Market CRASH, RECESSION, Housing Bubble, ZILLOW, REDFIN, “Experts”...Biggest REAL ESTATE BS Revealed

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Everyday, I see news headlines that predict catastrophe in real estate, and have conversations, doing my best to explain to people the real truth, not the BS in the media, or hysteria of those thinking “here we go again.”

The only people who have been consistently wrong are the media & 80% of real estate agents, who have no idea what is really going on.

There was a New York Post article reporting that Goldman Sachs has forecast a 2008-level housing crash, while Zillow says the home price correction is winding down, with 28 other forecast models. How could most decipher all of this silly, click bait garbage?
So, let’s look at a couple of fundamental factors that have dominated the news for the past 6 months… “Recession is coming…” the unemployment rate hit more than a 53-1/2-year low of 3.4%. And, what is the history of home prices during recession, if there was one? Home prices have increased during every recession over the last 70 years, except the Great Recession, which was a result of a once in 100 years complete economic collapse in the country and the world.

A primary factor leading to the Great Recession was that there were almost no lending standards. And now, you’ll see dumb, just ridiculous headlines like “foreclosures up 300%” that figure is based off of near 0 during Covid, and a majority of Defaults are due to death and hurricanes. Yes, when people die, or a house is destroyed, most mortgages stop being paid.
Serious delinquency rates, which skyrocketed after 2006 and led to 6 million foreclosures, have fallen by nearly half in the last year, to less than 0.7% of mortgages, according to Fannie Mae.

The Supply of Homes for Sale Today Is More Limited. There were over 21,000 homes for sale in Las Vegas during the housing crisis, most of which were short sales and foreclosures, and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a historical shortage of inventory, primarily due to years of underbuilding homes. There have been less homes built in the last decade than any since the 60’s.
The national inventory of single-family homes fell by 2.5% this week to 418k—the fewest since last June. There are 60,000 fewer homes on the market today than over New Year’s weekend. homes for sale remain at the lowest ever, other than during the pandemic period, nearly half of the normal historic levels.

“There was a housing shortage of around 5 million homes before the onset of the pandemic. That shortage is not going away soon,” said Lawrence Yun, chief economist with the National Association of Realtors, in a report last month.
I recall door knocking around a listing of mine, looking for a buyer in 2020… 1 guy told me that he was waiting for the crash…then prices went up over30%... so, what should you do when it comes to buying or selling a home right now? Call me, we'll review your options, and decide what is in your best interest.

Call, text, or email me with any thoughts or questions.
702-239-8400
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Resources-
https://nypost.com/2023/01/24/goldman-sachs-sees-a-crash-for-home-values-in-these-4-cities/
https://fortune.com/2023/02/14/housing-market-home-price-forecast-update-zillow-29-models-2023-2024-real-estate/
https://www.reuters.com/world/us/us-job-growth-accelerates-january-wage-gains-moderate-2023-02-03/
https://www.cnbc.com/2023/02/18/home-prices-mortgage-rates-how-to-know-when-housing-bottom-is-in.html
https://www.cnn.com/2022/10/05/investing/housing-market-howard-hughes/index.html
https://sports.yahoo.com/national-home-prices-further-fall-162353621.html?guccounter=1&guce_referrer=aHR0cHM6Ly93cmVuZXdzLmNvbS8&guce_referrer_sig=AQAAAKHls
Disclaimer:
Randy Milmeister is not a practicing tax accountant, licensed attorney, or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only. Randy Milmeister is a licensed real estate Broker-salesman with Keller Williams in Nevada Lic.# 64289