
(Scypre.com) – A big-time real estate expert, Grant Cardone, is saying that we’re about to experience the biggest change in the real estate world he’s ever seen. He told “FOX & Friends” that we’re heading into the “greatest” real estate correction of his lifetime.
According to Cardone, this is a fantastic chance for regular folks to snag top-notch properties from big institutions, something that has never happened before in the country.
He thinks it’s going to be a really big deal, saying, “It’s going to be at epic levels.” Despite Cardone’s bold claim, the current housing market has some serious problems for both buyers and sellers.
Interest rates and housing costs are still really high. With fewer sellers in the market, there aren’t many homes available, and that’s making prices go up.
Cardone blames the Federal Reserve, especially Fed Chairman Jerome Powell, for making it tough for people to own homes. He thinks Powell’s decisions, like raising interest rates, have hurt the housing industry. Cardone wants Powell to step aside and let the market fix itself.
He believes that if interest rates go down, home prices will follow, and more people will be able to buy and sell homes.
Cardone explained, “Interest rates will have to come down in order for pricing to come down. When interest rates come down, mortgage applications will go up, and people will start selling their homes.” He thinks this goes against what most people believe.
For first-time buyers who dream of owning a home, high costs have put a stop to those dreams. Renters are feeling the economic pinch too. Moody’s Analytics found that in the third quarter, the U.S. rent-to-income ratio (RTI) went down a bit, reaching 30%.
That’s the limit for being “rent-burdened,” which means renters are struggling if 30% or more of their income goes to rent.
Cardone predicts that the Fed’s actions will create more renters in the next two years than in the last 50 because mortgage applications are at an all-time low. So, according to him, big changes are coming to the real estate world, and it’s important for regular folks to pay attention and seize the opportunity.