The impossible dream? How inflation is impacting South Florida's real estate market
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- Опубликовано: 22 май 2024
- South Florida has the highest rate of inflation when compared to over a dozen of the largest metro areas in the U.S. The Consumer Price Index was released late last week, which showed housing costs are up more than 7% over this time last year, which begs the question: Should you be looking to buy or sell your home now?
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Annette Marie Holt is the coach that guides me, you probably might have come across her before I found her through a Newsweek report. She's quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
As long as investors and corporations are allowed to buy homes, they will remain out of reach for regular working class
Miami MLS....
That Realtor is out of touch with the real economy we have at the moment. The interest rate is not the main issue for the home purchase. The main issue is nobody wants to pay $650,000 for a home and two years later it’s worth $500,000 because the economy is destroyed. What good is a low interest rate when you can’t guarantee your home will hold its value.
Insurance rates are a big problem!
Depends. If you are buying a home to live in and not as an investment, then it doesn't really matter if the value goes down.
If you aren't sure you will stay in that home long enough, then renting is probably better. Especially now...
I'm not saying prices aren't too high. They are. They need to come down if we expect this to get better. Interest rates will do what they will do. That's just life. But home costs going up faster than incomes? That is a problem.
Zoning changes and some way to get builders to make more affordable homes is probably the best long term solution. Yes, that would drive home values down.
Yes, that would drop the value of the home I own. Not great for me, but good for people in general. I'm good with that if it happens. (I'm not holding my breath tho)
My guess, home prices stay high. This stays a problem for a long time. Big business has found out they can make money here now. They are not just going to stop.
If we all stopped paying but, that will never happen 😭
Yep do that, let corps buy everything so you rent forever
I thought Ron DeSantis was going to fix the insurance problem,,😂
News flash. Companies have moved in and announced lower rates coming. Best governor in the country
Don’t be stupid Ron DeSantis collected a dirty briefcase full of money in front of his house,,,to favor the insurance companies not to be sued,,,
@livingmybestlife365 newsflash that’s after he stripped the right for homeowners to sue companies for what they’re rightfully owed. Worst gov in history. Scared of people wearing dresses and books. I care more about my money than social justice rights and he has destroyed my money in Florida.
@livingmybestlife365 haha good luck insurance companies paid him off through campaign contributions lobbying for higher rates and the legislation for 40 year certifications for condos.
@@MCthespeaker I have a second home in the state and my insurance is $1800 a year. The governor has no control over what an insurance company can charge. He passed legislation to stop the fraud scams. I see you have absolutely no idea what you’re talking about. Typical snowflakes. Your concern should be bidenflation Ha ha to that one
Inflation isn’t coming down don’t be delusional
Even if it did come down who says it wouldn't be a bear trap, it would go right back up
Housing prices next year will be double what they are now.
Inflation will come down when we get a new president
@@nickacuna7215 - no it won’t because Florida’s problems are mainly due to your governor, not the president! Particularly when it comes to your condo market. Remember politics and the economies start at the local level. What programs are your governor implementing to make a change? Crickets 🦗
I live in Ohio, another red state period we’ve got the same president, but a different governor. And our Republican governor has put in a lot of programs so that we don’t have the same issues that Florida has.
@@crecasenswhere is Andrew Gillum when you need him?
How lucky am I I brought a house in 2009 in Miami when the banking system crashed. The house I brought two years before I brought it sold for 390k then when half of Florida was in foreclosure in 2009 I brought my house directly from the bank for 140k. Now it's worth 600k I'm probably going to sell it soon and retired overseas.
Some get lucky in timing and some get made.
Sell sooner rather than later. The condo crisis will eventually seep into the single family housing pricing and drag down prices. Not to mention NOAA has forecast this season to have the most hurricanes ever predicted (hopefully not). The dream of living in Florida won’t be shattered until a decent sized one hits and then the insurance story will take over the headlines.
@@bsgvlog5640 your very wrong. south Florida will always be a place where people world wide want to live. What's beautiful about south Florida is that there's limited space available so the housing will always be expensive. Rents will always increase in Florida especially when you have a great government in Florida who protects home owners and not squatters and renters
@GQ1921 disagree, it's not for everyone, I remember back in 2004, built in new development, lot of out of towners, new jersey, builder had advertised, within 3 yr 75% moved back.
South florida is easily the biggest bubble in the US. Housing has once again been turned into a get rich quick scheme by the scumbag flippers and investors.
Anyone want a $2MM house that was $500K 2-3 year ago?
Me neither. But there are plenty for sale. And a tidal wave for sale off the MLS
His rent would be $3500 a month also. Rent is no joke right now.
Not a word from DeSantis
What does he have to do with this? Oh, wait more government intervention so we can have what the people are running from in NY and California ... Supply and demand, plus location location .
@altheacbarnes2522 a lot, If you wonder why your car insurance policy has risen, ask your carrier. If you wonder why HOA's have risen, ask your HOA. In addition, many insurance companies have left the state and there's a high demand of real estate in SoFlo. The perfect storm!
What others are not able to see is that businesses are also facing higher insurance costs and those costs are being pass to us, ergo higher prices.
@@criscross7362 True, those you mentioned have risen. Car insurance has risen due to the insurance companies taking advantage of the devastation from the last hurricane. They freely admit that this is the reason, it also is the reason for homeowners insurance rising. HOA's raise fees due to many of them having to insure the roofs of the domiciles if that's part of the contract, otherwise, their liability insurance for common ground areas has risen. There are reasons for prices rising but the CPI for south Florida is not at 7%. You can easily go to the bureau of labor statistics website and look at the CPI graph, you'll see that it is going down and currently at 4.5.
DeSantis didn't set a manipulated 2% interest for 10 years. Neither forced New Yorkers to buy properties in Florida.
@@Zelielz1 but millions benefited from a low interest rate for years.
GREED WHAT GOES UP MUST GO DOWN
DREAMING
Not anymore. Welcome to the new normal.
Not coming down
Maybe you should look what it cost to rebuild, nothing is going down
Exception to the rule
The south florida real Estate market is more resilient than other markets in the US because more people with buying capacity moved in. By the way, the rates wont go down, specially after the last inflation numbers, I know Biden wishes to push them down but it would cause more harm than good in the long run. We are still paying the consequences of bad policies and free printing of money and thats why our dollar is worth less compared to before covid.
Interest rates are historically average and are far too low when you consider the amount of debt in the system.
It’s the asset prices that are too high.
3:25 She is lying through her teeth! IF the inflation comes down your house market price will be less than you paid for and when you ask for a refinancing the bank has to value your house to the market price and not whatever you paid for this which means you will have a negative equity and in order to qualify for a financing you will have to pay down more your mortgage! She is a terrible liar!
Don’t buy. Prices will come down like 2007
Conveniently left out the words “hurricane” and “flood insurance.”
I think Biden has done a good a job as any with our economy and inflation.
He doesn’t have many tools when it’s worldwide inflation.
When your insurance payment exceeds your mortgage payment I don’t think inflation is your #1 concern.
did you said biden and good job in the same sentence? How?
@@kanzzon Inflation down 4% thanks to the Inflation reduction act he passed in his very first year.
Lowest unemployment in 50 years.
GDP exceeding predictions at 3.4% (Trump was 2.5 I think)
REDUCED the deficit by $320 billion last year.
8.7 million jobs CREATED.
If you doubt my numbers here, just ask and I will send web links.
I can go on if you’d like.
My car insurance cost more than my car notes and I’ve never had any dui or hit and run😭
@@Honeythangggso you’re going to use one metric to determine an entire economic situation. OP literally gave you examples of improvements, and all you had was one example to counter it with.
The only tool the government has in interest rates.
3500 a month means game over for 90% of the population.
Just live in your car and get an LA Fitness membership 😊
A bedroom bathroom suite on bus stops in America, isn't unaffordable with shared kitchen laundry.
Can find it for under 200k in the nation's capital. 70k in places like Baltimore. Double up on jobs and dump it all on this, and having no mortgage rent or debt becomes feasible ❤❤
Never buy a home with another person unless you're married that guy is asking for trouble.
But yet house/ Townhouse’s between the range of $370k - $500k are selling like hotcakes due to the lower price point
Can't do nothing but 😅😂😅😂😂😂😂 at these real estate experts
Who cares hold for a decade or more and you’ll 100% be thankful
This isn't inflation its greed
'its not 2008 nor 2021' - he completely nailed... nobody has seen such a market where demand is constantly there but sales isn't happening due to high interest rates and inflation.
If people want to sell, they’ll have to sell at prices people are willing to pay… eventually home prices will drop in order to meet demand… otherwise homes will just sit stagnant without selling
The MONEY GRAB IS REAL sad god help us 😢❤❤
Thanks Ron.
What nonsense, interest rates are at 7% but inflation is 20% plus.
I don’t understand prices are going down. And the inventory is 9 months to sell
Maybe 10 years later.
INSANE 😢
Why aren't people mentioning Extremely high prices.
Less huricanes on the east cost do why the increase in costs?
I just bought a house in Florida at 5% fixed rate 30 years.
So your philosophy is to buy high and then sell low? You’ve got it all backwards. You should have just waited till the end of the year and saved yourself bundles.
@@user-iq9mn6lj6b I am a senior and I might be dead at the end of the year.
It’s all a scam
Inflation will come down then they will really hook them with a more expensive home at a 50 year mortgage lol!
lol...good luck buddy!
Keep paying those high prices northerners you will one day regret that decision to move to Florida. 😂😂😂😂
They better buy soon before interest rates fall and other buyers drive up prices.
Still, those are some cheap homes. Only $1.9M for that huge place by the water? I can barely get a small starter home for that price in the Bay Area.
We don't want to be like California - The Meatball
Except California is much better than crime infested Florida.
Get out of Florida. Entire state is circling the drain.
Refinance later? hmm better have patience.
Only when I become an adult …
Please got y’all facts straight before you post foolish rhetoric in the comments 📚. Investors, hedge funds and corporate (landlords) only own 2% of rental homes; the rest is individuals, mom and pop (2024, HUD, Commercial Observer, CNBC, Fox Business, Forbes, Wall Street Journal, Bloomberg)💯💰🏠🏢.
Thanks Biden!
What a red state with the highest inflation imagine that
Inflation will not come down - People will need to find better paying jobs.
Bidenflation!!!
Greendflation, corporation greed.
Let's see Trump's proposal is it socialism for the rich free handouts lower taxes for them, get a grip sheep
More like Desantisflation.
@@blongshanks77does desantis control the fed?? Think simpleton
"PANAMÀ 🇵🇦 RELOCATION TOURS! (V IDEOS) WITH JACKIE!! 😊🙋👍🇵🇦❤️👈"
To many Hispanic immigrants cubans get them out and it get better
The republican party needs them… so that won’t happen
Yeah because they're so rich they can afford to drop millions on a house made of toothpicks 😂
when all else fail blame immigrants smdh
@@infantebenji because scapegoating is effective, why would you waste the opportunity?
Why you sorry people fix your own homeland stop looking for handouts
"5 REASONS TO GET PANAMÀ 🇵🇦 RESIDENCY!! (VIDEOS) 😊🙋👍🇵🇦❤️👈"
The 2024 economic collapse is happening. A crash is coming in September or October, as all other crashes have happened in the same time. "Oct 22 1907", "Oct 28, 1929", "Oct 19, 1987", and "Sept 29, 2008". Get ready for it. It's coming 100%.
LOL people like u have been saying that every. Single. Year. "It's coming in September, you'll see." "Naw nevermind it'll happen in October, just watch."
Xmas comes and goes, and then the doomsayers are nowhere to be found.
Trump is solution.😮
Bidenomics at work!
Get real. It’s global and the US has the lowest inflation of any developed country.
@MM-sf3rl did the Clinton News Network tell you that? You are for from reality!
@@MM-sf3rl stop watching the Clinton News Network. You are misinformed
Bidenomics
Hoa fees & higher insurance has nothing to do with Biden
Get real. It’s global and the US has the lowest inflation of any developed country.
Bidenomics Baby!!!!
DeSantis policies too
DeSantis policies impact our state directly rather than federal policy.
And the Governor is…ready for it….wait for it…Republican Ron Desantis!
@blongshanks77 I'm not saying that solutions arrive immediately because the problem is complex. It'd be naive to think that a single politician has the absolute power to solve every issue. I understand that the legislation approved after the Chaplan Towers collapse in Surfside was done to prevent another tragedy, and this is just an unintended consequence, but for now, most of us have to foot the bill. Whether you're renting or owning a condo, you still have to pay the bill.
More like bankernomics. If you think politicians run the country you must be 10 years old or asleep