A TikTok realtor predicts more foreclosures than sales in the housing market. He said the bid-to-ask spread is widening in the housing market. He also claimed it was still “increasingly difficult” to find a seller willing to sell their home for the market price.
The video has drawn a large following on TikTok.
According to the TikTok realtor @thatagentkelly, the bid-to-ask spread appears to be increasing, accompanied by a gradual decline in prices.
Although he didn’t specify the exact prices, he suggested that owning a home now was more difficult than before. He added that affording a home was easier said than done.
In short, what a seller wants to sell for and what a buyer will pay don't match. He noted the most common challenge he’s faced as a realtor.
According to the TikToker, the sellers are unable to sell their homes at market value. He further added, “The sellers can’t take it.” But what is the reason for such a conundrum? According to the TikToker, sellers wouldn’t be able to close the sale.
Additionally, they’d also lose any equity associated with homeownership and would be financially compromised. Next, he shared his personal insights into the current situation of the housing market.
As a real estate agent, foreclosures have become increasingly common compared to selling homes. Taking that into account, the TikTok realtor predicts that in 2027, there will be more.
In conclusion, he said, “Lick your wounds now, or the bank takes it later.” Basically, he’s asking sellers to sell it now to avoid losing the property entirely to the bank with no revenue in return.
TikTok Realtor Predicts More Foreclosures, but What Do His Followers Think?
Since sharing his insights, the video has gone viral on the internet. Many have responded to the claims on TikTok. On TikTok, the video has garnered over 300,000 views and over 10,000 likes.
Many were divided over the realtor’s insights and shared their opinions in the comment section. Some users didn’t believe that there were more foreclosures.
One such individual said, “What market? Houses are still flying off the market at way-high prices.” Similarly, another asked, “Prices are falling? Where?” Many others were in disagreement over the realtor’s comments about falling prices in the real estate market.
Some responded to the TikToker’s closing remarks about buying a home for the price it’s asked or losing it to the bank. The user wrote: “Some people have to realize they bought in a bubble and will have to lose money; otherwise, they’re gonna lose it all to the bank.”
Others believed that owning a home now was more complicated than ever, and were content not owning one. One such person commented, “Yeah, I’m glad I’m not buying a house. RV life is way better.”
Disclaimer: This article reflects the personal opinions and predictions of an individual social media user. The Daily Dot assumes no responsibility or liability for any actions taken based on the content of this article.
