Real estate experts explain why ‘challenges’ to buyers and sellers are the ‘greatest ever’

Published

1 year ago

August 18, 2023

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For homebuyers and sellers alike across America, theres a massive “struggle” being felt to close deals or make any money.

“The challenges to real estate buyers and sellers right now are probably the greatest ever,” real estate powerhouse Dolly Lenz told Fox News Digital. “It’s a struggle for every buyer and a struggle for every seller they really have to look and say: What am I doing? Do I struggle to stay where I am and just wait this out? Do I struggle to buy?”

“Which struggle am I willing to take on? And every family has to sit down at the dining room table and decide that,” she continued. “It is a struggle and people really are suffering. So it’s not a good time for real estate overall.”

Recent data from mortgage buyer Freddie Mac indicated the U.S. homebuyer’s monthly costs have surged nearly 20% compared to one year ago. Lenz daughter and managing director of the brokerage painted the current housing landscape as “a tale of two cities,” joining the warning calls around a sticky real estate market with people who are “plagued” with high prices.

“We’re still doing deals because [clients] have cash. And like they say, cash is king,” Jenny Lenz also told Fox News Digital. “But other than the very, very high-end, we are seeing people who are pretty skittish. And again, the first-time homebuyer is suffering the most.”

A mix of constantly changing insurance coverage and the Federal Reserve’s latest rate hike pushing 30-year fixed mortgage rates above 7.6% come at a time when Americans are “plagued” with high food and gas prices, according to the mother-daughter real estate team. They both argued that recession-like impacts are keeping homeowners in place, thus affecting the U.S. market and related sectors.

“Sixty-percent of the country has a mortgage rate 4% or under, so it really doesn’t make sense for them to sell should they want to upsize or downsize, because their monthly payments are going to be the same, if not more,” Jenny pointed out.

“None of those homes are coming on the market, which means lack of inventory, which means high prices, which basically means golden handcuffs for everyone,” the managing director added.

“Think about how that reverberates throughout the economy,” Dolly chimed in. “So there’s no movers making moves. There’s no architects people aren’t buying rugs and they’re not buying new furniture a list that goes on and on and on, how that impacts the entire economy.”

While Dolly admitted its “not the absolute worst” real estate market shes worked in, it is the worst for daughter Jenny.

“People can’t get mortgages. Insurance is becoming astronomically expensive,” Jenny said. “Highest ever median home price. So we’re getting all of these things at the same time.”

In certain states like Texas and Florida where theres no individual income tax, buyers and sellers may find more success.

“Migration trends are going to make a big difference,” Dolly noted. “After SALT disappeared, people can’t deduct their real estate taxes or the state and local taxes. So it’s a very expensive thing. Now they’re eating that entire nut themselves since they can’t deduct it.”

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For metropolitan areas like New York City and San Francisco, renting has become more expensive than purchasing a property, the duo warned.

“All these places where crime is at an all-time high, but its cost of living is even worse, it’s absolutely ridiculous,” Jenny said. “People are saying, These mortgage rates are so high, these prices are so high, I’m still going to dip my toe here, even though just a year ago I could have purchased a bigger home, a more expensive home, because the rent is just so high.”

They also cautioned against buyers making too many concessions, advising they be “flexible” through the process.

“A lot of our buyers say to us: Look, I really want to get this house, so I’m going to waive my right to inspection as an example. And we’re like, it’s not really a good idea because if you do that, you don’t know how big a pot that is you’re going to have to eat up,” Dolly said.

“You have to really keep your eyes open,” Jenny added. “You have to be ready with that mortgage and a loan commitment letter, if you can even get one, and really be ready to jump in and get the home, because it’s really hard out there.”

Though these factors pitch a “negative” market outlook for the Lenzes, they put the onus on individuals to find their own optimism.

“We’re in a slight recession now. I see it as getting worse between Fitch, insurance, gas prices, everything becoming so expensive,” Dolly said. “And that’s not good. That really is a sign of a not-chugging-along economy.”

“People are struggling and we hope that [the Federal Reserve] can keep rates down so that we can have a great economy,” Jenny said as Dolly added, “and so people can navigate and have some options.”

The Lenzes best advice for home buyers and sellers right now? Be patient and do your research.

“Real estate is local and hyper-local. What’s going on in one market could be very different than one that’s seemingly next door, but a 45-minute drive,” Dolly said. “So do your homework there. Don’t just be bidding on houses. Asking prices of homes do not reflect value.”

“You need to be tracking a market for, I would say, a couple of months to see what’s going on, what’s selling, how long it’s taking to sell and then have an educated offer on whatever property it is, while at the same time trying to secure that lowest mortgage rate possible for yourself,” Jenny weighed in.

“All the balls in the air at the same time, and that’s what you need to do,” the Dolly Lenz Real Estate founder said. “And very likely, if you have good credit, will be successful. You will get that house.”

Entertainment

Friends star David Schwimmer urges Elon Musk to remove Kanye West from X after ‘hate-filled, ignorant’ comments

Published

8 mins ago

February 9, 2025

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Friends star David Schwimmer urges Elon Musk to remove Kanye West from X after 'hate-filled, ignorant' comments

Friends star David Schwimmer has called on X owner Elon Musk to remove Kanye West from the platform.

It comes after the US rapper, also known as Ye, appeared to write a barrage of posts on his social media account, making offensive comments, including about Jewish people.

Many of the musician’s X posts on Friday centred on the Jewish community, the most severe of which said “I love Hitler” and “I’m a Nazi”.

Another post said: “I’m never apologising for my Jewish comments.”

On Saturday, Schwimmer, who is Jewish, urged Mr Musk to remove West from X because of his “hate-filled, ignorant bile”.

The US actor said on his Instagram account: “This is so 2022.

“We can’t stop a deranged bigot from spewing hate filled, ignorant bile… but we CAN stop giving him a megaphone, Mr. Musk.

“Kanye West has 32.7 million followers on your platform, X. That’s twice as many people than the number of Jews in existence.

“His sick hate speech results in REAL LIFE violence against Jews.

“I don’t know what’s worse, the fact that he identifies as a Nazi (which implies he wants to exterminate ALL marginalized communities including his own) or the fact that there is not sufficient OUTRAGE to remove and ban him from all social media at this point.”

“Silence is complicity,” he added.

A while later, West was posting more offensive comments about Jewish people.

The Campaign Against Antisemitism has also called for Mr Musk to remove West from X.

Grammys controversy

A week ago, the rapper and his wife Bianca Censori caused a stir at the Grammy Awards, when she wore a seemingly transparent dress on the red carpet as he stood next to her.

West has had his X account suspended at least twice in the past.

It was suspended in December 2022 after he made antisemitic comments and praised Hitler.

Mr Musk said at the time the account would be suspended after he posted an image that appeared to show a swastika inside a Star of David.

Mr Musk said the suspension was “for incitement to violence”. The account was unsuspended by July 2023.

In October 2022, West’s account was restricted over antisemitic comments but he returned to the platform the following month. In that case, he also made antisemitic remarks that led to Adidas cutting ties with the rapper.

US

All major pieces of plane and helicopter in mid-air collision in Washington DC have been recovered, say crash investigators

Published

8 mins ago

February 9, 2025

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All major pieces of plane and helicopter in mid-air collision in Washington DC have been recovered, say crash investigators

All major pieces have now been recovered of the passenger plane and US army helicopter which collided in mid-air in Washington DC last week, say safety officials.

Sixty-seven people were killed in the 29 January disaster which left both aircraft in the Potomac River after they plunged into the water. The remains of all the victims have been recovered. There were no survivors.

Salvage crews have been working to recover the wreckage of the American Airlines jet and the Black Hawk helicopter.

Their black boxes have been found and crash debris is now in a hangar in Arlington, Virginia, as the probe continues.

The National Transportation Safety Board (NTSB) said: “Investigators will be looking for witness marks on the aircraft that could provide clues to the angle of collision.”

On Saturday, a plane equipped with lasers flew low over the crash scene as it scanned the bottom of the river. Crews will spend the coming days looking for smaller debris before finishing the work in around a week.

At the time of the disaster, American Airlines Flight 5342, carrying 60 passengers and four crew, was preparing to land at nearby Ronald Reagan Washington National Airport in Arlington, while the Sikorsky helicopter, with three pilots on board, was on a training exercise.

Helicopter was ‘above limit’

The jet’s flight recorder showed its altitude as 325ft (99m), plus or minus 25ft (7.6m).

The helicopter was flying at 300ft (91m), which was 100ft (30.5m) over the maximum allowed for that route, the NTSB has said.

Key safety system turned off

Earlier this week, it emerged that a key safety system was turned off on the helicopter.

Senate commerce committee chairperson Ted Cruz, who has been briefed by investigators, said the Black Hawk had switched off its automatic dependent surveillance-broadcast (ADS-B), which is allowed for military aircraft.

ADS-B is an advanced surveillance technology to track aircraft location. Mr Cruz said the helicopter had a transponder so it would appear on radar but ADS-B is much more accurate.

“This was a training mission, so there was no compelling national security reason for ADS-B to be turned off,” Mr Cruz said.

Also, the Federal Aviation Administration (FAA) has started reviewing airports with high numbers of mixed helicopter and plane traffic nearby after Mr Cruz said he had wanted a safety review.

President Donald Trump on Thursday blamed the collision on what he called an “obsolete” computer system used by US air traffic controllers and vowed to replace it.

He has also linked a diversity drive at the FAA under previous governments to the crash.

It has since been said there is no evidence to support the president’s claim.

Last week’s crash was the deadliest US air disaster since 12 November 2001, when a jet hit a New York City neighbourhood soon after take-off, killing all 260 people on board and five on the ground.