Isn’t it crazy how mortgage rates continue to rise with higher imports and declining exports? meanwhile the FED is yet to lessen cost. Something will eventually break if they keep raising interest rates and quantitative tightening
indeed the mkt & economy has gone berserk, price of great assets like real estate, dividend paying stocks, or gold never comes down easily, in my humble opinion, buy what you can afford today, and working with a financial advisor certainly helps
Right, since 2020 amid rona-outbreak, I've avoided the drawbacks of trial and error simply by FA assistance. I'm semi-red now, and only work 7.5 hours weekly, with over $600k pulled off after subsequent investments to date.
@@LionTowercoporation huge gains! most finance youtubers said the housing market would be fine few months back, but its been a major downturn... mind if I look up the advisor guiding you please? in dire need of portfolio allocation
have my portfolio overseen by a US-based wealth advisor ''Colleen Janie Towe'' she's well established, and shows quite a great deal of expertise, you'd most likely find her basic info on the internet.
Thank you for the assistance. My finances have been in disarray, and I have experienced multiple losses in my 401k, IRA, and mutual funds. I hope that Janie can provide me with the guidance needed to rectify the situation before it reaches a critical point.i will check her up online
Disagree. Just came from Florida where I stayed with a friend. His condo development has been slammed with assessments for a required new roof. Skyrocketing HOA fees. High auto insurance costs. Now a mandate to buy expensive flood insurance. Rising property taxes, etc. Florida has become very expensive. Some ppl will not be able to afford hundreds more dollars per month.
Sounds like a poorly managed condo association. The condo management should have been collecting for a capital fund (ie: roof replacement, etc.) all along. Special assessments for maintenance is sure sign of faulty management.
But it's not just those figures. It's those figures IN RELATION TO the cost to rent. And so, what is a rental? It is a unit which is OWNED by somebody who is PAYING those costs and then passing them on to the rental market. So the RENTER is paying all those expenses for the landlord. How could it be any other way? The landlord cannot absorb a loss every month and every year. He will lose the property. Pardon me why I rant on a similar subject. It drives me nuts when I hear people, especially leaders of this country demanding higher corporate taxes. They always say "corporations should pay their fair share". The fact is corporations don't pay a nickel in taxes. Taxes are an expense incurred to run a business. ALL expenses are put into the price of the goods or services produced by that business. So the taxes levied on a business are passed on directly to the consumer. So the consumer pays the taxes that are levied on individuals and then, every time they buy something, they're paying the taxes levied on that business as well. And we re-elect politicians because they promise to raise corporate taxes. We are the stupidest population in the world.
I left Florida over 30 years ago. My first thoughts were that I had made a mistake. Then came Andrew. Then after 2004, I never regretted it again. Too much risk, can't imagine trying to get and keep insurance there now.
YES ,THE I NSURANCE COMPANIES ARE LEAVING, FLORIDA FOUND IT NECCESARRY TO CREATE THE FIRST "SOCIALIZED" GOV INSURANCE CALLED "CITIZENS INSURANCE" THEY HAD NO CHOICE
It was a good decision. Living anywhere on the Southern coast is a gamble every year. It's like living with a blade to your neck. Any year the weather could slash it.
@@bethweber9398 I GREW UP IN MONTICELLO, SPENT ALL MY TIME AT INDIANA BEACH, WISH I WAS BACK THERE, NOW IT IS 100 DEGREES EVERY DAY IN MY BACK YARD AND RAIN ALL THE TIME, ALSO ALL THE INSURANCE COMPANIES HAVE LEFT, THE ONLY ONE LEFT IS THE "SOCIALIZED" CITIZENS INSURANCE COMPANY CREATED BY THE GOV OF FLORIDA AND RUN BY THE FLORIDA GOV. ALSO ALL HOUSES THAT BUY CITIZENS INSURANCE MUST ALSO BUY FLOOD INSURANCE, ,
you never mentioned that the other HUGE reason people are NOT BUYING in Florida, especially in the coastal areas, is because is very hard to get property insurance and if you can get one, it’s very expensive, also, utilities are skyrocketing all over Florida and NOT to mention, last but NOT least, public education absolutely sucks, this discourages younger families to make the big leap
Thats incorrect, Dems are leaving CA,NJ,&NY and unfortunately are moving in droves to ST Johns County FL due to the top notch schools. The roads now are insane! Rude people!
Everything u said is true....when people move here they should talk to the people who live here...not base it on what they see on these lovie dovie pie in the sky videos on how they are entering the world of the supernatural...I've been living here for 50 years....our neighbors and I just laugh at the BS people are led to believe about Florida...here in Central Florida we have hi crime...terrible traffic with lousy drivers.. sky hi prices for houses or rent...along with the stuff that u mentioned...it's not the laid back lifestyle people are led to believe...we have been to Disney in years because it's too expensive ..crowded and traffic is hell...I haven't even driven on I-4 in years because it a nightmare....I used to go to Tampa to watch hockey not anymore traffic is utter hell...when u leave ur house it's either crowded or under construction...apartments are going up everywhere but the road infrastructure is 50 years out of date....Duke energy had 2 rate increases in 2 months...a 300 dollar a month power bill is the new normal..
@RecoveringAttorneyI live in Florida and pay lots of taxes that go to the school district and I don’t have kids and most of my neighbors don’t have kids either. I don’t think the solution is to add taxes.
I think it's more like "pump and dump" just like the stock market. I was in jacksonville during 2009 and there was homes for sale everywhere. There was one street and the whole row of homes on that street was for sale.
FL has always been boom and bust. 150 years of data proves it. This time isn’t different, it’s just a bigger boom that fools bought into. The bigger the bubble, the bigger the burst.
I came here to retire and now I can not aford to buy a home here. Bare ground is in the $100,000's for .25 acre. And then you need a well, power, and a sewer! There is another $100,000 then you need to build! There is another $100,000 depending how big. Could be lots more. I can't hardly aford my camper in a RV lot. Rent is at a low of $750 a month for a 55+ community. We are on fixed income! The government says how much we get! We are on the verge of going back to Ohio.
I know. DeSantis states Florida has a low homeless population. They live in the mangroves. Florida Republicans who vote for DeSantis are very vulnerable to manipulation.
Florida RE prices are badly inflated, and anyone of means who could afford to move there, wouldn't. They'd choose the Carolinas or Georgia coastal region. Much better quality of life.
Homelessness in Florida, like it or not, is already increasing. Tent cities are popping up now and there is a fairly large group about four miles from us where we are. Trash everywhere. Florida State government has become non-aware of Florida's real issues and are not addressing the needs of the state.
Brevard County: Our stats for January through March were strong. They were down year over year and the cash buyers are not in play at this time. But inventory is still below nominal in most categories, Median days on the market is still under 60. Median price is under $350,000 and thats up 1% year over year. Starting to see some stability. Its receding but its certainly not gone.
so with the number of insurance companies leaving and the state fund to compensate close to broke. one more bad weather event and your out of luck. real estate salesman is just a step up from used cars... of course the idea that any 18 yr old can carry a gun doesn't exactly speak well imho
Another group of people who may not sell are those who would incur substantial capital gains tax. The $250k filing single / $500k filing married exclusions have not been increased.
Own in Saint Johns County (NE Florida), bought in 2019 for $350K, today this property has been valued at $547,750, would love to sell and move back to Virginia but at 3.34% existing mortgage rate moving and buying a 6.6%+ is a non starter. Turning this into a rental at $2500 per month is an option but I wouldn't do that to my neighbors.
I want to start writing in for sale signs on these Florida homes shame! Lower the price for us lower income Floridians asking 500k when it's worth 250k
I live in Phoenix and listen to Las Vegas real estate data. Las Vegas inventory has been very low and is still falling. Prices are up. Multiple offers aren't uncommon, though close is near list.
People with money are moving here because there is no state income tax. If you are making a lot of money, that can add up to a nice little bonus. My house has double here in the 12 years I have lived here. That's not so great for first-time home buyers or people that have not made money on their past home. Beautiful weather, hurricanes, poorly built new homes, all part of the package.
In our neighborhood we just had 2 houses listed for 400 grand...1300 square feet...10 years ago u couldn't give the houses away for 70 grand...after 2 days on the market and numerous offers they were sold...if prices in the central Florida area are going down...it news to us....
I've lived in Florida for forty years and housing is the highest I've ever seen Homes will have to go down people don't have 40k 50k to put down on a home. And people can't afford to pay 1800 2500 a month for rent. They have evicted 825 people renting in the Tampa area that are still working but can't afford to pay rent so now will be homeless I live in St. Cloud FL. and for one acre of land it's over 100,000.00 to buy dirt that's way to much so market will have to come down so middle class can afford housing again and not be on the streets living in their vehicles look around we have more homeless people now then ever before
The prices need to come down! we can afford it but we don’t want to come to Florida and be part of the problem (driving up prices) just because we can afford it
Fun seeing things change. I moved away 30 years ago. If you have deep pockets to afford living there great! I moved to the Midwest and the much lower cost of living. Many lower income Floridians will have to move out of the state to retire or continue working while retired due to the cost of living. This has happened in California and the tread is starting in Florida.
Only in Punta Gorda Florida and many other cities the listing for rentals in 3 months went for 200 rentals listed to 1,000 rentals available and nobody is filling in....Hello, ...Home owners are transcitioning to condos because of increased of home owner insurance skyrocket + HOA +
I dont understand why people in Florida.....especially those in the real estate market....think their area is immune to significant price drops. Lets not forget that although this is not 2008, and things are a bit different, your state took some of the biggest whacks in the country during the recession! And now it is your area that has experienced some of the most aggressive pricing gains in the country over the past couple years. And thats exactly what leads to the formation of economic bubbles.....aggressive and unsustainable rapid growth.
My phone rings several times a day by people wanting to buy my home. One reason for people not selling homes is the capital gains taxes on the equity. Current tax laws, esp for single people, are outdated. Capital gains rate of 20% over $250,000 for singles, 1997 elimination of over 55 exemption, etc. becomes a huge disincentive to sell. This is a big problem if one is a long time owner. Besides these houses were purchased with pre inflation $$$. Where do you expect people to move?
Capital gains taxes are due only on profits, and only on profits over $250,000. Long term rates for people making under $400k are 15%. If you profit $600,000 you owe $52,000 before you offset or do a 1031 exchange. So what?
It is not just supply and demand. The ratio of income to housing cost is a major issue. Wages are not increasing nearly as fast as housing prices. In many markets the median income no longer allows people to buy a home even at the low end of the scale. Florida is a victim of its' own popularity. There is no utopia but there are lots of great places in Florida to live.
@@naturelover2292 Any market that relies on others to migrate is at risk. Need local money and local wealth like Wall Street or Silicon Valley, new businesses, innovation, commerce vs people moving to work remotely. They move back 10x faster than they come.
Troy, the reason for FL's ascendance is the great migration of people leaving the Blue states like SFO and moving to the red states which are lower cost and freer. And that is not slowing down.
That damn Berkshire Hathaway company. I hate them. Brought up EVERYTHANG! in athe Florida Keys and Key West and now ppl living in the projects, 3 generations deep can't buy a home there even if they had the money and credit. I hate all this. My husband and i want to purchase a home so bad we can taste the drywall but its darn near impossible. It hurts because we love the ocean 😢
All good info but something to keep in mind, many hedge funds are owned by Blackrock, who recently filed for bankruptcy, the other being Vanguard not so flush either. All while the dollar is crashing and banks are not forthcoming with RE loans. It’s a tough market no doubt.
Born and raised in California 🌴 we have over 40 million people in California 🌴 so we can afford to loose some 😂 we are the biggest state in population and Economy…..
Hey folks from Cali, NY and NJ. Welcome, we are glad to have you here. HOWEVER please vote SMARTER than you have in the past! Vote red because red is pro economy. Don’t be fooled THE ECONOMY is the most important political subject. If the economy goes in the toilet everything else will crash also! 🇺🇸
Sure…….vote red so that: ** If some thug rapes your wife or daughter she’ll have to carry some monster inside her for 9 months ** So that politicians can decide what your kids can or cannot read ** So that religious zealots can shove a bunch of medieval nonsense down your throat
I think this a function of have to vs want to right now. Sure, if I had to, I would buy. If my job transferred me, I would buy in FL. But the combination of high interest plus high prices, I just don’t think you will see the same number of “want tos” that you saw a couple of years ago. Whether it’s good advice or bad to buy in FL right now, it’s totally counterintuitive. Not to mention, if you have a good job where you are now, how can you even think of quitting in this economy? You would be going to a place where wages are lower and cost of living is now higher. My husbands ( Very big) company makes him go into an office three days per month, I think, just to prevent anyone from moving. His team is at the office for 3-4 hours on each of those days. What a waste.
Thanks for sharing ... everyones situation is different. My point with this video is that some of the largest demographics in real estate are not typically going to sell (those with low interest rates, Hedge funds that make money off rentals, as well as future foreclosures) ... for this reason I don't expect a huge downturn that so many are predicting that are feeding into Fear.
Who wants to buy in a state where real estate of badly built old apartment, townhouses etc are outrageously expensive? Where insurance do not want to insure you in a prone hurricane state, where HOÀs are getting so higher that it’s almost the price of a morgage? Not me!
I was always hoping to move back to Florida. But I will never have that kind of money with the way things are now. Oh well, Florida will be under water in a few years!
Southern Florida will indeed be under water. I’ve lived in Northeast Florida for almost 60 years and have watched the southern part as it sinks. You cannot build homes on top of sink holes and cow pastures. Central Florida is having many sink holes since the Villages started.
You paint a pretty rosy picture for the state of Florida’s housing market. Apparently every other state is going to suffer housing issues but the state of Florida is somehow immune according to you. I think you’re really missing the big picture here.
Florida real estate is smoking hot again. Average time on market just decreased from 20 days to a mere 7 days. Neighbor just sold in 4 days. A ton of wishful thinking on here.
It's my understanding that commercial real estate is about to crash. Gotta believe that will cause investors to sell their residential real estate to free up some cash. Also didn't mention how insurance in Florida has gotten RIDICULOUS.
im selling my house in ma . And i want to spend my equity on a house in fla. But im very nervous about the insurance situation down there. your thoughts?
Always buy only on the water in any state if you consider real edtate an investment....on the gulf, ocean, river and it will always hold and also appreciate. That's a safe investment. Humans live to look at water or mountsins or a wide open view Be sure to have flood insurance , windstorm and homeowners ins. Worth every penny. I'd never buy in a row house stuck between others with no view...claustrophobic. jmho
Inflation is in the housing market as its in all asset classes. Real estate was driven up by corporate REITs and large property management companies and it was because we have a spiraling national debt. Home mortgages are the bedrock of U.S. Treasuries, they are literally the collateral for u.s. treasuries. Now, wait until the debt ceiling is suspended or out right removed. You haven't seen inflation yet. That will be the U.S. unofficially announcing that we have no intention of paying down the debt and that we're going to print money until implosion. You will be living in a house valued at millions of dollars but you will feel poor. That's Hyperinflation.
At what point do you actually provide any insight into FL specific real estate market? >9 mins in and you are still talking about San Francisco, nationwide interest rates and the 2008 crash. Sheesh. Maybe your content should match the description???
Why though? 500k median with a 7%? Who wouldn’t jump at that? Throw in some CDD on top of the HOA to sweeten the pot. Meanwhile media salary is $50k-ish…
Here is how it works, Austin bro says Austin is booming and Miami is crashing. Miami bro says Miami is booming and Austin is crashing. SF bro says I don’t give a darn. Sure SF is not what it was pre pandemic but put a home on the market and it’s darn sure to sell.
Everything sells eventually if you need/really want to sell. Just depend for how much. City of New York was selling upper east side buildings for $1 because there were nobody to pay taxes and clear out squatters. It was a while ago, but whose to say history can't repeat. When your tax bill is 2x you monthly income you don't have many options. And those 5 million ex slaves already lining up for their $350K a pop. The money need to come from somewhere.
Cheerleading is not the best way to tell what is happening in the economy. Buying in the last two years in my sub market means that you are upside down in the value now in 2023. Ummm not sure when you recorded this but Wall Street investors are hurting. Blackrock, open door etc all holding depreciated assets that they paid too much for. Rents are trending down. Wall Street investors are not earning enough for what they paid because they overpaid. Housing lags behind so more crashing housing markets are coming. My 2cents. Data, it’s been warning us.
The buble is bursting....facts, fact, facts. Investors thought that Pandemic event was going to last for ever or the rest of the 🌏🌍🌎 was not going to open again ?
Florida needs a real estate collapse, stronger construction standards to prevent damage from hurricanes and floods to restore a rational insurance state, and laws to lock primary residence property taxes at the exact amount as when the property was purchased. But with the quacks that are getting elected that are only interested in their political careers and power instead of serving Floridians these things are not likely to happen anytime soon.
You never belonged in California to begin with. Your genetics are from Alabama or Mississippi. On the other hand you’ll love Florida’s metro areas…..filled with strip clubs, gay bars, swinger’s parties and nudist resorts. Been this way for 50 years and there’s no “governor’ that’s gonna’ change it. Better, though, if you stay out in Hooterville or Podunk…….less chance of being ‘offended’.
I could say a lot of things about your reasoning a d arguments but will just say this; follow the money ans never trust a real estate agent or so Done working for a commission where his/her survival depends on making a sale! 🙄🤣
You sure didn't miss the white elephant in the room when it comes to San Francisco and I totally agree with you on that. But, you also missed the white elephant in the room about Florida. In fact mama white elephant and her three white elephant babies. Mama-the Florida government which has nothing to do with it being Republican or Democrat, but everything to do with the mind of the individual and how he is tearing down the good of Florida and the good of humanity. Baby-Homeowners Insurance. Baby-Auto Insurance and Auto drivers and Auto accidents all getting worse and worse. Baby-The pending doom of the drinking WATER in Florida. I'll give that a few years or so. The Hurricanes are nothing compared to any of these elephants and the sh_t that they will drop on this state in the years to come and the Florida Government will not be concerned about cleaning it up.
Ahhh I a a travel nurse and was in the Bay Area is is HORRIBLE the homeless is insane and my friend owned a house there and sold it when the homeless kept shutting in his door way. He moved to Texas
This must be one of the least educational, video about the housing market. This was a rant and nothing else. I hope this guy is better in other things instead of wasting people's time!!
This Real Estate agent does not know this: It took me a lifetime of research to tell you what I am about to tell you now. None of the 4000 colleges and universities will teach this exactly. When you go to a bank to borrow money for a home, car or to buy things with a credit card the bank does not have money to loan you. The banks create this money out of thin air. The Federal Government as of this writing created 2.33 trillion dollars but the commercial banks ( bank of America, jp morgan chase, Citigroup, wells fargo, etc. created out of thin air 19 trillion dollars of which 16 trillion dollars were loaned to the public for houses, cars, etc. They are pulling 1 trillion dollars a year in interest and fees from the population. Exactly how do they create this money? They use your signed promissory note and deposit that contract in a transaction account. That transaction account had no money at all until they deposited that promissory note. The bank then writes a check against that promissory note. The bank's books are negative but as you pay off the loan and the promissory note is satisfied the bank's books are balanced. The promissory note no longer has any value and so it becomes irrelevant. So the bank laundered the privately created transient money for real money. There are two major problems with this. 1) It allows the banks to control the economy. This is how they were able to monopolize essential publicly traded corporations. 2) It replaces high-powered equity government money and prevents it from circulating in the economy. This means that in order to have money we need to borrow. We will never get out of debt because in this system money is created from debt. Government equity money like the United States Note circulates in the economy forever, and if it is saved this is wealth to the saver. This means you don't have to borrow to buy most things. Now I call this privately created transient money counterfeit because nowhere in the united states constitution do we see a mention of a unilateral promissory note creating this type of transient monetary specie.
Isn’t it crazy how mortgage rates continue to rise with higher imports and declining exports? meanwhile the FED is yet to lessen cost. Something will eventually break if they keep raising interest rates and quantitative tightening
indeed the mkt & economy has gone berserk, price of great assets like real estate, dividend paying stocks, or gold never comes down easily, in my humble opinion, buy what you can afford today, and working with a financial advisor certainly helps
Right, since 2020 amid rona-outbreak, I've avoided the drawbacks of trial and error simply by FA assistance. I'm semi-red now, and only work 7.5 hours weekly, with over $600k pulled off after subsequent investments to date.
@@LionTowercoporation huge gains! most finance youtubers said the housing market would be fine few months back, but its been a major downturn... mind if I look up the advisor guiding you please? in dire need of portfolio allocation
have my portfolio overseen by a US-based wealth advisor ''Colleen Janie Towe'' she's well established, and shows quite a great deal of expertise, you'd most likely find her basic info on the internet.
Thank you for the assistance. My finances have been in disarray, and I have experienced multiple losses in my 401k, IRA, and mutual funds. I hope that Janie can provide me with the guidance needed to rectify the situation before it reaches a critical point.i will check her up online
Disagree. Just came from Florida where I stayed with a friend. His condo development has been slammed with assessments for a required new roof. Skyrocketing HOA fees. High auto insurance costs. Now a mandate to buy expensive flood insurance. Rising property taxes, etc. Florida has become very expensive. Some ppl will not be able to afford hundreds more dollars per month.
Sounds like a poorly managed condo association. The condo management should have been collecting for a capital fund (ie: roof replacement, etc.) all along. Special assessments for maintenance is sure sign of faulty management.
But it's not just those figures.
It's those figures IN RELATION TO the cost to rent.
And so, what is a rental?
It is a unit which is OWNED by somebody who is PAYING those costs and then passing them on to the rental market.
So the RENTER is paying all those expenses for the landlord.
How could it be any other way? The landlord cannot absorb a loss every month and every year.
He will lose the property.
Pardon me why I rant on a similar subject.
It drives me nuts when I hear people, especially leaders of this country demanding higher corporate taxes. They always say "corporations should pay their fair share".
The fact is corporations don't pay a nickel in taxes.
Taxes are an expense incurred to run a business.
ALL expenses are put into the price of the goods or services produced by that business.
So the taxes levied on a business are passed on directly to the consumer.
So the consumer pays the taxes that are levied on individuals and then, every time they buy something, they're paying the taxes levied on that business as well.
And we re-elect politicians because they promise to raise corporate taxes.
We are the stupidest population in the world.
Large portions of the state will be underwater soon. That fact, and the politics, are the big reasons I would stay out of Florida.
You should have at least 10 more years
Seems to me it is not worth it to buy a home in Florida.
Salaries are too low in Florida for me to consider moving there anytime soon
True they don't pay shit there you need two jobs just to make a living I live in ny walmart overnights is 1850 hour down there 13 14 bucks I think
I left Florida over 30 years ago. My first thoughts were that I had made a mistake. Then came Andrew. Then after 2004, I never regretted it again. Too much risk, can't imagine trying to get and keep insurance there now.
YES ,THE I NSURANCE COMPANIES ARE LEAVING, FLORIDA FOUND IT NECCESARRY TO CREATE THE FIRST "SOCIALIZED" GOV INSURANCE CALLED "CITIZENS INSURANCE" THEY HAD NO CHOICE
It was a good decision. Living anywhere on the Southern coast is a gamble every year. It's like living with a blade to your neck. Any year the weather could slash it.
I also moved from Florida back to Indiana in '93. I have kicked myself every winter since, but after what DeSatan has done, I'm glad not to be there.
@@bethweber9398 Desatan? Ha! What has he done to garner that moniker?
@@bethweber9398 I GREW UP IN MONTICELLO, SPENT ALL MY TIME AT INDIANA BEACH, WISH I WAS BACK THERE, NOW IT IS 100 DEGREES EVERY DAY IN MY BACK YARD AND RAIN ALL THE TIME, ALSO ALL THE INSURANCE COMPANIES HAVE LEFT, THE ONLY ONE LEFT IS THE "SOCIALIZED" CITIZENS INSURANCE COMPANY CREATED BY THE GOV OF FLORIDA AND RUN BY THE FLORIDA GOV. ALSO ALL HOUSES THAT BUY CITIZENS INSURANCE MUST ALSO BUY FLOOD INSURANCE, ,
you never mentioned that the other HUGE reason people are NOT BUYING in Florida, especially in the coastal areas, is because is very hard to get property insurance and if you can get one, it’s very expensive, also, utilities are skyrocketing all over Florida and NOT to mention, last but NOT least, public education absolutely sucks, this discourages younger families to make the big leap
This guy is just another corrupt shyster in Florida. My goodness 😳
Thats incorrect, Dems are leaving CA,NJ,&NY and unfortunately are moving in droves to ST Johns County FL due to the top notch schools. The roads now are insane! Rude people!
Everything u said is true....when people move here they should talk to the people who live here...not base it on what they see on these lovie dovie pie in the sky videos on how they are entering the world of the supernatural...I've been living here for 50 years....our neighbors and I just laugh at the BS people are led to believe about Florida...here in Central Florida we have hi crime...terrible traffic with lousy drivers.. sky hi prices for houses or rent...along with the stuff that u mentioned...it's not the laid back lifestyle people are led to believe...we have been to Disney in years because it's too expensive ..crowded and traffic is hell...I haven't even driven on I-4 in years because it a nightmare....I used to go to Tampa to watch hockey not anymore traffic is utter hell...when u leave ur house it's either crowded or under construction...apartments are going up everywhere but the road infrastructure is 50 years out of date....Duke energy had 2 rate increases in 2 months...a 300 dollar a month power bill is the new normal..
$60/mo. for insurance. $60/mo. for taxes. $100/mo. for power bill.
Buy what you can afford. New house 14 acres nice pasture land.
@RecoveringAttorneyI live in Florida and pay lots of taxes that go to the school district and I don’t have kids and most of my neighbors don’t have kids either. I don’t think the solution is to add taxes.
The property insurance problem is huge. Cannot be solved.
Recently read that mandated flood insurance is another serious issue.
Would not surprise me if Citizens tripled their premiums after IAN. Damn shame!
I think it's more like "pump and dump" just like the stock market. I was in jacksonville during 2009 and there was homes for sale everywhere. There was one street and the whole row of homes on that street was for sale.
@Feng You got it right !
FL has always been boom and bust. 150 years of data proves it. This time isn’t different, it’s just a bigger boom that fools bought into. The bigger the bubble, the bigger the burst.
The problem here in Florida the wages are not current with inflation ,People will be just working for bills and mortgage and eat noodles for dinner
Regardless of Home Prices INSURANCE AND HOA IN FLORIDA One of the Highest in Nation, Equity is really is BS,
I came here to retire and now I can not aford to buy a home here. Bare ground is in the $100,000's for .25 acre. And then you need a well, power, and a sewer! There is another $100,000 then you need to build! There is another $100,000 depending how big. Could be lots more. I can't hardly aford my camper in a RV lot. Rent is at a low of $750 a month for a 55+ community. We are on fixed income! The government says how much we get! We are on the verge of going back to Ohio.
thats not rent.. thats a shitty land lease.. never buy land lease
Same here in Fl with homeless people, living in tents and in the woods!
I know. DeSantis states Florida has a low homeless population. They live in the mangroves. Florida Republicans who vote for DeSantis are very vulnerable to manipulation.
Florida RE prices are badly inflated, and anyone of means who could afford to move there, wouldn't. They'd choose the Carolinas or Georgia coastal region. Much better quality of life.
Right but that will change eventually
Homelessness in Florida, like it or not, is already increasing. Tent cities are popping up now and there is a fairly large group about four miles from us where we are. Trash everywhere. Florida State government has become non-aware of Florida's real issues and are not addressing the needs of the state.
Look like u live near junkyard. 😁
@@qmehmood123 No, we do not live near a junkyard.
Brevard County: Our stats for January through March were strong. They were down year over year and the cash buyers are not in play at this time. But inventory is still below nominal in most categories, Median days on the market is still under 60. Median price is under $350,000 and thats up 1% year over year. Starting to see some stability. Its receding but its certainly not gone.
so with the number of insurance companies leaving and the state fund to compensate close to broke. one more bad weather event and your out of luck. real estate salesman is just a step up from used cars... of course the idea that any 18 yr old can carry a gun doesn't exactly speak well imho
Wow, someone on RUclips who is knowledgeable, arriculate and grounded. I am subscribing - TY
Another group of people who may not sell are those who would incur substantial capital gains tax. The $250k filing single / $500k filing married exclusions have not been increased.
FL doesn't have a capital gains tax when you sell your home
Own in Saint Johns County (NE Florida), bought in 2019 for $350K, today this property has been valued at $547,750, would love to sell and move back to Virginia but at 3.34% existing mortgage rate moving and buying a 6.6%+ is a non starter. Turning this into a rental at $2500 per month is an option but I wouldn't do that to my neighbors.
I want to start writing in for sale signs on these Florida homes shame! Lower the price for us lower income Floridians asking 500k when it's worth 250k
Things continue to sell fast here in SF CA. FL is ready for a crash. Appreciated way to fast 2020 - 2023.
I live in Phoenix and listen to Las Vegas real estate data. Las Vegas inventory has been very low and is still falling. Prices are up. Multiple offers aren't uncommon, though close is near list.
Thanks for sharing
Thanks Troy. Good to see you again.
People with money are moving here because there is no state income tax. If you are making a lot of money, that can add up to a nice little bonus. My house has double here in the 12 years I have lived here. That's not so great for first-time home buyers or people that have not made money on their past home. Beautiful weather, hurricanes, poorly built new homes, all part of the package.
In our neighborhood we just had 2 houses listed for 400 grand...1300 square feet...10 years ago u couldn't give the houses away for 70 grand...after 2 days on the market and numerous offers they were sold...if prices in the central Florida area are going down...it news to us....
Don't worry, it's better to learn late than never,
In 2 years those people will be crying.
I've lived in Florida for forty years and housing is the highest I've ever seen Homes will have to go down people don't have 40k 50k to put down on a home. And people can't afford to pay 1800 2500 a month for rent. They have evicted 825 people renting in the Tampa area that are still working but can't afford to pay rent so now will be homeless I live in St. Cloud FL. and for one acre of land it's over 100,000.00 to buy dirt that's way to much so market will have to come down so middle class can afford housing again and not be on the streets living in their vehicles look around we have more homeless people now then ever before
The prices need to come down! we can afford it but we don’t want to come to Florida and be part of the problem (driving up prices) just because we can afford it
This is problematic - Every market in Florida is different.
Fun seeing things change. I moved away 30 years ago. If you have deep pockets to afford living there great! I moved to the Midwest and the much lower cost of living. Many lower income Floridians will have to move out of the state to retire or continue working while retired due to the cost of living. This has happened in California and the tread is starting in Florida.
Only in Punta Gorda Florida and many other cities the listing for rentals in 3 months went for 200 rentals listed to 1,000 rentals available and nobody is filling in....Hello, ...Home owners are transcitioning to condos because of increased of home owner insurance skyrocket + HOA +
I dont understand why people in Florida.....especially those in the real estate market....think their area is immune to significant price drops. Lets not forget that although this is not 2008, and things are a bit different, your state took some of the biggest whacks in the country during the recession! And now it is your area that has experienced some of the most aggressive pricing gains in the country over the past couple years. And thats exactly what leads to the formation of economic bubbles.....aggressive and unsustainable rapid growth.
My phone rings several times a day by people wanting to buy my home. One reason for people not selling homes is the capital gains taxes on the equity. Current tax laws, esp for single people, are outdated. Capital gains rate of 20% over $250,000 for singles, 1997 elimination of over 55 exemption, etc. becomes a huge disincentive to sell. This is a big problem if one is a long time owner. Besides these houses were purchased with pre inflation $$$. Where do you expect people to move?
All great points -
Capital gains taxes are due only on profits, and only on profits over $250,000. Long term rates for people making under $400k are 15%. If you profit $600,000 you owe $52,000 before you offset or do a 1031 exchange. So what?
It is not just supply and demand. The ratio of income to housing cost is a major issue. Wages are not increasing nearly as fast as housing prices. In many markets the median income no longer allows people to buy a home even at the low end of the scale. Florida is a victim of its' own popularity. There is no utopia but there are lots of great places in Florida to live.
$600 / month Condo fees are now common in florida.. before hurricane Ian they were $300 or lower..
I agree... do not ruin Florida with your CA politics that got the CA decline bringing it to Florida.
FL will crash
@@suleimanpeshawari1032 Its going to come crashing hard these northerners are paying 1m for 350k homes it is unsustainable in Florida.
@@naturelover2292 Any market that relies on others to migrate is at risk. Need local money and local wealth like Wall Street or Silicon Valley, new businesses, innovation, commerce vs people moving to work remotely. They move back 10x faster than they come.
@@naturelover2292 how do you know what the value is of a property?
@@suleimanpeshawari1032 ROFL... silicon Valley Bank crashed... so why do we need SVB money? There is none, all gone.
Great analysis - thank you for shaing.
Bought a house for cash in Ocala if you can swing it do it .
Troy, the reason for FL's ascendance is the great migration of people leaving the Blue states like SFO and moving to the red states which are lower cost and freer. And that is not slowing down.
So no crash and absolutely no risk in Florida. Prices will never come down. Wow.
My chiropractor bought a house in Florida and now he's dealing with two floods HA HA
That damn Berkshire Hathaway company. I hate them. Brought up EVERYTHANG! in athe Florida Keys and Key West and now ppl living in the projects, 3 generations deep can't buy a home there even if they had the money and credit. I hate all this. My husband and i want to purchase a home so bad we can taste the drywall but its darn near impossible. It hurts because we love the ocean 😢
All good info but something to keep in mind, many hedge funds are owned by Blackrock, who recently filed for bankruptcy, the other being Vanguard not so flush either. All while the dollar is crashing and banks are not forthcoming with RE loans. It’s a tough market no doubt.
These views are what tells you “you are in a bubble” and to be cautious
Born and raised in California 🌴 we have over 40 million people in California 🌴 so we can afford to loose some 😂 we are the biggest state in population and Economy…..
Hey folks from Cali, NY and NJ. Welcome, we are glad to have you here. HOWEVER please vote SMARTER than you have in the past! Vote red because red is pro economy. Don’t be fooled THE ECONOMY is the most important political subject. If the economy goes in the toilet everything else will crash also! 🇺🇸
There's plenty of red in nj, just not enough of us...north of Trenton..very blue..totally understand your point.
You’re a looneytoons!👎🏻
Go blue 😊
Sure…….vote red so that:
** If some thug rapes your wife or daughter she’ll have to carry some monster inside her for 9 months
** So that politicians can decide what your kids can or cannot read
** So that religious zealots can shove a bunch of medieval nonsense down your throat
Austin is the fastest growing city in the us, prices are doubling , lack of homes where do you see a crash
Gave up on Fla. Weather getting worse each year. Tornadoes, hurricanes, heat . WAY to many people. You can keep it. I like the country, hate cities.
Beautiful area!
The fact investors own so much sets off red flags to me. Housing is broken in Florida when middle class families can't afford it.
I hear you and agree that Hedge funds owning so much real estate, is not good for whole.
I think this a function of have to vs want to right now. Sure, if I had to, I would buy. If my job transferred me, I would buy in FL. But the combination of high interest plus high prices, I just don’t think you will see the same number of “want tos” that you saw a couple of years ago. Whether it’s good advice or bad to buy in FL right now, it’s totally counterintuitive. Not to mention, if you have a good job where you are now, how can you even think of quitting in this economy? You would be going to a place where wages are lower and cost of living is now higher. My husbands ( Very big) company makes him go into an office three days per month, I think, just to prevent anyone from moving. His team is at the office for 3-4 hours on each of those days. What a waste.
Thanks for sharing ... everyones situation is different. My point with this video is that some of the largest demographics in real estate are not typically going to sell (those with low interest rates, Hedge funds that make money off rentals, as well as future foreclosures) ... for this reason I don't expect a huge downturn that so many are predicting that are feeding into Fear.
Don't get how homes in South Florida price doubled in 1 year
Opendoor is selling. Will be interesting to see what happens when they go bankrupt.
Who wants to buy in a state where real estate of badly built old apartment, townhouses etc are outrageously expensive? Where insurance do not want to insure you in a prone hurricane state, where HOÀs are getting so higher that it’s almost the price of a morgage? Not me!
I was always hoping to move back to Florida. But I will never have that kind of money with the way things are now. Oh well, Florida will be under water in a few years!
Southern Florida will indeed be under water. I’ve lived in Northeast Florida for almost 60 years and have watched the southern part as it sinks. You cannot build homes on top of sink holes and cow pastures. Central Florida is having many sink holes since the Villages started.
I just don't want to be gunned down with a AK 47.
You paint a pretty rosy picture for the state of Florida’s housing market. Apparently every other state is going to suffer housing issues but the state of Florida is somehow immune according to you. I think you’re really missing the big picture here.
If real estate wasn’t selling prices would be coming down, their not !
Florida real estate is smoking hot again. Average time on market just decreased from 20 days to a mere 7 days. Neighbor just sold in 4 days. A ton of wishful thinking on here.
Good perspective 👏🏼
Supply/demand vs bank crash………hmmmmmmm. That would do it. We bought in 2008. Left in 2018. Florida is an acquired taste. It’s not for everyone.
It’s overpriced and we are in nasty recession.
For sure! But FL bros won’t admit
Prices are going up in Tradition. And they are selling. It’s location 🧐
It's my understanding that commercial real estate is about to crash. Gotta believe that will cause investors to sell their residential real estate to free up some cash. Also didn't mention how insurance in Florida has gotten RIDICULOUS.
My house insurance has doubled in 3 years i pay more for insurance than my property in ny an my taxes. Much bigger house.😢
im selling my house in ma . And i want to spend my equity on a house in fla. But im very nervous about the insurance situation down there. your thoughts?
Always buy only on the water in any state if you consider real edtate an investment....on the gulf, ocean, river and it will always hold and also appreciate. That's a safe investment. Humans live to look at water or mountsins or a wide open view Be sure to have flood insurance , windstorm and homeowners ins. Worth every penny. I'd never buy in a row house stuck between others with no view...claustrophobic. jmho
Hedge fund involvement in Florida real estate doesn’t make me think stability.
Who wants to live in a state that has no place to place debris from its storm damaged areas?
Inflation is in the housing market as its in all asset classes. Real estate was driven up by corporate REITs and large property management companies and it was because we have a spiraling national debt.
Home mortgages are the bedrock of U.S. Treasuries, they are literally the collateral for u.s. treasuries.
Now, wait until the debt ceiling is suspended or out right removed. You haven't seen inflation yet. That will be the U.S. unofficially announcing that we have no intention of paying down the debt and that we're going to print money until implosion.
You will be living in a house valued at millions of dollars but you will feel poor.
That's Hyperinflation.
FUNKENSTEIN! It's Michaeltheboxer!
Honest with Facts!
Thank's for the housing review, always appreciated!
At what point do you actually provide any insight into FL specific real estate market? >9 mins in and you are still talking about San Francisco, nationwide interest rates and the 2008 crash. Sheesh.
Maybe your content should match the description???
Fla RE too high now. Plus all that insurance. NY is cheaper at this point.
Yup, all these RE biz videos leave out homeowners insurance, not a good look for these FLA RE professionals pitching you their services.
Florida is very vulnerable to climate change
Why though? 500k median with a 7%? Who wouldn’t jump at that? Throw in some CDD on top of the HOA to sweeten the pot. Meanwhile media salary is $50k-ish…
Here is how it works, Austin bro says Austin is booming and Miami is crashing. Miami bro says Miami is booming and Austin is crashing. SF bro says I don’t give a darn. Sure SF is not what it was pre pandemic but put a home on the market and it’s darn sure to sell.
Everything sells eventually if you need/really want to sell. Just depend for how much. City of New York was selling upper east side buildings for $1 because there were nobody to pay taxes and clear out squatters. It was a while ago, but whose to say history can't repeat. When your tax bill is 2x you monthly income you don't have many options. And those 5 million ex slaves already lining up for their $350K a pop. The money need to come from somewhere.
Who wants to move there?
Cheerleading is not the best way to tell what is happening in the economy. Buying in the last two years in my sub market means that you are upside down in the value now in 2023. Ummm not sure when you recorded this but Wall Street investors are hurting. Blackrock, open door etc all holding depreciated assets that they paid too much for. Rents are trending down. Wall Street investors are not earning enough for what they paid because they overpaid. Housing lags behind so more crashing housing markets are coming. My 2cents. Data, it’s been warning us.
can you show me dirt cheap homes or bare land
A few desperate sellers in specific zip codes panic sell …This will happen just like buyers panicked bring the prices up. That’s what will happen.
The buble is bursting....facts, fact, facts. Investors thought that Pandemic event was going to last for ever or the rest of the 🌏🌍🌎 was not going to open again ?
Florida needs a real estate collapse, stronger construction standards to prevent damage from hurricanes and floods to restore a rational insurance state, and laws to lock primary residence property taxes at the exact amount as when the property was purchased.
But with the quacks that are getting elected that are only interested in their political careers and power instead of serving Floridians these things are not likely to happen anytime soon.
Yes we have a real big quack in the governor's office leading the pack.
Great information😎
We moved from California one year ago. We feel so blessed to be in Florida because the governor doesn't support Sodom and Gomorrah!
Sodom and Gomorrah are such fun cities!
@@dubonett8239 they were destroyed 😅😅😅😅
@@jeffsupersaiyan no way! I thought they were still around! 🤦
You never belonged in California to begin with. Your genetics are from Alabama or Mississippi.
On the other hand you’ll love Florida’s metro areas…..filled with strip clubs, gay bars, swinger’s parties and nudist resorts. Been this way for 50 years and there’s no “governor’ that’s gonna’ change it. Better, though, if you stay out in Hooterville or Podunk…….less chance of being ‘offended’.
Homophobes should be happy there.
Thank you
Too much continued demand for S Florida RE for it to crash.
Another big hurricane and it's all over
I could say a lot of things about your reasoning a d arguments but will just say this; follow the money ans never trust a real estate agent or so
Done working for a commission where his/her survival depends on making a sale! 🙄🤣
Arizoinian people are telling people who are moving from California the same thing, not to ruin our state.
You sure didn't miss the white elephant in the room when it comes to San Francisco and I totally agree with you on that. But, you also missed the white elephant in the room about Florida. In fact mama white elephant and her three white elephant babies. Mama-the Florida government which has nothing to do with it being Republican or Democrat, but everything to do with the mind of the individual and how he is tearing down the good of Florida and the good of humanity. Baby-Homeowners Insurance. Baby-Auto Insurance and Auto drivers and Auto accidents all getting worse and worse. Baby-The pending doom of the drinking WATER in Florida. I'll give that a few years or so. The Hurricanes are nothing compared to any of these elephants and the sh_t that they will drop on this state in the years to come and the Florida Government will not be concerned about cleaning it up.
Native Californian hear. San Francisco is in real trouble. At the present time, it’s awful. The leadership is destroying it.
Sinkholes, hurricanes, pollution, high crime and too many people make Florida a yesterday state.
NY has more potholes and higher crime numbers than Florida!
It is a fake price inflation.
700K people left California. The 325K is the balance between people leaving, people coming and people being born.
Thank you for sharing. Good Insight.
Ahhh I a a travel nurse and was in the Bay Area is is HORRIBLE the homeless is insane and my friend owned a house there and sold it when the homeless kept shutting in his door way. He moved to Texas
This must be one of the least educational, video about the housing market. This was a rant and nothing else. I hope this guy is better in other things instead of wasting people's time!!
It’s not just Florida.
This Real Estate agent does not know this:
It took me a lifetime of research to tell you what I am about to tell you now. None of the 4000 colleges and universities will teach this exactly. When you go to a bank to borrow money for a home, car or to buy things with a credit card the bank does not have money to loan you. The banks create this money out of thin air.
The Federal Government as of this writing created 2.33 trillion dollars but the commercial banks ( bank of America, jp morgan chase, Citigroup, wells fargo, etc. created out of thin air 19 trillion dollars of which 16 trillion dollars were loaned to the public for houses, cars, etc. They are pulling 1 trillion dollars a year in interest and fees from the population.
Exactly how do they create this money? They use your signed promissory note and deposit that contract in a transaction account. That transaction account had no money at all until they deposited that promissory note. The bank then writes a check against that promissory note. The bank's books are negative but as you pay off the loan and the promissory note is satisfied the bank's books are balanced. The promissory note no longer has any value and so it becomes irrelevant. So the bank laundered the privately created transient money for real money. There are two major problems with this.
1) It allows the banks to control the economy. This is how they were able to monopolize essential publicly traded corporations.
2) It replaces high-powered equity government money and prevents it from circulating in the economy. This means that in order to have money we need to borrow. We will never get out of debt because in this system money is created from debt. Government equity money like the United States Note circulates in the economy forever, and if it is saved this is wealth to the saver. This means you don't have to borrow to buy most things.
Now I call this privately created transient money counterfeit because nowhere in the united states constitution do we see a mention of a unilateral promissory note creating this type of transient monetary specie.
Florida never ever not one penny , high taxes insurance and a bad government,
Rich people can live any were.
Where can they live.
Good video. Appreciate the directness and not trying to get views like so many others by selling fear and havoc.
It's really sad that so many companies are buying homes and then jacking up the rent.
This is the sad reality. The middle class is going way and it feels like we will become a nation of renters, paying high rents.
You will own nothing and be happy.
That’s exactly why there is so much homelessness. They buy cheap and charge top dollar to rent.
It's happening all over America. Wall Street has made home ownership a unattainable goal . No place to live forget about it.
@@s99614where did that quote come from.