Good luck to them, while everyone including them are trying to save $40.00 bucks a month. I can bet it was a family or company deal just to keep up the false hype, okay I would like to look up the buyer, and say what's best your country or mine. I say this, based on the current wages of the economy that can say they make a descent living at it. Hmm. Oh the other issue at hand, I would like to know more about those shade, my JonPaul really likes them, perhaps it the Tropics of Florida, send me the link, if you please.
The best investment one can do right now is investing on Forex trading though stocks are good but ever since I swapped to Forex, I've seen so much difference.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
I’m an electrician in San Jose ca and I can tell you shit is getting worse by the day,all the tech companies have halted construction and cancelled future development for the upcoming 2-3 years. Same thing happened in 06 which led to the last recession. The writing is definitely on the wall
I work in bulk hauling. If it wasn't for our horrible roads out here most of us would be sitting. Yes like the last down turn I can see a lot of flat beds running empty with no back haul and at these fuel prices. Ouch.
@@brianmatthews4149 yea it’s a strange time to be in , not to mention the layoffs in the tech industry ultimately affect the construction industry as well, sf has been in a recession for the past year or so in my opinion everyone is leaving including businesses, San Jose is getting there day by day. The only industry that’s thriving in my area is the semiconductor or chip space which is where I work(and grateful for) . But being in this environment reminds me of the sentiment in 06.
I live in The Netherlands and I'm seeing some hilarious pricing over here as well. People who bought a condo in 2020 for 100k now listing it for 275 and higher. Other single family homes that sold for 500k 3 years ago, now listed for over a million. Sellers list for a really high price and they just leave the listing up for months, without any offers. Who on earth thinks this is sustainable? Almost doubling of the price in 24 months. Ludicrous levels of greed all over the place.
Where I’m at, older homes are being bought, flipped, then put on the market for a ridiculous amount. But then newer homes are also still priced high. A dead giveaway on the recently flipped house is the grey interior, and grey laminate wood floor. They haven’t gotten the interior design memo that grey is going out of fashion.
Never buy a flip. The work is done usually in the cheapest and most sloppy way. Forget about code compliance. If the house is older than 1980, they most likely ripped out stuff with asbestos without precautions and spread it all over the house and property. If they took out walls, it is almost guaranteed that they didn’t reinforce the floor or foundation. If I buy an older home, I only look for those that are completely original with good bones and do the updating myself.
@@nauy I bought a one owner 1958 brick house. Oak subfloor. It’s in good shape. Well built, a lot better than most new homes these days. The mason who built it raised his family in it, passed away a couple years ago at 96. It’s in good shape. Mostly interior updating needed. (Paint, etc). Original wood floors in good shape.
In 2009. I had a home appraised at 150 k. It sat till 2011. I ended up selling it for 85 k. . You can only get what someone is willing to pay for it .. I believe next year. A home that appraised for 200 k. Will be selling for 100k. .. you can see the housing market about to flip ….
Amen on the pricing comment. When I see two homes in the same zip code, listed within 10k of one another, same square footage, and one has updates and the other doesn't; the one with updates will be under contract in a few weeks while the one without updates sits on the market for months.
Folks here is a 411, the market is not crashing! Reality check, I’m seeing prices going up in my market in southern California. In fact most markets are seeing the same thing! Not sure what market this guy is in, my market is bidding wars again. From November 2022 to today we seen a solid 6% increase. If the home is turnkey knocked out remodeled it’s selling for top dollar. The person is correct about comps, 90 day old comps are the only comps to use. Until we have massive job losses with a large amount of mortgage defaults, we are going to see the same thing. Here is a history lesson, research what happened in the early 1970tys, we are seeing the same thing with this market.
I almost sold my home last summer. I’ve had it for 15 years it’s paid off. For 5 times what I paid for it .But I couldn’t replace my home with another better for the same money. So I kept it ..
I make well over the $150k mark and I'm renting a 2b1b condo. Even though I make enough to afford to buy, I live in a HCOL area where PITI (+HOA) is well more than double my rent (~4 units similar to mine in my complex sold for what will roughly amount to that). On top of that, no one regardless of income wants to be locked into some ludicrously overvalued home and essentially be trapped in a "financial tomb" for years. People who bought in 08 around this time of year didn't net positive in nominal terms in my area until almost 10 years later. I don't want to be a bagholder
Same here. I sold my home in December of 2022 and am now renting because I value flexibility, and you don't get that with negative equity and being forced to live in a debt trap for a decade.
That's when it's super smart to be renting if you ask me. I did the same thing for many years and I was able to save and invest a lot of money by doing so.
You are in the exact same situation as me. It just doesn't make sense to buy now, if ever. The only prices that make sense to me to buy are inflation adjusted 2019 prices + reduction to account for interest rates around 7%. Every 1% on interest should be around a 10% reduction in home price from the peak. I say screw all this, I'll just hangout in short term treasury bills that are yielding in the 5% range until something makes sense again.
It is an administration propelled emergency this time. The Depository need to offer Bonds to cover the exchange irregularity and the public authority spending unevenness. To sell them they need to raise loan fees and the old long haul, generally safe, low revenue, AAA speculations (counting Depository Bonds), held by the banks (frequently because of government administrative arrangement), become close to useless. I have roughly $300k stale in my port_folio that needs development. What is the most ideal way to exploit this slump?
Having a speculation guide is the most effective way to approach the market at the present time, particularly for close to retired folks, I've been in contact with a mentor for a spell currently for the most part cause I come up short on profundity information and mental determination to manage these repetitive economic situations, I nettd more than $220K during this plunge, that clarified there's something else to the market that we avg joes don't have any idea
@@SierraLeighanne That is noteworthy! I could truly utilize the skill of this counselor, my portfolio has been stagnant.... Who's the individual directing you?
I sold in Jan . I brought my buyer to the table , listed the property instead ( one day only ) and my buyer agreed to my price increase and still agreed to purchase . Thank You Universe
My brother is an architect in Venice Florida and is extremely busy doing house revisions. People are spending so much money making changes in their houses. They are are not selling their homes. They are investing $$$$ for newer kitchens and bathrooms. They are not moving !!!
Michael, plz put some of the blame on agents. having sold many homes over the yrs, when owners ask the agents can I get this outrageous price the agent will say yes just to get the listing. then, 2 months later wants the owner to lower their asking
It’s true that some realtors do play that game, they know they’re promising nothing. Just to get the listing. But I’ve also seen the reverse. Sellers who want to get exactly what their neighbor got eight months ago and insist on a price despite what the realtor tells them. When I was a realtor I literally turn down a listing because the price the seller wanted was ridiculous and I knew it was never going to sell. True enough, another realtor took on their listing and it was a year and a half before it finally sold.
Just sold my studio bought early 2021 for $176,000 for $300,000. HOA and insurance/taxes had doubled from 2021 along with general inflation, causing stress in this uncertain times and I feel it's gonna get worse. Moving back to roomate with my dad and brother lol and save $500 in the process. Puting the $150k revenue on a High-yield savings account to ride this out.
Short term treasury bills are better than the High yield savings account imo if you live in a state that has income taxes. They are exempt from state taxes and all are yielding in the 5% range, though a bit less lately with the bank stuff going on since everyone is fleeing to safety into treasury bills.
Your advice is good for some areas and bad for others. Most people that sell have to buy or piss the profit away by renting. There is so much more that should go into selling a home than your touching on.
I could see it going either way. Either we fall into possibly the worst depression ever, the economy tanks, deflation occurs, inventory piles up, and homes become dirt cheap. OR tons of banks and the financial system collapses, the Fed turns their money printers up to 100 to bail out the banks, and hyperinflation occurs, destroying the value of the dollar. I’ve been patiently saving cash and waiting. It just feels like either way I go - buy a house now or wait - either option has MASSIVE risks involved. Hopefully I’m wrong. I honestly don’t know what to do. It’s so frustrating.
It’s greed and it’s out of control. Everyday folks being squeezed on housing, healthcare, food and other basic necessities. From all sides closing in on society.
You should see the little house piece of shit next to me here in Long Beach, southern California that was sold for 1.2 million. Not even close to the beach.
Reading all the comments and doing my own research once again current homeowners are still convinced that they will get the outrageous profits that their neighbors got in 2021 & 2022 and with 3% mortgage they aren’t selling for a reasonable price, their greed will not change until massive layoffs and corporate layoffs hit and flood the market with overextended people who must sell
I sold my big fancy house years ago and bought a small condo with a large deeded dock. Now I take my boat and go wherever I want, Key west, Miami (fisher Island) Bahamas instead of paying huge property tax (100k+) and upkeep not to mention insurance and the lifestyle is way better.
Thanks Micheal. Just sold full price cash ofr in Midwest, 4 offers in 24hrs, no concessions & closed in 10 days. Going to rent for a while. Dont want BS of home ownership!!! Nothing to buy..wanted out of the area I bought in 2 yrs ago.Homless & crime increasing. I did not make 30k+ but glad to GTFO now while I can! Now I will rent in a neighborhood I could never afford to buy a home in.
I've stopped looking for a house, but when I was looking in January and February literaly every house I saw for sale in my area was for sale for $100,000 - $300,000 but according to Zillow "sold for $20,000 - $40,000 in 2017/2018" funny thing is that I graduated highschool in 2017, but chose to go to college instead of getting a job and moving out, I was told my whole life I had to go to college to be successful but it ended up screwing me over
" I was told my whole life I had to go to college to be successful but it ended up screwing me over" You are not the only one. "About 40 percent of recent college graduates were underemployed in the United States, as of late 2022."
Did you make so much money selling cell phones at the mall that you thought you no longer needed to improve your situation? There are very few companies that will make it for fifty years. You have to be nimble.
@@thomasallen6980 could easily make more than the average graduate being in a skilled trade. I'm near the top of the official middle-class structure without a degree. I've been working for 20 years now, though.
Software engineer for USBank and we make application for MLO to serve the mortgage and auto loan payments. Internal talk says, we are bracing for a crisis within next 2 years.
I was able to sell my home in the Villages Florida last month. I was able to sell it on my own for 935,000. It was valued higher than the sell price but without the realtor fees I did better than if I would have if I went with a realtor. A win win for both sides. Glad I did it!!! Was able to purchase outside the villages for a great price. Very happy
It’s easier than anyone thinks it is to sell your own home..sold three and made a leg profit on every one..no I’m not a realtor, no I hadn’t got a clue before I started to look into it. Saved a bunch on “For sale by owner”
You are very correct. In The Villages, some homes sell within 1 to 2 weeks. Sometimes 1 to 2 days. While others wait for over 100 days. Buyers are willing to wait until the homes are priced right. The longer they wait, the more homes are coming on the market. The lower your home will be worth.
Probably depends on if it is a Trumping senior citizen orgy house. People are crazy in the last two years of their lives, no wonder everyone is afraid to move to Florida these days unless it is somewhere nice like Miami.
Me and wife made 116K and live in Stockton CA and renting; no student loans; we just waiting and plan to make a move in 12-18 months for 350K max regardless of IR. We witnessed the 2008 crash ; and we not making that mistake again; nothing to do with any debt or car payments; we just saving and our rent is ridiculously cheap
I work across the street from a new home development of townhouses for $400,000 and since December , only 3 were built . I also see signs for hiring construction workers. We are in a recession. Florida is famous for low wages !!!
In sw Florida we can't build enough. The insanity of people paying 110% of asking unseen is over but that's a good thing. ( I don't understand people like this) People - when you buy real-estate you have to be ready to keep it for at least 10y. ( see an opportunity early - that's great)
Market must be changing overnight, in our St Augustine community six home were listed in February. Two sold (cash purchase) and two are under contract, price range 1.2M to 1.5M. Happy times are here again.
I am watching this as I fix a roof leak temporarily. My parent's old house is full of termites but I am just patching it up until i can decide to sell or rebuild first.
We are so thankful for your sharing of wisdom with us. It has been my observation that many high earners choose to rent rather than buy, since most affordable housing is in less-than-desirable neighborhoods. As someone who falls into this category, I prioritize safety over buying a home in an unsafe area - and here's hoping the market will soon drop enough for me to join the real estate market.
It amazes me how few people think about safety, I think you’d comment was one of a handful I’ve seen that mention it. Many people will regret their purchase when they realize how important safety is after the fact.
@@melymel36 safety key, especially when it comes to major purchases like buying a house. It's not just about being able to afford the property, but also about ensuring that you don't become "house poor" and spend a large portion of your income on mortgage payments.
@@melymel36 High income earners may be tempted to purchase a house that is outside of their means, but this can be risky and lead to financial stress down the road. By focusing on saving as much as possible and waiting for the right time to buy, you can maintain a debt-free lifestyle and still be in a position to take advantage of a drop in house prices.
I'm guessing Flordia has pretty balanced landlord/tenant laws. Probably better to keep it long term. If you were west coast I'd fire sell it. Depressions are not great times to be a landlord IMHO.
When I was a youngster me and my friends used to "ghost ride" our bicycles 🚲 into cars that were parked across sidewalks. It always bothered us that people were so inconsiderate in parking like ass hats. They got dinged, dented and scratched up, and ultimately learned how to park correctly 😊
Balanced perspective in a city where everyone is a mega optimist. I’m keeping my cash dry earning 4% until the prices return to some level of sanity. That said…I do agree that beautiful homes in absolutely move in condition are still moving despite being overpriced. A house that needs updating and money is a totally different story….
I am getting ready to sell my home. A home just like mine just sold for 740,000. The big difference is this house has a 3 car garage and deck mine does not. My house has a 2 car garage and no deck. Another key point is the house that sold the roof needs to be replaced. I had my roof replaced 2 years ago with a brand new upgraded roof shingles I am supposed to meet my realtor next week to discuss a strategy for selling my home. I am wondering if I should bring this to my realtor’s attention
It’s not just home sellers but also real estate agents who also over value property based on comparables from a year or two ago. I don’t know if the agents are unqualified or just promise too much in order to get the listing.
One should never rely solely on an agents input in setting a selling price. In my experience they usually lean towards undervaluing your home so it will sell quickly.
Another Great Video. My best friend just closed on his home in Vero Beach last week. They were asking $450K, and he got it for 435K. He looked in West Palm for 2 years and everything under 500K was a dump, so he went North. You look Great in Black Michael!!!!!!
Over $150,000 people are renting because we don't believe we might even have those incomes within the next year or so. Also if you live near those jobs that actually pay you that much as I do, housing has been absolutely overpriced and protected by NIMBYs to the point where a home costs ~ 1 million + (I'm even talking small apartments with 1 bedroom...) and it feels very stupid to spend that much when you can just continue to rent and put that extra $ in the bank and put it away for a rainy day.
I have no reason to sell All 3 are rental still owed bank Only 75k for both mortgage Hope to paid off both mortgage this year Plus I want to retire on rental income from 3 rental Income move over sea live There cheap
@latsnojokelee6434 I will be staying at a small and lovely old Florida boutique inn on the beach. I have family in the area and so will be visiting them also. Never had problems, but thanks. I don't even know about an off ramp LOL. I don't drive, so will take Uber from airport. I love ❤️ Florida!
@@latsnojokelee6434 The closer you venture to 22nd Ave S, the worse it gets... and there really isn't a reason to cross over to the north side of 22nd Ave S without protection. Seriously, don't be a victim, it's not safe at all.
Person keeps calling to try n buy my house. I’d get 2.5x what I paid but it’s an excellent area and I don’t have an hoa. Plus, they are building McMansions behind me, so my land value is sky rocketing. I wouldn’t be able to buy what I’m selling unless I waited till a crash happened
The only way to get a 30% pay increase that I can think of is to get a new job, and that comes with unstability since you're now the bottom of the totum pole at that company and then first to be let go if anything changes
Some jobs are more secure than other but generally that's true...if you're expensive and it's not painfully obvious you're providing value you are a target for cost cuts
Great advice Michael 👏👏 You always have the BEST information and I know that you do a ton of homework to bring this to us and I really appreciate that. Blessings, Carlos ✝️🙏❤️😊❗️
No one EVER owns a home as long as they are required to pay taxes on it every year, and pay for building permits to add on etc. How many rooms can you live in at one time, anyway? Lawd! Ridiculous!😔
Couple in hot Denver neighborhood divorced last year and they put their house for sale for $2.8 million. House next door, identical but has one more bedroom than they have, sold for $1.8 million in 2021. They had zero offers last year and took off the market in November. It went for sale yesterday for $2.499 million and they will have zero offers again!
Sure, you should sell your florida property if your dream is to live in Flint Michigan. A realtor encouraging you to sell. A bank sending you mail trying to get you to refinance when rates are 4-5 points higher than your current mortgage. Something doesn't add up.
Hey Michael great video as always, but I have to mention to which I’m not sure if you realize, Cleveland Ohio is a very good city , of course it has winter, and 4 great seasons, but if you like that it’s a great city, world-class healthcare, wonderful neighborhoods spread out all over, extremely good cultural scene, world-class symphony, one of the best library systems in the United States, pro sports, the metro park system located within the city limits itself is really nice, and the restaurant scene is top not also, all sitting on huge freshwater lake Erie. I live there part time and have a small condo on the lake in nearby inner ring Lakewood and it’s really a very enjoyable city and area. Price wise it’s reasonable to live in unlike so many other areas in the country which are basically crazy . Some really wonderful architecture located there too, the Museum of Arts is one of the best in the country also. Keep up the great work, you do a really good job on these videos
There are hundreds of cities throughout the Midwest that are awesome and a lower cost of living, but the coastals will turn up their nose and continue to insist “something be done” about high rents and home prices. I sold my ridiculously priced house in AZ and moved to a small tourist town in the midwest. I bought a condo for about 1/3 of the price it would have been in PHX.
@@katydid2877 If you cashed out in Phoenix, why did you buy a condo in flyover country when you could have likely had a custom build with the money you made?
I’m not saying anything bad about Cleveland I’ve never even been there. But I know a lot of people in general just don’t want to move to the Midwest so that’s why I hinted at it that way.
I'd rather not be homeless and my property taxes are just under $12 USD per year with a Class A property tax exemption. Besides I just had a new roof and a new front door installed on my house last year and I am retired as a Senior citizen. Living in a derelict RV, a tent in a homeless encampment or as a very high cost renter doesn't seem very appealing to me personally.
Sell it and buy something more expensive at a higher interest rate than you previously had? Or be a renter and rent goes up every year? Relocating every year will be fun. Yikes. If you sell, move to a state that has cheaper property so it balances out. Then, when interest rates drop further, refinance. States that are growing like Oklahoma are cheap still.
That is the sellers dilemma these days. i’m not seeing anyone and everyone should sell just the people who were going to anyhow, now is the right time to get the most money.
Lol. I think I placed my 3BR/2BA condo in Austin appropriately. Went on the market on 03/03 for $285k. Went into contract w/buyer on 3/13 for $290k, and closing date is set for April 12th. Started seeing house reductions in the area about week and 1/2 ago. Before that though, nearby comparable condos were still going for $330k-$395k.
High earners who rent are able to rent for less than it costs to buy. In my region, a person can rent a nice, newly updated home 3/2 with a yard for under $3k. That identical house would cost around $5k a month in PITI. It just doesn’t make financial sense to rent.
The desire for home ownership in recent years has just risen to ridiculous levels. People act is if they will die if they don't get a home and they are almost willing to sacrifice a limb to do so. I think this unrealistic lust for a home has been driven by nonstop media coverage of housing along with all these stupid tv home hunting and flipping shows. We need to take the emphasis off of home ownership and let the people settle down. Prices in your area are nuts. Florida is hot now, just like Colorado and Arizona once were. Mark my word, the fever will die and soon there will be a new hot spot. Those prices will surely take a hit come the next hurricane.
I actually just sold my condo outside of Chicago within few days, and I agree great time to sell. No competition and buyers are giving over asking price.
The fractional reserve banking industry is going down . Gold and silver is the place to be . Get out of debt , is the place to be ! WAIT to buy ANYTHING.
@@francismarion6400 , DO NOT !!! I REPEAT,DO NOT ACCEPT THE CBDC !!!! That is total control over the masses!!! I am confident they will not confiscate out precious metals , of which I own none . Wink wink .
So far i really enjoy your content. Think you are very up to date and Passionate and damn knowledgeable.. Mostly wanted to say that I appreciate what you do and share.
If I sell I would probably buy too and I rather get a lower price on my home for sale and have more inventory to choise from . I have a child in school and 2 dogs so a temporary move to an apartment and another more to a house isnt ideal . Also I think interest rates could go to 9% so I want to pair the sell& buy together.
It’s impossible to do when you locked in a 2.5% mortgage. Why would you give away this mortgage and pay 6.5% now? No one in their sane mind will sell and buy for years
Michael I live in Broward and house's where I live are still selling quickly. They're in the 300K-400K price range in my area and selling quick... I think South Florida is different as everyone wants to move here from all over the world(International market)....
I saw the first underwater flip up the coast from Miami the other day. Asking price now is below what they paid for it before their rehab. Still not contingent or pending.
Michael, inventory across the country has gone up in comparison to 2022. But please address what that inventory is made up of… it seems to be higher end and luxury homes. The houses around median have much lower inventory and the houses that are in good shape are still selling quick. There is a dichotomy in overall market you have to look into and talk about. Otherwise, it seems like this could be miss leading. Then you have to talk about where the inventory will come from… what makes people need sell their existing homes with low affordable payments? Where does this inventory come from that floods markets and causes a crash?
90 day comps are irrelevant here in Sarasota. We are down 15% from the peak. Take the best comp, subtract 15% and that's likely what the market will bring.
I listed my 22 vacant acres with full utilities ready to build on in Southern Ohio. We'll see how long it takes to sell. * property taxes under CAUV = $364yr. Land has 3/4 flat ready to build, the remaining is rolling hills in Scioto County. New electric & County water, old casket septic, dsl. $105k*
Housing Market Crash CANCELLED By Bank Collapse? ruclips.net/video/7fowUKQuLdQ/видео.html
Good luck to them, while everyone including them are trying to save $40.00 bucks a month. I can bet it was a family or company deal just to keep up the false hype, okay I would like to look up the buyer, and say what's best your country or mine. I say this, based on the current wages of the economy that can say they make a descent living at it. Hmm. Oh the other issue at hand, I would like to know more about those shade, my JonPaul really likes them, perhaps it the Tropics of Florida, send me the link, if you please.
HOUSING CRASH NOT cancelled, but MOVING FASTER NOW
TOLD YOU SO A MONTH AGO
The best investment one can do right now is investing on Forex trading though stocks are good but ever since I swapped to Forex, I've seen so much difference.
sounds great! please I will appreciate your assistance on how to go about it, who's your broker and how good is your broker..
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
I’m an electrician in San Jose ca and I can tell you shit is getting worse by the day,all the tech companies have halted construction and cancelled future development for the upcoming 2-3 years. Same thing happened in 06 which led to the last recession. The writing is definitely on the wall
I work in bulk hauling. If it wasn't for our horrible roads out here most of us would be sitting. Yes like the last down turn I can see a lot of flat beds running empty with no back haul and at these fuel prices. Ouch.
I’m glad people like you are in the comments telling people what’s going on from an industry perspective. Some people just don’t get it.
@@MichaelBordenaro yes sir, and I appreciate your honest thoughts and opinions, keep doing what you’re doing I’m a fan of all your work.
@@brianmatthews4149 yea it’s a strange time to be in , not to mention the layoffs in the tech industry ultimately affect the construction industry as well, sf has been in a recession for the past year or so in my opinion everyone is leaving including businesses, San Jose is getting there day by day. The only industry that’s thriving in my area is the semiconductor or chip space which is where I work(and grateful for) . But being in this environment reminds me of the sentiment in 06.
Yeah and this guy is telling people to sell!😂
I live in The Netherlands and I'm seeing some hilarious pricing over here as well. People who bought a condo in 2020 for 100k now listing it for 275 and higher. Other single family homes that sold for 500k 3 years ago, now listed for over a million. Sellers list for a really high price and they just leave the listing up for months, without any offers. Who on earth thinks this is sustainable? Almost doubling of the price in 24 months. Ludicrous levels of greed all over the place.
It really is crazy all over.
@@jasontye3307 Right? It's almost as if we've created a global asset bubble.
It's because it has been bought by Black Rock and they don't care if they rent it or not it's designed to be off the market
Thanks to criminals known as central bankers.
Absolutely. Soon as inflation spiked I knew people would let greed get the best of them.
Where I’m at, older homes are being bought, flipped, then put on the market for a ridiculous amount. But then newer homes are also still priced high. A dead giveaway on the recently flipped house is the grey interior, and grey laminate wood floor. They haven’t gotten the interior design memo that grey is going out of fashion.
Grey sucks ass!! HATE GREY!!
What is replacing grey?
Never buy a flip. The work is done usually in the cheapest and most sloppy way. Forget about code compliance. If the house is older than 1980, they most likely ripped out stuff with asbestos without precautions and spread it all over the house and property. If they took out walls, it is almost guaranteed that they didn’t reinforce the floor or foundation. If I buy an older home, I only look for those that are completely original with good bones and do the updating myself.
@@nauy I bought a one owner 1958 brick house. Oak subfloor. It’s in good shape. Well built, a lot better than most new homes these days. The mason who built it raised his family in it, passed away a couple years ago at 96. It’s in good shape. Mostly interior updating needed. (Paint, etc). Original wood floors in good shape.
@@jimcrawford3185 Warmer colors. Greens, browns (so they say). Even beige (not my favorite).
If sellers need to definitely sell their house right now it also means that buyers should definitely wait.
You can ask any price for anything. All you have to do is find ONE idiot. And in America that won't be too difficult.
A rich idiot is fine by me.
How many fast food jobs in Florida does it take to afford a half million dollar home
yeah thats what they are doing in Miami . Lots of wealthy idiots lol
In 2009. I had a home appraised at 150 k. It sat till 2011. I ended up selling it for 85 k. . You can only get what someone is willing to pay for it .. I believe next year. A home that appraised for 200 k. Will be selling for 100k. .. you can see the housing market about to flip ….
Sold one 2006 $285K now worth $250K AREA changed to Dung.Sorry on urs..😁😁
Amen on the pricing comment. When I see two homes in the same zip code, listed within 10k of one another, same square footage, and one has updates and the other doesn't; the one with updates will be under contract in a few weeks while the one without updates sits on the market for months.
Folks here is a 411, the market is not crashing! Reality check, I’m seeing prices going up in my market in southern California. In fact most markets are seeing the same thing!
Not sure what market this guy is in, my market is bidding wars again. From November 2022 to today we seen a solid 6% increase. If the home is turnkey knocked out remodeled it’s selling for top dollar.
The person is correct about comps, 90 day old comps are the only comps to use.
Until we have massive job losses with a large amount of mortgage defaults, we are going to see the same thing.
Here is a history lesson, research what happened in the early 1970tys, we are seeing the same thing with this market.
I almost sold my home last summer. I’ve had it for 15 years it’s paid off. For 5 times what I paid for it .But I couldn’t replace my home with another better for the same money. So I kept it ..
One more hurricane season and Florida home market is screwed. Buy it up!! Buy high sell low.
I make well over the $150k mark and I'm renting a 2b1b condo. Even though I make enough to afford to buy, I live in a HCOL area where PITI (+HOA) is well more than double my rent (~4 units similar to mine in my complex sold for what will roughly amount to that). On top of that, no one regardless of income wants to be locked into some ludicrously overvalued home and essentially be trapped in a "financial tomb" for years. People who bought in 08 around this time of year didn't net positive in nominal terms in my area until almost 10 years later. I don't want to be a bagholder
Same here. I sold my home in December of 2022 and am now renting because I value flexibility, and you don't get that with negative equity and being forced to live in a debt trap for a decade.
That's when it's super smart to be renting if you ask me. I did the same thing for many years and I was able to save and invest a lot of money by doing so.
You are in the exact same situation as me. It just doesn't make sense to buy now, if ever. The only prices that make sense to me to buy are inflation adjusted 2019 prices + reduction to account for interest rates around 7%. Every 1% on interest should be around a 10% reduction in home price from the peak. I say screw all this, I'll just hangout in short term treasury bills that are yielding in the 5% range until something makes sense again.
"In 2022, the proportion of households which are occupied by owners stood at 65.9 percent."
Renting a home as my family wouldn't fit in that condo, but similar situation.
600k for a meh home, no thanks.
It is an administration propelled emergency this time. The Depository need to offer Bonds to cover the exchange irregularity and the public authority spending unevenness. To sell them they need to raise loan fees and the old long haul, generally safe, low revenue, AAA speculations (counting Depository Bonds), held by the banks (frequently because of government administrative arrangement), become close to useless. I have roughly $300k stale in my port_folio that needs development. What is the most ideal way to exploit this slump?
Having a speculation guide is the most effective way to approach the market at the present time, particularly for close to retired folks, I've been in contact with a mentor for a spell currently for the most part cause I come up short on profundity information and mental determination to manage these repetitive economic situations, I nettd more than $220K during this plunge, that clarified there's something else to the market that we avg joes don't have any idea
@@SierraLeighanne That is noteworthy! I could truly utilize the skill of this counselor, my portfolio has been stagnant.... Who's the individual directing you?
credits to Gregory Thomas Patchak, one of the best portfolio manager;s out there. he;s well known
@@SierraLeighanne Asking please, how do I get through to him?
He's active on telegram.
Got 300K cash, waiting, just waiting for the right time to pounce.
I sold in Jan . I brought my buyer to the table , listed the property instead ( one day only ) and my buyer agreed to my price increase and still agreed to purchase . Thank You Universe
My brother is an architect in Venice Florida and is extremely busy doing house revisions. People are spending so much money making changes in their houses. They are are not selling their homes. They are investing $$$$ for newer kitchens and bathrooms. They are not moving !!!
Michael, plz put some of the blame on agents. having sold many homes over the yrs, when owners ask the agents can I get this outrageous price the agent will say yes just to get the listing. then, 2 months later wants the owner to lower their asking
You're 100% correct I know several agents that do exactly that
Michael has already done a video on that topic.
Promise you what you would like.
"I have a cash buyer who will be so happy to hear from me because your place is perfect" bs😂
It’s true that some realtors do play that game, they know they’re promising nothing. Just to get the listing. But I’ve also seen the reverse. Sellers who want to get exactly what their neighbor got eight months ago and insist on a price despite what the realtor tells them. When I was a realtor I literally turn down a listing because the price the seller wanted was ridiculous and I knew it was never going to sell. True enough, another realtor took on their listing and it was a year and a half before it finally sold.
So glad I just bought
250 k. Out in the country in Ohio . Gets you land 3k square ft home . Garage shop and some woods and a pond . A house in town is in the 70k range .
I would say about 75% of those who bought in the last two years and forward ( in this Florida market) will face inevitable reductions and foreclosures
GUARANTEED, GOOD RIDANCE
I bought a studio in Downtown Miami early 2021 for $176k and just sold for $300k
It’s hard to see the housing market crash when predominantly high credit score borrowers with huge homeowner’s equity have been buying since 2008.
Just sold my studio bought early 2021 for $176,000 for $300,000. HOA and insurance/taxes had doubled from 2021 along with general inflation, causing stress in this uncertain times and I feel it's gonna get worse. Moving back to roomate with my dad and brother lol and save $500 in the process. Puting the $150k revenue on a High-yield savings account to ride this out.
Short term treasury bills are better than the High yield savings account imo if you live in a state that has income taxes. They are exempt from state taxes and all are yielding in the 5% range, though a bit less lately with the bank stuff going on since everyone is fleeing to safety into treasury bills.
Good for you!
only buy if you can buy all cash.. only sell if you move out of state, otherwise why sell? unless you can't afford it anymore
Your advice is good for some areas and bad for others. Most people that sell have to buy or piss the profit away by renting. There is so much more that should go into selling a home than your touching on.
Your Tactical Advice here is superb! Hope any sellers out there are paying attention. Best time to sell is BEFORE other items are also listed....
I could see it going either way. Either we fall into possibly the worst depression ever, the economy tanks, deflation occurs, inventory piles up, and homes become dirt cheap.
OR tons of banks and the financial system collapses, the Fed turns their money printers up to 100 to bail out the banks, and hyperinflation occurs, destroying the value of the dollar.
I’ve been patiently saving cash and waiting. It just feels like either way I go - buy a house now or wait - either option has MASSIVE risks involved.
Hopefully I’m wrong. I honestly don’t know what to do. It’s so frustrating.
Or nothing happens and the world keeps turning lol
It’s greed and it’s out of control. Everyday folks being squeezed on housing, healthcare, food and other basic necessities. From all sides closing in on society.
Insurance in Florida is still skyrocketing. The FED will crash the house and stock market in October.
Why October?
@@utpharmboy2006 history
@@jbeav3902 word
You should see the little house piece of shit next to me here in Long Beach, southern California that was sold for 1.2 million. Not even close to the beach.
Reading all the comments and doing my own research once again current homeowners are still convinced that they will get the outrageous profits that their neighbors got in 2021 & 2022 and with 3% mortgage they aren’t selling for a reasonable price, their greed will not change until massive layoffs and corporate layoffs hit and flood the market with overextended people who must sell
I sold my big fancy house years ago and bought a small condo with a large deeded dock. Now I take my boat and go wherever I want, Key west, Miami (fisher Island) Bahamas instead of paying huge property tax (100k+) and upkeep not to mention insurance and the lifestyle is way better.
Thanks Micheal. Just sold full price cash ofr in Midwest, 4 offers in 24hrs, no concessions & closed in 10 days. Going to rent for a while. Dont want BS of home ownership!!! Nothing to buy..wanted out of the area I bought in 2 yrs ago.Homless & crime increasing. I did not make 30k+ but glad to GTFO now while I can! Now I will rent in a neighborhood I could never afford to buy a home in.
Buffalo NY. Prices start at 500k for an ordinary colonial. 15k/yr in NYS property tax !! monthly payment exploded
I've stopped looking for a house, but when I was looking in January and February literaly every house I saw for sale in my area was for sale for $100,000 - $300,000 but according to Zillow "sold for $20,000 - $40,000 in 2017/2018" funny thing is that I graduated highschool in 2017, but chose to go to college instead of getting a job and moving out, I was told my whole life I had to go to college to be successful but it ended up screwing me over
Wait a yr or 2 and save as much as possible. This is very early in a crash cycle.
" I was told my whole life I had to go to college to be successful but it ended up screwing me over" You are not the only one.
"About 40 percent of recent college graduates were underemployed in the United States, as of late 2022."
Did you make so much money selling cell phones at the mall that you thought you no longer needed to improve your situation? There are very few companies that will make it for fifty years. You have to be nimble.
@@thomasallen6980 could easily make more than the average graduate being in a skilled trade.
I'm near the top of the official middle-class structure without a degree. I've been working for 20 years now, though.
Thats why i stopped paying attention in school
Software engineer for USBank and we make application for MLO to serve the mortgage and auto loan payments. Internal talk says, we are bracing for a crisis within next 2 years.
Wow, thanks for sharing that here. Very insightful.
I was able to sell my home in the Villages Florida last month. I was able to sell it on my own for 935,000. It was valued higher than the sell price but without the realtor fees I did better than if I would have if I went with a realtor. A win win for both sides.
Glad I did it!!!
Was able to purchase outside the villages for a great price. Very happy
You are exactly the person who should be buying.
Someone downsizing in either sqft or area.
Everyone else should pump the brakes 😆
The Villages is extremely overpriced.
Did you sell by owner or you are an agent?
It’s easier than anyone thinks it is to sell your own home..sold three and made a leg profit on every one..no I’m not a realtor, no I hadn’t got a clue before I started to look into it. Saved a bunch on “For sale by owner”
@@s99614 It was a private sale and I'm not an agent.
You are very correct. In The Villages, some homes sell within 1 to 2 weeks. Sometimes 1 to 2 days. While others wait for over 100 days. Buyers are willing to wait until the homes are priced right. The longer they wait, the more homes are coming on the market. The lower your home will be worth.
I just sold a house it was gone in less than 24 hours full asking price.
Probably depends on if it is a Trumping senior citizen orgy house. People are crazy in the last two years of their lives, no wonder everyone is afraid to move to Florida these days unless it is somewhere nice like Miami.
Just sold mine in Dallas. Multiple offers and tons of showings. Got a buyer with 25% down and over asking price.
Me and wife made 116K and live in Stockton CA and renting; no student loans; we just waiting and plan to make a move in 12-18 months for 350K max regardless of IR. We witnessed the 2008 crash ; and we not making that mistake again; nothing to do with any debt or car payments; we just saving and our rent is ridiculously cheap
I work across the street from a new home development of townhouses for $400,000 and since December , only 3 were built . I also see signs for hiring construction workers. We are in a recession. Florida is famous for low wages !!!
In sw Florida we can't build enough.
The insanity of people paying 110% of asking unseen is over but that's a good thing. ( I don't understand people like this)
People - when you buy real-estate you have to be ready to keep it for at least 10y.
( see an opportunity early - that's great)
Market must be changing overnight, in our St Augustine community six home were listed in February. Two sold (cash purchase) and two are under contract, price range 1.2M to 1.5M. Happy times are here again.
I am watching this as I fix a roof leak temporarily. My parent's old house is full of termites but I am just patching it up until i can decide to sell or rebuild first.
U can get Rid of them Easy Call someone. Damage No..🥯🥯
We are so thankful for your sharing of wisdom with us. It has been my observation that many high earners choose to rent rather than buy, since most affordable housing is in less-than-desirable neighborhoods. As someone who falls into this category, I prioritize safety over buying a home in an unsafe area - and here's hoping the market will soon drop enough for me to join the real estate market.
It amazes me how few people think about safety, I think you’d comment was one of a handful I’ve seen that mention it. Many people will regret their purchase when they realize how important safety is after the fact.
Yeah, I agree, stay out of the Trump neighborhoods. Completely unsafe. Find a nice place on Miami Beach and live without the trash.
@@melymel36 safety key, especially when it comes to major purchases like buying a house. It's not just about being able to afford the property, but also about ensuring that you don't become "house poor" and spend a large portion of your income on mortgage payments.
@@melymel36 High income earners may be tempted to purchase a house that is outside of their means, but this can be risky and lead to financial stress down the road. By focusing on saving as much as possible and waiting for the right time to buy, you can maintain a debt-free lifestyle and still be in a position to take advantage of a drop in house prices.
I have a 2.6 rate on a refi in dec 2020. I'm staying put. I have a duplex in Miami near Miami shores might list it next month.
People like you should never sell, at least not anytime soon. Only those who planning on it anyhow this year
I'm guessing Flordia has pretty balanced landlord/tenant laws. Probably better to keep it long term.
If you were west coast I'd fire sell it. Depressions are not great times to be a landlord IMHO.
Earned a follow. Driving long distances currently and just playing and learning in the background!
Finally, a decent video. Buy and Sell now before they ban buying and selling.
the problem with selling your house
is you have to buy one
Not necessarily
Right, we're priced out.
Well, to avoid paying capitol gains you do.
Rent
A number of people bought a second+ home as an investment during the last few years. They may want to sell to cash in
When I was a youngster me and my friends used to "ghost ride" our bicycles 🚲 into cars that were parked across sidewalks. It always bothered us that people were so inconsiderate in parking like ass hats. They got dinged, dented and scratched up, and ultimately learned how to park correctly 😊
No…keep your house, secure it…bad times are coming. Don’t play musical chairs…you don’t want to be caught flatfooted when the music stops.
There was a Glitch in the Matrix and we are all just wandering around until it resets! lol
Balanced perspective in a city where everyone is a mega optimist. I’m keeping my cash dry earning 4% until the prices return to some level of sanity. That said…I do agree that beautiful homes in absolutely move in condition are still moving despite being overpriced. A house that needs updating and money is a totally different story….
I am getting ready to sell my home. A home just like mine just sold for 740,000. The big difference is this house has a 3 car garage and deck mine does not. My house has a 2 car garage and no deck. Another key point is the house that sold the roof needs to be replaced. I had my roof replaced 2 years ago with a brand new upgraded roof shingles I am supposed to meet my realtor next week to discuss a strategy for selling my home. I am wondering if I should bring this to my realtor’s attention
@MichaelBordenaro... yea what’s up
Yes, absolutely bring up everything you just told us here. It all matters.
It’s not just home sellers but also real estate agents who also over value property based on comparables from a year or two ago. I don’t know if the agents are unqualified or just promise too much in order to get the listing.
dirty little zillow has done its part pumping up the market
They definitely over promise to get the listing. I know a bunch of them here like that.
One should never rely solely on an agents input in setting a selling price. In my experience they usually lean towards undervaluing your home so it will sell quickly.
I would say, I am selling my condo near the beach in Hilton Head and holding on to my properties with fireplaces, wood and wells.
Miami Shores has one of the highest crime rates not in Florida but in the Country when compared to similar size cities. Surrounded by bad areas.
Another Great Video. My best friend just closed on his home in Vero Beach last week. They were asking $450K, and he got it for 435K. He looked in West Palm for 2 years and everything under 500K was a dump, so he went North. You look Great in Black Michael!!!!!!
that’s the rule of thumb in Florida. Go north lol better deals. Thank you Keith!
Over $150,000 people are renting because we don't believe we might even have those incomes within the next year or so. Also if you live near those jobs that actually pay you that much as I do, housing has been absolutely overpriced and protected by NIMBYs to the point where a home costs ~ 1 million + (I'm even talking small apartments with 1 bedroom...) and it feels very stupid to spend that much when you can just continue to rent and put that extra $ in the bank and put it away for a rainy day.
I have no reason to sell
All 3 are rental still owed bank
Only 75k for both mortgage
Hope to paid off both mortgage this year
Plus I want to retire on rental income from 3 rental
Income move over sea live
There cheap
My daily scenic Florida walk with Michael 😊 Coming to Gulfport, Florida next week for two whole weeks! A FUNky place for artists like me!
You might want to carry protection in that neighborhood.
Downtown Gulfport where the old hotels are it’s pretty safe but you’re right, anywhere near that freeway offramp is a no go zone at night.
@latsnojokelee6434 I will be staying at a small and lovely old Florida boutique inn on the beach. I have family in the area and so will be visiting them also. Never had problems, but thanks. I don't even know about an off ramp LOL. I don't drive, so will take Uber from airport. I love ❤️ Florida!
@@latsnojokelee6434 The closer you venture to 22nd Ave S, the worse it gets... and there really isn't a reason to cross over to the north side of 22nd Ave S without protection. Seriously, don't be a victim, it's not safe at all.
@@jkmarshall3553 I do not plan to nor will I be out at night.
Yepp, the swedish fund-company is Alecta.
Person keeps calling to try n buy my house. I’d get 2.5x what I paid but it’s an excellent area and I don’t have an hoa. Plus, they are building McMansions behind me, so my land value is sky rocketing. I wouldn’t be able to buy what I’m selling unless I waited till a crash happened
The only way to get a 30% pay increase that I can think of is to get a new job, and that comes with unstability since you're now the bottom of the totum pole at that company and then first to be let go if anything changes
You can't get a 30% pay increase and be at "the bottom of the totum pole". Changing jobs usually means professional advancement as well.
Some jobs are more secure than other but generally that's true...if you're expensive and it's not painfully obvious you're providing value you are a target for cost cuts
I'm in that income bracket, my issue is that houses START at 1.4m and the decent ones hit at 1.8m+; the market is messed up
This is ALL to rich for this poor littel girl.
I’m in Marion county FL. Watching on Zillow and seeing $10k-$15k reductions happening frequently.
$10 to 15k reduction is nothing.
I worked with a few guys from Marianna.
Great advice Michael 👏👏
You always have the BEST information and I know that you do a ton of homework to bring this to us and I really appreciate that.
Blessings, Carlos ✝️🙏❤️😊❗️
Thanks Carlos I do my best to keep everybody in the know 👌
No one EVER owns a home as long as they are required to pay taxes on it every year, and pay for building permits to add on etc. How many rooms can you live in at one time, anyway? Lawd! Ridiculous!😔
Couple in hot Denver neighborhood divorced last year and they put their house for sale for $2.8 million. House next door, identical but has one more bedroom than they have, sold for $1.8 million in 2021. They had zero offers last year and took off the market in November. It went for sale yesterday for $2.499 million and they will have zero offers again!
Some people just never learn
So some digging on that house that sold finally was bought by MIAMI SHORES LLC
Sure, you should sell your florida property if your dream is to live in Flint Michigan. A realtor encouraging you to sell. A bank sending you mail trying to get you to refinance when rates are 4-5 points higher than your current mortgage. Something doesn't add up.
Hey Michael great video as always, but I have to mention to which I’m not sure if you realize, Cleveland Ohio is a very good city , of course it has winter, and 4 great seasons, but if you like that it’s a great city, world-class healthcare, wonderful neighborhoods spread out all over, extremely good cultural scene, world-class symphony, one of the best library systems in the United States, pro sports, the metro park system located within the city limits itself is really nice, and the restaurant scene is top not also, all sitting on huge freshwater lake Erie. I live there part time and have a small condo on the lake in nearby inner ring Lakewood and it’s really a very enjoyable city and area. Price wise it’s reasonable to live in unlike so many other areas in the country which are basically crazy . Some really wonderful architecture located there too, the Museum of Arts is one of the best in the country also. Keep up the great work, you do a really good job on these videos
There are hundreds of cities throughout the Midwest that are awesome and a lower cost of living, but the coastals will turn up their nose and continue to insist “something be done” about high rents and home prices. I sold my ridiculously priced house in AZ and moved to a small tourist town in the midwest. I bought a condo for about 1/3 of the price it would have been in PHX.
@@katydid2877 If you cashed out in Phoenix, why did you buy a condo in flyover country when you could have likely had a custom build with the money you made?
I’m not saying anything bad about Cleveland I’ve never even been there. But I know a lot of people in general just don’t want to move to the Midwest so that’s why I hinted at it that way.
This channel is worthwhile especially if you have interest in Florida real estate 😎🖖
I'd rather not be homeless and my property taxes are just under $12 USD per year with a Class A property tax exemption. Besides I just had a new roof and a new front door installed on my house last year and I am retired as a Senior citizen. Living in a derelict RV, a tent in a homeless encampment or as a very high cost renter doesn't seem very appealing to me personally.
Sell it and buy something more expensive at a higher interest rate than you previously had? Or be a renter and rent goes up every year? Relocating every year will be fun. Yikes. If you sell, move to a state that has cheaper property so it balances out. Then, when interest rates drop further, refinance. States that are growing like Oklahoma are cheap still.
That is the sellers dilemma these days. i’m not seeing anyone and everyone should sell just the people who were going to anyhow, now is the right time to get the most money.
Lol. I think I placed my 3BR/2BA condo in Austin appropriately. Went on the market on 03/03 for $285k. Went into contract w/buyer on 3/13 for $290k, and closing date is set for April 12th. Started seeing house reductions in the area about week and 1/2 ago. Before that though, nearby comparable condos were still going for $330k-$395k.
sold our house in 1 day, $1k over asking, colorado springs, headed back to GA
13:02 I plan to sell my condo for $300k this spring, perfect! Hahahah!
Good location, good property will always sell, no matter the economy. Everyone else takes the hit
Good property is subjective
Lots of valuable info here!!! Thanks for the wise advice Mike!!!
Thank you for all the great information. Very educational and helpful.
Interesting video, Michael, as usual. I'm looking at the MLS here in Palm Bay, daily.....and it's still looney toons overpriced.
Most of South Florida is still Looney Tunes if you ask me
High earners who rent are able to rent for less than it costs to buy. In my region, a person can rent a nice, newly updated home 3/2 with a yard for under $3k. That identical house would cost around $5k a month in PITI.
It just doesn’t make financial sense to rent.
The desire for home ownership in recent years has just risen to ridiculous levels. People act is if they will die if they don't get a home and they are almost willing to sacrifice a limb to do so. I think this unrealistic lust for a home has been driven by nonstop media coverage of housing along with all these stupid tv home hunting and flipping shows. We need to take the emphasis off of home ownership and let the people settle down. Prices in your area are nuts. Florida is hot now, just like Colorado and Arizona once were. Mark my word, the fever will die and soon there will be a new hot spot. Those prices will surely take a hit come the next hurricane.
I think they will create 50 year FHA assumable mortgages soon. That would keep these prices intact.
I bought much more house than I would normally be able to get with a 2.25% interest rate. I'm staying put.
Who could blame you
Love your videos ! Thanks for the hard working
I actually just sold my condo outside of Chicago within few days, and I agree great time to sell. No competition and buyers are giving over asking price.
That is hard to believe!!!!!!
The fractional reserve banking industry is going down . Gold and silver is the place to be . Get out of debt , is the place to be ! WAIT to buy ANYTHING.
@@francismarion6400 , DO NOT !!! I REPEAT,DO NOT ACCEPT THE CBDC !!!! That is total control over the masses!!! I am confident they will not confiscate out precious metals , of which I own none . Wink wink .
So far i really enjoy your content. Think you are very up to date and Passionate and damn knowledgeable.. Mostly wanted to say that I appreciate what you do and share.
Thanks a lot really appreciate it!
We have a lot of empty houses in Canada. They all criminals' money.
Nice, what a world we've become.
If I sell I would probably buy too and I rather get a lower price on my home for sale and have more inventory to choise from . I have a child in school and 2 dogs so a temporary move to an apartment and another more to a house isnt ideal . Also I think interest rates could go to 9% so I want to pair the sell& buy together.
It’s impossible to do when you locked in a 2.5% mortgage. Why would you give away this mortgage and pay 6.5% now? No one in their sane mind will sell and buy for years
Single mother, of course. It is USA.😂
sell and buy at peak interest rates. FED pivot would be suicide. Everything they did to curb inflation would do nothing if they tank the rates.
I didn’t say turn around and buy I just said sell
Michael I live in Broward and house's where I live are still selling quickly. They're in the 300K-400K price range in my area and selling quick... I think South Florida is different as everyone wants to move here from all over the world(International market)....
Where are the $300-$400k homes in Broward? Sellers asking that for knockdowns and shacks in your county. Are they mobile homes?
@@diedonner299 below 441 and sample around banks Rd area..
Sold at the TOP last April; Now live with mom
Of course we listen to you, Michael!
I saw the first underwater flip up the coast from Miami the other day. Asking price now is below what they paid for it before their rehab. Still not contingent or pending.
Michael, inventory across the country has gone up in comparison to 2022. But please address what that inventory is made up of… it seems to be higher end and luxury homes. The houses around median have much lower inventory and the houses that are in good shape are still selling quick. There is a dichotomy in overall market you have to look into and talk about. Otherwise, it seems like this could be miss leading. Then you have to talk about where the inventory will come from… what makes people need sell their existing homes with low affordable payments? Where does this inventory come from that floods markets and causes a crash?
All good points
Bought for $750K. Sold for. $ 1.36 million. That's nut.
90 day comps are irrelevant here in Sarasota. We are down 15% from the peak. Take the best comp, subtract 15% and that's likely what the market will bring.
Same here in NE FLA.
In this market keep comps 3 months.
15% over a year. One or 2% adjustment.
Many areas here, s fl, are about same.
I listed my 22 vacant acres with full utilities ready to build on in Southern Ohio. We'll see how long it takes to sell.
* property taxes under CAUV = $364yr. Land has 3/4 flat ready to build, the remaining is rolling hills in Scioto County. New electric & County water, old casket septic, dsl. $105k*
We will wait to hear… please let us know.
Note: We don’t know the price or tax rate.
We don’t know the price or tax rate