I have been stating your information about Real Estate, to a friend whom just purchased a a Condo...& paid full price !! I said ..." You're not listening to the research and variables that are happening in the Real Estate Market! Wait until at Lear Summer.... . Your informative message fell on deaf ears. Michael. Thank you for this most interesting video. Have a great day. Love thecsceneryb🌟🌟🌟🌟🌟🇬🇧
Michael, anyone that follows you knows you don't have to explain yourself. Ever. Just do what "YOU" do and your 'real' viewers will be on board. Your content is fabulous and you've made it clear when discussing your area that 'local' factors apply. I don't care where anyone lives these TIMES are going to get us all. Not only in real estate. Other local factors will apply. Keep waking people up.
PROBLEM 🤔,, except I keep dissecting his videos pointing out how he ALWAYS misquotes headlines, I do this in detail, bullet form, point by point using actual data from the supposed articles he is quoting. Notice he ALWAYS makes general statements and NO Links to the articles he is quoting. Two videos ago I tore his entire video to shreds, EVERYTHING he touched on ,, saying things are falling apart was simply not true. READ MY COMMENT(S)..
Agree +1 don't feed the trolls, ignore them. Anyone who says you're negative doesn't know the half of it--you could turn it up 10x and you'd still be under-spoken--this situation is REALLY BAD. Prove me wrong .... anyone.
Michael, I will never understand how people think. Your content is extremely educational/ helpful, and yet, you get criticized, as if free education is a bad thing. But then, we have to remember, there was a nation wide poll on November 3rd of 2020… a poll to see how many American adults are dumb, and we concluded that there’s 81M of them. Thanks for the research you do to share with us.
I don't see many people complaining about the content or criticising Michael. I think most are venting about the situation in general. I know I'm frustrated that my home only appreciated at the normal 3.5% annually since the pandemic while at the same time Florida homes have doubled in price. I'm originally from Florida and have been planning to move back for years. Just bad timing that retirement and this whole debacle lined up.
And that is "the best case scenario" we have 81 million people that are dumb, asleep or both. Stupid/Dumb people are actually thee most dangerous people to be around. This is why the armed forces have a minimal I.Q. score they can accept because there is a threshold of stupidity where it becomes a serious liability to life because even a good hearted dumb person can accidentally kill a battalion with a smile on their face without realizing they did so. We don't have I.Q. scores for voting because dumb/stupid people are an asset to politicians rather than a liability.
@@overbuiltlimited … you probably think I just decided to say that, when the fact is that it’s exactly how Michael started the video, talking about the Crying Closet Superheroes.
Precisely why we moved to panhandle. Still old Florida (yes winters r a bit cool). Southern tier is soooo congested. I went to school in Cape Coral in the early 90’s… it was AMAZING. Hardly a soul.
"You get fined for riding a scooter on the sidewalk, but someone can take a dump in front of your house, that's fine", had me rolling with that line! SF is a hellscape.
It’s awful what has happened to San Francisco. It will return to a great city someday. However, the leadership must change. I think Newsom & Pelosi’s power is dissipating. They are gradually losing support. The people are beginning to wake up. I use to love to visit San Francisco with the family. The wife won’t go and doesn’t feel safe anymore.
@@Chas1160 I think you are exactly right Charlie… Sadly, many of the brainwashed liberals there in those cities just were not thinking straight following the narratives blindly and believing that the government actually was on their side sadly…. Yes, luckily through avenues like Twitter (since Elon took over & stopped much of the sensoring) and UA-cam, people are waking up more and more and seeing just how much people like Pelosi and Newsome were only out to benefit themselves and not actually represent the people’s best behalves. 👍🏻😇
Hi Michael, Those fools are simply living in denial and will have to learn the hard way. Love your videos because you are actually telling us the truth. Thank you so much for all your efforts. I know making these daily videos is not nearly as easy as you make it seem. So thank you again.
People's mentality is if it doesn't happen overnight it's not going to happen these are the people who buy the top of everything and are completely in shock when it does happen
I’ve been advising clients not to buy for a year now. If home prices fall 40% we would be pre plandemic home prices. Properties are holding currently with few decreases. I think many are waiting to drop their list price in April/May when snowbirds leave & seller is desperate. Again depends on location. The wealthy (About 5 million and up)don’t have to wait it out and haven’t been. Hello again from Naples. 👍
As a Brazilian living in southern CA, everything you are saying is true! SF is outrageously expensive and the amount of homelessness around is insane. Taxes are super high and job offers are dropping drastically within certain fields.
My wife and I were driving to our favorite surfing beach, and took notice of a new HUGE SFH construction site just off of I-95 in Melbourne. I'd guess there are about 250-300 homes being started at once! I don't know who they think is going to buy these, considering the thousands of finished new homes currently on the market with no interest.
I moved to FL from NJ and I’ll be honest I feel ripped off with the price of housing, Hazard ins, and HOA fees. It costs as much here in FL for a decent house than it did when I left NJ. Told my wife today pack your bags we are heading NORTH….To Alabama…Roll Tide. And that masshole was full of it.
Agree it's coming down. Condos are going to crash bad and eventually even be worthless because the maintenance costs, insurance and property taxes will exceed what you can rent the condos for. When this happens you can't give the condos away. Insurance rates for condos are going through the roof as well as the cost to maintain them. If you do have to buy make sure it's a house and not a condo. At least with a house you have the land.
A lot of these real estate investors (individual, institutions, Corp. etc) pushed the prices up due to low rates. If they couldn't produce cash positive the last 3 years it is impossible the next 3 years going forward with higher rates and high prices.
My area ( north central Texas ) is flooded with new construction. Houses have been sitting on the market for months. However, I think they are still way overpriced. Still, the builders are building more. I guess these plans were already under way when crashing began. I have no idea what they will do with them. This area has definitely slowed down regarding purchasing.
RASM (Realtor Assoc. Sarasota Manatee) stats came out today. Sarasota (year over year January) single family median sale price (-1%) condo (+19.3%); Manatee single family (+5.4%) condo (+14.6%).
My condo maintenance fee for a 1-1&1/2 went from $265-$310. The outlook is not good and I may have to unload and just stay up north. Easier said than done. Come next November, I will be looking to fly back down. My cost have gone up, yet the place is dirtier and not as well "maintained" as it was when I bought in 2006. The government and insurance company's are driving people away. Foolishness is the look of the "new" Florida buyer.
@@151mcx I'm a fat old man. 74. I start with only a t-shirt and around 80 o'clock go full on naked. Tennis shoes and socks, shades drawn. Just me and a Florida born cat. We use fans and so far no a/c. It's been a warm winter, but think of it in terms of dollars saved. Enough to keep fuel in the Deville.
Hey Michael, Great Content once again. Usually, haters are jealous people. They are probably the same haters that come back time after time and give nothing to the conversation other than hateful content. They could also be your competition in disguise. However, look at your subscribers! I think I joined around 35-40K or so and just in a few short months, you have really expanded your audience and that is something to be proud of!
Thank you Mike yes, I know the haters have their own issues there wrestling with. It’s fun to joke about them every now and again. You’re right the sub count keeps climbing!
Michael, I am checking home prices for homes in Orlando. FL homes are sitting on the market for months, buyers are stubborn, but they will be forced to drop prices. Sometime later this year and the beginning of the next, investors will be getting rid of their properties. Ultimate goal is crash of %50
I enjoy your videos very much every time you put one out , I keep waiting to heard that the housing market in Miami is coming down significantly Lived in WPB for 32 yrs, we moved to Atlanta Suburbs in 2006, but we miss South Florida very much, we kept the small house in WPB and is rented with the same person, for all these yrs(good tenant)but looking to move perhaps in the Coral Spring area, but mannnn the prices is crazy down there, our home here is 3500sqft and purchased for 250 back then, it went up in the 20-22 to 465k, looking at homes for 1300sqft is easy 600k down in Miami and not too great area either, and the salaries down south are not too desirable ,so we are stuck for now , so Michael hoping you give us good news later this year ,something a "normal person can afford 💰Keep up the good work .🙏
The real reason median prices are not dropping as fast is simply because of the drop in closings. It is hiding the truth. The fewer closing there are the more the higher priced properties can skew that number . Its an old trick used to justify higher appraisals . Once those properties are removed from the equation you will see a much more accurate picture of how much the median price actually has gone down in many areas. Truthfully you are doing such a great job! I watch you as one of several people i follow bc of the honest truth you always provide! I knew from way before this started to happen that we were in a massive bubble just by how absurd the industry types where hyped and refusing to acknowledge actual statistics and historical data.
Wrong, there are no tricks that the vast majority of appraisers use. I am sure there are a handful of dishonest appraisers that will always have tricks. The dishonest ones don't usually last very long.
Great point Tyler once we start seeing more home sales close if we start seeing that during the summer selling season that will give us an even clearer picture
Texas can't keep up with road additions due to people relocating from other states like California, New York, Massachusetts, etc....traffic is a really a big problem...
I too love tracking the desperate flippers online, it's funny seeing how some still think they can ask $1000+ per Sq foot when the comps are 20-25% below that. Keep up the good work, and thanks for showing your appreciation.
i like it when you walk in front of houses, NOT the park, because were talking about houses and im checking them out bigtime as you walk past them. Helps me gauge how much that area is really worth.
I invest in real estate where I live in Canada and have been looking for a way to move my business to Florida. I met with a handful of realtors in Fort Myers last week and all of them told me the market is strong and will continue to be stable. It's unfortunate but I have yet been able to meet a realtor that I fully trust.
@@JohnJohnCrusher There are a couple of things you have to grok here. Miami is an American city in the Caribbean. Venezuela has the world's largest oil reserves but has no toilet paper. The money that goes into Venezuela to buy "natural resources" makes a U-turn and comes to America. Because of AML/KYC rules---Anti-Money-Laundering/Know-Your-Customer rules it is nor necessarily straightforward to convert your cash into real estate. You have to overpay or go through a middleman or two. Once you have the property you can sell it and pay taxes on it. The money is laundered.
If a killer asteroid was hurtling towards Earth and we all had three days to live, a realtor will tell you the market has never been hotter and that the house will keep its value for as long as you own it. Technically true, since you only have 72 hours to live.
Thank you Michael for addressing everyday issues that effects our society ! I got a advice for Tech workers and rich people !Running from state to state it’s not the answer! You might have to run again! Don’t ruin other states and make it unlivable for locals who built it ! ! if you are rich stay and make a change where you are otherwise you might run out of states and have to run out of the country! “Just saying “! 🤔
I wanted to sell my condo in the summer of 2022 and move to Florida. Fractured my upper tibia in May of 2022, which ruined my plans completely. Now I’m stuck in a bad market and still not completely recovered from my injury.
The homes in our county of VA are still going under contract within an average of 3 days over asking price. 600k-1.4mil. A lot of new construction custom builds too.
Thank God I found your channel. I have been saying to everyone telling me to buy a house exactly what your saying in this video. I refuse to get screwed over paying for a house well over it's true value and never being able to sell it. I will stay in my 3 bedroom apartment until this housing market comes down to reality.
I subscribed the first video I saw on your channel, please don't change, your information, experience, expertise and delivery are invaluable and appreciated. We are seeing big value (to most of us) decreases, about 12% to 14%, $200k to 250k+ in Silicon Valley, we vacillate between the 6th to 8th largest economies in the world. Just wait its coming to you too.
Live in SF. Sure the downtowns are dead, however I worked remote here for years before the pandemic. The residential hoods used to be nearly empty during the day, now they are kind of bustling with activity, new shops, new lil grocery stores etc, it seems a lot of that economic activity just shifted to everyone's independent hoods as so many work remote now. Lunch time means spending the $ at the places on your block rather than the hipster 40$ salad place you don't really want to eat at.
I appreciate your commentary. Don't listen to the haters. Reality is reality. Also, people have to see that there are also pockets of areas where these price cuts aren't affected. I remember when interest rates were higher than they are now. When people need to buy because they need a house due to a job move or something, its always going to be a market for them. What is going down is that freaky frenzy we have had for the last couple of years and people seem to forget what was previously considered normal. Normal to good was a house sitting on the market for 4 months. Normal was interest rates higher than 4 or 5 % . It was not normal to have the amount of bidding wars above asking prices be the norm. I don't know if you read these but we just bought a house in Pensacola (2800sqft; 1/2 acre) originally listed for $380k in late November. We submitted a contract for 30k less in mid Feb and they accepted. This is for a home we are going to live in and retire in. Not investing. Not flipping. It needs fresh paint, rip out a couple carpets, it is not "instagram" new. Totally livable while we make our own personal updates as we go along. And its a stones throw from public access to the water to launch a kayak! Can't believe you can still find deals like this in Florida!
💯% right on point. As a real estate investor in the Northeast- there’s is tons more on the market now. There still is a lot of demand though, which is very interesting
I have been patiently waiting for prices to reach reality but every time they try to meet it the Fed rushes in to push them back towards the stratosphere. Homes here in Westwood Lakes are still selling for double what they did in 2018. Almost none of the houses for sale today have a sign posted. Yet you know where they are as the sellers cut down most of the vegetation, plaster over bricks, replace windows and paint everything else white.
@@tess7798they're not raising prices but they are making it harder to afford the monthly payment due to interest rates. I think that's what the person above us was meaning to say.
My fiancé, and I have been following you since before the pandemic! You have been so helpful on our journey, we can’t thank you enough! We are now looking to invest in Miami, and continue to look forward to your videos and education! Look forward to connecting with you soon! Thank you for all you do.
@@scottmoering9810 Scott, dear…. It is not the only kind of investment one can have, especially as a Miami native. Thanks for your engagement, stay blessed. 🤘🏽
Appreciate your videos, here in Phoenix were seeing homes sell again, with prices not dropping. Ive been supportive of the market crashing here but its not looking promising.
I love your videos and have been watching your channel for a long time now. Everything you said would happen in the real estate market is happening. You are spot on! Thank you, Michael! Keep up the good work!
2001 bailouts, 2008 bailouts, 2020 bailouts, 2025 more bailouts. The powers that be have insured the system against default. Stay the course long term and never sell a house and use the countless ways to turn liability into an asset.
Realtor here, i have seen prices drop significantly. 20%-30% drops easy. We were headed in the wrong direction, those bidding wars fueled by low interest rates created this peak that was simply unsustainable. Great content, thank you!
A new story I’ve recently seen is that the west coast market, including Texas, is going to see a significant decrease in prices but the east coast isn’t, because of how stubborn sellers have been. Imagine that, half the country crashes but the other half is home-free. I think people aren’t looking at the numbers and relying on websites like Fortune to tell them how to invest their money.
Depends on where you are at. In the Pittsburgh area where I live we never had the huge run ups that Florida and Texas did so if we drop it will be a small amount.
Hi Michael- I enjoy listening to you. You are very smart. This is and has been so horrible, what is going on in the housing market. None of these houses are worth these ridiculous prices. This is Terri in Hesperia (mobile home). I believe everything you say about this great big mess. Happy Easter Michael.
Gotta check out Lennar and D.R. Horton down in Homestead and Florida city, massive amount of building. On top of that lots of apartments getting built as well.
I would like to see realtors tune into Michael's channel and chime in about their market conditions so that the rest of the nation and the doubters will see the truth about the market conditions. I'm from St. Louis , MO. region . I see houses selling in a couple days while others sit for 2 months and the agents I talk to think that the rates are a little higher but there is still an inventory shortage. I tell them 2008 conditions are on the way and don't buy a big ticket items because you won't be selling homes like you have in the past 2 years .
Much love Michael! You helped me along the way with my move from NYC to Miami & now I’m convinced I need to own so me and the wife are thinking condo but your videos have really helped us stay cool calm and collected right now. Definitely want to stay in the Miami area so would love to chat some more on this if possible sometime, love your content and jokes bro always a blast tuning in.
when you have a bipolar market... the median is wild crap. that's always been the problem with house medians. first time buyers are world's apart from non first time buyers.
You think the sellers in Miami are nuts for the ridiculous prices there asking, look what these multi family seller's are trying to get. I think some of these multi family syndicators will be in trouble when there short term loans come up for refinancing.
Interesting how everyone is "fleeing" New York, yet Manhattan market rents are at a record high, vacancies are a record low, and the upstate cities of Buffalo, Rochester, Syracuse and Albany have very little inventory. New York does not have these huge brand new subdivision and new rental complexes that are all over the south and west.
I’ve seen most houses drop prices by 5% in the past week. A few increased prices by 2-3% for some reason. Many homes (ones on market for over 30 days) went off market.
This is just not the case in the Northeast. In southwestern Connecticut prices are still way up, inventory is limited and houses are still selling for over asking. Houses that still need work are $800,000. I see no relief in sight. There is no inventory here because we don't have big housing developments here. There's no land, just old houses.
What most of these ragers don’t understand is this is gonna be a bumpy road going up and down. Eventually going lower prices. It will take time. I am not a patient person. Yet patient I must be to see houses drop and market crash. Increase interest. A lot of places won’t be willing to loan. Too much risk for high price. I seen over 30 houses in my area that were apparently “sold” went right back on the market cause finance didn’t go through due to people not qualifying.
@ 24:30 The crash in 1990 and 2006 started out west and moved east. The exodus from California, Oregon and Las Vegas created the Florida and Texas booms but it's tapering off. Markets in the Northeast doing well like PA and DE are likewise people fleeing tax killing states for those nearby that are not as bad, preserving their jobs and trying to keep close to family.
Great content and info as always Michael… Thank you so much! 👍🏻💯😇 I’m also pretty sure that Massachusetts has now implemented the “millionaires tax” as well… So it being an overall liberal state it is already starting to drive even more of their own citizens out of MA too. Luckily, we are up in Northern New Hampshire where our particular housing market is still in VERY high demand and doing quite well still. 👌🏻
It’s starting to happen in Wilmington, NC & Myrtle Beach SC areas.Thankfully we flipped our Wilmington NC 2BR condo in Aug at peak of market. We got our asking price and sold in 2wks. I looked the other day a 3BR priced $20k more than ours ($545k) has been on market for 93 days…..
I'm in Grand Rapids Michigan and homes sell within 3-5 days and almost always go over listing price. My zip code has seen some dips but they have been going back up again the last 2 months! So I don't know what to think... I know its different in other markets, but crazy to see homes still selling so fast with higher rates...
Every one of those people will be upside down in their houses by this time next. year. Not everyone pays attention and a lot of people are bad with money. How many people waived inspections to get a house? I had a seller demand that I do that and I refused, so she sold it to some poor sucker who complied. Guess what? House had a massive termite infestation with significant structural damage. You can't fix stupid.
I just received an email from Toll Brothers, a large builder in Texas. 4.99% 30 year fixed rate mortgage, courtesy of them. We are in for a massive crash.
Michael one of the big topics that you touched on in one of your videos, but really needs a deep dive is the cost of property insurance. A number of reinsurance companies have reduced their exposure to Florida. This means insurance costs are going to be going through the roof for a number of years and also I suspect much higher deductibles. Bottom line this will be a permanent higher cost, which will be a drag on Florida real estate for years to come .
The BIGGEST Mortgage Trap EVER! Buy Now Refinance Later ua-cam.com/video/ifUMTPVyTVw/v-deo.html
Opinions are like assholes, everyone has one!
so are you hinting at a housing glut at cheaper prices going foward?
Michael, you are helping first time buyer fight for price afforablibity of home.
100% first off agents are about to be sued across the board they need to stop telling buyers they can refi after 210 days… dumbest narrative
I have been stating your information about Real Estate, to a friend whom just purchased a a Condo...& paid full price !! I said ..." You're not listening to the research and variables that are happening in the Real Estate Market! Wait until at Lear Summer.... . Your informative message fell on deaf ears. Michael. Thank you for this most interesting video. Have a great day. Love thecsceneryb🌟🌟🌟🌟🌟🇬🇧
Michael, anyone that follows you knows you don't have to explain yourself. Ever. Just do what "YOU" do and your 'real' viewers will be on board. Your content is fabulous and you've made it clear when discussing your area that 'local' factors apply. I don't care where anyone lives these TIMES are going to get us all. Not only in real estate. Other local factors will apply. Keep waking people up.
Agree.
PROBLEM 🤔,, except I keep dissecting his videos pointing out how he ALWAYS misquotes headlines, I do this in detail, bullet form, point by point using actual data from the supposed articles he is quoting. Notice he ALWAYS makes general statements and NO Links to the articles he is quoting. Two videos ago I tore his entire video to shreds, EVERYTHING he touched on ,, saying things are falling apart was simply not true. READ MY COMMENT(S)..
Thank you Gino I appreciate that and you are correct my friend!! we’re all going to feelfeel this. It’s not a matter of if but when
Agree +1 don't feed the trolls, ignore them. Anyone who says you're negative doesn't know the half of it--you could turn it up 10x and you'd still be under-spoken--this situation is REALLY BAD. Prove me wrong .... anyone.
Love ya Michael! Keep doing YOU! That’s why we all watch!
Michael, I will never understand how people think. Your content is extremely educational/ helpful, and yet, you get criticized, as if free education is a bad thing. But then, we have to remember, there was a nation wide poll on November 3rd of 2020… a poll to see how many American adults are dumb, and we concluded that there’s 81M of them. Thanks for the research you do to share with us.
😃😃😃 Probably more.
I don't see many people complaining about the content or criticising Michael. I think most are venting about the situation in general. I know I'm frustrated that my home only appreciated at the normal 3.5% annually since the pandemic while at the same time Florida homes have doubled in price. I'm originally from Florida and have been planning to move back for years. Just bad timing that retirement and this whole debacle lined up.
And that is "the best case scenario" we have 81 million people that are dumb, asleep or both.
Stupid/Dumb people are actually thee most dangerous people to be around.
This is why the armed forces have a minimal I.Q. score they can accept because there is a threshold of stupidity where it becomes a serious liability to life because even a good hearted dumb person can accidentally kill a battalion with a smile on their face without realizing they did so.
We don't have I.Q. scores for voting because dumb/stupid people are an asset to politicians rather than a liability.
Yeah, I guess I get an occasional one of those people watch my videos lol
@@overbuiltlimited … you probably think I just decided to say that, when the fact is that it’s exactly how Michael started the video, talking about the Crying Closet Superheroes.
So true, thank you. Prices in Florida are ridiculous. Too many people and now it is not peaceful anymore. It has lost its charm.
Precisely why we moved to panhandle. Still old Florida (yes winters r a bit cool). Southern tier is soooo congested. I went to school in Cape Coral in the early 90’s… it was AMAZING. Hardly a soul.
"You get fined for riding a scooter on the sidewalk, but someone can take a dump in front of your house, that's fine", had me rolling with that line! SF is a hellscape.
Yes, but it’s also a prime time to buy there
And it won’t be like that forever!
It's like that in Portland too
It’s awful what has happened to San Francisco. It will return to a great city someday. However, the leadership must change. I think Newsom & Pelosi’s power is dissipating. They are gradually losing support. The people are beginning to wake up. I use to love to visit San Francisco with the family. The wife won’t go and doesn’t feel safe anymore.
@@Chas1160 I think you are exactly right Charlie… Sadly, many of the brainwashed liberals there in those cities just were not thinking straight following the narratives blindly and believing that the government actually was on their side sadly…. Yes, luckily through avenues like Twitter (since Elon took over & stopped much of the sensoring) and UA-cam, people are waking up more and more and seeing just how much people like Pelosi and Newsome were only out to benefit themselves and not actually represent the people’s best behalves. 👍🏻😇
Most listing agents are pulling the pics off popular websites so you can’t see whether any work was done or not. To me, this is dishonest.
Hi Michael, Those fools are simply living in denial and will have to learn the hard way. Love your videos because you are actually telling us the truth. Thank you so much for all your efforts. I know making these daily videos is not nearly as easy as you make it seem. So thank you again.
Michael, you always provide great content. Thanks for keeping us informed.
Yes he does..
People's mentality is if it doesn't happen overnight it's not going to happen these are the people who buy the top of everything and are completely in shock when it does happen
That is so true Tony!
Instant gratification!!!!!!!!!
21:50 💯. I was told Florida would become the new California by someone 5 years ago. Now in 2023 it's pretty obvious that he was spot on.
I think everyone who has been waiting to purchase a home should go on a strike and not purchase for 6 months. I believe the prices would dive down.
Never would happen, but what a thing if it did.
More like at least a year, not 6 months.
Hear hear! I love that idea
Absolutely everybody could move in unison. It would take the market so fast it wouldn’t even be funny.
I’ve been advising clients not to buy for a year now. If home prices fall 40% we would be pre plandemic home prices. Properties are holding currently with few decreases. I think many are waiting to drop their list price in April/May when snowbirds leave & seller is desperate. Again depends on location. The wealthy (About 5 million and up)don’t have to wait it out and haven’t been. Hello again from Naples. 👍
As a Brazilian living in southern CA, everything you are saying is true! SF is outrageously expensive and the amount of homelessness around is insane. Taxes are super high and job offers are dropping drastically within certain fields.
My wife and I were driving to our favorite surfing beach, and took notice of a new HUGE SFH construction site just off of I-95 in Melbourne. I'd guess there are about 250-300 homes being started at once! I don't know who they think is going to buy these, considering the thousands of finished new homes currently on the market with no interest.
Illegals. They get everything else handed to them, housing is also a perk.
Hedge funds
MIchael we love you...forget the haters because they don't know what they are talking about. Sometimes the truth hurts.
You need to be able to take criticism. Otherwise youre your own worst enemy.
Well said
Thanks Ken that’s so true the truth can really sting!
I moved to FL from NJ and I’ll be honest I feel ripped off with the price of housing, Hazard ins, and HOA fees. It costs as much here in FL for a decent house than it did when I left NJ. Told my wife today pack your bags we are heading NORTH….To Alabama…Roll Tide. And that masshole was full of it.
I moved from NY to FL last year it's super expensive thank god we did not sell our home we are moving back!
Yeah, good luck in Alabama. 😆
@@juandiaz-we8du Thanks 😁😁😁 my 1500sq ft 2 story $500 a month HARD to Beat that and TWO airports 45 mins away and Free AIR !!
@@jimshoe402 air?
Move to Birmingham 😃
Agree it's coming down. Condos are going to crash bad and eventually even be worthless because the maintenance costs, insurance and property taxes will exceed what you can rent the condos for. When this happens you can't give the condos away. Insurance rates for condos are going through the roof as well as the cost to maintain them. If you do have to buy make sure it's a house and not a condo. At least with a house you have the land.
A lot of these real estate investors (individual, institutions, Corp. etc) pushed the prices up due to low rates. If they couldn't produce cash positive the last 3 years it is impossible the next 3 years going forward with higher rates and high prices.
My area ( north central Texas ) is flooded with new construction. Houses have been sitting on the market for months. However, I think they are still way overpriced. Still, the builders are building more. I guess these plans were already under way when crashing began. I have no idea what they will do with them. This area has definitely slowed down regarding purchasing.
We're watching same. Some outlier suburbs with new construction still yet to finish and in some cases even start. Pounce at the appropriate time.
My husband and myself listen to everything you have to say, thank you!!!
Thanks for listening!
RASM (Realtor Assoc. Sarasota Manatee) stats came out today. Sarasota (year over year January) single family median sale price (-1%) condo (+19.3%); Manatee single family (+5.4%) condo (+14.6%).
My condo maintenance fee for a 1-1&1/2 went from $265-$310. The outlook is not good and I may have to unload and just stay up north. Easier said than done. Come next November, I will be looking to fly back down. My cost have gone up, yet the place is dirtier and not as well "maintained" as it was when I bought in 2006. The government and insurance company's are driving people away. Foolishness is the look of the "new" Florida buyer.
Average Florida electric bill is pushing 300... So think about that cost before buying... Unless you can turn off the AC.
@@151mcx I'm a fat old man. 74. I start with only a t-shirt and around 80 o'clock go full on naked. Tennis shoes and socks, shades drawn. Just me and a Florida born cat. We use fans and so far no a/c. It's been a warm winter, but think of it in terms of dollars saved. Enough to keep fuel in the Deville.
Hey Michael, Great Content once again.
Usually, haters are jealous people. They are probably the same haters that come back time after time and give nothing to the conversation other than hateful content. They could also be your competition in disguise. However, look at your subscribers! I think I joined around 35-40K or so and just in a few short months, you have really expanded your audience and that is something to be proud of!
Thank you Mike yes, I know the haters have their own issues there wrestling with. It’s fun to joke about them every now and again. You’re right the sub count keeps climbing!
Michael, I am checking home prices for homes in Orlando. FL homes are sitting on the market for months, buyers are stubborn, but they will be forced to drop prices. Sometime later this year and the beginning of the next, investors will be getting rid of their properties. Ultimate goal is crash of %50
I enjoy your videos very much every time you put one out , I keep waiting to heard that the housing market in Miami is coming down significantly Lived in WPB for 32 yrs, we moved to Atlanta Suburbs in 2006, but we miss South Florida very much, we kept the small house in WPB and is rented with the same person, for all these yrs(good tenant)but looking to move perhaps in the Coral Spring area, but mannnn the prices is crazy down there, our home here is 3500sqft and purchased for 250 back then, it went up in the 20-22 to 465k, looking at homes for 1300sqft is easy 600k down in Miami and not too great area either, and the salaries down south are not too desirable ,so we are stuck for now , so Michael hoping you give us good news later this year ,something a "normal person can afford 💰Keep up the good work .🙏
Not interested in buying a house right now but love your content.Rather rent.Thank you 🙏🙏Love Florida ❤️
The content is good. RE crashes take years and only come along every so often. Plus you offer content in 4k in beautiful Miami so that's a plus.
The real reason median prices are not dropping as fast is simply because of the drop in closings. It is hiding the truth. The fewer closing there are the more the higher priced properties can skew that number . Its an old trick used to justify higher appraisals . Once those properties are removed from the equation you will see a much more accurate picture of how much the median price actually has gone down in many areas. Truthfully you are doing such a great job! I watch you as one of several people i follow bc of the honest truth you always provide! I knew from way before this started to happen that we were in a massive bubble just by how absurd the industry types where hyped and refusing to acknowledge actual statistics and historical data.
Wrong, there are no tricks that the vast majority of appraisers use. I am sure there are a handful of dishonest appraisers that will always have tricks. The dishonest ones don't usually last very long.
Great point Tyler once we start seeing more home sales close if we start seeing that during the summer selling season that will give us an even clearer picture
Yes, see that happening in Naples. 👍
@@MrRevell111 You’re misunderstanding the statement.
Texas can't keep up with road additions due to people relocating from other states like California, New York, Massachusetts, etc....traffic is a really a big problem...
Someone has to talk about this ridiculous prices
You’re right Michael. In Brevard County, FL properties are gone in 3 days! Extremely inflated prices and I’m priced out. I can’t afford to buy 😢
Yes, there's still a lot of places like this but it's not the norm
I too love tracking the desperate flippers online, it's funny seeing how some still think they can ask $1000+ per Sq foot when the comps are 20-25% below that. Keep up the good work, and thanks for showing your appreciation.
These guys are living in fantasyland!
Only insecure people would leave a hateful comment imo. Ignore them. Your videos are Spot On.
Thanks for keeping it real. Prices slowly going down and houses sitting in south side of Chicago, but still expensive.
Great content Michael. Thanks for taking the time to share it!
your the only guy out there with the GUTS to CALL OUT ZILLOW AS A BUNCH OF SCAMMERS!! your 1000% RIGHT!
i like it when you walk in front of houses, NOT the park, because were talking about houses and im checking them out bigtime as you walk past them. Helps me gauge how much that area is really worth.
I invest in real estate where I live in Canada and have been looking for a way to move my business to Florida. I met with a handful of realtors in Fort Myers last week and all of them told me the market is strong and will continue to be stable. It's unfortunate but I have yet been able to meet a realtor that I fully trust.
So annoying they always seem to say that, no matter what. It's like no one can think for themselves, or they're just feeding us BS like you suggest
Think of it the other way; you now know a few to AVOID
@@JohnJohnCrusher There are a couple of things you have to grok here. Miami is an American city in the Caribbean. Venezuela has the world's largest oil reserves but has no toilet paper. The money that goes into Venezuela to buy "natural resources" makes a U-turn and comes to America. Because of AML/KYC rules---Anti-Money-Laundering/Know-Your-Customer rules it is nor necessarily straightforward to convert your cash into real estate. You have to overpay or go through a middleman or two. Once you have the property you can sell it and pay taxes on it. The money is laundered.
Trust is important! Make sure you find the right one
If a killer asteroid was hurtling towards Earth and we all had three days to live, a realtor will tell you the market has never been hotter and that the house will keep its value for as long as you own it. Technically true, since you only have 72 hours to live.
Look at you giving the people what they want! 👏🏻 You were very sassy in this video and we loved it. 🥃 Slainte!
Hi Michael, here in Delray Fl. My home went up $50,000 since last year. Happy me!!!!
Thank you Michael for addressing everyday issues that effects our society ! I got a advice for Tech workers and rich people !Running from state to state it’s not the answer! You might have to run again! Don’t ruin other states and make it unlivable for locals who built it ! ! if you are rich stay and make a change where you are otherwise you might run out of states and have to run out of the country! “Just saying “! 🤔
They are more like locust
I wanted to sell my condo in the summer of 2022 and move to Florida. Fractured my upper tibia in May of 2022, which ruined my plans completely. Now I’m stuck in a bad market and still not completely recovered from my injury.
I guess it is a message from the universe. I broke my foot and fibula in October, 2022 and it stopped me dead in my tracks.
Sorry to hear that. Wishing you a healthy recovery.
The homes in our county of VA are still going under contract within an average of 3 days over asking price. 600k-1.4mil. A lot of new construction custom builds too.
Michael, forget the haters!! Long time follower and love the content. Keep giving us great information.
They don’t bother me it’s just fun to laugh at them
Thank God I found your channel. I have been saying to everyone telling me to buy a house exactly what your saying in this video. I refuse to get screwed over paying for a house well over it's true value and never being able to sell it. I will stay in my 3 bedroom apartment until this housing market comes down to reality.
I subscribed the first video I saw on your channel, please don't change, your information, experience, expertise and delivery are invaluable and appreciated. We are seeing big value (to most of us) decreases, about 12% to 14%, $200k to 250k+ in Silicon Valley, we vacillate between the 6th to 8th largest economies in the world. Just wait its coming to you too.
Yep, we always get a front row seat here. It's the epicenter of real estate bubbles.
No worries, nothing changing here Jayne!
Prices are coming down fast in my part of Florida.
Live in SF. Sure the downtowns are dead, however I worked remote here for years before the pandemic. The residential hoods used to be nearly empty during the day, now they are kind of bustling with activity, new shops, new lil grocery stores etc, it seems a lot of that economic activity just shifted to everyone's independent hoods as so many work remote now. Lunch time means spending the $ at the places on your block rather than the hipster 40$ salad place you don't really want to eat at.
That's encouraging to hear at least. I wish San Francisco would just get their act together because it's such a beautiful place. No other city like it
I appreciate your commentary. Don't listen to the haters. Reality is reality. Also, people have to see that there are also pockets of areas where these price cuts aren't affected. I remember when interest rates were higher than they are now. When people need to buy because they need a house due to a job move or something, its always going to be a market for them. What is going down is that freaky frenzy we have had for the last couple of years and people seem to forget what was previously considered normal. Normal to good was a house sitting on the market for 4 months. Normal was interest rates higher than 4 or 5 % . It was not normal to have the amount of bidding wars above asking prices be the norm. I don't know if you read these but we just bought a house in Pensacola (2800sqft; 1/2 acre) originally listed for $380k in late November. We submitted a contract for 30k less in mid Feb and they accepted. This is for a home we are going to live in and retire in. Not investing. Not flipping. It needs fresh paint, rip out a couple carpets, it is not "instagram" new. Totally livable while we make our own personal updates as we go along. And its a stones throw from public access to the water to launch a kayak! Can't believe you can still find deals like this in Florida!
💯% right on point. As a real estate investor in the Northeast- there’s is tons more on the market now. There still is a lot of demand though, which is very interesting
I have been patiently waiting for prices to reach reality but every time they try to meet it the Fed rushes in to push them back towards the stratosphere. Homes here in Westwood Lakes are still selling for double what they did in 2018. Almost none of the houses for sale today have a sign posted. Yet you know where they are as the sellers cut down most of the vegetation, plaster over bricks, replace windows and paint everything else white.
Miami is still a joke when it comes to the prices
How exactly is the Fed pushing home prices into the stratosphere?
@@tess7798 Financial repression lowering interest rates below inflation.
@@chargermopar I don’t believe that’s what’s happening, but if you do, that’s fine, and I wish you the best of luck!
@@tess7798they're not raising prices but they are making it harder to afford the monthly payment due to interest rates. I think that's what the person above us was meaning to say.
My fiancé, and I have been following you since before the pandemic! You have been so helpful on our journey, we can’t thank you enough! We are now looking to invest in Miami, and continue to look forward to your videos and education! Look forward to connecting with you soon! Thank you for all you do.
Invest in MIAMI?? LOL youre alittle late to the party
That is awesome!
@@scottmoering9810 Scott, dear…. It is not the only kind of investment one can have, especially as a Miami native. Thanks for your engagement, stay blessed. 🤘🏽
@@MichaelBordenaro 💪🏽
The housing market and the US stock market tanked severely this week. Its amazing to watch this self fulling prophecy
Perfect time to buy more
Thank you Michael for keeping us informed 👍 😀
Appreciate your videos, here in Phoenix were seeing homes sell again, with prices not dropping. Ive been supportive of the market crashing here but its not looking promising.
I love your videos and have been watching your channel for a long time now. Everything you said would happen in the real estate market is happening. You are spot on! Thank you, Michael! Keep up the good work!
Thank you very much! I am trying to keep people as informed as I can 👌
We see what we want and hear what we want . What goes up must come down . Always great content , You are superstar Michael .
"... be impeccable with your word, don't take it personal, assume nothing and always do your best..." Great job, Michael !
2001 bailouts, 2008 bailouts, 2020 bailouts, 2025 more bailouts. The powers that be have insured the system against default. Stay the course long term and never sell a house and use the countless ways to turn liability into an asset.
Realtor here, i have seen prices drop significantly. 20%-30% drops easy. We were headed in the wrong direction, those bidding wars fueled by low interest rates created this peak that was simply unsustainable. Great content, thank you!
YES, KEEP UPDATING
Housing is in a “Bull Trap”, I would not touch with a 10-ft pole!
A new story I’ve recently seen is that the west coast market, including Texas, is going to see a significant decrease in prices but the east coast isn’t, because of how stubborn sellers have been. Imagine that, half the country crashes but the other half is home-free. I think people aren’t looking at the numbers and relying on websites like Fortune to tell them how to invest their money.
Depends on where you are at. In the Pittsburgh area where I live we never had the huge run ups that Florida and Texas did so if we drop it will be a small amount.
Hi Michael- I enjoy listening to you. You are very smart. This is and has been so horrible, what is going on in the housing market. None of these houses are worth these ridiculous prices. This is Terri in Hesperia (mobile home). I believe everything you say about this great big mess. Happy Easter Michael.
Gotta check out Lennar and D.R. Horton down in Homestead and Florida city, massive amount of building. On top of that lots of apartments getting built as well.
I busted out laughing at minute 20:11 when u said someone can take a dump in front of your house in San Francisco and the city is ok with it 🤣🤣
Everything is always lagging and if I remember correctly in 08 it started in the west and slowly made it way to the east.
Same story different decade
I would like to see realtors tune into Michael's channel and chime in about their market conditions so that the rest of the nation and the doubters will see the truth about the market conditions. I'm from St. Louis , MO. region . I see houses selling in a couple days while others sit for 2 months and the agents I talk to think that the rates are a little higher but there is still an inventory shortage. I tell them 2008 conditions are on the way and don't buy a big ticket items because you won't be selling homes like you have in the past 2 years .
Much love Michael! You helped me along the way with my move from NYC to Miami & now I’m convinced I need to own so me and the wife are thinking condo but your videos have really helped us stay cool calm and collected right now. Definitely want to stay in the Miami area so would love to chat some more on this if possible sometime, love your content and jokes bro always a blast tuning in.
when you have a bipolar market... the median is wild crap. that's always been the problem with house medians.
first time buyers are world's apart from non first time buyers.
Michael, really appreciate your realistic view of what's really happening in the housing market. I wish we had more like you here in Australia
Check out the numbers for Alameda county, CA near all the tech layoffs…. Don’t need foreclosures for a quick crash!
It's getting bad out there and it's going to get worse. hold off buying anything for the next year (or longer). P.S. Your video clarity is fantastic!
You think the sellers in Miami are nuts for the ridiculous prices there asking, look what these multi family seller's are trying to get. I think some of these multi family syndicators will be in trouble when there short term loans come up for refinancing.
Hi Michael,
Enjoy your informative videos in the Florida sunshine. Enjoy the sun as we enjoy the chilly rain in San Diego.
I appreciate the updates.
Michael , you have a good quality voice. It is very easy to listen to. From a speech therapist😊
Haha true. Good delivery too
Wow, it take that as a huge compliment coming from the speech therapist!
Yup just like Don has but I want to see his 308..Don sold his..😁😁😁😁😁😁
Interesting how everyone is "fleeing" New York, yet Manhattan market rents are at a record high, vacancies are a record low, and the upstate cities of Buffalo, Rochester, Syracuse and Albany have very little inventory.
New York does not have these huge brand new subdivision and new rental complexes that are all over the south and west.
Hello Mike,
Great content again. I look forward to your videos.
Thank you
I’ve seen most houses drop prices by 5% in the past week. A few increased prices by 2-3% for some reason. Many homes (ones on market for over 30 days) went off market.
Forget the haters! Keep producing quality vids. Great content, my friend. Thanks for the stats
Homes have been way overpriced for years .Plywood and drywall is not that expensive.
Thanks as ever. Evidence is more appropriate than "data" word use. Carry on!
This is just not the case in the Northeast. In southwestern Connecticut prices are still way up, inventory is limited and houses are still selling for over asking. Houses that still need work are $800,000. I see no relief in sight. There is no inventory here because we don't have big housing developments here. There's no land, just old houses.
Just wait. It's coming, it starts here in California, the bay area first, then so cal, then the southwest etc until it gets to the east coast.
Great job bud! Finally someone who makes sense explaining
What most of these ragers don’t understand is this is gonna be a bumpy road going up and down. Eventually going lower prices. It will take time. I am not a patient person. Yet patient I must be to see houses drop and market crash. Increase interest. A lot of places won’t be willing to loan. Too much risk for high price. I seen over 30 houses in my area that were apparently “sold” went right back on the market cause finance didn’t go through due to people not qualifying.
@ 24:30 The crash in 1990 and 2006 started out west and moved east. The exodus from California, Oregon and Las Vegas created the Florida and Texas booms but it's tapering off. Markets in the Northeast doing well like PA and DE are likewise people fleeing tax killing states for those nearby that are not as bad, preserving their jobs and trying to keep close to family.
Great content and info as always Michael… Thank you so much! 👍🏻💯😇
I’m also pretty sure that Massachusetts has now implemented the “millionaires tax” as well… So it being an overall liberal state it is already starting to drive even more of their own citizens out of MA too.
Luckily, we are up in Northern New Hampshire where our particular housing market is still in VERY high demand and doing quite well still. 👌🏻
Thanks again, Michael! Keep up the good work.
It’s starting to happen in Wilmington, NC & Myrtle Beach SC areas.Thankfully we flipped our Wilmington NC 2BR condo in Aug at peak of market. We got our asking price and sold in 2wks. I looked the other day a 3BR priced $20k more than ours ($545k) has been on market for 93 days…..
You are doing alright Michael
I'm in Grand Rapids Michigan and homes sell within 3-5 days and almost always go over listing price. My zip code has seen some dips but they have been going back up again the last 2 months! So I don't know what to think... I know its different in other markets, but crazy to see homes still selling so fast with higher rates...
Every one of those people will be upside down in their houses by this time next. year. Not everyone pays attention and a lot of people are bad with money. How many people waived inspections to get a house? I had a seller demand that I do that and I refused, so she sold it to some poor sucker who complied. Guess what? House had a massive termite infestation with significant structural damage. You can't fix stupid.
moving from blue areas...unfriendly to business...
I just received an email from Toll Brothers, a large builder in Texas. 4.99% 30 year fixed rate mortgage, courtesy of them. We are in for a massive crash.
Oh yeah and those rates are temporary by the way. Those are buy down rates that expire in a couple years.
@Michael Bordenaro in their email, they are claiming, 30 year fixed. Not adjustable. This is a last gasp attempt to attract buyers.
And Toll Brothers builds beautiful homes...so that's an amazing deal.
Pittsburgh has amazing architecture and homes at super affordable prices. It looks honestly like a very nice place to live.
🤨 Pittsburgh??? Yeck.
Zillow ironically ran an ad right after the burn. Lol those dogs.
Michael one of the big topics that you touched on in one of your videos, but really needs a deep dive is the cost of property insurance.
A number of reinsurance companies have reduced their exposure to Florida. This means insurance costs are going to be going through the roof for a number of years and also I suspect much higher deductibles.
Bottom line this will be a permanent higher cost, which will be a drag on Florida real estate for years to come .
Keep up your diligent work, appreciated by tens of thousands of viewers 👍😊
Thank you so much 😀
Thanks Michael!
You bet!
Your content is top shelf.
The birds and nature shots are a plus.
Much appreciation sir 😊
I bought my house during the real estate bubble of the 1980s in CT. 2 years later it had dropped 25%.