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 quiet 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.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
When ‘Melissa Terri Swayne’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
I have rented a home for 13 years. I have a new water heater, furnace, washer dryer. And it cost me nothing. I pay a lower rent because I don’t smoke or do drugs. My landlord does not want to take a chance on getting someone renting his place that will start growing Marijuana in his home and he can’t do anything about it. So I get a good rate because I am boring and pay my rent on time.
I have owned my house (97% mortgage, 3% down) for the same 13 years. I pay for all of this. $36k per year roughly. $470k in total now. However, if I sold my house today and started renting, I would have been PAID to live in my house these 13 years. All costs: mortgage, insurance, flood, power, water heater, air conditioner, lawn crew, etc. Basically "Negative rent and expenses" to live in my house. Cut me a check for $500k net to me today. I can go rent the house next to you then. Rent has its place and time. I don't think you timed yours right.
I'm a landlord, and I follow this philosophy with my tenants. They've all been there for several years or more... no drama, no neighbor disputes. They only call me if it's justifiable, such as an appliance is thoroughly kaput or the HVAC fails. I have kept their rents below market to encourage them to not leave and put me through the hassle of refurbishing a unit and gambling on new people.
Yep. Many landlords will charge less for not having headaches. My father-in-law charges good rates for his office buildings because the tenants are on time and don't give too many headaches. The idea is to find a good balance and build a good relationship between the parties.
@@sues3218 do you put the cash balance in something like short dated certificates of deposits (CD) or series EE or series I bonds? Great ways to take advantage of at least some earning on the money
$2 million. Let's look at that. What could we do with that down payment money$ ..about $400k. Invest it and three years later it's $525k....through trade deals, fix and flips, land contract deals, yeah... Take your $2 mill. Home and keep sittin'. Best of luck.
Can buy the exact style of home elsewhere for up to $250k especially where I live all remodeled,updated, and whatnot and even on a larger lot than that.
I was thinking the opposite... that it is so small there is no way you could raise a family in it. Unless you have one kid, which is I guess becoming the norm these days!
I keep hearing there’s a housing shortage in this country. Baloney. There’s an affordable housing shortage in this country. All those houses would sell very quickly if they were priced reasonably. But they never will be.
Lots of golden handcuffs out there. Had to get in before 2022 to benefit from it. Following the wrong advice has caused people to wait. Now it’s harder to buy and it’s going to get more harder.
Tell me what affordable means when the government goes foreigners flown in $5,000 per month to make your competition for housing and everything else backed by government not their own wallets
Private equity firms, foreign investors(chinese takeover they simply buy to sit specifically to keep prices high they dont even care about profit its just econ warfare)
@@lori6156I agree that it’s by design, but why isn’t this guy advising people to buy before it becomes unaffordable? He bought a condo in Florida but giving so much negative information about home ownership. Why isn’t he renting? Maybe he’s enjoying the stability and other benefits of owning something.
@@Francisco-po1cfat the same time he is A Licensed realtor but it’s not his “main gig” I really think Michael is for the people and not the profit and giving his genuine opinion.
I'm not buying any more expensive house just because of the property taxes. Something needs to be done about the property taxes soaring every time the value of the house goes up. I think that's stopping a lot of people
@@christopherjelen7661prob some old abandoned knob and tube. 😂🎉❤ old bx woth askerel insulation like cloth and mud that’s brittle and breaks as soon as you tough it. I worked on a old home in Philly PA where the knob and tube was still in use. We had to tap into it. 😮
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolioportfolio
I’m sure it would sell for more than that considering where it is. But the price today and even four years ago is so insane. I don’t understand why. Anybody would pay that kind of money for that.
If that house was taken care of & updated, 10 years ago woulda been around $85.000 in SE Wi. If not maintained, but kept decent about $45-$50,000 because of the lot.
@@lauriegriffin1835 They just don't get it. Not in Napa and not on a little island in the Outer Banks of NC. Don't want to buy one and pay through the nose? Then you can rent one by the week until your money runs out.
You have nothing to worry about. And her first week of office she is going to start addressing these issues. She won’t do it now but for some miraculous reason, she’s going to fix everything in her first week.
Sounds like you know about Jacksonville Any chance you know why it has so many multi family like 4 plexes? I’m in Tampa and there is barely any 4 plexes Is Jacksonville a bad market for multi family people?
@@ReiShirouOfficial it’s a joke man litteraly i don’t care how good the weather is in California i’ll just run my ac here in Louisiana an pay extra bill
My friend, who is a circulator nurse in California, earns $95 an hour and constantly urges me to move there from Florida for a higher salary. I'm a med/surg nurse that works overnights in a hospital that I for the most part enjoy working at. I earn $48 an hour, but with overnight shifts and differentials, it amounts to $58 an hour. Although the cost of living in Florida has risen, I believe I am faring better here than if I were to pursue the higher wages in California. My mortgage in Florida is from 2012 and I only pay $1100 a month which includes taxes and insurance. I have the Florida home stead exemption when I bought the place in 2012. I know I would pay way more in California.
Almost $2 million for what appears to be a little larger than a tiny home? Yes, even if I had the money to buy, I wouldn't. At least where I live you would get a 4000-6000 square foot mcmansion on an acre lot for this price.
@@hvaball150 For an economy to work, there must be something consumers want to buy which businesses can profit from so that they can pay their employees and taxes. Example: an iPhone. If the consumers don't want it or can't afford it, the economy breaks. So I hope your prediction won't happen LOL. However, we are moving into a 2 tier economy: the rich and the poor. Stores which cater to the middle (like Sears) will go bankrupt. Either you're a dollar store or a fast food diner or you're luxury purses and fine dining. The only exception to this model (and unique to the US) is healthcare. Consumers don't want it and they can't afford it but they still have to buy it. This is why many countries provide healthcare. Some countries (from Sweden to Singapore) even provide affordable housing.
@@caroline10081 my statement was a particular company... Not an economy . All companies won't fail at once, and new companies arise. Companies that cater to the rich, middle, and poor all have failed. Someone undercuts them, typically using an investment to gain market share through artificial under pricing. Otherwise, yes, the business can also go stale or lack perceived value. The Dow Jones index has been around for over 100 years. Few companies make 100 years.
I also rent out my apartment for $1500 per night and I am not embarrassed by the fact that for this price you can rent the same apartment for a whole month. I don’t want to spend the whole month at a friend’s place, but I like money, so I’m looking for someone with money who will pay this price. I’ve already been lucky several times this year, I earned as much in 4 nights as others in 4 months. There are many fools with money in the world.
@@jimcrawford3185 You’ve left me puzzled with your suggestion. The thing is, I was paid in cash, and I simply counted the dollars without looking at them closely. It's possible that I was paid in Canadian dollars, Australian dollars, or even Zimbabwean dollars. I’m not very good at distinguishing between them, and my eyesight isn't great. I guess I’ll need to dig out my cash to check which currency I was actually given
Half $1 million for that little house for that price I can stay in a hotel for 15 years. Breakfast, maintenance and utilities included, have Room service, come in every other day to make my bed and clean up.
And after 15 years your money is gone. Poof. 15 years after buying a $500k house it just might be worth a million or two. Not as dumb as it seems at first glance.
The belief that the Federal Reserve would stop raising interest rates was the driving force behind the entire economic chaos. What should we do now that we have a situation where interest rates are crashing? At this point, how would you suggest that I safely allocate $300k?
Although the market is currently volatile, aren't the current valuations a result of the Federal Reserve's monetary policy and low interest rates? Therefore, my recommendation is that you consult a financial advisor who can give you entry and exit points for the shares that you are interested in.
Agreed, my portfolio is well-matched for every market season yielding 85% from early last year to date. I and my CFP are working on a 7 figure ballpark goal, tho this could take another year. IMO, financial advisors are the most sought-after professionals after doctors.
How can I participate in this? I aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Credits goes to " Vivian Jean Wilhelm " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
I live in KY. The only people buying in my $300-400k neighborhood are boomers from CA & NC with cash in hand. The average household income here is $45k- not many ppl can realistically afford a $400k home. These homes went for $250k 5 years ago
Are you kidding me? 1,000,000+ dollars for that house? I have a 12 year-old house twice the size and looks twice as good for $299,000. No wonder why no one’s buying it? Because only a ignorant person would.
Well, the house itself probably cost around $50k. The other 1.7 million is for the land and location. I have no idea why anyone would pay that much for it.
@@kenchu5900 I live on on the waterfront on a 47 mile long river that is literally the busiest waterway per capita in the country. Over 40 bars and restaurants. I’ll take that over that house’s location any day..
I would suggest to anyone, especially younger people who want to buy a home in the next few years - act now like you are making a mortgage payment. Include taxes, insurance, a rainy-day fund, the cost of buying a lawnmower, a new water heater, etc. Assume you will have a minimum of 10k each year in unexpected house needs or issues. Now pay that every month to yourself, and then keep your hands off of it. Use a high-yield saving (on-line), then start laddering some CDs. But do not touch it for anything - no cars, vacations, etc. After a few years you will have learned you can do it for home ownership, or that you hate living that way. Either way, you will have felt what being tied to a mortgage is like, and have accrued a decent savings.
Hello from Ireland. Thank you for your fascinating insights. The situation here is opposite! A thousand square feet semi twenty miles from the city costs €1400 to buy and €1600 to rent per month. Thankfully property taxes are below €300 per annum.
I can say a million dollar homes right now is completely different from what my min standards would be if I was paying that much. I looked at a couple places with wall AC in that price range. Central heating and cooling is a bare min for that price range. Actually anything over $300k should have central heating and cooling period. That is non negotiable. The next min is the kitchen should be up to date if it is an older home. I don't want to need to spend $65k to redo the kitchen first thing. Some of the places had what I consider sub par kitchens. Also, the taxes is so true. My husband is friends with the guy two doors down and we found out his property taxes are double ours. He bought a few years after we had already lived here, so if he sold it I'm sure it would be even more for the next person.
When moms went back to work in the seventies but also volunteered to put half of their paycheck towards a house along with the husband. That's when home prices started to climb. Now both parents are offering to work three or four jobs just for a stupid house.
Most “millionaires” are too smart to overpay for over valued properties whether in the Napa Valley or anywhere else. Most “millionaires” are interested in holding on to their millions and not seeing their $’s evaporate because they over paid for a house.
Boy it’s all about location………reminds me walking around Martha’s Vineyard in Mass. Cute little areas and little old homes but the prices are ridiculous. It’s beautiful there but it’s not worth it
I am a potential buyer who will NOT pay these prices. I don't care about the Fed lowering interest rates. I won't buy until the prices go back to pre pandemic levels. I can wait. I will not enter a money trap.
I’m a boomer and you say it was easier for us to buy than today. That I don’t know. What I do know it was not easy for my wife and I to buy our first condo in 1980 at 18% interest and us making a combined $15/ hr. Things were not easy. My wife took a second job because she wanted to buy a microwave oven.
I worked at a bank when I graduated from high school in 1976 (minimum wage). Microwaves were $400 ($2200 in 2024 dollars) for a giant thing that took up 1/2 your counter space and people “saved up” for them. We had Christmas Club accounts at the bank so people could save up for Xmas. I guess now people just put everything on a credit card.
I am a boomer, no one gave me anything. I have lived paycheck to paycheck all my life. My parent died low middle class and raised 7 children. My parents worked to the bone until the day they died.
Welcome to the club. I’m a millennial with 3 other siblings and I got jack shit for inheritance. I graduated college at the peak of the recession, then doubled down on my education by getting a masters degree in a STEM field. And while I’m in my prime, the labor market has turned to shit… again. I’ll survive this one, but it never gets easier. If you squandered your advantages that is on you.
I have twice tried to rent a place through Airbnb, where the host was not allowed to do so. I was instructed in one of the cases to sneak in of a faulty door on the sixth floor at the parking area, to enter the building, which was a semi skyscraper. Well, the place was nice, but it was a little stressful to have to sort of sneak by the front desk every time I wanted to go Out and in.
I am a boomer who bought home with my new husband in 1980. Paid 69,000 for a house on 2.5 acres in cave creek in Arizona. But interest was 9 percent back then. Now sold 3 years ago waiting to buy next home.
I am a boomer. I really feel that the atmosphere for first time buyers right now are totally stacked against them. Our Son and his girlfriend are going out to try and buy a condo just to get their foot in the door. Earn some equity. I hope he is able to afford this. I think though he will have a hard time finding something in his price range. I’ve tried to pass on all that I know to him. Hope it helps.
@@jimkelly4214Springfield has a lot of home vacancies and few jobs…those homes are still 150-200k. Remember that there was a massive movement out of Ohio as the auto manufacturers left
Travis and Mitch are doing very good work, thank you for recommending their videos. Imagine how things could change - IF we can adequately deal with corruption in all it's devious forms !
Ok. Those homes you show in Napa. I found a similar home, size, age, and in a historical neighborhood in Iowa. Amana Colony beautiful area, creeks, orchards, and no crime. It was selling for $189k. 2400 square feet.! M
Prices are not coming down in Northern Virginia; move that same house from Portsmouth to NOVA and it will jump to 600k to 1.2 million with zero land. Anywhere 2 hours away from D.C. government or datacenter’s is gonna be outrageous. Townhomes are selling for over a million and people are buying them so fast you would think there’s a fountain of youth in them.
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 56.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
curiously inputted Jessica Lee Horst on the web, spotted her consulting page and was able to schedule a call session, no sweat. Ive seen commentaries about advisors but not one looks this phenomenal
Here in florida central and north. People are buying and builders are building. It’s not slowing down here even though people here aren’t spending as much they are still buying
Watching this, makes me thankful that I bought in Delaware in 2016 when prices here were low along with 4% interest rates. Talk about golden handcuffs!! I couldn’t imagine being in that situation having to deal with everything you talked about. THANKFUL!
I’m an Insurance Broker in Florida the home owners insurance has gone through the roof and we as Insurance Brokers/ Agents are making a killing off the Property Insurance Rates and we are loving it.
Helena / Napa Valley is absolutely beautiful. I love the little white house you showed on this video. Looks like my old house in downtown Grass Valley in the Sierra foothills. But I'm living in a RV trailer and I probably won't own another house. Too expensive due to the utility companies and property taxes. I can live almost rent free now. My family wanted to buy me a place in California but I know the score & I said' no thanks. It's a bad time to own because the state governments are not friendly at all. Crap!
I was born in Florida and have lived there on and off several times. I don’t understand why anyone would pay a million dollars for a small ordinary home when they could move to another area of the country and get a much bigger and newer home for less than 1/4 of that price. And the taxes and insurance would be a fraction of the cost of the Florida property. True it may not be near a beach but they aren’t what they are cracked up to be, having lived near the beach in Florida. Just can’t justify that in my mind!
People with very high incomes, like us with more modest means, look at homes being listed at >150% price inflation in only a few years and conclude that those homes have NOT increased in actual functional value over that time. It's a market bubble, and all bubbles pop sooner or later.
for high end condo's, 5k+/mo, cost to rent is much lower than cost to own - mortgage interest, prop taxes, insurance + condo fees, excluding mortgage principal payments. it could be as much as 30-40% lower. Best trick is if your self-employed, incorporated. Rent the condo as a business.
That’s what I’m doing. I’m waiting for the price to be realistic. We are living in one of our rentals and waiting for the correction. Meanwhile saving a lot for when it’s time to buy. I’m just happy my family gets it.
69 yr old boomer here. We bought our first home in 1981. Our home was 63,000 with interest at 17%. We have always had to have a dual income. Back then those entering the work force without a college degree made 1.69 an hour! Cry me a river!😢
I bought 6 months ago. It was a lot more than i wanted to pay. However, we also got a premium price for our house. At any rate, keeping tabs in my new local market, I'm seeing price cuts to sell between $25k-$50k.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
@@andrewgleason586 Some areas when you buy a house, the homestead exemption is automatically done, some areas the buyer has to claim it by going to tax the assessor's web site, filling out the forms, submitting them or going to the tax assessor's office like we did since we live in a very small town
Michael, I am not a "snowbird", but you gave some excellent advice about snowbird rentals. You discussed some issues that I bet many of your fans didn't even know existed. Probably saved them a lot of money and grief. Good job!
Mike, I don’t appreciate the negative comments you are making towards boomers. I am one. I didn’t come from money, you could actually say just above poverty. I served in the Army 26 years, I still work and I’m 63. I had to save, sacrifice and work hard to be where I am at. You did not live through what I did in my 30s and 40s so you have no actual idea how difficult it was for us. I would just say, each generation has their own challenges they have to confront to succeed. Every generation has poor, middle class and rich. We all have to do our best to navigate the challenges. I enjoy your videos a lot; but you seem to disparage boomers and I don’t appreciate that. Keep the videos coming, they are informative and help all of us.
I think boomers are the ones that are getting blamed for everything right now. It doesn’t make any sense to me. I am not a boomer, I am Gen X. I do not come from money. My parents and grandparents busted their butts. They sacrificed. They skimmed and saved. They worked hard. Times are different now than they were then. But it doesn’t mean they’re any harder now than they were then. I see many people in their 20s and 30s and even 40s that are very productive human beings, work hard, are willing to sacrifice. But a majority or just complaining. They wanna work 20 hours a week and get all the benefits of working 40. You can still make it in today’s society, but it takes hard work and sacrifice and that’s what people don’t wanna do anymore. Every generation has their issues to deal with. Comparing what today is compared to what it was 50 years ago is not fair. There’s a lot of other things out there that influence the situation. I know people from all generations that are very successful and ones that are not. The characteristics of the people in those situations are all very similar, no matter what generation they came from. And there is also good luck and bad luck. Health issues, natural, disasters, etc. things that are completely out of your control no matter your age.
I'm 61. I work hard and have done so all my life. Michael can disparage boomers if he likes. He isn't one, so he doesn't know what we went through. I dig his content too. We can blame young adults for what our economy has become, however. Ie single mother house holds, disparaging men, feminism, lack of God in lives, wealth redistribution, women in politics etc. These are solid claims and something has to change.
I m a 70 yr old boomer fossil and any negative comments are like vitamins to me Time and chance happen to us all and soon we ll be dead and in hell so what difference does it make?
I get really tired of it also. The vitriol against everyone over 60 is ridiculous. There are boomers living in abject poverty. We aren’t all rolling in cash and vacationing in Italy. I wonder if Michael talks crap straight to his parents face or just to us on here.
I am canadian and canadians have special prices in Cuban resorts $1,000 USD per month all inclusive. That means one person can stay for this money for a whole month with food, drinks, accommodations and entertainment. American people are too gready
@@Gisela-u8u ahhhhh,”West Germany” 🇩🇪 , the good old days, the days of the German mark, the days of prosperity in that country. I feel you. Well , I am originally from Romania. Miss my childhood. Miss the old days.
It might sound like the value went up, but if you factor in inflation. The value of the home is actually flat. There really wasn't any gains in equity.
As long as the house has been updated and taken care of an old house can be 10 times better than the new construction crap they’re building nowadays. My house was built in 1900. When I bought it 20 years ago, the inspector told me it would still be standing in another 100 years and the new construction that he was looking at Would not be standing in 50. I talked to an inspector the other day and he said it’s even worse now. He gives the new houses being built 30 years before they literally will need to be the bulldoze. So I’ll stick around in my house that was built in 1900.
@@nogames8982 your right but not a wood frame house , and a cinder block house only if the exterior walls are kept up because if not the foundation goes
@@mykedoes4099 I don’t understand your question. if you’re trying to be a smart Alec, it’s lost on me because I don’t understand what you’re saying. If not, the electrical is all updated and works, and the natural gas is also updated and works.😜
FAKE MONEY EPIDEMIC is DESTROYING Our Economy! ua-cam.com/video/VF35222rwW8/v-deo.html
Stop wearing your wife’s tank tops.
My father was a boomer. He paid $24,000 for his house back in the 60's.
@@TwentytenS4B8 WE bought our first home for 34,500 farm house with 5 acres. I think it was more in the early 80's.
@@surfboard396jealous.
California is whacked. That 1.9 million dollar home looked like a 400,000 or less home. Really, it looked like 150,000. America has lost its mind.
Totally! I thought it must have been a joke when he displayed the price history on that old shoebox
Bubble. Don't fall for the trap
Checkout by Silicon Valley. 😮 a fuckin leaning one car garage will be 400k. 😂🎉❤ whoever bought in the 70’s or 80’s is doing fine now. 😂🎉❤
There needs to be some kind of regulation on houses and energy. Anything that's a neccesity for life.
In Cleveland it's the price of a used VCR.
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 quiet 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.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
When ‘Melissa Terri Swayne’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
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.
Home prices needs to go down 80%
@@mrzack888 right, they need to accommodate you.
@@valsomeone2180no crap, right?
I’m worried that home prices go down and stay down not like last time where they bailed everyone out.
It would have to go back to the prices of 2000 for that kind of drop. We're close to the bottom in most housing markets.
@@offbeatscratcher. The only bailouts were given to Wall Street, Big Banks and corporations. The average American was left out of the bailouts
I have rented a home for 13 years. I have a new water heater, furnace, washer dryer. And it cost me nothing. I pay a lower rent because I don’t smoke or do drugs. My landlord does not want to take a chance on getting someone renting his place that will start growing Marijuana in his home and he can’t do anything about it. So I get a good rate because I am boring and pay my rent on time.
I have owned my house (97% mortgage, 3% down) for the same 13 years. I pay for all of this. $36k per year roughly. $470k in total now.
However, if I sold my house today and started renting, I would have been PAID to live in my house these 13 years. All costs: mortgage, insurance, flood, power, water heater, air conditioner, lawn crew, etc.
Basically "Negative rent and expenses" to live in my house. Cut me a check for $500k net to me today. I can go rent the house next to you then.
Rent has its place and time. I don't think you timed yours right.
I'm a landlord, and I follow this philosophy with my tenants. They've all been there for several years or more... no drama, no neighbor disputes. They only call me if it's justifiable, such as an appliance is thoroughly kaput or the HVAC fails. I have kept their rents below market to encourage them to not leave and put me through the hassle of refurbishing a unit and gambling on new people.
Where at?
I'd keep you too, it's a win - win can't complain about that.
Yep. Many landlords will charge less for not having headaches. My father-in-law charges good rates for his office buildings because the tenants are on time and don't give too many headaches. The idea is to find a good balance and build a good relationship between the parties.
“Unrealistic Pricing” is a huge understatement….in most markets including Florida. That house would be $125K
In SE Wi, that house would be listed around $190.000. Maybe less because of the corner lot (higher taxes)
Where I live in Florida it would go for about $185,000.
I know ! Really those houses are very “ average” middle class houses in “ normalville”
Small lots in my area are 150-250k bare without any prep
Ya but the weather is perfect year round in california. Florida, stay indoors most of the year, then theres the bugs
I have a MSc in economics and won't touch real estate. The Fed just started the 18month price slide. I'll be buying a house in spring 2026.
Same bro
Same here. In the meantime I will just keep setting aside more and more money until then.
@@sues3218 do you put the cash balance in something like short dated certificates of deposits (CD) or series EE or series I bonds? Great ways to take advantage of at least some earning on the money
So prices of homes will be 1/3rd of where they are now in spring of 2026? Because that's what it's gonna take to bring sanity back to that industry...
@@BillySBC that's not what I said at all.... when it comes to price, real estate is local
Beautiful little cottage, but $2 million?! Crazy!!!
Cute but… wow!! Too high
$2 million. Let's look at that. What could we do with that down payment money$ ..about $400k.
Invest it and three years later it's $525k....through trade deals, fix and flips, land contract deals, yeah...
Take your $2 mill. Home and keep sittin'. Best of luck.
Can buy the exact style of home elsewhere for up to $250k especially where I live all remodeled,updated, and whatnot and even on a larger lot than that.
That first little house was very cute. Would make a great little family home. But the price? They have absolutely lost their minds.
Everything is whacked. How can any young person afford housing or afford a family?
You're not paying for the home you're paying for the community and lack of crime
The thing that makes it a family home is the zero crime and if there is something that happens the police will be there within minutes
I was thinking the opposite... that it is so small there is no way you could raise a family in it. Unless you have one kid, which is I guess becoming the norm these days!
I keep hearing there’s a housing shortage in this country. Baloney. There’s an affordable housing shortage in this country. All those houses would sell very quickly if they were priced reasonably. But they never will be.
Lots of golden handcuffs out there. Had to get in before 2022 to benefit from it. Following the wrong advice has caused people to wait. Now it’s harder to buy and it’s going to get more harder.
up north I lived at Pennsylvania people buying day one in market
Tell me what affordable means when the government goes foreigners flown in $5,000 per month to make your competition for housing and everything else backed by government not their own wallets
@@nogames8982 Because the politicians are corrupt like Joe Biden
Private equity firms, foreign investors(chinese takeover they simply buy to sit specifically to keep prices high they dont even care about profit its just econ warfare)
A country full of renters is a collapsing country.
By Design - Cloward Piven
Just like Klaus Schwab said, "you'll own nothing and be happy"
@@lori6156I agree that it’s by design, but why isn’t this guy advising people to buy before it becomes unaffordable? He bought a condo in Florida but giving so much negative information about home ownership. Why isn’t he renting? Maybe he’s enjoying the stability and other benefits of owning something.
@@divergentone7491you’ll own nothing and be happy if you sit on the sidelines hoping for a big crash.
@@Francisco-po1cfat the same time he is A Licensed realtor but it’s not his “main gig” I really think Michael is for the people and not the profit and giving his genuine opinion.
I'm not buying any more expensive house just because of the property taxes. Something needs to be done about the property taxes soaring every time the value of the house goes up. I think that's stopping a lot of people
Bingo!
Taxation is extortion.
Inflation is taxation. Inflation=extortion.
Theft
Burglary
I write that on the my checks and tax returns to the IRS proudly.
😂👍🏻‼️
Taxes! This my 6th. Home!
It's a double wide! Proudly live here. Taxes this year $200.00😊😊
@@michaeladdington1447 awesome,low cost living,same here, home ownership is the way too go...
One acre bldg lot in AZ desert is $52
I m pretending to build a house and live in my car
Imagine that, no one is buying a 1910-built 2B/2B house in a scary neighborhood for $500K, why not?
Michael, isn’t walking through a scary neighborhood.
Scarey neighborhood in St Helena? Lol
Does the house even have power if it that old
@@christopherjelen7661
Ball and tube wiring fer sure
@@christopherjelen7661prob some old abandoned knob and tube. 😂🎉❤ old bx woth askerel insulation like cloth and mud that’s brittle and breaks as soon as you tough it. I worked on a old home in Philly PA where the knob and tube was still in use. We had to tap into it. 😮
Why millionaires choose not to buy these homes is because they want to remain being millionaires.
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolioportfolio
Could you be kind enough with details of your advsor please?
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
Housing prices are ridiculous. Less than 6 years AGO, that home would sell for $40K.
I’m sure it would sell for more than that considering where it is. But the price today and even four years ago is so insane. I don’t understand why. Anybody would pay that kind of money for that.
If that house was taken care of & updated, 10 years ago woulda been around $85.000 in SE Wi. If not maintained, but kept decent about $45-$50,000 because of the lot.
Not in Napa
@@elizabethwolfgang4017 As a Wisconsinite, I totally agree
@@lauriegriffin1835 They just don't get it. Not in Napa and not on a little island in the Outer Banks of NC. Don't want to buy one and pay through the nose? Then you can rent one by the week until your money runs out.
Tupperware filed bankruptcy even after closing its us plant to mexico. Such a great economy I'm shocked.
I hope they still keep certain items in stock on somebody's website.
You have nothing to worry about. And her first week of office she is going to start addressing these issues. She won’t do it now but for some miraculous reason, she’s going to fix everything in her first week.
I think there's enough Tupperware in the world. The old stuff really lasts!
I LOVE RUPPERWARE. Need to collect some old stuff. The new stuff is junk
Problem is their product lasts too long...liek mine been in my home for god knows how many years
That first house would sell for $450-$500 in the Jacksonville, FL historic district on the St Johns River. 1.8 million is ridiculous.
Sounds like you know about Jacksonville
Any chance you know why it has so many multi family like 4 plexes?
I’m in Tampa and there is barely any 4 plexes
Is Jacksonville a bad market for multi family people?
@@ReiShirouOfficial it’s a joke man litteraly i don’t care how good the weather is in California i’ll just run my ac here in Louisiana an pay extra bill
@@rosshebert2764 ditto from texas.
And 450-500k is still too much in Florida
$160k in my state.
My friend, who is a circulator nurse in California, earns $95 an hour and constantly urges me to move there from Florida for a higher salary. I'm a med/surg nurse that works overnights in a hospital that I for the most part enjoy working at. I earn $48 an hour, but with overnight shifts and differentials, it amounts to $58 an hour. Although the cost of living in Florida has risen, I believe I am faring better here than if I were to pursue the higher wages in California. My mortgage in Florida is from 2012 and I only pay $1100 a month which includes taxes and insurance. I have the Florida home stead exemption when I bought the place in 2012. I know I would pay way more in California.
Don’t forget the state income tax in California .. worked there for a year as a contractor and it was at least 10%
$95/hr is just above poverty lev here
Don’t move
Definitely you are way better off in Florida.
You're 12 years into your mortgage. I wouldn't. Paying more into a principle to pay off quicker would be cheaper than the same house in California.
Almost $2 million for what appears to be a little larger than a tiny home? Yes, even if I had the money to buy, I wouldn't. At least where I live you would get a 4000-6000 square foot mcmansion on an acre lot for this price.
Some companies are pricing themselves out of business
All companies price themselves out of business and go to zero.
Even Sears.
Walmart will. Target will. Amazon will.
Just for perspective.
@@hvaball150 For an economy to work, there must be something consumers want to buy which businesses can profit from so that they can pay their employees and taxes. Example: an iPhone. If the consumers don't want it or can't afford it, the economy breaks. So I hope your prediction won't happen LOL.
However, we are moving into a 2 tier economy: the rich and the poor. Stores which cater to the middle (like Sears) will go bankrupt. Either you're a dollar store or a fast food diner or you're luxury purses and fine dining.
The only exception to this model (and unique to the US) is healthcare. Consumers don't want it and they can't afford it but they still have to buy it. This is why many countries provide healthcare. Some countries (from Sweden to Singapore) even provide affordable housing.
@@caroline10081 my statement was a particular company... Not an economy . All companies won't fail at once, and new companies arise.
Companies that cater to the rich, middle, and poor all have failed. Someone undercuts them, typically using an investment to gain market share through artificial under pricing.
Otherwise, yes, the business can also go stale or lack perceived value.
The Dow Jones index has been around for over 100 years. Few companies make 100 years.
I saw a hotel in Napa Valley for 1600$ a night! This is just crazy!😆
I also rent out my apartment for $1500 per night and I am not embarrassed by the fact that for this price you can rent the same apartment for a whole month. I don’t want to spend the whole month at a friend’s place, but I like money, so I’m looking for someone with money who will pay this price. I’ve already been lucky several times this year, I earned as much in 4 nights as others in 4 months. There are many fools with money in the world.
Sounds like Zimbabwe dollars to me
@@MaxWolf-s9y nice story bro
@@jimcrawford3185 You’ve left me puzzled with your suggestion. The thing is, I was paid in cash, and I simply counted the dollars without looking at them closely. It's possible that I was paid in Canadian dollars, Australian dollars, or even Zimbabwean dollars. I’m not very good at distinguishing between them, and my eyesight isn't great. I guess I’ll need to dig out my cash to check which currency I was actually given
Wine country draws visitors from all over the world.
Half $1 million for that little house for that price I can stay in a hotel for 15 years. Breakfast, maintenance and utilities included, have Room service, come in every other day to make my bed and clean up.
With the money I saved by not paying taxes and homeowners insurance. I can lease a car for a year and change it every two years.
And after 15 years your money is gone. Poof.
15 years after buying a $500k house it just might be worth a million or two. Not as dumb as it seems at first glance.
@@Singlesix6 true the home is beautiful and a great location, but stop paying taxes and it’s not yours anymore.
$200K for that four-year listing would still be a ripoff😂…
The belief that the Federal Reserve would stop raising interest rates was the driving force behind the entire economic chaos. What should we do now that we have a situation where interest rates are crashing? At this point, how would you suggest that I safely allocate $300k?
Although the market is currently volatile, aren't the current valuations a result of the Federal Reserve's monetary policy and low interest rates? Therefore, my recommendation is that you consult a financial advisor who can give you entry and exit points for the shares that you are interested in.
Agreed, my portfolio is well-matched for every market season yielding 85% from early last year to date. I and my CFP are working on a 7 figure ballpark goal, tho this could take another year. IMO, financial advisors are the most sought-after professionals after doctors.
How can I participate in this? I aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Credits goes to " Vivian Jean Wilhelm " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
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.
Most Californians bought their houses when they were normal prices. Now they are real estate rich. They can sell, retire and move to a cheap state.
Yep, that's us but we're not moving.
Yup. It’s going to get even more expensive
Not the owner of this house, or his neighbours
I live in KY. The only people buying in my $300-400k neighborhood are boomers from CA & NC with cash in hand. The average household income here is $45k- not many ppl can realistically afford a $400k home. These homes went for $250k 5 years ago
Nope. No state is cheaper now.
Are you kidding me? 1,000,000+ dollars for that house? I have a 12 year-old house twice the size and looks twice as good for $299,000.
No wonder why no one’s buying it? Because only a ignorant person would.
Well, the house itself probably cost around $50k. The other 1.7 million is for the land and location. I have no idea why anyone would pay that much for it.
@@kenchu5900 I live on on the waterfront on a 47 mile long river that is literally the busiest waterway per capita in the country. Over 40 bars and restaurants. I’ll take that over that house’s location any day..
@@kenchu5900 land is not that expensive there
I would suggest to anyone, especially younger people who want to buy a home in the next few years - act now like you are making a mortgage payment. Include taxes, insurance, a rainy-day fund, the cost of buying a lawnmower, a new water heater, etc. Assume you will have a minimum of 10k each year in unexpected house needs or issues. Now pay that every month to yourself, and then keep your hands off of it. Use a high-yield saving (on-line), then start laddering some CDs. But do not touch it for anything - no cars, vacations, etc. After a few years you will have learned you can do it for home ownership, or that you hate living that way. Either way, you will have felt what being tied to a mortgage is like, and have accrued a decent savings.
Hello from Ireland. Thank you for your fascinating insights. The situation here is opposite! A thousand square feet semi twenty miles from the city costs €1400 to buy and €1600 to rent per month. Thankfully property taxes are below €300 per annum.
A million, let alone 3 Million, for an 857sqft shack? That's nightmare fuel. LoL. California is bizarro world.
That pile of wooden planks is hardly worth of 50 k.
😂😂😂😂. I am on the floor. Not a pile of wooden planks 😱😳😂😂😂😂
I can say a million dollar homes right now is completely different from what my min standards would be if I was paying that much. I looked at a couple places with wall AC in that price range. Central heating and cooling is a bare min for that price range. Actually anything over $300k should have central heating and cooling period. That is non negotiable. The next min is the kitchen should be up to date if it is an older home. I don't want to need to spend $65k to redo the kitchen first thing. Some of the places had what I consider sub par kitchens.
Also, the taxes is so true. My husband is friends with the guy two doors down and we found out his property taxes are double ours. He bought a few years after we had already lived here, so if he sold it I'm sure it would be even more for the next person.
Saw a house in Arkansas for 950,000 just fucking insane
When moms went back to work in the seventies but also volunteered to put half of their paycheck towards a house along with the husband. That's when home prices started to climb. Now both parents are offering to work three or four jobs just for a stupid house.
It depends on where you live . You could buy a home at a reasonable prices back in the 70's.
Most “millionaires” are too smart to overpay for over valued properties whether in the Napa Valley or anywhere else. Most “millionaires” are interested in holding on to their millions and not seeing their $’s evaporate because they over paid for a house.
They(Bourgiose Millionaries) Living it Up at the Hotel California......such a lovely place
those house prices are a joke really who buys that
Companies pay people to buy for them. Don't be fooled
New Yorkers
Boy it’s all about location………reminds me walking around Martha’s Vineyard in Mass. Cute little areas and little old homes but the prices are ridiculous. It’s beautiful there but it’s not worth it
Snobs.. they sniff you out before you get off the ferry there.
Obviously, those living there think it is worth it.
It’s the haves and the have nots. If you can’t afford it obviously you think it’s a waste of money.
I am a potential buyer who will NOT pay these prices. I don't care about the Fed lowering interest rates. I won't buy until the prices go back to pre pandemic levels. I can wait. I will not enter a money trap.
Smart! 👍
I’m a boomer and you say it was easier for us to buy than today. That I don’t know. What I do know it was not easy for my wife and I to buy our first condo in 1980 at 18% interest and us making a combined $15/ hr. Things were not easy. My wife took a second job because she wanted to buy a microwave oven.
I worked at a bank when I graduated from high school in 1976 (minimum wage). Microwaves were $400 ($2200 in 2024 dollars) for a giant thing that took up 1/2 your counter space and people “saved up” for them. We had Christmas Club accounts at the bank so people could save up for Xmas. I guess now people just put everything on a credit card.
I bought a VCR and a tiny microwave at Sears and put it on my credit card. $650. It took me a year to pay it off!
@@DH-tp1it Probably cost $150 for both today. Electronics are so much cheaper now.
15 dollars an hour in 1980 is the equivalent of 57 dollars an hour in 2024.
@@mikelentz833 I dare say that living on $120k/yr today sounds easier than $15/hr then ($31k/yr). But who knows. We don’t make $120k today either.
Go Where You Are Welcome.. That Means Where You Can Afford..
Clearly they are chasing people off these properties
Absolutely! Try to visit these crazy places if you wish but make sure you have a two-way ticket back to the home and community you can love.
That's the problem. Everyone is thinking that and exasperated the housing cost across the country.
@@alexlopez5800 Can't blame them 🤷
@@ToadsandTurbines Right👍🏻
@@alexlopez5800 Can't blame them🤷
I can't believe how awesome this turned out!
I am a boomer, no one gave me anything. I have lived paycheck to paycheck all my life. My parent died low middle class and raised 7 children. My parents worked to the bone until the day they died.
That was depressing 🎃
All the taxes they paid in their entire life moved an air craft carrier 6 feet.
Welcome to the club. I’m a millennial with 3 other siblings and I got jack shit for inheritance. I graduated college at the peak of the recession, then doubled down on my education by getting a masters degree in a STEM field. And while I’m in my prime, the labor market has turned to shit… again. I’ll survive this one, but it never gets easier. If you squandered your advantages that is on you.
@@mwtichenorvisit your local military recruiting center. you will never look back.
I have twice tried to rent a place through Airbnb, where the host was not allowed to do so. I was instructed in one of the cases to sneak in of a faulty door on the sixth floor at the parking area, to enter the building, which was a semi skyscraper. Well, the place was nice, but it was a little stressful to have to sort of sneak by the front desk every time I wanted to go Out and in.
I am a boomer who bought home with my new husband in 1980. Paid 69,000 for a house on 2.5 acres in cave creek in Arizona. But interest was 9 percent back then. Now sold 3 years ago waiting to buy next home.
9% interest rates is high. But on a $89k loan amount the interest payments would be manageable for most.
I am a boomer. I really feel that the atmosphere for first time buyers right now are totally stacked against them. Our Son and his girlfriend are going out to try and buy a condo just to get their foot in the door. Earn some equity. I hope he is able to afford this. I think though he will have a hard time finding something in his price range. I’ve tried to pass on all that I know to him. Hope it helps.
If housing prices go down they won’t get any equity. It’s been slow but u think that prices are dropping a little.
West of Chicago - 2 BR Apartment - $1,700 per month. Been empty for over 2 months. Why don't they drop the price.???
Because everyone else would want the lower price or they’ll break the lease. That’s renting. It’s good sometimes. But it’s a yearly gamble
Greed.
@@scottiswatchingtele You can't break a lease. If you do the landlord can go to court and win.
A lot of people need to hear this!
Thanks
That home you just posted is a less than a 100k home in Ohio ..
How much are they in Springfield with the recent arrivals?
@@jimkelly4214Springfield has a lot of home vacancies and few jobs…those homes are still 150-200k. Remember that there was a massive movement out of Ohio as the auto manufacturers left
Not in Columbus
Ohio’s home prices aren’t staying this low forever either.
@@jimkelly4214 the cat's out of the bag
Travis and Mitch are doing very good work, thank you for recommending their videos. Imagine how things could change - IF we can adequately deal with corruption in all it's devious forms !
Nice, little white shed. Worth maybe 50k bucks for real. But the property and other taxes will do you in.
YAAAYYY! Your're bringing on Mitch Vexler! WOOOHOOO!!!
Prepare your questions well, folks!
CanNOT wait, Michael! Thank youuuuu!
I like this dude.Give us good information
Ok. Those homes you show in Napa. I found a similar home, size, age, and in a historical neighborhood in Iowa. Amana Colony beautiful area, creeks, orchards, and no crime. It was selling for $189k. 2400 square feet.! M
Prices are not coming down in Northern Virginia; move that same house from Portsmouth to NOVA and it will jump to 600k to 1.2 million with zero land. Anywhere 2 hours away from D.C. government or datacenter’s is gonna be outrageous. Townhomes are selling for over a million and people are buying them so fast you would think there’s a fountain of youth in them.
🎉 yes interview Mitch. He’s solid on the facts and the stats
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 56.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
curiously inputted Jessica Lee Horst on the web, spotted her consulting page and was able to schedule a call session, no sweat. Ive seen commentaries about advisors but not one looks this phenomenal
Wow, ten seconds before you mentioned Travis and Mitch I was thinking how to get a few of their videos to you. Crazy world it is...
It's not what they're Askin'... it's what the people are Payin'
Not a lot of rentals here and the management companies are a complete PIA to deal with. That's why i want to buy.
Mitch and Real Estate Mindset are a God send. That’s for sharing this video.
Here in florida central and north. People are buying and builders are building. It’s not slowing down here even though people here aren’t spending as much they are still buying
Like Apple phones! They buy them because it’s infectious! No matter WHAT! They keep money moving! Keep going!
I’m a boomer. First house 2/2/1 in west coast central Florida was $30,500. Cost was $200 month with $3k down. I was 21.
My first home was 74,000 around 1989-90 😊 I remember
Watching this, makes me thankful that I bought in Delaware in 2016 when prices here were low along with 4% interest rates. Talk about golden handcuffs!! I couldn’t imagine being in that situation having to deal with everything you talked about. THANKFUL!
Shout out to Travis and Mitch
Looking forward to that interview!
I’m an Insurance Broker in Florida the home owners insurance has gone through the roof and we as Insurance Brokers/ Agents are making a killing off the Property Insurance Rates and we are loving it.
Dropping $2,000,000 on a house that’s 120 years old sounds like a typical London purchase.
Brits seem to value 'character' properties; Americans value new.
Helena / Napa Valley is absolutely beautiful. I love the little white house you showed on this video. Looks like my old house in downtown Grass Valley in the Sierra foothills. But I'm living in a RV trailer and I probably won't own another house. Too expensive due to the utility companies and property taxes. I can live almost rent free now. My family wanted to buy me a place in California but I know the score & I said' no thanks. It's a bad time to own because the state governments are not friendly at all. Crap!
I was born in Florida and have lived there on and off several times. I don’t understand why anyone would pay a million dollars for a small ordinary home when they could move to another area of the country and get a much bigger and newer home for less than 1/4 of that price. And the taxes and insurance would be a fraction of the cost of the Florida property. True it may not be near a beach but they aren’t what they are cracked up to be, having lived near the beach in Florida. Just can’t justify that in my mind!
People with very high incomes, like us with more modest means, look at homes being listed at >150% price inflation in only a few years and conclude that those homes have NOT increased in actual functional value over that time. It's a market bubble, and all bubbles pop sooner or later.
That first house in any normal city would be what, 350k? Asking for over 1M... completely nuts.
Should be $80k
for high end condo's, 5k+/mo, cost to rent is much lower than cost to own - mortgage interest, prop taxes, insurance + condo fees, excluding mortgage principal payments. it could be as much as 30-40% lower. Best trick is if your self-employed, incorporated. Rent the condo as a business.
Thanks, Michael!
That’s what I’m doing. I’m waiting for the price to be realistic. We are living in one of our rentals and waiting for the correction. Meanwhile saving a lot for when it’s time to buy. I’m just happy my family gets it.
69 yr old boomer here. We bought our first home in 1981. Our home was 63,000 with interest at 17%. We have always had to have a dual income. Back then those entering the work force without a college degree made 1.69 an hour! Cry me a river!😢
I bought 6 months ago. It was a lot more than i wanted to pay. However, we also got a premium price for our house. At any rate, keeping tabs in my new local market, I'm seeing price cuts to sell between $25k-$50k.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
She's always active on Whats~App... 🎉
Her number down below ✨
If you are not conversant with what you see here you can look upto her on the internet using her full name ❤️
She’s a registered Broker from FINRA ❤️ you can also verify her on broker check
I am a baby boomer, my first home was 125k It was an estate sale. 1926 Bungalow that needed a new kitchen, bath, electric, plumbing....
The cost of buying your first home between the boomers and young people today clearly show our lowered standard of living.
I am a baby boomer and I would definitely put myself in that 6% group. I bought my first house in 1993.
So glad we bought our house 3 years ago with a low note and have the double homestead exemption.
@@winniethepoohandeeyore2 don't you have to be a resident for 5 years in the same house to qualify for a exemption????
@@andrewgleason586 No
@@andrewgleason586 Some areas when you buy a house, the homestead exemption is automatically done, some areas the buyer has to claim it by going to tax the assessor's web site, filling out the forms, submitting them or going to the tax assessor's office like we did since we live in a very small town
You can be proud of yourself. You are doing a great public service.
I ADMIRE people who live in a tent or RV! SMART PEOPLE!!
Michael, I am not a "snowbird", but you gave some excellent advice about snowbird rentals. You discussed some
issues that I bet many of your fans didn't even know existed. Probably saved them a lot of money and grief. Good job!
We need the Don !
When those houses were built they were selling for about $10,000!!!
Mike, I don’t appreciate the negative comments you are making towards boomers. I am one. I didn’t come from money, you could actually say just above poverty. I served in the Army 26 years, I still work and I’m 63. I had to save, sacrifice and work hard to be where I am at. You did not live through what I did in my 30s and 40s so you have no actual idea how difficult it was for us. I would just say, each generation has their own challenges they have to confront to succeed. Every generation has poor, middle class and rich. We all have to do our best to navigate the challenges. I enjoy your videos a lot; but you seem to disparage boomers and I don’t appreciate that. Keep the videos coming, they are informative and help all of us.
I think boomers are the ones that are getting blamed for everything right now. It doesn’t make any sense to me. I am not a boomer, I am Gen X. I do not come from money. My parents and grandparents busted their butts. They sacrificed. They skimmed and saved. They worked hard. Times are different now than they were then. But it doesn’t mean they’re any harder now than they were then. I see many people in their 20s and 30s and even 40s that are very productive human beings, work hard, are willing to sacrifice. But a majority or just complaining. They wanna work 20 hours a week and get all the benefits of working 40. You can still make it in today’s society, but it takes hard work and sacrifice and that’s what people don’t wanna do anymore. Every generation has their issues to deal with. Comparing what today is compared to what it was 50 years ago is not fair. There’s a lot of other things out there that influence the situation. I know people from all generations that are very successful and ones that are not. The characteristics of the people in those situations are all very similar, no matter what generation they came from. And there is also good luck and bad luck. Health issues, natural, disasters, etc. things that are completely out of your control no matter your age.
I'm 61. I work hard and have done so all my life. Michael can disparage boomers if he likes. He isn't one, so he doesn't know what we went through.
I dig his content too.
We can blame young adults for what our economy has become, however. Ie single mother house holds, disparaging men, feminism, lack of God in lives, wealth redistribution, women in politics etc. These are solid claims and something has to change.
I m a 70 yr old boomer fossil and any negative comments are like vitamins to me
Time and chance happen to us all and soon we ll be dead and in hell so what difference does it make?
I get really tired of it also. The vitriol against everyone over 60 is ridiculous. There are boomers living in abject poverty. We aren’t all rolling in cash and vacationing in Italy. I wonder if Michael talks crap straight to his parents face or just to us on here.
I blame ignorant politicians who are looking out for themselves.
WOW! A house just like that one in my area would be going for between $275,000-$325,000. 😲😲😲
I am canadian and canadians have special prices in Cuban resorts $1,000 USD per month all inclusive.
That means one person can stay for this money for a whole month with food, drinks, accommodations and entertainment.
American people are too gready
Wish I were Canadian.
@@Gisela-u8umove to Canada. I am an Easter European , moved to US years ago. I am a real man . Are you (a real woman /she /her /it)😂
@@Corleone_Napoleone I am a real woman from western Germany living in US
@@Gisela-u8u ahhhhh,”West Germany” 🇩🇪 , the good old days, the days of the German mark, the days of prosperity in that country. I feel you. Well , I am originally from Romania.
Miss my childhood. Miss the old days.
@@Gisela-u8u never late to become one
"Start" yes. "Be successful" there is a lot to be desired. The road ahead is going to be tough, but, you've got this!
Dad and mom 1967 new house
Was $27,000 / now $350.00
@@michaeladdington1447 my mom,17000 in 1965, now 705000, inflation. 😊
My parents bought a $10K 1946 house in 1960. Now’s it’s $120K. Very affordable, but the area got really old and the schools went to hell.
Parents house in 1967 went for 25K. Now selling for 250K. 😳
It might sound like the value went up, but if you factor in inflation. The value of the home is actually flat. There really wasn't any gains in equity.
@@michaeladdington1447 no,real estate has outpaced inflation by far....
Always a pleasure watching your videos. Thanks for sharing your insights and information.
Call me a snob, but none of those corner houses for 1.8 million have an ounce of curb appeal. From the video, they almost look like tear downs.
All these California homes would be $385k in Richmond Va.
Because they are...
Snob.
That first house selling for $2 million would sell for $85 thousand in Ohio.
nobody spends 2M on a lot to keep an old house unless the house is already restored and good to go for at least 50 years more
As long as the house has been updated and taken care of an old house can be 10 times better than the new construction crap they’re building nowadays. My house was built in 1900. When I bought it 20 years ago, the inspector told me it would still be standing in another 100 years and the new construction that he was looking at Would not be standing in 50. I talked to an inspector the other day and he said it’s even worse now. He gives the new houses being built 30 years before they literally will need to be the bulldoze. So I’ll stick around in my house that was built in 1900.
@@nogames8982 did the inspector get gas at the light ?
@@nogames8982 your right but not a wood frame house , and a cinder block house only if the exterior walls are kept up because if not the foundation goes
@@mykedoes4099 luckily mine is in very good shape.
@@mykedoes4099 I don’t understand your question. if you’re trying to be a smart Alec, it’s lost on me because I don’t understand what you’re saying. If not, the electrical is all updated and works, and the natural gas is also updated and works.😜
Home near me sold in 2020 for 425k. Today, those buyers are selling it for 790k. Absolutely no changes on the inside.
Never ever buy a condo.. it’s like buying a rv today !! A zero profit on your investment..
You don't buy an RV for investment you buy it to go on holiday with 3:36
plus HOA costs
Wrong. HOA is for landscaping and roofs period.
It is real estate.
Not true. I’ve made equity appreciation and net positive cash flow on condos. Gotta buy em right!
Bought a condo in Naples 10 years ago. Sold it recently for 2 1/2 times what I paid for it.