Video Closed Captioning:
folks michael zuber one rental at a time
one of the things that i thoroughly
enjoy
is going through the comments on my
channel
my channel is still
i guess you would say small enough where
i can go through and read all of your
comments i can block all of the bitcoin
bots and
all the other stuff
someday i hope that
the channel is so big that i can’t do
that but i still do
one thing that i noticed this weekend
saturday and sunday
is there is a lot of
almost
anger
there’s almost some anger out there from
folks that are saying things like
you’re wrong my market’s not crashing
everything’s still going first day
everything’s still going over asking
what are you talking about your your
market crash
not coming here
you know all of these really
almost nasty things
so i have kind of four things that i
want to talk about here
because again i want to talk to that
person who is upset who is disappointed
but before i do i want to congratulate
all of you that are doing the work
90 of you
have told me in the last 30 days
that you are seeing a change in fact
i will read you just one of the hundred
plus comments that i have gotten
privately
this is from joe
today’s buy box in my area is making me
smile
more price cuts in the last
week
16 houses have come on the market
which is an uptick but what i really am
taking away is the absolute acceleration
of new listings in my buy box
of those 16 new listings in the last
week
eight of them were today
in my buy box this is the largest one
day total
of new houses on the market since i have
started this exercise one month ago
the price cuts are also going from
easily one or two percent
a couple of weeks ago to five percent
so again
ninety percent of you are doing the work
you’re building your spreadsheets you’re
tracking days on market you’re tracking
your return you’re tracking uh pendings
and price drops and all that stuff
awesome keep it up
i want to talk to the other 10 because i
want them to do the work too this
channel is for everybody this channel is
building wealth
and i’m trying to help those ten percent
so
four things for the ten percent
one
everybody
everybody’s buy box is local
my buy box is
i don’t know
1 100 the size of my msa fresno my buy
box is very very small
your buy box may have macro and micro
influences
if you are one of those ten percent that
are angry that your market is not
changing
i would be asking myself
what is going on are we
getting population or we have migration
do we have employment do we have a lack
of housing what is going on in my buy
box right now because it is very
very
very clear
that the housing market is slowing down
you cannot argue that on a national
scale
you
can be disappointed you can be
frustrated you have the right to be
angry if you want to but that is a
wasted energy stop being so angry
do the work if your buy box is still
bananas with no inventory what comes on
goes off in one day over asking ask
yourself why
there are probably a couple of reasons
but ask yourself why why do you want to
do that because you need to ask yourself
what would change am i in a location
where all these banana californians are
coming in
with cash and buying everything
well if you’re in boise and you just had
the worst winter in 20 years
i’m going to guess a lot of soft
californians are on the way out they’re
probably not coming back to california
but they’re going to go south we don’t
like snow
in mania an area where all the
manufacturers are coming in phoenix and
texas
and the average income is actually
rising
am i in florida where all the country is
tilting
if you are one of the 10 percent that is
flat out angry because this isn’t easy
is it news to you that life’s not easy
is it news to you that life’s not fair
90 of the people that watch my channel
90 of the people that are doing the work
are telling me almost every day
the market is slowing down
if you are in the ten percent i suggest
instead of whining and crying and
putting hatred in the universe that you
step back and ask yourself why
number two
or actually number three buy box local
ask yourself why is number two number
three
math
is undefeated
i believe what we have right now is the
beginning of an affordability crisis
affordability crisis will hit all areas
at all levels we have our 30-year rate
has gone up 200 bases point we have a
move up crisis because supply
destruction demand destruction
all of this crazy stuff going on right
now but affordability is going to be the
largest driver unless the fed pivots and
it goes back to negative rates
then the world is different
but i don’t see that at least in the
short term
eventually in all markets
the real estate will slow down
there might be
five percent
of the country that will just sail
through it you don’t have enough housing
population is going bananas
incomes are going up
but 95 of the country will feel the
slowdown on some level
remember
my call on a real estate slowdown does
not mean you get a crash in pricing
it also means you won’t if you do get a
drop in pricing it won’t be soon
folks this stuff is just beginning
some of you out there are looking for a
crash in housing prices like this is
freaking luna crypto on a weekend
that’s not how housing works it is a
necessity
if you sell your house and don’t have
somewhere else to go you’re going to
rent and renting today is very expensive
affordability will slow down all markets
affordability does not mean prices drop
i believe it means prices will probably
stay flat again this is nationally
learn your buy box your buy box as you
will see later today on my daily
financial news boise idaho a market that
i’ve talked about for nine months
looks to be set up to have a pricing
drop in the next 12 months or so
that will not be a national thing
and then finally
and lastly and most importantly as i
shared with you when i went through the
52-year spreadsheet together which you
have access to it is free it cost you
nothing
this is a multi-year journey
many many many markets have started
already
many many many markets haven’t yet
it is a series of dominoes it is a
series of inventory building fear of
missing out
i buyers i think i buyers won’t be in
business in 12 months it’s a it’s a
failed strategy with stupid pricing
all of these things will come to your
markets eventually
putting hatred in a youtube comment for
some guy who is trying to help you
create wealth
doesn’t do any good why would you do
that
i don’t understand
to again to the 90 percent of you keep
it up
do the work every day again remember the
comment i read earlier
inventory is coming on price drops are
accelerating please understand
patience
do the work this comment talked about
the last month
you’ve got two more months keep at it
keep doing the work
we are only writing great offers
we are probably at least i am not your
call for you i am not writing any offers
at asking price
i’m a qualified buyer i can close i am
soon going to be the unicorn out there
with rates over six percent lots of home
buyers especially first time home buyers
can’t get a yes answer from a bank
do the work the market is finally coming
to you but i’m not telling you the
market will be there tomorrow
if you heard me if you hear me talk
about this crash and opportunity and
what you hear is tomorrow you’re not
paying attention
real estate is much stickier much slower
there’s a lot of listings today that
will simply be pulled off the market
because sellers don’t have to sell
lots of sellers are going for wish
pricing your job is to weed those out
ignore them
and go find the motivated sellers we
have so much opportunity ahead of us
stop
whining
do the work and again remember this note
is only for the ten percent ninety
percent of you are crushing it and i’m
excited and happy for all of you i’m
trying to get the other 10
maybe it’ll be
half of that 10 so we’ll get to 95 and
the other five will always just be angry
but my job is to try to get everybody
there
build wealth do the work buy assets on
sale only do great deals
the time is coming
i’m not telling you it’s here tomorrow
but your time is coming please keep
doing the work please have fun
and why put hatred in a comment i mean
really
what is why you want to put that
negative energy in the universe
take care everyone we will see you on
the daily financial news
you