We cannot believe the government or the media because they lie to create an agenda. Just look at the CoVID19 pandemic lie. The death rate was not greater than most of the previous 50 years. Only higher than 5 of the 50 years so almost all the previous years should also be pandemics. The greatest killer during CoVID19 was heart attacks and number two killer was cancer. So much for a pandemic!! Just more lies to fool the ignorant people. Time to doubt media and government and research to see what is actually true.
I know that the Bel Air mansions in California sold for much, much less than initial sales price. The Beverly Hillbillies estate (Chartwell Mansion) was initially priced at 350 million but sold for 150 million.
I’m in Michingan and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
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 advise 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.
@@maryHenokNftKudos on the effective execution of innovative ideas and tactics that lead to significant advancement. As I seek guidance from a trustworthy advisor, would you be willing to share details about the individual assisting you?
The whole monetary system without the backing of solid foundation such as gold is a fraud. Real estate market just reflects that. In terms of Gold, the house prices have remained the same or fallen
Fraud is everywhere. In government (especially in 2020), car repair, car sales, computers, food, banking, stocks, etc... Nothing new.... I'll just own nothing, eat ze bugs, just like Klaus wanted me to. 🤣😂
2 million for an old ranch style house is absurd. If you pay that kind of money for one of these mundane houses, go look in the mirror. What you see is a bag holder.
My 1,200 sqft home on a postage stamp lot, is valued at a million 2. The one accross the street just sold for a million 2, and it was infested with termites! I paid $28k for my home and sold it for $179k 30 years ago. Who would have known prices would be so stupid...
The reason house sales are down in the Northeast for the homes under $500,000 is because there are none. It’s ridiculous in the Northeast! Long Island NY is insane! Thanks for the video! 🤗
Look at the 5 boros. Houses in Bushwick are over $1M dollars to live in a war zone with crack dealers on the street. Long Island has old houses that need tons of renovation with high taxes..
Westchester and Fairfield Counties have no inventory, for houses and condos, that’s affordable- none. The lowest priced ones should be half the asking price, and, usually need tons of work.
I can still buy a house but I don’t want to be house poor paying a $4000 per month mortgage payment with escrow. And this is the starter home payment in Suffolk County in a decent neighborhood with good schools
I'm sure that all the folks that can't afford a house are going to be happy when they found out that we just approved 95 billion to go to another country
Greatest transfer of wealth in history. Now I am starting to understand how this is going to work. One house sells for $500,00.00 in an area where most homes are in the $200,000-$250,000 range and the median house price goes way up. This is particularly dangerous in Florida because Florida does not necessarily have neighborhoods where all the houses look the same. A half a million- dollar house can be right next door to a dump. This is how Middle-Income people are priced out of the market.
That’s exactly what’s happening in Florida. Hence why I bought land. Keeps the tax bracket lower. Then build later when the market/economy slow down and build prices come down.
@lisasaunders4835 I'm sorry to say that in Florida right now, a half a million dollar house is the dump. You might be able to find one in that range, but not in a desirable neighborhood. Also Florida has countless neighborhoods where the houses look the same and they are way over million dollar plus homes in expensive gated HOA neighborhoods. I'm familiar with the west coast.
@@mowtivatedmechanic1172 Yep, and you can always park a very nice RV anywhere you want on your property too. As long as it doesn't have a foundation it won't be taxed.
I bought my home in 2005. It cost me 170K. Five years later, I had gone to another subdivision by the same builder just to see the homes. I saw one exactly like mine being built. I believe it was 220K. Jeez!! I don't know if it had upgraded neat things, but I thought, "No way I'd buy this other house for 40K more!" BTW, 170K, I wondered if I had taken out too much of a loan? People today get a 280K+ mortgage. I cannot fathom how they'll pay for it.
@@joebeta1837 We bought in ‘17 and were able to put a good chunk down from the sale of our house. Our payments pretty much stayed the same. There is no way we could afford this house now! Our neighbors bought two years ago for 375k. They moved out already and can’t sell as the house is now worth less. They are trying to rent it but both one wants to pay 2.5k a month in this area. I saw that mess coming from a mile away!
It is worth 500k. Only if you sell it now. It could be worth 300k-400k in 5 years if there’s a crash. It could be worth 700k in 5 years if supply is still limited.
It's because suckers believe these houses are worth millions. I laugh every time Michael shows a listing in FL worth millions and it's an average home that's old. Only suckers buy those..
@@CeeTee-12345 Personally I think it's Boomers. It's their last FU to the rest of us as they think they're 1980 100k house is somehow now worth 1 million.
@rathelmmc3194 boomers? Not black rock or private companies now owning 45% of homes in the u.s? If it wasn't for then the market would have a extra 45% for us to choose from
I bought my home in 2019. Just listed a spare bedroom for rent last week. This will free up an extra $1000/month in my budget. This is the only way to survive in this economy. Never thought I’d EVER have to get a roommate in my house.
I lived in Brookhaven , L.I. Up until 15 + years ago …… I was up to $10,000 a year in property taxes before We moved to Landenberg , PA. To an 8 acre farm . We paid a 3rd less in property taxes there . With 10 times the amount of property . I would never have moved back there either …… not even a thought now . I loved Long Island back then starting 45 plus years ago . Plus crime and corruption is off the charts now .
I sold my house this year and live in apt with cash in the bank waiting to see if house market corrects but worried about my money getting trapped in banking failures as I wait.
As long as you have under the FDI FDIC limit and all of your accounts, you’ll probably be fine. The people who get screwed are going to be the ones who have more than that. Silicon Valley bank and family got lucky that they got a bail out.
Foolish move. Never gamble with the roof over your head. Read the Dodd Frank Act. Your money in the bank belongs to the bank. You will have your money bailed in and digital currency. This is not FOMO. now you are at the mercy of landlords. Did you think Klaus Schwab was kidding when he said you will own nothing and be happy? The UN and WEFers want us to rent absolutely everything
@InutterFace I personally rather learn from other people past mistakes and drink happiness being debt free,retired in 40s,and financially independent from saving/investing since 15, avoiding debt living within means since 18. Much better than being trapped in the matrix in debt sipping Brawndo and hopium juice.
There are homes less than $100k. Just not the homes you want because there’s no two car garage,vaulted ceilings,,island kitchen,bath per room,etc.. You know the exact same type of old houses many complain are too expensive in expensive areas of the U.S. costing $400k or more.
blame all the people who keep working, who work 2+ jobs to make ends meet, and young women for high inflated home prices. You need to balance out the karma. My cousin (a realtor who sold my parents rental) checked in on me out of the blue to see 'how are you doing'. I said I was chillin and going ton a trip soon, but I am feeling this high mortgage payment. They replied like a robot with a practiced bunch of garbled buzzwords "hot market, lots of buyers, not cooling off, low inventory, there are options" --- and I'm like wtf do you want to see how I'm doing or looking to make a buck at my expense making me homeless?
I drove through Memphis a few years back on a roadtrip from the west coast to DC… we were going to pull over and get some food, but looking out the windows left us a bad feeling as it was a very tough town. The looks back at us were unnerving. So instead we decided to head for Nashville even if it meant a very late arrival. Memphis is sketch.
The IRS has been so understaffed that the rich aren't paying nearly enough taxes. Maybe we can forego a couple of Pentagon billions and have real enforcement?
Some of the best content on YTUBE, your honest and thoughtful commentary is always right on track and getting to see those cool Florida neighborhoods is always fun!!!
30 years ago I was looking at fixer uppers & realized that buying property for the appreciation was not the way to buy, so I waited 20 years & I bought 5 properties in Vegas in 2007, got them for the price of a new car. It pays to have patience.
Prices are coming down. In AZ there are lots of price cutting. Unfortunately, people think they are getting a good deal because the house was absurdly overpriced and now it’s just overpriced. The new buyer has been conditioned.
Yeah...beware of investors. I'm being hounded (vultures) to sell at $50k below FMV in a very desirable area! No way...I block their # and trash their postcards.
Had yet another a call from a house buyer investor group few months back. Lady asked if I'd be interested in selling my (paid $74K for many years ago now worth around $400K) home. I said "absolutely, I'll take $1M dollars!" She was a bit taken aback but replied "would you be interested in considering an offer" to which I replied "absolutely, $2M dollars!" Long pause, she then kind of stammered and I laughed and hung up.
You are right on point. Here in Northern Arizona, i have renters who want to buy but are waiting due to high prices and interest rates. In addition, i sold a rental because its the top of the market and renter candidates had way too much debt and repair costs are astronomical.
Thanks for choosing very pleasant new communities to do your commentary walkabout. Adds a sharp contrast to the messages you convey about the real estate market and our economy in general. Always enjoy and learn from your presentations.
Here in northwest Indiana i saw a home listed for 365,000 but in reality it's only worth 225,000. ( Was sold in 2019 for 212,000) It's owned by an investor. It's ridiculous!
U.S. Gov needs to worry more about what's happening at home and in its backyard. Seems to be more focused with Europe, Asia, and Middle East. While the lives of Americans is getting worse, we continue to impose economic sanctions to Cuba, Venezuela, and Haiti is in turmoil .. all of these people will end up at our doorstep
@@dr.michaellittle5611 and 0 percent goes to help stop homelessness here. I'm not entirely against foreign aid but what's the purpose of the United Nations for?
@@mangodiet801 The UN is not a replacement for Congress. Only Congress can raise and spend money, including for homelessness and foreign aid, on behalf of the US. That’s how our govt works. You need to learn about the UN and its charter, which doesn’t include foreign aid for war. And, if people want federal money spent on homelessness, then Congress needs to make this happen. It’s historically well known that in the 1970s, HUD (federal agency name before HHS) robustly funded public housing and we didn’t have a homeless population. But, Ronald Reagan, in his first year in office slashed funding for HUD and suddenly the absence of money created a problem in the states and cities that those govts couldn’t possibly fund to match what was lost. This was the beginning of the end for subsidized housing and the evolution of the problem we face today.
From what I've seen, HEDGE FUNDS are buying a huge number of homes here in Houston before anyone else can get a mortgage on those homes to begin with. They seem to be paying an inflated price for these homes and getting them at low interest ( lower than anyone else can buy them for ) or no interest at all, so that's probably a major factor, and the average Joe can't compete with them.
Another interesting observation. I live in a small coastal town in Maine. I have been following listings here since January 1, 2024. So far this year there has not been a single home listed here under $800K and the median asking price has been right at $1M So far all but one of the listed homes has sold. The one that hasn't sold is listed at $860K, but it is next door to a gas station. In other words the location stinks. So yeah, the median price for homes here in my town of 1,200 people in close to $1M, but that reflects asking price as much as anything else. Our median price is high because there simply are no listings under $800K. Part of the reason for that is the short term rental market which is huge here because of tourism. One thing I think is driving prices up here is that the towns that make up 70% of the local population and housing stock just put severe limits on short term rentals (approximately 10% of homes). My town is nearly the only place with no limit, so homes are selling to go into the short term rental market in which a two bedroom, single bath, 800 sq. ft home rents for $300+ per night. Bigger homes and waterfront homes go for up to thousands per night. So investors are buying up homes to put them into the short term rental market. Another consequence of the strong short term rental market is that there are zero long term rentals available. So locally the rent versus buy decision doesn't exist. If you want to live here, you have to buy. Of course, if you need to work here, the local jobs won't let you buy. So as always real estate is all about location.
Even if you qualify why the hell would anyone want to sell their home with a low rate that they bought at 2019 prices? If your deal is to create a more expensive slave box then go ahead. Borrowing money comes with chains. When will people wake up?
Never, they don’t even know that all taxes combined they work half the year for free. So 30% credit card fees if you’re behind means you’re working 80% of the year for free.
@@picklikeapro6952 true about working for free. But one should never carry a balance on a CC. Those have the highest interest other than some guy that breaks your fingers if you don't pay.
@Coffeendonuts no, not if they have a decent down-payment.. and then make extra payments every month. I got my first mortgage 10 years ago, and I already have it paid off. I was mortgage free at 31 years old. Now it is basically like walking around with 700k in my back pocket, and it's almost doubling in value every 5-7 years. This was a 30 year mortgage as well, but I beat the bank at their own game.. I had a good down-payment to insure low monthly payments to begin with, and then every month I made extra payments on the principal of the mortgage. It's not hard, I only got my grade 10.. and I'm just a vinyl siding guy and aluminum gutters, making $25-$30 an hour for most of that time
I live in a brand new development, which I been here for only 2 years, and some newer residents about 1 year un is already selling. 😢I am in Wesley Chapel Fl
Use the mean, median, and mode. Nobody wants to report that data. Mode would tell you most houses being sold are are around $1M+ which is skewing the median higher.
I have lived in South Dakota my whole life and the prices of them are going for stupid crazy! And people are paying these prices! My of them are asking more than double what they paid for them 4 years ago! Even some that bought 2 years ago are asking close to double! And people are paying it! I hate it cause its driving up the prices of all of our property taxes now! This state is starting to get expensive now! :(
Last year, we looked for property in SD but were really surprised at the prices. Didn't expect them to be as high as they were, so it was disappointing.
You have HGTV producing home shows showing what a great bargain SD. And at the same time people are looking for a place to move to. No surprise prices are rising.
@@cindyonyoutube Its pretty sad. There is a house right now that sold 09/07/2023 for $250,000 and was relisted 04/23/2024 for $479,900 and its pending! Going to be taxed like crazy with those gains in a small time!
Your exactly right, have been watching the market in our area closely and its the same story here, low priced homes arent selling and dropping prices all around
I just eyeballed a house in Silver City for 140k. It’s 30 years newer than my house, it’s 50% bigger, same size plot. Here in the DMV the house from Silver City would sell for around 400k. This is why I’m moving to the boonies when I retire.
I want to know where all the money is from the huge rise in property taxes on all these houses selling at record levels. For example, how many houses in your zip code have sold in the past 3 years and the property tax increased by 200-300 percent or more?
12:00 so absolutely true. I know for a fact that if we wanted to buy our house in today’s market we’d be priced out. We bought in 2021 just before the rate increases.
Which is why it’s a bubble. There’s no economic logic in which people cannot buy back into their own position. All it’ll take is enough people trying to unload and true price will reassert.
250k or less in my hometown in the Midwest, are selling in less than 24 hours. I know because we're trying to move back there to save money. Our market here in N.C. is completely frozen, the middle class neighborhoods aren't selling, and they just continue to build more. The 800k + neighborhoods they're putting in and building though are selling like hotcakes
I'm going to guess that the lower priced homes make up such a small percentage of the overall sales market because they just don't exist. Everyone thinks there 600 square foot "house" is worth a million dollars.
I bought my 690 square-foot house in 2001 for $67,000. I could sell it tomorrow for $210,000. Even in this total crap economy. It’s insane. Thank God I was able to buy a house when I did because I couldn’t even afford rent in this town now.
N Florida my home insurance bill arrived with a yearly decreased...yep decrease...of 21.00...not much but better than what I have been hearing from others
Completely correct. This is exactly what is happening and has been the last 2 years. What matters are the comps in your devt...and individual homes will decline in value until they more align with the home affordability index
Thank you to our host for these outdoor walk-around teaching and learning sessions. Looks like even in this RE market, some houses are moving. See you in the next one.
Rent in the Central Valley, CA is out of control. My mom is now living with us as she cannot afford to rent anymore. They sold the house she was renting. All other rentals are twice the price. Management companies have refused to rent to her as her income is less than 3x the rent.
Hey Michael I really like your videos. I want to make an observation about lower priced houses. In Missouri I started buying brand new 3 bed homes for rentals, starting in 2016 and ending in 2019. I bought 5 total, ranging from $180K to $220K. During the planned demic I went to buy more, but the same footprint houses in those neighborhoods was now $270k and up. I believe in part that the reason lower priced house sales have dropped is due to the fact those prices are almost non existent now. At least in that area of Missouri. Thanks for your videos mate. An Aussie in Florida.
The problem is when u have companies like Zillow buying up entire blocks of houses artificially propping up house prices. This is a monopoly and needs to be illegal.
😂 Who is gonna tell him ???? A 500 000 house in New jersey New York or Connecticut or Massachusetts is literally a 5 bedroom 2 bathroom 2000 square ft home .. that's not rich people 😆.
Here in the northeast we can't even find a regular single family home that sells for under 300k. Everything is selling over or way over asking price due to low inventory.
Thanks Michael. I'm stuck renting for life in California (Inland Empire/ $2750 2 bedroom nice area) . So many of us are over 100k p/y salary and still forced to rent. The average home around here is about 750k. The state government isn't getting any better either. I don't see myself being able to buy until a crash happens. My savings are good and steady because it will be my only way out of renting. It makes more sense to rent for most of us now.
If you save enough, you will eventually be able to buy because you’ll be able to put a large enough down payment while you’re qualify for a home in your area
Median price reflects price of the mix of homes sold, without regard to what house it is. That's why Case Shiller is useful because it looks at the sale price of the SAME house. Also look at sold prices of homes in specific neighborhoods and make sure you're aware of the improvements or lack thereof.
We bought in October 2020. Could not buy the same house again. We are debating selling to grab the equity and just renting while the market stabilizes. Invest the money and grow it for a few years.
@@WinstonSmithe hm i don’t know. I don’t want to own when the market crashes. Might be better to get cold hard cash in hand and invest. Rent is less than our mortgage too. So we’d save quite a bit. Probably wouldn’t be able or want to buy a house with similar luxury as current, but that’s not a huge dealbreaker.
@@kiru86 IMO if you sell then buy another less expensive house....Ken McElvoy says in a few years inventory will only be lower ....who knows if he's correct however the risk of being priced out is too great IMO!
Not a good idea if you can easily afford your house. The market will be correcting but nothing like 2008. However; after the correction real estate across the board will soar to unobtainable levels.
@@mowtivatedmechanic1172 I think you are right. Building costs must be soaring. And, everyone is trying to move to the beach. haha. Depends on the market/location.
2024 WORST YEAR FOR HOUSING MARKET EVER? ua-cam.com/video/CdA3CjcLASg/v-deo.html
Thanks for the cosnsistently good infromation Michael.❤
Very good information, invaluable to have someone speaking common sense
We cannot believe the government or the media because they lie to create an agenda. Just look at the CoVID19 pandemic lie. The death rate was not greater than most of the previous 50 years. Only higher than 5 of the 50 years so almost all the previous years should also be pandemics. The greatest killer during CoVID19 was heart attacks and number two killer was cancer. So much for a pandemic!! Just more lies to fool the ignorant people. Time to doubt media and government and research to see what is actually true.
I know that the Bel Air mansions in California sold for much, much less than initial sales price. The Beverly Hillbillies estate (Chartwell Mansion) was initially priced at 350 million but sold for 150 million.
Memphis just had another mass shooting
I’m in Michingan and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
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 advise 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.
@@maryHenokNftKudos on the effective execution of innovative ideas and tactics that lead to significant advancement. As I seek guidance from a trustworthy advisor, would you be willing to share details about the individual assisting you?
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Sad times
Real estate is full of fraud.
Yes!!!
The whole monetary system without the backing of solid foundation such as gold is a fraud. Real estate market just reflects that. In terms of Gold, the house prices have remained the same or fallen
Just like we have a great economy.
Fraud is everywhere. In government (especially in 2020), car repair, car sales, computers, food, banking, stocks, etc... Nothing new.... I'll just own nothing, eat ze bugs, just like Klaus wanted me to. 🤣😂
Every industry is full of fraud...
2 million for an old ranch style house is absurd. If you pay that kind of money for one of these mundane houses, go look in the mirror. What you see is a bag holder.
I often say '' the fool is not the person who charges the outrageous price,...the fool is the person who pays the outrageous price''.
@@Tonymanero1960Bingo! So True!
My 1,200 sqft home on a postage stamp lot, is valued at a million 2. The one accross the street just sold for a million 2, and it was infested with termites! I paid $28k for my home and sold it for $179k 30 years ago. Who would have known prices would be so stupid...
@@bobbylee3211is this Bay Area? This seems eerily similar to what’s going on San jose.
Or a person that needs to launder some dough.
People have paid their mortgage for 30 years, but at the end of those 30 years, the taxes have gone up so much it’s like having two mortgages
It's how most people end up losing their home. That's insane!
Politicians have to eat too.
Florida has homestead exemption on primary homes. Taxes cannot go up more than 3%/year.
Smart people got a 15 year mortgage, and paid it off early.
@@johnjaco5544 yeah, smart, rich people...
People need to accept the fact that their 220,000$ houses aren't worth 350,000
I’m waiting for the return of 25 cent a gallon gas and the 10 cent candy bar.
They're worth what buyers will pay for them. In my midwest suburb, houses that were $225k 4yrs ago are selling in one day for $350k.
They're worth what buyers will pay for them. In my midwest suburb, houses that were $225k 4yrs ago are selling in one day for $350k.
Sadly..a home is worth whatever a buyer is willing/able to pay for it. Too many stupid people willing to OVER pay for homes is causing this disaster.😢
Inflation. Also M2 money supply went by 30%...so it makes sense on paper terms.
I could have never imagined that the cost of living would be so out of control. It's really tragic.
Really? Have you ever studied history? It's inevitable.
How can you not imagine that with debts beyond a super bubble and the currency eroding daily.
It's unfortunate.
That is what always happens when money is printed with nothing that backs it.
"Inevitable" What? ha ha ha @@larryg2705
The reason house sales are down in the Northeast for the homes under $500,000 is because there are none. It’s ridiculous in the Northeast! Long Island NY is insane! Thanks for the video! 🤗
Look at the 5 boros. Houses in Bushwick are over $1M dollars to live in a war zone with crack dealers on the street. Long Island has old houses that need tons of renovation with high taxes..
Westchester and Fairfield Counties have no inventory, for houses and condos, that’s affordable- none. The lowest priced ones should be half the asking price, and, usually need tons of work.
NH is really insane ...lake winnipsaki is untouchable, so is squam lake .
This will reverse
Long Island property taxes are out of control
A few of my friends want to get a house, but they don’t even look anymore because they know it’s out of reach
Same for me.
@@Leonnie13 You don't want one at these absurd prices.
We started looking right before the boom happened. Thanks god, saved us biting the bullet.
I can still buy a house but I don’t want to be house poor paying a $4000 per month mortgage payment with escrow. And this is the starter home payment in Suffolk County in a decent neighborhood with good schools
Used to be able to rent a 5 bedroom baller house for 2200 here now it's 4500+ who's making that kind of money wtf
I'm sure that all the folks that can't afford a house are going to be happy when they found out that we just approved 95 billion to go to another country
we are tax cattle being farmed by people who hate us
Most of this stays in the U.S. of A.!
Most people don’t know and are completely clueless.
We just put the next 7 generations into debt.
All of it should stay here. Politicians are thieves
Greatest transfer of wealth in history. Now I am starting to understand how this is going to work. One house sells for $500,00.00 in an area where most homes are in the $200,000-$250,000 range and the median house price goes way up. This is particularly dangerous in Florida because Florida does not necessarily have neighborhoods where all the houses look the same. A half a million- dollar house can be right next door to a dump. This is how Middle-Income people are priced out of the market.
That’s exactly what’s happening in Florida. Hence why I bought land. Keeps the tax bracket lower.
Then build later when the market/economy slow down and build prices come down.
@lisasaunders4835 I'm sorry to say that in Florida right now, a half a million dollar house is the dump. You might be able to find one in that range, but not in a desirable neighborhood. Also Florida has countless neighborhoods where the houses look the same and they are way over million dollar plus homes in expensive gated HOA neighborhoods. I'm familiar with the west coast.
Housing as an investment.
Worse idea we created. It's unsustainable
@@mowtivatedmechanic1172 Yep, and you can always park a very nice RV anywhere you want on your property too. As long as it doesn't have a foundation it won't be taxed.
Wealthy always price out the 99% w property taxes tried and true strategy to keep areas to themselves
Property taxes are a joke
How so?
There is no way our 250k house is worth 500k.
I bought my home in 2005. It cost me 170K.
Five years later, I had gone to another subdivision by the same builder just to see the homes. I saw one exactly like mine being built. I believe it was 220K. Jeez!! I don't know if it had upgraded neat things, but I thought, "No way I'd buy this other house for 40K more!"
BTW, 170K, I wondered if I had taken out too much of a loan? People today get a 280K+ mortgage. I cannot fathom how they'll pay for it.
@@joebeta1837 We bought in ‘17 and were able to put a good chunk down from the sale of our house. Our payments pretty much stayed the same. There is no way we could afford this house now! Our neighbors bought two years ago for 375k. They moved out already and can’t sell as the house is now worth less. They are trying to rent it but both one wants to pay 2.5k a month in this area. I saw that mess coming from a mile away!
Bought our house in Phoenix for 230 in 2008... sold it in 2022 for 600k@@joebeta1837
@MikeTheMugger True.
It is worth 500k. Only if you sell it now. It could be worth 300k-400k in 5 years if there’s a crash. It could be worth 700k in 5 years if supply is still limited.
The main reason median prices are higher is that there are a lot of fewer houses under $300,000.
Because no one who owns those houses can afford to sell them and move to a new house
Sure there are. There’s a ton of 300k homes out there. It’s just that the sellers are all listing them at 500k wondering why nothing is selling.
It's because suckers believe these houses are worth millions. I laugh every time Michael shows a listing in FL worth millions and it's an average home that's old. Only suckers buy those..
@@CeeTee-12345 Personally I think it's Boomers. It's their last FU to the rest of us as they think they're 1980 100k house is somehow now worth 1 million.
@rathelmmc3194 boomers? Not black rock or private companies now owning 45% of homes in the u.s? If it wasn't for then the market would have a extra 45% for us to choose from
I have been hauling freight for 12 years and sometimes I fill up in Mempiss. That is what it is, a sewer.
Yeah, it was very sketchy
A listing here in Oklahoma saw a house that was $67,500 new in 2014 and today they're selling it for $560,000. Insanity!
Yeah, just ridiculous now. No way would I buy that, crazy.
You saw “a” house.
That shows why owning a home can be a great investment.
@@JBoy340a The person buying the house for $560,000 will probably not find it a great investment.
@overthehilldill3626 How did the the listing saw the house??
Hatches (births), matches (marriage), despatches (death), and detaches (divorce) are the principal reasons why people move house.
The average home sells every 5 years.
I bought my home in 2019. Just listed a spare bedroom for rent last week. This will free up an extra $1000/month in my budget. This is the only way to survive in this economy. Never thought I’d EVER have to get a roommate in my house.
InutterFace good point. Haven’t had to live with anyone since college in 2007. This is entirely new for me.
Do you have any advice/tips?
1000 a month for a bedroom? Holy shit. Who would pay that?
@@ryanyoder7573 trust me, that’s cheap where I’m from.
Sadly I'm starting to consider renting out a spare bedroom as well. However I have a ranch layout witch doesn't lend itself to much privacy.
"The debtor is a SLAVE to the lender"
The best financial course you could ever take, you're welcome.
The Money Masters (1996)
I hear Dave Ramsey quote this a lot, and I believe it's from the bible.
@@LittleMopeHead yes it is! And I live by this
@@BVAutoService Yup. Same here. "Thanksgiving dinner feels different when you owe your relatives money." 😅
They want me to move back to Long Island. I live in Arizona now and I told them I rather pay $100 a month for taxes than 1500.
Good luck in Arizona when the water runs out.
Ain't happening.@@OroborusFMA
@@OroborusFMAnope
Someday perhaps but not in my lifetime
I lived in Brookhaven , L.I. Up until 15 + years ago …… I was up to $10,000 a year in property taxes before We moved to Landenberg , PA. To an 8 acre farm . We paid a 3rd less in property taxes there . With 10 times the amount of property . I would never have moved back there either …… not even a thought now . I loved Long Island back then starting 45 plus years ago . Plus crime and corruption is off the charts now .
Totally agree, now is not the time to buy. No one knows what is going to happen in this environment. Thank You and Happy Sunday Michael!
Happy Sunday, Juliet always nice to see you here!
I sold my house this year and live in apt with cash in the bank waiting to see if house market corrects but worried about my money getting trapped in banking failures as I wait.
That's the problem, can't really trust the banks either.
Don't have more than 50k in any 1 bank
@@Bamapride1985Are you KIDDING! Banks can legally drain your account to zero. It's called a bail-in, which our congress passed about 15 years ago.
As long as you have under the FDI FDIC limit and all of your accounts, you’ll probably be fine. The people who get screwed are going to be the ones who have more than that. Silicon Valley bank and family got lucky that they got a bail out.
Foolish move. Never gamble with the roof over your head. Read the Dodd Frank Act. Your money in the bank belongs to the bank. You will have your money bailed in and digital currency. This is not FOMO. now you are at the mercy of landlords. Did you think Klaus Schwab was kidding when he said you will own nothing and be happy? The UN and WEFers want us to rent absolutely everything
Well someone stated " 2:36 you will.own nothing and be happy" scary.
Well, if I'm happy 😂
@InutterFace
I personally rather learn from other people past mistakes and drink happiness being debt free,retired in 40s,and financially independent from saving/investing since 15, avoiding debt living within means since 18.
Much better than being trapped in the matrix in debt sipping Brawndo and hopium juice.
Nah, i own two houses and Im pretty happy.
One of the reasons why there are no longer home sales at less than $100,000... is that there are no homes anymore for less than $100,000.
I know right?!
I was thinking the same thing!!!
007
That’s not true at all
There are homes less than $100k.
Just not the homes you want because there’s no two car garage,vaulted ceilings,,island kitchen,bath per room,etc..
You know the exact same type of old houses many complain are too expensive in expensive areas of the U.S. costing $400k or more.
there are but they need at minimum $450,000 in renovations.
@@nano.joe.4851
Looks like you’ve been screwed doing your renovations or live in places like California.
blame all the people who keep working, who work 2+ jobs to make ends meet, and young women for high inflated home prices. You need to balance out the karma. My cousin (a realtor who sold my parents rental) checked in on me out of the blue to see 'how are you doing'. I said I was chillin and going ton a trip soon, but I am feeling this high mortgage payment. They replied like a robot with a practiced bunch of garbled buzzwords "hot market, lots of buyers, not cooling off, low inventory, there are options" --- and I'm like wtf do you want to see how I'm doing or looking to make a buck at my expense making me homeless?
What do women have to do with this?
Went out to get groceries ($125 later for barely anything) and saw 3 Uhaul trucks, everyone moving out.
What city and state?
@@truthseeker1959 Metro Detroit, Michigan
Thanks Mike. It’s pretty sad. Nobody can afford a house these days and it shouldn’t be that way.
Thank goodness our politicians are dedicated to helping us!
(lol. lmao even.)
@@nickc3856right 😅
So true! With just a little more help from them, we'll all be living on the streets! @@nickc3856
I make union money but have to rent . Life threw curveball's . 46 -51 a hr still can't afford with my loan and car payment
Why not? We get the government we deserve.
I drove through Memphis a few years back on a roadtrip from the west coast to DC… we were going to pull over and get some food, but looking out the windows left us a bad feeling as it was a very tough town. The looks back at us were unnerving. So instead we decided to head for Nashville even if it meant a very late arrival. Memphis is sketch.
Definitely. But some parts of Nashville are also.
Govt’s motto: you can run but you can’t hide. 87,000 new IRS agents
The IRS has been so understaffed that the rich aren't paying nearly enough taxes. Maybe we can forego a couple of Pentagon billions and have real enforcement?
They are targeting the middle class not the rich Bidenomics in full swing
Good. You wanna exist in society? Pay your taxes.
dont forget... they are all armed with 10mm machine guns
I will try again. They are targeting the middle class.
Some of the best content on YTUBE, your honest and thoughtful commentary is always right on track and getting to see those cool Florida neighborhoods is always fun!!!
I appreciate that!
Isn’t it obvious a big reason sales have dropped in the < 250K range is that there are now so many fewer homes for sale in that range?
Memphis TN is a shithole. The areas around it isn’t so bad. Bartlett, Germantown, Cordova, North Mississippi
Memphis 'rough'?? LOL *Major* understatement!
I live here. It is rouuuugh, my friend.
Why would anybody want to buy a house when they're priced it three times of what they're actually worth.
In my area almost nothing is priced below 500k
Mine either but there’s still plenty of places across the country where there is
if you are a average worker it may be time to move.
30 years ago I was looking at fixer uppers & realized that buying property for the appreciation was not the way to buy, so I waited 20 years &
I bought 5 properties in Vegas in 2007, got them for the price of a new car. It pays to have patience.
i lost my shirt there in lv when realestate tanked its good to buy at the right time.
Prices are coming down. In AZ there are lots of price cutting. Unfortunately, people think they are getting a good deal because the house was absurdly overpriced and now it’s just overpriced. The new buyer has been conditioned.
You are clearly The brightest bulb on the block😊
The Leaf Blower Man is stalking Michael again: waiting in the bushes for him to start recording a video. 😮
Yeah...beware of investors. I'm being hounded (vultures) to sell at $50k below FMV in a very desirable area! No way...I block their # and trash their postcards.
Beware of flippers too! Guess they're a type of investor?
Had yet another a call from a house buyer investor group few months back. Lady asked if I'd be interested in selling my (paid $74K for many years ago now worth around $400K) home. I said "absolutely, I'll take $1M dollars!" She was a bit taken aback but replied "would you be interested in considering an offer" to which I replied "absolutely, $2M dollars!" Long pause, she then kind of stammered and I laughed and hung up.
It was just reported that a half of Americans are struggling to make mortgage payments, so they are definitely not buying a new home right now.
You are right on point. Here in Northern Arizona, i have renters who want to buy but are waiting due to high prices and interest rates. In addition, i sold a rental because its the top of the market and renter candidates had way too much debt and repair costs are astronomical.
Yeah, why buy when low prices and high interest...when you can wait for high prices and low interest?
Stay dumb out there.
@@hvaball150 Yep. They missed the boat.
Thanks for choosing very pleasant new communities to do your commentary walkabout. Adds a sharp contrast to the messages you convey about the real estate market and our economy in general. Always enjoy and learn from your presentations.
My pleasure!
Here in northwest Indiana i saw a home listed for 365,000 but in reality it's only worth 225,000. ( Was sold in 2019 for 212,000) It's owned by an investor. It's ridiculous!
So many people from Chicago moved to Indiana cause it’s cheaper
If it sells the price was right.
Let me guess, Ellsbury Group?
U.S. Gov needs to worry more about what's happening at home and in its backyard. Seems to be more focused with Europe, Asia, and Middle East. While the lives of Americans is getting worse, we continue to impose economic sanctions to Cuba, Venezuela, and Haiti is in turmoil .. all of these people will end up at our doorstep
Only 1 percent of the federal budget goes to foreign aid. One percent.
@@dr.michaellittle5611Yeahhhhh I don’t think “defense” is 1% of our budget but here we are.
@@mowtivatedmechanic1172 As I said, foreign aid is 1% in 2022. The US military budget, however, was 3%.
@@dr.michaellittle5611 and 0 percent goes to help stop homelessness here. I'm not entirely against foreign aid but what's the purpose of the United Nations for?
@@mangodiet801 The UN is not a replacement for Congress. Only Congress can raise and spend money, including for homelessness and foreign aid, on behalf of the US. That’s how our govt works. You need to learn about the UN and its charter, which doesn’t include foreign aid for war.
And, if people want federal money spent on homelessness, then Congress needs to make this happen. It’s historically well known that in the 1970s, HUD (federal agency name before HHS) robustly funded public housing and we didn’t have a homeless population. But, Ronald Reagan, in his first year in office slashed funding for HUD and suddenly the absence of money created a problem in the states and cities that those govts couldn’t possibly fund to match what was lost. This was the beginning of the end for subsidized housing and the evolution of the problem we face today.
Stack metal. Ditch the dollar.
Pretty metal lol
From what I've seen, HEDGE FUNDS are buying a huge number of homes here in Houston before anyone else can get a mortgage on those homes to begin with. They seem to be paying an inflated price for these homes and getting them at low interest ( lower than anyone else can buy them for ) or no interest at all, so that's probably a major factor, and the average Joe can't compete with them.
Love how well mantained vegetation and grass shows up in your videos.
Another interesting observation. I live in a small coastal town in Maine. I have been following listings here since January 1, 2024. So far this year there has not been a single home listed here under $800K and the median asking price has been right at $1M So far all but one of the listed homes has sold. The one that hasn't sold is listed at $860K, but it is next door to a gas station. In other words the location stinks. So yeah, the median price for homes here in my town of 1,200 people in close to $1M, but that reflects asking price as much as anything else. Our median price is high because there simply are no listings under $800K. Part of the reason for that is the short term rental market which is huge here because of tourism. One thing I think is driving prices up here is that the towns that make up 70% of the local population and housing stock just put severe limits on short term rentals (approximately 10% of homes). My town is nearly the only place with no limit, so homes are selling to go into the short term rental market in which a two bedroom, single bath, 800 sq. ft home rents for $300+ per night. Bigger homes and waterfront homes go for up to thousands per night. So investors are buying up homes to put them into the short term rental market. Another consequence of the strong short term rental market is that there are zero long term rentals available. So locally the rent versus buy decision doesn't exist. If you want to live here, you have to buy. Of course, if you need to work here, the local jobs won't let you buy. So as always real estate is all about location.
“Hope is not a strategy, especially for home buying”
A few of my friends want to get a house, but they don’t even look for one because they know it’s out of reach
That's all irrelevant to those of us in Los Angeles where anything less than $1,700,000 is in the ghetto.
I just love to spend a relaxing sunday evening with a video of my favourite UA-camr!😊
Bordenaro knows how to lay it on heavy.
Always good to have you here, my friend
Even if you qualify why the hell would anyone want to sell their home with a low rate that they bought at 2019 prices? If your deal is to create a more expensive slave box then go ahead. Borrowing money comes with chains. When will people wake up?
Never, they don’t even know that all taxes combined they work half the year for free. So 30% credit card fees if you’re behind means you’re working 80% of the year for free.
@@picklikeapro6952 true about working for free. But one should never carry a balance on a CC. Those have the highest interest other than some guy that breaks your fingers if you don't pay.
For renters, the only people pocketing money is the landlords.. as you pay their mortgages
For buyers the only ones making money is the bank. A 500k home you will pay the bank back 1.6 million over 30 years.
@Coffeendonuts no, not if they have a decent down-payment.. and then make extra payments every month. I got my first mortgage 10 years ago, and I already have it paid off. I was mortgage free at 31 years old. Now it is basically like walking around with 700k in my back pocket, and it's almost doubling in value every 5-7 years. This was a 30 year mortgage as well, but I beat the bank at their own game.. I had a good down-payment to insure low monthly payments to begin with, and then every month I made extra payments on the principal of the mortgage. It's not hard, I only got my grade 10.. and I'm just a vinyl siding guy and aluminum gutters, making $25-$30 an hour for most of that time
Definitely. And this is not new. It has always been this way since a landlord is renting to make money, not lose it. It is a business.
Thanks again Michael! Once again you have clearly explained a term (median home price) which everyone talks about, but not all understand!!
I live in a brand new development, which I been here for only 2 years, and some newer residents about 1 year un is already selling. 😢I am in Wesley Chapel Fl
Sounds familiar. What part of Florida is that?
Where are they going?
Use the mean, median, and mode. Nobody wants to report that data. Mode would tell you most houses being sold are are around $1M+ which is skewing the median higher.
Private equity firms are the ones buying homes.
Open Door flipping in 9 days with no upgrade for a 30k profit. That doesn’t show the true price of what Open Door fees charged the seller.
Happy Sunday Real Estate Warrior 😎
Same to you!
Hopeium. Love it! One of my previous manager used to say, "Hope is not a strategy".
I have lived in South Dakota my whole life and the prices of them are going for stupid crazy! And people are paying these prices! My of them are asking more than double what they paid for them 4 years ago! Even some that bought 2 years ago are asking close to double! And people are paying it! I hate it cause its driving up the prices of all of our property taxes now! This state is starting to get expensive now! :(
It might be an investment banker such as Black-rock which is buying those properties. They have very deep pockets.
Last year, we looked for property in SD but were really surprised at the prices. Didn't expect them to be as high as they were, so it was disappointing.
You have HGTV producing home shows showing what a great bargain SD. And at the same time people are looking for a place to move to. No surprise prices are rising.
@@cindyonyoutube Its pretty sad. There is a house right now that sold 09/07/2023 for $250,000 and was relisted 04/23/2024 for $479,900 and its pending! Going to be taxed like crazy with those gains in a small time!
Great research and presentation.
Your exactly right, have been watching the market in our area closely and its the same story here, low priced homes arent selling and dropping prices all around
“What we have here is a house that will never sell”. 😂😂😂 Priceless. I love this channel
That was very enlightening. Thank you very much
You're very welcome!
Thank you Michael👍
You are very welcome
I just eyeballed a house in Silver City for 140k. It’s 30 years newer than my house, it’s 50% bigger, same size plot. Here in the DMV the house from Silver City would sell for around 400k. This is why I’m moving to the boonies when I retire.
In the Toronto area, home sales are down substantially compared to last year…but prices are still high.
Memphis is a no go zone for sure
Hey Michael good video, yes Memphis is bad just like Detroit. Sad Memphis use to be a nice place to visit, times have changed!
Great content - and still enjoying those scenic pauses.
Thank you for sharing. 🙂
I want to know where all the money is from the huge rise in property taxes on all these houses selling at record levels. For example, how many houses in your zip code have sold in the past 3 years and the property tax increased by 200-300 percent or more?
12:00 so absolutely true. I know for a fact that if we wanted to buy our house in today’s market we’d be priced out. We bought in 2021 just before the rate increases.
Which is why it’s a bubble. There’s no economic logic in which people cannot buy back into their own position.
All it’ll take is enough people trying to unload and true price will reassert.
Everything you are saying is spot on! Greetings from Tasmania
250k or less in my hometown in the Midwest, are selling in less than 24 hours. I know because we're trying to move back there to save money. Our market here in N.C. is completely frozen, the middle class neighborhoods aren't selling, and they just continue to build more. The 800k + neighborhoods they're putting in and building though are selling like hotcakes
"Hope is a fine breakfast, but a poor supper".
Sir Francis Bacon
I'm going to guess that the lower priced homes make up such a small percentage of the overall sales market because they just don't exist. Everyone thinks there 600 square foot "house" is worth a million dollars.
I bought my 690 square-foot house in 2001 for $67,000. I could sell it tomorrow for $210,000. Even in this total crap economy. It’s insane. Thank God I was able to buy a house when I did because I couldn’t even afford rent in this town now.
They don’t exist because people who own those homes can’t afford to sell them and move to a new one
Good find and info.
Thanks
N Florida my home insurance bill arrived with a yearly decreased...yep decrease...of 21.00...not much but better than what I have been hearing from others
First video i watch get me hook with your knowledge new subscriber here👍
Welcome aboard!
Those regional sales charts look whack cuz a home that was 250k three yrs ago is 750k+ now 😂
Completely correct. This is exactly what is happening and has been the last 2 years. What matters are the comps in your devt...and individual homes will decline in value until they more align with the home affordability index
Thank you to our host for these outdoor walk-around teaching and learning sessions. Looks like even in this RE market, some houses are moving. See you in the next one.
See you in the next one, my friend🤙
Rent in the Central Valley, CA is out of control. My mom is now living with us as she cannot afford to rent anymore. They sold the house she was renting. All other rentals are twice the price. Management companies have refused to rent to her as her income is less than 3x the rent.
😂😂😂 Memphis is rough!
Memphis is....😮
Hey Michael I really like your videos. I want to make an observation about lower priced houses. In Missouri I started buying brand new 3 bed homes for rentals, starting in 2016 and ending in 2019. I bought 5 total, ranging from $180K to $220K. During the planned demic I went to buy more, but the same footprint houses in those neighborhoods was now $270k and up. I believe in part that the reason lower priced house sales have dropped is due to the fact those prices are almost non existent now. At least in that area of Missouri. Thanks for your videos mate. An Aussie in Florida.
The problem is when u have companies like Zillow buying up entire blocks of houses artificially propping up house prices. This is a monopoly and needs to be illegal.
😂 Who is gonna tell him ???? A 500 000 house in New jersey New York or Connecticut or Massachusetts is literally a 5 bedroom 2 bathroom 2000 square ft home .. that's not rich people 😆.
Funny same amount in Florida gets you a 3/2.
Yeah but it's 90-110 years old and needs massive updating
Those multi-generational homes are coming to the end of their life spans.
"The median home price is higher because more expensive houses are selling".
Yeah - no sht, Sherlock. 🙄
Here in the northeast we can't even find a regular single family home that sells for under 300k. Everything is selling over or way over asking price due to low inventory.
300k in the Northeast gets you a dump, fixer upper, shack.
$1,800,000 for a house that looks to be built in around 1950, and also looks to be on a golf course... Mmmmm, NO!
Thanks Michael. I'm stuck renting for life in California (Inland Empire/ $2750 2 bedroom nice area) . So many of us are over 100k p/y salary and still forced to rent. The average home around here is about 750k.
The state government isn't getting any better either. I don't see myself being able to buy until a crash happens. My savings are good and steady because it will be my only way out of renting. It makes more sense to rent for most of us now.
If you save enough, you will eventually be able to buy because you’ll be able to put a large enough down payment while you’re qualify for a home in your area
@@MichaelBordenaro Agreed. I haven't used my VA benefits yet either (retired). The VA "no mone down" means nothing in California.
You are in CA, enough said, no one helping US citizens there, you need to get rid of Newsome and his cronies. Good luck.
A tennis court at last.
Median price reflects price of the mix of homes sold, without regard to what house it is. That's why Case Shiller is useful because it looks at the sale price of the SAME house.
Also look at sold prices of homes in specific neighborhoods and make sure you're aware of the improvements or lack thereof.
Great vlogs! Thank you so much!
We bought in October 2020. Could not buy the same house again. We are debating selling to grab the equity and just renting while the market stabilizes. Invest the money and grow it for a few years.
@@WinstonSmithe hm i don’t know. I don’t want to own when the market crashes. Might be better to get cold hard cash in hand and invest. Rent is less than our mortgage too. So we’d save quite a bit. Probably wouldn’t be able or want to buy a house with similar luxury as current, but that’s not a huge dealbreaker.
@@kiru86 IMO if you sell then buy another less expensive house....Ken McElvoy says in a few years inventory will only be lower ....who knows if he's correct however the risk of being priced out is too great IMO!
Not a good idea if you can easily afford your house. The market will be correcting but nothing like 2008. However; after the correction real estate across the board will soar to unobtainable levels.
Don't is the answer for most people.
@@mowtivatedmechanic1172 I think you are right. Building costs must be soaring. And, everyone is trying to move to the beach. haha. Depends on the market/location.
No House on 3-5 Acres of Land with Stream / Springs / Well is worth more than US$50,000.00! Is that CLEAR 😡!
Anything is only worth what one is willing to pay for it.
Being that the dollar isn’t worth 💩 I’ll pay whatever the price is to get it.
The people who are buying overpriced houses are the victims. Not on a long term, but on a short term.