Do you think these red flags will cause home prices to come down? *Watch: Insurance Is Ruining Affordable Housing: ruclips.net/video/e3EwNhwuAzQ/видео.html*
I know it sounds crazy but ever since I was a kid I've always wanted to literally build a home into a mountain.. excavate the rock and make a cave home.. it's been done before and can look amazing if done right and since I'm a retired vet it's an inexpensive option.. have you ever heard of people doing this and what obstacles they had?
I can assure anyone with climate change for profit insurance gonna hear alot about this. I believe Gov knows sooner or later gonna have to take over insurance. Can't let greed make everyone broke to be insured
@@davidwilliams4498 I can't imagine gov. getting involved not with all the lobby money and campaign money they receive to get elected. Same with medical insurance, those companies intentionally let people die to save a dollar.
In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
I won't hold my breath after the last crash (2008) where banks were protected and regular folks lost everything. In my area a fixer POS house is more that $400k, pre-pandemic would have sold for 60 to 80k land value. These prices are crazy!
its called theft. they print trillions of dollars and give it to all of their buddies, then suddenly normal people cant afford anything. its a way for the elites to take all of the resources for themselves and abandon the middle class and destroy our purchasing power thank joe biden
During the last administration it became LAW that banks were again allowed to do risky lending but this time the people are to be 100% responsible for bailing out banks and financial institutions even though we don't get any of the profits. Thanks Trump.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
Investing in both real estate and stocks can be a great idea, especially if you have a solid trading strategy to guide you during prosperous times. It's all about diversifying your investments and maximizing potential returns!
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
@@LucasBenjamin-hv7sk Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
The decision on when to pick an Adviser is a very personal one. I take guidance from Annette Marie Holt to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
It’s definitely not going to the roads. Some of the same potholes have been there for years. Some of the roughest roads have red light cameras on them.
I truly enjoy your videos! I've noticed the same red flags. Something needs to change quickly. No one can afford to buy a home and no one can afford the price of rent.
I made 6 figures (barely over) for the first time ever and I feel like the goalpost keeps moving out of reach for me. I don't have any kids and I live in the Kansas City area - a lower-than-average cost of living compared to other areas of the U.S., but good lord, houses here have doubled, even TRIPLED in price since 2013. I feel sick to my stomach! What's even crazier is that a home will sell, but will re-appear on Zillow a short time later as a rental. Speaking of, don't get me started on rent...
Can you move one county over? That's what I did here in Georgia. The same model of house from the same builder I bought for 550k is 680k just 10 miles away and I still have a Costco, new hospital, and plenty of shops down the street. The only reason being the expensive one is in a college town. Sometimes the prices are county-specific but you still have the same amenities.
Hang in there it will happen and you will be so glad you waited. Listen to her and people who lived through 2008 crash, which lasted to 2012. I bought a condo in Denver area for 199,000 in 2012 in 2019 I sold it for 425,00 this is how you build wealth but it takes patience.
I just met a guy that moved to my state. He is an investor in residential properties in the Midwest. He and his fellow investors, mostly friends and family, buy up house after house in depressed neighborhoods that are sandwiched between nicer less depressed neighborhoods and then they rent them out to pay mortgage till prices go up enough in that area and then sell. They currently own over 300 properties.
That's what happens when you're government spends too much and your central bankers print too much. Eventually everyone is going to be a millionaire and fast broke. Get ready, it's only just begun. INFLATION is how the government is going to pay away the crazy debt and break the average American household in the process.
Corporate investors are in a buying frenzy now and it will only get much worse. The average working person doesn't have a chance even if you earn $100k/yr or more
Personally, I did point out to a realtor friend before the last crash "how can house prices just keep rising like this" and he said "house prices never fall". I didn't predict a fall, but it seemed impossible for the rise to keep going. I remember prices going up fast before the last fall, so I see it coming, even with lack of housing.
There needs to be a national cap on property taxes for yearly increases. It’s unreasonable to think average homeowners can keep up because a transplant with a higher budget bought in their neighborhood. I think rent caps should be wrapped into this kind of bill proposal too. But neither party will do this.
You want the federal government to start legislating local property assessments? It's a lot easier to change your state, county and city government. Of course I am biased, my state gives big tax breaks if it goes up more than like 15%.our assessors are very approachable and easy to set up a meeting with. So I don't want the people responsible for your state getting a vote in property taxes in my state if yours are that bad!
We have homestead in FL. It helps alot as long as you don't buy at an inflated price. You are so right about people with big incomes jacking everything up and leaving young locals scrambling.
I work for a company in Alabama that works for the banks to see the conditions of foreclosure and pre foreclosure houses. We have so many jobs, If my car would take it, I could do over 100 a day and my company would still have plenty more for all the employees.
We "unfinished" our basement. We took all.of the ceiling tiles out.. Removed the sheetrock from the walls. We left the vertical 2x4s that optically divide the bedroom ,office and bathroom spaces. We can use curtains. Our taxes dropped 10% while our neighbor's taxes went up 10%. It is not a big deal to us to have nice bright painted walls with lovely curtains in the basement
They do not go inside in my jurisdiction. Ever. However if it goes up more than 15% you get a tax break. And it gets reassessment every year so you only have giant leaps when that particular house sells. Some states, counties, and cities are a lot better than others.
You're right again. I see it coming. I lost my house to foreclosure in 2008 bad loan. I was fortunate to get money in 2013 & bought a tiny cottage. I'm scared for people.
Mine went up a extra 250 on the month ,and like you said I had to come up with 1,500 to bring escrow up to date ,true my house values went up from 150 to 240 thousand, but if you sell the average rent is 1200 and more for a place to live and that is not always in a good area ,so your forced to struggle to stay in your home or be homeless, thout about selling and buying a camper with the Gaines and say the hell with it . I put alot in my home to be taxed out of it .
@@jesseurizar7146 values of houses double from 500k to 1million so the 60k increase in homestead or whatever is not much it also only applies to school tax
I agree!! I have been seeing the same trends in my area of Washington State. The other side of these issues, which are bad for homeowners with no mortgage, seniors, etc., is that lower home prices might allow some people to be able to afford a house that weren't able before. Housing prices drive the rental market too, and I know it has been crazy in this area. Great for landlords, but difficult to impossible for tenants and prospective tenants.
I think many people are so annoyed with investors bidding up RE prices they fail to realize those same investors could absolutely tank the housing market. No home owner is ever going to sell their house because it went down in price by 3.5%.... they are living in it. Even if they did sell they would just have to buy a different house. A person selling their primary residence does add supply but they also add corresponding demand when they buy their next house. This leaves inventory levels (supply) unchanged. But investors selling is an entirely different thing.. they could easily be motivated to sell by single digit losses (especially if they think its the beginning of a trend) and investors could sell 1, 10, 100 or even 10,000 homes, and buy zero.. If this ever takes off it will create a gigantic negative feedback loop as investors sell and spike inventory leading to lower and lower prices encouraging even more investors selling and putting even more inventory on the market. It could really spiral out of control. This is the risk of people owning millions of homes they don't live in... They can dump them on the market in an instant and they will if they feel that is the most profitable move for them.
Currently in the process of looking to buy a home. What's crazy to me is losing out on bids to all cash offers. Who are these people that have all cash to buy houses? Haven't lost hope yet and will continue searching for now.
I think your hypothesis is spot on. It may take nationalization of the insurance industry to solve the homeowner insurance problem. Rates may have to be regulated so that increases are limited to 5% per year. Price regulation of grocery items must cut back the outrageous increases over the past 4 years. The capitalist system, which is a predatory economic system may have to be ditched.
Yeah because becoming socialists has worked so well across the world… nationalize everything lest try the Venezuela way. Because it worked so well for them. 😂😂😂
Socialism happens when the guy at the bottom is tired of hearing BS for years and he can't get ahead. I do not advocate socialism but with private equity et al f*****g it up for the average Joe it is inevitable...
Is renting then better than owning what’s the point of owning a home? Or should owning land and putting and RV is the way to go to avoid large insurance and property taxes cost?
The fact that people can literally get taxed out of their homes is so gd despicable to me. A tax is an imposition by the government and doesn’t even have a thing to do with the fair market share of a commodity, yet they can decide to take more of your money or even force you out of your home completely to get the money you “owe” because the property is more valuable than it was when you bought it. Absolutely sickening.
Keep our elderly in mind, I was talking to a older man the other day who told me a one bedroom in a retirement home is around 8,000 in Chicagoland. It's heartbreaking. And let's be honest, these places are small and not nice.
My husband and I retired no long ago due to health reasons and we are having to move out of state due to the cost of excessively high taxes in Oregon, we are looking for a state that has lower real estate taxes. Luckily our house is fully paid.
When housing prices started to decrease in 2008, it got bad enough people didn't want to pay on an under water mortgage, so they would just stop paying, then one year later were forclosed on, and then the newspaper had pages and pages of foreclosure notices. It snowballed.
I came to the U.S in 2009. I was 23, and had no idea back then. Now, I am watching so many RUclips channels to learn what is going on with the U.S economy.
I do not, and frankly cannot, believe those prices will ever come down. It has become so ingrained in our system that housing is a commodity that: builders have no incentive to build more affordable units. investors have no incentive to lower rents, or not to scoop up every new property to make into a rental. DIY-ers have every reason to swoop in on uglier (and more affordable) properties, fix them up, and flip them for a massive profit, pricing even more people out of the market. legislators at every level refuse to take any action to reduce real estate profits, either to benefit their own portfolios or because of some "socialism!" boogeyman. I genuinely do not see a light at the end of the tunnel, except maybe a train that will run us all down.
As long as Larry Fink gets unlimited billions of taxpayer dollars to buy everything on the market, there will be no housing market. The system is broken, the American Dream is broken.
For some time now, owning your own home was considered the best your average American could do financially. And since real estate essentially is fueled by supply and demand just like any other commodity, any action that could actually address the high demand is not likely to be met favorably with many of the people that already own homes and are counting on them to fund their retirement futures. Lately I've heard that for home ownership to return to a tenable reality for people of modest means, one of the following needs to happen. 1. Mortgage rates need to drop at least 4%. 2. Wages need to increase 60%. 3. Home prices need to drop 40%. Only the home prices dropping seems like an even remote possibility, and yet I was there for the 2008 crash. It worked out well for some people, but it was terrible for many more, including people who weren't even in the housing market. Honestly at this point it seems to make more sense for people who can't afford to buy to seek out a comfortable renting situation and invest their money elsewhere.
This! Looking at properties in an area where the fixer uppers go too hard! Yes, let’s buy a property for $40k. Do next to nothing outside of purely cosmetic fixes inside the home for $20k ($60k total so far). Leave the roof, HVAC, air con, crawl space all busted which is over $30k more in cost on a op of the price of the home, and then list for $210k. That’s over $150k profit on a rundown nasty home that needs immediate repairs when you move in. There just aren’t ready to move in homes available and if they do hit the market, immediate cash sale of $20k over asking just for it to be rented at $2k a month and paid off in less than 10 years and pure cash income while again, doing nothing to the home. And like you said, it’s not going to get better.
In San Diego County alone this year, over 400 homes are currently up for auction due to unpaid property taxes. Additionally, home insurance has become unaffordable.
In California, Monterey County we have a lack of inventory so much, that most home that cost 300,000 now cost 680,000 and 1.5million in area where medium income is $50,000 and houses are selling because. I don't see any cracks in my Area at moment.
I fought my property tax increase for 6 months and won. It's not terrible this year. My best friend got a second mortgage to pay off other debts. He will have to use the credit cards.
the people who are dropping home insurance aren't dropping fire or liability. just the windstorm portion. which is the most expensive part. ... all the homes for sale west coast fl are those rebuilt from the last storm. and everyone has had the same idea to sell. thats why theres a lot of inventory there, pair that with the condo crisis and theres all your florida inventory. ....11 new insurance companies. have come into florida so we shall see how the goes
Because the government thinks that this is transitory! Lie!!!! It’s sad, but I believe that we are going to have a great depression with a GFC! Hitting a homeowner with triple increase in insurance and property taxes, higher interest, and higher housing prices all four of those screams failure !!!!! People are pulling at all the resources hardship on their 401(k) Helocs Maxed out credit cards And now by now pay later for food! The Government has failed!Man made in largest historic crisis coming! And stripping the American people of their rights and power! World news SPEIGEL BIDEN CREATED THE WORLD INFLATION CRISIS! Countries are dropping the American dollar! The United States of America is losing their world power !
What would solve the housing price crisis? No foreign investment (includes second homes). Stop using Air B&B and the like. If people would stop renting them, the owners would have to either make them long term rentals or sell. Win-win. Maybe if everyone agrees to use hotels for even one year, it would shake loose a lot these properties.
Private equity firms are buying up the houses, hard to stop that from happening. Hotels are filling up with refugees so staying in Hotels instead of B&B’s is getting more difficult.
Funny, I had an appraiser knock on my door today, asking about rent prices and how I felt about the neighborhood. He was trying to put a price on how much 2 new 4 plexes that are about to be built could be worth.
We have a few homes down here in the metro Atlanta, GA area that have gone into foreclosure, but not that many. But, yes I agree with you these property taxes and insurance hikes are taking people out, it is asahme 🤦🏾♂️..thanks, Kristina for this video and sharing what is really happening in real estate.
I live in the metro Atlanta area (Alpharetta). Our housing is still considered affordable for a major city but when the average house price is out of reach for the average income that is a bubble. Our incomes are still some of the lowest so most middle class can't afford the average Atlanta house.
This is the best and most comprehensive video I’ve seen since I subscribed to your channel, Kristine. Everything you touch on in this video has been the same future issues I’m noticing. Insurance and tax rates skyrocketing… because home sale prices are just ignurt right now. I’m 61 and even a 15 year mortgage doesn’t make sense to me. I’d rather rent the rest of my life.
It won't be a bail out. It will be a bail in. Legislation was put in place after the 2008 financial crisis to do bail ins instead of bail outs. A bail-in is the opposite of a bailout. Instead of relief funds coming from outside (taxpayers), the funds come from inside *shareholders and depositors*.
@@omar10213245 instead of the government paying out of the treasury to bail out financial institutions, with a bail-in, banks use the money from *depositors and unsecured creditors* to help them avoid failure. This also includes depositors whose account balances are more than the FDIC-insured limit. This means instead of using taxpayer money and adding debt to the national debt, banks will use the money you and I and businesses have deposited into our bank accounts to avoid insolvency... but hey, they "promise" to pay it back to us, eventually. Basically, banks have the keys to the vault and will steal our money to pay for their debts. Maybe we should all start hiding our money in our mattresses.
@@omar10213245 In a bail-in, banks use the money from depositors and unsecured creditors to help them avoid failure. This also includes depositors whose account balances are more than the FDIC-insured limit.
omgosh! so glad you posted this because I am in the process for a loan and 0 down was one of the option "due to a new program!" and is like 7.5% interest so I hesitated and havent jumped on it. Still shopping around. but 7.5 interest - oof. And thats with an excellent credit!
Denver Metro Area... Hell, all over really, are completely out of control. Average home price is almost $600,000. Its getting ridiculous and something has to give ..
Oregon has a max 3% increase on owned homes but that does not account for bond measure add ons. New purchases are adjusted to market rate. Your taxes can go up on owned properties if you make significant changes (like new structures).
Prices are determined by supply and demand. A small proportion of sellers are likely greedy, but when the entire market increases in this fashion there are larger factors at play. Inflation, rates (people with a 2.5% mortgage aren't moving), and a lack of supply have driven home prices up.
Young people drove up the prices trying to impress their friends with houses they couldn't really afford. Then they added in a thousand a month each for cars they couldn't afford either.
@@cezz1105 I have a house worth about $1.6m now, (was bought in 2020 for $800k). Taxes are now $30k/year and insurance is $16k/year. Who can afford this? My neighbors house was bought for $3.1m less than two years ago and their taxes went from $36k to $98k/year. Insanity.
My property tax on the condo in Atlanta was less than $800 in 2013, 3 years after a middle school nearby was built, it continues to increase every year. Now it's over $2200! 😣
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I bought my home 8 years ago. My insurance has gone up a little, maybe 1-2% during that time. On the other hand, my property tax has almost doubled in the 8 years. My home has gone up in value by 50-75%. Inflation hasn’t impacted me. In fact, I have found ways to cut expenses and save more.
High Home Price, High TAX, High Insurance, High Unemploment, High Price of Food, High Medical Bill... Let's Make Everything High-even Birder Walls ...Well Done Uncle SAM 🇺🇸 Let's make it 35 Trillions as soon as possible
I forget the exact number, but there are videos you can find that add national debt, plus the known debt of homes, Credit Cards, School loans, and cars, in the US alone. While the national debt might seem high, the actual US debt is even more incomprehensible. Literally everyone is to their eyeballs in debt. I would say it’s less than 1% of the population that is just straight up debt free, if that even exists anymore
It infuriates me that no down payment home loans are pushed 😡 Work, save an acceptable down payment (15 yr mortgage) , live on less than you make, make your monthly mortgage payment and add to it as you can to get that home paid off. Hubby and I are so close to finishing paying off our home I can’t wait.
Some people are never going to be able to save that amount. I have owned 5 houses and never put anything down even when I had the money. I pay more then the minimum, but with low interest rates why use your capital when you can keep your money in the market.
In 2010 we paid cash for our home in Fl. 32K. Our home is now appraised @ 220K. We are not selling and are hoping prices will drop to lower our taxes. As a planned generational property, what should we do to prevent a death tax that would certainly impact my children?
I wonder if PMI can be required after you already own, you already had 20 percent equity, but then your home value drops. If banks can't do that now, I wonder if someday they might find a sneaky way to add it. That would also make the payment higher.
I don't want to own a home anymore. It makes no financial sense for me. I'd rather save $ by renting, and invest what I would otherwise spend on interest, property taxes, repairs, maintenance, and insurance.
@@Erribell There's plenty of other methods to leave your kids/grandkids than just real estate.. Why break your neck to do nothing but pay a mortgage for the rest of your life if that's what it would take to own a home? Real estate almost always performs worse than the S&P 500.
@@M.CampbellRight now in my area, it's too unaffordable to buy a house and have a mortgage at 7.5 percent for 30 years. I'd rather save my down payment and invest it for the next 5 to 7 years. Maybe home prices will go down by then and interest rates will come down.
@nicholasalteri3144 if you give your grandchildren property in a trust so they cant sell it then you will have a generational home and land. The money you got as difference in the stock market will be spent within one generation more likely will be spent in 5 years. Poor people like us have to think long term so that our descendants don't have to be poor people like us.
Great video Kristina I can see those Parallels as well..As well as high prop taxes and insurance rates hitting everyone at the same time..Cracks are there!!
I leave in Northwest Illinois, I just put my house on the market there was a fair amount of inventory at the time, (early June) I have a contract and as I follow the rest of the homes by June are just sitting. No price reduction, although I took a low offer because I need to move. I believe the rest will follow soon. This is a vacation and second home area for Chicagoan’s so I believe it will stagnate and come down. The rest of the area will probably start to see job losses due to most trade workers live off this area. Taxes will raise due to last year prices doubling since 2020. I am taking the cash and waiting to buy like I did in 2008. Timing is everything. Like they say when people go left you go right that is what I am doing and did it before. For get FOMO and sit tight and wait deals will appear soon.
Wondering if you might have some insight. My brother inlaw bought a house on 7 acres. Not sure if it's paid off yet but he's agreed to let us put a double wide manufactured home on a piece of it. It's close to tye street but will need at least water and electric brought in and we'll need to get septic most likely. Is there a loan off the top of your head that would cover this type of build?
A new construction loan package. He will need to parcel off that land and put it in your name to secure the loan. Please check with a local lender to get all the details. Thats how they would do it here in my county.
It's so ironic Matt Ishbia bought the Phoenix Suns. We are all glad to finally have an owner willing to spend money to win, but many of us in Arizona don't have two pennies to rub together because of the housing crisis that people like Ishbia are exploiting for profit.
I hope prices will drop but in northern NJ, houses are short in supply. Home prices are selling over asking (as much as 10% to 30%). I am praying for a drop in price too but it’s not happening here. Maybe I will go to Austin and buy a house there.
Same here in CT, no sign of a crash. I've wondered if there is a reversal of northerners moving down south contributing to this because of insurance costs, I'd like to see some data on that.
@@wzeng02 Pretty much all of it. What I've watched most closely are New Haven/Hartford County suburbs and even in the worst neighborhoods of New Haven or Hartford the prices are unaffordable for me.
OK, if a lot of homes enter the market for first time homebuyers because of tax and insurance costs, won't they face the same problems with property taxes and insurance once they purchase the house?
Make sure it’s gone down with basic recent sales and listings similar to your property. Then once it’s confirmed see how much you will save. Hire a qualified licensed appraiser in your area who understands Ad Valorum assessors tax appeals requirements. Get the appraisal, file copies with your county assessors office. If you are in an attorney state it may be different
Had to sell my moms home in Palm Beach County. She has been there since 1983 due to taxes and insurance. It was extremely hard and it’s very shameful where is all this money going?
If a bank has issues they will get the government will help them. If the government does not help them they will sell their assets to a corporation and be just fine.
And when prices start to drop, the investors will start selling off their properties, with further snowball. People won't pay the high rental prices, they would rather live in their car. I think this will be worse than 2008, because its no longer unthinkable to live in an RV, even if you have kids.
Yes. You are spot on. There are plenty of full-time engineers in Silicon Valley living in RV's rather than pay exorbitant amounts for housing. Can you blame them?
Do you think these red flags will cause home prices to come down? *Watch: Insurance Is Ruining Affordable Housing: ruclips.net/video/e3EwNhwuAzQ/видео.html*
Makes sense.
I know it sounds crazy but ever since I was a kid I've always wanted to literally build a home into a mountain.. excavate the rock and make a cave home.. it's been done before and can look amazing if done right and since I'm a retired vet it's an inexpensive option.. have you ever heard of people doing this and what obstacles they had?
@@4everseekingwisdom690 check out the words “troglodytes in North Africa” .. and yes go for it !!! all the best to you
I can assure anyone with climate change for profit insurance gonna hear alot about this. I believe Gov knows sooner or later gonna have to take over insurance. Can't let greed make everyone broke to be insured
@@davidwilliams4498 I can't imagine gov. getting involved not with all the lobby money and campaign money they receive to get elected. Same with medical insurance, those companies intentionally let people die to save a dollar.
In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I won't hold my breath after the last crash (2008) where banks were protected and regular folks lost everything. In my area a fixer POS house is more that $400k, pre-pandemic would have sold for 60 to 80k land value. These prices are crazy!
Too big to fail,
Too big to jail.
Banks are not allowed to fail cuz everyone would lose everything. Only greedy people lost in 2008 mind you.
its called theft.
they print trillions of dollars and give it to all of their buddies,
then suddenly normal people cant afford anything.
its a way for the elites to take all of the resources for themselves and abandon the middle class and destroy our purchasing power
thank joe biden
During the last administration it became LAW that banks were again allowed to do risky lending but this time the people are to be 100% responsible for bailing out banks and financial institutions even though we don't get any of the profits. Thanks Trump.
@@georgia777 weird how you can say all of that and not reference the law?
almost like you are a liar and full of biden.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
Investing in both real estate and stocks can be a great idea, especially if you have a solid trading strategy to guide you during prosperous times. It's all about diversifying your investments and maximizing potential returns!
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
@@LucasBenjamin-hv7sk Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
The decision on when to pick an Adviser is a very personal one. I take guidance from Annette Marie Holt to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
With the increase in property taxes I certainly haven’t seen improvements in city streets or services. Where is all the extra money going?
It’s definitely not going to the roads. Some of the same potholes have been there for years. Some of the roughest roads have red light cameras on them.
Politicians aren’t getting any poorer.
@@seanm3226 truth!!
Probably the military
You live in Florida huh?
I truly enjoy your videos! I've noticed the same red flags. Something needs to change quickly. No one can afford to buy a home and no one can afford the price of rent.
I built a small offgrid home in 1997. When 2007 unfolded i didnt owe anyone a dime. I still dont.
Brilliant!!! Love that.
I did the same in 2016 and am debt free as well however I am worried I won't be able to keep my employee busy and kids are expensive too lol
Been in the industry for 20+ years and this is one of the best summaries I have seen across RUclips.
I made 6 figures (barely over) for the first time ever and I feel like the goalpost keeps moving out of reach for me. I don't have any kids and I live in the Kansas City area - a lower-than-average cost of living compared to other areas of the U.S., but good lord, houses here have doubled, even TRIPLED in price since 2013. I feel sick to my stomach! What's even crazier is that a home will sell, but will re-appear on Zillow a short time later as a rental. Speaking of, don't get me started on rent...
Can you move one county over? That's what I did here in Georgia. The same model of house from the same builder I bought for 550k is 680k just 10 miles away and I still have a Costco, new hospital, and plenty of shops down the street. The only reason being the expensive one is in a college town. Sometimes the prices are county-specific but you still have the same amenities.
Hang in there it will happen and you will be so glad you waited. Listen to her and people who lived through 2008 crash, which lasted to 2012. I bought a condo in Denver area for 199,000 in 2012 in 2019 I sold it for 425,00 this is how you build wealth but it takes patience.
I just met a guy that moved to my state. He is an investor in residential properties in the Midwest. He and his fellow investors, mostly friends and family, buy up house after house in depressed neighborhoods that are sandwiched between nicer less depressed neighborhoods and then they rent them out to pay mortgage till prices go up enough in that area and then sell. They currently own over 300 properties.
That's what happens when you're government spends too much and your central bankers print too much. Eventually everyone is going to be a millionaire and fast broke. Get ready, it's only just begun. INFLATION is how the government is going to pay away the crazy debt and break the average American household in the process.
Corporate investors are in a buying frenzy now and it will only get much worse. The average working person doesn't have a chance even if you earn $100k/yr or more
Personally, I did point out to a realtor friend before the last crash "how can house prices just keep rising like this" and he said "house prices never fall". I didn't predict a fall, but it seemed impossible for the rise to keep going. I remember prices going up fast before the last fall, so I see it coming, even with lack of housing.
Kristina thank-you for "caring for the middle-class/poor" who can end up in a worse scenario!!!
There needs to be a national cap on property taxes for yearly increases. It’s unreasonable to think average homeowners can keep up because a transplant with a higher budget bought in their neighborhood.
I think rent caps should be wrapped into this kind of bill proposal too. But neither party will do this.
It doesn’t appease corporations that want to make us all renters.
You want the federal government to start legislating local property assessments? It's a lot easier to change your state, county and city government.
Of course I am biased, my state gives big tax breaks if it goes up more than like 15%.our assessors are very approachable and easy to set up a meeting with. So I don't want the people responsible for your state getting a vote in property taxes in my state if yours are that bad!
Don't get me wrong. Income tax MUST be done at the federal level, to avoid a race to the bottom. Although *spending* can be local.
@@doomedwit1010 whether federal or local, there should be a cap in the percentage of yearly increases.
We have homestead in FL. It helps alot as long as you don't buy at an inflated price. You are so right about people with big incomes jacking everything up and leaving young locals scrambling.
I work for a company in Alabama that works for the banks to see the conditions of foreclosure and pre foreclosure houses. We have so many jobs, If my car would take it, I could do over 100 a day and my company would still have plenty more for all the employees.
We "unfinished" our basement. We took all.of the ceiling tiles out.. Removed the sheetrock from the walls. We left the vertical 2x4s that optically divide the bedroom ,office and bathroom spaces. We can use curtains. Our taxes dropped 10% while our neighbor's taxes went up 10%. It is not a big deal to us to have nice bright painted walls with lovely curtains in the basement
They do not go inside in my jurisdiction. Ever. However if it goes up more than 15% you get a tax break. And it gets reassessment every year so you only have giant leaps when that particular house sells.
Some states, counties, and cities are a lot better than others.
Are foreclosures up to 2019 levels yet?
Loo you cheap skate😅
@blipblop92 Choosing to spend on other things that add to my comfort instead of the county taxes
You are so thorough in your research. Thanks for sharing it.
Some people see the glass as half full
Some people see the glass as half empty
I see the glass as half broken
Be careful when you sip.
You're right again. I see it coming. I lost my house to foreclosure in 2008 bad loan. I was fortunate to get money in 2013 & bought a tiny cottage. I'm scared for people.
Mine went up a extra 250 on the month ,and like you said I had to come up with 1,500 to bring escrow up to date ,true my house values went up from 150 to 240 thousand, but if you sell the average rent is 1200 and more for a place to live and that is not always in a good area ,so your forced to struggle to stay in your home or be homeless, thout about selling and buying a camper with the Gaines and say the hell with it . I put alot in my home to be taxed out of it .
Yeah, an appraised and UNREALIZED value gets taxed...
30 year fixed rate mortgages is not fixed because property taxes & home insurance premiums aren’t fixed….They ALWAYS GO UP!!!!!
Prop tax went down in Texas. Gov Abbott signed a bill that is helping homeowners
@@jesseurizar7146 values of houses double from 500k to 1million so the 60k increase in homestead or whatever is not much it also only applies to school tax
I have personally been through everything you spoke about. This WILL NOT end well.
I agree!! I have been seeing the same trends in my area of Washington State. The other side of these issues, which are bad for homeowners with no mortgage, seniors, etc., is that lower home prices might allow some people to be able to afford a house that weren't able before. Housing prices drive the rental market too, and I know it has been crazy in this area. Great for landlords, but difficult to impossible for tenants and prospective tenants.
Finally some realism instead of the fake optimism... thanks for the heads up and wake up call
I think many people are so annoyed with investors bidding up RE prices they fail to realize those same investors could absolutely tank the housing market. No home owner is ever going to sell their house because it went down in price by 3.5%.... they are living in it. Even if they did sell they would just have to buy a different house. A person selling their primary residence does add supply but they also add corresponding demand when they buy their next house. This leaves inventory levels (supply) unchanged. But investors selling is an entirely different thing.. they could easily be motivated to sell by single digit losses (especially if they think its the beginning of a trend) and investors could sell 1, 10, 100 or even 10,000 homes, and buy zero.. If this ever takes off it will create a gigantic negative feedback loop as investors sell and spike inventory leading to lower and lower prices encouraging even more investors selling and putting even more inventory on the market. It could really spiral out of control. This is the risk of people owning millions of homes they don't live in... They can dump them on the market in an instant and they will if they feel that is the most profitable move for them.
No investor pays above asking. That’s the opposite of investing.
Currently in the process of looking to buy a home. What's crazy to me is losing out on bids to all cash offers. Who are these people that have all cash to buy houses? Haven't lost hope yet and will continue searching for now.
private equity
Foreign nationals and private equity firms. Ripping off Americans
Like the last commenter said. It’s private equity buying up the most affordable homes.
@@KristinaSmallhorn Stop these private equity firms and wall street corporations from buying single family homes.
@@moneymanfernando1594 much easier said than done.
I think your hypothesis is spot on. It may take nationalization of the insurance industry to solve the homeowner insurance problem. Rates may have to be regulated so that increases are limited to 5% per year. Price regulation of grocery items must cut back the outrageous increases over the past 4 years. The capitalist system, which is a predatory economic system may have to be ditched.
Not a single libertarian or republican would go for that.
Yeah because becoming socialists has worked so well across the world… nationalize everything lest try the Venezuela way. Because it worked so well for them. 😂😂😂
@@dallidvargas916Venezuela is not socialist....it failed because of a corrupt dictator who took all the money.
Capitalism works just fine. The problem is the government interference that is anti capitalist.
Socialism happens when the guy at the bottom is tired of hearing BS for years and he can't get ahead. I do not advocate socialism but with private equity et al f*****g it up for the average Joe it is inevitable...
All I can say is unless prices fall by 50% there’s no way I would buy in Florida…. It’s too much risk at these prices
Is renting then better than owning what’s the point of owning a home? Or should owning land and putting and RV is the way to go to avoid large insurance and property taxes cost?
The fact that people can literally get taxed out of their homes is so gd despicable to me. A tax is an imposition by the government and doesn’t even have a thing to do with the fair market share of a commodity, yet they can decide to take more of your money or even force you out of your home completely to get the money you “owe” because the property is more valuable than it was when you bought it. Absolutely sickening.
thank you for doing this video! you're one of the only realtors laying out the harsh reality that's coming.
Once again we are seeing peoples lives being ripped apart through no fault of their own. Thanks for your word of caution.
Wrong. Irresponsible consumption by individuals is the largest problem in America.
No fault of their own? 😂 What level of delusion do you have to reach to think the American public has no fault in all this?
My heart goes out to the elderly. Homeowner’s insurance doubling and property taxes rising.
Up north here in Pennsylvania taxes run around 1,200. A yr. And homes around 125,000. I moved up here to get out high taxes in Lehigh Valley.
Personally I think it was all done on purpose; think about it, how else can you raise the taxe value on homes?
To me, it’s about the rich versus everyone else. The haves and the have nots. And the haves want the rest to have very little while they eat it all.
Think about how much that would be over 50 states.
Keep our elderly in mind, I was talking to a older man the other day who told me a one bedroom in a retirement home is around 8,000 in Chicagoland. It's heartbreaking. And let's be honest, these places are small and not nice.
My husband and I retired no long ago due to health reasons and we are having to move out of state due to the cost of excessively high taxes in Oregon, we are looking for a state that has lower real estate taxes. Luckily our house is fully paid.
When housing prices started to decrease in 2008, it got bad enough people didn't want to pay on an under water mortgage, so they would just stop paying, then one year later were forclosed on, and then the newspaper had pages and pages of foreclosure notices. It snowballed.
I came to the U.S in 2009. I was 23, and had no idea back then. Now, I am watching so many RUclips channels to learn what is going on with the U.S economy.
I do not, and frankly cannot, believe those prices will ever come down. It has become so ingrained in our system that housing is a commodity that:
builders have no incentive to build more affordable units.
investors have no incentive to lower rents, or not to scoop up every new property to make into a rental.
DIY-ers have every reason to swoop in on uglier (and more affordable) properties, fix them up, and flip them for a massive profit, pricing even more people out of the market.
legislators at every level refuse to take any action to reduce real estate profits, either to benefit their own portfolios or because of some "socialism!" boogeyman.
I genuinely do not see a light at the end of the tunnel, except maybe a train that will run us all down.
Then...Become a do it yourselfer and buy those fixer uppers
As long as Larry Fink gets unlimited billions of taxpayer dollars to buy everything on the market, there will be no housing market. The system is broken, the American Dream is broken.
For some time now, owning your own home was considered the best your average American could do financially. And since real estate essentially is fueled by supply and demand just like any other commodity, any action that could actually address the high demand is not likely to be met favorably with many of the people that already own homes and are counting on them to fund their retirement futures. Lately I've heard that for home ownership to return to a tenable reality for people of modest means, one of the following needs to happen.
1. Mortgage rates need to drop at least 4%.
2. Wages need to increase 60%.
3. Home prices need to drop 40%.
Only the home prices dropping seems like an even remote possibility, and yet I was there for the 2008 crash. It worked out well for some people, but it was terrible for many more, including people who weren't even in the housing market.
Honestly at this point it seems to make more sense for people who can't afford to buy to seek out a comfortable renting situation and invest their money elsewhere.
The renter games.
This! Looking at properties in an area where the fixer uppers go too hard! Yes, let’s buy a property for $40k. Do next to nothing outside of purely cosmetic fixes inside the home for $20k ($60k total so far). Leave the roof, HVAC, air con, crawl space all busted which is over $30k more in cost on a op of the price of the home, and then list for $210k. That’s over $150k profit on a rundown nasty home that needs immediate repairs when you move in. There just aren’t ready to move in homes available and if they do hit the market, immediate cash sale of $20k over asking just for it to be rented at $2k a month and paid off in less than 10 years and pure cash income while again, doing nothing to the home. And like you said, it’s not going to get better.
They don't require escrow up front if you already own the home. Mine went up 3k and I paid extra every month.
On FL east coast, 2004 insurance/year on an affordable 3/2 $900, today $5600. What’s occurring across the board with everything is criminal.
My property taxes are MORE than my mortgage.
House has TRIPLED in assessed value.
Ridiculous
In San Diego County alone this year, over 400 homes are currently up for auction due to unpaid property taxes. Additionally, home insurance has become unaffordable.
People are short-sighted. Absolutely nobody talks about the 1990 housing crash. Yet everyone believes that home values never go down.
Most people are actually not smart
And no one talks about mortgage Interest rates in the 1980's @ 16%. The 1990's were palatable @ 11% 😅
In California, Monterey County we have a lack of inventory so much, that most home that cost 300,000 now cost 680,000 and 1.5million in area where medium income is $50,000 and houses are selling because. I don't see any cracks in my Area at moment.
I live 30 minutes from #9 Elmira NY and my husband grew up there. It’s a rough city.
I fought my property tax increase for 6 months and won. It's not terrible this year. My best friend got a second mortgage to pay off other debts. He will have to use the credit cards.
So many people are running their lives on CCs now. It’s a mess.
That’s a losing strategy.
the people who are dropping home insurance aren't dropping fire or liability. just the windstorm portion. which is the most expensive part. ... all the homes for sale west coast fl are those rebuilt from the last storm. and everyone has had the same idea to sell. thats why theres a lot of inventory there, pair that with the condo crisis and theres all your florida inventory. ....11 new insurance companies. have come into florida so we shall see how the goes
Let’s hope it gets better.
Home prices dropped in Ca and it took some homeowners 10 years just to get back to the last high.
Excellent video Kristina....prices are still too high in the Northeast.
If our government can bail out big banks, why can't they bail out poor working people? 😢
Good question. I wish I had the answer.
If the rest of us have to pay taxes, why don’t the super rich have to pay taxes?
Governments and politicians work for central banks and central bankers, not for everyday people.
Because it's not in their interest, they want you poor.
Because the government thinks that this is transitory! Lie!!!!
It’s sad, but I believe that we are going to have a great depression with a GFC!
Hitting a homeowner with triple increase in insurance and property taxes, higher interest, and higher housing prices all four of those screams failure !!!!!
People are pulling at all the resources hardship on their 401(k)
Helocs
Maxed out credit cards
And now by now pay later for food!
The Government has failed!Man made in largest historic crisis coming!
And stripping the American people of their rights and power!
World news SPEIGEL
BIDEN CREATED THE WORLD INFLATION CRISIS!
Countries are dropping the American dollar!
The United States of America is losing their world power !
What would solve the housing price crisis? No foreign investment (includes second homes).
Stop using Air B&B and the like. If people would stop renting them, the owners would have to either make them long term rentals or sell. Win-win. Maybe if everyone agrees to use hotels for even one year, it would shake loose a lot these properties.
Private equity firms are buying up the houses, hard to stop that from happening. Hotels are filling up with refugees so staying in Hotels instead of B&B’s is getting more difficult.
Former countrywide corp., employee here, i agree! Disaster recipe for sure.
Funny, I had an appraiser knock on my door today, asking about rent prices and how I felt about the neighborhood. He was trying to put a price on how much 2 new 4 plexes that are about to be built could be worth.
We have a few homes down here in the metro Atlanta, GA area that have gone into foreclosure, but not that many. But, yes I agree with you these property taxes and insurance hikes are taking people out, it is asahme 🤦🏾♂️..thanks, Kristina for this video and sharing what is really happening in real estate.
I live in the metro Atlanta area (Alpharetta). Our housing is still considered affordable for a major city but when the average house price is out of reach for the average income that is a bubble. Our incomes are still some of the lowest so most middle class can't afford the average Atlanta house.
This is the best and most comprehensive video I’ve seen since I subscribed to your channel, Kristine. Everything you touch on in this video has been the same future issues I’m noticing. Insurance and tax rates skyrocketing… because home sale prices are just ignurt right now. I’m 61 and even a 15 year mortgage doesn’t make sense to me. I’d rather rent the rest of my life.
It won't be a bail out. It will be a bail in. Legislation was put in place after the 2008 financial crisis to do bail ins instead of bail outs. A bail-in is the opposite of a bailout. Instead of relief funds coming from outside (taxpayers), the funds come from inside *shareholders and depositors*.
what does "bail in" mean?
@@omar10213245 instead of the government paying out of the treasury to bail out financial institutions, with a bail-in, banks use the money from *depositors and unsecured creditors* to help them avoid failure. This also includes depositors whose account balances are more than the FDIC-insured limit. This means instead of using taxpayer money and adding debt to the national debt, banks will use the money you and I and businesses have deposited into our bank accounts to avoid insolvency... but hey, they "promise" to pay it back to us, eventually. Basically, banks have the keys to the vault and will steal our money to pay for their debts. Maybe we should all start hiding our money in our mattresses.
@@omar10213245 In a bail-in, banks use the money from depositors and unsecured creditors to help them avoid failure. This also includes depositors whose account balances are more than the FDIC-insured limit.
@@omar10213245YT is removing my reply. Google the definition.
Yep, it happened in Greece in 08. It WILL happen here.
omgosh! so glad you posted this because I am in the process for a loan and 0 down was one of the option "due to a new program!" and is like 7.5% interest so I hesitated and havent jumped on it. Still shopping around. but 7.5 interest - oof. And thats with an excellent credit!
My aunt said when she bought her house in 1980 it was 10%.
@@wantsome-zs5sqYeah, the 80s were *rough* with insanely high interest rates. Makes today’s rates look downright delicious in comparison.
That’s what rates are at currently. Right around the 7’s.
@@KristinaSmallhorn And, as announced today…holding steady. 😐
now that she mentions it i remember seeing a photographer a few months ago in my neighborhood taking photos up and down the street.
If I may... Where are you?
Denver Metro Area... Hell, all over really, are completely out of control. Average home price is almost $600,000. Its getting ridiculous and something has to give ..
Getting ridiculous? It's been all out beyond ridiculous for like 2 years
Stop voting blue Denver. - I know. I am from Seattle. Democrats have totally messed up this state
Just waiting to see...
Appreciate the update!
Oregon has a max 3% increase on owned homes but that does not account for bond measure add ons. New purchases are adjusted to market rate. Your taxes can go up on owned properties if you make significant changes (like new structures).
What does this mean for land investor? Should I wait to buy? How a boy buy mobile home for quick sale?
Thank you for speaking the truth!!!
I am definitely seeing cracks. By my area realtors are saying this year the sales are very low. And I noticed the inventory is increasing like crazy.
Hi, which state is this happening if u don't mind?
Depending on what part of the country you live in, a 0% down payment mortgage would lead to a much higher monthly payment which ould get expensive:)
It's not the RATES ITS the greedy prices
Dumb young people are bidding up the price of houses to ridiculous levels.
It’s both
Prices are determined by supply and demand. A small proportion of sellers are likely greedy, but when the entire market increases in this fashion there are larger factors at play. Inflation, rates (people with a 2.5% mortgage aren't moving), and a lack of supply have driven home prices up.
Young people drove up the prices trying to impress their friends with houses they couldn't really afford. Then they added in a thousand a month each for cars they couldn't afford either.
@@midwestron8576 Who told you this?
Our mortgage escrow has gone up $200 in the last 2 years because the property taxes and home insurance has gone up
You don't even want to hear about my escrow in So Florida. My note went up by thousands.
@@networth00I'm hearing all kinds of stories like yours in Florida. Especially from those who have condos.
@@cezz1105 I have a house worth about $1.6m now, (was bought in 2020 for $800k). Taxes are now $30k/year and insurance is $16k/year. Who can afford this? My neighbors house was bought for $3.1m less than two years ago and their taxes went from $36k to $98k/year. Insanity.
@networth00 man that's bananas!
Totally agree with you on insurance companies
My property tax on the condo in
Atlanta was less than $800 in 2013, 3 years after a middle school nearby was built, it continues to increase every year. Now it's over $2200! 😣
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I am a Real Estate agent in California and I definately think we are heading for a big downturn.
I bought my home 8 years ago. My insurance has gone up a little, maybe 1-2% during that time. On the other hand, my property tax has almost doubled in the 8 years. My home has gone up in value by 50-75%. Inflation hasn’t impacted me. In fact, I have found ways to cut expenses and save more.
Thank you for giving us information. I like your videos. 👍
High Home Price, High TAX, High Insurance, High Unemploment, High Price of Food, High Medical Bill... Let's Make Everything High-even Birder Walls ...Well Done Uncle SAM 🇺🇸 Let's make it 35 Trillions as soon as possible
Tax the rich!
I forget the exact number, but there are videos you can find that add national debt, plus the known debt of homes, Credit Cards, School loans, and cars, in the US alone. While the national debt might seem high, the actual US debt is even more incomprehensible. Literally everyone is to their eyeballs in debt. I would say it’s less than 1% of the population that is just straight up debt free, if that even exists anymore
Biden puppet doing his job
It infuriates me that no down payment home loans are pushed 😡 Work, save an acceptable down payment (15 yr mortgage) , live on less than you make, make your monthly mortgage payment and add to it as you can to get that home paid off. Hubby and I are so close to finishing paying off our home I can’t wait.
Some people are never going to be able to save that amount. I have owned 5 houses and never put anything down even when I had the money. I pay more then the minimum, but with low interest rates why use your capital when you can keep your money in the market.
That's true I was priced out of my home when they raised my property taxes by $8900 here in FLA.
In N.Y. "deferred" payments were all due in August 2020 . Many went into foreclosure and now live in cars or with relatives.
In 2010 we paid cash for our home in Fl. 32K. Our home is now appraised @ 220K. We are not selling and are hoping prices will drop to lower our taxes. As a planned generational property, what should we do to prevent a death tax that would certainly impact my children?
I wonder if PMI can be required after you already own, you already had 20 percent equity, but then your home value drops. If banks can't do that now, I wonder if someday they might find a sneaky way to add it. That would also make the payment higher.
So when is the best time to sell?
I don't want to own a home anymore. It makes no financial sense for me. I'd rather save $ by renting, and invest what I would otherwise spend on interest, property taxes, repairs, maintenance, and insurance.
Dying with nothing to show to your grandchildren isnt for me, theres ways of getting a house you have to build it yourself
@@Erribell There's plenty of other methods to leave your kids/grandkids than just real estate.. Why break your neck to do nothing but pay a mortgage for the rest of your life if that's what it would take to own a home? Real estate almost always performs worse than the S&P 500.
If you can find a rental that is less than a mortgage...
@@M.CampbellRight now in my area, it's too unaffordable to buy a house and have a mortgage at 7.5 percent for 30 years. I'd rather save my down payment and invest it for the next 5 to 7 years. Maybe home prices will go down by then and interest rates will come down.
@nicholasalteri3144 if you give your grandchildren property in a trust so they cant sell it then you will have a generational home and land. The money you got as difference in the stock market will be spent within one generation more likely will be spent in 5 years.
Poor people like us have to think long term so that our descendants don't have to be poor people like us.
Central Indiana nice home fairly priced sells in less than a week. I enjoy your channel Kristina.
Great video Kristina I can see those Parallels as well..As well as high prop taxes and insurance rates hitting everyone at the same time..Cracks are there!!
Very interesting Kristina🤨
I leave in Northwest Illinois, I just put my house on the market there was a fair amount of inventory at the time, (early June) I have a contract and as I follow the rest of the homes by June are just sitting. No price reduction, although I took a low offer because I need to move. I believe the rest will follow soon. This is a vacation and second home area for Chicagoan’s so I believe it will stagnate and come down. The rest of the area will probably start to see job losses due to most trade workers live off this area. Taxes will raise due to last year prices doubling since 2020. I am taking the cash and waiting to buy like I did in 2008. Timing is everything. Like they say when people go left you go right that is what I am doing and did it before. For get FOMO and sit tight and wait deals will appear soon.
Keep in mind, Real Estate is connected to everything in the marketplace.
Yes indeed.
Like what 🤷♀️
Explain 👩🏫
Wondering if you might have some insight. My brother inlaw bought a house on 7 acres. Not sure if it's paid off yet but he's agreed to let us put a double wide manufactured home on a piece of it. It's close to tye street but will need at least water and electric brought in and we'll need to get septic most likely. Is there a loan off the top of your head that would cover this type of build?
A new construction loan package. He will need to parcel off that land and put it in your name to secure the loan. Please check with a local lender to get all the details. Thats how they would do it here in my county.
@@KristinaSmallhorn thank you!
I like this lady; she gets right to it.
It's so ironic Matt Ishbia bought the Phoenix Suns. We are all glad to finally have an owner willing to spend money to win, but many of us in Arizona don't have two pennies to rub together because of the housing crisis that people like Ishbia are exploiting for profit.
I hope prices will drop but in northern NJ, houses are short in supply. Home prices are selling over asking (as much as 10% to 30%). I am praying for a drop in price too but it’s not happening here. Maybe I will go to Austin and buy a house there.
Jersey is a super hot 🥵 market.
Same here in CT, no sign of a crash. I've wondered if there is a reversal of northerners moving down south contributing to this because of insurance costs, I'd like to see some data on that.
@@jer1776 which part or town of CT has hot housing prices?
@@wzeng02 Pretty much all of it. What I've watched most closely are New Haven/Hartford County suburbs and even in the worst neighborhoods of New Haven or Hartford the prices are unaffordable for me.
I remember, there was a lot of short sales.
That’s how I started in this business. Short sales were my thing and 3 to 5 hours a day on the phone with banks. It was insane.
OK, if a lot of homes enter the market for first time homebuyers because of tax and insurance costs, won't they face the same problems with property taxes and insurance once they purchase the house?
Thanks for the video good information I enjoy watching
Kristina, if the value of my home goes down, how do I successfully get the County Assessor to lower my property taxes? Do you have any tips?
Make sure it’s gone down with basic recent sales and listings similar to your property. Then once it’s confirmed see how much you will save. Hire a qualified licensed appraiser in your area who understands Ad Valorum assessors tax appeals requirements. Get the appraisal, file copies with your county assessors office. If you are in an attorney state it may be different
Exactly what Kiki said ☝️
It's time for a correction in all prices.
Had to sell my moms home in Palm Beach County. She has been there since 1983 due to taxes and insurance. It was extremely hard and it’s very shameful where is all this money going?
If a bank has issues they will get the government will help them. If the government does not help them they will sell their assets to a corporation and be just fine.
Lol i just watched the big short yesterday!
Best. Movie. Ever.
And when prices start to drop, the investors will start selling off their properties, with further snowball. People won't pay the high rental prices, they would rather live in their car. I think this will be worse than 2008, because its no longer unthinkable to live in an RV, even if you have kids.
Yes. You are spot on. There are plenty of full-time engineers in Silicon Valley living in RV's rather than pay exorbitant amounts for housing. Can you blame them?
I want to know why appraised values are driving people out of their homes. I think it's greed on the part of goverment.
It’s so ironic that democrat voters vote for everything blue- then complain as inflation keeps rising.
Pre-foreclosure are up. Watched for two years