Sellers SLASHING PRICES and TAKING HUGE LOSSES ON HOME SALES
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- Опубликовано: 10 сен 2024
- Home sellers in different metros across the country are starting to sell homes for LESS than they paid. In Tampa FL, the average loss is about $30,000. In San Francisco CA, the average loss is a whopping $122,500! Clearly the housing market is turning, but many people refuse to look at that side of it.
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People Are DOOM SPENDING THEIR WAY INTO A RECESSION ruclips.net/video/MEmGQLLQ9jA/видео.html
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
I recently sold my home in the Boca Grande area and am considering investing a lump sum into the stock market before the anticipated rebound, couple of folks have been discussing a potential May rally, speculating on which stocks may experience substantial growth during the festive season. Do you have any insight into which stocks these might be?
Don't depend your market assessments and decisions on hearsay and rumors; I did it in 2020 and ended up with worthless market holdings. Before I started noticing any notable improvements in my portfolio, and I had to completely rebuild it. I've been using the same advisor ever then, and in just two years I've scaled up to $876k. Depending on where you look, a bullish or down market might both produce good profits.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
'NATALIE NOEL BURNS' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
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.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets
Personally, I can connect to that. When I began working with "Julie Anne Hoover," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
@@jeffery_Automotive I find your situation fascinating. Would you be willing to suggest a trusted advisor you've worked with?
renowned for her proficiency and expertise in the financial market, “Julie Anne Hoover” my financial advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.
@@jeffery_Automotive Insightful... I curiously looked up her name on the internet and I found her site, 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.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
Impressive can you share more info?
Credits to 'Natalie Lynn Fisk' she has a web presence, so you can simply
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.
Cut the house prices in half and they're still going to be overpriced..... My mama didn't make no fool
FACTS!!!!!
True
100% true
Preach! 🗣️
Mama didn't raise no dummy, and if she did, it was my brother. Lol
My van that I live in went up $125. ( I emptied the ash trays.)
Our boats we live in doubled since we bought them because so many of us Florida workers are now homeless😂
Just because a 2% price decrease when most houses are 50%-100% over valued is not a reduction
Math is hard.... how is something %100 over valued?
@@KingFergus simple
.if 4 years ago the house sold at 200,000 dollars. Now the same house is $ 400,000 . That's 100%.
Zillow screwed the housing and rental markets up with those always increasing, ridiculously exaggerated Zestimates.
now here is a comment that is spot on.....and IF a large percent of owners really have to sell to get cash money, then the crash can start......but only then. we ain't there today.
@@KingFergus Imagine you have a house that's worth $10, but someone says it's worth $20. That's 100% overvalued because they think it's twice as valuable as it actually is.
Housing prices doubled in two years where I live. I don't feel bad for them. They let their greed loose and now it is time to pay the price. The greed in this nation was ridiculous. Time to pay the piper.
Well said
Unfortunately, the government will create more inflation and "fix" the demand issue. AKA - The government won't let supply and demand work.
Mike, that's not a mansion. That just a big house, for $8 million? Crazy times are here.
10,000sqft+ is a mansion on my eyes, anything under that is just a big house
When people charge those kinds of prices, I feel nothing for their losses. $10k a month for rent?! Who can afford that?! NO ONE! It's absolutely OUTRAGEOUS!!!!!
People who can afford $10k/mo in rent can just buy. It makes no sense at all.
They paid $280k for the home. I doubt they’re very concerned
@@thetapheonixI heard that video production company rents these splendid mansion for creating movie
@@InvestingWithAdamK Exactly, they releveraged that asset, over and over and over as it hyper-inflated, and took all of that profit to somewhere where they live like kings. They are now international, with our national real estate tied mortgage schemes money. The people who bought a hyper inflated home recently, will have to declare bankruptcy with no equity to pull out, if they can’t keep up with their payments, because they will not be able to short sell their mortgages, which all have derivatives (a nifty little finance industry hedge their default bet), so the lenders who underwrite or invested in the loan portfolio as a much larger entity, get paid out that hyper inflated mortgage balance, and get the asset too!!
Win! Win! for banking, sucks for the nation’s people on the ground that are getting more and more insecure in their standards of living through forced debt schemes, every decade. My guess is “We will own nothing and be happy”, the stated WEF member entities official statement of our future world’s civilization. That’s a big drop for western civilization.💥💸🌏
COO of Pepsi can. He makes $100k/month. 🫤 Just an example.
Flippers in my area keep slashing their prices and still can't sell. It's hilarious.
This makes me soooo happy!
Buyers are flipping them off, until they lower prices 🤣
Why don't you say the state you're in?
Miami Florida
Lovely 😂😂😂
An old wise man once said: Patience always pays off
I believe Archie Bunker said "patience is a virgin".
Patience is a virtue.
Not always
A product or service is only worth what people are willing to pay for it. Eventually, prices will have to come down if they really want to sell their property.
I disagree with this philosophy. Financial idiots who throw any amount of money at something cause they want it doesn’t necessitate true worth. If 99 people said no to a price and one fool with excess money says yes it doesn’t make it worth that much.
What is happening in South Florida is crazy. The big attraction for people to move to Florida has always been that it was so much cheaper than the Northeast US and zero state income tax . Now everything is just as expensive (still no state income tax of course). Now what is the attraction? I don't buy the weather thing, it is only nice weather half the year, summers are miserable.
As a former Floridian, it sucks..I'll never move back. To hot and humid.
Its gross all year. The humidity NEVER goes away.
Yeah it’s hot hot hot like peppers. I’m ready to say bye bye to pepper steak and hello to YAMS. weeeeee
I’ve been here a year now. I regret it but I’m committed for a bit at this point. Didn’t realize how much of a pay decrease I would end up taking with the cost of living so high it’s insane.
I've been saying what you said. I got here 20 years ago when the streets were still empty. Now traffic sucks, prices suck, everything sucks.
I just can't believe people have the money to rent a house for 19,000 a month. That is crazy 🤪 😜 😳
People don't. LLCs, etc Do. For money Laundering
Does not compute😂😂😂
High enough to make me see if I could get a long-term deal from a good hotel.
People do not. What is happening is a money laundering scheme by foreign players.
You are not familiar with the 10% of the population that controls 90% of the money in this country.
Property tax is vicious. $24,500 / year in taxes alone ??? It makes it completely unrealistic. You're paying $2,000 / month just to stop the Govt. from taking your house.
Exactly
Paying off the criminal syndicate and their uniformed revenue enhancement officers operating under the color of law and policy that isn't even law.
add another $2k for insurance and your monthly nut on a house you 'own' is around $5k per month. total bananas
@gglen2141 Yep the illusion of owning your own property. Yeah you own it as long as you keep paying the government for something you have already paid for. This country is done .
@@happyhealthyhumanthis is some bullshit how is that even possible
I’ve seen a few short sales here in Boise. Locals have been destroyed over the last few years. Now things are coming to a head
Fun fact: 10 charging Teslas on 250 kWh Superchargers are using the equivalent amount of electricity of 500 central home AC units, which use 5,000 watts or less. My 2,000 square foot house is cooled by a 4,500 watt central AC unit.
I'm never bought into the green aspect of EVs due to the amount of infrastructure that it obviously takes to keep them going.
It’s all a facade they want to restrict the travel of the people. Control.
Please ask your RE buddies…. who rents homes for $10k per month? That’s $120k a year after taxes! One would need an income of over $300k….. if income that high, they would likely buy vs rent.
Let's not forget that South Florida is a drug capital of the United States and there are a lot of wealthy drug dealers in South Florida . They are one of the few people that can afford such outrageously high rent. But like the late great PT Barnum used to say there's a sucker born every minute .
15 grand per year property tax on an 1,800 sq ft home and that's considered good? In the beautiful foothills of Boise, we pay $3,000 a year for a 3-year-old 2,250 sq ft home. Miami has come off the rails. There must be something in the water or they're smoking way too much weed down there. Regarding insurance, when we moved from SW Florida in 2016, insurance was quite reasonable. In Idaho, I just renewed our homeowner's policy on our 3-year-old home for $700 per year. Regarding EV's....one of our local Ford dealers has over 40 F150 Lightning's on their lot that aren't selling. $60-$100,000 for grocery getters? That dog won't hunt. Besides, out West, we want real trucks that git-r-done. Not city boy glam trucks.
Columbus Ohio suburbs are just as bad for property tax as Florida, in fact worse.
I grew up in Columbus and lived in Powell until 2016. When we sold and moved out of state, our property tax was around 3 grand. I looked up what the current owners are paying and it's currently over 8 grand. Dublin is worse. @@benton-benton
I was thinking about buying a Tesla due to the tax credit BUT because I'm also in the automotive industry and see how many normal starting batteries that are failing if they were made between 21-23, I decided not to. Everything made during the pandemic is low quality in almost every sector.
I bought my tesla in late may 2022!!! Yes the price went down & now there is a tax break! I have no regrets! I live in miami…..& i pay $55-60/mo electricity for the car!! Very little maintenance……..I’m having a ball!! My car is awesome…. No regrets!
@@Cocoatreat Very happy for you! Im excited for the day I buy one and very excited for the Cybertruck. I hope you have 0 issues on your Tessy. I hear their new iron core batteries are supposed to be a lot more reliable, charge faster and goes longer distances. 🤞
I made a baby during the pandemic and I feel attacked😂😂😂
@@michaelfarfan6186lol I doubt it’s a low quality baby though. Congrats 🎉
That’s true. Several sectors have reported build quality down
The people who are trying to rent out those homes in Miami probably don't owe anything on them and probably are using them for tax losses against income or criminals who need to launder money.
Option B.
I concur with option A
$19,000 a month for rent? who are these people able to afford this?
I was thinking the same thing.
Celebrities
Politicians
read my full discussion posted for this video.
@@otheh2636 same here
A million price cut is nothing if the owners are asking 3 x what they paid a few years ago.Always look at the homes selling history.
Precisely why Zillow and Redfin are scrubbing the selling histories on their listings. Sometimes you can find the numbers on the county tax assessor site.
I appreciate your videos very much Michael. And in the areas that you cover, you're spot on.
But this isn't the case in Ireland. At all. In fact, it's the exact opposite.
When you have an increase in population like nothing seen before, absolutely no supply and massive demand, financial repression of savers and deliberate gaslighting by the ruling class, the only thing that matters is supply and demand. Nothing has been built and yet the population has increased by 1 million in 10 years.
Ireland is a tiny country with only 5 million people and yet it's seen the largest percentile of immigration in the EU per capita.
This is by far the most unhinged and unravelling society I've ever experienced.
The sheer amount of anger, frustration and feelings of being completely abandoned by government, media and the financial sector is coming to a boiling point.
Right now the answer of the ruling class to voices of concern or anger is a complete crackdown on free speech and demonisation of anyone opposing immigration.
Buzzwords such as racists, far right and thugs are being pumped into the airways 24/7 to label anyone that's not towing the partyline of unlimited immigration.
This is not me being hyperbolic, this is truly happening. Hate speech laws giving police the right to arrest you on the spot if you don't hand over passwords of devices from which they claim you've used 'hate-speech'. Not even Orwell could've predicted this kind of authoritarian insanity.
Of course, the C19 era revealed the true nature of the ruling class and the media. But this.....this is turning into a real life nightmare.
Sorry to stray somewhat off-topic, but if you really look into it, it's not off-topic and it's very much related to the very real housingcrisis in Ireland.
There's practically nothing for sale here and what is for sale is listed at truly unbelievable prices. I've never seen greed at levels like this.
This makes me re-evaluate basically everything, my future-plans, my feelings of safety and prosperity (or lack thereof) and it's deeply unsettling.
Perhaps you can incorporate the current situation in Ireland in one of your videos.
This is a global problem, it's a consorted effort against homeownership and it ties into central bank monetary policies, mass-immigration, net zero climate policies and the planned depopulation agenda.
Sadly, Europe has dug its own grave by de-industrializing, by mass-immigration, by choosing to import energy rather than to utilize nuclear options instead of the dirty coal they're now forced to use because of policyfailure after policyfailure. This is what was bound to happen when countries throw their souvereignty overboard and give away power to unelected bureaucrats in Brussels.
America still reaps the benefits of having the USD as the world's reserve currency. It also uses its military might to secure resources and oil. Basically forcing Europe to import from them rather than Russia.
I'm just so sick of being used as a pawn in geopolitical games and being sold out by my government. There's no discussion allowed whatsoever because if you do, you're labelled racist, far-right, thug and conspiracy theorist. Hence the population truly hates the mainstream media in Ireland.
The future is bleak and unfortunately, the next decade will be one of declining standards of living, reduced purchasingpower and if I'm correct, even high homeprices due to an absolute lack of new supply.
Thanks for reading this, cheers.
This is very scary. But you know, unfortunately we are following close behind here. It has the most to do with open borders since the current administration.
@@debrarolland1704 They are following us. We are way down that road. What is really sad is that Americans can’t see their own debt based reality. We are drowning in propaganda, as our standard of living has gone from cash in hand, cash in the bank to debt instruments leveraged into hyper inflated prices and most Americans in a tremendous amount of debt. We talk about home ownership and car ownership, but if there are liens on the titles, you don’t actually own them, you own a leveraged title. If Americans read the small print, they can see that they are in indentured servitude to the debt agreements they signed. It’s how America rolls, and if you aren’t in debt, everything you have is age depreciating, unless you put a ton of money into it, even then, the “goods” are nothing but a financial commodities, and the buyer is a “consumer” which is also a financial term for a type of biological commodity that is their fundamental essential used commodity. Sad but true.
Our fight to retain economic control of the worlds current reserve currency as nothing but electricity inside privileged banking entities, is in fact the underlying fundamental of all western nations allied to it’s creation. The United States is dragging western nations with us, especially those tied hard since WW1 & WW2. Sorry Ireland, blame the history, eventually, all this too shall pass into the history books. Supposedly Ireland and the British isles are going to get much colder, with a lot more water around you. (Don’t think for a moment that globalized western finance behind all the industries are going to stop doing their thing, growing ever larger with more, and more people is their thing.)
People get what they vote for.
Here in Washington State the asking price for uninhabitable wood rot shacks with under 4k lot sizes are listed for over 150k or there about give or take 10k. Its shameless. Burned out dumps in flood zones with 3rd rate schools are listed at 150k. The greed shameful.
Same in Columbus Ohio suburbs.
Same in ghetto Florida which I now call West Virginia South because of all the druggies.
It will self correct- just let market forces do it- NO GOV RESCUES AND BAILOUTS.
People need to walk away and not feed the beast!!!
@@bigbob3772I just don’t think it will tbh. Blackrock and the likes will swoop up any corrections to artificially prop it up.
Insurance is crazy in Florida. We've changed plans to moving there.
stay away unless you can really be self-insured, and not affected, if you have to totally rebuild on your own dime. hop u r well off-----very few really are.....
Remember when you could grab a listing flyer when you bought your news paper and everything was under $125k
I'm shocked at the prices there. And it seems the property tax surprises on the buy side are horrendous!
I'll wait for the crash. It'll be here before we know it. The current monetary policies statistically guarantee it... AGAIN!
People are on the sidelines... How many times have we heard that?
Who is buying this stuff? the property taxes alone would scare me off. And Insurance is getting out of hand also.
Utilities will be next!
Appreciate you Keeping it real Michael.
Some properties may be listed for sale or rent at inflated prices, not to find buyers, but to exploit tax benefits associated with investment properties. This strategy enables owners to claim rental property deductions even if they primarily use the property as a second home. Without listing the properties for rent or sale, owners would not be eligible for these deductions.
Under those circumstances, why would they keep lowering the rent?
To generate interest among public and make it more believable that their intention is to rent or sell the property in case the IRS questions their real intentions.
Clearly the Miami market went nuts, and is now waking up to a bit of reality, but a ways to go. Then again lots of Florida went crazy.
Insurance is a real problem here in Florida. Thanks for going over it Michael. Yes, everyone will pay higher. I don't see it getting better any time soon. Another great video, thanks Michael!
A small house, taxes and insurance is $1000 a month.
Mike, l never miss any of your vids and even know within 30 min of your normal post time. l get great info and satisfaction watching and consuming all your videos. Please continue as your channel is growing daily..!!! Great use of my time.
Great point about EV chargers. I would add that reliable charging stations are another huge issue. Last week, while taking a 300 round trip in an EV, it took us 5 stops to find a charging station that worked. Found one with 10% charge left. Nearly had to have the vehicle towed home. Crazy. It’s a work vehicle. Would never buy an EV as they stand now.
I have been a homeowner and still own a home in another city where I let a family member stay, I sold my home in Jan 2021 and have been renting ever since. I have never been happier, the sense of freedom is great, and I feel like I got options if for whateve reason I don't want to live in this neighboorhood or city. Freedom is underrated, owning a home means you are locked in for a while. Maybe I will buy again at some point a place for myself buy I will bide my time and choose wisely, never fomoing in.
I totally get it. Own my home as well as a rental property. Getting older and getting tired of the rental at a minimum. Easier to just own stocks. Never been called by the CEO because their microwave wasn’t working. Lmao 😂
Michael, I wouldn't touch an electric vehicle with a 20 foot pole let alone a 10 foot people, I'll hold on to my 2015 Ford Focus until the engine goes belly up!!!
Considering Florida's vulnerability to hurricanes and the rising cost of insurance premiums, constructing more resilient tiny homes made of brick and concrete could be a viable solution. This approach would allow homeowners to opt out of insurance coverage, given the enhanced durability of these structures.
Good point. I was in The Bahamas a couple of years ago. Many of the homes were constructed from poured concrete. They wouldn't be blown over in a hurry.
If there’s a mortgage you need insurance there’s no running away from it.
Then you have the government with zoning/construction restrictions.
Not sure what size is "tiny" for you, but smaller detached houses are not profitable to build. Price is based on square footage, and builders will blow up houses with huge rooms (instead of more rooms) to jack up the sf. That's the whole philosophy behind McMansions, and why starter homes are all attached condos or townhomes now. And concrete won't keep out floodwaters.
Homes are built with concrete block in Florida already mine is a block home built in 2006 but it’s not a tiny home. No profit in building tiny homes
It just seems like people are getting greedy. I mean even more greedy than they were before. Even in my town the houses are so incredibly overpriced. Eventually something has to give. And it looks like it finally is beginning to.
My homes value has went down close to 10% in the last 6 months (Zillow)! Granted, it's value was WELL inflated and I knew that all along. They still show it's value being about $250k at the low end, and I wouldn't imagine I could get any more than around $220k if I sold now. I have no interest in selling, but just goes to show how inflated prices were getting!
My home value has gone down 26% here in Austin. At the peak, Zillow had it at 598K. Now it's 444K. I am not fretting it, because it was inflated.
@@ralstonhaley3161 WOW! I should have mentioned that I live in Michigan where the homes still seem to be more affordable than a lot of other states. I purchased late 2020 before home prices REALLY were jacked up. While I still think I overpaid some, I see other homes the same size as mine that were far over what I paid. Makes me feel a tad better... Plus, I locked in at 2.75% so there's that. My mortgage is so cheap that it made more sense than renting, even with the increases in housing prices. As long as we know the true value of our homes than we won't be so shocked to see the values come down. Stay safe and be blessed!
Thats a starter home. A lot of demand in that entry level price
@@dandahl5964 Ya, the neighborhood I live in has been a pretty hot market because the homes are usually $300k and under and is a fairly safe area. Good homes for small families or single people looking to live modestly.
Lol, they think - listing ON and OFF, knocking the price off by a dollar, to appear as 'just listed' 'price reduced' .. while the home is still egregiously overpriced by 100-200%. The writing is on the wall = REDUCE THE PRICE , IT'S TOO EXPENSIVE
To think that at one point in time the whole state of Louisiana was purchased for a whopping 15 million dollars( about 4cents per acre). Todays working folks are happily spending millions per acre. 🤑👏 we are living in great times!
If interest rates come down next year it means the economy is in shambles. Careful what you wish for.
now here is a post the reflects reality....this also applies to the stock market. When rates get deliberately lowered by the fed, prices crash....
Huh? No when rates go down home prices will sky rocket as people pile back in. The Fed will cut rates early next year despite what they say, they have no credibility at all. “Inflation is transitory” they said 😂 The stock market agrees with me as well as stock prices have already taken rate cuts into account.
Prices crash, Bitcoin, gold, silver go up.
Cleaned the windows the other day. Wow. They were really dirty. B!owing dust is fun to deal with so I enjoy your water views.
Money laundrring via real estate would be great topic.
Speaking of electric cars, they have been around since the original car was invented, there's a reason they haven't come close to succeeding in the marketplace, also unlike internal combustion cars, their range per charge hasn't grown very much since they were first produced over 100 years ago!
It still kills me how ppl just leave 100k+ cars just baking the in sun exposed to the elements, never in a garage
I think Florida people should have to eat it if they have huge home losses. I live in Idaho so if Michael was walking here today he would be walking in 3 feet of snow with a temperature of 13 degrees and a 30 mile an hour wind. My home insurance has doubled in the last 5 years and when I asked my insurance agent why she said it was because of high loss states and we would have to bare it along with all the payouts from other states. I've never even had a home insurance claim in my whole life here, so yes, eat it Florida, enjoy those nice warm temperatures and 200 mile an hour hurricanes and tornadoes.
I Live In Florida .....It Is A Bad Look To Be A WINER .....You might want to cut that out .
Your agent is a liar.
As Super Mario would say: “THATTA NOTTA HOWA IT WORKSA”
Yes Florida enjoy it with six to eight months of intense heat and humidity lakes and streams and rivers filled with alligators in pythons as big as your thigh taking over South Florida. And then you have the huge poisonous spiders lots and lots of sand fleas and mosquitoes and of course you have sharks that come into 2 ft of water in the ocean in manowar's AKA jellyfish that float around in the ocean at different times of the year and their many many tentacles that are floating if they happen to touch you the pain is excruciating. I spent 1 year in South Florida many years ago and I was at the Beach almost everyday in my skin aged 15 to 20 years in just one year. As a 21-year-old I look like my Grandma's old leather handbag with a million wrinkles. That son just wrecked an aged my skin for years to come. Plus this place is flat as a board boring boring boring topography. I could go on and on and on about all the negatives of Florida but I'll stop there it is a s h i t h o l e. It's pretty good for about 3 or 4 months during the winter but other than that forget it.
its Bordenaro time!
Let me know when prices go down in New Jersey . Prices are outrageous even for 2 bedroom condos. I’m still renting . It’s a joke when I look at what these homes look like and the sale prices. It’s so discouraging and I don’t see it getting any better . Thanks for the videos 😀
I went to Sebring Florida which is kind of located in the middle of Central Florida I went on my own and looked at homes and I found a nice house the lady wanted 430 thousand this on Zillow so I went by the house. people were occupied, 😮but they allowed me to walk through the house l. the moral of the story is that bathrooms were so pl The master bathroom was maybe 4 ft by 5 ft with only a walk-in shower. the other bathroom was small also with with a very small tub. the investors' individual investors they built the houses, but they didn't build them worth the money. they didn't put anything up grade. this house is pretty nice. Just bathrooms were really small, not worth $450,000 . Never never never never, but I'm just saying
Just wanted to say, I watch you and several similar channels here on RUclips often and it just dawned on me why I get so excited to watch YOUR videos in particular... I really appreciate your laid-back nature and how you deliver the information at a calm cool pace without all the extra noises and excitement. Sometimes I feel like I'm listening to an auctioneer and I find myself feeling stressed and rewinding a bunch to fully understand the points... with you I feel I'm literally taking a leisurely stroll with a friend while having valuable conversation... i look forward to our little "chats" haha..so thank you for providing valuable reasonable points without all the extras (when you provide true value you dont need much else). Sending love to you and your family during these uncertain times and hoping your channel continues to grow ❤
On electric car situation you're 100% right when it comes to hybrids though Land Rovers diesel hybrid happen to catch on fire and a car parking lot and damage to a whole lot of vehicles it burns so hot it looked like a white blowtorch coming out of the side of the truck it just glowed like a plasma torch and Canada had a situation also and these are just battery fires and on Australia down there they had a electric cement truck catch fire yeah don't you feel good and green of all that heavy metals burning
I don't think it's the interest rate that's really stopping people. I really truly think it is the home prices themselves. And maybe the property taxes also but I think it's the home prices that is the number one deterrent.
Nope, you’re wrong. While the sticker shock is crazy. Whats crazier is what just one percentage point does to your payments in interest. Pull up a mortgage calculator when you have time and play around with it and you’ll see what I’m talkin about
@@gregnak07 interest rates in the past have been this high and higher. And people still bought houses. I think houses are way over priced. And at least in my area the prices are not really coming down much at all.
Michael, thanks for the updates of homes you showed before. It really is interesting to see if they sold, if they didn’t sell. And if they found renters.
This doesn't have anything to do with real estate but HOLY SMOKES! A small diet coke at Jack in the Box costs $3. I went to Dollar Tree and got a 20 oz can of cola for $1.25. Companies need to see the writing on the wall=we aren't paying "too much" for stuff anymore. Ok, ya like real estate. :)
"You will own nothing and be happy."
Millennials and Gen z paid too much for houses and drove property tax to the moon with their ridiculous home purchases. Now they have buyer's remorse. And the rest of us have to now pay hideous property tax b/c of them.
Our friends house in Georgia that they are selling for 984,678 dollars and no one is buying it and it's been on the market for 196 days and they just bought a house in Ocala FL for 423,000 dollars. I don't know how they are affording 2 houses.
For the algorithm. Keep up the good work.
Thanks, Michael! I’ve made up my mind. When the current house price line intersects the 2016 line on the graph, I will think we are back to normal. I might even buy something.
When taxes are high and insurance is high, rent has to be high.
Glad my house is paid for.
If you bought it 10 or 20 years ago. You will do well.
I live in Texas. I just met a couple that went to CA for a vacation. They wanted to drive from Los Angeles up to Napa and then San Francisco. They got stuck with an electric car and had to map out charging stations. What should have been a nice drive took them 4 times as long because of the constant need to stop and charge the car.
You're welcome for the Tampa story. A change is coming!!!!!!!!!!!!!!!!!!!!!!!!
Hanging onto your home with a lower payment feels nice at first, but then when they hold and the value of the home drops 15%, 20%, 25%, etc. it is painful to watch. Combine that with not knowing when homes will return to that value is a tough pill to swallow.
Thank you to our host for this important segment. Empty houses still need upkeep and maintenance in a tropical-storm area. Plus, someone can answer the question of insurance coverage when unoccupied
Monopoly and Flipping in housing is a game, not reality! Houses are to live in and will appreciate only in time and with added value and reasonable price increases.
I know what you mean by Groundhog Day I've been watching this channel for 2 years and every video says that there is a housing market crash coming deja vu
I was thinking that too
😂
@@romeodroops I wonder when the last time Michael even sold a piece of real estate
I’ve had a hybrid, actually 2, a Honda insight and Toyota Prius. Both have over 300 hundred thousand miles and never gave me a problem. On average 45 miles per gallon.
You didn't need to buy in the past 2 years to have a 3% interest rate. Many people refinanced into a new mortgage without re-starting the 30-year clock or taking cash out. I bought 11 years ago, and in 2021 I refinanced to a 2.5% 10-year mortgage. I have enough equity to downsize and buy with cash. So I really wouldn't be giving up the low interest rate.
In Ohio areal nice 2 bedroom apartment in a rural town is some where between 500 bucks to 750 bucks a month . That includes utilities..
Where in Ohio? All rural towns? I need to get out of Franklin county with the hideously high property tax here.
I was warned two years ago by a recently retired Realitor this was going to happen when things went back to normal. She told my wife and I to wait for 5 years after it started to buy again.
They are selling at a loss based on the crazy price increase, but based on reality, they are still high, with no loss in my eyes.
I’m so excited 😊, my life has totally changed since I invested $3,500 and now make $25,000 every 10 days. God bless Expert Michael Allen
HOW! I would really appreciate if you show me how to go about it. Please can you list the platforms ?
Same here, I started with $3,000 now earning $28,300 bi-weekly profits with his trading program. He's really amazing i still cannot believe someone can be this exceptional when it comes to Bitcoin activities.
I’m from the UK 🇬🇧 I’ve been trading with Mr Michael Allen for a year and he has proven to be trusted and the best broker. I strongly recommend him
I've lost quite a good number of coins in the current dip, I just hope I find a way to recover from such a massive loss.
I will advice you find a good crypto trader like Mr Michael Allen , that will help you through
Who in their right mind would pay $19K a month in rent? Anyone with that kind of money can purchase a home.
PEOPLE ON DOPE
There's a house here in Colorado Springs. I know the owner. He and his wife moved to a different part of the state. He borrowed money from his life insurance policy to buy a ranch. They put their house here up for sale in early May for $1.7 million, dropped the price three times and it still didn't sell. They delisted in July and put it back on the market last week for $1.1 million. I know that he still has a mortgage on it, so it will be interesting to see if it sells.
Ridiculous buying a house in south Florida unless you want to work like crazy to pay for it or you are a multi multi millionaire
I wish someone would investigate more on all these apartment buildings they are building there is so many going up in Arizona. I’m sure I’m not the only one scratching her head asking why
They're building apartments and houses nonstop in central Ohio. I'm wondering why.
It’s probably for all the immigrants they are replacing American workers with.
Because you will own nothing and be happy.
Trish - Three mobile home parks were sold to developers in downtown Phoenix, which will be replaced with expensive hi-rise apartments. It's forcing senior citizens to relocate, but the real problem is, even if they find a new place to go, some of the mobile homes are so old they will fall apart if you try to move them. I hope Lennar will start building tiny houses in Arizona.
Maybe give housing to illegal aliens?
Ahhhh....those rental prices are so high because they are hoping an AirBnB investor will rent it longterm and then sublet it short term to the holiday market. But AirBnB is over supplied and holiday let prices are falling.
Anything under 10% is reasonable. You people have been spoiled for years. My first house 8%.
but how much when u brought it lol
I got a 6.875% rate when I closed on a townhome in September.
Problem is the house price.
You have a point but the average price wasn't 400k in the year 2000. I know that's about when you bought because my first house was also 8% in April, 2000.
Lol turns out 5% of a big number cost much more than 10% of a small number. I’d pay 20% for a nice house that cost $200,000.
The EV reliability issues have alot to do with the rapid transition, & engineering. It's the same thing that came in the 70's, 80's, & 90's with American vehicles that had to meet epa regulations
who pays 250k a year in rent? who are these people?
Money laundering.
The people that can afford these rental prices are drug dealers and bank robbers two of the most lucrative businesses anywhere.
I don't consider electric vehicles cars. They are batteries with a huge computer and a shell over the top.
We need a website to rat out the vacant homes in our neighborhoods.
THIS THIS THIS IS A SUPER IDEA......LOTS OF PLACES ARE VACANT....HELD, LIKE HOLDING A STOCK...."NEVER SELL, MORTIMER...." lol just wait, henry higgins!!!!
Organize and Collect data. Get help, a team. Strength and peace
Damn this is actually a genius app idea tbh.
Burglars would love that.
Squatters would love that.
In Canada people loosing $200 - $300k on condos..
Houses need to be lived in. When plumbing isn’t used, and there is no temperature control, systems become inoperable. Day-to-day maintenance is necessary.
I wonder what your position is on the realtor's responsibility in these areas for the spike or decline in these house prices since they are most likely the ones advising their clients on what to list or sell the home at?
I live in PalmBay Fla and drive 95 to go to Cape Canaveral for work. The West Side of 95 building like crazy. Yes and Tampa is still stupid
can you do a map of some of the homes you like in a neighborhood and show the stats? Show how many failed flips, show cost increases of taxes/insurance, selling at a loss, lost equity, wasted investment, and investment sources because I fail to accept that someone here is paying the $20-50k monthly mortgage payment on a house for a year or more.
Exactly why not show the map of the areas U stroll through, with "likely" prices, via Zillow or whatever?????
@1:46
Think about that for a moment….
You could “own” that house outright and still have a monthly payment of over $2,000 just to cover the taxes and that doesn’t even include homeowners insurance…..
This is absolutely INSANE!!!!!!
I live in Louisiana in a nice suburb of Baton Rouge in a house that’s valued at approx $300k and my property taxes are less than $1k/yr.
With citizens insurance being seen as illegal and Florida being seen as a problem you can expect the market to have a major problem in this state.
Our Anna Maria home insurance company had re-insurance backups with Lloyd of London circa 2002-3
Very good points here. If housing price stays flat for 8 years and inflation stays high hopefully a lot of us will be making more in 8 years an can afford that same house that isn't selling right now.
Weve been in our home 25 years, why do people like to move so often. The point is to pay it off and live mortgage free.
Yes Travel for 2 weeks THEN Go home like 5x's a year.🥰🥰🥰🥰
Bingo! People losing their jobs, regardless of interest rates, home prices, and seller/builder incentives they will not be able to buy or they will go into foreclosure. Young people are living with their parents longer or returning home.
7:00 thats not a mansion. North Bay Road
It's very rare for houses in the over one million dollar range to sell for under asking price .Sales prices of houses over $1,000,000 are up about 10% nationwide.
Great topics and information for us to know. Your signature walks make both verbal and vision worthwhile to watch entire video. He in NC near Fort Liberty (Bragg old name), housing is crazy as rotation of military has many homes for sale. They are marking up prices. If they can't sell them, rent is next. Average home is $350K. Many cars in the driveway, trash day shows expensive items being bought as the empty boxes need pickup. Credit cards must be maxed out. They compete with Christmas decorations. You can see our neighborhood from the moon where China occupies land there.
The problem with the houses being flipped is they are charging premium prices for junk quality, in the end they would have been better to do a quality job because these junk flip jobs they are living in, they will be stuck with
Thank you for making sense!
My husband and I are watching the multifamily market. But we're in no hurry.
I wonder if some Sellers are “testing the market” and do not need to sell. Probably will have to receive an offer-any offer-to see if they are motivated.
Another Thousand Subscribers 🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉 your channel is awesome. Thank you Michael v Blessings,Carlos ✝️🙏❤️😊🇺🇸
renting isnt bad but 10k a month rental to hell no
I would never get into a corporate lease. Never!