Jacksonville Real Estate Investors PANIC as Rents Drop & Prices Begin to Crash
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- Опубліковано 29 вер 2024
- Jacksonville is a real estate market that investors love…
But now that rents are going down, investors are bailing on Jacksonville.
Which is resulting in a surge in sellers cutting the price.
This Housing Market is 30% overvalued based on the historical relationship of home prices to median income.
This is just 1 of the 10 cities where home prices will decline the most in 2023 - what do you think the others are?
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240K is still too high for Jacksonville for the average home buyer.
@@smoothjester07 The crime rate isn't as bad as it's made out to be. It's confined to one certain part of town that the city refuses to invest in. If you stay away from there, you can leave your doors unlocked, no cap.
Also, there's plenty to do. Jacksonville has the largest public park system in America, the beach is nearby, and there is an event every weekend. There is great outdoor activities year-round.
@@smoothjester07 I don't live in Jacksonville anymore.
The difference between Jacksonville and ALL those other cities is that Jacksonville is much, much cheaper and has the Navy to keep it running.
Also, you don't get beaches in Orlando and your money doesn't go anywhere in Miami and Tampa. You can live in Jacksonville and vacation in those other cities.
@@smoothjester07 ...Did you just compare the cost of living of a city in Florida -- one of the cheapest states in America -- to one in CALIFORNIA -- one of the most expensive if not THE most expensive state in America?
It's suddenly REALLY hard to take you seriously.
$240K is nothing for a home these days. You need a minimum of $300K to really get a decent home in a good neighborhood…. We all have to step up are game. It’s Florida we are the Mecca for relocation…. Prices are trending upward just not as much since Covid ..
@@Josh-99I moved to Jax and there’s absolutely nothing and I mean nothing to do in Jax when considering what you get in exchange of the high rents here and cost of living here.
What does jax have to offer a bullshit Jax beach with cops that harass and hand out tickets for fun (fund raising on the citizens )
there isn’t even a county fair in Duval forget an amusement park do your self a favor do not embarrass yourself and compare Jax to Orlando Tampa or Miami 😂
Jax is more country than city they’re more of wanna be city let’s be honest here. This shit is Ga this is not Fl, Florida starts in Orlando 😂😂😂
FL home vaule needs to go down 50%, I hv seen a house bought 130k Feb selling for 230k in March flippers are a part of problem
Don’t worry. I have been investing in Jacksonville for over a decade and I can assure you that most of these flippers who poured in during the pandemic are about to lose their shirts.
I see that in naples and Sarasota a lot , houses get sold for 500 slot of those gates community’s are flood zones too it was the last properties to sell mostly wetlands
It’s coming. It will be like 2009. House price to get crush. I only hope it’s not depression 2.0.
@dotcom721No point in trying to save money if prices keep going up and up year over year. It cancels out your savings.
Raising house prices is based on Real estate agents. They are pushing buyers to buy!
Who wins in this market? The agent making 3-6% !!
Yeah, don’t count your chickens before they hatch…The SHTF would have to scream to knock down the #1 real estate market in the US.🤪
🏃♂️Jacksonville 😒 Run!!!
Who wants to live in Jacksonville.
With so many other options in FL
Who would’ve thought buying Homes in LCOL areas with low pay and jacking up the rent would fail?!🤡 I hope all of these greedy investors get ruined. They’ve inflated the cost of living and displaced already struggling families F them!
Rich people get bailed out by government so they are allowed to risk at your expense.
That's a fact they'll get what's coming what goes around comes around.
Except that 1000 people arw coming every day to Florida. And they all need a roof over their head. Central Florida prices are surging
That may not stop but it will eventually slow down. Every hot trend loses steam at some point. Eventually the cattle will stop following the heard.
Prices have not come down year over year at all in Jacksonville. Inventory is still low around 3 months of stock. Interested in learning what data you are basing this crash coming off from?
repeat then repeat .same story year after year. some day it might drop . this clown will be saying i told u so.
This guy is a joke
Nothing but doom and gloom
Bring it I’ve been waiting to buy here forever
What data are you basing this off of? Inventory is low and more buyers are coming to market. Plus the currency is being devalued. These investors have been killing it and have low interest mortgages. They’re incurred very little risk.
You are ahead of your times. You informed is superb. I thank from the bottom of my heart for your honesty and clarity during this tough economic times.
It’s hard to see the housing market crash when predominantly high credit score borrowers with huge homeowner’s equity have been buying since 2008.
I hope you know that this guy has been saying the same thing for the last several years. I feel bad for anyone who based their decision not to buy a home on his bad advice. They lost out on big gains and are now way behind. Sad.
I keep waiting for you to say something positive... Waiting 😔
And you show The Landing. It was demolished after the video tournament shooting at the hotel! 🤦🏻♀️
I still don't get it: $350,000 for a 50yr old tract house, 1100sqft, no insulation, 50yr old wiring & plumbing - ah, okay😂
LET THEM FOLD AND CRASH GREED HAS CAUSED THE HOUSING MARKET TO GO ABOVE AND BEYOND REALITY.
Blah, blah, blah- I just focus on having a life!
I love Jacksonville Florida ❤
Let it crash…
Not selling thanks tho
Wouldn’t it make sense if you’re really trying to get peoples attention to actually show a photo of the city that you’re talking about? You’re opening photo hasn’t existed for several years.
You don’t know what you’re talking about here in Palm Beach County the price is booming. All the houses are so expensive no average people can buy.
new construction is the only game in jax rn. rate discounts and perks and wont get overbid by 50K on a fixer upper
I'm thinking the same thing will happen in Nashville, Tn. I know people are saying the Nashville is not going to be affected by non of this that's going on around.
Same but I feel it will be less bad
These are nicer cities with less taxes, less restrictions, less people and less homeless people. It seems all these smaller southern cities aren’t secret spots anymore so they’ve become as expensive as major cities relative to their income
Can you make analysis on norther virginia
Northern VA market is one of the most resilient due to the large number of government employees/contractors. The Federal government is going to be the last one to start making cuts to pay/employment.
Can you please do like a whole ass hour on Atlanta and the surrounding metro
The picture you used for Jacksonville isn't even valid any more... The Landing is gone. Do better research.
Yet we still have thousands moving to Jax every single month ,,, Buy or Rent they are still moving here and got to live somewhere ,WE have whole neighborhoods being built still ,,,,,, Jacksonville Native
Could you make a video about Orlando? Prices are still extreme here. You can't get decent house under $500k. Even pine hills is expensive.
Same is happening in Sarasota County. Down -12% since January, alone.
Yep. I'm seeing major price declines in the Tampa Bay area. This is going to get ugly. I feel bad for anyone who bought a house since 2018.
And all these pundits on the real estate and mortgage industry side said that this market wouldn’t correct… that there would be no bubble…. They said the prices would continue to rise and I said it was unsustainable…. Hmmm
When you see a gutted house in South Florida, basically concrete block with a roof going for 400k, you know the market is stupid.
Let the market crumble and for all those air bnb owners and hedge funds buying up the market…. The correction will be in you.
OpenDoor killed the market - not investors - corporations killed Jax! St Aug too!
Dude I asked in a previous video about northeast Florida awesome stuff well other than Florida is crashing I’ve lived here 35 years my entire life it’s way worse than 08 they have built so many houses apartments buildings car wash’s you can see the projects slowly coming to a stop my question is why do they build houses that nobody in this area can buy they have to have to same information
Perfect , thats what they get for over buying and charging 100 percent more in rent for no reason but greed.
Maybe Depression Is The Only WAY To Get Biden Out
Crappy
Whats the analytics program being used here?
Yo the first building in this clip ( the landing) is gone now
Let them crash and burn. Speculators greed
Good. Stay the heck away. We're crowded enough
I wish Los Angeles housing prices would decline 32%. I might finally be able to afford to buy if they did
It’s hard to see the housing market crash when predominantly high credit score borrowers with huge homeowner’s equity have been buying since 2008.
@@Sonofawildanimal4241 Your the first person with real knowledge. I bought my first home 1999 and paid it off. I took HELOC to buy the second. I own 5 houses now. Im 48 and my friends are struggling to buy their first home. I told them to buy 15 years ago they didn't listen. All my houses are paid off now. Im looking for house #6 now.
Isn’t Jacksonville the hood?
But the state is being overwhelmed 😢
😂😂😂 he lives in the opposite world
I disagree with this video.
Can you do Madison MS?
Unfortunately, probably not. It's not a hot market and doesn't get a lot of notoriety. Views wouldn't be that great I'm guessing
@@MixxMatrix but it would help us a lot.
Jacksonville is the new hot spot to live!
It’s really not 🤣
Oh it is, bub. Huge influx of people. A city like Tampa is more popular comparatively but things are changing.
@@Sonofawildanimal4241 I do business in Jax and most rents have gone up substantially. Definitely not down.
@@10_door_tycoon Yes, housing in Florida is more expensive than ever. There’s been a demand for it and the pandemic kicked it into high gear.
Carpet baggers go away
Because-Florida.
Rent will come down.
Over saturated
Greed👺👺👺
jax crashed so hard in 2008 too
I need it to happen in Texas! ha
As a realtor in Jacksonville florida. You can sell with me :D
Do you work with wholesalers??
@@conniejones9674 Sure!
The reason the housing market is declining in Jacksonville is because the banks snapped up EVERY SINGLE HOUSE that went up for sale from 2019 to 2022 and held them hostage, then tried to rent them out or sell them at a massive markup.
However, Jacksonville is POOR. You can live VERY comfortably there on $60,000 annually as long as you have affordable housing or, like so many people in Jacksonville, own your house outright. The cost of living is so damn cheap!
To put it into perspective, it's common for the price of gas in Jacksonville to get down to $3 a gallon, and you can get lunch and a drink at the local restaurants for $10 -- not a biscuit and a cup of coffee but a whole-ass gyro with fries and a large soda.
So the residents just can't afford the $400K the banks want for their 1800 sq ft homes, so they are just not buying. You are starting to see many multi-generational homes where Gen Xers and Millennials are moving in with their aging parents or people are just buying cheap land in the countryside (which there is a lot of in Jacksonville) and putting a trailer or a small house on it.
3 years ago in jax you could rent a 3 bedroom home for $600-$1000+ depending on how nice you wanted it and where. Now they’re going for $1,600-$2,500+. It’s insane. As much as I want to stop renting I have a good deal renting a room in a nice house for $600 a month and it’s empty so I have the whole place to myself I just technically rent a room. So I’m saving up money for like a year or two from now when it hopefully goes down but even then I’ll have what I want saved up to buy what I need anyways but it’s just crazy what people think they can charge for things like housing cars land and everything really.
Would love to hear more on this city
It sucks that's all you need to hear.
producer price index industrial commodities boom.
When I was a mortgage loan officer, Zillow market home value wasn't respected at all.😂
The building, but he shows on the title card was demolished like three years ago
Do Pennsylvania next please? Allentown, easton, Bethlehem, Stroudsburg area
About time, all the properties in this market and nearby have doubled and in some cases tripled in the last 3 to 4 years. 32% decrease is good but it doesn't even begin put in back to a normal increase range for the area.
50% minimum
Before we could buy a NICE home for 130k even
Trouble is, the interest rate rise makes the mortgage about the same
I know an investor looking for deals in this area right now 😂
Can I get his contact info? Thanks much.
I wish Doylestown PA would go down . It’s ridiculous here.
Where can I get that tool that has overvalued vs undervalue?
Phoenix & Las Vegas will implode
I live in JAX and the people moving in just won't stop coming
Yup bc there's no where else to go anymore blame the democrats for their failed leadership in other major cities.
I hate living here.
Apparently Jacksonville has a huge gang problem and is dangerous.
I hope every market crashes and we end up homeless
😂😂😂
Amen
Role playing “Dr. Burry” is not an easy game. it is easy to say is gonna crash for 10 years …
I live in Jacksonville fl. I have no idea what they were thinking buying up homes in this city. There’s nothing here besides restaurants and gas stations.
That’s only because you’re lacking imagination. There’s plenty to do here, get a life.
Way to much money there dreaming
The value of the the houses is still high for the appraisal office. They don’t care the market is down
That sounds like not enough drop unless there is crazy currency debasement and rate cuts. A recession and slow down in home building reduces income which further reduces your p/e income metric. Available rental inventory has jumped but prices have barely followed.