Ep 29| What’s Wrong with the Housing Market? | with Lance Lambert

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In this video, co-founder of Reside Platform and author of Million Dollar Agent, Nick McLean sits down with Lance Lambert.


Lance Lambert is a Cofounder and editor of ResiClub, a media & research company of the U.S. housing market. Resi Club studies the U.S. Market at a deep level. Lance is one of the nation's leading data journalists, serving as a data journalist at Bloomberg and Realtor.com and a Real Estate Editor with Fortune Magazine.


In this episode, Nick and Lance sit down to discuss the Tailwind of Low Inventory and Headwind of Deteriorate Eligibility conflicting with one another and making prices more stable. Lance also breaks down “the Churn”, which is the idea that as the market rate for mortgages rises so far above the effective rate, it creates a churn in the housing market.


Lance discusses the reason why so many individuals today don’t have mortgages and have 100% equity in their properties. Additionally, Lance and Nick discuss the increase in the average age of homeowners and first time homebuyers. Furthermore, they break down the effect that Covid had on airbnb’s and other short-term rentals, and the short term rental correction post covid. This correction includes the influx of brand new landlords, as they were faced with either selling the homes or moving into long-term rental, many of which are unprepared for this change.


Finally Lance discusses the “Tale of Two Markets”, and the lack of supply from the move-up buyers (to the bottom half of the market) and the move-up buyers' demand, which cannot be fulfilled. He also talks about how Millennials fit into this equation and the incorrect view that from 2010-2020 the housing market was so unaffordable for Millenials. Breaking down how in the last three years the market HAS become unaffordable, with the combination of mortgage rates, incomes, and prices.


This episode is JAM PACKED with housing market information, and is a MUST watch for Real Estate professionals!


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VIDEO CONTENTS: 


00:00 Introduction
02:00 Lance Breaks Down the Current U.S. Market
06:16  What is “Churn”? 
10:20 The Reason Most People Today Don’t Have A Mortgage
14:54 The Effect of AirbNb’s and Influx of New Landlords
24:02 The Tale of Two Markets & Millennials in this Market
31:40 The Wrong Information About Housing Market
36:10 Zoning Restrictions Impact on Supply
 
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Show Notes:

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Lance Lambert:  @newslambert

Resi Club: @residentialclub


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