Expectations VS Reality in Housing Market (You MUST Know This!)
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- Опубликовано: 2 окт 2024
- Both buyers and sellers need to make sure their current expectations of today's housing market matches with reality. Because I think a lot of people are still stuck on where the market was 6-8 months ago, rather than looking at where it is today.
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UNPAID Debts SKYROCKETING As Emergency Savings Plummet ruclips.net/video/dH7pUoEBP6w/видео.html
how much will the HOA fees cost you if you buy a apartment?
@@gordonkistler916 every building is different but in general these days for a one bedroom, you can expect to pay around $600 a month or more if the building has a lot of amenities
@@MichaelBordenaro I think I will move to the Philippines or some other spot in southeast Asia and rent a nice place for around $400.00 a month or less as I have a nice retirement and can live like a king over there, screw the US and their high prices!
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.
Funny thing is, the same things you talk about I see daily. An example of this is my neighbor recently threw their house up for sale $150,000 over it’s market value, it sat on the market for 7 months until they lowered it $85,000 and some sucker came along and paid $65,000 over market value for it.
You know what they say? There’s a sucker born every minute.
I do feel bad for the guy on the flip side of things, because I know the amount of work that house needs. Again, you pointed out the deferred maintenance out in another video, they got it off their hands and made a huge profit. Passed in on to the next guy in this case. It’s a sad story all around. One word unethical.
I will be so glad when grey decore goes out. Seems everything has a grey theme. Boring
@@dougmartin7129 right, gray color is a sign of being a flip 🙃
HOA fees and potential assessments for those very, very old condo's, even at $350k, they are very expensive.
In Austin City Limits prices have been inflated since before 2019 so real comps are from 3-5 years ago. Comps from the white hot market are not real.
We are all just playing games. Everyone wants everyone else's money. Nobody works anymore.
Ain’t that the truth
We've entered the "casino phase" of fiat currency. I'm serious.
Especially the Realtors that do basically nothing much other than write an offer and show a home yet want 6-10k for doing that.
He is 100% correct.
I bought my house at the bottom of the '08 crash for 85k.
While I have put a standing seam STEEL roof on it in addition to cat5 windows and doors on it since then, the VA appraised at 375k.
Wait it out and let the market to fall and buy in 2-3 years.
Exactly. People in 06-07 said the same things as they are today “prices wont go down” - they certainly will. Demand is tied to affordability. Until affordability returns to pre-pandemic levels - the prices will keep falling month-over-month.
I just sold a house last month and my realtor was super open and honest and delivered for me. My brother was half owner and was berating my realtor, wanting $75k more than we listed and just was completely ignorant of today's market.
You forgot the 800 dollar monthly HOA for those 1 bedrooms
And I think by 2025 they’re gonna have to make sure all the condo buildings meet certain standards because of that building that collapsed so it’s quite possible that a lot of HOAs are going to rise dramatically or they’ll be some big assessments.
Wtf. What does 800 a month get you.a maid free room service.someone back there needs a realty check it's a right to work state.
Just got my property value assessment from the county. Up another 15% over last year. That’s 15-17% increases for four years in a row. I’m looking forward to a decline in property values. I’m on the way to getting taxed out of my home.
What state?
@@naturelover2292 South Dakota
I love prop 13.yea the most I have seen has been 100.00 in a year increase.but never be afraid to go down to the assessor office and file your paper work.
@@naturelover2292 we are getting an influx of Californians, Coloradans, and Minnesotans.
Mike.. you statement about FL real estate tax is spot on!!! I bought a FL house 2 yrs ago (previous owner had owned the place for 15 yrs) and my property tax re-assessment tripled my property taxes ... Now "its on me" as you said.. That agent said he had no idea that would happen... LOL...
Lots of people are in this boat who purchased in the last two years. They could justify paying more when homes were going up 25% per year, but a lot of them will turn in they keys and go back to renting once the home is worth less than the amount they owe.
"Buyers determine the price ...not the seller" Barbara Corcoran
Sellers determine the price. Buyers can choose to offer a bid or not.
@@rebeccawoods8528 did u start the Corcoran group? ... Who do u think is going to hold out longer...someone getting paid risk free 5% interest or u sinking every month.. u heard Micheal's client...sold lower than first bid
@@rebeccawoods8528 You must be under 25. That has literally never been true except the last two years 😂
@@AB-fq4mr
Do you have age discrimination?
That is bad.
Or I should feel it's a compliment, making me 1/2 younger.
Wrong.
@@rebeccawoods8528 Something is worth the price only what somebody is willing to pay.
I like the 2011 price $105,000!
Michael is correct. In 1984 our first house had a 13% mortgage, however, it was a $79k house. @7% I have to find a house around $350K or less to make it affordable for me.
This should make you of all people, understanding of how inflation relates to buying power and just how terrible of an example that point is. $80k in 1980 is the equivalent of $300k now. This is what happens when you listen to realtors. They’re all idiots. Educate yourself instead and make your own decisions.
@@TheThreadofLifeInc
1980 Median Household Income: $21k
1980 Median House Price: $61k
House:Income Ratio: 2.9x
2021 Median Household Income: $71k (most recent fed data available)
2023 Median House Price: $380k
House:Income Ratio: 5.35x
The ratio of cost of the median house relative to the median income has almost doubled compared to 1980. Wages haven't kept up with the inflation of home prices. For houses to have the same affordability, median income would need to be $131k today.
@@yob_woc why are you looking at the inflation of home prices? What I’m trying to get you to look at is what inflation really is. The debasing of the dollar. Then it would be my hope that you would look further into why because in doing so you’d find the right answer rather than skimming the surface of a current world problem.
@@yob_woc I’ll make it clear for you so you don’t even have to look. They printed a lot of money and diluted the supply. Now the dollar is worth significantly less. Fundamental principal of supply and demand.
@@TheThreadofLifeIncthe petrol dollar, world banks, trilateral commission ect ..those are the root problem (well actually man’s love of $ lol)
But if you build a RUclips following around that kinda content you’ll find yourself demonetized. You’ll get fired from all the platforms that pay with a shizz. (That was the short answer player)
Here in Arizona in the past 4 years that I've been trying to buy a house, I've found only a handful (if that many) agents who seem professional and honest.
I'm glad I stayed in the military retired air force. Went in at 19 done at 39. Bought a house in Feb 2014, 3.75 int, 30 yr loan, mortgage was 799 at 130,000 house 3 bedroom on bath, 1962 home. I paid 1500 a month from the beginning my goal was to pay it off in 10 years, close to double my mortgage. In year and half house is paid off, I'm debt free and was able to retire young. Credit cards are the devil, Adam Sandler lol. Life is going good even during the inflation because I live according to my means, my kids are grown and gone to 27 and 28 yrs old. Glad I'm able to have a house paid off before 50. I learned to manage money well at age 35, 4 yrs before I retired praise God for that. Wasn't always good at it, but what you will learn is money management is all your fault, was a hard lesson I had to learn.
Just had 30 year wedding anniversary also today, life is great.
Same thing in Stocks !! If u can't sell No Profit. Daytrader
Well done.
Respect for appraisers! Thanks from an (unemployed) CA residential certified appraiser
That’s a deal… in California. My 1/1 was 449 after a 50k discount (with free appliances/year of HOA covered/closing costs waived).
Look around u everyone has been moving out of CALI. Don't understand why the hell anybody lives out there, it's so overpriced with everything, retarded traffic and it's not all that
It’s not a deal in Fl, FL has high insurance and HOA fees a lot of condo in Fl are also getting hit with special assessments, can’t just compare FL to CA total different cost not to mention wages are different
Free appliances🤣You will be lucky if those even last 2 yrs.bro. I build homes in Michigan trust me on that one
Glad your doing a reality check for many. Important. Listening to you every other day reminds me how much I don't like this business. Greed all around.
Condos are horrible investments unless they’re newer and will meet the new coming codes!!!!
I don't like anything that I don't own the land it sits on and absolutely zero chance I'm buying into an hoa
Thank you for your vids. Been looking at some FRED data and doing some research. Crazy how everything is so expensive. Luckily I have a job that is always in demand. RN. Looking to get a per diem job on top of working in the ER to be better positioned in 2024.
That $320k 1bedroom condominium will cost at most $70k in 2025
It's possible. After Biden gets ejected and the new President passes legislation. No foreign buyers, no corporate/llc ownership...let's see what happens then..
I can second your comment about market price. I brought July 2022 and home will be completed in April. we only went up 6k in equity from purchase price. My realtor was great and told us about market value and the area that we purchase is where price increase didn't go up as much. She also said if this is a long term home then purchase but if your not looking for long term this isn't the market to buy
That's great sounds like you had a good agent!
Please do a show about whether it is wise to buy a foreclosure, and what possible pitfalls there potentially could be there.
Yes, this story reflects immaturity of a buyer as well. The Fed is hammering the adolescent buyers now with higher and higher rates. Eventually, they will be pushed out of the market so equilibrium and reliable pricing can return.
No Michael, it’s a price “improvement” lol.
Btw we priced our home right in SE WI two weeks ago and had 9 offers over asking in one weekend. Our Agent is a stud and pulled out all the marketing stop, amazing photos, video, delayed status, open house day of going live, and we funneled 50 buyers ol through it in one weekend.
What state r u in bro. It's different everywhere. Some areas are still hot some areas are dead
@@romeog9347 Southeast Wisconsin. There’s no inventory here, not much building, no one wants to sell and lose their interest rate, only deaths and people like me moving out of the area are providing inventory.
But, if a house is overpriced, it WILL SIT. Entry level homes go fast, but they still have to be priced right.
We’re going to rent in FL, south of Jacksonville. The rents are crashing hard and there’s 100s of vacant new builds to choose from. They’re overbuilding and I know those houses will be listed on the sale market next year. They can’t afford to rent them for these low prices with how much they cost to build and finance.
@@nickfdsasdf6540 yeah. Florida is building way too much. Good choice to rent, a lot of people i know who moved from up north to florida moved back. Its a great state, but the heat, wild life and sheer number of people who have moved here is not for everyone.
Haha these word / mind games crack me up! glad its going well with the sale!
You are so right ! I'm in SE WI as well and getting calls all the time asking if I'm ready to sell my place.
These videos are great because they inform buyers on key things to know so the buyer isn’t pressured into needlessly buying.
When I’m a seller, after 2-3 weeks on the market, then every week I don’t get foot traffic I’ll drop the price a percent or 2.
The reality is house prices are 50%-100% over valued compared to more 2020. People expect houses that can be affordable in a good neighborhood.
No the reality is that printing money created inflation which made our dollars worth half as much.
Things aren’t overvalued, they’re inflated.
Big difference.
All the RUclipsrs are predicting a 50% price drop. Let’s wait
@@chrisdaniel2759 I get your point, BUT, my salary hasn't gone up .... THAT'S THE ISSUE. Relative to people's salaries houses are too expensive. Thanks for the money and banking summary, that was nice.
@@chrisdaniel2759 LGB
I don't think prices are ever coming down to those levels though. That was before we printed an additional 7 trillion dollars and that money is going to be around forever.
Regarding the 1/1 condo: King tides, hurricanes insurance, HOA, and it’s old; if y’all been watching Michael, old condo’s , especially near salt water are a potential land mine field
True! The condo boards in FL are aware of the insurance demands now and in the future regarding building's structural integrity. HOAs to soar more in the near future in FL
As a RE appraiser during the last decline, funniest sales line in listings was: Instant equity! Listed $100k under assessment.
And they’d put in a photo of the county assessment. 😂😂😂
That should've been classified as false advertising and lawsuit should have followed, something that any presiding U.S. Attorney General should look into but I suppose that would go against the interest of banks, big developers and institutional investors. smh
Yeah, put that guarantee in writing.
@@MarkShinnick oh, it was in writing. They put it in the listings. 🤪😝
@@nowyouknowrealestate5703 That a good one :)
One will learn history will repeat itself.
Michael, you are presenting the talk very professional. I like your talk so much.
There isnt a rental out there for under 1500 a month. This is a civil war, make no mistake. 400 square feet in Yuma for 1500? GIVE ME A FUCKIN BREAK.
300k for an apartment, I have a car to get me to the water.
I used to teach consultative selling - where a sales persons’ job is to inform the potential buyer about a product or service, so the buyer can make an informed decision as so whether purchasing is in their best interests, or not. It’s about service and building long-term relationships based on trust. Sadly, for most sales people it’s about closing the sale no matter what. The real estate industry is shark infested waters. Buyer beware. Thank you to the agents, and to you Michael, who tell the truth!!
@@eddiegaudette4287it's been that way in Miami for as long as I can remember. My family moved down here from Elizabeth in 88. In regards to real estate, there is definitely deals out there, but you won't find them on the MLS, or with any RE agent. Down here it's about having back door channels. You need to have ppl at the county in consumer affairs and zoning, and you have to have ppl at the banks ready to give you the heads up on foreclosures. Then of course you need cold hard cash to scoop up the worthwhile properties, and be ready to "tocar" those ppl on the inside that connected you.
I don't know why people think your supposed to make housing affordable. It just seems like your trying to help keep people informed. That's it.
There’s nothing I can do about it besides keep people in the know
@@MichaelBordenaro and keeping people aware is appreciated.
I’ve been outbid on 3 different foreclosures in the last year. In Oct 2021 none were listed on the government owned websites. Over the winter more and more properties have come online. This is not Bank REOs but only the government owned properties. Foreclosure are overpriced also so you have to analyze the local market to recognize what a great deal looks like.
Here's a scenario for you. By the way love the videos. I've lived in my current rental for 6 years and my current owner has decided to sell. Now I've been stubborn on using credit. Until yesterday I didn't have a credit card. Now I'm a single male(57) and pushing $100k a year with absolutely no dept. Now, I either need to rent or buy and for what they are asking for rent I have decided to buy. With no dept and limited credit history. I'm still renting. no takers and I have a down payment. You would think with a perfect debt to income ratio, perfect history with my landlady i would be perfect for a purchase. Buying a house sucks.
Keep "the truth" coming man. Much appreciated.
You bet I will!
One thing I notice that people haven't been talking about... If you look at the migration data, people flocked out of states that were very strict with COVID lock downs and went to looser states. People left Cali, NY, etc. and went to TX and FL. And these southern states happen to have lower taxes too.... Guess people don't want to be told they cant do anything and to stay home! Who knew.
Michael Mortgage rates were averaged at 16.5% in 1981 and 1982. 1983-1985 around 13%. Then 1986 and beyond not higher than 10.5%.
The 300k purchase price is only half the story. How much are the condo fees ?
That's where they get you.
HOA FEES ! insurance on these buildings, taxes always going UP UP UP
Say NO to high prices. Pretty soon builders will be building at bargain prices. Interest rates are high don’t settle for overpriced JUNK and sloppy seconds. Prices have doubled, tripled, and quadrupled in the last few years!
Because of what Woody Harrelson mentioned on SNL
Only if they can obtain the land at bargain prices.
Funny thing about "price adjustments", as a buyer, once I see a price drop, I know the 'new' asking price is still above the eventual sale price
Thank you Michael
I really enjoy your videos and all the information.
Trump 2024 will change everyting..all thoese sitting on the fence will start a frenzy..shocking! prices up 20 percent and pulled back 2 percent...lol
Michael on 🔥 ! Great info. No good comes from deception with these realtors.
DOM (days on market) of 270 days says, "no body wants to take me out" 😂😂
You will RIDE the price down as the DOM gets bigger....
I moved back to Florida from Atlanta 1 year ago to my moms home in Delray Beach. Prices are still ridiculous in SoFlo so I have waited to purchase….should I make offers at 60 percent of ask?
you can make offers at 20% of ask, if you like. all depends on your perspective.
What about northern Deleware? When searching for houses online, it seems like 80% of say pending.
I inherited a house (with $1,000 month property tax) and want to move someplace with $200 or less tax. If I rent and wait for prices to come down, I will still be paying $1,000 a month while I wait.
The whole time I will be spending extra money while waiting to save money.
Advice please.
Sellers have an emotional attachment to their homes and unrealistic expectations. I want Eggs, gas and a lot of consumer items to go back to 2021 prices. It's like they don't want to hear the truth. It's always good to look at the price history. First thing.
absolutely true. almost no one can be trusted to accurately appraise their own home.
Those were probably 150k 3 years ago. 🤯
Message to Sellers: (1) PARTY OVER (2) YOU WAITED TOO LONG
At this point in time, owning a piece of paradise is now unreachable for most people.
Michael. Thanks for the education you are providing in these unprecedented times for real estate. My 21 year old granddaughter is looking for a condo in Miami right now. I’m trying to get her to consider renting, but as you said, she wants it all right now!
THAT IS DEXTERS APT COMPLEX!!!!! SAME POOL, SAME AIR CON, SAME EVERYTHING
Truth.... A appraiser said my house was overpriced and killed the sale... At that time I was angry, but he did me the biggest favor ever because my house is worth many times that price....
Truth... Agents speak with forked tongues..
In my area if FL the rental market is more overpriced than housing. I was thinking of selling but not a lot of choice to buy yet though its getting better. There's lots of new homes and new townhomesbeing thrown up daily but they are junk and Im not interested.
What part of Florida do you live in
Just sold my house , but I am going through a divorce, right now I am back to my moms house , I am 47 years old, not buying right now wait till prices come down.
Michael, your pragmatic videos are fascinating to follow. To the point. The **truth** or what do you want to **hear**. Mind games? The moment of truth arrives with the price. Best quote ever. Wish you all the best. Streetwise, invictus. Not only in Miami, anywhere, anytime.
Word games, **mind games**, moment of truth by price
In my area there are over 20,000 people, and only 4 houses have entered the market this week, and less than 100 houses on the market within a 45 mile radius of my town
It's called cornering the market. And since housing is a necessity that should be illegal. Everyone needs to complain to their state reps. 1) Limit foreign ownership, and tax them heavily 2) Ban corporations from buying up houses. 3) Do not allow Airbnb in cities.
If current trends continue, corporations will own everything and citizens will be in the streets.
Wait 12 to 18 months... the washout is coming. When margin interest rates exceed potential stock market return with risk, the market will drop like a rock, margin calls will suck liquidity from the economy and the dominos will begin to fall.
Crazy expensive imho. But that realtor you mention sounds like my financial advisor when I ask him what interest rates will do. He says, "I'll be honest with you; they might go up but they might go down."
They'll go up for at least two more years.
The "Price Adjustment" term used here is very similar to the car dealers' term when they up the price over MSRP for desireable cars--"Market Adjustment".
If buyer's agents were really looking out for the best interests of their clients, their commission would be based on the discount that they were able to negotiate instead of the sales price.
How much are the monthly condo dues? When are those dues going to be raised?
Sellers wanting to sell close to their list price should be selling subject to the existing mortgage or if they own it outright seller financing is the best way to go.
You are correct best deals are distressed builders or other distressed sellers. Prices are key! Interest rates are a factor but no substitute for buying at the best price.
Flood risk happens in waterfront or proximate areas which tend to be higher desirable areas. No contradiction with that.
Phrase I heard 45 years ago as a young banker, ‘Pigs get fat, hogs get slaughtered ‘ still rings true.
Good stuff MB , cheers from down under
Insuring an empty house is very expensive. The insurer is worried about vandalism, fire, etc so they double the rates or higher.
I’ve been seeing a lot of “Price improved!” instead of price reduced. America’s obsession with high real estate prices is almost religious.
These word games they use are hilarious
I’m curious exactly what the HOA and property taxes are on those one bedroom units though, thank you for the video
Ide say at least 2gs a quarter
And the insurance close to the water..🤔
A house price crash is like a stock market crash in slow motion. When a stock starts falling rapidly, everyone jumps to the exits to sell and the price instantly collapses. When house prices start falling, sellers hold out for hope initially, but as interest rates have severely pinched off buying demand, those old timers who have held properties for a long time (many have been fully paid off) are the first to sell, knowing even with the price drops, they still made a killing. This causes prices to fall faster, putting pressure on sellers to lower their prices just to get it sold before the bottom drops out, then the seller FOMO takes over driving prices sharply lower. I like to call it FONE, Fear Of Negative Equity.
@@njerseydavid I see you have this all figured out. No one is going to ever sell again. LOL You sound like Irving Fisher "stock prices have reached 'what looks like a permanently high plateau.'".
So when someone loses their job and cannot make their mortgage payment, they're going to tell the lender "sorry I can't make the mortgage payment, but don't worry, I have a 3% loan."
When a couple gets divorced, they're going to tell each other, "hey, we have a 3% loan, let's not sell the house. You live on that side and I'll live on this side."
When someone has to move because there is a much better job opportunity hundreds of miles away they're going to say, "This job pays 3 times what I'm making now, but I got a 3%, so I'm staying here struggling with this low paying job.
People will ALWAYS sell for whatever reason. Job moved, Divorce, Death in family. Life goes on. There were a lot of people who had very low interest rate mortgages in 2008; what happened to them? There are a lot of investors who despite their low interest payments are seeing rents fall, putting them into a negative cash flow position. The more they hold on, the more they lose. Will there be some people who won't sell because of their 3% loan, sure; but those will be the bag holders who will prop the market up just long enough for the smart money to get out.
@@njerseydavid "But layoffs aren't leading to sales when the alternative is renting a mor expensive apartment. People will rent rooms, work fast food, live off savings, borrow from family, work out repayment with the banks,. Etc."
I agree that more people will try to rent their house or rooms; which I imagine is already happening because many buyers are already having a hard time making ends meet due to inflation. At the same time, there are a lot of renters who are also facing hardships for the same reasons causing them to consolidate (get room mates, share living space, downgrade to cheaper rentals). You like to mention people renting out their house to save themselves financially while ignoring the fact that renters also face the same hardships and will consolidate. More rentals and less renters causes rents to fall; which BTW if you haven't noticed is happening right now. Also, for the first time in over 40 years, 50% of millennials are moving back with their parents. When times were good, people rented places for comfort (nice views, more space, better neighborhoods, independence, etc.). They could do that when times are good and they get their dream job; but when the economy falls apart, they abandon comfort and seek security and affordability.
"And if they have to relocate? Well, they'll just rent it instead of selling it. That is the sentiment of EVERYONE I talk to. If they are underwater, as you claim, they are DEFINITELY turning it into a rental that cash flows rather than selling at a huge loss."
Many will have a huge negative cash flow and will be turning in their keys. Again you act as if renters have an endless supply of money that will pay any price to rent. The amount you get for a rental depends on what renters are willing and ABLE to pay. Take an area that has lots of renters for say $3K/month. If jobs in that area disappear, so do the renters and that $3K/month collapses to what the market will bare; could even fall below $1K if there are a lot of desperate people.
"This isn't harsh to understand if you have any sense of how the world actually works."
WORD.
"Also, as far as rent falling...yeah right. Rent never falls significantly, and especially not when people can't afford to buy."
I could have said 2 years ago that the 30 year never goes down below 3% as it never has in history and I would have eventually been proven wrong. Rent falls when people CANNOT AFFORD THE RENT. In fact there's a lot of people in places like California who are now living in tents! People that once rented.
"And either way, these investors have a lot of cushion before they stop cash flowing AND if under water, they'll rent at break even or a slight loss rather than sell at a loss."
There are already a lot of investors who are dumping their properties (ie. OpenDoor)! As many start to acknowledge the recession that we have been in, this will increase.
Another thing is the many older baby boomers (70+) who are either retired or are going into retirement. They have seen their stock & bond portfolio get decimated, while struggling on their fixed incomes to pay higher taxes, insurance and heating bills on a property that has many empty rooms since their children have all grown up and moved away. They bought their house long ago for $65K, mortgage fully paid off and have seen its price peak at $650K and will not hesitate to sell for say $400k and move somewhere that better suits their needs at a more affordable cost if that's the most anyone is willing to pay for it. They're certainly not going to wait until they turn 100 to sell at the peak of the next bubble.
We sold our Virginia home and the offer came in that stated "As Is" on their offer. Could you do a video on this risk?
They should be worth 150K back to 2011 pricing
The government can’t reign in the money they created. This interest rate hike only punishes people that are in the market now, but it doesn’t keep away those that have been given tens of thousands of dollars of free money for no reason whatsoever. It’s the down payment scarcity that should keep a housing market in check, not interest rates. Just imagine if people didn’t have $50,000 in cash to deposit on new construction contracts, those builders would be put in their place in short order.
Do you hear in a good point Michael it’s just a manipulation of the mind it’s how the sales people get them to crush them into thinking their way so that’s a good point and that has a lot to do with the people that are trying to pin properly with the manipulation of the mind and trying to coerced him into doing this and that so good point I think that’s what you should talk about more avec more investors are most sellers and buyers you to be aware of that
I think when the appraisers bring in a lower value price for the houses, that would be a terrible reality check for sellers! Mostly what goes up usually will come down. 😂
1BR for 300+k is affordable? 😂
What's weird to me South Florida promotes Apartments as Condos. Unless my definition of a condo is off.
Most real estate agents are like military recruiters...their job is to make a sale...
Sign right here...congrats your living the ameriKan dream...then the housing market gets nationalized by the Big Sugar Government...should of bought gold and run 🏃♂️ for your life...
This is gorgeous! Sadly life won't let me move there :( but this is undeniably amazing!
I wonder what the HOA at those condos is, and if they have any assessments....
A family friend was buying these types of condos up for under $100K during the throws of the GFC and would rent them out for $1,000 per month. It was nuts how hard Miami crashed in 2008-2010
Not included the association fees $$$$
Thanks Mich
I do, except it’s not in California.
Just had my best fiends neighbors house, that I was going to buy, but it didn’t have a garage so I declined…just got 30 offers in 48 hours WELL OVER asking. This is unreal dude. I can’t take this crap anymore. Is my generation just F’d?
You shouldn’t feel bad turning down a house that you wouldn’t be happy with. Let them have it. You’ll get another opportunity.
@@MichaelBordenaroman I just thought it was calming down. I was grossly mistaken. Feels defeating.
I feel bad for you Jeff have you thought about moving somewhere out of state or outside your desire location where it’s within budget?
Thanks!
Thank you Tom!!
@@MichaelBordenaro Welcome.....you are a good man, Michael.
Yeah but what year was that building built? 1980? Also what are the assessments and HOA on that pos? Worse you could end up like surfside. That looks like North Bay Village. Horrendous traffic to get in and out, and everything is more expensive in the area (food, gas, utilities).
South Florida is overrated in that regard. You can get all of that and a bag a chips further north upstate. Without all the drama and the crazies.
In South Western Ontario Canada where I live you couldn't buy a dump for $315 000
I see so many homes that look amazing and are affordable. Then I look on the flood map and they have a 9/10 flood risk. Why do people bother purchasing homes like this? Do you just budget your entire home being flooded every few years?
what do we care? that would be fine actually. have flood.
Why are Myrtle Beach condotels, right on the ocean, selling in the very low 100's? And Miami 3x higher
yeah... that house was 78 grand... but people made 20 grand and the area had 500k people.
go find a 500k area and you will find a house for way less than 225k with 6% rates instead of 18%.
it's like 6 times easier today in terms of monthly note.
Yeah that doesn’t include the thousand dollars a month HOA fees and oh wait a minute we have to get this thing expected it’s gonna cost another 175 a unit. That’s not even including the insurance that you’re gonna have to pay. What a joke.
Hi Michael, we have thought of relocating to the Tampa area (Palm Harbor). We currently own a home in Orange County California with no mortgage. Is it looking like the State of Florida is fixing the insurance issue in the State? I currently only pay for Earthquake and Home Owners insurance and it is just a bit above $2K a year. Is everyone in the state looking to pay upwards of $10K a year for their insurance?
you will pay about 1700 per 250k insurance in pinellas county. figure accordingly.
ps... recognize what the house costs vs land also. you really don't need insurance on the land.
Thank you.