Most people always spend more than they have. I'm not going to mention a name but there's one billionaire that I think doesn't have a penny in the bank. The question is will the government bail him out too?? All the bad loans to Banks make they always have to be bailed out by the taxpayer. Everybody wants to be bailed out by the taxpayer.
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Mortgage rates follow the 10 year U.S treasury rate. The reason the 10 year treasury rate dropped the past 2 weeks is because the stock market had a little tantrum. The Fed isn't going to lower the funds rate until the S&P 500 drops by at least 20%. And if the S&P 500 drops by 20%, housing buyer demand will fall off a cliff.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
If anything, the situation is likely to worsen. Soon, affordable housing may no longer be within reach for many. I recommend taking action now, as today's prices might seem like bargains in the near future. Until the Federal Reserve takes more decisive action, we may experience heightened instability due to persistent inflation. It's clear that a partial approach won't suffice.
My licensed adviser of choice is Rebecca Nassar Dunne. Just look up the name. In order to schedule an appointment, you would find the required information. She is quite talented.
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
The decision on when to pick an Adviser is a very personal one. I take guidance from Vivian Jean Wilhelm to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.
A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all in this time!
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
The decision on when to pick an Adviser is a very personal one. I take guidance from ‘’Jessica Lee Horst’’ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
How can you really be taxed on an estimated price ? its like being taxed on unrealised profits, its just theft. you will never leave any generational wealth to your children at this rate.
I still remember the government handing out a 10k tax rebate for buying a house in 2008-9. The average cost for a single family house back then was 170, pure insanity when compared to the 430 today!
We bought a small house in a good neighborhood in 2001 for 108k with my VA. Refinanced to a 15yr fixed at good rate in 2010. Paid it off two years ago so now me and the tax office and our insurance agent share in this beautiful home! LOL
I sold my home 2020 and I've been dollar cost averaging all year long and I've almost maxed out my reserve, so I'm basically waiting for stocks to fully recover so I can break even, but on the other hand, I've been coming by articles on people who are puIIing off recurring proflts of over $150K wlthln just weeks of trades, what am i doing wrong?
I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.
look at it this way, while some folks are waiting to make minimal profits when stocks recover, some others folks already know where to look and what to do to make hefty gains in these times, so yea, it all boils down to knowledge to risk mltigation.
True, I was in dilemma myself due to this chaotic mrkt, wasn't sure if to sell or just wait a little longer, 75% of my portfolo was tanking and in the red and the economy isn’t looking promising, but I began gaiinng clarity and have more confidence in my invt through an lnvt-advlser, I know most DlY-lnvestor like me would say advlsors aren't essential, but come to think of it, they're better trained and equipped at this and if I have to give just a little amt in fees for me to be able to net $650K in less than 8months like I did this year, I truly don't mind.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment...
I bought my house for $66k when I was making 32k. Now my house worth 300k, I should be making $150k in order to buy same house. I make third of that. Something is terribly wrong.
A ten percent reduction does not move the needle after a thirty percent rise of the last three years. The market needs to return to pre pandemic pricing for a healthy market to be re.Established
I've watched a condo in Florida go up from 70k in 2014 to 210k recently in March to 145k after about 10 price cuts and they're putting desperate language in the listing (Buyer will entertain any offer and pay full first year HOA, etc). We are getting close to massive price declines across the board.
I saw a realtor who said owners are calling her saying they haven't made a payment since 2020. Think about that. So when these banks start foreclosing on these owners, theirs going to be a tusmni!
@cezz1105 @ The same owners are probably demanding top dollars for their junk homes with deferred maintenance, same sellers who also want to sell as is and no repairs
Price declines are already happening in Austin, San Antonio, Dallas and parts of Florida. I watch these markets daily and there are two trends…rising inventory and price declines.
Yeah I'm down here in Avon Park there's several new subdivisions with large numbers of houses that are just empty there's empty houses everywhere ridiculous prices ridiculous
I heard a home builder say he was going to stop building houses, he said he's being gouged at every corner on materials, he said it's not even worth it anymore to build a house, what's the cost of everything in the end he can't make any money, without charging an exorbitant amount which no one can afford to get a loan for. So it's done it's over.
In almost all developed countries, buyer's agents commissions are zero. Modest 1,700 sq ft houses in the middle class Miracle Mile in Los Angeles sell for $3,000,000 so buyer's agents get a huge $90,000 for selling one. Instead buyers should hire a lawyer for about $1,000 to write the contract and find you an inspector, title company etc.
Banks only have ONE PRODUCT = DEBT... When you hear the words 'Financial Products' or ''Seriveice Industry'... Equals DEBT... 'Have your Money, work Hard for You, not, you Work hard for your money'... Equals DEBT. GET IT YET?
Bank always wins When you don’t pay they take your home back but what you don’t know all that paperwork you signed has a insurance policy in it for the bank if you default Like I said The banks never lose Crime syndicate for real
Actually, my bank Visa is a discount card. I end up getting 1.5% back on every purchase. I pay down the balance to zero every two weeks, so I NEVER pay any interest whatsoever. My bank gets a two week turnaround on their cash with me, and gains from the merchant Visa charges. I'm debt free and make money WITH my bank. I consider them a business partner. Yes, they love me, haha.
Michael, my wife and I continue to enjoy your channel and the last few episodes the backgrounds have been great! thank you for aallll your walking and hard work. p.s. ( we are 75 and 74 your walking gives us our needed exercise!! ) 👏😉
Wow, I think you are totally correct. Especially about these HELOC loans. I was a realtor many years ago and I saw so many people do this and lose their homes because of it and most the time it was for something foolish not maybe because they needed a new roof or to make necessary repairs, but to buy new cars, vacations just really silly things that were so unnecessary! The only place where I’d probably disagree is I don’t think people are really going to get their house super cheap like a lot of these people are out here on the sidelines thinking they’re going to pick up a house for 10% of what the former owner paid for it and that is not going to happen However I do see they probably will decline but the problem is interest rates go down that’s when millions of buyers jump in that have been waiting and there are millions of them and then they start getting into bidding wars. You also have to factor in that places like Black Rock , State Street and Vanguard are also buying up whole neighborhoods of houses and I’m sure that they will, be licking their chops and getting many of these homes, yes prices will decline but I just I don’t see that they’re gonna go for in our $.10 or $.20 on the dollar🤷🏻♀️ especially
IMO (😁), houses will sell for prices that are at least 50% of present value. The inflated price comes off first and that is 30%-60%. Next are sellers that own or have substantial equity and want to salvage that equity. That will give buyers another 5%-20%. Corporations are buying whole housing developments as that is who developers sell to to avoid lawsuits. Individual houses will be available.
Very smart guy on several different levels. Not only is he making coin from this channel, he's using his on air time to walk for exercise likely getting in 20K steps daily. AND, he's prob getting 50,000 IU's of critical vitamin D as well. Well done paisano!
I've rented the place I live in for almost 20 years, the prior owner sold it 2 years before she died last month, and the new owner was overjoyed that myself and the other 2 guys would be happy to stay on. We split a three level house between us, and the new owner was talking about how her properties she rents are a constant nightmare trying to find reliable renters that will stay for many years like myself. The amount of work she had to do to this house after she bought it was staggering, deck was rotten, roof needed new shingles, the foundation needs to be mud jacked back to level, new carpet/flooring, new paint and siding. If her husband wasn't a contractor by trade with the skills and connections to do work cheaply, she'd have spent almost 80k JUST to get the house up to snuff. I've spent over 100k in rent over the years here, but for me it's a steal compared to going thru the hassles she has been thru just in repair costs not to mention insurance, mortgage, property taxes. After all that, you still never OWN your home, it can be taken in an instant if you can't pay the endless fees.
You got very lucky. I have seen scenarios like yours many times over the years. Long term tenants were told by the new owners the rents were going to double. The new owners in those cases were large scale landlords and it was just numbers to them.
It sucks that costs are up, but I'm willing to bet money that you're enjoying super low rent, compared to comps. That's why you stayed so long. After paying what the new owner had to to buy your place, & then to fix it up, I would expect your rent to go up. Paying & staying so long is okay, but doesn't get you, 'points'. It's like saying as an adult you're not in jail, or have never been arrested. Staying & paying is normal.
Ya in Ohio prices are dropping fast ! I was offered 750k 16 months ago. My home was never on the market! Today a realistat. Agent called me me offering half …. I’m dept free .. price is irrelevant if your dept free !!
In Ohio seen this before - inventory of foreclosed homes at 1 point was like 400k - but the banks figured it out - they just let the houses sit there - like for years to artificially reduce the inventory because they weren’t getting offers close to the amounts still owed on the house
How much have things changed? In 1995 we had to make the case w our mortgage lender that we could afford a house and the maintenance costs involved, as he was hesitant to approve our loan. Price of the house in question: $56,000.
For me, $68,000 in 1998 in Austin TX. I've moved since then. I've got 7 1/2 years left on a 15 year note that has a payment (taxes and insurance included) less than a third of my paycheck.
That's because you don't need a real estate agent to buy a house Michael. Let's get serious, no one wants to pay someone 2.5% for opening a door. Get a lawyer and get the deal done. It's that simple.
i got a home 2009, in south miami for 1100.. a 2br rural area. 0% apy, and then got 5500 from JoeBamas first time buyer credit.... in 3months. And i worked as a courier for the title company in town, thats how i made it 1100 with a 5500 refund 😅
I sold my house two years ago. Probably used 80k equity and still walked away with a couple hundred. Bought a boat and a slip and pay $200 a month for utilities and hoa.
@johnqlunchbucket bitcoin is a limited unregulated currency. Is a pyramid scheme. A scam. Too volatile in my opinion and too risky. Governments can confiscate bitcoin anytime.
It is definitely happening! I have been seeing a lot of people list rooms for rent on Nextdoor. They are advertising them for a lot less than they had been going for. Prices are definitely coming down across the board. About time!
Reminds me of 2008. I got wiped out and lost 3 properties. Had 9 for sale properties on my block alone! Prices fell so quick they froze the credit market so the banks wouldn’t qualify any buyers . Then my 20 year job closed the plant as the last nail in the coffin. A 3 year nightmare followed but, I lived through it. I live in a tiny home now debt free and happy. I feel sorry for all the home “owners” today.
You overleveraged in 2008. You didn't need 3 properties. Now you've overcorrected and bought a tiny home. Sorry. Not everyone has to make your mistake to learn from the last recession. My 2019 custom new build appreciated $100K and is still holding that value because I live in a military community and soldiers will always need housing. Home ownership is smart. Renting is when you literally throw away money for something you don't own.
Yeah, I used to look at a house as an investment but not anymore. There are so much better "investments". Dollar cost average buying into the Dow or Nasdaq overtime is a much better investment (just buying the ETF). And the best thing is stocks are much more liquid. Also, gold/silver have much better historical returns though the buy in windows are timed different than houses.
@@DIVISIONINCISION Military communities in NC plummeted in 2008. I remember looking at properties in Fayetteville and thinking why I own a house in this big city when an equal house is so much cheaper there. Well, if the military makes budget cuts, those housing prices are going to plumet. Yes, they recovered, but it doesn't mean it will not happen again. The truth is a house is not an investment. Might you make money off of it? Sure. I've made money the last two times, but I never bought them thinking they're investments because I've seen what has happened in the past. You're correct though the person overleveraged. The smarter move would have been to just dollar cost average buy the market. They would have lost a lot in the market, but if you're not buying on margin you don't lose unless you sell.
Yes, be patient. A healthy economy cannot sustain these prices. Vote for those who want to get government OUT of the free market, not for those who want to blow it up even bigger. The free market rewards production, and punishes inefficiency. The government does the exact opposite.
Interest rates are one of the issues. Pricing is STUPID. People need to make the sellers sweat and NEVER go in at asking. IDC how much you "love it". But insurance and local government theft through taxes is a problem that wont go away.
Also, why buy when you can rent? A 1600sq ft condo in my area are selling for $700K+ but why put down 20% and pay $5K a month, when I can rent the same unit for $3K. For lower income people, multiple occupancy is the way to go. My son and three of his friends just signed a apartment lease with all four of them on the rental agreement.
I’m really proud of your son for doing what he needs to do to get what he needs. So many spoiled young people now, that think so many compromises are beneath them.
Not everybody should buy a house that’s true. But I have a relative that rented an apartment for 23 years and had to move out recently. I bought my house 23 years ago and I have equity in it. At least $200,000. And I would not have that if I had rented. And you have no control over what the rent will be. Homeowners have some latitude. That’s why you don’t always wanna rent.
@@Cruel_Shoes but if rent is cheaper for the same house, you could have put the difference in an index fund and you would have almost a million in cash in 23 years.
I'm in East Central Florida with my house purchased in Dec 1980. I have traveled for work in Europe and West USA but saved the house . Taxes are low and home owners Insurance is acceptable. Currently fixed income but expenses are low. Never leaving until the end...
I'm 25 miles East of Tampa. Bought house (4/3 w/pool) in 1997 with $cash. Taxes & insurance low as I financially cover part of the bad weather risk. Decent established neighborhood with all retail needs close by. Not planning to relocate and go thru all that moving & financial rigmarole. Keeping life as simple as possible in this complicated economic/political atmosphere. Wife & I have everything we need... right here !! We are blessed !!
You were smart to save this retirement home and the taxes must be low. Not sure I'd want to live in a house built in 1980, but at your age, that's probably not a factor. 👍
Real estate can be quite a rollercoaster, the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate my entire $700k liquidity value to my stock portfolio or just stay 100% cash?
in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Right, I and a few neighbors in Bel-Air area work with an advisor who prefers we DCA across other prospective sectors instead of a lump sum purchase. Following this, my portfolio has yielded over 120% since early last year to date. IMO, nothing beats expertise.
@@vancoker-t6z I've worked in real estate for 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now.. Mind if I look up the professional guiding you please?
such an eye-opener! cant wait to experience financial advisory at first hand... curiously inputted Katherine Nance Dietz on the web and at once spotted her consulting page, she seems highly professional from her resumé
How can you really be taxed on an estimated price ? its like being taxed on unrealised profits, its just theft. 😞 you will never leave any generational wealth to your children at this rate. 😞
@@Finchlvr There not doing very well with the schools then, they turn out some real thick socialist people. 😞 I demand a refund just like a student loan 🤣
Michael you are great at what you do and I appreciate each and every one of your videos. Keep it up and bravo to you for telling us this important information.
Meh. No one is going to buy homes until wages catch up with inflation. Property tax and interest rates are going to continue to keep people out of the housing market.
Great video Michael! I always look forward to your videos. I Closed on my house last month (West Palm Beach) and I put the proceeds into interest baring account to help pay my rent (combined with my HOA, Taxes and Insurance) I can afford a luxury apartment and complete freedom of not having my investment in Florida. Absolutely no regrets.
Buying a house is not worth it. Insurance always going up and they don't pay a frickin' dime when disaster strikes. The system is set up so you will likely never own it. And then with this job market ..... it's a billion times harder. NOt worth it. I wish I would have stayed in am apartment. Buying a house just makes it harder to relocate especially is you're single with no kids.
I own two cats who look just like you. They definitely like my house. If you want to beat the system, choose a career that you will allow you financial freedom. I don't know what your job/career is, though you likely didn't choose correctly. Apartment living was the worst. I don't want the noise or the kids. Owning land and a house is peace of mind. I am also single, no kids. It's much, much easier. 🤣
As a single person, I will have to make a decision in less than a year. I am in the process of refinancing my house. Since buying, I have gotten a new roof and hot water heater, repaired the privacy fence, and had hardwood floors installed in two bedrooms, have had the master bedroom and master bathroom painted, and new paint for the living room. The air conditioner blower motor was recently replaced and the control board will be next. Up next will be new paint in the two family and bedrooms and kitchen which also has new LED lighting fixtures. Option one is putting the house up for rent. Option two will be to list the property in hopes of gaining equity. I am telling myself that I will build equity. Either way, despite having a dog and being a full-time student, when I'm ready to relocate out of state, only death can stop me. It's all in the mind. If you tell yourself you can't do it, you won't be able to.
I have a HELOC with my credit union. It absolutely is a fixed rate for the ten year payback term. Most are prime rate variable but there ARE fixed rate HELOCs out there.
The reality is if you purchased a home in a speculative neighborhood you’re going to get caught with your pants down. Homes in markets with great amenities nearby, schools, low crime, etc. will continue to appreciate. Location is everything
I have heard and read stories about prices dropping in real estate for thirty odd years . People who have been renting for the last 30 years are always saying "I'm definitely going to buy in when that happens". It never does and they never have the deposit saved anyway. Even if there was a big correction the banks simply tighten their lending policies.
House ownership is out of reach in desirable areas for most Americans. This is the result of decades of currency depreciation outrunning increased productivity. All real wealth (land, water, minerals and infrastructure) is being transferred into the insiders hands by debt monetization in return for computer entries.
Prices in East TN, where it's wonderful to live, have only just now gotten to the prices they were in 2014-16 outside of Knoxville. The prices will drop in highly populated places. People will continue to move to great places to live, and prices here will keep going up.
Michael, Watched your channel for the first time and immediately subscribed! Awesome information channel. Remind your followers that when house prices tumble be aware that their insurance coverage on their home owners insurence stays the same. You could be paying for replacement cost at $450,000 when the bust has taken your value down to $350,000 ………but your still paying a premium for the $450,000 amount which also reflects every other aspect of your premium. No one thinks about this…….,, your insurence company shure as hell isn’t going to notify you that your replacement value has dropped drastically so we want to adjust your policy to reflect to save you money. The savings could be HUGE! Just thinking out of the box! Keep it up! Dan Hulshult, Rowlett ,Texas
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
There was a bubble, a big fat one that produced unrealistic property values. But now the sky has darkened. Interest rates are braking buyers, increased municipal taxes following the bubble are unbearable, plus the home insurance crisis, and the closer and closer pause of an economy that was overheated, yes, the dirty word ''recession'' is looming ahead, that will be the cherry on the sundae, and I have not even mentioned the condo crisis (regulated fees plus emergency repairs). I bought a house in Florida in 2011, sold in 2022and might be in the market again when the whole thing crumbles down again.
Have a home in Florida close to schools, gated community, etc and am having a hard time selling. Everybody ran down to Florida during COVID, including us due to lock downs and now people are leaving. Builders and realtors took advantage of the influx and now owners are paying the price.
Either your house is crap or you overvalued it or both. Houses are on the cheaper side of history, and rates are probably artificially over what is the recent normal. Low house prices and high rates are great time to buy, as opposed to high prices and low rates. The former can be refinanced. The latter not. Just my 2 cents without knowing your specific house. There are plenty of non-home owners out there.
Is your home getting “views? Likes? Feedback?” If it is and if you are not getting offers, your price is too high. No one wants to hear that, but that’s how the market works. At this point, sellers are chasing the market down. If you can hold out, great. But it’s likely going to be a long time. Smart sellers price under the market and attract multiple bids. The worst thing you can do is to overprice your home right out of the gate.
The current high prices and low inventory is not actually helping sellers, because there are no buyers and whatever house the seller tries to move to will also be insanely expensive. Similarly, any upcoming increase in inventory will probably not actually help buyers, for some other unknown factors.
You have to pay the agent up front if you want to view houses, right? So when the buyer actually buys a house, does the seller’s offer to pay the commission cover the buyer’s cost to have an agent to represent him in his entire home search? And on another note, how long do these buyer agent contracts go before they expire?
Pensions are promises made to people in the past that are now obligations of the present. It's BS! Get yourself out of a city or state that constantly over promises it's state, county and city workers huge ridiculous benefits for just working there for 20 years... unless you like paying that extra crap.
Exactly right. These cities and counties are assessing homes much higher which equals to theft of property taxes. If people don’t protest their property tax assessment, many city/county assessment boards consider that you are agreeing to their bloated assessment ! 😡
Meanwhile, in Northern Virginia, Arlington, and Alexandria area, my mother in law was shopping for a $650k-$750k price range house and out bid by $100k-$200k.
Reventure Nick says the builders offering a combination of 5.5% rates along with price cuts is the sauce for getting buyers in the market for new housing. In my area used home sellers are expecting to get $600-750/SF and builders can likely turn a profit at $375/SF. Even if there is a flood of used house inventory hitting the market, sellers will have to drop prices a LOT.
@@TheInterwebzMan his predictions are mostly accurate with a few big ones that have not yet turned out. Congratulations on name calling, by the way. You may enjoy 2024.
I lost my home my business and had to sell everything I owned in 2008, I’ve been trying to buy a home now but everything is way to expensive, I hope you’re right about things getting better cause I’d deserve a break.
I always thought Myrtle Beach would be a really great place to live. And then I found out it has one of the highest crime rates in the entire country. I hope they are addressing that issue and if they fix it the values will go sky high.
I've been watching these velocity banking vids which feature helocs, and they can work because the Interest payment is based on your average daily balance which is mafe lower because you deposit your earnings into the heloc. Idk for sure though.
Fla is in very big trouble. Cost to own vs values will be in big trouble especially for people 2020 and on. But alot will not be worth it. Plus weather is good for winter but 8 to 9 months its terrible. The reality with condo costs will be bad.
I have several relatives in Fla. Still recovering after last year's hurricane. There was flooding in one's neighborhood last week. My parent left FL for north Ga in the late sixties. My father said it was the best thing he every did.
@elizabethmadron1336 It's probably much cheaper, safer, better climate and less crowded. I'm thinking of unloading Fla and just visit/rent in future. Your dad is right.
one of the reasons that i sold my condo was that it was 19 years old and i had not replaced the roof or water heater.. if i would have got a LOC i would have had to take enough of a loan to cover that new payment.. it just does NOT seam logical..
When buyers cannot afford to pay buyer agents they go to the listing agent who needs to sell the home to collect commission, so it's pretty good unless listing agents lean in seller favor.
Of course they lean in the seller’s favor…..They want to rip your ass off if you’re working directly with the listing agent or a designated agent of the listing agents brokerage…Good buyers agents can be VERY helpful don’t listen to the nonsense.
Sellers agents aren’t going to handle both sides for 3%. They will insist you get an agent or you will pay them additionally for their work in preparing the offer and representing you. All these fools who thing that commissions will be magically cut are living in some Ukrainian fantasy
I had a sellers agent with me a couple years ago and she showed me a few properties I was interested in and she said on all three of them she wouldn't personally pay the asking price lol. One house she basically said is trash.
New Hampshire- $120K was the typical price of homes in my retirement/summer cottage village. During the Plandemic Boston liberals/progs were panic buying them site unseen for &550+K, today they’re sitting on the market in the $350+K range getting zero offers.
Correct. I want someone dumb enough to want a buyers agent looking at my house. Anyone else will offer real prices and has time. Just remind the buyers agent at every step what is at stake for them personally if they don't talk their clients into buying. They have to have ethics (as does a sellers agent), I however do not. Even if you have a sellers agent, give the buyers agent a chat, email, card. Good time to remind them you will be looking at a house and kind of don't like your agent! 😔
Bought my house at the bottom of the 08 crash. It's more than doubled from the .50 on the dollar I paid. I will be one of those 'price slashers' to cash out and get it sold and move on with my chips when rates drop enough for sales to pick up. And tell Jan that the buck stops with personal responsibility....I get sick and tired of people wanting to blame someone else for offering loans they made the decisions themselves to sign for. The debt forgiveness crowd.
They change the building codes overnight. Now a McMansion with tinted windows and cameras overlooking your pool enclosure and back yard. See it all day here in SFla. Now your property taxes go up as each McMansion goes in. "I thought we were going to retire here"😅
@@kenitsanoutragecandia3939 Tinted windows and a surveillance systems are two great investments, along with a sprinkler system and solar. If you have those features, your resale will be higher. Most people are cheap, don't invest in their homes.
@@kenitsanoutragecandia3939 Retirement is a funny thing. I know some guys that think if they retire they will literally die. For some, they let it define who they are and can’t let go. For me it’s about doing something I love to do in a place I want to be. I live in a van next to seven horses in the hills above Santa Barbara. 20 acres with its own well. an exchange for taking care of the horses I’m provided basically everything I need, (going on three years) No debt and my only monthly bill is phone. It’s a dream come true for me. there’s not a house within a mile. my grandkids be able to experience pony rides, campfires and camping out is the icing on the cake.
I am a boomer, the way I was brought up if you don't have enough you save, or wait for the price to come down. All new things start out expensive. Overtime they become cheaper. People have to be smarter, stop acting like there's only one chance, ands it's now. That is the definition of fear of missing out. Don't fall for it
New sellers from lower rates will also be additional buyers, so that is a wash. But what lower rates does is bring in more additional buyers from sidelines, who are now renting. Yet the NET supply of homes is the same or less with new buyers with increasing buying power from lower rates.
I have several Millennial and GenZ friends sitting on over $100K+ cash just waiting for prices to drop. They have been saving ever since Covid and have REFUSED to pay high price for house!
Michael...I have a QUESTION: Banks do NOT 'Own' the Titel, to these 'properties'. I remember in 2008...NO-ONE knew, who had Title. How can #1 a borrower 'have Title' (if they owe)? #2 How can banks take the 'Collateral Asset' (house)...if they don't, hold Title either? Can we talk about the 'Title Insurance' SCAM? Thank You? 🙌
First question is easy. If you owe you don't have the title. My second house I paid off after a few years into the payments and shortly after they mailed the title. My current house I paid cash and got the title right away. If you owe there is no way you have possession of the title.
@ It does if you think about it, so you would have to sell all your belongings and everything. But the cost of living for rent and food is cheaper. In other countries than living in United States and most can't live on their social security in the United States, where they can live on it abroad.d_all_in
i saw where fast food restaurants were planning on using bugs as a meat substitute. lots of protein and its cheaper than the real thing. i've had crickets before and they're delicous! you're missing out if you don't try them
NO ONE WANTS TO PAY THEIR BILLS ANYMORE! ua-cam.com/video/2xkBqO5jG9M/v-deo.html
PHuck the bills!!!!
If their student loans get paid off I want my mortgage paid off
@@jetsam12 yea, I paid off my loans with interest. What's in it for us? Ultimately, WE the tax payer will be paying their student loans.
Most people always spend more than they have. I'm not going to mention a name but there's one billionaire that I think doesn't have a penny in the bank. The question is will the government bail him out too?? All the bad loans to Banks make they always have to be bailed out by the taxpayer. Everybody wants to be bailed out by the taxpayer.
Mortgage rates follow the 10 year U.S treasury rate. The reason the 10 year treasury rate dropped the past 2 weeks is because the stock market had a little tantrum. The Fed isn't going to lower the funds rate until the S&P 500 drops by at least 20%. And if the S&P 500 drops by 20%, housing buyer demand will fall off a cliff.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
If anything, the situation is likely to worsen. Soon, affordable housing may no longer be within reach for many. I recommend taking action now, as today's prices might seem like bargains in the near future. Until the Federal Reserve takes more decisive action, we may experience heightened instability due to persistent inflation. It's clear that a partial approach won't suffice.
How do I meet this advisor, please? I need assistance investing my divorce settlement because it's now sitting in the bank earning little interest.
My licensed adviser of choice is Rebecca Nassar Dunne. Just look up the name. In order to schedule an appointment, you would find the required information. She is quite talented.
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.
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
The decision on when to pick an Adviser is a very personal one. I take guidance from Vivian Jean Wilhelm to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.
A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all in this time!
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
The decision on when to pick an Adviser is a very personal one. I take guidance from ‘’Jessica Lee Horst’’ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
If no one has a freaking job, no one is gonna be buying a freaking house!
why would they not have jobs?
Brutal 😂😂😂
freakin’ - A
A freaking house ????
@@grimaffiliations3671 because hiring is down and layoffs are up.
The rates wouldn't be bad if the average price of a house wasn't $ 500,000 and the US wasn't heading to a $ 40 TRILLION national dept.
These rates are bad, and homes are real expensive because the US national debt is through the proverbial roof.
Too late. They already spent and printed.
@@CMBBmc-jd6ur no they're up because of limited supply, so all the new inventory will be great
The real National bebt s already approaching 65 trillion wake up and get your fact correct
How can you really be taxed on an estimated price ? its like being taxed on unrealised profits, its just theft. you will never leave any generational wealth to your children at this rate.
I still remember the government handing out a 10k tax rebate for buying a house in 2008-9. The average cost for a single family house back then was 170, pure insanity when compared to the 430 today!
Kid, my salary has tripled since 2008 🤪
What was it in 2008?@@MYHOMETVMYHOMETV
@@MYHOMETVMYHOMETV so then you have barely kept up with housing increases
We bought a small house in a good neighborhood in 2001 for 108k with my VA. Refinanced to a 15yr fixed at good rate in 2010. Paid it off two years ago so now me and the tax office and our insurance agent share in this beautiful home! LOL
@@dwighterickson6121 nice.
I sold my home 2020 and I've been dollar cost averaging all year long and I've almost maxed out my reserve, so I'm basically waiting for stocks to fully recover so I can break even, but on the other hand, I've been coming by articles on people who are puIIing off recurring proflts of over $150K wlthln just weeks of trades, what am i doing wrong?
I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.
look at it this way, while some folks are waiting to make minimal profits when stocks recover, some others folks already know where to look and what to do to make hefty gains in these times, so yea, it all boils down to knowledge to risk mltigation.
True, I was in dilemma myself due to this chaotic mrkt, wasn't sure if to sell or just wait a little longer, 75% of my portfolo was tanking and in the red and the economy isn’t looking promising, but I began gaiinng clarity and have more confidence in my invt through an lnvt-advlser, I know most DlY-lnvestor like me would say advlsors aren't essential, but come to think of it, they're better trained and equipped at this and if I have to give just a little amt in fees for me to be able to net $650K in less than 8months like I did this year, I truly don't mind.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment...
I bought my house for $66k when I was making 32k. Now my house worth 300k, I should be making $150k in order to buy same house. I make third of that. Something is terribly wrong.
You only need to make about $75,000 for a $300,000 note.
@@desireelewis1661If the interest is dirt cheap and you made a 20% down payment, you can afford 450K with 85K a year.
A ten percent reduction does not move the needle after a thirty percent rise of the last three years. The market needs to return to pre pandemic pricing for a healthy market to be re.Established
Some areas are at 100% or more. Unsustainable - no one seen salary increase to that level.
I've watched a condo in Florida go up from 70k in 2014 to 210k recently in March to 145k after about 10 price cuts and they're putting desperate language in the listing (Buyer will entertain any offer and pay full first year HOA, etc). We are getting close to massive price declines across the board.
That's because foreclosures are going to go nuts too.
2008 style..i lived it.. i saw it...i got credit 2009 heh
I saw a realtor who said owners are calling her saying they haven't made a payment since 2020. Think about that. So when these banks start foreclosing on these owners, theirs going to be a tusmni!
@cezz1105 @ The same owners are probably demanding top dollars for their junk homes with deferred maintenance, same sellers who also want to sell as is and no repairs
That 3:54 will require a cash buyer & no insurance involved!@@John1908-vo1iv
Maybe. Just make sure I get most of my equity though.
Price declines are already happening in Austin, San Antonio, Dallas and parts of Florida. I watch these markets daily and there are two trends…rising inventory and price declines.
I watch these markets too and I agree 100%
Yeah I'm down here in Avon Park there's several new subdivisions with large numbers of houses that are just empty there's empty houses everywhere ridiculous prices ridiculous
And up and down 27 there's empty buildings everywhere commercial businesses empty houses empty
I heard a home builder say he was going to stop building houses, he said he's being gouged at every corner on materials, he said it's not even worth it anymore to build a house, what's the cost of everything in the end he can't make any money, without charging an exorbitant amount which no one can afford to get a loan for. So it's done it's over.
In almost all developed countries, buyer's agents commissions are zero. Modest 1,700 sq ft houses in the middle class Miracle Mile in Los Angeles sell for $3,000,000 so buyer's agents get a huge $90,000 for selling one. Instead buyers should hire a lawyer for
about $1,000 to write the contract and find you an inspector, title company etc.
My credit was very bad and couldn't get a house with even 40% down. Fortunately, I saved and saved and just bought one with cash in 2022!
Good for you! Cash is better anyway! 🎉
Government needs to force Wall Street to sell. Absolutely criminal that the average hardworking taxpayer has to compete with BlackRock to buy a home.
The Trillion Dollar Company #1
Yes but they won't because Governments know Wallstreet keeps ppl in check & the Gov wants that so they don't get their hands dirty that much.
Corporations own like 2% of the market, that's not a real issue, just a scapegoat.
@@d_all_in Well pre-COVID they were bidding on many homes here locally well above asking with cash.
@@GreenNoDeal must be a regional issue then
Banks only have ONE PRODUCT = DEBT...
When you hear the words 'Financial Products' or ''Seriveice Industry'...
Equals DEBT... 'Have your Money, work Hard for You, not, you Work hard for your money'...
Equals DEBT.
GET IT YET?
Debt Instruments
Don’t they offer stocks as products too?
"Got it" when I took my first Economics class in junior high nearly 50 years ago! We stopped teaching common sense to kids years ago!
Bank always wins When you don’t pay they take your home back but what you don’t know all that paperwork you signed has a insurance policy in it for the bank if you default Like I said The banks never lose Crime syndicate for real
Actually, my bank Visa is a discount card. I end up getting 1.5% back on every purchase. I pay down the balance to zero every two weeks, so I NEVER pay any interest whatsoever. My bank gets a two week turnaround on their cash with me, and gains from the merchant Visa charges. I'm debt free and make money WITH my bank. I consider them a business partner. Yes, they love me, haha.
Michael, my wife and I continue to enjoy your channel and the last few episodes the backgrounds have been great! thank you for aallll your walking and hard work. p.s. ( we are 75 and 74 your walking gives us our needed exercise!! ) 👏😉
Great comment, I know what you mean. 😂
Wow, I think you are totally correct. Especially about these HELOC loans. I was a realtor many years ago and I saw so many people do this and lose their homes because of it and most the time it was for something foolish not maybe because they needed a new roof or to make necessary repairs, but to buy new cars, vacations just really silly things that were so unnecessary! The only place where I’d probably disagree is I don’t think people are really going to get their house super cheap like a lot of these people are out here on the sidelines thinking they’re going to pick up a house for 10% of what the former owner paid for it and that is not going to happen However I do see they probably will decline but the problem is interest rates go down that’s when millions of buyers jump in that have been waiting and there are millions of them and then they start getting into bidding wars. You also have to factor in that places like Black Rock , State Street and Vanguard are also buying up whole neighborhoods of houses and I’m sure that they will, be licking their chops and getting many of these homes, yes prices will decline but I just I don’t see that they’re gonna go for in our $.10 or $.20 on the dollar🤷🏻♀️ especially
IMO (😁), houses will sell for prices that are at least 50% of present value. The inflated price comes off first and that is 30%-60%. Next are sellers that own or have substantial equity and want to salvage that equity. That will give buyers another 5%-20%. Corporations are buying whole housing developments as that is who developers sell to to avoid lawsuits. Individual houses will be available.
Very smart guy on several different levels. Not only is he making coin from this channel, he's using his on air time to walk for exercise likely getting in 20K steps daily. AND, he's prob getting 50,000 IU's of critical vitamin D as well. Well done paisano!
Lolol
I've rented the place I live in for almost 20 years, the prior owner sold it 2 years before she died last month, and the new owner was overjoyed that myself and the other 2 guys would be happy to stay on. We split a three level house between us, and the new owner was talking about how her properties she rents are a constant nightmare trying to find reliable renters that will stay for many years like myself. The amount of work she had to do to this house after she bought it was staggering, deck was rotten, roof needed new shingles, the foundation needs to be mud jacked back to level, new carpet/flooring, new paint and siding. If her husband wasn't a contractor by trade with the skills and connections to do work cheaply, she'd have spent almost 80k JUST to get the house up to snuff. I've spent over 100k in rent over the years here, but for me it's a steal compared to going thru the hassles she has been thru just in repair costs not to mention insurance, mortgage, property taxes. After all that, you still never OWN your home, it can be taken in an instant if you can't pay the endless fees.
I'm on year 14
You got very lucky. I have seen scenarios like yours many times over the years. Long term tenants were told by the new owners the rents were going to double. The new owners in those cases were large scale landlords and it was just numbers to them.
It sucks that costs are up, but I'm willing to bet money that you're enjoying super low rent, compared to comps. That's why you stayed so long. After paying what the new owner had to to buy your place, & then to fix it up, I would expect your rent to go up. Paying & staying so long is okay, but doesn't get you, 'points'. It's like saying as an adult you're not in jail, or have never been arrested. Staying & paying is normal.
Year 13 here
Sounds like, The previous never did basic maintenance and stuck the new owner with this nightmare. Your lucky the owner didn't triple the rent.
Ya in Ohio prices are dropping fast ! I was offered 750k 16 months ago. My home was never on the market! Today a realistat. Agent called me me offering half …. I’m dept free .. price is irrelevant if your dept free !!
and still overpriced! im waiting until drop of at least -70%
what is dept?
@@gabrielw7773Department. I think what was intended was “debt.” As in debt free.
@@gabrielw7773debt I guess
Congrats on being free from departments. (Sarcasm.)
In Ohio seen this before - inventory of foreclosed homes at 1 point was like 400k - but the banks figured it out - they just let the houses sit there - like for years to artificially reduce the inventory because they weren’t getting offers close to the amounts still owed on the house
How much have things changed? In 1995 we had to make the case w our mortgage lender that we could afford a house and the maintenance costs involved, as he was hesitant to approve our loan.
Price of the house in question: $56,000.
For me, $68,000 in 1998 in Austin TX. I've moved since then. I've got 7 1/2 years left on a 15 year note that has a payment (taxes and insurance included) less than a third of my paycheck.
That's because you don't need a real estate agent to buy a house Michael. Let's get serious, no one wants to pay someone 2.5% for opening a door. Get a lawyer and get the deal done. It's that simple.
Rocket lawyer even better cut out expensive lawyers
Even easier, just let the Tile Co handle everything... like they basically do anyway.
i got a home 2009, in south miami for 1100.. a 2br rural area. 0% apy, and then got 5500 from JoeBamas first time buyer credit.... in 3months. And i worked as a courier for the title company in town, thats how i made it 1100 with a 5500 refund 😅
@@jkmarshall3553like i said above, you are correct, as i literally worked for my title company (2 ladies in an office) in sw miami.
he does not do simple got to be difficult.
Your home should never be used as an ATM ❗
I sold my house two years ago. Probably used 80k equity and still walked away with a couple hundred. Bought a boat and a slip and pay $200 a month for utilities and hoa.
@@Plutogalaxy Everyone that did that is about to get screwed. Real bad. Those people learned nothing from 2008.
@Plutogalaxy Old school thinking. Buy Bitcoin instead. No heavy lifting is required, and it will grow faster in value than real estate.
but i have a verocious cocaine habit and need the cash
@johnqlunchbucket bitcoin is a limited unregulated currency. Is a pyramid scheme. A scam. Too volatile in my opinion and too risky. Governments can confiscate bitcoin anytime.
Did you see all the flooded out homes in Florida?
A new wave of homeless!
Most didn't have flood insurance. Total Losses.
When I become rich, I'll make sure I live in a nice warm environment that has less natural disaster.
elon musk house
Well same here for many in Montréal and insurance companies are offering flat rates, not my problem! Someone else's turn!😊
More hurricanes comingtoo
Yes borrow at 6 percent heloC than turn around and buy IUL PAYS. 8 PERCENT. LIKE ON 2008 SAME GAMES BRING PLAYED
Seriously, this video brightened my mood!
It is definitely happening! I have been seeing a lot of people list rooms for rent on Nextdoor. They are advertising them for a lot less than they had been going for. Prices are definitely coming down across the board. About time!
Reminds me of 2008. I got wiped out and lost 3 properties. Had 9 for sale properties on my block alone! Prices fell so quick they froze the credit market so the banks wouldn’t qualify any buyers . Then my 20 year job closed the plant as the last nail in the coffin. A 3 year nightmare followed but, I lived through it. I live in a tiny home now debt free and happy. I feel sorry for all the home “owners” today.
You overleveraged in 2008. You didn't need 3 properties. Now you've overcorrected and bought a tiny home. Sorry. Not everyone has to make your mistake to learn from the last recession. My 2019 custom new build appreciated $100K and is still holding that value because I live in a military community and soldiers will always need housing. Home ownership is smart. Renting is when you literally throw away money for something you don't own.
Are you sure you don't want to go out and borrow money for 3 houses again? Come on, it will work this time. I promise 💖🙏
@@DIVISIONINCISIONsays the bubble price buyer soon to be bag-holder
Yeah, I used to look at a house as an investment but not anymore. There are so much better "investments". Dollar cost average buying into the Dow or Nasdaq overtime is a much better investment (just buying the ETF). And the best thing is stocks are much more liquid. Also, gold/silver have much better historical returns though the buy in windows are timed different than houses.
@@DIVISIONINCISION Military communities in NC plummeted in 2008. I remember looking at properties in Fayetteville and thinking why I own a house in this big city when an equal house is so much cheaper there. Well, if the military makes budget cuts, those housing prices are going to plumet. Yes, they recovered, but it doesn't mean it will not happen again. The truth is a house is not an investment. Might you make money off of it? Sure. I've made money the last two times, but I never bought them thinking they're investments because I've seen what has happened in the past. You're correct though the person overleveraged. The smarter move would have been to just dollar cost average buy the market. They would have lost a lot in the market, but if you're not buying on margin you don't lose unless you sell.
That’s good news for younger people who may want to buy soon like my child. I’m glad to hear things are improving.
Yes, be patient. A healthy economy cannot sustain these prices. Vote for those who want to get government OUT of the free market, not for those who want to blow it up even bigger. The free market rewards production, and punishes inefficiency. The government does the exact opposite.
🙏🙏
Your uploads have become a must watch to what’s happening in the US. Yet another ‘like’ click from the UK. Thanks
Interest rates are one of the issues. Pricing is STUPID. People need to make the sellers sweat and NEVER go in at asking. IDC how much you "love it". But insurance and local government theft through taxes is a problem that wont go away.
Bwahaha. “Make” sellers bend to your rules. Good luck with that in desireable markets.
Sounds like you're not liking anything about this economy.
if taxation is theft then so if private property
@@francismarion6400 I'm living off of TBill interest.
@@grimaffiliations3671dafuq? 😂
Also, why buy when you can rent? A 1600sq ft condo in my area are selling for $700K+ but why put down 20% and pay $5K a month, when I can rent the same unit for $3K. For lower income people, multiple occupancy is the way to go. My son and three of his friends just signed a apartment lease with all four of them on the rental agreement.
I’m really proud of your son for doing what he needs to do to get what he needs. So many spoiled young people now, that think so many compromises are beneath them.
Not everybody should buy a house that’s true. But I have a relative that rented an apartment for 23 years and had to move out recently. I bought my house 23 years ago and I have equity in it. At least $200,000. And I would not have that if I had rented. And you have no control over what the rent will be. Homeowners have some latitude. That’s why you don’t always wanna rent.
@@Cruel_Shoes And if you needed to move in 2012? Or needed to move now. Where would you go?
@@Cruel_Shoes but if rent is cheaper for the same house, you could have put the difference in an index fund and you would have almost a million in cash in 23 years.
@@PJK-444go get educated
Home price in Florida is still WAY TOO HIGH!
TY Californians
Way too high.
And there's empty houses everywhere I'm in Avon Park there must be a hundred 50 houses in just one subdivision off of 27 over here that's all empty
Rates up and down but the price is very high
Prices are NOT coming down in my neighborhood.
I'm in East Central Florida with my house purchased in Dec 1980. I have traveled for work in Europe and West USA but saved the house . Taxes are low and home owners Insurance is acceptable. Currently fixed income but expenses are low. Never leaving until the end...
I'm 25 miles East of Tampa. Bought house (4/3 w/pool) in 1997 with $cash. Taxes & insurance low as I financially cover part of the bad weather risk. Decent established neighborhood with all retail needs close by. Not planning to relocate and go thru all that moving & financial rigmarole. Keeping life as simple as possible in this complicated economic/political atmosphere. Wife & I have everything we need... right here !! We are blessed !!
You were smart to save this retirement home and the taxes must be low. Not sure I'd want to live in a house built in 1980, but at your age, that's probably not a factor. 👍
Would love to move to Florida. I hate the cold up here. But prices are prohibitive right now
My dad always listens to your podcasts at the gym and at home. Thank you! 😂
Real estate can be quite a rollercoaster, the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate my entire $700k liquidity value to my stock portfolio or just stay 100% cash?
in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Right, I and a few neighbors in Bel-Air area work with an advisor who prefers we DCA across other prospective sectors instead of a lump sum purchase. Following this, my portfolio has yielded over 120% since early last year to date. IMO, nothing beats expertise.
@@vancoker-t6z I've worked in real estate for 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now.. Mind if I look up the professional guiding you please?
Katherine is the licensed advisor I use. Just research the name. You’d find necessary details to work with and set up an appointment
such an eye-opener! cant wait to experience financial advisory at first hand... curiously inputted Katherine Nance Dietz on the web and at once spotted her consulting page, she seems highly professional from her resumé
How can you really be taxed on an estimated price ? its like being taxed on unrealised profits, its just theft. 😞 you will never leave any generational wealth to your children at this rate. 😞
The government is out of control…..
Those who don't have kids are not worried about passing on generational wealth. 🤣
Exactly. Tax assessments everywhere are overstated to get more property tax $ to fund & meet their budgets - a majority goes to schools.
@@Finchlvr There not doing very well with the schools then, they turn out some real thick socialist people. 😞 I demand a refund just like a student loan 🤣
ABSOLUTELY
Michael you are great at what you do and I appreciate each and every one of your videos. Keep it up and bravo to you for telling us this important information.
Meh. No one is going to buy homes until wages catch up with inflation. Property tax and interest rates are going to continue to keep people out of the housing market.
Great video Michael! I always look forward to your videos. I Closed on my house last month (West Palm Beach) and I put the proceeds into interest baring account to help pay my rent (combined with my HOA, Taxes and Insurance) I can afford a luxury apartment and complete freedom of not having my investment in Florida. Absolutely no regrets.
Everything is sky high! Automotive Parts that used to be $20 are now $90.
Tires!
I just purchase 5QT for the replacement of my Trans Fluid on my 2014 Passat for the sum of $217.00 & that was with 10% Vet discount. MAKE NO SENSE😡
Harris Biden record inflation caused prices to go sky high.
and the quality is not there anymore
Avoid dealer tranny fluid prices. Do liqui moly etc.
I like how honest and on point you are Michael. Thanks.
Buying a house is not worth it. Insurance always going up and they don't pay a frickin' dime when disaster strikes. The system is set up so you will likely never own it. And then with this job market ..... it's a billion times harder. NOt worth it. I wish I would have stayed in am apartment. Buying a house just makes it harder to relocate especially is you're single with no kids.
I just closed on my house and am renting again. No regrets!
60M houses that are owner occupied disagreed.
I own two cats who look just like you. They definitely like my house. If you want to beat the system, choose a career that you will allow you financial freedom. I don't know what your job/career is, though you likely didn't choose correctly. Apartment living was the worst. I don't want the noise or the kids. Owning land and a house is peace of mind. I am also single, no kids. It's much, much easier. 🤣
@@hvaball150 spoken like a real estate agent.
As a single person, I will have to make a decision in less than a year. I am in the process of refinancing my house. Since buying, I have gotten a new roof and hot water heater, repaired the privacy fence, and had hardwood floors installed in two bedrooms, have had the master bedroom and master bathroom painted, and new paint for the living room. The air conditioner blower motor was recently replaced and the control board will be next. Up next will be new paint in the two family and bedrooms and kitchen which also has new LED lighting fixtures. Option one is putting the house up for rent. Option two will be to list the property in hopes of gaining equity. I am telling myself that I will build equity. Either way, despite having a dog and being a full-time student, when I'm ready to relocate out of state, only death can stop me. It's all in the mind. If you tell yourself you can't do it, you won't be able to.
I have a HELOC with my credit union. It absolutely is a fixed rate for the ten year payback term. Most are prime rate variable but there ARE fixed rate HELOCs out there.
Still waiting until after the election to finance anything.
Waiting for Trump to win
@@jayjay-bz3rr Hoping so but I do know there's as much dichotomy in this election as I have seen in my over half century of voting.
@@jayjay-bz3rrHe's behind.😮
@@jayjay-bz3rr Sorry, Trump's era is over. Kamala is the new darling of the center/left which is the majority of the voting public.
@@bonne_idee5668😂
The reality is if you purchased a home in a speculative neighborhood you’re going to get caught with your pants down. Homes in markets with great amenities nearby, schools, low crime, etc. will continue to appreciate. Location is everything
20:53. Awesome statue on the left
I have heard and read stories about prices dropping in real estate for thirty odd years . People who have been renting for the last 30 years are always saying "I'm definitely going to buy in when that happens". It never does and they never have the deposit saved anyway. Even if there was a big correction the banks simply tighten their lending policies.
House ownership is out of reach in desirable areas for most Americans. This is the result of decades of currency depreciation outrunning increased productivity. All real wealth (land, water, minerals and infrastructure) is being transferred into the insiders hands by debt monetization in return for computer entries.
No just stupid people got caught up in gotta have it now
Like the credit card brats
Nope. Just population over 2M typically.
Wage stagnation.
I love your content! So sensible.. 🙏
Thanks Michael.
Prices in East TN, where it's wonderful to live, have only just now gotten to the prices they were in 2014-16 outside of Knoxville. The prices will drop in highly populated places. People will continue to move to great places to live, and prices here will keep going up.
Keep going Michael!!!!
He is 😂.
You are correct! My favorite line to my adult kuds…keep your debt load low..been saying it for years.
Here come the price cuts and inventory… after Aug 17th the Real Estate Industry will be very very competitive
Michael,
Watched your channel for the first time and immediately subscribed! Awesome information channel.
Remind your followers that when house prices tumble be aware that their insurance coverage on their home owners insurence stays the same. You could be paying for replacement cost at $450,000 when the bust has taken your value down to $350,000 ………but your still paying a premium for the $450,000 amount which also reflects every other aspect of your premium.
No one thinks about this…….,, your insurence company shure as hell isn’t going to notify you that your replacement value has dropped drastically so we want to adjust your policy to reflect to save you money. The savings could be HUGE! Just thinking out of the box!
Keep it up!
Dan Hulshult, Rowlett ,Texas
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing...
There was a bubble, a big fat one that produced unrealistic property values. But now the sky has darkened. Interest rates are braking buyers, increased municipal taxes following the bubble are unbearable, plus the home insurance crisis, and the closer and closer pause of an economy that was overheated, yes, the dirty word ''recession'' is looming ahead, that will be the cherry on the sundae, and I have not even mentioned the condo crisis (regulated fees plus emergency repairs). I bought a house in Florida in 2011, sold in 2022and might be in the market again when the whole thing crumbles down again.
In 2010, there were little shit- box houses in Newport Richey for like 30,000-40,000.
@@Archangel55lol
Thanks, Michael!
From Dubaï with Love. Thanks for your excellent content
My first house, 13%. Mr. Carter.
I remember those days.
Yes, 13.5%...I do remember.
Same for us in 1986. And we were happy to get THAT !
16% for my brother that had his owned business😮 He was getting married and wanted a family, worked 7 days a week to afford it😢, had no life for years😢
Great advice! Another excellent video by MB. So spot on. Keep up the great work! Just tells it like it is based on the real world, real time data.
Have a home in Florida close to schools, gated community, etc and am having a hard time selling. Everybody ran down to Florida during COVID, including us due to lock downs and now people are leaving. Builders and realtors took advantage of the influx and now owners are paying the price.
Bet a lot of people are upside down in those houses in Fla
Either your house is crap or you overvalued it or both.
Houses are on the cheaper side of history, and rates are probably artificially over what is the recent normal. Low house prices and high rates are great time to buy, as opposed to high prices and low rates. The former can be refinanced. The latter not.
Just my 2 cents without knowing your specific house.
There are plenty of non-home owners out there.
Florida is too volatile. Texas would have been a better decision. If you wanted a beach community, you could have lived in Corpus Christi.
Is your home getting “views? Likes? Feedback?”
If it is and if you are not getting offers, your price is too high. No one wants to hear that, but that’s how the market works. At this point, sellers are chasing the market down. If you can hold out, great. But it’s likely going to be a long time.
Smart sellers price under the market and attract multiple bids. The worst thing you can do is to overprice your home right out of the gate.
@@DIVISIONINCISIONTexas has most of the same problems
The current high prices and low inventory is not actually helping sellers, because there are no buyers and whatever house the seller tries to move to will also be insanely expensive.
Similarly, any upcoming increase in inventory will probably not actually help buyers, for some other unknown factors.
You have to pay the agent up front if you want to view houses, right? So when the buyer actually buys a house, does the seller’s offer to pay the commission cover the buyer’s cost to have an agent to represent him in his entire home search? And on another note, how long do these buyer agent contracts go before they expire?
You don’t have to pay upfront. But you have to agree to be obligated to pay if you buy. Seems fair to me
Good story and thanks for sharing, this explains what I am seeing.
UNFUNDED city, county, state, federal government Pensions is an interesting topic possibly worth explaining its impact on real estate.
Pensions are promises made to people in the past that are now obligations of the present. It's BS! Get yourself out of a city or state that constantly over promises it's state, county and city workers huge ridiculous benefits for just working there for 20 years... unless you like paying that extra crap.
Like Illinois.
Federal pensions will be funded. The Federal government would never default on Military and VA pensions. 😉
MN State Pension is fine.
Exactly right. These cities and counties are assessing homes much higher which equals to theft of property taxes. If people don’t protest their property tax assessment, many city/county assessment boards consider that you are agreeing to their bloated assessment ! 😡
Meanwhile, in Northern Virginia, Arlington, and Alexandria area, my mother in law was shopping for a $650k-$750k price range house and out bid by $100k-$200k.
Ive heard this before, dont hold your breath.
We’re beyond help lol
fall of 2023 was a dry run. this fall will be the real thing
This is one of his best videos yet.
Reventure Nick says the builders offering a combination of 5.5% rates along with price cuts is the sauce for getting buyers in the market for new housing. In my area used home sellers are expecting to get $600-750/SF and builders can likely turn a profit at $375/SF. Even if there is a flood of used house inventory hitting the market, sellers will have to drop prices a LOT.
Nick is a clown who has made one bad prediction after another
@@TheInterwebzMan his predictions are mostly accurate with a few big ones that have not yet turned out. Congratulations on name calling, by the way. You may enjoy 2024.
@@lakelvp his predictions have all been failures, and his supporters are awkward weirdos taking nonstop L's
@@TheInterwebzMan I disagree. I'm also beyond name-calling.
I lost my home my business and had to sell everything I owned in 2008, I’ve been trying to buy a home now but everything is way to expensive, I hope you’re right about things getting better cause I’d deserve a break.
Well we don't have a sump pump but Debby's rain/power outage here in Montréal let you know who did, even junk man's not picking stuff up!
Of all the insight and predictions you've made. I hope you're right about this, more than any other. Keep the great content coming...
In Myrtle Beach, South Carolina, there are all kind of big development going on right behind where I live. They just started a 1200 home development.
Used to live in MB in the early 80's before it became so commercialized. Lesson learned... never move to a resort town. There is NO Peace when you do.
Prices are high there
1200 built like crap new homes. Yay.
I always thought Myrtle Beach would be a really great place to live. And then I found out it has one of the highest crime rates in the entire country. I hope they are addressing that issue and if they fix it the values will go sky high.
I've been watching these velocity banking vids which feature helocs, and they can work because the Interest payment is based on your average daily balance which is mafe lower because you deposit your earnings into the heloc. Idk for sure though.
Fla is in very big trouble. Cost to own vs values will be in big trouble especially for people 2020 and on. But alot will not be worth it. Plus weather is good for winter but 8 to 9 months its terrible.
The reality with condo costs will be bad.
They knew what they signed up for. Hurricanes are not a new thing.
I have several relatives in Fla. Still recovering after last year's hurricane. There was flooding in one's neighborhood last week. My parent left FL for north Ga in the late sixties. My father said it was the best thing he every did.
@elizabethmadron1336 It's probably much cheaper, safer, better climate and less crowded. I'm thinking of unloading Fla and just visit/rent in future. Your dad is right.
one of the reasons that i sold my condo was that it was 19 years old and i had not replaced the roof or water heater.. if i would have got a LOC i would have had to take enough of a loan to cover that new payment.. it just does NOT seam logical..
When buyers cannot afford to pay buyer agents they go to the listing agent who needs to sell the home to collect commission, so it's pretty good unless listing agents lean in seller favor.
Of course they lean in the seller’s favor…..They want to rip your ass off if you’re working directly with the listing agent or a designated agent of the listing agents brokerage…Good buyers agents can be VERY helpful don’t listen to the nonsense.
@@briandorsey6437 another option is seller can give a one time credit for buyer agent commission which I recommend, no reason to get nasty
Fiduciary duty is to the seller.
Sellers agents aren’t going to handle both sides for 3%. They will insist you get an agent or you will pay them additionally for their work in preparing the offer and representing you. All these fools who thing that commissions will be magically cut are living in some Ukrainian fantasy
I had a sellers agent with me a couple years ago and she showed me a few properties I was interested in and she said on all three of them she wouldn't personally pay the asking price lol. One house she basically said is trash.
New Hampshire- $120K was the typical price of homes in my retirement/summer cottage village. During the Plandemic Boston liberals/progs were panic buying them site unseen for &550+K, today they’re sitting on the market in the $350+K range getting zero offers.
12:38
I remember doing that in 2008, then that arm kicked and kicked my ACE !!!
Ba-bye Home. I lived it 😢
We lost our home and job in 2008. Getting no help from the person that’s today the President.
Perfectly said and delivered Michael.
Like I said Michael… nothing is going to change, sellers want their houses shown. They can’t offer zero percent buyers commission.
Correct. I want someone dumb enough to want a buyers agent looking at my house. Anyone else will offer real prices and has time.
Just remind the buyers agent at every step what is at stake for them personally if they don't talk their clients into buying. They have to have ethics (as does a sellers agent), I however do not. Even if you have a sellers agent, give the buyers agent a chat, email, card.
Good time to remind them you will be looking at a house and kind of don't like your agent! 😔
Just put contact listing agent in property description---problem solved
@@hcox1111 you can’t do that
Bought my house at the bottom of the 08 crash. It's more than doubled from the .50 on the dollar I paid. I will be one of those 'price slashers' to cash out and get it sold and move on with my chips when rates drop enough for sales to pick up. And tell Jan that the buck stops with personal responsibility....I get sick and tired of people wanting to blame someone else for offering loans they made the decisions themselves to sign for. The debt forgiveness crowd.
Its long overdue. .
Easy to spot the new builds on this street.
Two-story homes completely out of place… neighbors no longer having any privacy or a view….. sucks!!!
They change the building codes overnight. Now a McMansion with tinted windows and cameras overlooking your pool enclosure and back yard. See it all day here in SFla. Now your property taxes go up as each McMansion goes in. "I thought we were going to retire here"😅
@@kenitsanoutragecandia3939 Tinted windows and a surveillance systems are two great investments, along with a sprinkler system and solar. If you have those features, your resale will be higher. Most people are cheap, don't invest in their homes.
@@kenitsanoutragecandia3939
Retirement is a funny thing.
I know some guys that think if they retire they will literally die.
For some, they let it define who they are and can’t let go.
For me it’s about doing something I love to do in a place I want to be.
I live in a van next to seven horses in the hills above Santa Barbara. 20 acres with its own well.
an exchange for taking care of the horses I’m provided basically everything I need,
(going on three years)
No debt and my only monthly bill is phone.
It’s a dream come true for me. there’s not a house within a mile.
my grandkids be able to experience pony rides, campfires and camping out is the icing on the cake.
They are building what people want, apparently.
@@MrSteeDoo People...🤣
I am a boomer, the way I was brought up if you don't have enough you save, or wait for the price to come down. All new things start out expensive. Overtime they become cheaper. People have to be smarter, stop acting like there's only one chance, ands it's now. That is the definition of fear of missing out. Don't fall for it
Lenders may result to approving short sales if foreclosures increase.
yep we have seen this movie before
New sellers from lower rates will also be additional buyers, so that is a wash. But what lower rates does is bring in more additional buyers from sidelines, who are now renting. Yet the NET supply of homes is the same or less with new buyers with increasing buying power from lower rates.
I have several Millennial and GenZ friends sitting on over $100K+ cash just waiting for prices to drop.
They have been saving ever since Covid and have REFUSED to pay high price for house!
Had they bought 4 years ago they’d be much better off. Dollar continues to go down while house prices keep going up.
$100K is not that much in today's market. It's not that much money to begin with. They should keep waiting until they can pay cash.
@@rl69 I agree...I keep telling them they can't 'out save' inflation but they don't listen.
@@DIVISIONINCISION $100K was the lowest...some are sitting on $200K-$300K in high interest cds @ 5%
Probably isnt the price of the house, as much as they payment. It's a dubble wammy.
Great video Michael. All you said is the truth.THANKYOU!
Michael...I have a QUESTION:
Banks do NOT 'Own' the Titel, to these 'properties'.
I remember in 2008...NO-ONE knew, who had Title.
How can #1 a borrower 'have Title' (if they owe)?
#2 How can banks take the 'Collateral Asset' (house)...if they don't, hold Title either?
Can we talk about the 'Title Insurance' SCAM?
Thank You?
🙌
First question is easy. If you owe you don't have the title. My second house I paid off after a few years into the payments and shortly after they mailed the title. My current house I paid cash and got the title right away. If you owe there is no way you have possession of the title.
@@HiPlains1 ty
@HiPlains1 QUESTION please...on your Title...are you listed as a 'Tenant'? Thank you for helping me understand 🙌
I can get on your videos blindfolded! I know exactly when and UA-cam puts you front and center!
If you have the means, you can live so much more affordably in most other countries. You don’t need to be rich.
And leave my family?
"If you have the means ... you don't have to be rich" lol makes no sense
@ It does if you think about it, so you would have to sell all your belongings and everything. But the cost of living for rent and food is cheaper. In other countries than living in United States and most can't live on their social security in the United States, where they can live on it abroad.d_all_in
That has always been true. It just seems like a new thing because we can watch all the expat videos on youtube.
@@d_all_in He means "if you have SOME means"
Thank you Michael for telling it like it is.
By the time prices go down, the average person will have 1 meal per 2-3 days, and buying a new pair of socks gonna be a financial struggle.
5-years is a long ways off-!!!😉.... Commodity prices won't drop very much in the next few years.
Not me, I own 7000 head of cattle. Good luck Skipper
oh sure chicken little
i saw where fast food restaurants were planning on using bugs as a meat substitute. lots of protein and its cheaper than the real thing. i've had crickets before and they're delicous! you're missing out if you don't try them
Most people been stealin' 'em outta' WM.