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Summary

The speaker confidently discusses the real estate market, refuting the idea that it will crash despite rising interest rates. He explains the basic economics of supply and demand, emphasizing the current shortage of homes for sale and the high demand from buyers, which is driving up prices. The speaker, experienced in real estate, advises against waiting for a market crash, suggesting that it's a good time to buy or sell, and mocks those who wait for prices to drop, asserting that they are misguided.

Takeaways

• 📈 Interest rates have risen, causing a slowdown in the real estate market about 15-18 months ago, but a crash was not predicted by the speaker.
• 🏠 The speaker confidently stated that real estate values would not plummet, basing this on economic principles of supply and demand.
• 📊 There is currently a shortage of homes for sale compared to the number of buyers, which is the lowest inventory in 25 years.
• 📉 Despite concerns, the housing prices have not crashed; they have reached an all-time high of $379,000 median home price in America as of February.
• 🔜 Homes are selling faster, with an average time of 17 days to go under contract, down from 27 days.
• 📉 Interest rates for 15-year fixed-rate mortgages have recently decreased from over 7% to 6.16%.
• 📈 The total housing inventory has increased by 2% at the end of January and is up by 3% from a year ago, indicating more supply entering the market.
• 🛑 The speaker advises against waiting for a market crash or lower interest rates to buy a house, as the demand still exceeds supply.
• 🏡 It's a good time to sell a house due to the current market dynamics and high demand.
• 💬 The speaker emphasizes that his predictions about the real estate market have generally been accurate and advises to disregard fear-mongering narratives.

Q & A

What happened to the real estate market about 15 to 18 months ago?

The real estate market experienced a slowdown due to rising interest rates, which led to concerns about a potential crash in property values.

What did the speaker predict during the live stream 18 months ago?

The speaker predicted that the real estate market would not crash and property values would not tank, despite the rise in interest rates and people's concerns.

How did the speaker explain the stability of real estate market values?

The speaker used the economic principle of supply and demand, explaining that a shortage of an item (in this case, homes) leads to higher prices, and since there is a shortage of housing, prices would remain high.

What is the current state of housing inventory compared to 25 years ago?

There is less inventory of homes for sale now than there has been in the past 25 years, indicating a significant shortage of housing compared to the demand.

What is the current average interest rate for a 15-year fixed-rate mortgage?

The average interest rate for a 15-year fixed-rate mortgage is at 6.16%, which is down from over 7% a few weeks prior.

How has the unsold inventory and new listings impacted the market?

Although unsold inventory is still at a 3-month supply, the number of new listings is increasing, which is starting to bring more supply back into the market.

What trend is observed in the median home price in the United States?

The median home price has reached an all-time high of $379,000 in February, driven by low inventory and continued demand.

How quickly are homes selling compared to a month ago?

Homes are selling faster, going from being listed to under contract in 17 days, down from 27 days a month ago.

What advice does the speaker give to those considering buying or selling a house?

The speaker advises that it is an excellent time to buy or sell a house, and those who are financially ready should not wait for prices or interest rates to come down, as prices are unlikely to decrease.

What was the speaker's stance on Bitcoin when it was gaining popularity?

The speaker was critical of Bitcoin, calling it a scam from the start and comparing it to a multi-level marketing scheme.

How can someone find a trusted real estate agent according to the speaker?

The speaker suggests visiting ramsey solutions.com to find a Ramsey trusted agent for buying or selling a house.