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It is definitely something you should check on with your insurance provider. It may cause your rate to go up (understandably so) but it would be TERRIBLE to have your claim denied because you simply had the wrong insurance! Thanks for watching and I'm glad it was helpful.

Yes, I agree. And, like I said on stream, with all the environmental events we continue to see...there is no reason insurance will not keep going up. I do worry for the residents of Florida and all of the southeast.

@@JoeRealtor Housing in Florida isnt facing a financial problem, its a physics problem. Unless you can build a waterproof house that can withstand 200mph+ winds, you cant build a house on certain parts of the Florida coast anymore. The next 10 years will be a slow painful realization of this fact

Boomers are the most entitled generation ever. Boomer's ancestors fought WW2, WW1 and endured the great depression. Boomers could pay for their higher education working a summer job. Same with housing and other unskilled wages. Boomers enjoyed rock bottom p/e stock prices during their working years. Boomers also collect massive social security entitlement checks handed over to them by workers struggling to stay afloat. Boomers collect more social security than they paid in after just a couple years of entitelments. The worker to entitlement collector ratio has been on a steady decline no one will benefit from social security like boomers are now. Every boomer i know has more money than they know what to do with but are still collecting massive entitlement checks every month from social security off the backs of the working people. Boomers want to think they had it tought because they didnt grow up with cell phones and computers and and its the stupidest tripe. Boomers are the most entitled generation. Boomer social security entitlements as well as boomer healthcare costs namely diabetes and obesity are steadly bankrupting this country.

You definitely are not wrong. There’s no doubt that many boomers worked incredibly hard to achieve their financial goals, and that hard work is something to admire. At the same time, it’s worth considering how the economy has changed over the decades. For example, housing prices were much more affordable relative to income in the past. In the 1970s, the average home price was about 3-4 times the median household income. Today, in many areas, it’s closer to 7-8 times or more, making it much harder for younger generations to achieve homeownership even if they’re working just as hard. It’s fascinating to see how different generations have faced unique challenges and opportunities, and I think these conversations are valuable for understanding each other better

The bes "apples to apples" comparison for home price affordability is average home price in a given year divided by average household income in that year. The average is between 4 and 5. Today it is at a record high of above 7x. In Canada its even worse. They are well above 10x. But I agree with you that work ethic has declined over the last 4 decades

Spot on, Innovative!

All good points. I do think that Texas is going to have a lot of buyer opportunity in the next 3-12 months. You're a smart guy and I think you could be in a very good position with inventory coming up which will obviously lower competition and should bring prices back down (or at the worst, stabilize).

Thank you for sharing your thoughts! It’s clear that you’re passionate about the housing market and its potential risks. While concerns about home values and affordability are valid, the data doesn’t strongly support the likelihood of a massive market crash in the near future. Here’s why: Homeowner Equity is at Record Highs The current housing market is fundamentally different from the conditions during the 2008 crash. Over 70% of U.S. homeowners have more than 50% equity in their homes, and nearly 40% own their homes free and clear. This high equity acts as a cushion against mass foreclosures, even if the economy slows. Interest Rates Protect Homeowners A significant portion of homeowners locked in ultra-low mortgage rates during the past decade. Around 62% of borrowers have mortgage rates below 4%, and nearly 40% have rates below 3%. These low rates keep monthly payments affordable, discouraging homeowners from selling and flooding the market with inventory. Tight Inventory is Stabilizing Prices Because so many homeowners are holding onto their low-interest-rate loans, housing inventory remains at historic lows. In fact, only about 2.5% of U.S. homes changed hands in 2024, the lowest turnover in 30 years. Limited supply helps to stabilize prices, even as demand has softened. Long-Term Housing Trends While affordability is undoubtedly a challenge, the idea that homes are "overpriced" isn’t entirely accurate when viewed over time. Real estate has historically appreciated at a steady rate of around 3-5% annually, and while recent surges were extreme, they are normalizing rather than collapsing. You’re absolutely right that buyers should carefully evaluate the total cost of homeownership and avoid overextending themselves. However, the current market dynamics-high equity, tight inventory, and low-interest-rate locks-are insulating the market from the kind of systemic crash we saw in 2008. Ultimately, whether buying a home is wise depends on individual circumstances, like financial stability, future plans, and local market conditions. Real estate may not always behave like stocks, but for many, it’s a stable way to build long-term wealth and provide a secure place to live.

Thanks for watching!

That is true...humans tend to remember the bad very well and that can sometimes cause a certain bias. Which is understandable, but doesn't mean it's right!

Glad you enjoy it!

Excellent points and I agree with what you are saying. I do think co-buying is going to pick up in popularity because its one of the few ways that the people can 'fight back' and win the battle against inflation and possibly even investor buyers.

@@JoeRealtor Absolutely. The little guys have the power in this fight. We can split a 3 bdrm house 3 ways, save a ton of money, spend time with our friends, and build equity. Investor owners will get desperate fast if buyers refuse to make decisions that dont put them in a desperate financial situation. They cant leave those houses unoccupied for long, the upkeep is too much. The UA-camr REWatchman has found some crazy examples of investors getting over thier skis and losing upwards of 80k on a property they only held for 2 years.

BofA is notoriously hard to work with. They offer great rates due to their size (make A LOT of loans) but its also their downfall. Because of their size, their service often times is not very good. Sorry to hear you had a bad experiance!

@@JoeRealtor I paid it off that day in person at a local branch. To put it mildly, it was liberating. My rate was low but they were trying new ways to make up the difference. I'll never do business with them again. It cost them an early payoff on my loan(No penalty), business checking, and personal checking accounts. My parting words were "Never contact me again." Since 2011 I've not heard from them. 😁🙂😀

@@rcworks9762 Nice! Good job! And congrats on the paid off house. My wife actually did a similar thing with BofA because they basic service skills were terrible. Ultimately, their lack of service affected an international trip for my wife. As soon as she got back, she went to the local branch and asked for all her money and to close out the accounts.

Good point. Even if home buyers aren't as skilled as you and your son, it does pay off to have the general knowledge of how basic systems work so that you can not only make a basic repair, but if you do call out a contractor or tradesperson, you'll be able to make sure you aren't getting taken for a ride with work that doesn't need to be performed. Plus, when you build or fix something yourself...you'll know how to do it in the future and what is wrong. I built my own classic car (Datsun) and I'm very keen to all the sights, sounds, and smells the car should make. And, if it is making a weird noise, I generally know pretty quickly what the problem is because I know the car inside and out!

Kamalas proposal to give 1st time home buyers a forgivable $25k loan to help with the down payment, really shines a light on how poor thier understanding of supply and demand is. If an asset is already unaffordable, pouring millions of taxpayer dollars into chasing that asset will only make it worse.

@@InnovativeSustainableSolutions While I'm not sure either presidential candidate can do a ton when it comes to real estate affordability, I think the idea of giving home buyers money, a credit, or a loan will just ultimately raise the price of most starter homes. And, when you factor in the 6-7% interest rate most buyers would obtain, that 25k price increase will actually cost the buyers closer to 35-40k after 30 years. I do not think that is a viable solution...but it is easy to say and sounds nice to voters. I think the real solution comes down to incentivizing builders to build more and smaller homes. Offer density bonuses, tax credits to build homes that would sell at the average income level for that given area, reduce the red tape and permitting fees, etc. Just my two cents!

Hey bud! You make great points and I think more and more people are going to realize how much space they actually need (or don't need, rather). We have seen home builders reduce the size of new construction homes over the last 10 years or so, but only by 100 sq ft. or so....a pretty negligible difference for most. This will be amplified IF real estate prices vs incomes continue the trend of unaffordability. I do think local municipalities and county laws will change to make it easier to builders to build smaller homes. Cutting down the red tape and permit fees will certainly help...although that won't change the cost of land.

@JoeRealtor A trend away from ostentatious mcmansions, back toward comfy modesty would be a nice silver lining on the unaffordability cloud

@@InnovativeSustainableSolutions I agree 100%!

Usually, a bank isn't the escrow holder for a real estate transaction. In fact, escrow has a time limit that they can hold the money and the money needs to be disbursed in a timely fashion other wise escrow can get in trouble/fined. You say you sold a house but the bank is holding the funds? Was their some type of reverse mortgage on the property? Usually in a real estate transaction, the money goes from the Buyer to the escrow (who holds it as a neutral third party) and then it goes to the Seller once all aspects of the contract (offer) have been satisfied and the county records the new deed. It usually doesn't go through a bank.

Thanks buddy 😂😂

Hi Amanda! 👋

I agree, it is a risky set up. But, if you put the deal in writing with clear expectations, it could work. Plus, this just goes to show how creative (and risky!) people are willing to be to still obtain the goal of home ownership. Best way to look at it is like opening a business with that person. You really need to have clear communication, be like minded, and be committed to it.

Thanks for tuning in and hanging out!

Hourly pay for Realtors has its drawbacks for the consumer, in my opinion. For example, I WANT my clients to reach out to me ANY TIME. I want them to text me their questions. If there was an hourly model, it might make consumers second guess asking questions or reaching out. After all, they are going to get billed every single time they text, call or email that agent. Personally, I think that could cause some consumers to not utilize the expertise of the agent that they are paying for. Plus, in a competitive market where consumers may need to write 5-10 offers, view 25 homes, etc., that means the buyer client may actually spend MORE in fees than the traditional method (plus that money is due at the end of a billing cycle and must be paid...not only paid if the client successfully closes, as it is now). I think a flat rate is a slightly better model, but that is assuming the agent is a piece of crap and doesn't ignore the client. After all, they are getting paid a set amount so the motivation to 'go above and beyond' may be watered down. Ultimately, there are really, really good agents out there. But, there are a TON of terrible agents (just like in any profession, right?). The good agents are worth their money and often times get the client the home they want AND save them money.

Hahah, well not quite. Spoiler alert - in the first few minutes of the stream I share that there is no crash coming anytime soon.

@JoeRealtor I'm just trolling. I listened to the whole episode. I'll confess I'm firmly in the school of thought the we are going to see an unemployment spike followed by a market crash. I listen to Real Estate Mindset and Melody Wright a lot. I listen to market optimists like you to challenge my thesis, and break the echo chamber effect. Thanks for taking the time

@@InnovativeSustainableSolutions Refreshing to here of people like yourself that are willing to entertain both sides of a topic! We would need a large unemployment spike to crash the real estate market. Remember, the large majority of homeowners (those that bought prior to 2022) are sitting pretty with a very, VERY affordable mortgage and a good amount of equity. And, people that have been in their homes for 7+ years also have low rates and bought when prices were still affordable. On top of that, nearly 40% of ALL homes in the US are owned free and clear, with no mortgage payment. And, only .9% (yes, less than 1%) of homes in the US are vacant (homeowner housing) which signals that the demand for housing is quite high. With all of that said, anything can happen and it only takes one or two major events to start a chain reaction. Even though I think the odds of an event(s) like that happening are very, very low it is still possible!

@JoeRealtor I can agree with that. I think very often in real estate people let thier local market conditions bias thier macro analysis. In north Dallas, days on market and price cuts are ticking up fast. I think that biases me some

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The average temperature in Claremont ranges from 62* (January) to 89* (August). So not nearly as hot as a desert or cold as a more northern area. LA is about an hour away (depending on traffic) which puts it much closer to the coast and, therefore, closer to the ocean. LA stays much cooler than the valley, but both are considered temperate and mild in comparison to places like Texas, Florida, Arizona, or even other parts of CA (more inland).

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