This is a YouTube video titled "🚨 Is Housing Boom Over? 🚨" containing a monologue or commentary from September 27, 2021, discussing the current state of the housing market, focusing on purchase application declines, cash buyers, inventory shortages, and the resulting impact on house prices.
With purchase applications down 18% since this time last year, it has many in the media thinking that the housing boom might be over. Let's take a look. Now, the thing they're missing is there's a ton of cash buyers. They don't factor into mortgage apps because they're not applying for a loan. When you add the cash buyers in, really rolling down 9%, inventory is down 20%. So really, it's just a huge supply demand squeeze. That's the problem. And if you actually play this out over time, those buyers eventually are going to have to outbid one another to get their offers accepted. That's going to happen into the foreseeable future, continuing to push house prices up at a historic rate. Still cheaper to buy now and have a strong offer, as opposed to waiting and watching house prices continue to grow.
