Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
If you are new to the market, I recommend seeking professional assistance. The most effective approach to creating a well-organized portfolio is to begin with a professional who is knowledgeable about the turbulent yet profitable market.
Over the past three years, I have been working with a counselor who has provided daily guidance on my financial decisions. With their expert analysis, I have realized gains of over $1 million. Their insights have helped me avoid losses and capitalize on market breakthroughs, particularly during downtrends.
@@oliviaHill-w4e She’s truly a top-notch in her profession; I had the pleasure of working with her and she proved to be immensely advantageous as she helped me restructure my entire portfolio. My counselor is none other than Susan Bauer Normansell , a renowned figure in her line of work whom you may be familiar with.
I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too.
Interesting , a number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. I need ideas and advice on what investments to make to set myself up for retirement.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
@@jamescryptoguru-md9nv I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
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I saw that corner house tax bill it went up over 60% when the house value went up only 20%. Between the house insurance going up 50 to 60% those are crazy increases in Florida.
Property taxes are based on a lot of things other than the price of a home. Things like police, fire, road maintenance, water and sewer, etc. What we pau in bills for some of these services is not the complete cost.
@JBoy340a oh please. FL is not raising property taxes and insurance bc of police, road and fire services. They are raising them because of FL hurricanes 🌀 and overvalued properties. Don't pee on my leg and tell me it's raining...
My bf is a 18 wheels driver. He went through 2 big trucking companies went bankruptcy. He recently got 2 laid-off within 6 months. The economy is not doing well at all.
I'm a trucker also. Tell him to come up to the oil field. Pays way way more then OTR. Be making closer to 100k after taxes vs the 30-40k he was making doing (I assume OTR.) The economy is doing just fine.
I have been an independent trucker for 11 years and yes, this is worst or close to the worst I have seen right now. And yes, last two years a lot of people came into the business for the easy fast money with $250k overpriced rigs and no experience or knowledge of the tendency of the industry to fluctuate and yes, they are biting their elbows right now. Be safe on the I-10 Mike!
I was thinking about getting my CDL soon and jumping in trucking but working for a company instead of trying to go Indy after a year due to the saturation of owner/operator. I'm in Florida also. What are your thoughts on that? Thanks
@@Boom38119 i unless you stay out weeks before you go home for resting, Florida is not trucker friendly. Move to midwest or enjoy your life man.. trucking shitty and most disrespected job in USA. It’s not worth specially if you have family..😎✌️
Better to become a welder, plumber, electrician, hvac. Make sure you have more than one skill. The only trucking jobs that don't suck are local delivery, and those don't pay as well.
Regarding PPP, my former employer a family -owned construction company that did very well during the pandemic and was an 'essential business', received over 2 million dollars TWICE. The owner then went ahead and bought another house while renting a couple of houses over in Bel Air, CA. The PPP moneys went to all the wealthy business owners. They have access to the best CPAs and financial advisors, and attorneys to get away with anything. I have yet to hear of a small business owner who was struggling, got PPP loan, and was able to save the business. Have you?
100%. I had a small restaurant and couldn’t get a response for help. I ended up closing down. 2 years later I received responses about being able to get funds but it was too late since we’d already closed. Crazy.
@@tamjeanell I was happy to close so it was fine. I was just surprised to see how hard they made it for the small operator. I work in a different field that had strongest year ever and that industry had no issue getting benefits since had proper banking connections. I felt as though the banks looked out for the larger dollar clients first. I understand it, but wasn’t what the media made it sound like. Glad to hear you received some help
Resubscribed. Trucking is the life blood of the economy. I am in freight and logistics, while I am holding up and doing okay. Most of the drivers and my colleagues are not fairing well. While I don't necessarily agree with your numbers, freight rates are in the dump and drivers who overpaid for their rigs are either unprofitable or shut their truck down. Definitely in a trucking recession, which is a forward looking indicator to what happens in the general economy. A great reason to not buy a home at the wrong time as well!
Thanks for sharing that. I wouldn’t recommend buying right now either, but people are still doing so, although here in Georgia, the builders have standing inventory, which we haven’t had for almost 10 years. Buyers had to wait months to have their homes built before. Now some builders are offering free appliances & I’m seeing price drops in MLS, in the tens of thousands, depending on price point.
Highest ratio of home price to median income, second highest payment to salary only to the 6mo the in the early 80s @18%. Makes zero sense to buy unless you're also selling.
I saw a story about how a lot of people pivoted to trucking during the pandemic. At that time there was a shortage of drivers and haulers. Now there is a oversupply and the market is correcting and those new to the business are bailing out.
@@JBoy340a Trucking is very cyclical. When freight rates are high and inflation is driving up, new carriers enter into the industry to meet the freight demand increasing the supply of trucks. Once the freight supply lowers, the demand for trucks decreases causing a supply/demand imbalance. Same probably goes for housing, new real estate agents entering the market shows a high demand strong housing market. The best way to survive is to enter when the industry is rough and no one wants to touch it, much akin to any other assest and resources.
I am a Florida certified teacher in Orlando. I am seeking a full time job. I have been on 8 job interviews. I got rejected 8 times. I was asked by one principal if I had enough energy for the kids. Keep in mind I am 59 years old. Another principal asked me my views on some Florida state law. In 5 more weeks, school starts on August 10th in Florida. Disney will start their first Halloween party on August 12th. So I see no shortage in teachers in Orlando since I was not hired. I got certified here last year and had to pay for finger print and drug testing last November of 2022. I had to pay $106. So I found out that if I am hired full time, I need to take the finger print test and drug test again. Since when does finger prints change in less than a week? I do not mind the drug test but this state of Florida is all about paper fees. Florida is making money on new people moving here.
Every job has shortage in worker , of course with catch Majority of positions of job is part time job of 2 hours per shift or stand by untill we call you to jump to the car and appear with no questions about your next schedule. And please , this minimum job for now untill you get hired in next million year... I dont believe that even teacher get Foul about shortage 😀😃 when you see some videos that even professor make littlely close to nothing ,
Try Polk County, Florida. We need well qualified teachers. Thr pace is slower than Orange County and Lakeland is a beautiful place to live and work. Bartow is smaller, the county seat and a cute downtown.
When teaching jobs dried up where I lived, I went to neighboring Georgia for 4 years to teach. They are hiring and the pay in Georgia is probably $20,000 more than what you would earn in Florida. I knew a special ed teacher originally from Ocala who taught in northwest Georgia for many years, he suddenly decided hurriedly to go back to Ocala for emergency family reasons (and said he would never teach again in Georgia). He thought Ocala area would be the answer.........Well 2 years later he moved back to northwest Georgia as the pay was so much better. Now your situation is probably different but you have to expand your boundaries for your job search. I remember being on the interview circuit and no one would honor my tetanus shot so I had to get about 3 or 4 shots per 3 or 4 districts I interviewed though their own vested medical center, yet was not hired anyway. It was a racket scam. I will not get tetanus for the next 200 years though.
I take a lot of road trips....truckers are my best friends on the highways/roads. Always pay attention to them...take truck routes when you see them heading to routes off the highway. Ask them questions at rest areas and truck stops...keep truckers in your prayers. Buy them a coffee or lunch. Truckers are the best teachers on the road about the road. I belong to 2 Facebook trucker groups. My encyclopedia on wheels....great respect. 😍
Hey Michael, so happy for your road trip! I did the west coast then back eat, the politics of the west, CA are the horror but the Beauty of CA enjoy, that is god creation and no creepy gov. can take that away from we the people of the US that is OUR land not the govt's. Enjoy it. Utah, AZ.NV CA WY, Yellowstone, Yosemite, Tahoe all is so beautiful. Be safe, always have a case of water and blanket in the car.
Bought a home for $163k 2014. Sold for $212k in 2017. In 2022 valued at $445k. 2023 valued at $380k. Guess I sold too soon. But the tax & insurance increase since 2014 would be unaffordable anyway.
Crestview was a very affordable area when the homes ranged from 50K-150K. Not a high crime area but full of retired people. I loved the panhandle and have a friend who lives in Calhoun County. It's not as ethnic and distressed as the Miami area. The Fed has been holding back the recession since 2010. They know that if things are ever allowed to reach true value, their buddies all go bankrupt. Instead of champagne I use ribeye steak as my inflation/recession indicator.
@@Aright231well I guess our ancestors stole that word when we conquered the native Americans along with all of their other stuff that they failed to properly defend.
@stevemorlock5366 haha yea exactly. Or “ethnic” music, which is the source material for everything created after white men stole the blues from the black man and created rock music 😂
The last RE crash started in 2008 and didn't bottom till 1Q2013. Meanwhile the stock market bottomed in 1Q2009 and rallied upwards from then....4 years earlier than the RE market bottomed. I wouldn't expect the RE and stock markets to mirror each other this time around either.
@@nadjadavidson411 there always are in the stock market. You have to be able to see your account balance go up and down and remember it is long term that matters.
I really appreciate the way you thread it all together, you're great at simplifying very complex matters. Looking forward to the road trip and seeing the different places you land!
@@jfk1998 Misleading. Unskilled labor jobs are plentiful but remain vacant because workers don't want those jobs. Skilled positions, IT, and some healthcare positions are being laid-off/eliminated. Autism therapists (ABA) are having trouble finding work.
Also what is the definition of a crash?? 10%. 20%, 30% fall in house prices? If people are sitting on the sidelines and think they'll go to bed and wake up one morning to houses being 50% or 60% cheaper. That won't happen, and if it does you won't be able to buy one cos you'll wake up to being jobless as well.
Prices are gonna be eye opening for you now that you are out of Miami. The 'affordable' prices you saw today are way inflated compared to 2019. Safe travels! See you on the next one!
I’m pretty sure that we are ALREADY IN A RECESSION! People in general are just Broke. Credit Cards are being used for survival right now. I also believe that next year we will be in a huge depression 😮❗️ BTW, Congratulations on growing your channel 🎉🎉🎉🎉😊. I have been so Blessed to be able to sell my restaurant about a year ago 😊. Thank you for keeping up with your daily videos while you’re traveling. Blessings, Carlos ✝️🙏❤️😊🇺🇸
The words don't just address a mood. Recession is a very specific word. Look up the definition and don't let politicians and news casters tell you it is any different. The definition has never changed. Only the mood did. Know the difference between facts and emotion.
I think it depends on what profession you are in and your income. I work in the medical field, licensed and nobody I work with is hurting right now. If you are middle income, you are likely being affected. If you make $100K+, you are not feeling this.
Watch your videos every day Michael. So informative and have learned a lot. Keep up the good work and thanks for taking us along on your road trip. Can’t wait to be part of the adventure!
thats not reasonable when compared to income level in Fl...thats why its still on market, that price of 300k you need household income of north of 100k....
I’m on the lipstick scale. I’ve known about it but haven’t been thinking about it. In the last month I have purchased 6 tubes of lipstick! And why? because I wanted a little inexpensive retail therapy that makes me look good 😊 it must be real..
It’s definitely not a planned community. The area is almost in Southern Ala. and not the most desirable area. It’s on the panhandle, north of Destin , 5 hours driving from where you were yesterday. The abandoned house there isn’t a good look. The homes you looked at in The Villages are courtyard villas. There is a small, private ,enclosed yard in the back of these homes. They have zero lot lines and are very popular. No yard work or very little.
great coverage Michael, and keep it up man because it's good every now and then to dive into some of these other economic factors because even trucking can effect the housing market, I mean after all where do supplies come from to buiolt homes, that's right, the truckers bring it in!
Here’s another major indicator, Michael. Here in Georgia, the builders have standing inventory, which we haven’t had for over 10 years. Buyers had to wait months to have their homes built before. Now some builders are offering free appliances & I’m seeing price drops in MLS, in the tens of thousands, depending on price point.
Why government is not tightening the flipping is mind boggling. $100 k to 150k to 250k to 299k. Of course , the city make three times the property tax . How many workers has their salaries triple in 10 years? And of course , flippers that make fastest jackpot and leave someone stranded for next 30 years of paying double what suppose to be paying. But as owner that intend to live , mean that you have to pay your entire check to mortgage company and start spending all your time watching free youtube , because you are broke home-owner
It happened to me 2009 ,I became unemployed . I had to walk away ,I was under water and noone would buy my house. I see many people walkng away when a job loss lasts more than 3 months.
If you have money and can afford to pay your bills, you're rocking it out. There is no recession. however, if you got a job and you're having a hard time paying your bills, you're in a recession, and, if you don't have a job and you can't pay your bills, you're in a depression. that to me sums it up.
I think it starts with your overhead expenses. If you have a wife/kids, you're already spending a whole lot regardless of your career. In dating we call that "baggage". I've been saving money every paycheck, and need to because maintaining a house costs money. Faucet leak, $275. Sprinkler controller needed to be replaced, $250. Estimate for expoxy flooring for the garage with cabinets and storage with workdesk, $8K.
I'm in Pensacola not too far from Crestview. I found it looks like flips are the ones sitting on the market a while. I just listed my rental property two days ago and I have a full price offer. There 2 properties in the neighborhood still listed for a few months. Everything indicates it was a flip and they're asking too much. I hope I'm wrong but I think homeowner insurance rates could have the biggest impact for real estate in the state. More people see 50% or in my case 100% increase their renewals, I think many people will not be able to afford to insure their home if this continues. That is not even taking into effect when the insurance companies go insolvent and payout on claims.
I just recently sold my RV from being a full-time RVer. Bought a small nice older place in a 55+ retirement community for cash cheap enough not to insure. If it gets blown away I will search for another. Thing is, this park model trailer has been here for a long time & through it's share of hurricanes without any damage yet.
most affordable real estate right now is in Bassett Va. You can buy a house on 3 acres for $100k. Its a cute small town with rivers and lakes for swimming and fishing. One hr. from a major airport!
@@Trtrucking79 You'd dead wrong. I live about an hour north of Austin. Was just down in South Lamar a couple hours ago. There are less people downtown, less people in restaurants, Alamo Drafthouse was as quiet as a church. Businesses are struggling down there, which means less traffic, but to say that Austin is not in a recession means you are blind. I don't even live in Austin and I can see that it's struggling. A good portion of Austinites are sharing apartments/condos because they can't afford a home!
@@DIVISIONINCISION because they are in their in cars traveling…. I’m a fuel hauler this Is not recession….. when fuel stores are not low on fuel then I’ll believe you… but right now I’m hauling hella fuel in Austin…
Find an old dictionary and look up inflation - it is the increase in the money supply. Only recently has the definition changed to an increase in prices. Prices increase due to the increase in money supply, which makes the existing money in circulation, as well as wages, worth less...
I learn so much, too. He’s incredibly insightful & astute. No one delivers in depth talking points that makes sense as well, except iAllegedly. He’s awesome too.
Hello Michael you should make a chart of Gas Prices as you travel from east to west. I know when you get to CA it is very High. Also 2023 there are going to be a lot of Companies going Bankrupt.
My God Crestview (OKA Crestukey…lol) I was stationed at Eglin in to 2000s and Creatview was a popular place military moved and bought houses. It’s only about 30 mins from Eglin and 30-40 mins from Hurlburt Air Force Base.
Right now I've got a manufacturing job and first they cut our overtime then they declared that we would be shut down for a week to celebrate the 4th of July. The week off has been nice but I really want the money.
I feel like social media has in part caused some of this with the housing. Everyone gets online and sees people buying and renting houses to make a profit so then everyone starts doing it…kind of like how Airbnb is over saturated now. Same thing with trucking. I wish people would use their own gifts and natural abilities to make a way for themselves instead of trying to do what everyone else is doing and ruining opportunities to be homeowners for so many of us who just want to live a quiet,simple, debt free life. There is too much greed going on and eventually the voice of reason will come and I don’t see how this can all sustain itself.
Too many people and not enough homes in desirable locations. When you try to cram the majority of the country into the same 40 locations, this is what happens.
Dear Micheal, I have probably watched others and you do videos on housing for the last 6 to 8 months declaring a housing recession or crash is imminent and felt an urgency to sell. I am currently a landlord of one property selling my first home/ condo in Fort Lauderdale. I obviously missed the peak due to the property being in a lease. I recently turned down an offer of 20% from initial list which was the price of peak sale last year for a comparable condo in the building. The buyer turned down 15% lowered counter-offer from initial list (8.5% lower than a comparable same model condo in the same building sold the month earlier). Maybe a bad decision on my part. However, I think I am going to ride out the sale contract and take it off the market and go back to leasing. Listening to the real estate agent and the prospective buyers situations has changed my perspective on things. Some examples that give me pause are a mother and daughter turned down by condo HOA association due to daughter's low credit score (probably didn't have time to build credit but the mother could not get the bank loan on her own; hence, banks are not lending); one parent wanting an interest only owner finance for their child; and another parent looking for their child with 20% reduction offer. The parents had the credit up to 12% reduction off list. These three situations have got my attention and thinking. I DON'T THINK MY CHILDREN WILL EVER BE ABLE TO OWN A HOME ON THEIR OWN. I don't want to be that parent having to see my child pay ridiculous rent and not be able to own. At least, I should be collecting ridiculous rent and helping them with rent somewhere else. RENTS ARE NOT WHAT THEY USED TO BE. Waiting for our condo to finish in 2004 (delayed over 6 months) we rented a large one bedroom for a thousand/ month most of it off season and some months in season. Lauderdale by the sea. 100 feet from the sand. Thousand feet from nightlife. Less than a mile from my office with no traffic to fight. That same condo now in off season will be at least 2 thousand if not more. If my home value doubled then my orignial list price should have been another 50% higher. After listening to these buyer situations these last six months, inflation, the interest rates, tightening of money supply, and the market will lead to a recession. But, there won't be a true housing crash at least not where I could sell now and repurchase at a significantly better price later. Too much to lose if prices remain or reverse and start to rise. I can ride out a recession. I survived an empty condo all these months. I have owned it since 2004. Ten more years and tenants will pay off the 30 year fixed mortgage at 4.5%. In fact, reviewing home ownership percentages around the world; THE USA and HIGHLY DEVELOPED COUNTRIES HAVE THE LOWEST HOME OWNERSHIP. I AGREE WAGES CANNOT SUPPORT CURRENT HOUSING PRICES BUT THEY DON'T HAVE TOO. Wages don't keep pace with inflation in developed countries or real-estate value in DEVELOPED countries. There will be no middle class as housing is unaffordable to the middle class and they are forced to rent from the wealthy. It won't be the upper class or mom and pop landlords either, it will be the Blackrocks of the business world that will squeeze out the middle class for housing and force them to rent. Explain why DR Horton, Lennar, KB Homes, and Philadelphia Housing index just came off ALL TIME HIGHS while banks struggle. Lowe's and HD are not far from all time highs either but Blackrock doesn't shop at Lowe's, etc. It's the mom and pop landlords and upper middle class buyers purchasing a fix it upper that do DIY repairs and upgrades. Anyways, just my experience and take after losing out on rental money trying to sell and then taking a step back, listening to desperate buyers situations, and realizing maybe this is a bad idea to sell. BTW, I am not blaming you or other you tube for making me feel the urgency to sell. I appreciate your content. I live in Tallahassee and that's crazy about I-10 and a kayak. Probably a college student WASTING MONEY ON LUXURY that parents probably paid for and didn't take the extra effort to make sure it was safely strapped down. Stay safe. I was curious of Crestview and now I know what the area looks like. Thanks.
I am glad you provided different indices to look out for as a potential recession indicators. Clever. I will add those to my list of monthly index reports.😊 Separate note i am also rodney dangerfield behind the wheel... i get no respect staying safe in my lane.
I'm glad you touched on Truckin', Michael. But I think your forecast on drivers quitting en masse, which I am waiting on, hasn't materialized as yet. Bit like homeowners locked in place with interest rates, and consumers booking like crazy on the credit cards. Everybody is just holding on with their fingernails hoping the bad times won't come, which they will anyway 'cause there's just too much debt and excess and fake activity. On my situation as a company mutt, after bottoming in February they farmed me out around the country especially the midwest and the east, and I was doing ok. But as soon as I got back to CA and the west I'm now looking at half miles or less this week and sitting for a weekend or more. So with China out and the ports shift, the left side of the country is still bad for transportation. Just have to look at it like being the last guy standing when it's all done and dusted. Tip: When you see a trucker put his flashers on, don't just speed past him selfishly initially. Watch out, because he might be just warning you of something bad ahead that he sees and you can't ... like a slam stop.
These homes are reasonably priced compared to East Tennessee, as we are growing so fast now. New prefab trailers are now going for $349,000 and that is basically a metal shed on wheels plopped onto a cinder block crawlspace.
The amount of illegal fireworks shooting off on the 4th of July is a good indicator of consumer confidence. This year there was a little bit less than the last, but still way better than 2010.
I have neighbors who can't afford to water their lawn or cut the grass/trim their trees but you can be assured these same fools had money for fireworks and set them off until 10:30pm. I often wonder how some of these people qualified for a home loan.
@@DIVISIONINCISION All they need is a checking account and an ability to spend the money to qualify. If they stopped at 10:30 consider yourself fortunate, here they went off way past midnight.
I live in Atlanta and normally 3 weeks before the 4th and like a week after, you hear fireworks nonstop. This year was very tame compared to recent previous years. I only really heard fireworks on the 4th and not all throughout the night like I expected.
Is trucking industry condition a indicator pulse of the nation's economy? It's GOT to be, u r so right Michael. I'm thinking of marketing used pallets, the pallet is what nearly all goods are moved on...just like trucks.
Michael. I think the next “BIG CRASH” might happen is when peoples CARS get old enough to need replacing. They will be tapped out, having too much bills (rent, mortgage, food etc.) and debt. Things will crash!
@@dens3096good. No payment since 2013 for me. I have to repair my vehicle at times. I do many things myself, but you can repair a car for a fraction of a monthly payment. And personally don’t want to sink $50K (or more) in cash to get another one.
Christmas Tree Shops a major retailer, defaulted on its Bankruptcy payment, and liquidating everything. Closing all stores. Think around 75 stores across the country. Sold mostly home decor items. Most stores large shopping center anchors.
Stock Market is historically weakest in October. Real Estate market will lag the stock market. Either way we've never gotten this deep into an interest rate cycle without a hard landing. It just needs time to play out.
Corner lots in Florida are usually more. We've own 3 homes and we're on corner lots each time. Just always ended up that way. We've built all our homes.
I agree, most places just aren't hiring in my area for anything but the lowest paying service jobs, I know some mother states have alot going on with contracting stuff right now though so who knows.
It is. The removal of the middle income demographic is real and pervasive. We’re all getting like California where everyone is either rich or poor. I used to deny it, but it’s becoming more apparent daily. That is our future.
If you are headed to Louisiana, I’d encourage you to come Huntsville, AL. Huntsville is exploding and rated #1 lace to live last year. Areas like Madison, Athens, Meridianville, Hazel Green and Owens Crossroads are all building enormously.
Yesterday the airline travel worldwide broke a record of most flights ever in a single day. Clearly not in a recession yet. This might be a good indicator as well.
Love seeing you in other communties featuring your specialized inputs even though your circling around the same block. Take your time drivng on over to phoenix...116 and heading higher next week possibly hitting 122. Even though shade is premium in arizona you will find no relief under a thick mesquite my friend. 5 steps into it you will feel like a shrimp on a barby and shriveled. The heat will drain your batteries so have a few backups charged. Be safe. Keep it coming. One more thing thank you letting us take this ride with you.
That’s about what that first house would sell for in my area too. And sadly it’s double what it was before 2020. I wish I’d bought back then because I can’t afford a $300k house.
Rayne,Lousiana is a nice place to stop off of I-10 going West bound. Going FL to TX other than NOLO there aren’t a lot of nice & safe areas in Lousiana for hotels near off I-10 to stop & stay. Good luck on your travels!
I’m from Pensacola, FL not far from Crestview and honestly I wouldn’t want to live there. Crestview is a very small town but it has grown exponentially in population because of its proximity to the navy and Air Force bases with lower homes prices
At first i was like.. that's a $299k home and to my surprise it was. Then i went to look up where crestview is, basically bumfuk nowhere. That's a $150k home.
@@JBoy340a nobody is paying $300k for that house, it's why it's been on the market forever. The only reason housing around the country is so expensive is because almost 30% of the inventory between covid to now was bought as investment property looking to park a surplus in cash. Just like any other asset, when the bubble bursts, it's gonna hurt.
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Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
If you are new to the market, I recommend seeking professional assistance. The most effective approach to creating a well-organized portfolio is to begin with a professional who is knowledgeable about the turbulent yet profitable market.
Over the past three years, I have been working with a counselor who has provided daily guidance on my financial decisions. With their expert analysis, I have realized gains of over $1 million. Their insights have helped me avoid losses and capitalize on market breakthroughs, particularly during downtrends.
@@laszlolee I'm intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?
@@oliviaHill-w4e She’s truly a top-notch in her profession; I had the pleasure of working with her and she proved to be immensely advantageous as she helped me restructure my entire portfolio. My counselor is none other than Susan Bauer Normansell , a renowned figure in her line of work whom you may be familiar with.
the folks in charge want it this way
I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too.
@@tatianastarcic Do you mind sharing info on the adviser who assisted you?
People have been paying over asking price for a while, and now those people have a ton of equity. Very few people actually have negative equity.
Interesting , a number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. I need ideas and advice on what investments to make to set myself up for retirement.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
@@jamescryptoguru-md9nv I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
@@ArthurWeghorst Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
@@MiguelLopes-fi6fz My advisor is SOFIA ERAILDA SEMA, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@ArthurWeghorst thank you for saving me backward and forward hours of researching the markets, I just copied SOFIA ERAILDA SEMA and pasted on my browser, and her site appeared top search, no nonsense at all. She looks impeccable.
So true about the Trucking Industry, and your right. They bring us our food, gas, products, everything. Couldn't function without them. Thanks
I saw that corner house tax bill it went up over 60% when the house value went up only 20%. Between the house insurance going up 50 to 60% those are crazy increases in Florida.
And the house made of plywood with a rotten basement😂
Property taxes are based on a lot of things other than the price of a home. Things like police, fire, road maintenance, water and sewer, etc. What we pau in bills for some of these services is not the complete cost.
@@JBoy340a You forgot to add schools. Which where I live adds much to the tax bill.
@JBoy340a oh please. FL is not raising property taxes and insurance bc of police, road and fire services. They are raising them because of FL hurricanes 🌀 and overvalued properties. Don't pee on my leg and tell me it's raining...
My bf is a 18 wheels driver. He went through 2 big trucking companies went bankruptcy. He recently got 2 laid-off within 6 months. The economy is not doing well at all.
I'm a trucker also. Tell him to come up to the oil field. Pays way way more then OTR. Be making closer to 100k after taxes vs the 30-40k he was making doing (I assume OTR.)
The economy is doing just fine.
@@alexlaw1892 I guess people just like tents.
@@WALDENSOFTWARE I like tents, what do you have against tents and camping?
Just wait until automatic driving vehicles get perfected. All the truckers and taxi drivers will lose their joba due to automation.
@@TomokoAbe_ They can't get a basic chat bot to work. They sure as fuck aren't going to get self driving vehicles.
I have been an independent trucker for 11 years and yes, this is worst or close to the worst I have seen right now. And yes, last two years a lot of people came into the business for the easy fast money with $250k overpriced rigs and no experience or knowledge of the tendency of the industry to fluctuate and yes, they are biting their elbows right now. Be safe on the I-10 Mike!
Very good information. Hopefully it normalizes soon
I was thinking about getting my CDL soon and jumping in trucking but working for a company instead of trying to go Indy after a year due to the saturation of owner/operator. I'm in Florida also. What are your thoughts on that? Thanks
@Boom38119 bad time for truck ownership
@@Boom38119 i unless you stay out weeks before you go home for resting, Florida is not trucker friendly. Move to midwest or enjoy your life man.. trucking shitty and most disrespected job in USA. It’s not worth specially if you have family..😎✌️
Better to become a welder, plumber, electrician, hvac.
Make sure you have more than one skill.
The only trucking jobs that don't suck are local delivery, and those don't pay as well.
Regarding PPP, my former employer a family -owned construction company that did very well during the pandemic and was an 'essential business', received over 2 million dollars TWICE. The owner then went ahead and bought another house while renting a couple of houses over in Bel Air, CA. The PPP moneys went to all the wealthy business owners. They have access to the best CPAs and financial advisors, and attorneys to get away with anything. I have yet to hear of a small business owner who was struggling, got PPP loan, and was able to save the business. Have you?
100%. I had a small restaurant and couldn’t get a response for help. I ended up closing down. 2 years later I received responses about being able to get funds but it was too late since we’d already closed. Crazy.
The wealthy milked the system and Trump let it happen.
I got the EIDL grant for $15k...it helped my small businesses...
@@tamjeanell I was happy to close so it was fine. I was just surprised to see how hard they made it for the small operator.
I work in a different field that had strongest year ever and that industry had no issue getting benefits since had proper banking connections.
I felt as though the banks looked out for the larger dollar clients first. I understand it, but wasn’t what the media made it sound like.
Glad to hear you received some help
We got some PPP money when other crews got the covid. That shut the jobs down and shut us down.
Dallas airport UPS just cancelled the whole overnight shift. There was a lot of shocked faces from that meeting.
So when is the pre-loading going to happen? For a hub like Dallas, that's a big deal.
Something is afoot that's for sure
Everything in the Southwest goes through Dallas, that's an amazing fact.
Resubscribed. Trucking is the life blood of the economy. I am in freight and logistics, while I am holding up and doing okay. Most of the drivers and my colleagues are not fairing well. While I don't necessarily agree with your numbers, freight rates are in the dump and drivers who overpaid for their rigs are either unprofitable or shut their truck down. Definitely in a trucking recession, which is a forward looking indicator to what happens in the general economy. A great reason to not buy a home at the wrong time as well!
Thanks for sharing that. I wouldn’t recommend buying right now either, but people are still doing so, although here in Georgia, the builders have standing inventory, which we haven’t had for almost 10 years. Buyers had to wait months to have their homes built before. Now some builders are offering free appliances & I’m seeing price drops in MLS, in the tens of thousands, depending on price point.
Highest ratio of home price to median income, second highest payment to salary only to the 6mo the in the early 80s @18%.
Makes zero sense to buy unless you're also selling.
I saw a story about how a lot of people pivoted to trucking during the pandemic. At that time there was a shortage of drivers and haulers. Now there is a oversupply and the market is correcting and those new to the business are bailing out.
@@JBoy340a Trucking is very cyclical. When freight rates are high and inflation is driving up, new carriers enter into the industry to meet the freight demand increasing the supply of trucks. Once the freight supply lowers, the demand for trucks decreases causing a supply/demand imbalance. Same probably goes for housing, new real estate agents entering the market shows a high demand strong housing market. The best way to survive is to enter when the industry is rough and no one wants to touch it, much akin to any other assest and resources.
I am a Florida certified teacher in Orlando. I am seeking a full time job. I have been on 8 job interviews. I got rejected 8 times. I was asked by one principal if I had enough energy for the kids. Keep in mind I am 59 years old. Another principal asked me my views on some Florida state law. In 5 more weeks, school starts on August 10th in Florida. Disney will start their first Halloween party on August 12th. So I see no shortage in teachers in Orlando since I was not hired. I got certified here last year and had to pay for finger print and drug testing last November of 2022. I had to pay $106. So I found out that if I am hired full time, I need to take the finger print test and drug test again. Since when does finger prints change in less than a week? I do not mind the drug test but this state of Florida is all about paper fees. Florida is making money on new people moving here.
Every job has shortage in worker , of course with catch
Majority of positions of job is part time job of 2 hours per shift or stand by untill we call you to jump to the car and appear with no questions about your next schedule.
And please , this minimum job for now untill you get hired in next million year...
I dont believe that even teacher get Foul about shortage 😀😃 when you see some videos that even professor make littlely close to nothing ,
Try Polk County, Florida. We need well qualified teachers. Thr pace is slower than Orange County and Lakeland is a beautiful place to live and work. Bartow is smaller, the county seat and a cute downtown.
@@kathyw800 I cannot drive there daily. I rent and have a lease. Thanks
When teaching jobs dried up where I lived, I went to neighboring Georgia for 4 years to teach. They are hiring and the pay in Georgia is probably $20,000 more than what you would earn in Florida. I knew a special ed teacher originally from Ocala who taught in northwest Georgia for many years, he suddenly decided hurriedly to go back to Ocala for emergency family reasons (and said he would never teach again in Georgia). He thought Ocala area would be the answer.........Well 2 years later he moved back to northwest Georgia as the pay was so much better.
Now your situation is probably different but you have to expand your boundaries for your job search.
I remember being on the interview circuit and no one would honor my tetanus shot so I had to get about 3 or 4 shots per 3 or 4 districts I interviewed though their own vested medical center, yet was not hired anyway. It was a racket scam. I will not get tetanus for the next 200 years though.
All governments are money laundering operations.
$250k to $299k is just breaking even after accounting for the 6 percent realtor commission and all selling costs.
6% realtor commission 😂
6 percent is overpaying for a realtor. Most negotiate for no more than 4 to 5 percent.
By Me 5%+3%= 8% FEEs
I take a lot of road trips....truckers are my best friends on the highways/roads. Always pay attention to them...take truck routes when you see them heading to routes off the highway. Ask them questions at rest areas and truck stops...keep truckers in your prayers. Buy them a coffee or lunch. Truckers are the best teachers on the road about the road. I belong to 2 Facebook trucker groups. My encyclopedia on wheels....great respect. 😍
I would like to check out the groups. Names? Thank you
I saved them $$$$ but they saved my Dumb Life once..😁😁😁😁😁
Best one is Trucker Feed.
Hey Michael, so happy for your road trip! I did the west coast then back eat, the politics of the west, CA are the horror but the Beauty of CA enjoy, that is god creation and no creepy gov. can take that away from we the people of the US that is OUR land not the govt's. Enjoy it. Utah, AZ.NV CA WY, Yellowstone, Yosemite, Tahoe all is so beautiful. Be safe, always have a case of water and blanket in the car.
Now,now. Many feel the governor of Florida gets number one in that category. Anyway, hope Michael enjoys himself,
Michael,I am seeing the library thing differently.people are using it for the warmth,air conditioning,socializing and wifi😁
In June 2022 home prices doubled. New Homes on my street that are selling for 350-400k were only 210k.
Bought a home for $163k 2014. Sold for $212k in 2017. In 2022 valued at $445k. 2023 valued at $380k. Guess I sold too soon. But the tax & insurance increase since 2014 would be unaffordable anyway.
Also your salary incresed a lot
@@gorang2906what ? Most people have been getting 2 percent raises . What do you mean by this ?
and then rates more than doubled. unsustainable.
@@gorang2906 the base salary in your field doubled or quadrupled? what field?
Crestview was a very affordable area when the homes ranged from 50K-150K. Not a high crime area but full of retired people. I loved the panhandle and have a friend who lives in Calhoun County. It's not as ethnic and distressed as the Miami area. The Fed has been holding back the recession since 2010. They know that if things are ever allowed to reach true value, their buddies all go bankrupt. Instead of champagne I use ribeye steak as my inflation/recession indicator.
“Ethnic”. A word used by native Americans when Columbus arrived.
@@Aright231your point?
@@TioMogi it’s all world view buddy.
@@Aright231well I guess our ancestors stole that word when we conquered the native Americans along with all of their other stuff that they failed to properly defend.
@stevemorlock5366 haha yea exactly. Or “ethnic” music, which is the source material for everything created after white men stole the blues from the black man and created rock music 😂
Stay safe in your journey Michael. Looking forward to your next post.
The last RE crash started in 2008 and didn't bottom till 1Q2013. Meanwhile the stock market bottomed in 1Q2009 and rallied upwards from then....4 years earlier than the RE market bottomed. I wouldn't expect the RE and stock markets to mirror each other this time around either.
Big corrections on the way up 2011/2012.
@@nadjadavidson411 there always are in the stock market. You have to be able to see your account balance go up and down and remember it is long term that matters.
I wish everyone an wonderful Weekend 😊
I really appreciate the way you thread it all together, you're great at simplifying very complex matters. Looking forward to the road trip and seeing the different places you land!
A recession if when your neighbor loses his job, a depression is when you lose yours.
We’re already in a recession. We already been in a recession for several months.
If this is a recession, we need to change the definition.🤯🤯🤯
Not really. Job numbers are too high for it to be a recession. If there was no inflation things would be normal.
@@jfk1998 Misleading. Unskilled labor jobs are plentiful but remain vacant because workers don't want those jobs. Skilled positions, IT, and some healthcare positions are being laid-off/eliminated. Autism therapists (ABA) are having trouble finding work.
JUNE 2022 IT STARTED
We aren’t in a recession lol. You are completely delusional.
I was stationed at Elgin afb from 2011-2014. Crest view was always the place that airmen with families lived. Way cheaper than fort Walton beach
We are already in a recession. Have been for some time. Low unemployment is the only thing keeping us afloat. Im in B2B sales. I can see it.
Also what is the definition of a crash?? 10%. 20%, 30% fall in house prices? If people are sitting on the sidelines and think they'll go to bed and wake up one morning to houses being 50% or 60% cheaper. That won't happen, and if it does you won't be able to buy one cos you'll wake up to being jobless as well.
Depends.
Palm beach county going down 60? Easy. But they are priced at 150 to 250’percent over. RE is so local
Prices are gonna be eye opening for you now that you are out of Miami.
The 'affordable' prices you saw today are way inflated compared to 2019.
Safe travels!
See you on the next one!
Great alternative economic indicators. Thanx for going to the effort to find them.
Safe travels, Michael! 🙏🏽
I’m pretty sure that we are ALREADY IN A RECESSION!
People in general are just Broke.
Credit Cards are being used for survival right now.
I also believe that next year we will be in a huge depression 😮❗️
BTW, Congratulations on growing your channel 🎉🎉🎉🎉😊.
I have been so Blessed to be able to sell my restaurant about a year ago 😊.
Thank you for keeping up with your daily videos while you’re traveling.
Blessings, Carlos ✝️🙏❤️😊🇺🇸
That’s awesome, Carlos! May many, many more blessings come your way. ✝️🙏🏼💛
The words don't just address a mood. Recession is a very specific word. Look up the definition and don't let politicians and news casters tell you it is any different. The definition has never changed. Only the mood did. Know the difference between facts and emotion.
@@thomasallen6980 Okay Karen.
BIG FACTS 💯 Carlos
I think it depends on what profession you are in and your income. I work in the medical field, licensed and nobody I work with is hurting right now. If you are middle income, you are likely being affected. If you make $100K+, you are not feeling this.
Watch your videos every day Michael. So informative and have learned a lot. Keep up the good work and thanks for taking us along on your road trip. Can’t wait to be part of the adventure!
Thank you for making the point of the importance of truckers. Please don’t ever hold back your thoughts.I always love your videos.Thank you
FINALLY !!! you're looking at reasonably priced homes that is more appropriate for average people
But it’s in the middle of nowhere
thats not reasonable when compared to income level in Fl...thats why its still on market, that price of 300k you need household income of north of 100k....
@@dens3096not too bad, I can do without the tingles of Uber-urbanism.
I’m on the lipstick scale. I’ve known about it but haven’t been thinking about it. In the last month I have purchased 6 tubes of lipstick! And why? because I wanted a little inexpensive retail therapy that makes me look good 😊 it must be real..
This trip is gonna be sweet seeing what other neighborhoods and cities offer for sale.
I'm looking forward to Dallas, Austin and Phoenix areas!
Homes for sale in my area of Florida are declining rapidly. Some starting at $189,000.
It’s definitely not a planned community. The area is almost in Southern Ala. and not the most desirable area. It’s on the panhandle, north of Destin , 5 hours driving from where you were yesterday. The abandoned house there isn’t a good look.
The homes you looked at in The Villages are courtyard villas. There is a small, private ,enclosed yard in the back of these homes. They have zero lot lines and are very popular. No yard work or very little.
I'm a owner operator of a truck. Fyi everyone, trucking is a lead economic indicator. Pay attention
great coverage Michael, and keep it up man because it's good every now and then to dive into some of these other economic factors because even trucking can effect the housing market, I mean after all where do supplies come from to buiolt homes, that's right, the truckers bring it in!
Here’s another major indicator, Michael.
Here in Georgia, the builders have standing inventory, which we haven’t had for over 10 years. Buyers had to wait months to have their homes built before. Now some builders are offering free appliances & I’m seeing price drops in MLS, in the tens of thousands, depending on price point.
Depends on what part of GA. Atlanta area still selling and going strong
In Florida builders stopped paying agent commission at the peak and now they’re paying above average on top of give discounts
It's always regional. Pretty slow here on the west coast.
@@hanselduran What? Never heard of builders not paying agent commissions. Wow!
@@nicholson1968clearly you didn’t comprehend my comment. I never said it’s not selling. RE-read it, because I’m not going to explain it again.
It is reported that the amusment parks are having low attendance. Could be from the heat or economy or both.
Why government is not tightening the flipping is mind boggling.
$100 k to 150k to 250k to 299k.
Of course , the city make three times the property tax .
How many workers has their salaries triple in 10 years?
And of course , flippers that make fastest jackpot and leave someone stranded for next 30 years of paying double what suppose to be paying.
But as owner that intend to live , mean that you have to pay your entire check to mortgage company and start spending all your time watching free youtube , because you are broke home-owner
It happened to me 2009 ,I became unemployed . I had to walk away ,I was under water and noone would buy my house. I see many people walkng away when a job loss lasts more than 3 months.
Crestview and that part of rural northeast Florida is great! Used to be a secret….. not no more.
If you have money and can afford to pay your bills, you're rocking it out. There is no recession. however, if you got a job and you're having a hard time paying your bills, you're in a recession, and, if you don't have a job and you can't pay your bills, you're in a depression. that to me sums it up.
I think it starts with your overhead expenses. If you have a wife/kids, you're already spending a whole lot regardless of your career. In dating we call that "baggage". I've been saving money every paycheck, and need to because maintaining a house costs money. Faucet leak, $275. Sprinkler controller needed to be replaced, $250. Estimate for expoxy flooring for the garage with cabinets and storage with workdesk, $8K.
If you think 300k is "pretty much the cheapest" Florida has to offer then you need to look at more listings.
Trucking businesses have always been cyclic , in 08 i had to sell my two dump trucks and jumped into house flipping, I'm glad i did
I'm in Pensacola not too far from Crestview. I found it looks like flips are the ones sitting on the market a while. I just listed my rental property two days ago and I have a full price offer. There 2 properties in the neighborhood still listed for a few months. Everything indicates it was a flip and they're asking too much. I hope I'm wrong but I think homeowner insurance rates could have the biggest impact for real estate in the state. More people see 50% or in my case 100% increase their renewals, I think many people will not be able to afford to insure their home if this continues. That is not even taking into effect when the insurance companies go insolvent and payout on claims.
I just recently sold my RV from being a full-time RVer. Bought a small nice older place in a 55+ retirement community for cash cheap enough not to insure. If it gets blown away I will search for another. Thing is, this park model trailer has been here for a long time & through it's share of hurricanes without any damage yet.
Congrats on the offer. Price it correctly and homes will sell.
most affordable real estate right now is in Bassett Va. You can buy a house on 3 acres for $100k. Its a cute small town with rivers and lakes for swimming and fishing. One hr. from a major airport!
It is not affordable! It is 2x priced
We're already in the recession...headed for depression.
I’ve been in a recession, this is not it…. Well not in Austin
When we’re in a depression they’ll call it a “mild recession”
They keep changing the definition of a recession....
@@Trtrucking79 You'd dead wrong. I live about an hour north of Austin. Was just down in South Lamar a couple hours ago. There are less people downtown, less people in restaurants, Alamo Drafthouse was as quiet as a church. Businesses are struggling down there, which means less traffic, but to say that Austin is not in a recession means you are blind. I don't even live in Austin and I can see that it's struggling. A good portion of Austinites are sharing apartments/condos because they can't afford a home!
@@DIVISIONINCISION because they are in their in cars traveling…. I’m a fuel hauler this
Is not recession….. when fuel stores are not low on fuel then I’ll believe you… but right now I’m hauling hella fuel in Austin…
Find an old dictionary and look up inflation - it is the increase in the money supply. Only recently has the definition changed to an increase in prices. Prices increase due to the increase in money supply, which makes the existing money in circulation, as well as wages, worth less...
You are correct, most people are too stupid to know this.
Excellent program today...great angle of research. Thxs
I learn so much, too. He’s incredibly insightful & astute. No one delivers in depth talking points that makes sense as well, except iAllegedly. He’s awesome too.
@@StevenT7146 Yeah, they’re 2 daily go-tos for me.
Hello Michael you should make a chart of Gas Prices as you travel from east to west. I know when you get to CA it is very High. Also 2023 there are going to be a lot of Companies going Bankrupt.
Loved the neighborhood on this walk. Huge green yards, some actual property.
Great videos much loved brother 🇺🇸
My God Crestview (OKA Crestukey…lol) I was stationed at Eglin in to 2000s and Creatview was a popular place military moved and bought houses. It’s only about 30 mins from Eglin and 30-40 mins from Hurlburt Air Force Base.
I’m about an hour from San Diego it’s about 80 degrees right now 6:38 pm beautiful day.
love this video, learnt something new!🤗
Very good. Keep it up!
Right now I've got a manufacturing job and first they cut our overtime then they declared that we would be shut down for a week to celebrate the 4th of July. The week off has been nice but I really want the money.
We were just south of this area a few weeks ago. Nice area! Continued safe travels, Michael! 🙂 (Yep, lipstick sales go up during the tougher times!)
Thanks for the mortgage recasting strategy.
I feel like social media has in part caused some of this with the housing. Everyone gets online and sees people buying and renting houses to make a profit so then everyone starts doing it…kind of like how Airbnb is over saturated now. Same thing with trucking. I wish people would use their own gifts and natural abilities to make a way for themselves instead of trying to do what everyone else is doing and ruining opportunities to be homeowners for so many of us who just want to live a quiet,simple, debt free life. There is too much greed going on and eventually the voice of reason will come and I don’t see how this can all sustain itself.
Too many people and not enough homes in desirable locations.
When you try to cram the majority of the country into the same 40 locations, this is what happens.
The high housing prices are a result of government regulation and policies. Nothing else caused the shortage.
Dear Micheal,
I have probably watched others and you do videos on housing for the last 6 to 8 months declaring a housing recession or crash is imminent and felt an urgency to sell. I am currently a landlord of one property selling my first home/ condo in Fort Lauderdale. I obviously missed the peak due to the property being in a lease. I recently turned down an offer of 20% from initial list which was the price of peak sale last year for a comparable condo in the building. The buyer turned down 15% lowered counter-offer from initial list (8.5% lower than a comparable same model condo in the same building sold the month earlier). Maybe a bad decision on my part. However, I think I am going to ride out the sale contract and take it off the market and go back to leasing. Listening to the real estate agent and the prospective buyers situations has changed my perspective on things. Some examples that give me pause are a mother and daughter turned down by condo HOA association due to daughter's low credit score (probably didn't have time to build credit but the mother could not get the bank loan on her own; hence, banks are not lending); one parent wanting an interest only owner finance for their child; and another parent looking for their child with 20% reduction offer. The parents had the credit up to 12% reduction off list. These three situations have got my attention and thinking. I DON'T THINK MY CHILDREN WILL EVER BE ABLE TO OWN A HOME ON THEIR OWN. I don't want to be that parent having to see my child pay ridiculous rent and not be able to own. At least, I should be collecting ridiculous rent and helping them with rent somewhere else.
RENTS ARE NOT WHAT THEY USED TO BE. Waiting for our condo to finish in 2004 (delayed over 6 months) we rented a large one bedroom for a thousand/ month most of it off season and some months in season. Lauderdale by the sea. 100 feet from the sand. Thousand feet from nightlife. Less than a mile from my office with no traffic to fight. That same condo now in off season will be at least 2 thousand if not more. If my home value doubled then my orignial list price should have been another 50% higher.
After listening to these buyer situations these last six months, inflation, the interest rates, tightening of money supply, and the market will lead to a recession. But, there won't be a true housing crash at least not where I could sell now and repurchase at a significantly better price later. Too much to lose if prices remain or reverse and start to rise. I can ride out a recession. I survived an empty condo all these months. I have owned it since 2004. Ten more years and tenants will pay off the 30 year fixed mortgage at 4.5%. In fact, reviewing home ownership percentages around the world; THE USA and HIGHLY DEVELOPED COUNTRIES HAVE THE LOWEST HOME OWNERSHIP. I AGREE WAGES CANNOT SUPPORT CURRENT HOUSING PRICES BUT THEY DON'T HAVE TOO. Wages don't keep pace with inflation in developed countries or real-estate value in DEVELOPED countries. There will be no middle class as housing is unaffordable to the middle class and they are forced to rent from the wealthy. It won't be the upper class or mom and pop landlords either, it will be the Blackrocks of the business world that will squeeze out the middle class for housing and force them to rent. Explain why DR Horton, Lennar, KB Homes, and Philadelphia Housing index just came off ALL TIME HIGHS while banks struggle. Lowe's and HD are not far from all time highs either but Blackrock doesn't shop at Lowe's, etc. It's the mom and pop landlords and upper middle class buyers purchasing a fix it upper that do DIY repairs and upgrades. Anyways, just my experience and take after losing out on rental money trying to sell and then taking a step back, listening to desperate buyers situations, and realizing maybe this is a bad idea to sell.
BTW, I am not blaming you or other you tube for making me feel the urgency to sell. I appreciate your content. I live in Tallahassee and that's crazy about I-10 and a kayak. Probably a college student WASTING MONEY ON LUXURY that parents probably paid for and didn't take the extra effort to make sure it was safely strapped down. Stay safe. I was curious of Crestview and now I know what the area looks like. Thanks.
I am glad you provided different indices to look out for as a potential recession indicators. Clever. I will add those to my list of monthly index reports.😊
Separate note i am also rodney dangerfield behind the wheel... i get no respect staying safe in my lane.
I'm glad you touched on Truckin', Michael.
But I think your forecast on drivers quitting en masse, which I am waiting on, hasn't materialized as yet. Bit like homeowners locked in place with interest rates, and consumers booking like crazy on the credit cards. Everybody is just holding on with their fingernails hoping the bad times won't come, which they will anyway 'cause there's just too much debt and excess and fake activity.
On my situation as a company mutt, after bottoming in February they farmed me out around the country especially the midwest and the east, and I was doing ok. But as soon as I got back to CA and the west I'm now looking at half miles or less this week and sitting for a weekend or more. So with China out and the ports shift, the left side of the country is still bad for transportation.
Just have to look at it like being the last guy standing when it's all done and dusted.
Tip: When you see a trucker put his flashers on, don't just speed past him selfishly initially. Watch out, because he might be just warning you of something bad ahead that he sees and you can't ... like a slam stop.
Those are probably dudes buying that lipstick now. We live on the twilight zone. 😂
Thank you!! the neighborhood seems nice with regular homer but I missed the wateviews
These homes are reasonably priced compared to East Tennessee, as we are growing so fast now.
New prefab trailers are now going for $349,000 and that is basically a metal shed on wheels plopped onto a cinder block crawlspace.
Omfg
That's pretty silly, I could buy an acre of land and build a small house for that price.
The amount of illegal fireworks shooting off on the 4th of July is a good indicator of consumer confidence. This year there was a little bit less than the last, but still way better than 2010.
Illegal? We live in America. Not China.
I have neighbors who can't afford to water their lawn or cut the grass/trim their trees but you can be assured these same fools had money for fireworks and set them off until 10:30pm. I often wonder how some of these people qualified for a home loan.
@@DIVISIONINCISION All they need is a checking account and an ability to spend the money to qualify. If they stopped at 10:30 consider yourself fortunate, here they went off way past midnight.
I live in Atlanta and normally 3 weeks before the 4th and like a week after, you hear fireworks nonstop. This year was very tame compared to recent previous years. I only really heard fireworks on the 4th and not all throughout the night like I expected.
Safe travels. Enjoyed your perception on trucking and logistics, which is an under paid over worked industry.
I think you are accurate. Also when credit card companies cancel accounts that will also hasten the Depression that is coming
Michael you are close to my neck of the woods you should stop by Panama City beach stay safe
Ah man, I was stationed at Tyndall for a few years back in the late 90s. Beautiful beaches out there. Brings back a lot of memories.
@@AO-mx9tk yup most definitely
Is trucking industry condition a indicator pulse of the nation's economy? It's GOT to be, u r so right Michael. I'm thinking of marketing used pallets, the pallet is what nearly all goods are moved on...just like trucks.
Michael. I think the next “BIG CRASH” might happen is when peoples CARS get old enough to need replacing.
They will be tapped out, having too much bills (rent, mortgage, food etc.) and debt. Things will crash!
Some of us have two cars, Jason. Won't happen. One is a daily driver, the other is a stored vehicle.
Haha when cars need replacement people go out and buy cars to replace them. That will keep car prices high and climbing
I will be using my car until it falls apart. I paid off the loan and reduced my car insurance to a regular
@@dens3096good. No payment since 2013 for me. I have to repair my vehicle at times. I do many things myself, but you can repair a car for a fraction of a monthly payment. And personally don’t want to sink $50K (or more) in cash to get another one.
Nice job on the editing and graphs michael...😊
Christmas Tree Shops a major retailer, defaulted on its Bankruptcy payment, and liquidating everything. Closing all stores. Think around 75 stores across the country. Sold mostly home decor items. Most stores large shopping center anchors.
Stock Market is historically weakest in October. Real Estate market will lag the stock market. Either way we've never gotten this deep into an interest rate cycle without a hard landing. It just needs time to play out.
5:02 Champagne index , Michael you are an educated economist !
Happy Friday Michael and Lisi 🤗
My mom was a librarian 🙂
Me and my sisters know all about going to the library to read and play games📖🎮
Corner lots in Florida are usually more. We've own 3 homes and we're on corner lots each time. Just always ended up that way. We've built all our homes.
2:55 - 3:00 he’s correct about the Quantitative Easing.
it feels like a recession for regular people.
I agree, most places just aren't hiring in my area for anything but the lowest paying service jobs, I know some mother states have alot going on with contracting stuff right now though so who knows.
It is. The removal of the middle income demographic is real and pervasive. We’re all getting like California where everyone is either rich or poor.
I used to deny it, but it’s becoming more apparent daily. That is our future.
.gov employees are the only ones not seeing a recession.
Use to be affordable in Crestview.
Safe travels! Love that neighborhood.
If you are headed to Louisiana, I’d encourage you to come Huntsville, AL. Huntsville is exploding and rated #1 lace to live last year. Areas like Madison, Athens, Meridianville, Hazel Green and Owens Crossroads are all building enormously.
Yesterday the airline travel worldwide broke a record of most flights ever in a single day. Clearly not in a recession yet. This might be a good indicator as well.
Thank you for the video Michael! 🔥🔥😁😁😎😎
Hi Michael! I really enjoy your videos. I always give them thumbs up. Can you talk about the cafecito prices? Thanks
Crestview is in the panhandle.
Lip stick don’t forget Jeffery Starr ???❤
Love seeing you in other communties featuring your specialized inputs even though your circling around the same block. Take your time drivng on over to phoenix...116 and heading higher next week possibly hitting 122. Even though shade is premium in arizona you will find no relief under a thick mesquite my friend. 5 steps into it you will feel like a shrimp on a barby and shriveled. The heat will drain your batteries so have a few backups charged. Be safe. Keep it coming. One more thing thank you letting us take this ride with you.
Michael please consider Gautier or Ocean Springs or Biloxi all coastal Gulf of Mexico
Check out the chocolate index. I believe people resort to eating chocolate as a cheap pick me up in tough times LOL.
That’s about what that first house would sell for in my area too. And sadly it’s double what it was before 2020.
I wish I’d bought back then because I can’t afford a $300k house.
Thank you! following your trip!
Rayne,Lousiana is a nice place to stop off of I-10 going West bound. Going FL to TX other than NOLO there aren’t a lot of nice & safe areas in Lousiana for hotels near off I-10 to stop & stay. Good luck on your travels!
I’m from Pensacola, FL not far from Crestview and honestly I wouldn’t want to live there. Crestview is a very small town but it has grown exponentially in population because of its proximity to the navy and Air Force bases with lower homes prices
Crestucky!
I had a chance to buy a new townhouse there for $78K back in 2010.
At first i was like.. that's a $299k home and to my surprise it was. Then i went to look up where crestview is, basically bumfuk nowhere. That's a $150k home.
Not if someone will pay $300K. The market decides the value.
@@JBoy340a nobody is paying $300k for that house, it's why it's been on the market forever. The only reason housing around the country is so expensive is because almost 30% of the inventory between covid to now was bought as investment property looking to park a surplus in cash. Just like any other asset, when the bubble bursts, it's gonna hurt.