Why does everyone say “oh when interest rates fall everyone’s going to rush in” honestly builders are offering 5% interest rates on brand new homes and they still can’t sell anything. ITS NOT THE INTEREST RATES, ITS THE DAMN HOME PRICES ! Ughh
Number of issues contributing to this. Sellers not accepting the new reality. The out of control HOA's, property taxes and the pretty well known insurance crisis. The last couple of natural disasters being that close together have made out of state buyers think twice. I think if the Champlain Towers South condo building collapse and Ian didnt happen so close together, the insurance landscape would be different. The job market in Florida has always been bad but never this disproportionate. Its really tough to bring kids there and expect them to make their own way. Now you don't have young home owners who are in their prime contributing to the economy. I lived in FT Lauderdale in 99 and truthfully, the state just isnt the same. You could live like a king back then for very little. The traffic alone is reason not to live there. I hope the state turns around. I'd love to be there when I retire but from an investment standpoint, the overhead to live there is way more than a normal retiree should consider.
@@CreateNowSleepLater we live in cd tral Florida. Sumter (sur r onded by Marion and Lake COs. Business here and jobs are everywhere. Can't get enough employees. Need qualified trained skilled labor. BTW a GOOD waitress/er can make $70k or better. With many tipping cash, it can net out well. S. FLORIDA is so overpriced that it's driving out long-term residents. Fortunately it's driving out many of the northern lefties too who've come here in tgd past few years to escape their distopian hovernmdnts but are trying to bring their politics here. Duh ... I don't get their logic.
Many sellers do not have to accept the new reality. Second homes and vacation homes can wait, keep a big sticker on it and hope for rain. Use it from time to time. No reason to capitulate!
@@cultcompound6679 I suppose if you have that kind of disposable income. In the sub 350k range though? Maybe. Either way, it doesn't look like its going to straighten out any time soon.
I'm looking around the central Florida area and the thing that trips me out is a ton of homes for sale just previously sold in 2022 & 2023 .. yet sellers are now selling again and asking double what they judt paid 12 to 18 months ago lol. Its like what are you smoking thinking the place you bought for $175k in March 2022 is now magically worth $305k?? Yhe homes are empty in the photos. No personal items. Maybe lazily staged or computer cgi staging. But nobody's living in the bulk of these homes which tells me it's either investors or air b&b owners that aren't getting the ROI they anticipated and are looking to get out of these houses. But they're mental thinking they magically appreciated so much in a year haha
I just seen an ugly property in lauderdale that was sold in 2019 for 90k and today goea for 400k with o updates done a house from the 50s 😮😮😮 who is so crazy to buy something like that?
To build now costs much more than in 2022 because of the cost of carpenters, electricians, plumbers, roofers,etc. They all cost twice what they did then.
@@unknowndriver6652What Street is it on, how big is the yard, what’s the square footage, does it have a garage, is the foundation, AC, and insulation good. Is it sewer or septic system, how old is the roof and electrical system. If the price is very negotiable and it’s in a good area, my son & daughter in law might be interested in a year or two, but they really like Plantation. They both have good jobs and aren’t moving.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
I recently sold my home in the Boca Grande area and am considering investing a lump sum into the stock market before the anticipated rebound, couple of folks have been discussing a potential May rally, speculating on which stocks may experience substantial growth during the festive season. Do you have any insight into which stocks these might be?
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after going through a difficult divorce, when my business was struggling, and I needed a financial lift. After some research, I found a licensed advisor who worked tirelessly to grow my reserves despite inflation. As a result, my reserves increased from $200k to around $580k.
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
The continuously changing economic conditions in our society have made it necessary for thousands of peopleto find additional sources of income. Personally, I am looking at the stock market to fuel my retirement goal of $2m, my concern is the recent market crash.
buying the dip has proven to be profitable although for majority, the solution to their problem can be found only in specialized knowledge hence they seek guidance from well experienced advisors
Agreed, despite my rookie knowledge of investing, I have a financial advisor who did the trick in a bit more than 6 months after a lump sum capital of $500k, and I've so far made a fortune. I'm now buying real estates, gold and silver as advised by my FA.
To be honest, I've been wary of banks for a while, but I wasn't sure how to speak with an advisor first. Please let me know who your adviser is if it's okay; I need some recommendations.
Vivian Jean Wilhelm a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Ocala is a hot, congested traffic jam! Sun from above sun from below shining off all the concrete and if there is a breeze it is hot. I was born in FL and lived here two years.
Prices haven't caught up yet....they're not accepting reality...I've seen several FL posts on here...they've all been saying in the past week....inventory is increasing ..by big numbers
Yea if you look at prices of homes they are back down at 2022 levels but things is more new homes and high end homes make up what is being sold so they are pushing the avg price up. Same thing happened on 2006 (remember scene from margin call)
What’s happening is, realtors manipulating the market. Simple. They advise the seller not to drop their price. If not, they find an investor willing to pay their inflated prices or hold till someone pays their price. Half a million for a small two bedroom built in 1965 in Miami. Super over priced.
with all the insurance companies pulling out of Florida and the super high inventory and every condo in the state up for sale its just a matter of time until you see prices come down dramatically. I bet you see 500k houses selling for 250k by this time next year.
The prices always lag behind the economic indication due to the fact that the houses are listed at higher prices that would be reduced later as they linger on the market.
I think the main thing is unsellable inventory. If it is not moving, ever, there is no reason to drop the price. Capitulation is only a move you make when you have to move, not when you can sit on an empty condo and pretend.
I just have to point out that this is a little misleading. Homes might be selling for “97%” of the MOST RECENT listing price (after it’s been reduced for months and months, but they’re selling for nowhere close to the ORIGINAL listing price. I get mailers from local realtors every week, noting the small discount from the “listing price” compared to the sales price. This completely misses the reality of the situation. For example, we had a home in our neighborhood sell for $1.2M, with the last listing price at $1.25 - But it started out at $1.5M six months this ago. Calling that a “4% discount to the listing price” compared to the reality that it was actually a 20% discount to the listing price.
@@jamesdeininger3759 yes, that’s true, many have been reduced, but median time to contract for single family homes in all of Florida for June 2024 is 35 days. Florida Realtors Sunstats (where I get my stats) doesn’t monitor how many price reductions have taken place. But in 35 days - chances are, not many.
We just had a house sell almost immediately for listing price which was not a low listing price. Yet another house is having problems selling (for various reasons in my opinion). I think vs 2020-2023, people are pickier about the house but prices are holding on the better houses.
I found several nice homes on satellite island in the 350 to 400 range. If you don’t want waterfront it’s not too bad. It’s the insurance that presents a problem.
Sellers are thinking they can still sell at last year's high and they don't understand homes are in a bear market right now. They better sell fast even if it means knocking ten grand off per month until the house sells. Sell sell sell!
This video was excellent. Thank you. I loved the way you shared hard data with multiple points of view and really talked through it without boring me to tears. Good job!
I love your channel!! I currently live in the panhandle of Florida. In my area, what I am seeing is a large inventory of homes (including condos) for sale and they are on the market much longer than they were a year ago before they sell and it seems as though homes are just not selling right now. So I think that “location” in Florida makes quite a difference in statistics…
We’re not wealthy by any stretch, but we paid cash. This was not our first home though.Almost all of our friends and neighbors are mortgage free. I think you will find that true in most of the ‘nicer’ retirement communities.
I'm speculating to buy a property in Florida I'm from California. I'm retired with a small business. I need to do my due diligence and this is helpful.
I been here in FLORI-BLAHHH for 72 years , as we will be the New California in 5 years and also South Fla will be under water in less than 50 years . We have the 2nd highest car insurance in the US , plus now property insurance , flood insurance are climbing . Houses are NOT Affordable for the young adults that are starting out , and its a shame even are kids are educated with good jobs don't qualify . Most of are young adults children are living with us . The ratio of people moving to this Hot -Humid -African dust State is 2 to 1 , as more than 700,000 people moving here from the NE and California , 500, 000 people are moving out of this State as they are moving to GA, SC , NC, and Tenn . I just put are house up for sale to move to a small mountain town in WNC to get away from these rude , Snooty people from the NE .
Here in the Cape Coral (SW FL) area for sale and rental signs popping up all over. Tremendous numbers of new homes and apartments going up ( some in flood vulnerable areas) . In 37 years here I have seen boom and bust ..... No one seems to learn.
Prices will keep going up and sell demand will be down. It’s just a sales tactic. They are increasing there is sensitive, but that won’t bring no one in till the recession happens.
Lots of factors. Climate and insurance are also issues. Think only the very rich will be able to afford home ownership, or the losses if/when the state becomes unlivable because of storms and floods.
Inflation is inflation, You cant make all the money disappear that fast, there was a lot of it. The money you had pre inflation was worth more money than it is today by quite a large percentage. I dont think its ever going back to 2010 prices. My fathers beach house in the 90's was 300k now its 9 million. what's that tell ya about the value of our currency. 20 dollar rolls of toilet paper. Country is not going to recover like people think.
Florida will not go back to pre 2021 prices when it was a bargain. The job market has changed and many people can work virtually. People are tired of paying state income taxes and if they have the money will still move to Florida. If you sold your home in the northeast you can afford to still buy a place in Florida cash, plus retirees like the no tax on pensions, good healthcare and the weather. The insurance issue is the big problem and rising real estate taxes. I see a 10% correction at most.
we dont have state income tax, which makes the pensions non taxable at a state level, but they are taxable 100% at the federal level, good health care? compared to what and where, tell me where you got your crystal ball so I can buy one two, what statistics make you say a 10% correction, all you said was glittering generalities all with subjective reasoning.
@@darrenoliverio7259 Did you read what I wrote…I stated there is no tax on pensions in Florida which makes it attractive. In terms of a “Crystal Ball”…well you sound angry. Of course it speculation, no one knows for certain what the correction will be or if there will even be a correction. If you don’t want to hear “opinions” then don’t read the comments or even look at the videos on UA-cam…
Not sure if cash buyers automatically mean wealthy. If someone sells their paid off home and buys another one with cash, it doesn't mean they have a lot of other assets. Retirees often fit this category when they sell the family home and buy a Florida condo.
Things seem to finally be slowing some in my area of North Florida. I am starting to see some small markdowns on new homes, and some of the cheapest new homes are sitting longer. They were being sold so quickly that none were ever posted before they were sold. Seeing existing homes sit longer before selling. I have a good income for the area (more than the median household income for the area), but the interest is so high that affordability calculator tells me I can only afford 200k. Which is basically the price of a small place that needs a lot of work. And my rent is going up over $300.
@@artemismoon7655 look into assuming someone else’s loan who bought when rates were low. withroam.com is a great resource for that. You can set up a time to talk with me if you have any questions.
Remove the data for the “condo repair” debacle and you will get a more better reading. Maybe thats why the home prices are sticking. But dropping for condos.
If you have to deal with overpopulated areas, lines out the door at supermarkets, your doctors are overwhelmed so it’s 7 months for an appointment, home insurance, car insurance, taxes and hurricane worries…..is it worth the price if you are retired? Can many or most retired people do this?
@Nothing-gw2fb Maybe not plunge. The rich will have to continue to buy multiple homes just to buy them. If folks are not prepared to pay high rent, they will have to compromise. The rich rely on the moves and capabilities of the vast majority on the long haul. We shall see how it pans out and will be dictated by reality.
You may have paid more than market value to be able to own a home, while interest rates were very low. You don’t want to lose money by lowering your price and are relying on lower interest rates to return. It’s time to steady the course.
Your videos are very informative. I just renewed my leases in Longwood as I wait to see what the market does for the next 15 months. I love the Orlando area, but it may be time to leave.
Floridas housing prices are ridiculous. The salaries do not match the home prices. Not to mention rent is crazy, taxes high and home owners Insurance through the roof!
Very good video! Thanks for providing all the facts unlike other people who blindly say prices will keep going up, or that prices will crash. The affordability here is definitely continuing to be a problem and I am very curious how things will go. Very surprised you're channel doesn't have more views!
Homes won’t drop in price until the banks take them back and put them on the market. Otherwise you’re going to give someone what they owe for the most part.
All I can say is I’ve been following rent prices for a few years now. I am seeing a high increase in reduced prices north of South Florida and inching its way own. I wouldn’t even accept a house as a gift at this point what with insurance price scam, taxes and city grifting homes away from people with bogus code violations. I’ll just eat my popcorn and watch. Truth be told the City and State own the house and they can take it when ever they want unless you have the money to defend yourself. And that’s not mentioning stupid condos and HOAs.
Great video, true facts. Personally I have known about people buying cash and I also personally know people who has bought recently with mortgages with this current interest rate and still are SO happy, and I know people waiting too. I think, if interest go down, it might be a stampede of buyers facing higher home prices and the chances of actually getting the house they want would be less, plus the realtor commission... realty is, yes, there is people moving out, but there is also more people moving IN, a collapse? I don't think so. The affordability will possibly come from lower interest rates, tax reduction, less inflation, not so much from home prices crashing. Either candidate wins the election FL will still be the preferred destination , either for refugees from other states as it is right now or for people who just align with the spirit of FL and love to walk around in sandals all year round.
The short answer: If you think prices are going to crash/drop drastically, then you should wait. If you think that interest rates are going to go down (which will push prices and competition up) you should buy now, and refinance later on.
@@OrlandoandBeyondwithKrista so then. Let’s say a crash happen. We will be paying more money to banks until houses growth again. But how long do you think that could take?
@@OrlandoandBeyondwithKrista that’s too long. My research including the us debt and brics makes me worried if the crash woukd happen. So i shoukd wait fir the crash One more question. Have you noticed any signs of a potential crash? + do live q&a
Housing Prices Will Have to Drop up to 40% and With That the Taxes and insurance will Drop and That is When Florida will become Affordable again... Too Many people are still trying to Stay on that 22" inflated market
People just keep disregarding the law of supply and demand! They think it doen't apply in real estate. The fantasy about home prices coming down because of the new changes NAR is implementing will backfire with that expectation.
I have dropped Florida off my list of pkaces to retire to. Currently overpriced, high insurance rates and overbuilding. Home prices would need to drop 50% for me to even consider it again. SC looks like a bargain now.
Prices won’t be coming down. As the population grows, demand will remain high. Retirees can afford to pay cash or a large down payment while locals can’t. You need to realistically make 100k a year here to buy an average home and most people working don’t come close to that. Heck, even 4k a month after taxes you will be living check to check awhile renting an apartment and unable to save up
2021 prices are probably accurate prices for 2025 almost 2025. It's not like inflation stopped. A house worth 200k in 2019 should be worth an extra 50k or more simply due to inflation between 2019 and today. I'd say 300k is probably accurate of a 200k home in actuality. Seems a lot of people forget about inflation in this discussion. Every single thing cost more due to inflation. We just underwent historic inflation and it's still higher than normal.
Florida prices are too high for Florida residents. But people have to buy anyway. So now we have people who have bought in the last few years at extreme prices, with extreme mortgage rates. And now the insurance crisis (thanks roofing scammers, again for that) makes it so that people cannot afford the required insurance on the house they sink more than 50% of their income into. This all spells DEFAULT. One major storm, and everything crashes. The short-sales have already begun. When the common people who didn't have the cash stop making payments, the market is going to crash since the banks are going to be flooded with property. Lets see how that competes with a 60% increase of available homes none can afford to buy.
Don't you believe the roofing scam is the only reason insurance skyrocketed. It's a scam. They got bills passed using they excuse that makes it harder for you to get a claim thru. It was a big payoff. They told the state if you pass this prices will come down. They didn't. But it's law now so they can keep profits without paying for your damages. The companies that left largely left at the request of blackrock to run up the market in Florida especially since at the time DeSantis was considered a major candidate for president. Blackrock manages trillions and forces companies who want part of them to follow dei initiatives. Given DeSantis stance they had a lot of companies leave the state for political reasons.
with inventory up its really a great attractive buy for corporations who have a cash cow business. So rentals is the way and rent always goes up and is not capped. to even qualify for a loan is difficult now. Home insurance is a major factor for increases for homeowners. mandatory home insurance by the bank for a mortgage or an HOA . The HOA laws are very powerful here and at least 49jpercent of communities are HOA driven. There is no oversight for the board members and litigations the only recourse for a bad HOA board. an HOA is allowed to foreclose on a homesteaded property and the homeowners cannot sue the board members and that is Florida law. condos will turn into a rental community soon if the increases do not stop on the amendments and mandatory reserves and coastline properties. perfect for a large corporation to purchase to change it into rental properties. There is a beginning of exodus of the youth and talent in Florida because of no affordability. other states are becoming more attractive. we have new yourk prices with Florida salary. alot of retirees a finding out they cannot afford to live in Florida anymore. We have a big problem with the commissioners giving increases to the electric company FPL and homeowners insurance companies and the bank does not have to carry the insurance on the mortgage even though it holds the note and can call in the note and resell the note. so many risks and not in the favor of the people. regulation is so important and oversight and enforcement of rules and of course it can be litigated in court at the expense of the community. An HOA can take out million dollar loans without the approval of the community and according to the supreme court of Florida the HOA can foreclose on a homesteaded home because the home carries a preexisting lein to the HOA. its a battle against the lobbyists who have agendas that are not in the best interest of the people and lobbyists are constitutional. we need lots of changes to favor the people and keep our talent (nurses,. teachers, ect. here and I am seeing alot of talent from india being employed here in south Florida by companies.
Real estate cannot be bottled or averaged. Desirable location, location, locations are pulling above average pricing and are in short supply. 3 car pool home on 1/2 acre or better is gold plated across the state and hard to find south of $600k. This is also what the average full time senior home buyers are looking for. I think the less desirable locations, smaller .25 acre, 2 car, starter community homes are way over priced and will see the largest pricing correction. These homes are also representative of the majority of new home construction but not representative of what the average retiree buyers are looking for so these sales lag. Prices may lull OAL but I am not seeing a crash, quite the opposite. As stated, cookie cutters need to see a dip but the desirable locations will continue to rise.
$400k is not affordable. Affordable for me is 2020 or earlier for a family of 4. Around $200k, the home has to be no less than 1600 sqft. of living space (not including garage). To make 1600sqft work ill need minimum 3 acres. Im so worried Ill never be able to comfortably afford my own land and home.😢 im 40 so it is looking very grim. Most of my family lives in the Ocklawaha area, super rural, but some big shots have bought huge tracks of landn then subdivided them, this increase the price of land even land that is still undeveloped or in its natural state. No HOAs are present there. But these new houses on .25 acres are selling in the 300k range and are small 1400 to 1600sqft. Not to mention they are ugly LoL. I want a home in the Japan and phillipine style (100% concrete construction with entirely flat roof that serves as a roof deck for leisure) and the groundfloor under the house is for parking. But I imagine that would be way out of my budget even though its only upto 1600sqft.
Private Equity Firms & Mom/Pop investors can buy a property for $85K and put it on the market for $500k with none or minimum improvements to the property!!!😳😳😳😳😡😡🤬🤬
One word "DEBT" these homeowner cannot sell because they do not have the money to pay off their mortgages. More time will solve this with record breaking bankruptcy's and foreclosures in 2025.
If the Canadian Dollar collapses you will see the biggest collapse in Florida real estate measured from top to bottom *EVER* the good news is the Florida Boating Industry tho.
Quantity of homes on market or the interest rates on mortgages have NEVER EVER EVER NEVER played any role on home prices. They never did, do not and never will. It is a misnomer, misinformation, lie propagated by those with skin in the game. Home asking prices are not determined by what people are willing to pay. They are determined by what people want to list them for. Bob and Susan want to retire and have $120K in their 401K and $6K in their savings. This is exactly why they are listing their $56,000 single wide mobile home built in 1952 that is literally held together by a blue tarp and duct tape for $1,300,000 hoping there is a moron out there who will actually pay those prices. And even if they lower price by 90%... it will still cost $1,300,000 too much. Next to Bob there is Samantha who is like ohh they will never sell it for 1.3 million, I am going to list for $988K... a 1962 home with $600,000 worth of repairs that need done. Next to them is a brand new house in subdivision listed for $480K and it too is not selling. It got built for $180K to sell as $240K but they list it for 200% expecting a moron to buy it. And morons keep coming so prices are not coming down because these gullible bafoons are coming en masse. Then those idiots realize they can't afford a $688K house on a $48,000 salary and attempt to sell for $775K to get out. Moment of reckoning can not come soon enough. This should be illegal to do what they do... ASK WHATEVER.
I like the floridians love to blame northerners like people ftom new york, and also blame california at the same time they say these states are sh*t hopes. If it is bad how are they able to buy properties? Maybe wages are better? Better labor laws? I think florida needs to prioritize some things and it has to be wages and labor protections if they want to afford life down there.
I think that once the Florida real estate brokerage cartel is tamed and forced back you will see some resemblance of normalization, untill then hold on to your ankles.
2:10 This graph’s projected income data is unrealistic - Florida’s median household income is $73,500 right now, but this says it will be $51,377 in 2030?? Make that make sense to us lol
@@OrlandoandBeyondwithKrista - I’m unfamiliar with NV and HI - I’m just wondering where they got his FL data from. Average household income here is already higher than what’s stated in that graph, and will be much higher than that in 2030
@@jamesdeininger3759 yes - so they say it comes from “smart survey” and it uses federal income data and Zillow housing data. Let’s hope someone got it very wrong.
That list is a joke. NY "state" doesn't make the list but trying actually living in the NYC area. Good luck. Even if you had the money, there is likely a migrant shelter in a hotel about a mile away in which your life will be at risk...yet you live in a "good" neighborood. What a joke.
Here in Nassau County FL, in 2009 when we moved here there were foreclosures all over the place. Then, newly arrived retirees, developers and realtors started to move prices upward. By 2020, everything was booming. Then, the Pandemic hit and everyday hordes escaping from California and New York arrived. Greed set in and it seemed like every week prices went up. Suddenly building materials were in short supply. New houses and condos were being built on every empty lot available. I built a 1200 sq ft house in 2019 for $280,000. As of today, Zillow has my house @$650,000😂😂😂 I’m not selling but even with a 30% reduction, I’m still ahead of the game. One fact is condos are absolutely not selling.
Im sorry but a lot of people think there is some conspiracy here. Probaby the same people who think a democrat is the answer. Home prices have always been decently high in Florida. In a good normal working economy with 2% inflation every home increased by 2% regardless of any other economic factors. Over the past 5 years, we have ranged from 3% as we are this month to possibly as high as 14% at the worst of this inflation. That means home prices went up with everything else because it takes more dollars to have the same purchasing power as 5 yrs ago. And the fed has zero intention nor is it even allowed to deflate the economy. The target is to continue inflation at the preferred 2%. So while some of the prices are indeed supply and demand much of it is infact location and inflation. It takes 300k to buy what was 5 yrs ago 220k. Facts of life people. Dont like it start thinking before you vote, start thinking before you beg the govt to print 6 trillion dollars. This is not exclusive to Florida. Same people complaining and moving to states like NC are doing the exact same thing to their real estate market northerners are doing to ours. You sell your florida house and flush with cash buy in NC. What do you think will happen there. And due to inflation their homes are also dramatically increasing since 5yrs ago. This is nationwide not just Florida.
Bla bla, rents are going down , vacancy rates going up, classic signs of entering to recession phase of the real estate cycle. The discopling between income and home values cannot go on forever. Not to mention, it's possible a recession is up and coming and if it does , it can help bring prices down
A person needs $4 million upon retirement to have a comfortable life anywhere in the world, but in my opinion, investing in the stock market rather than Canadian or Indian real estate will have a detrimental effect on our finances.
Sincerely, this movie has made it easier for me to understand what I require. Before making the move, I still plan to schedule a session with my qualified financial analyst. In any case, I'm quite appreciative of all the knowledge I gained about the real estate industry.
Before you retire, make financial market investments by distributing a modest amount of your portfolio, keeping abreast of market developments, diversifying your holdings across asset classes, and thinking long-term to balance growth and risk. Does my visit with your broker need to be scheduled?
Blah Balh reading in the coffee. UA-camrs, especially realtors who don't profit from real estate in this market, want to talk about things to make money. In the end, nobody knows, but consumer sentiment plays a significant role in real estate, with 80% of homebuyers believing that this is a bad time to purchase a property.
I feel sorry for our nation; low-income people are struggling to make ends meet as everyday increases in inflation and recession force many families to forgo even a moderate standard of living. *Leah* *Alderman* *Foster* she is my F.A
The whole world is experiencing inflation not just here where we have the best economy. Food prices will continue to go up every year because of global warming destroying crops and hurting ranchers around the globe
Why does everyone say “oh when interest rates fall everyone’s going to rush in” honestly builders are offering 5% interest rates on brand new homes and they still can’t sell anything. ITS NOT THE INTEREST RATES, ITS THE DAMN HOME PRICES ! Ughh
Agreed. People salaries of 51,000 or 60,000 can’t afford the prices plus insurance rates
Also in 2006 people were saying "it's the new norm"
Number of issues contributing to this. Sellers not accepting the new reality. The out of control HOA's, property taxes and the pretty well known insurance crisis. The last couple of natural disasters being that close together have made out of state buyers think twice. I think if the Champlain Towers South condo building collapse and Ian didnt happen so close together, the insurance landscape would be different. The job market in Florida has always been bad but never this disproportionate. Its really tough to bring kids there and expect them to make their own way. Now you don't have young home owners who are in their prime contributing to the economy. I lived in FT Lauderdale in 99 and truthfully, the state just isnt the same. You could live like a king back then for very little. The traffic alone is reason not to live there. I hope the state turns around. I'd love to be there when I retire but from an investment standpoint, the overhead to live there is way more than a normal retiree should consider.
@@CreateNowSleepLater we live in cd tral Florida. Sumter (sur r onded by Marion and Lake COs. Business here and jobs are everywhere. Can't get enough employees. Need qualified trained skilled labor. BTW a GOOD waitress/er can make $70k or better. With many tipping cash, it can net out well. S. FLORIDA is so overpriced that it's driving out long-term residents. Fortunately it's driving out many of the northern lefties too who've come here in tgd past few years to escape their distopian hovernmdnts but are trying to bring their politics here. Duh ... I don't get their logic.
Yes thos HOAs. I know people who had to sell their paid off homes due to rising HOA fees. That’s something else that needs to get under control
Many sellers do not have to accept the new reality. Second homes and vacation homes can wait, keep a big sticker on it and hope for rain. Use it from time to time. No reason to capitulate!
@@cultcompound6679 I suppose if you have that kind of disposable income. In the sub 350k range though? Maybe. Either way, it doesn't look like its going to straighten out any time soon.
I'm looking around the central Florida area and the thing that trips me out is a ton of homes for sale just previously sold in 2022 & 2023 .. yet sellers are now selling again and asking double what they judt paid 12 to 18 months ago lol. Its like what are you smoking thinking the place you bought for $175k in March 2022 is now magically worth $305k??
Yhe homes are empty in the photos. No personal items. Maybe lazily staged or computer cgi staging. But nobody's living in the bulk of these homes which tells me it's either investors or air b&b owners that aren't getting the ROI they anticipated and are looking to get out of these houses. But they're mental thinking they magically appreciated so much in a year haha
But but but #Lifestyle and #Amenities.
😂
I just seen an ugly property in lauderdale that was sold in 2019 for 90k and today goea for 400k with o updates done a house from the 50s 😮😮😮 who is so crazy to buy something like that?
To build now costs much more than in 2022 because of the cost of carpenters, electricians, plumbers, roofers,etc. They all cost twice what they did then.
Greed and Fear drive prices. Sellers greed will be overshadowed by their fear when their “investment houses” don’t sell after a few months.
@@unknowndriver6652What Street is it on, how big is the yard, what’s the square footage, does it have a garage, is the foundation, AC, and insulation good. Is it sewer or septic system, how old is the roof and electrical system. If the price is very negotiable and it’s in a good area, my son & daughter in law might be interested in a year or two, but they really like Plantation. They both have good jobs and aren’t moving.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
I recently sold my home in the Boca Grande area and am considering investing a lump sum into the stock market before the anticipated rebound, couple of folks have been discussing a potential May rally, speculating on which stocks may experience substantial growth during the festive season. Do you have any insight into which stocks these might be?
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after going through a difficult divorce, when my business was struggling, and I needed a financial lift. After some research, I found a licensed advisor who worked tirelessly to grow my reserves despite inflation. As a result, my reserves increased from $200k to around $580k.
I’m intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
The continuously changing economic conditions in our society have made it necessary for thousands of peopleto find additional sources of income. Personally, I am looking at the stock market to fuel my retirement goal of $2m, my concern is the recent market crash.
buying the dip has proven to be profitable although for majority, the solution to their problem can be found only in specialized knowledge hence they seek guidance from well experienced advisors
Agreed, despite my rookie knowledge of investing, I have a financial advisor who did the trick in a bit more than 6 months after a lump sum capital of $500k, and I've so far made a fortune. I'm now buying real estates, gold and silver as advised by my FA.
To be honest, I've been wary of banks for a while, but I wasn't sure how to speak with an advisor first. Please let me know who your adviser is if it's okay; I need some recommendations.
Vivian Jean Wilhelm a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Ocala is a hot, congested traffic jam! Sun from above sun from below shining off all the concrete and if there is a breeze it is hot. I was born in FL and lived here two years.
Most people I know who work in construction are telling me that work has gone down a lot and that prices are going to go down.
We need foreclosures to come back to drive average prices down
Trust me…they’re coming and FAST… I’d sell ASAP and if a buyer…wait 6-9 months for the 40% reduction in price ! Just sayin’…
Prices haven't caught up yet....they're not accepting reality...I've seen several FL posts on here...they've all been saying in the past week....inventory is increasing ..by big numbers
cheaper areas are cheaper for a reason.
Yea if you look at prices of homes they are back down at 2022 levels but things is more new homes and high end homes make up what is being sold so they are pushing the avg price up. Same thing happened on 2006 (remember scene from margin call)
What’s happening is, realtors manipulating the market. Simple. They advise the seller not to drop their price. If not, they find an investor willing to pay their inflated prices or hold till someone pays their price. Half a million for a small two bedroom built in 1965 in Miami. Super over priced.
with all the insurance companies pulling out of Florida and the super high inventory and every condo in the state up for sale its just a matter of time until you see prices come down dramatically. I bet you see 500k houses selling for 250k by this time next year.
Spot on
The prices always lag behind the economic indication due to the fact that the houses are listed at higher prices that would be reduced later as they linger on the market.
The median value is much more important than the average sale prices. We need to know the change in the median price.
I think the main thing is unsellable inventory. If it is not moving, ever, there is no reason to drop the price. Capitulation is only a move you make when you have to move, not when you can sit on an empty condo and pretend.
I just have to point out that this is a little misleading. Homes might be selling for “97%” of the MOST RECENT listing price (after it’s been reduced for months and months, but they’re selling for nowhere close to the ORIGINAL listing price.
I get mailers from local realtors every week, noting the small discount from the “listing price” compared to the sales price. This completely misses the reality of the situation.
For example, we had a home in our neighborhood sell for $1.2M, with the last listing price at $1.25 - But it started out at $1.5M six months this ago. Calling that a “4% discount to the listing price” compared to the reality that it was actually a 20% discount to the listing price.
@@jamesdeininger3759 yes, that’s true, many have been reduced, but median time to contract for single family homes in all of Florida for June 2024 is 35 days. Florida Realtors Sunstats (where I get my stats) doesn’t monitor how many price reductions have taken place. But in 35 days - chances are, not many.
We just had a house sell almost immediately for listing price which was not a low listing price. Yet another house is having problems selling (for various reasons in my opinion). I think vs 2020-2023, people are pickier about the house but prices are holding on the better houses.
I found several nice homes on satellite island in the 350 to 400 range. If you don’t want waterfront it’s not too bad. It’s the insurance that presents a problem.
Sellers are thinking they can still sell at last year's high and they don't understand homes are in a bear market right now. They better sell fast even if it means knocking ten grand off per month until the house sells. Sell sell sell!
This video was excellent. Thank you. I loved the way you shared hard data with multiple points of view and really talked through it without boring me to tears. Good job!
@@cecilbatt11 thank you 😊 for watching and commenting
I love your channel!! I currently live in the panhandle of Florida. In my area, what I am seeing is a large inventory of homes (including condos) for sale and they are on the market much longer than they were a year ago before they sell and it seems as though homes are just not selling right now. So I think that “location” in Florida makes quite a difference in statistics…
@@annmarr4756 absolutely - the regional differences within the state are huge!
We’re not wealthy by any stretch, but we paid cash. This was not our first home though.Almost all of our friends and neighbors are mortgage free. I think you will find that true in most of the ‘nicer’ retirement communities.
I'm speculating to buy a property in Florida I'm from California. I'm retired with a small business. I need to do my due diligence and this is helpful.
Make sure to buy in an X zone if purchasing a home, the higher the elevation the better.
I been here in FLORI-BLAHHH for 72 years , as we will be the New California in 5 years and also South Fla will be under water in less than 50 years . We have the 2nd highest car insurance in the US , plus now property insurance , flood insurance are climbing . Houses are NOT Affordable for the young adults that are starting out , and its a shame even are kids are educated with good jobs don't qualify . Most of are young adults children are living with us . The ratio of people moving to this Hot -Humid -African dust State is 2 to 1 , as more than 700,000 people moving here from the NE and California , 500, 000 people are moving out of this State as they are moving to GA, SC , NC, and Tenn . I just put are house up for sale to move to a small mountain town in WNC to get away from these rude , Snooty people from the NE .
I couldn't wait to get out either moved to rural Georgia
Here in the Cape Coral (SW FL) area for sale and rental signs popping up all over. Tremendous numbers of new homes and apartments going up ( some in flood vulnerable areas) . In 37 years here I have seen boom and bust ..... No one seems to learn.
Are similar house sales going up or is the average going up because no one is buying the cheaper homes.
Prices will keep going up and sell demand will be down. It’s just a sales tactic. They are increasing there is sensitive, but that won’t bring no one in till the recession happens.
Lots of factors. Climate and insurance are also issues. Think only the very rich will be able to afford home ownership, or the losses if/when the state becomes unlivable because of storms and floods.
Inflation is inflation, You cant make all the money disappear that fast, there was a lot of it. The money you had pre inflation was worth more money than it is today by quite a large percentage. I dont think its ever going back to 2010 prices. My fathers beach house in the 90's was 300k now its 9 million. what's that tell ya about the value of our currency. 20 dollar rolls of toilet paper. Country is not going to recover like people think.
Prices are still up because there are still buyers wanting the awesome florida lifestyle.
The supply and demand principle will ultimately prevail.
The day everyone refuses to paying these outrageous asking prices this nightmare will end.
Florida will not go back to pre 2021 prices when it was a bargain. The job market has changed and many people can work virtually. People are tired of paying state income taxes and if they have the money will still move to Florida. If you sold your home in the northeast you can afford to still buy a place in Florida cash, plus retirees like the no tax on pensions, good healthcare and the weather. The insurance issue is the big problem and rising real estate taxes. I see a 10% correction at most.
we dont have state income tax, which makes the pensions non taxable at a state level, but they are taxable 100% at the federal level, good health care? compared to what and where, tell me where you got your crystal ball so I can buy one two, what statistics make you say a 10% correction, all you said was glittering generalities all with subjective reasoning.
@@darrenoliverio7259 Did you read what I wrote…I stated there is no tax on pensions in Florida which makes it attractive. In terms of a “Crystal Ball”…well you sound angry. Of course it speculation, no one knows for certain what the correction will be or if there will even be a correction. If you don’t want to hear “opinions” then don’t read the comments or even look at the videos on UA-cam…
Exactly. These prices are high for Floridians but not a retired person who just sold their 1000sq ft house up north for 900k.
I think people will find other areas to retire
Like California or the moon?
Not sure if cash buyers automatically mean wealthy. If someone sells their paid off home and buys another one with cash, it doesn't mean they have a lot of other assets. Retirees often fit this category when they sell the family home and buy a Florida condo.
Things seem to finally be slowing some in my area of North Florida. I am starting to see some small markdowns on new homes, and some of the cheapest new homes are sitting longer. They were being sold so quickly that none were ever posted before they were sold. Seeing existing homes sit longer before selling.
I have a good income for the area (more than the median household income for the area), but the interest is so high that affordability calculator tells me I can only afford 200k. Which is basically the price of a small place that needs a lot of work. And my rent is going up over $300.
@@artemismoon7655 look into assuming someone else’s loan who bought when rates were low. withroam.com is a great resource for that. You can set up a time to talk with me if you have any questions.
Remove the data for the “condo repair” debacle and you will get a more better reading. Maybe thats why the home prices are sticking. But dropping for condos.
Florida home prices will plunge. Too many better choices at these levels.
If you have to deal with overpopulated areas, lines out the door at supermarkets, your doctors are overwhelmed so it’s 7 months for an appointment, home insurance, car insurance, taxes and hurricane worries…..is it worth the price if you are retired? Can many or most retired people do this?
@Nothing-gw2fb Maybe not plunge. The rich will have to continue to buy multiple homes just to buy them. If folks are not prepared to pay high rent, they will have to compromise. The rich rely on the moves and capabilities of the vast majority on the long haul. We shall see how it pans out and will be dictated by reality.
You may have paid more than market value to be able to own a home, while interest rates were very low.
You don’t want to lose money by lowering your price and are relying on lower interest rates to return.
It’s time to steady the course.
You need to state “what average”. There are three types of averages. The numerical vs Mean are widely different.
I agree it’s expensive, but living on the coast is expensive in any state…
Your videos are very informative. I just renewed my leases in Longwood as I wait to see what the market does for the next 15 months. I love the Orlando area, but it may be time to leave.
Orlando became trashy
Move to Palm Bay
My house went down by 40000 over the past few months. Im in central Florida.
Floridas housing prices are ridiculous. The salaries do not match the home prices. Not to mention rent is crazy, taxes high and home owners Insurance through the roof!
Very good video! Thanks for providing all the facts unlike other people who blindly say prices will keep going up, or that prices will crash. The affordability here is definitely continuing to be a problem and I am very curious how things will go. Very surprised you're channel doesn't have more views!
@@Juliozev96 thank you!
Homes won’t drop in price until the banks take them back and put them on the market. Otherwise you’re going to give someone what they owe for the most part.
I just Googled average home price in Florida as of July 26 2024 it said 398k...Where do you get $631k..
@@michaelhurley545 sunstats, average sales price
Prices will fall people just haven't accepted it
My house went down 40000 in appraised value in the last 3 mths.
Inventory of unsold homes rising fast, prices not budging. To me it feels like the brink of a depression.
All I can say is I’ve been following rent prices for a few years now. I am seeing a high increase in reduced prices north of South Florida and inching its way own. I wouldn’t even accept a house as a gift at this point what with insurance price scam, taxes and city grifting homes away from people with bogus code violations. I’ll just eat my popcorn and watch. Truth be told the City and State own the house and they can take it when ever they want unless you have the money to defend yourself. And that’s not mentioning stupid condos and HOAs.
Dropping in my community in West Palm Beach
People who dont really need to sell just seeing what they can get
Great video, true facts. Personally I have known about people buying cash and I also personally know people who has bought recently with mortgages with this current interest rate and still are SO happy, and I know people waiting too. I think, if interest go down, it might be a stampede of buyers facing higher home prices and the chances of actually getting the house they want would be less, plus the realtor commission... realty is, yes, there is people moving out, but there is also more people moving IN, a collapse? I don't think so. The affordability will possibly come from lower interest rates, tax reduction, less inflation, not so much from home prices crashing. Either candidate wins the election FL will still be the preferred destination , either for refugees from other states as it is right now or for people who just align with the spirit of FL and love to walk around in sandals all year round.
Wondering if I should get a mortgage now or wait for a crash in Tampa?
The short answer: If you think prices are going to crash/drop drastically, then you should wait. If you think that interest rates are going to go down (which will push prices and competition up) you should buy now, and refinance later on.
@@OrlandoandBeyondwithKrista so then. Let’s say a crash happen. We will be paying more money to banks until houses growth again. But how long do you think that could take?
@systemxgame after 2008 they say officially recovery took 3.5 years. I think at least in FL it was a lot longer.
@@OrlandoandBeyondwithKrista that’s too long. My research including the us debt and brics makes me worried if the crash woukd happen. So i shoukd wait fir the crash
One more question. Have you noticed any signs of a potential crash?
+ do live q&a
@systemxgame I don’t thinking have the nerves to do a live.
Wheelestate in 55 and older parks is about the only affordable means of retirement left in Florida for the average working stiff to afford.
Housing Prices Will Have to Drop up to 40% and With That the Taxes and insurance will Drop and That is When Florida will become Affordable again...
Too Many people are still trying to Stay on that 22" inflated market
People just keep disregarding the law of supply and demand! They think it doen't apply in real estate. The fantasy about home prices coming down because of the new changes NAR is implementing will backfire with that expectation.
I have dropped Florida off my list of pkaces to retire to. Currently overpriced, high insurance rates and overbuilding. Home prices would need to drop 50% for me to even consider it again. SC looks like a bargain now.
Small inventory and everyone is locked in low rates since covid
It takes some time for sellers to get desperate
Corporate investors will simply buy even more houses then they already are.
Prices won’t be coming down. As the population grows, demand will remain high. Retirees can afford to pay cash or a large down payment while locals can’t. You need to realistically make 100k a year here to buy an average home and most people working don’t come close to that. Heck, even 4k a month after taxes you will be living check to check awhile renting an apartment and unable to save up
I make 200k and I can’t afford anything in South Florida.
@@manuelfabbri7650 same. Made 204k last year and can’t afford anything. Need over 100k down
If the homeowner really wants to sell they have to drop prices. But I'm sure they are gong to start the price like we are still in 2021.
2021 prices are probably accurate prices for 2025 almost 2025. It's not like inflation stopped. A house worth 200k in 2019 should be worth an extra 50k or more simply due to inflation between 2019 and today. I'd say 300k is probably accurate of a 200k home in actuality. Seems a lot of people forget about inflation in this discussion. Every single thing cost more due to inflation. We just underwent historic inflation and it's still higher than normal.
Florida prices are too high for Florida residents. But people have to buy anyway. So now we have people who have bought in the last few years at extreme prices, with extreme mortgage rates. And now the insurance crisis (thanks roofing scammers, again for that) makes it so that people cannot afford the required insurance on the house they sink more than 50% of their income into. This all spells DEFAULT. One major storm, and everything crashes. The short-sales have already begun. When the common people who didn't have the cash stop making payments, the market is going to crash since the banks are going to be flooded with property. Lets see how that competes with a 60% increase of available homes none can afford to buy.
Don't you believe the roofing scam is the only reason insurance skyrocketed. It's a scam. They got bills passed using they excuse that makes it harder for you to get a claim thru. It was a big payoff. They told the state if you pass this prices will come down. They didn't. But it's law now so they can keep profits without paying for your damages. The companies that left largely left at the request of blackrock to run up the market in Florida especially since at the time DeSantis was considered a major candidate for president. Blackrock manages trillions and forces companies who want part of them to follow dei initiatives. Given DeSantis stance they had a lot of companies leave the state for political reasons.
2:11 how can New York not be on this list 🤔
@@augurcybernaut4785 a couple of people commented this - not sure!
with inventory up its really a great attractive buy for corporations who have a cash cow business. So rentals is the way and rent always goes up and is not capped. to even qualify for a loan is difficult now. Home insurance is a major factor for increases for homeowners. mandatory home insurance by the bank for a mortgage or an HOA . The HOA laws are very powerful here and at least 49jpercent of communities are HOA driven. There is no oversight for the board members and litigations the only recourse for a bad HOA board. an HOA is allowed to foreclose on a homesteaded property and the homeowners cannot sue the board members and that is Florida law. condos will turn into a rental community soon if the increases do not stop on the amendments and mandatory reserves and coastline properties. perfect for a large corporation to purchase to change it into rental properties. There is a beginning of exodus of the youth and talent in Florida because of no affordability. other states are becoming more attractive. we have new yourk prices with Florida salary. alot of retirees a finding out they cannot afford to live in Florida anymore. We have a big problem with the commissioners giving increases to the electric company FPL and homeowners insurance companies and the bank does not have to carry the insurance on the mortgage even though it holds the note and can call in the note and resell the note. so many risks and not in the favor of the people. regulation is so important and oversight and enforcement of rules and of course it can be litigated in court at the expense of the community. An HOA can take out million dollar loans without the approval of the community and according to the supreme court of Florida the HOA can foreclose on a homesteaded home because the home carries a preexisting lein to the HOA. its a battle against the lobbyists who have agendas that are not in the best interest of the people and lobbyists are constitutional. we need lots of changes to favor the people and keep our talent (nurses,. teachers, ect. here and I am seeing alot of talent from india being employed here in south Florida by companies.
No matter no one’s opinions …the math is not mathing!!!!
It’s always bubbles up before it bursts it’s about to happen
Home "sales" price, the only homes selling are the expensive ones
Real estate cannot be bottled or averaged. Desirable location, location, locations are pulling above average pricing and are in short supply. 3 car pool home on 1/2 acre or better is gold plated across the state and hard to find south of $600k. This is also what the average full time senior home buyers are looking for. I think the less desirable locations, smaller .25 acre, 2 car, starter community homes are way over priced and will see the largest pricing correction. These homes are also representative of the majority of new home construction but not representative of what the average retiree buyers are looking for so these sales lag. Prices may lull OAL but I am not seeing a crash, quite the opposite. As stated, cookie cutters need to see a dip but the desirable locations will continue to rise.
$400k is not affordable. Affordable for me is 2020 or earlier for a family of 4. Around $200k, the home has to be no less than 1600 sqft. of living space (not including garage). To make 1600sqft work ill need minimum 3 acres. Im so worried Ill never be able to comfortably afford my own land and home.😢 im 40 so it is looking very grim. Most of my family lives in the Ocklawaha area, super rural, but some big shots have bought huge tracks of landn then subdivided them, this increase the price of land even land that is still undeveloped or in its natural state. No HOAs are present there. But these new houses on .25 acres are selling in the 300k range and are small 1400 to 1600sqft. Not to mention they are ugly LoL. I want a home in the Japan and phillipine style (100% concrete construction with entirely flat roof that serves as a roof deck for leisure) and the groundfloor under the house is for parking. But I imagine that would be way out of my budget even though its only upto 1600sqft.
Private Equity Firms & Mom/Pop investors can buy a property for $85K and put it on the market for $500k with none or minimum improvements to the property!!!😳😳😳😳😡😡🤬🤬
Nothing stopping you doing the same thing
No one will buy these crap
@sarahleeblanc8274 So then the investors won't make any money and you will be happy.
I'm seeing modest 3bd/ba purchased for
@@rayraygoreng6264 where is that?
Median of 426,000 is NOT affordable.
CRASH!!!!!!!!!!!
One word "DEBT" these homeowner cannot sell because they do not have the money to pay off their mortgages. More time will solve this with record breaking bankruptcy's and foreclosures in 2025.
do not buy right now, prices are coming down soon
If the Canadian Dollar collapses you will see the biggest collapse in Florida real estate measured from top to bottom *EVER* the good news is the Florida Boating Industry tho.
Quantity of homes on market or the interest rates on mortgages have NEVER EVER EVER NEVER played any role on home prices. They never did, do not and never will. It is a misnomer, misinformation, lie propagated by those with skin in the game. Home asking prices are not determined by what people are willing to pay. They are determined by what people want to list them for. Bob and Susan want to retire and have $120K in their 401K and $6K in their savings. This is exactly why they are listing their $56,000 single wide mobile home built in 1952 that is literally held together by a blue tarp and duct tape for $1,300,000 hoping there is a moron out there who will actually pay those prices. And even if they lower price by 90%... it will still cost $1,300,000 too much. Next to Bob there is Samantha who is like ohh they will never sell it for 1.3 million, I am going to list for $988K... a 1962 home with $600,000 worth of repairs that need done. Next to them is a brand new house in subdivision listed for $480K and it too is not selling. It got built for $180K to sell as $240K but they list it for 200% expecting a moron to buy it. And morons keep coming so prices are not coming down because these gullible bafoons are coming en masse. Then those idiots realize they can't afford a $688K house on a $48,000 salary and attempt to sell for $775K to get out. Moment of reckoning can not come soon enough. This should be illegal to do what they do... ASK WHATEVER.
I like the floridians love to blame northerners like people ftom new york, and also blame california at the same time they say these states are sh*t hopes. If it is bad how are they able to buy properties? Maybe wages are better? Better labor laws? I think florida needs to prioritize some things and it has to be wages and labor protections if they want to afford life down there.
I think that once the Florida real estate brokerage cartel is tamed and forced back you will see some resemblance of normalization, untill then hold on to your ankles.
@@darrenoliverio7259 well that was…descriptive.
I can tell you right now that it's not 3% and inflation hyperinflation is here
@@brandtrosenstock 💯
So….
You don’t know what hyper inflation is then
People buy and sell……that way they make business…….they don’t care about who actually needs ………
2:10 This graph’s projected income data is unrealistic - Florida’s median household income is $73,500 right now, but this says it will be $51,377 in 2030?? Make that make sense to us lol
@@jamesdeininger3759 Look at Nevada and Hawaii, too. 😬
@@OrlandoandBeyondwithKrista - I’m unfamiliar with NV and HI - I’m just wondering where they got his FL data from. Average household income here is already higher than what’s stated in that graph, and will be much higher than that in 2030
@@jamesdeininger3759 yes - so they say it comes from “smart survey” and it uses federal income data and Zillow housing data. Let’s hope someone got it very wrong.
As of June 2024, the median price of a home in Florida was $427,000, which is just below its all-time high of $430,000
That list is a joke. NY "state" doesn't make the list but trying actually living in the NYC area. Good luck. Even if you had the money, there is likely a migrant shelter in a hotel about a mile away in which your life will be at risk...yet you live in a "good" neighborood. What a joke.
Here in Nassau County FL, in 2009 when we moved here there were foreclosures all over the place. Then, newly arrived retirees, developers and realtors started to move prices upward. By 2020, everything was booming. Then, the Pandemic hit and everyday hordes escaping from California and New York arrived. Greed set in and it seemed like every week prices went up. Suddenly building materials were in short supply. New houses and condos were being built on every empty lot available. I built a 1200 sq ft house in 2019 for $280,000. As of today, Zillow has my house @$650,000😂😂😂 I’m not selling but even with a 30% reduction, I’m still ahead of the game. One fact is condos are absolutely not selling.
Im sorry but a lot of people think there is some conspiracy here. Probaby the same people who think a democrat is the answer. Home prices have always been decently high in Florida. In a good normal working economy with 2% inflation every home increased by 2% regardless of any other economic factors. Over the past 5 years, we have ranged from 3% as we are this month to possibly as high as 14% at the worst of this inflation. That means home prices went up with everything else because it takes more dollars to have the same purchasing power as 5 yrs ago. And the fed has zero intention nor is it even allowed to deflate the economy. The target is to continue inflation at the preferred 2%. So while some of the prices are indeed supply and demand much of it is infact location and inflation. It takes 300k to buy what was 5 yrs ago 220k. Facts of life people. Dont like it start thinking before you vote, start thinking before you beg the govt to print 6 trillion dollars. This is not exclusive to Florida. Same people complaining and moving to states like NC are doing the exact same thing to their real estate market northerners are doing to ours. You sell your florida house and flush with cash buy in NC. What do you think will happen there. And due to inflation their homes are also dramatically increasing since 5yrs ago. This is nationwide not just Florida.
Bla bla, rents are going down , vacancy rates going up, classic signs of entering to recession phase of the real estate cycle. The discopling between income and home values cannot go on forever. Not to mention, it's possible a recession is up and coming and if it does , it can help bring prices down
A person needs $4 million upon retirement to have a comfortable life anywhere in the world, but in my opinion, investing in the stock market rather than Canadian or Indian real estate will have a detrimental effect on our finances.
Sincerely, this movie has made it easier for me to understand what I require. Before making the move, I still plan to schedule a session with my qualified financial analyst. In any case, I'm quite appreciative of all the knowledge I gained about the real estate industry.
The rate will likely be zero in a few years.
Before you retire, make financial market investments by distributing a modest amount of your portfolio, keeping abreast of market developments, diversifying your holdings across asset classes, and thinking long-term to balance growth and risk. Does my visit with your broker need to be scheduled?
Blah Balh reading in the coffee. UA-camrs, especially realtors who don't profit from real estate in this market, want to talk about things to make money. In the end, nobody knows, but consumer sentiment plays a significant role in real estate, with 80% of homebuyers believing that this is a bad time to purchase a property.
I feel sorry for our nation; low-income people are struggling to make ends meet as everyday increases in inflation and recession force many families to forgo even a moderate standard of living. *Leah* *Alderman* *Foster* she is my F.A
Wish the video would have stuck to median prices only. What Jeff Bezos can pay does not effect the price of the homes most of us can buy.
@@JBoy340a noted, thanks. Moving forward I will use median when available. You’re not the only person who made this remark.
Efficiencies galore lol 😢
Yeah all these cookie cutter homes are being built. You wouldn't think they would cost much.
LOL
Oh Florida…..
LOL
Stimulus to infinity. Inflation to mars.
The whole world is experiencing inflation not just here where we have the best economy. Food prices will continue to go up every year because of global warming destroying crops and hurting ranchers around the globe
Because it's a scam..
#BringYourRobots
Because your data is wrong
also thanks to desantis a home in florida is no longer an asset but a liability ! Vote blue