A Grim Warning to Home Buyers (It's Getting Worse) - Live Stream Replay
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 25 June 2024
⏱️ 38 minutes
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Summary
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. |
| 0:02.8 | Let's get right into this episode. |
| 0:05.0 | Home prices hit a record high this past month and Jerome Powell is losing his mind. |
| 0:11.4 | Yeah, can you believe this? |
| 0:12.6 | I'll tell you what, hiking interest rates are not working. |
| 0:17.5 | Well, that's exactly, you know, it, right? |
| 0:19.6 | Like hiking the interest rates was supposed to bring down inflation, and it is in a lot of areas, but it's not in housing. |
| 0:27.5 | There's one huge flaw that is there's only one thing that's going to bring prices down, and that's increased supply. |
| 0:35.2 | Yeah. |
| 0:35.8 | And the problem is that you're going to talk about later, is that |
| 0:40.6 | hiking the rates also makes people stop building. Yep. Yeah. So hiking rates, you know, |
| 0:46.8 | restricts supply. Right, right. Well, I think it's important to note. So the cost of homes in the |
| 0:51.6 | U.S. climbed for the 11th consecutive month in May, |
| 0:55.0 | up 5.8% from a year ago. And now your average home is $419,300. Can you guys believe that? |
| 1:05.0 | So about $2,800 per month with current interest rates before taxes, insurance, and HOA. |
| 1:09.6 | I know. And I was looking at the affordability insurance, and HOA. I know. |
| 1:14.8 | And I was looking at the affordability factor, right? |
| 1:17.8 | Then we're at, obviously, you guys must know this. |
| 1:21.5 | Housing affordability is at an all-time low. |
| 1:22.1 | Yep. Like people obviously cannot afford to, I think you, we were were talking before you said they need like was |
| 1:29.9 | 130 140 grand so this is an interesting statistic so for the because you remember this is not |
| 1:35.6 | just about buying the home you have to qualify for the mortgage right so in order for the |
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