Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Personally, I can connect to that. When I began working with Margaret Johnson Arndt, a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
@@Whatisthisstupidfinghandle Are they really buying new cars with cash? They have to live somewhere after they sell. Unless they downgrade to something much cheaper or rent, that money is not freed up for much.
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
@@maryHenokNft My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
Much credit goes to *Camille Alicia Garcia* for her significant contributions. She maintains an online presence, making it easy to locate her. While other advisors might pose challenges to find, Julia has proven to be an excellent mentor throughout the year.
After conducting an online search of her name, her website quickly surfaced, piquing my curiosity. The initial impression is positive and I intend to arrange a call with her. I'll make sure to provide you with updates on how it goes. Thank you.
It was proven some years ago that if you go to sell your home yourself, Realtors will boycott your property and steer away their clients from your property. Not surprising people hate Realtors.
I was in the market to buy a home in 2018 and when I asked about some potential 'For Sale by Owner' listings, she was dismissive and said 'Oh no, those are very difficult to arrange a time to visit' or something like that
Yep ther was a Canadian news channel that did a undercover investigation on it I believe it was in Toronto as well. I forgot what the name of the show was but they always did undercover stings
Thanks for speaking honestly about the real estate situation. The industry has driven home prices too high for most families. The solution is for prices to align with family budgets, even if it means a market correction. The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on the govt.
The majority of agents I encountered in my house search would only sell by generating a bidding war. They refused fair offers related to the asking price. I hold them largely accountable for their greed in forcing prices up. No sympathy for their plight.
You hold them accountable for acting in there clients best intrest and getting them the most amount of money possible? Let’s tell your boss your only going to half ass your job, let’s see how long you keep it. Stooge
Bidding wars are created by individual investors, and/or numbered company investors, being in the market. If governments had done their job and capital gains taxed short term house flippers out of the market, the number of potential buyers would have been reduced and there would have been less incentive to go for the presentation date sales method. Not the agents fault. Agents just react to the realities of the market. Listing agents do not represent the buyers, they act on the wishes of their clients.
@donm2067 No, owners, selling in a market inflated by the presence of individual and corporate investors, took what the market would give them. No remorse, just business. Agents are not the moral compass of property owners listing their homes, they just do what the property owners want them to do. I am buying a used Toyota SUV hybrid at a Toyota dealer tomorrow. Do I blame the sales person, getting commission, that the sales manager would not move on the price since there are no other used SUV hybrids on the lot? No. When demand outstrips supply, that is what happens. When investors are allowed into the real estate market, demand is larger than supply. Agents do not control supply or demand.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
It was run by ‘’Mayra Femia Hetrick’’ , who i learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
I just copied and pasted Maya’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
It the stupidest argument, you equate two different things that arent equal. that's a logical fallacy. The developers fucked everyone but gouging prices and passing down the cost to the consumer. Now they are paying the price of destroying affordability by ONLY building LUXURY CONDOS. now we cant afford housing because they refuse to build more unless they can make a ton of money. fuck em.
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
I agree, It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
A lot of folks downplay the role of professionals until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for a licensed FA and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. 850k so far.
'Vivian Carol Gioia' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I have family and friends who are actual professional realtors who’ve been in the business for years. And I have friends who got into it because they were told it was a great opportunity to get rich quick. Guess who’s still in the business and who are looking for another job. If anything feels too good to be true, it definitely is.
We had our home priced low to bring in bids and it worked but didn't get the highest offer due to no approved mortgage and wanting home inspection. Our home was 60 years old and new roof, havoc system. It did need some TLC like painting and the basement so we wanted to sell as we were downsizing. As it worked out we sold the home in one week in Aug. 2023. We managed to buy a older condo with 1100 sq. feet with no mortgage and our monthly expenses went from $3,000. to $800. a month. Which is good when going into retirement in our case. It is all how much you are willing to cut and how to survive the best you can. Also want to say a lot of realtors are still looking at sellers to bid high so they get the most return from it. I went through seven realtor interviews before we picked one.
I have a real estate license, but this is not my main source of income, far from it to be honest, and I totally agree with everything you said. This industry is screaming for disruption!
Had a couple unsatisfactory experiences with realtors in the past. But I think the world of my present realtor- so helpful with every aspect, with utmost integrity.
Another great video. The hate towards developers is entirely justified and super simple. It's because they are profiting directly from a crisis. And shelter is a basic need. Also, historically, they lobbied to remove public entities like the CMHC from the building. And now, in Ontario, one of the most bold-faced acts of corruption in the province's history is based around a government leveraging a crisis to help developers acquire previously reserved land. And ultimately, an exclusively private system will not solve the housing crisis because it's fundamentally against their interests. People know this and resent the developers. Imagine if water was controlled by a profit-driven entity and there was a drought. It's a logical extreme, but the same idea.
It's not just about being able to sell your place without an agent, it's about being able to buy one without an agent involved on either side. Of course you can sell without one. But if you're buying and all the sellers have agents, you're stuck dealing with them. :)
Former Toronto realtor for 17years here. I literally live in a van down by the river now. Everyone who thinks real estate agents are rich is an idiot. There's 60,000 of them in Toronto and 90% of them earn below the poverty line.
@@y.cschmidlin8172 agreed. The fact that there's 60,000 of them in Toronto alone should be cause for concern. I did it full-time for 15 years and never made enough money to get ahead, only to get by. All while consistently being in the top 3 to 5% of condo salespeople in the city. I literally live in a dilapidated 40 year old camper van now and I've never been happier with my living situation. I will never go back to Toronto. I will never pay the prices they are asking for anything to put a roof over my head. Insanity.
First of the house should be listed at the expected price vs listing low. That way we don’t have issues with closed bidding. The FSBO or 1-2% listing agent you don’t avoid the buyer’s agent 2.5%. That portion is still a large amount
Those parasites are getting what is coming to them. In my opinion they are not even required in todays marketplace. They provide little value for the exorbitant cost for their services and the effort they put into selling your home. Most house hunting is done online, home owners are capable of showing their own property and contracts and be written by an attorney for a fraction of the cost of a realtor. The only areas where they might be required is selling commercial real estate and new developments/condos. The amount of realtors gets oversaturated in every market boom and in every down cycle the bottom 50% starve.
I have been in this busines for 20 years and it is so REFRESHING (yeah CAPS), to speak the same language as opposed industry professionals from intitutional banking, REITs and other ponzi agendas. Good work mate!
Honestly I'm waiting to see these crazy prices here in NB that's are 300 to 400k overpriced plummet to their actual price I mean not sure how they justify the prices that arent balanced with wages but what do I know I'm a full time worker making 55k to 60k a year truthfully I came to terms that I'll never own a house at these prices hopefully it balances by the time my kids get older at this point that's the hope
Great video.I appreciate this alot. The world is changing fast and going digital... There are so many ways you could actually leverage on this while making money using your digital device. I have an expert who's very accurate and always yield a great positive return in investment.
Investment generally is not as easy as it seems and that's why it's adviceable for one to invest with a good trader who gives guidance and also decides when it is favourable to invest
@@sebastiaanthijn7982 I completely agree with you considering the market sentiments and how complicating the market can be. An expert is highly needed for a lucrative investment in the market
@@ericbergman7546I've shuffled through a few experts in the past, but settled with Lucy Rose Carter. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
@@cherylhills3227I know this lady. Lucy is a genius in the market. I once watched her on BBC finance when she discussed her take on Real Estate Management and FX
I have turned over more than half mil working with Lucy on a wide array of options and finally sticking to a few that have been favorable in the past 2 years. I began working with her in October 22 after the Fed lended 300b usd for stimulus to stem crisis, I knew I needed help.
The job of a realtor is to get the seller the highest price. Thats what you would want as a seller. And a buyers agent is to help them negotiate the sale price and look in the best interest of the buyer. Don't be a hater, if you dont want a realtors help then Sell It Yourself! As has always been the option.
My daughter just bought a home and she was really struggling to make the down payment and at the closing she found out that her Realtor had added $1000 to the contracts omg when she saw that the realtor pretended she didn’t know how that happened eventually she had it removed because my daughter was not going to close with that additional thousand dollars on there. I told her to report her but she was so happy to get her house and get it closed. This was her first home that she just said maybe next time mom.❤
The Department of Business & Professional Regulation would like to be made aware of this situation -- make a copy of the agreement with the additional $1,000 on it and a copy of the corrected paperwork. Send it to the DBPR ethics department. IF by chance you still are hesitant, do not be concerned because the realtor will more than likely do it again. Someone else will report her.
I don't understand this. You stated that your daughter struggled to find the money for a down payment. Whatever her mortgage payment might be fixed or variable is not the costs she will have to worry about only. The cost of living will never come down and her property taxes could double as well as utilities in a short period of time.
Those condos in Pickering by City Centre are unusually inflated, lots of people I've talked to pulled out during the cool off phase, and even more will not be able to close, mostly pushed by realtor's collecting 4% fees on this project. Bad business.
Thank you for the great info! I am glad I found your channel. It will help home buyers understand the real reasons for the shortage of homes/condos in GTA and the state of the market.
What, I love realtors, Jordan, ye are the coolest and bad asses ever. Whenever I see a post or a TV show on realtors I'm on it like a car bonnet. I'm here for folks like you, bro. You guys kill it every time, and I could listen to you talk about your field all feckin' day and night, man. 💯👏
The reason I detest realtors isn't that I resent paying high commissions, although that certainly doesnt help me. The main reason I hate realtors is that they mostly seem to be self serving self righteous liars and bullshitters with no integrity. I made an offer on a property a couple years ago that was not accepted by the seller, and the agent I was liaising with took it upon themself to call me to 'educate' me on how the real estate market works. This realtor told me that (1) I needed to pay whatever the seller asked, and (2) square footage which is one of the factors I used in arriving at my offer price was apparently not a consideration in the pricing of real estate. That was really so educational for me.
As first time home buyer I cracked and bought over a 4K cash back offer from my agent to put towards closing costs…. I should have gone with my gut but the FOMO was real. I remember saying the amount was too much and wouldn’t have enough for closing cost as I would have to put more towards the downpayment. I bought a one bedroom for 660k in Mississauga 😒
I don’t know what everyone is talking about when it comes to real estate prices “crashing”. A one bedroom condo that is 750 square feet is still around $1,000,000 with an $800 / month condo fee and $600 / month in property taxes. The GTA is Bizzaro World when it comes to housing prices. People bitch that they can’t afford food, yet a condo development will start up and will sell every unit for over $1,000,000 each before they even break ground.
The hate may not be fee based but 1% of 150k is a lot less than 1% of 500k. Its evident that realtors are incentivized to increase the price of the home they are selling and encourage people to see the home they live in as an investment. A home that will do nothing but cost the buyer money. Combine that with a banking industry which ends up costing you 3 times the original mortgage price by the time you are done paying it off and its obvious there is something very very rotten in the real estate and mortgage industry.
Not realtors Steve Sartekzy & Amy Leone. They both are selling units like crazy on a consistent basis and own dozens of units each all rented. Steve is also building 24 rental units in Alberta. It depends who you ask.
We have owned investment properties and found our realtors to more than earn their values. Also, we have found people who are looking to buy their dream home to be very annoying and have unrealistic expectations.
Saw this coming 18 months ago......I put my License in Escrow.....I have NO intention on paying FEES every month and NO $$$ coming in! When this even outs in about 2025-2026 I'll get my License out of Escrow. Or When I see the foreclosures coming in gangbusters I'll get back into my niche of "Short Sales". PLENTY of Investors waiting for the bottom to happen. I feel sorry for anyone who actually bought a home in the last 3 years or so as their OVERPRICED home wont be worth what they paid and they will be upside down at the closing table and need to bring cash to the closing. I told all my buyers NOT to buy ANYTHING the past 3 years, to keep renting/staying where they are and GET DEBT FREE AND SAVE! SOME LISTENED, SOME DIDN'T and went with other Agents.....Oh well!
If you list a home for a price and get a full price offer seller should be bound to take it. This is false advertising. It would not work in any other business
Great analogies and luv the transparency. More R/E tools on the market then ever before and AI will certainly improve the buyer and sellers experience but I believe their will always be a need for realtors. Many people just don't have the knowledge, time, energy or experience to sell their home. I know many realtors that got out of the industry in the early 90's after the late 80's R/E crash and the creation of the Internet, well before your time I bet....lol. I'm sure many wished they stayed in the game given the 20+ years of growth and value appreciation after that.
I don’t hate on “realtors’ as mentioned here this crappy inflated market only serves the big fish, top dogs, who get listings because there’s so few especially on “entry level” homes. Even during the pandemic I bet most realtors sold little because of low supply, but the big fish love this market, Someone I know put up a cardboard sign in the beaches in 2020 and sold their house in 3 hours iduring the pandemic, lol
I have a question about reconstruction condo sales. Do the developers first sell to agents ie the agent buys 50-100 units (so the developer can prove the building is sold), who in turn sell to the endusers?
The argument that blind bidding is bad because a bunch of bids will be near the asking price which isnt what the seller really wants is a STUPID argument. This situation would never happen if sellers and agents representing them just list the property for what they really want. Nobody goes into a store and sees a shirt with a price tag of $50, and is then told when they go to the cashier that the store really wants $80 for the shirt! So why the heck do realtors play this time wasting stupid game? If sellers and agents dont want people to offer a price they dont really want, then simply list the property for what you are expecting for it!!!!!
Great video. 99% of Agents are scum. And I am an agent. Won't work much anymore Toronto real estate is done especially the precon market. There will be 30-40% default rates starting in 2024. One word. Nobu
Just negotiate with your Realtor for lower commission. Lot of Realtor cost come from liability and waste of time client. So if you promise to accept most liability of transaction and pay for showing and work separately, then the commission can be much lowered.
How are developers going bankrupt after this insane real estate bull run? How can they not finance their own builds? Did they not make any profit in the last 20 years of this bull run?
That 30k spread is ONLY because Realtors tell buyers that anything outside of that will not be taken seriously by the buyer -- "multiple parties are interested/bidding"
Maybe this has been addressed elsewhere, but is there a way to purchase a home in Canada without going through a realtor? I won't be selling a house only buying one. Appreciate any suggested links or videos that look at this process and the challenges.
I was a realtor for many years. The only thing is most homes are being sold by realtors. What you can do is go directly to the listing agent to submit your offer. Have your pre-approval letter from lender to submit and be sure to list out your contingencies. Also, state you would like the buyers agent commission to be either escrowed till closing or taken off amount you are offering. Usually the list agent is charging 5% to seller and 2% of that is paid out to the buyers agent.
Jordon , is there a website or source available to general public or realtors to see which agent sold how many in a particular year by name or brokerage ?
If banks were smart, realtors wouldn't go bankrupt because they wouldn't lend realtors so much money. The banks stupidly only look at a few years worth of income. That makes sense for a dentist or engineer for NASA or whatever... but that doesn't work for people in sales like realtors or house flippers... A dentist has an extremely durable income compared to a realtor. The realtor losing 50% of his income is a real possibly whereas the dentist will more than likely make the same amount of money even in the midst of recession. Your income should really have a "durability" score when borrowing money. Having a great 3 years as a developer, realtor or house flipper is easily in line with most economic cycles... but these high incomes are extremely depended on the state of the overall economy.
Hey Orecondo , really nice video! I was wondering if I could help you enhance Editing in your videos and also make a highly engaging Thumbnail which will help your video to reach to a wider audience .
They had many years to save, and realtors have trivially low overhead. Realty makes absurd profits because owners are too lazy to get educated and FSBO. I bought my first home FSBO and both the seller and I did great. The seller got the interest in spread out payments over time to avoid the tax hit, and I got my small affordable property at bank rate but invisible to the credit system which is exactly what I wanted. That home is long paid for because I'm ruthless about buying cheap, keeping it small and owning it all.
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Personally, I can connect to that. When I began working with Margaret Johnson Arndt, a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
I'd be glad to get the help of one, but just how can one spot a reputable one? How did you spot this Margaret ?
Margaret Johnson Arndt maintains an online presence that can be easily found through a simple search of her name on the internet.
A 350k profit is enough for a new car and some groceries
@@Whatisthisstupidfinghandle Are they really buying new cars with cash? They have to live somewhere after they sell. Unless they downgrade to something much cheaper or rent, that money is not freed up for much.
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
@@maryHenokNft My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
Much credit goes to *Camille Alicia Garcia* for her significant contributions. She maintains an online presence, making it easy to locate her. While other advisors might pose challenges to find, Julia has proven to be an excellent mentor throughout the year.
After conducting an online search of her name, her website quickly surfaced, piquing my curiosity. The initial impression is positive and I intend to arrange a call with her. I'll make sure to provide you with updates on how it goes. Thank you.
It was proven some years ago that if you go to sell your home yourself, Realtors will boycott your property and steer away their clients from your property. Not surprising people hate Realtors.
I was in the market to buy a home in 2018 and when I asked about some potential 'For Sale by Owner' listings, she was dismissive and said 'Oh no, those are very difficult to arrange a time to visit' or something like that
Yep ther was a Canadian news channel that did a undercover investigation on it I believe it was in Toronto as well. I forgot what the name of the show was but they always did undercover stings
Thanks for speaking honestly about the real estate situation. The industry has driven home prices too high for most families. The solution is for prices to align with family budgets, even if it means a market correction. The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on the govt.
Especially with the current economic crisis around the word. This is still a good time to invest in Gold, silver and digital currencies ETH, XRP..).
What if you don't know how to trade any of these?
The majority of agents I encountered in my house search would only sell by generating a bidding war. They refused fair offers related to the asking price. I hold them largely accountable for their greed in forcing prices up. No sympathy for their plight.
You hold them accountable for acting in there clients best intrest and getting them the most amount of money possible?
Let’s tell your boss your only going to half ass your job, let’s see how long you keep it.
Stooge
@@Jp1904ltthese people never owned a property and just mad they can’t afford to get in.
Bidding wars are created by individual investors, and/or numbered company investors, being in the market. If governments had done their job and capital gains taxed short term house flippers out of the market, the number of potential buyers would have been reduced and there would have been less incentive to go for the presentation date sales method.
Not the agents fault. Agents just react to the realities of the market. Listing agents do not represent the buyers, they act on the wishes of their clients.
@@notanothershrubberysays the RE agent.
These agents preyed on families like Nile Crocs on some poor prong horn, no remorse just business.
@donm2067 No, owners, selling in a market inflated by the presence of individual and corporate investors, took what the market would give them. No remorse, just business. Agents are not the moral compass of property owners listing their homes, they just do what the property owners want them to do.
I am buying a used Toyota SUV hybrid at a Toyota dealer tomorrow. Do I blame the sales person, getting commission, that the sales manager would not move on the price since there are no other used SUV hybrids on the lot? No. When demand outstrips supply, that is what happens. When investors are allowed into the real estate market, demand is larger than supply.
Agents do not control supply or demand.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
It was run by ‘’Mayra Femia Hetrick’’ , who i learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
I just copied and pasted Maya’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
“Kick your dog and then complain about the vet bill” lmao. Great analogy. 😂
It the stupidest argument, you equate two different things that arent equal. that's a logical fallacy. The developers fucked everyone but gouging prices and passing down the cost to the consumer. Now they are paying the price of destroying affordability by ONLY building LUXURY CONDOS. now we cant afford housing because they refuse to build more unless they can make a ton of money. fuck em.
Geezus - what a beautiful line! Gonna appropriate that one.
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
I agree, It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
A lot of folks downplay the role of professionals until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for a licensed FA and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. 850k so far.
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is the professional that guides you?
'Vivian Carol Gioia' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
BROKE OVER ASKING. Those who used to put Sold over asking for each transaction created an overinflated market and now reap what they sow.
What about the “coming soon” BS? Like you were in a movie theatre or something.
Humm, Just wondering why they never post that if it is SOLD UNDER ASKING. Food for thought.
Exactly
Because the seller and buyer agent are colluding against the buyer.
Agents on both sides of the transaction benefit from 🔩🔩the buyer.
Realtors can enjoy a rewarding career in general labour.
Don't disparage general labourers'
Learn to weld
@@zoro1674 Or code
I have family and friends who are actual professional realtors who’ve been in the business for years. And I have friends who got into it because they were told it was a great opportunity to get rich quick. Guess who’s still in the business and who are looking for another job. If anything feels too good to be true, it definitely is.
a real, honest and objective perspective, something that's sorely lacking these days. Subscribed!
We had our home priced low to bring in bids and it worked but didn't get the highest offer due to no approved mortgage and wanting home inspection. Our home was 60 years old and new roof, havoc system. It did need some TLC like painting and the basement so we wanted to sell as we were downsizing. As it worked out we sold the home in one week in Aug. 2023. We managed to buy a older condo with 1100 sq. feet with no mortgage and our monthly expenses went from $3,000. to $800. a month. Which is good when going into retirement in our case. It is all how much you are willing to cut and how to survive the best you can. Also want to say a lot of realtors are still looking at sellers to bid high so they get the most return from it. I went through seven realtor interviews before we picked one.
I have a real estate license, but this is not my main source of income, far from it to be honest, and I totally agree with everything you said. This industry is screaming for disruption!
So many CLA 250 leases on lease busters. New Agents are leaving the business and nature is healing
amg upbadged and no KMs left
lol no Realtors don’t drive CLAs 😅 ya’ll are mean!!!
I don’t get it can you explain
Had a couple unsatisfactory experiences with realtors in the past. But I think the world of my present realtor- so helpful with every aspect, with utmost integrity.
Another great video. The hate towards developers is entirely justified and super simple. It's because they are profiting directly from a crisis. And shelter is a basic need. Also, historically, they lobbied to remove public entities like the CMHC from the building. And now, in Ontario, one of the most bold-faced acts of corruption in the province's history is based around a government leveraging a crisis to help developers acquire previously reserved land. And ultimately, an exclusively private system will not solve the housing crisis because it's fundamentally against their interests. People know this and resent the developers.
Imagine if water was controlled by a profit-driven entity and there was a drought. It's a logical extreme, but the same idea.
A great realtor who has integrity and morals will help you avoid losing money.
exactly.
Only if it means they make more than an honest days wage
It's not just about being able to sell your place without an agent, it's about being able to buy one without an agent involved on either side. Of course you can sell without one. But if you're buying and all the sellers have agents, you're stuck dealing with them. :)
Former Toronto realtor for 17years here. I literally live in a van down by the river now. Everyone who thinks real estate agents are rich is an idiot. There's 60,000 of them in Toronto and 90% of them earn below the poverty line.
Time for them to look for a real job. Realtor business will soon be instinct and something of the past
@@y.cschmidlin8172 agreed. The fact that there's 60,000 of them in Toronto alone should be cause for concern. I did it full-time for 15 years and never made enough money to get ahead, only to get by. All while consistently being in the top 3 to 5% of condo salespeople in the city.
I literally live in a dilapidated 40 year old camper van now and I've never been happier with my living situation. I will never go back to Toronto. I will never pay the prices they are asking for anything to put a roof over my head. Insanity.
My uncle was and still is a real estate agent in Van but does other work now but back in the 90s when he started he did really well
Who’s the idiot here? I’m not living in a van down by the river.
Wow I was thinking of taking the course at Humber College to get into the industry
Just give me inner peace seeing so many realtors closing their shops!
Love your honesty and perspective! It's so refreshing.
There are lots of great realtors out there. It helps to know how to interview them and not get railroaded.
That is niave.....most are duplisius..with THEIR best interest at ❤
Up until 6 months ago, a monkey could have sold a house in GTA
How about this one " I have a buyer for your home" lol "If we dont sell it for a price we both agree on Ill buy it" FO and ES
First of the house should be listed at the expected price vs listing low. That way we don’t have issues with closed bidding. The FSBO or 1-2% listing agent you don’t avoid the buyer’s agent 2.5%. That portion is still a large amount
Those parasites are getting what is coming to them. In my opinion they are not even required in todays marketplace. They provide little value for the exorbitant cost for their services and the effort they put into selling your home. Most house hunting is done online, home owners are capable of showing their own property and contracts and be written by an attorney for a fraction of the cost of a realtor. The only areas where they might be required is selling commercial real estate and new developments/condos. The amount of realtors gets oversaturated in every market boom and in every down cycle the bottom 50% starve.
Exactly, the internet makes them worthless
I have been in this busines for 20 years and it is so REFRESHING (yeah CAPS), to speak the same language as opposed industry professionals from intitutional banking, REITs and other ponzi agendas. Good work mate!
Honestly I'm waiting to see these crazy prices here in NB that's are 300 to 400k overpriced plummet to their actual price I mean not sure how they justify the prices that arent balanced with wages but what do I know I'm a full time worker making 55k to 60k a year truthfully I came to terms that I'll never own a house at these prices hopefully it balances by the time my kids get older at this point that's the hope
Great video.I appreciate this alot. The world is changing fast and going digital... There are so many ways you could actually leverage on this while making money using your digital device. I have an expert who's very accurate and always yield a great positive return in investment.
Investment generally is not as easy as it seems and that's why it's adviceable for one to invest with a good trader who gives guidance and also decides when it is favourable to invest
@@sebastiaanthijn7982 I completely agree with you considering the market sentiments and how complicating the market can be. An expert is highly needed for a lucrative investment in the market
@@ericbergman7546I've shuffled through a few experts in the past, but settled with Lucy Rose Carter. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
@@cherylhills3227I know this lady. Lucy is a genius in the market. I once watched her on BBC finance when she discussed her take on Real Estate Management and FX
I have turned over more than half mil working with Lucy on a wide array of options and finally sticking to a few that have been favorable in the past 2 years. I began working with her in October 22 after the Fed lended 300b usd for stimulus to stem crisis, I knew I needed help.
You are extremely well spoken. Impressive
Thank you...❤... Your honesty and explainations, say you have a moral compass. Truth is a double edged sword, and realtors don't like it!!!
The job of a realtor is to get the seller the highest price. Thats what you would want as a seller. And a buyers agent is to help them negotiate the sale price and look in the best interest of the buyer. Don't be a hater, if you dont want a realtors help then Sell It Yourself! As has always been the option.
My daughter just bought a home and she was really struggling to make the down payment and at the closing she found out that her Realtor had added $1000 to the contracts omg when she saw that the realtor pretended she didn’t know how that happened eventually she had it removed because my daughter was not going to close with that additional thousand dollars on there. I told her to report her but she was so happy to get her house and get it closed. This was her first home that she just said maybe next time mom.❤
The Department of Business & Professional Regulation would like to be made aware of this situation -- make a copy of the agreement with the additional $1,000 on it and a copy of the corrected paperwork. Send it to the DBPR ethics department. IF by chance you still are hesitant, do not be concerned because the realtor will more than likely do it again. Someone else will report her.
I don't understand this. You stated that your daughter struggled to find the money for a down payment. Whatever her mortgage payment might be fixed or variable is not the costs she will have to worry about only. The cost of living will never come down and her property taxes could double as well as utilities in a short period of time.
Those condos in Pickering by City Centre are unusually inflated, lots of people I've talked to pulled out during the cool off phase, and even more will not be able to close, mostly pushed by realtor's collecting 4% fees on this project. Bad business.
Thank you for the great info! I am glad I found your channel. It will help home buyers understand the real reasons for the shortage of homes/condos in GTA and the state of the market.
We dont need realtors just get a lawyer to draw up a contract for $1500 bucks
What’s going to happen with all these condo projects that have started? Will construction stop? Will condos just sit?
Couldn't happen to a better "profession"
What, I love realtors, Jordan, ye are the coolest and bad asses ever. Whenever I see a post or a TV show on realtors I'm on it like a car bonnet. I'm here for folks like you, bro. You guys kill it every time, and I could listen to you talk about your field all feckin' day and night, man. 💯👏
Poor guys my heart is bleeding for these money hungry sharks -
The reason I detest realtors isn't that I resent paying high commissions, although that certainly doesnt help me. The main reason I hate realtors is that they mostly seem to be self serving self righteous liars and bullshitters with no integrity. I made an offer on a property a couple years ago that was not accepted by the seller, and the agent I was liaising with took it upon themself to call me to 'educate' me on how the real estate market works. This realtor told me that (1) I needed to pay whatever the seller asked, and (2) square footage which is one of the factors I used in arriving at my offer price was apparently not a consideration in the pricing of real estate. That was really so educational for me.
As first time home buyer I cracked and bought over a 4K cash back offer from my agent to put towards closing costs…. I should have gone with my gut but the FOMO was real. I remember saying the amount was too much and wouldn’t have enough for closing cost as I would have to put more towards the downpayment. I bought a one bedroom for 660k in Mississauga 😒
Well that does kinda suck , but as long as you can hold 5-10 years you'll be alright 👍
I think people who don’t make money just enjoy hating on people that do. That’s all it is. Jealousy and envy.
Your video content is the most informative yet funny on youtube
I have never met a realtor that I liked
Would love to see the adverts bragging about "bought below asking"
I don’t know what everyone is talking about when it comes to real estate prices “crashing”. A one bedroom condo that is 750 square feet is still around $1,000,000 with an $800 / month condo fee and $600 / month in property taxes. The GTA is Bizzaro World when it comes to housing prices. People bitch that they can’t afford food, yet a condo development will start up and will sell every unit for over $1,000,000 each before they even break ground.
Did you watch the video? That is the way is used to be, but not in the current economic climate
@@robbyd3892 oh, it’s still like that.
Hoping for market crash is like hoping for a flood to water your garden. Be carful what you wish for
Realtors are the scum of the earth. I feel nothing for them.
The hate may not be fee based but 1% of 150k is a lot less than 1% of 500k. Its evident that realtors are incentivized to increase the price of the home they are selling and encourage people to see the home they live in as an investment. A home that will do nothing but cost the buyer money. Combine that with a banking industry which ends up costing you 3 times the original mortgage price by the time you are done paying it off and its obvious there is something very very rotten in the real estate and mortgage industry.
i bought my place 33 years ago for 4500 bucks 1.5 acres on a river in the mountains
Not realtors Steve Sartekzy & Amy Leone. They both are selling units like crazy on a consistent basis and own dozens of units each all rented. Steve is also building 24 rental units in Alberta. It depends who you ask.
Most realtors are scam artists don’t trust what they say check it out do not blindly trust 👌🏽
Realtors are screwed , 7% rates is not good on an expensive house
We have owned investment properties and found our realtors to more than earn their values. Also, we have found people who are looking to buy their dream home to be very annoying and have unrealistic expectations.
Thank you. I really appreciate these insightful and articulate explanations.
lot of talk about housing shortage but none about all the investors that will capitulate at the bottom of the market.
Realtors will largely be gone the way of travel agents, large tech companies will provide this service for a fraction of the cost!
Saw this coming 18 months ago......I put my License in Escrow.....I have NO intention on paying FEES every month and NO $$$ coming in! When this even outs in about 2025-2026 I'll get my License out of Escrow. Or When I see the foreclosures coming in gangbusters I'll get back into my niche of "Short Sales". PLENTY of Investors waiting for the bottom to happen. I feel sorry for anyone who actually bought a home in the last 3 years or so as their OVERPRICED home wont be worth what they paid and they will be upside down at the closing table and need to bring cash to the closing. I told all my buyers NOT to buy ANYTHING the past 3 years, to keep renting/staying where they are and GET DEBT FREE AND SAVE! SOME LISTENED, SOME DIDN'T and went with other Agents.....Oh well!
If you list a home for a price and get a full price offer seller should be bound to take it. This is false advertising. It would not work in any other business
It's literally how every auction works, any sale involving multiple bidders.
Wait…I cannot get over the slide that says government makes 31% of the profit from new developments? Did I hear that correctly?
How is the province of Alberta able to produce much cheaper housing, like condos in the 200k range?
Great analogies and luv the transparency. More R/E tools on the market then ever before and AI will certainly improve the buyer and sellers experience but I believe their will always be a need for realtors. Many people just don't have the knowledge, time, energy or experience to sell their home. I know many realtors that got out of the industry in the early 90's after the late 80's R/E crash and the creation of the Internet, well before your time I bet....lol. I'm sure many wished they stayed in the game given the 20+ years of growth and value appreciation after that.
Nature is healing.
That's so sad. 😁
Thank you for touching on this topic! Very factual
I don’t hate on “realtors’ as mentioned here this crappy inflated market only serves the big fish, top dogs, who get listings because there’s so few especially on “entry level” homes. Even during the pandemic I bet most realtors sold little because of low supply, but the big fish love this market, Someone I know put up a cardboard sign in the beaches in 2020 and sold their house in 3 hours iduring the pandemic, lol
What is affordable housing and how do we get more of it?
Our glut of realtors should put on some gloves and start building houses - alleviate this apparent labor shortage we keep hearing about.
Doesn't surprise me this is happening. Prices got out of control.
I have a question about reconstruction condo sales. Do the developers first sell to agents ie the agent buys 50-100 units (so the developer can prove the building is sold), who in turn sell to the endusers?
Some really good points in this video
👏👏👏👏 they take to much to begin with!
Very informative thanks for sharing!
Cheers 🇨🇦
The argument that blind bidding is bad because a bunch of bids will be near the asking price which isnt what the seller really wants is a STUPID argument. This situation would never happen if sellers and agents representing them just list the property for what they really want. Nobody goes into a store and sees a shirt with a price tag of $50, and is then told when they go to the cashier that the store really wants $80 for the shirt! So why the heck do realtors play this time wasting stupid game? If sellers and agents dont want people to offer a price they dont really want, then simply list the property for what you are expecting for it!!!!!
😮Best is to build into the sky free foot print and provide ss appliances to the termite mound inhabitants
Great video. 99% of Agents are scum. And I am an agent. Won't work much anymore Toronto real estate is done especially the precon market. There will be 30-40% default rates starting in 2024. One word. Nobu
Lawyers are next.
Amazing quality analysis. Thank you.👍
Excellent information and vid.
Just negotiate with your Realtor for lower commission. Lot of Realtor cost come from liability and waste of time client. So if you promise to accept most liability of transaction and pay for showing and work separately, then the commission can be much lowered.
I'm thinking on changing career, from engineering to realtors. I didn't know there was that much hatred toward my possible future job 😅
It's just jealous haters stuck in a crappy job..
How are developers going bankrupt after this insane real estate bull run? How can they not finance their own builds? Did they not make any profit in the last 20 years of this bull run?
Exactly!!!
That 30k spread is ONLY because Realtors tell buyers that anything outside of that will not be taken seriously by the buyer -- "multiple parties are interested/bidding"
Can I ask, where did you get your hat?
Jordon pls revisit your Toronto Condos vs SNP 500 analysis!
No sympathy for mediocre greedy realtors 😂.. the smart ones will still survive
Maybe this has been addressed elsewhere, but is there a way to purchase a home in Canada without going through a realtor? I won't be selling a house only buying one. Appreciate any suggested links or videos that look at this process and the challenges.
I was a realtor for many years. The only thing is most homes are being sold by realtors. What you can do is go directly to the listing agent to submit your offer. Have your pre-approval letter from lender to submit and be sure to list out your contingencies. Also, state you would like the buyers agent commission to be either escrowed till closing or taken off amount you are offering. Usually the list agent is charging 5% to seller and 2% of that is paid out to the buyers agent.
Yet why aren't these lawyers going after credit card companies. They have a monopoly on people charging anywhere from 9% to 30% on balances.
Great channel man. 🎉
Lol…what values plummeting? Houses are higher cost than ever in my neighborhood
Volumes. Never said values
Jordon , is there a website or source available to general public or realtors to see which agent sold how many in a particular year by name or brokerage ?
Didn't you know 99% of realtors are top 1% diamond, platinum, award winners
very informative. thank you
Not the realtors fault ,as you can see 60% of them either don't make ANY money or make very little.
Find a real job…they been helping for the housing bubble and pumping prices
If banks were smart, realtors wouldn't go bankrupt because they wouldn't lend realtors so much money. The banks stupidly only look at a few years worth of income. That makes sense for a dentist or engineer for NASA or whatever... but that doesn't work for people in sales like realtors or house flippers... A dentist has an extremely durable income compared to a realtor. The realtor losing 50% of his income is a real possibly whereas the dentist will more than likely make the same amount of money even in the midst of recession. Your income should really have a "durability" score when borrowing money. Having a great 3 years as a developer, realtor or house flipper is easily in line with most economic cycles... but these high incomes are extremely depended on the state of the overall economy.
Prices need to go down at least 30 per cent. Its gonna be a tug of war.
A bad agent is still a better agent then being your own agent - it’s way to personal for most sellers to deal with objectively !
Hey Orecondo , really nice video! I was wondering if I could help you enhance Editing in your videos and also make a highly engaging Thumbnail which will help your video to reach to a wider audience .
They had many years to save, and realtors have trivially low overhead. Realty makes absurd profits because owners are too lazy to get educated and FSBO. I bought my first home FSBO and both the seller and I did great. The seller got the interest in spread out payments over time to avoid the tax hit, and I got my small affordable property at bank rate but invisible to the credit system which is exactly what I wanted. That home is long paid for because I'm ruthless about buying cheap, keeping it small and owning it all.
Each real estate face on a sign should sport a 5.99$ Dollar store multicolour clown wig
Also the city relies on the taxes generated from the sales of new condo units, no?
greedy real estate corruption disaster. real estate professionals did this.