house for 60000 gulden ( old currency) now it is worth euro. They only pay interest on the debt outstanding debt ( original purchase price) a 300 euro a month. I asked him if he knew what i need to pay a month if i want to buy the house nextdoor... He tought about 1900 euro. But with current rates it is 3900 euro... Then he finally gets it

[kevingil]

Love you Todd! You are the Truth! Thanks for your content and let the hater hate! I’m 25 and I’m eagered to buy a home however the market is unsustainable for me to buy. Thank you for being one of the people in the industry who shed light to the truth. Shame on those agents who are acting like everything is fine because it’s not. Keep up the great work Todd!

[timeforachange-is]

One person commented on the live chat that you should only buy a home that is 2.5x your income. Amen my friend. We bought our house in 1989 at 1.5x our income and never moved up to raise our family and sent the kids to college with no student debt. Using a multiplier of 4.5 - 5.5x your income you become an indentured servant for 30 and dare I say 40 year mortgages.

[thatredhairedguy]

WARNING for anyone looking at HUD home store. "They are scammers" They do "as is bids" you have to take a wild guess on what it's going to need based on pictures when you bid. You get to do inspections when you're in the closing process and then you find out the AC unit is trash, the floor is rotting below the master bath floor and all the other problems.. then you know what they say when you ask for a reduction in price due to all the issues? "It's as is and you bid on it. All bids are final!"MEAN AS HELL HUD LADY her attitude was anyone that purchases from us is trash. I told my lender I couldn't come up with the down payment so they would cancel the loan and I got my security deposit back by jumping through many many hoops but lost a few hundred bucks in the process since you only get to look at the home with no power or water. Yes you have to activate the utilities in your name to look at the house functions then pay to winterize it when it's over. HUD is hell! They are not for the people. Not in South Carolina anyway.

[albenfischer]

At 1:20:00 the commenter said median home values in 1940 was $10, 000 which when adjusted for inflation is $620, 000. This data is very wrong. Median price in 1940 was $3000 which when adjusted for inflation is $67, 800. So in real dollars the median price of a home in the U.S. has quadrupled. Obviously the market was different in 1940 but I wanted to point out the flawed data presented.

[DtrainB]

The problem is that working at sears and macys paid the bills. Right now working at them places now you can't pay no bills. Those jobs you could afford a home a living . So people say why work there and yo can't live

[lisalove]

I am not buying. #DONE. Until sanity returns to pricing.

[therealestake]

I hope buyers understand if you're accepting a higher price because seller is offering a kick back, your new property taxes will be higher based on that higher recorded selling price. This is how you lose money when you buy, that higher recorded price is forever.

[iktr]

Todd, you are a very good educator and you show what it means to be a man with a conscience.

[Willfully_Ignorant]

You have been saying a housing crash is right around the corner for over 3 years now so how do you square why I should believe what you’re saying about a housing crash?

[bersig]

The market price of the house my parents bought in the 70s was $48k back then. Now it is older, needs a lot of work, and was just appraised (as-is) at over $1M. There is absolutely no way the house is actually that much more valuable now than back then. It is clearly the value of the dollar that has declined. By my calculation that's an average inflation of about 7% per year compounded yearly for the last 4 decades.

[briandonoghue]

Towards the end of your podcast, you mentioned agents that put in offers without ever having seen the property.

As a broker, one of my major pet peeves would be agents/brokers that do not show for the open house and then want to place an offer while having zero clue about the property.

That's not repping your clients properly.

I look them up in MLS, and typically, they do maybe one or two deals per year. Maybe.

[jamesstudy]

You are spot on with everything you say. I renovated a kitchen exactly the way you said for an insurance claim repair after I had to fire the insurance company contractor due to poor workmanship. Everything ordered, inspected and staged before I started work and many items needed reordered. I drove 2hrs round trip to the cabinet shop at least 5 times for contract signing, and picking up replacement parts.

[jesserodriguez]

I think they need to regulate monopolies on investments firms like black rock. How can they be able to own stakes in the farm, farmer, cow, milk, carrier, and store

[blairakana]

Exactly. No one person should be able to fiat homes for investments against a person who’s just trying to buy a home for his or her family to live in. Or they should have a limit or cap on how many homes one person can buy.

[Gadfly]

New construction is cheaper than used houses now . They have power and incentives like lower % mortgages, ability to discount lower profits

[tunomi]

Great content Todd. On another note, where's Melissa? 😢

[RS-welx]

You hit the nail on the head. There are a lot of cost that are increasing with home ownership. Insurance and tax. 👏 Thank you for bringing it up.

[khutzey]

ADHD is not serving the human race well; by design. I heee to listen all the way through — every single time.

Rule #1 - create a life that is conducive with you soul, hear and spirit. I learned this from my adopted mother when I was in my 20’s.

Not always easy. Takes sacrifice AND hard work!

Love your podcast Todd. Never once have skipped our early. We cannot learn in 20 second soundbites.

[nitemoves]

Good stuff, man
I don’t even look at a property until it’s been on the market for 30 days. No bidding wars there.