Homebuyers May Have Hit Their Limit: Real Estate Market Warning

Despite a dip in mortgage interest rates and a mostly positive June jobs report, homebuyer demand may be weakening. I share all the details with you in today’s housing market update.

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The US economy added 850k jobs last month and mortgage interest rates have been falling but, mortgage applications have been declining. This may suggest that homebuyer demand is also declining. It was announced today by the Mortgage Banker’s Association (MBA) that mortgage applications have dropped for the second week in a row to their lowest level since the beginning of 2020.

Another press release that I share with you is Fannie Mae’s monthly housing survey which showed that homebuyers are becoming increasingly pessimistic yet those who said it’s a good time to sell a house increased.

I also discuss a new housing market update from Redfin which suggests that homebuyers may have hit their limit with home prices & the housing market isn’t as hot as it used to be.

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage decreased to 3.07% for the current mortgage rates. This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.

Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?

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  2. Fedgov is going to goose the housing and stock-market for a very long time to come.
    The Dow has basically been going up and up and up for well over 10-years, they can do that all day, indefinitely.

  3. I'm getting ready to close on a house in CT, and it took 3 months before my offer was accepted. Granted, it's an FHA which sellers don't seem to favor. So many junk houses on the market which will never pass inspection! And sellers want WAY too much money for their homes. And I've seen houses go on the market and are contingent in a few days! And I've seen houses go back on the market again for higher prices than their first listing! It's just so crazy! This is my first home and it's been a horrible experience!

  4. I went into contract to sell a hiuse and u planned on putting it right into a new investment house. I plan on holding off for a while to see if prices dip. I don’t need to time it perfect but I am hoping that with a price drop I can find a more perfect house

  5. We have Builders like Lennar in Minnesota gouging clients with land premiums of 18k to 12k way to go lennar keep up building that ikea home with less flexibility on your models. I hope you go broke.

  6. In my area someone purchased a home in Dec 2020 for $120000 so no they put it on the market 6/2021 for $430,000 how is that possible I purchased my home Dec 2019 and had it valued for $10,000 more than when I purchased it’s crazy where they’re getting their figures from 🤷🏻‍♀️

  7. As a current buyer AND seller in this market, whenever you have an increase in sellers thinking is a good time to sell you will definitely see a decrease in buyers thinking it’s a good time to by. The current market is frustrating but in the last 2 weeks we’ve seen a lot of good homes come on market and “not-so-outrageous” prices. This is a good sign but no where near a level that’s reasonable.

  8. I have a 718 credit score, I have been saving money for a down payment so do you think it's the right time to buy a small house for my family or should I wait?

  9. West of Houston sales have stalled but prices have not dropped after they popped up $125k to $150k over last years zillow estimates. The several that were purchased near me were bought by people from Cali, Oregon or Washington. The house prices now are almost unaffordable for local people. New houses are popping up like crazy at a lower price then pre-owned houses. Land speculators have also pushed raw land up to the sky hoping it will continue to skyrocket, esp since they are paying almost nothing in interest to carry the loans. The malinvestment is stunning in RE and stocks according to Ray Dalio and Larry Summers. Your video is excellent as usual.

  10. I live in Florida. I'd say that home loan applications s are down here since offers here are above asking price, cash, no contingencies. People needing mortgages can't compete with that

  11. I don't think that the 1st summer after a year of lockdowns and reduced ability to travel is being taken into account. People may have slowed their home buying a bit to enjoy the great outdoors and take advantage of some much needed new scenery. As we enter into August and the population begins to focus on back to the business of school and work we may see more buying action. In my area the market is still going strong. If a house is priced right it is sold within hours or days of being listed.

  12. _____When even "The King of Real Estate" Sam Zell ….SOLD….ALL…of his Real Estate Empire You KNEW that Real Estate was Waaaaay Over Priced and a Crash was Coming. Zell Knows far more about Real Estate than just about anyone on the planet. BTW Zell is NOT selling His BILLIONS $$$ of Homes just to duck a little "correction" or a "little fall of 20%" Zell sold because A BIG CRASH is coming.

  13. Days on market is increasing in the area I sold my house a few months ago. Inventory is still very low. Maybe people are unwilling or unable to pay the ever increasing asking prices. I’ve seen a few listings that set an outrageous asking price have price reductions. Even though I just purchased a home I hope prices come back into reach for average buyers.

  14. Seeing many listing going up in frisco region.. and builders are playing sneaky tricks . Like one sent me an email .. do some survey to see if they can decide i am a serious buyer and ready to sign contract in 7 days.. one builder even said they are ready to reduce the price.. i think buyer just stop buying since its insane.. and would cause free fall if it goes up insane..

  15. Well of course! Keep raising those house prices, keep announcing rigged numbers for unemployment and job openings, continue with non living wages and soon enough the buyers pool will reduce to such a small number that it will break all the records in history.

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