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Airbnb Revenue Collapse Data Sparks Housing Market Crash Fears 🔴[LIVE] US REAL ESTATE INVENTORY WATCH.
🔴[LIVE] US REAL ESTATE INVENTORY WATCH.
This weekend's Events Home Sellers by Metropolitan Statistical Area Beautiful Day Oct 7 and 8 San Jose Restaurants that have closed What you get for $1MM Santa Clara County RealtyTimes. @SiliconValleyLiving
Good morning. A lot of stuff's happening. I was up last night watching the news through TikTok and YouTube shorts and all that stuff. And something's amiss. Put it to you that way. I mentioned it in a post just now. I. We have an inventory issue, and that's what today's topic is about.
Always. We're always talking about on Thursday, we always talk about inventory across the United States, all this stuff. And the timing is almost too good to be true. It's just weird that it happened. But yesterday, I saw a Newsweek break on Airbnb. Now let's, take a quick look at this. I know I've been harping on this for the last year and a half.
But let's quickly take a look at how this Airbnb revenue collapse data sparks housing market crash fears. Now, understand this is fear. I'm not saying that this is going to happen. We don't know if it's going to happen or not. I'm not here to throw fears in your way. I'm not here. I'm here to prepare you.
That's it. I want you to be aware of what's going on. We already know that our market is over-inflated. We already know that the u o s pricing is overinflated. We know that houses continue to sell even though we're at a high-interest rate and supply is at a dwindling minimum. So what's going to happen?
I don't know. So well let's just take two scenarios that could happen, right? The industry collapses, Mar, the whole housing industry collapses, right? I, that could happen. I don't know. Who knows? Let's talk about the idea of Airbnb. Let's back up a second. Let's talk about Airbnb. I follow a lot of Airbnb because one, I'm not a big fan of people who invest in it, but also I know that there's a lot of gurus out there that are selling the snake oil of becoming an Airbnb millionaire.
And for a while it's a great idea, right? It's been a great idea. Now, Airbnb isn't the only one that's out there. There's V R B O, and they were around decades before Airbnb ever came around. They were just the darling. Now Airbnb is charging more. They're charging their hosts more. You can get away with a free weekend by just complaining as a guest.
And guess who gets left holding the bag. The host, you, the investor, right? There are a lot of things that are not fair going on at Airbnb. The, guests contrast the house and there's no real recourse other than the deposit. There's all sorts of crazy things, right? So we used to have a short term cabin up in Tahoe, short-term rental, and didn't like it the first weekend we had it.
Somebody stole a vcr, right? Nothing you can do about it. We had a property management company, they reimbursed us for it. No big deal. It was worth like 50, 60 bucks. Who cares? It's just you're not in control. You're always buying silverware. You're always buying towels and linens and all sorts of stuff, and it's just a pain in the ass to do it.
So that's why we choose not to do it. Not saying it's a bad deal, just saying, it's just not for us, not for me. I just choose not to do that. I'd rather just buy a couple houses, rent them out, and then turn them into rent to own. So then we'd become the bank. All sorts of reasons. The whole idea behind here though, is that on scale, this was a great idea.
I don't know if it works. I honestly don't know if it works. I would love to say it will continue to work or it'll continue to do well. I, sorry, gotta center myself up in the camera there. Will it conti, will it make it through the next recession if we have a recession? Some say we're already in a recession.
But look, the numbers are pretty scary. Almost 50% in a lot of these cities, Myrtle Beach, Austin, Phoenix, people were buying in droves in Phoenix. So what could happen? The market crashes. The economy crashes. Everybody freaks out, starts selling houses, oversupply, lack of demand, prices come down, right?
That's one scenario. What can also happen is we reach out to these people and say, Hey, look up to you. We'll take over your payments right now. We'll clean out your shit. We'll take over. And we'll turn 'em into long-term rentals or these people that are own, that own it. They see this coming right now.
And if you have a long-term or a short-term rental, convert it into a long-term rental fire. Airbnb, they're I, I don't see how, I don't see how this can continue. I get it. It's a great idea. I just don't really care to do it. If I go on vacation, unless I take my dogs, yes. Even then I would just go get a Motel six. And they don't care. I don't if you're with your dogs yeah, I don't know, Nashville, Tennessee, that could be a cool place. But there's so many cool hotels right down on, on Broadway, there's Seattle, there's Panama, Orlando. These are the top 15 that are crashing. I don't wanna say crashing. Please don't. No. It's something important for you to be aware of.
Okay? That's all I'm going to tell you. Just be aware of it, something that can happen. Be financially prepared to take advantage of the options. All right? Enough of that.
Our inventory still sucks across the nation, right? We're at 347 homes. We have to be about 800 to 900 to be a healthy market. Notices how? That was a good segue from Airbnb crashing supply going up. Tampa's still low Cape Coral's high, but this is typical for Cape Coral, right? And don't forget, they, Cape Coral got hit really hard with Ian last year.
So a majority of those houses are insurance claims. Austin, slightly going up. Everything in black is going up, everything in red is going down. You can some check me. I'm not going to say it's perfect, but for the most part we're, okay. We're level across the world of the, nation right now as far as inventory.
Inventory is still drastically low across. So when you look at these numbers this is Jacksonville, Knoxville. You know these ho that's the typical inventory over a lot of different, look at that. Who wants to buy a 40 million house in Nashville? That's awesome. Okay, let's talk about three things you need to know this.
Weekend's events. Guys, it's 4th of July. Be careful, right? Don't point bottle rackets at people. If you do pot rockets, make sure you do it in a clearing area. Try to cut it down around 10 30, 11 o'clock because people do us old people need to go to sleep. And I get it.
Dogs and P T S D I, I totally understand that. I don't personally do it. I know people that do it, and there's going to be kids that are out there two, three o'clock in the morning. I get it. Just. Try to rope in your kids, right? This is a great little article right here. I wanna show you this Aris with the highest concentration of sellers, Las Vegas, Austin, Phoenix.
I dunno where that is. Cape Coral, San Bernardino, Tulsa. Okay, let's go look at this real quick. Let's go back to this Phoenix, Austin, San Antonio. Oh, there's Phoenix here. Yeah. And then what's the other thing? Des Moines? No, Tulsa. Tulsa. Is Tulsa there? No, Tulsa is not there, but Nashville is Houston. Durham Chapel Hill.
See that? No. Okay. But those when they say highest concentration of sellers, guys, oh wait.
There you go. See, look at that. Those places are contracting, right? The pricing will contract. The pricing will contract. Those were all overinflated for a very, long time. Here's a demographic or an infographic on the average buy home buyer. Home seller. Home seller, 47 years old, $130,000 income 45 to 64.
Majority are white. Majority are married. Majority make between 50 and a hundred majority still financed their homes. 60% are homes, 27% are townhouses, and 11% are condos. 1980 to 1990 ones are the ones that are being sold the most. Mostly because the 1980s were a bunch of shit product and they just threw shit together and it was all crap.
Don't ever buy a 1980s house, I'll tell you. That's without res exception, right? There's, some houses that were built rather nice, but there's a lot of problems with those. And the median sales price is 4 25. Now that's. I don't believe that. I think it's actually down three. That's what it was last year.
Yeah. Okay. That's it. And then let's see. Closed restaurants. Boy, this is a dreary one, right? Guyot. There are a huge number. Let's see if I can open this up for you so you can see this Look. Eight 40 North First. Never got to go there. Never got to go there. I've been there. Never been there. Black Angus? Yeah.
Black. Wait. Black Angus, huh? Bagel Basket. Bourbon Steak Cafe. Prima Vera. Twice. California Cafe. California. Pizza Kitchen. Wait, they're still, no, they're not. Wait, are they constantino's training That was downtown. I never went there.
Yeah. If there's any of these restaurants that you dearly miss, put it down in the comments down below, and if you wanna look at this link to it. Ooh, I did do this, didn't I? I'm going to have to reset this. What you get for a million dollars. Let's take a look at this $1 million McLaughlin app, McLaughlin Avenue.
If you notice that the street's rather busy, right? I. Pew. All right. Sold the house to Sunnyville a couple years ago and it was right on the corner of two busy streets and it took a while to sell. So understand, when you buy a house on a busy street, it's going to take a while to sell it. Resell value.
When you buy a house, you have to put in your head the mindset of when I sell the house, what's, what will that look like? See if I can do that a little bit better. That's more comfortable for my back. Cause I. When you buy a house, you wanna make sure it's not on a busy street. I know that there's a majority of streets out there that are busy.
I get that. Santa Teresa, I get that. So understand if you buy there, one, you have to deal with traffic noise. Two, you have to deal with people parking there. You have to deal with litter, you have to deal with parking, you have to deal with all sorts of stuff, right? You have to deal with getting out in the morning to go to work.
Sometimes you have to fight traffic to get through it, so it's not always conducive for people. I'd rather you spend a little bit more money or go to a different area and than buy on a busy street for a million dollars. Yep. That's serious. 1 million, $10,000. Let's see how many days on market? Oh, first day on market.
There you go. And it still only has two pictures. That's a good job. That is awesome. See what's close to home. Oh, wow. Oh, I've sold a house like this right there. Yeah. Yep. See, this is a nice pretty house. This house, the one that I sold, not this one a few years back, right in that same area. They, he updated the, house, but he also rented it out and there were like six big, huge bags boxes of pot plants.
I wanna say two, 300 pot plants. And I'm like, yeah I'm cool, whatever. But here's the thing, we're going to sell the house that has to go. So they spent two, three weeks getting rid of all the pot plants and I get it. I don't have a problem with it. I voted for it. I don't, I just choose not to do it.
So this house will sell fast. It's pretty updated. No, it's the colors. Gray. Look at the floor. Gray. Look at the lighting. It's bright, airy looks that could use a little bit of work, right? Blank slate is a blank slate. Tool pane windows.
Nicely maintained. Yeah, it's a good house. That's a million dollar house guys right here. So we live over here. This is over here. I actually have a listing coming up over here. Actually it's over here in the parks, so that's a nice area. Let's see, where else? There's nothing available under a million dollars.
Guys. Burbank, these are little cottages. Yeah, see little tiny cottages. How big is it? 855 square feet. See, this is closer to Woo. The hell is this. 840 square feet in a forest.
Look at my face. I am mortified.
How old is this house? Holy crap. 1910.
Yeah. Pass on that. Let's see what you can get for a million dollars in Las Gato. It's two bedroom, one bath. That's cute. It's tiny. 916 tiny house.
Ooh, what? I see what it is.
You're buying the land, basically. You gotta tear this whole thing out.
Let's see. It's actually, it's okay. I see. You are out in the hills a little bit, right? This is se this is the main drag for Los Gatos. This is Monte Serino, which is still Los Gatos zip code. But this is up there, so you're on a dirt road. It's looks like it's a private road.
They sell the selling this, but it's really that. Yeah, so they're selling you a tour that you have to tear down and then rebuild other people's problems. So I wouldn't buy it, but people buy different things for their own reasons. All right. That's it.
Guys have a great 4th of July. Be safe. I'll see you at the park at La Colin Park on the top of the hill. If you see me say hi and say you saw my video, I'm Vito with Abano. We'll see you out there. Okay.