What are triad real estate agents?
Saying they're saying that our housing
market is finally starting to cool down,
but not that much. Oh no,
that cooldown is more like going from a
hot 95 summer day to a 93 degree day.
Not much. It is still blistering hot.
For example, one realtor said
he's gone from seeing 12 peaceful
placing offers for one house.
We're seeing five people
putting in offers on a house.
It is still a sellers market.
Triad market remains very strong and
stable compared to June of last year.
We're still seeing about the same number
of homes being added to the market with
total units and even more importantly,
we're in our 16th straight month
of home selling at above 100% of
asking price above asking price.
Hey there, I'm Ben Briscoe
and I'm Tanya Rivera.
We're going to dig into the
impacts of this housing market.
How you can actually benefit
from it and what it could.
To get things back to normal,
rising mortgage rates are starting
to make it tougher to buy a home.
Going from 3% to nearly 6% almost
instantly means a huge difference in
the price you'll pay over a 30 year low
raising interest rates.
Two or three points can be the
equivalent of adding another
$100,000 onto the price of a home.
The mortgage company Redfin says
we're also starting to see more
buyers back out of purchasing
a home at the very last minute.
In fact, last month was the highest
percentage of deals falling through
since the very beginning of the pandemic
when so many people were out of work.
The Federal Reserve is scheduled
to meet again next week.
Economists expect them to continue
to raise interest rates even higher.
Well, it's not just buying
a home that costs more.
Renting is getting pricey as well.
Our verify team looks at
just how difficult it can be
to afford a place to live.
Home prices and rents continue to rise,
but the federal minimum wage
hasn't changed since 2009.
One viral tweet claimed quote the
average rent in the US hit a new
record high of $18127.00 last month.
On the federal minimum wage of $7.25.
People take home $12156 a month.
Let's verify has typical rent
in America exceeded the income
earned on federal minimum wage.
Our sources.
The Department of Labor and three
real estate sites that produce.
Research on rent prices.
The federal minimum wage is 725 per hour,
so let's calculate monthly
income on a 40 hour workweek.
If you worked 52 weeks a year,
that comes out to $12156 per month,
just like the tweet claimed.
Now, of course, some states have
minimum wages higher than that,
but we'll come back to that.
The tweet says the average rent
in America is 1827 per month.
That number comes from realtor.com's
April estimate of median rent.
It's based off units advertised on
the site in the top 50 metro areas.
And only includes studio one
bedroom and two-bedroom apartments.
Redfin does a similar estimate
based on listed units of all sizes.
Its number for April was 1962 per month,
and Zillow's estimate actually
tries to account for all rents,
not just new listings.
Their national typical rent
number 1927 per month.
All of those rent estimates are
significantly higher than the 1256 per
month you can make on federal minimum wage.
That means we can verify that the tweet
is truthful when it claims typical rent.
Has exceeded the income earned
on the federal minimum wage,
So what wage would you have to
make to afford typical rent in the
US using Zillow's 1927 estimate?
You need to make 1122 per hour
and that's just to make rent.
It doesn't account for taxes
or other living costs.
16 states Plus DC have minimum
wages that high,
but the cost of rent in those states may
be higher than the national estimates.
All right. Well speaking,
we have minimum wage.
North Carolina has the same minimum
wage as the federal government.
Apartmentlist.com says the.
Average rent in Greensboro for a one
bedroom apartment is about $1000.
Crunched the numbers and you find
that someone making minimum wage
earns about 15 grand before taxes.
They could afford to live there,
they just wouldn't have a
ton of disposable income.
Now people see high costs all
over the housing market as well.
It is part of how rent got so expensive.
Zillow says the average home in
North Carolina cost $320,000.
Now that's up 27% from last
year in Greensboro.
The median home sale is about 280 grand.
That's 40,000 higher than last year.
Since the housing market started going crazy,
so many people including myself have
been sitting at home looking at Zillow,
watching the estimated value of their home go
up up and up,
wondering if they should sell the place.
But before you really consider that, we
need to know how accurate is that estimate?
Village website says they crunched the
numbers to test their zestimates in 2021.
Back then, they estimated the price of
3.6 million homes across North Carolina
that were currently off the market,
but eventually sold 40% of them
sold within 5% of the estimate.
So if a home was estimated at 300,000,
it's sold between 285 and three 1564%
of those estimates were within 10%,
so that 300,000 went from 270 to 3:30.
And 83% of the time the zestimates
were within 20%, so 240 grand to 360.
Zillow says it uses state-of-the-art,
statistical and machine learning
models that can examine hundreds of
data points for each individual home.
It's just a starting point for conversations.
It is not something that you should
consider your home to be worth by any means.
Realtor tight cannon with Berkshire
Hathaway says one of the big problems
with zestimates homeowners can go in and.
Change the data about their house.
You can say you know my home really
has five bedrooms because that
bonus room could be a bedroom.
So you changed that.
You know Zillow information
input sheet to 5 bedrooms,
and that's going to increase
your estimate of your home when
theoretically you would not be
able to sell your home for five
bedrooms because your permit
is not for five bedroom home.
You might not do that,
but your neighbors could.
They are higher prices would
raise yours estimate too.
So if you really want to know what
price would hit home with buyers.
It's best to talk with
the real estate agent.
Affordable housing is a big deal.
You have a chance to weigh in
on how Greensboro handles the
problem and the city election.
On July 26th, the city wants
you to approve a $30 million
bond for affordable housing.
It's part of a larger housing plan with
several projects over the next decade.
This election also determines
your next mayor.
Join us tomorrow at 5:30 for the
conversation with the candidates
to hear their plans for our city.