Buyers WON'T CALM DOWN: Overpriced Housing Market Start 2023

Despite the FED calling for a housing price correction, homebuyers continue to overpay due to their emotions.

#housingmarket2023 #homebuying #realestatenews

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

Any information provided in this and any of Sachs Realty's videos and/or descriptions are for entertainment purposes only and not to be construed as broker representation, legal, financial or tax advice. All content written, spoken or implied is for informational purposes and deem to be accurate, but not guaranteed. It is your sole responsibility to verify any and all information for accuracy and correctness.

Todd Sachs or Sachs Realty is not representing you unless you have a written representation agreement. This is not an advertisement for a property for sale, and if you're currently represented by another Real Estate Brokerage, this is not an attempt to solicit your representation.

Sachs Realty is REAL ESTATE WHEVER YOU ARE!

Looking to buy or sell? We efficiently assist buyers, sellers, landlords and tenants in Maryland with both residential and commercial real estate services.

NOT IN MARYLAND? We offer nationwide assistance to buyers and sellers through our PREFERRED BROKER REFERRAL of great real estate professionals like us!

If you're in need of residential or commercial assistance, you can always expect timely, reliable and top-notch service from Sachs Realty or any referral agent we recommend.

Main Office: Sachs Realty 443-318-4514
Maryland Broker License Number 607720
Equal Housing Opportunity

Get Social With Sachs Realty:

Follow Sachs Realty On Your Favorite Audio Podcast:

[thedrummersclub]

Sounds like you prevented your clients from making a TERRIBLE mistake to me. Good Job 👍

[maxswagcaster]

Yeah I’ve noticed that too, heck a lot of the ones around me were perfectly fine but had new roofs and kitchens installed anyways to raise the selling price but whose gonna be able to pay 200k for a house you got for 100k in a city so economically depressed that one must work outside the city to make more than 18 dollars an hour? And why would anyone want to move to this city when there is hardly anything to do and hardly any jobs to support paying so much money for housing most retirees are going to florida

[Docante]

In the OC buyers just wont calm down!
Homes still flying off the shelves- including old, overpriced, small homes needing a ton of work
Great time to unload a home that normally wouldn’t sell

[firstlast]

In tn new Listings are double what they were 2 years ago

[mariomends]

What phone app can be used to check the property lines?

[MidnightAspec]

Simple: the disconnect is that the NYC/Chicago/LA/SF/Seattle (etc) crowd still impacted by COVID lockdown ptsd (not to mention high crime rates) just want to score an actual home w/real property (high prices and rates be damned) before the next anticipated lockdown occurs is not or only lightly being considered by analysts.

[SirCarlosMusicBMI]

😮😮😮😮😮😮😮😮😮😮
I absolutely love these simple videos that you do. It makes so much sense. Thank you for everything you do for us.
Blessings, Carlos ✝️🙏❤️😊❗️

[andredaedone]

Overpriced is relative but people should never bring emotions into buying anything. FOMO is a terrible thing to buy into.

[DionTalkFinancialFreedom]

Great video

A house is worth what someone is willing to pay for it.
If there are multiple offers then it isn’t over priced.

[Flosseveryday]

I’m single. No kids. Saving money.
Celebrate good times come on!!

[saneb]

People forget history. We currently are experiencing stagflation. A slowing economy coupled with run away inflation. The last time this happened was in the 1970s. By the time stagflation of the 1970s was over, houses appreciated by more then 150% and thereafter stabilized at an increase of 3% per year until the 2008 housing crash. The only reason 2008 happened was because of mortgage backed securities and banks giving 120% mortgages to low income borrowers who couldn’t afford to pay them off. You literally had strippers with mansions. This caused a mass foreclosure that drove the market to a complete crash. The fed made sure the banks can’t do that anymore. Todays conditions are mimicking the 1970s, stocks are being sold off and investors are flooding money towards commodities and real estate. Even Michael Burry the guy who is known for predicting the 2008 housing crash is investing in real estate.

[KSIXRIDER]

It's like people going out buying toilet paper back in 2020 as if the world was going to end. Def. FOMO.

[andreaberryman]

People do NOT do their homework.
I walked into an over-priced flopper house and someone else was looking at it too. I walked through a doorway. "NOPE-BAD FOUNDATION! Check this out." We went unstairs, where they had opened the attic. "NOPE-UNINSULATED. Talk about costing an arm and a leg to HEAT." Outside, the eves were rotting, roof sagging, with peeling paint and rot hastily painted over, that was now blistering. In an oddball corner, I looked up. "Is that mold? I think it's mold." I walked away after my OWN inspection. They wanted $165, 000, and my eyeballs said that in THAT state, it was only worth $44, 000.

[fortheloveofcountry]

Instant gratification. Modern day buyers have more liquid assets and know ‘money talks’. We are in a world where you press a button and you can purchase a high price item. Buyers are impatient and want what they want-yesterday, IMO.

[Falconlibrary]

I looked at a house in a small Kansas town that sold for $63, 000 in 2019. Sellers have it listed at $119, 000. Been on the market 53 days. Vacant. The realtor says the sellers won't entertain anything less than a full price offer (and the house needs some work, to boot) because "their neighbors sold their house for that much".
On the other hand, most houses that are priced at double valuation from just a few years are being snatched up in a few days. Five houses came onto the market last Thursday and Friday in an area I'm looking at--all five are now under contract at a 100%-200% markup.
To quote Cher in "Moonstruck": "Snap out of it!"

[evanpatten]

I have an accepted offer on a house. I toured the house twice; first time was really just for fun and I didn't really think I would be trying to buy this property, then the price dropped by $10k to $288k which is pretty much non-existent for a turn key home in my area, so we got pre-approval at 6.65%, have a decent credit score of about 750, we put in an offer with estimated monthly payments of around $2200 a month.

Then we had a second tour after our offer was accepted, rate dropped and locked at 6.25% conventional. Now having had been a home inspector before I noticed a bit but know that the truth usually lies in the unconditioned spaces. I hired a home inspector and we looked at the house more thoroughly today. This places was worse then I had imagined. It would easily cost me $100-150k just to make it safe not to mention the upgrades I would like to make just to add value. We are using our home inspection contingency to leave the contract and get our earnest money back. I cannot stress enough the importance of having inspections and contingencies. You most likely will regret it if you don't get one. I'm now going to wait out the market a bit. I expect, and really hope prices to continue to drop but time will tell

[alphaomega]

Home 🏡 prices need to be in the range of $150-300k to be affordable.

Not 👎 $400-$600k. 😶

[rlrieth]

Zillow usually gives a history of pricing and I’ve noticed that many times the house is priced 200% or more over a previous selling price. I’ve noticed there are very few fixers meaning most of the homes on the market have been remodeled. That says to me many people bought homes to fix up and flip and now want to recoup the investment plus a profit and are stubbornly holding onto that idea. But you didn’t answer the question of who is pushing these prices; the realtor or the seller?

[PonyGirl]

A lot of these simpletons are probably trying to Airbnb and figure they're make up the loss in time, or just have so much money they don't care to waste it. No one said you have to be smart to have money. I couldn't imagine having $100k to throw in the trash, that seems to be the overages here in FL at least. I've seen $50k houses (or less) that are on the market in really really bad parts of Tampa for $300k lol

[timeforachange-is]

Prices have to drop on the average home at a minimum of $100, 000 if not $150, 000. If they won't sell at a fair market value for 2019 plus 5%, walk away. Trust me you will be thankful for waiting. Rents are dropping and a historical number of apartments are coming online in 2023 which will put additional pressure on declining home values. By the end of 2024 through 2025 homes will decline by $100, 000 and more.