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WARNING! Don’t Buy A Home Until You See THIS!
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- Опубліковано 3 лют 2023
- I have some excellent examples of some epic homebuilder prices that are happening right now and heres the thing, this only the very beginning of the housing market crash. Yet homebuilders are starting slash their prices 100k or more!
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Home Equity LOANS SURGE As People Go BROKE ua-cam.com/video/M_GhMxS3D9E/v-deo.html
Thanks for the content!
Nice stories in this video Michael. Now Tom Brady is a retiree collecting Social Security. He might need it after the FTX fiasco. Florida insurance is a huge consideration especially since the storms in recent years.
I wonder, how much of the drops in builder pricing is a function of the rapid fall of lumber?
but the sq ft is jump in bubble teritory from 2019 by 50-60-80%
sq ft bubble must crash! not "house price".
At 12 minutes in: Short sale, seller finance (best option, resold with 20- 30% down...on a loan "wrap") or sandwich lease option after the market bottoms, and is rebounding. (And/or perhaps "rent it out..." in some instances.) But a 3- 4% loan(s) "wrapped" is by FAR the best "exit strategy." (Then either keep the new note? Or resell it, or a keep a percentage, as a "partial." FORGET the NAR... and the Bank$ters, man! Their game is 100% "rigged..." Become part, of the SOLUTION. ;-)
First-time homebuyer here. We just put our first offer on a home in FL and we offered the seller 415k, it was priced at 499k it's an older home that needs work, he countered us at 465k, so we walked away. Our number was firm based on the amount of work the home would need. He also thought we would fall for the whole "I have other offers I'm considering" but we're not falling for any of that, and my gut told me from the beginning that he was not entertaining any other offers, 3 weeks later this home is still on the market, (now over 100 days)! We'll continue to put disrespectful offers LOL, and wait it out, but we are not overpaying, period!!
I wouldn't be surprised if he called back with a cheaper offer or accepted your offer.
I simply don't understand why sellers are still addicted to the FOMO crack pipe 👀
Lol love it
Good for you for not falling for the old This Is The Last House For Sale In The Universe And If You Don't Buy It You'll Live in a Refrigerator Carton tactic.
Yes, that's actually what it's called.
If you really want the home, you should call them back and put in a 'respectful' offer of $5-10k less
Not only did people Overpay, but Now they also have to pay their Inflated property TAX!
You go to your county assessor and have it reasses.
@@brianmatthews4149 Yeah, and Good Luck with that! If you're lucky, you might get a Few Cents off the increase tax you're disputing. Been there, done that. Ha
It's like trying to convince flesh eating Piranha to go Vegan .
Exactly I wouldn’t dare
Airbnb investors are getting crushed and last summer is about the time I started seeing tales on Facebook asking if anyone else was having problems getting guest. Went from 75% to 0% overnight. That house and all the other FOMO Airbnb investors are going to foreclosure.
Well deserved. I rather have a long term renter the constant coming and going’s of strange people.
I live in Phoenix…those “reduced” prices are still so over the normal price they need to come back to another 50k-100k to make them realistic for most areas. The prices are just not in line with what the average person can afford! Back in 2008 I bought a house for $550k…lost it…and watched it be sold at $179k…yes…that happened and will absolutely happen again…it all smells too similar. Thanks for all you do! ❤✌️👍🎯
Pennies on the Fake Worthless Dollar is on the Horizon a million dollar house will be 170k.........
No , it wouldn't . Now is completely different situation then in 2008. The people who bought before 2022 have very low interest ( 65% loan is around 3.5% and all those people wouldn't sell , because they have cheap mortgages and that make still mortgage cheaper than renting in these rent prices now !!!!
I'm sure they will have further reductions as they sit empty
Agent?
@@nadiajurasek186 Oh I respectfully beg to differ Nadia…you should study cycles…especially 100 year economic cycles. Have you heard about the mass layoffs for white collar jobs that’s been happening…add on the massive amounts of job layoffs in tech sectors too…oh and don’t forget to add a pinch of AI to take out large swaths of the employment sectors in a couple of years. Most people are 1 paycheck away from starting to miss payments as well as very little savings (most people have all their wealth in their home!). I’ve made a very nice living over the years and never saw my wife losing her job coming…not once but twice…then an injury... the unexpected happens more than you think. Back then…We had funds to survive for a few years but the prices dropped so much that we couldn’t get a refi because we were underwater…there’s only so much one can do. Don’t let the recent job’s report fool you either…those are cooked and most are crap jobs…not the kind to sustain the ability to qualify and maintain a high payment…most people either bought these houses on a stretch with no real planning for future 100 year downturn economic cycles. The back of the American middle class will be broken per Jerome Powell. Watch this happen…the world ain’t ready for what’s coming! When the real estate market crashes it brings down everything and because of QE1 and 2 we as a nation haven’t had to deal with that since the Great Depression. When you’re awakened to the economic situation you see the dots and can clearly connect them. Stop watching the MSM…they are terrible entities that manipulate at best…their narrative deceives far too many otherwise intelligent people. Everything I’ve said happened and much more and I see it happening to many in the community…they’ve overspent with $1k truck payments and new big screen tv’s and other toys…I often wonder how do they afford this stuff when I know they work as a concrete guy or some other basic pay wage worker…doesn’t add up…other than more debt or worse…borrowing money from the house atm…so don’t fool yourself that low interest rates are going to save anyone from selling…poor decisions and unforeseen things will take care of that…and if you’re ready then…it’s BUYING season for the elite and those fortunate enough to have financially prepared. Michael and people like Scott Walker are a blessing for opening people’s minds to what’s really happening. I’ve lived through this in the past and only want to illustrate what can happen. Good luck to you all. ✌️🙏👍
Still over priced
Wait 2 years. It will be like 2011 again
Still insanely over priced.
I'll believe it when I see it, right now all I see is houses are still selling for record high prices.
You are helping first time buyers to unite and refuse to buy now nation-wide and fight with the crazy and greedy builders and sellers. so we can afford the fair price
At the least the ones who are listening
old home owners could care less if you ever buy a house. that's your choice. we will give it to our kids. rent forever if you chose.
Seen many real estate brokers pushing buyers in Texss to buy and saying forget about big discounts , this is not going to happen. I agree with you, its all about buyers boycotting but inventory would decrease too. So you will mostly see distressed sellers or builders who are not greedy and willing to accept lesser profits
All these new home will be falling apart in a few years... It's truly criminal the low quality in these cardboard boxes.
How bizarre to see people on the beach, we just had record freezing temperatures today in the Boston Metro.
It was pretty hot here mid 80s
I sold my house in California near the peak of prices pre-2008. I literally had two prospective buyers show up at the same time and start a fistfight in my living room because they were upset at having competition for the house. These two men were not rational at that moment. Btw, I ended up selling to neither of them after I kicked them out. One of them came back past 11 pm that night, banging on my door and insisting I sell him my house. Had to call the cops on him!
So I understand the "gold fever" mentality very well, having seen it first hand. I've never been tempted that way, because I learned a long, long time ago that decisions based on fear are almost always bad. In fact, *every* decision I ever made out of fear turned out to be a mistake. If people just stop and ask "Am I doing this because I'm afraid?" and the answer is "yes", then it's simple: don't do it.
Holy Moses! This scenario of events takes the cake.
People loose all common sense, reasonableness, and decency (not to mention pride) at times. Thanks for sharing. This is clearly an example of "truth is stranger than fiction"!
Worked as a Realtor then and I went through so much paper feeding my fax machine where I'd get a dozen offers on a home I would list. 06' on, that fax machine got quiet.
That's cause you live in California. Land of the of stupids. Hope you left the retardation behind with your move to somewhere more normal. Second paragraph your definitly on point. Good advice. I've had the same experiences. Fear makes you do foolish things.
That is such a cool story
@@pablo81778 I sold my house in the fall of '05. Everyone said I was crazy because prices were just going to go higher and higher and never ever go down. I just had a bad feeling about it all and needed to move to take a job in another city. I made a crazy amount of money that I didn't deserve. But yeah, I cashed the check anyway. I went from having no money to having a fat bank account.
I was kicked out of my apartment because new landlords were looking to remodel my unit. I freaked out when I saw the rental market and realized something was wrong when I learned that I make a little above the average income of people in my city - that’s when I found your channel and everything clicked on what was going on. Thank goodness that I found a good living situation just in time.
All new homebuyers need to watch your channel. What to watch out for is just as important as what to look for. Great content!
This is the most truthful channel on U Tube !! Thank you Michael
I appreciate that!!
Most of house here in San Diego CA are still 40% over price… still not good time to buy…Thanks Michael for this Info👍
Luckily, San Diego's one of the places I supposed to come down the most
I think people ate escaping LA. I am perplexed becuz CA
state taxes are so high
Man!! Thank you so much for this video! My wife and I have been looking to buy a home in the Arizona area for like 2 years now. We never pulled the trigger cause the prices were just way too insane. Lots of folks bought these over priced homes and now are freaking pissed cause of all the price cuts in their neighborhoods. We are so glad we waited. Thank goodness. We'll continue to wait and not in a hurry. Thanks again.😁
I just got my letter from Citizens Insurance about them possibly shifting us to another vendor within 20% of their price. I remember you warning us about this. Thank you and keep up the good work!
The buyers remorse story was me in the 1980s bubble. I bought in 1987 and yep, 15 years later it was still worth less than I paid. I tell that to people and they just don't believe me. I also felt like a prisoner in my own house.
good story. people don't realize the high spike today is a cakewalk to then. they only have their experience and seem not to relate to the numbers of the history.
my parents bought a house in 1984 near Tampa for 94k.
if you research numbers, they are bizarre! @12% that was around $800 per month. my current mortgage is under $1100. 40 years later!
our inflation is nothing like that. nor do we even predict it.
will housing prices be 5x in 20 years? that's the 70s/80s.
Thank you for sharing. Can you share more about your story so the greenhorns like me can learn? Cost, location, rates at the time? How would you re-do it?
I lost my a$$ back in 2005 and learned my hard learned lesson. I'm going to sit back and wait until at least 2024. I'm going to be on the right side of this bubble.
I'm glad I found you! I was planning on waiting until September to buy my first home. If I have to wait a little long so be it 🤷♀️. Thank you for sharing your knowledge, advice and thoughts process backed by facts and reading between the lines!
Great video . Here in Northern Ohio their was a short bump in housing but it did not last long . From Toledo to Youngstown housing price is very affordable . The simple Law of Supply and Demand works here . Everything is slow here and has been like that starting in the seventies , when we were de-industrialize and never really recover . The final nail was after the 2008 fiasco housing explosion . The next problem will be crumbling infarstucture . Local streets and sewer and the likes are showing its age and many retire folks with pension income just are getting by . . Lets hope we just drop to 2nd world status and not third world . Our County and State government thinks we still have plenty of money to be squeeze . We have small areas of growth , mainly running from higher taxes or white flight . So if an area is not growing it is dying or stagnant at best . Thanks Michael .
721K, what a deal 😂, they were trying to sell a house under 2000 sq ft with no lot for 500K lol, thing should be 250 and it’s been reduced to 390
you try to slip that "under 2000 sq ft" in there. like that's a small house. no, that's HUGE. under 1000 sq ft may be 250k. no way something even 1400 sq ft is close.
I'd bet the median sq ft in miami/fl is 1200 sq ft.
@@hvaball150 those weren’t Miami houses he was showing
@@Patriot-nz5lz oops. fair enough then...
Your so sincere about the information you put on here!!!! Alot of people need you...thank you for this work you do
Thank god for Utube man.. cause seriously, it's impossible to get any of this stuff straight if you follow the mainstreem media. Following you and others makes timing the markets and real-estate so much easier, and i feel like your intentions are good. Keep up the good work.
Do opposite what the propaganda media is spewing.....
Totally agree. We listen to Michael religiously.
I'll keep telling you what I'm seeing in real time. Just want my viewers to make a good deal, not get ripped off, and have $$ in the bank
Preach, without the YT i would have bought by now
I was a part of the last housing crash from 2008 to 2012 through my own stupidity. We bought our house in Pompano Beach, FL in 2006 for $513K that I thought was a bargain after the house we rented sold for $595K. In 2011 after losing my job, our home went into foreclosure and sold at auction for $254K. This was a lesson in.."Too soon old; too late smart". We now live in affordable Ecuador and waiting for prices to drop which may happen in three to four years. We'll see and continue to rent in the meantime.
Am also waiting it out in Brasil, originally from Clearwater FL, waiting for the BIG CRASH
Well, we r waiting it out as well, the Mother of all bubbles, South of the border. While enjoying the good life, paying $2.00 for a dozen of eggs, $2.00 for a whole chicken, Beat that Manhattan!!!. U can build here a real house, brick n mortar thru and thru, for $35/SF, while a cardboard box , aka house, in Miami is $350/SF+. Jesus, r we crazy, how do we get to this zomby level of paying for a cardboard box so much money ?
We have 1.5 million Americans waiting it out South of the Border, why?
I lived in Kissimmee Florida for 9 years!...homes for half a million!....I can't believe it....!
New construction is gonna get rocked everywhere.. too much supply with a lot of builders already committed and stuck mid way.
Yep and still building
It's amazing how blind some people can be. Another superb video. Thx Michael!
Thanks again!
Micheal, you need to tell the first time home buyers to stop buying homes until the builders and sellers to drop 40% to afforable prices to buyers
Do you think anyone watching this channel doesn't know that?
once you qualify, buy a home. period. that is my message. at least at current prices.
Mortgage rates can go to 4% and most prices are unaffordable and would continue to see price declines...Surprised the water bills are so high down there with all the rain.
I agree, on both fronts!
Thanks for all yuor information on real estate it’s always learning about it yu seen honest and have knowledge
Thanks for covering Phoenix. Just got out of debt and looking to pounce on a home but with patience
It’s the same as a sale at macy’s. They are over priced on everything by 60%. Then they have a 30% off sale. Public isn’t fooled anymore.
I'm a carpenter working on a major remodel in the Totem Lake area. Purchase price plus remodel costs exceed 1.4 million.
Even in little daytona beach its really bad. I look on zillow and i see houses in bad areas and the realtor firm wants 200k plus. They paid like 70-80k for these houses a few months ago and did some renovation and bam double the price like what are they smoking? These houses are not in good areas and for that reason they are low price, they just come in and think they can change everything. I klnow these type of people, disgusting.
A continued thank you Michael for always keeping us informed, saving us from making some huge mistakes!❤
My pleasure!
Well, here's hoping in not too long you'll be doing videos again about where I can buy within walking distance to the beach for under $300K. And oh, my! you are so right about caution in looking at the Zillow and even Redfin "monthly payment" estimates. They seem to take the current homeowner's property tax rate for their estimate, rather than the new one you'll actually pay based upon the estimated sales price with whatever tax laws are in place in each location. That is just stupid, it would be possible to give a much more accurate estimate if they did it right. The fact they don't accurately estimate insurance costs, including whatever local hazards apply, flood, earthquake, whatever, is probably even worst. Redfin seems to be a reputable company, I'm disapointed that they don't do better with these monthly estimates.
Haha looks like those days are coming again Bob! It is terrible how under estimated these monthly payment amounts are and people come to find out the hard truth later
What price cuts?? 😆 People are in denial. Esp sellers .
I love this! Thank you for showing us the exact spot. That is so cool!
Glad you enjoyed it!
Michael, I'm so glad I happened upon your video. Thanks a million. I'm in central NJ and have been watching the market these past two years as a first-time homebuyer. You gave me more candid advice in this one video than any research or contacts in the industry have for the past few years. For instance, didn't know about the 3-year expiration on the pre-payment penalty. Excellent. These are things to consider- thanks again!!
You're very welcome, glad you found me!
Pro tip here: you HAVE TO BE ABLE TO CONSISTENTLY SAVE A MINIMUM OF $500/MONTH FOR HOME MAINTENANCE. I watched my home maintenance project cost/bids DOUBLE in 2022. Emergencies WILL arise. Do NOT get dumb "home warrantee"-HUGE scam! Simply be disciplined, have at least TWO home savings accounts to gain more interest. Shovel $200/month into 3 high-yield savings, and never worry about having to finance a roof, windows, leaks. Get it done on the spot, worry free. Doing it for four years, only way to go. I'll pay cash for my roof when it's due.
Go look at Houston n Dallas. 350k home mark down 290k new construction
Will be under 200 k in 2024
@@Archangel55 right so many new constructions... TX...no shortage of land...low restrictions...entry level homes will one day have entry level prices.
Great advice here Michael. Keep up the great work
Your videos are great. Keep up the fine work..
Glad you like them!
When I visited my friend showed me where some of Miami Vice was filmed..albeit much cleaner and nicer than in the 80s. Still ❤ Crockett 😎 Also love your content Michael ✌
Useful content and great scenery ! Thanks !
Oh lordy! As a Seattle area resident I know that poor man in Totem Lake got royally screwed with so many others who bought here in the last year. I wonder if he is a local because locals know what "normal" prices are around here and probably would not have fallen in the FOMO grinder especially for an older house. Maybe he moved here from somewhere else or maybe he just makes way too much money for his own good as a tech worker. I would shake in my booths right now, tech companies are laying off by the thousands here every few weeks. In Edmonds where I live prices have also fallen drastically. Still criminally high but better than the close to 2 million they were a year ago. A few clueless sellers still list houses above a million but those are on the market for over 100 days and since the buying frenzy stopped, they will have to lower the price at least 300 thousand if they are serious about selling. Thank you Michael as always, excellent reporting.
Fantastic video! Your chat is great.
$93k price cut off a home that’s still asking triple what it was asking in 2018.
Exactly...such a long way to go.
@@CaptainCaveman1170 I agree but if you lived through 2008 you’d remember this is absolutely not how it went down. Folks been calling for a housing crash for over a year and it hasn’t happened. In 2008 it happened hard with zero UA-camrs trying to help it along. There’s still loads of demand out there and foreign buyers pay cash. “Affordability” isn’t part of the equation anymore. I’m a Buyer. Not a seller. But I’m not paying more than what the asking prices were in 2018.
@@jasoncrandall 2008 was only one way to blow a bubble, this one was inflated differently. I still remember the mid 90's aerospace bubble here in Los Angeles, no one thought prices would come down, but they did, for 6 years (91-97).
@@CaptainCaveman1170 prices are coming down……. But they can’t crash when there are Buyers sitting in the sidelines with cash in hand. In 2009 there were no buyers at all.
@@jasoncrandall There were indeed "sideline/vulture" buyers in 2008, and more buyers in 2009 and 2010...but not enough to stop the freight train until 2011. I believe wholeheartedly that today's freight train of hypersupply will come from the builders who will build themselves into oblivion because they have no choice but to do so (or blow a 10% hole in the US economy).
Thank you for doing these videos ❤️
My pleasure!
My buddy and his wife are agents in Venice thank god that isn't one of their listings. I read somewhere in the last day or so USAA insurance has doubled their rates in Florida.
I can't imagine how insurance costs will rise after Hurricane Ian payouts.
I am grateful once again that I live in flyover America where you still can buy a house.
Thanks again, Michael, for your insightful videos!
Thank you for your videos, Michael! I’m getting closer to the end of my current lease (I live in a condo complex in Jacksonville, FL), and intend to move into a single family home rental. I’ve been keeping a close watch on rental houses and here’s something I don’t understand, and I’m hoping you can help with an explanation. Why am I seeing 2.2k sq ft, two-story, houses being offered up at $2200/mo (which happens to be my max budget for rent), along side 1.1k sq ft, single-story houses, for the same amount? I’m a single person with a dog, so I do not need a ton of space (I would like to find something in the 1.5 to 1.7k sq ft range), and I don’t care to have the higher utility bills that come with a large home. It’s not that I wouldn’t love having all of that space. I like to do my part and live responsibly and reasonable in relation to my carbon footprint. I consider myself to be somewhat educated in RE and know that the larger the sq ft, the more expensive the house. What’s up with this disparity? I have to assume it’s supply and demand? I’m seeing so many that I guess that when I’m ready to sign a new lease (hopefully in mid April to early May), I might need to consider looking at some of these much larger houses as an option and get clever with utility-saving ideas. It’s a strange thing to keep seeing. I’d love to start seeing houses in my ideal sq ft range come down to more reasonable and affordable prices. That would be too easy, right?! 😂
Michael! Most foreclosures in WA are non-recourse and the bank cannot pursue a deficiency. The bank doesn’t want to wait out the 1-year right-of -redemption period for a judicial foreclosure only to have the borrower BK. It was called Jingle mail in the GFC and handing in the keys while signing a Deed in Lieu of foreclosure was the norm 95%+ of the time.
I’m so glad that I Sold my investment home in the Nashville area last February and my restaurant and the building last August. I saw the writing on the wall and got out at the right time.
I feel so bad for all the first time home buyer’s right now because this is all a Huge mess. Thank you Michael for another awesome awesome video.
Have a great weekend my friend, Carlos
That was a great move Carlos! Its tough to be a buyer right now. Have a nice weekend!
Smart. I never understood why property owners didn't recognize last year as the craziest run up in prices in history, which is when the prudent investor sells. Sell high and buy low was never more obvious than the first half of last year.
Thanks for all the information ☺️
Love your videos Mike. Was funny when the orthodoximy walked behind you. Reminds me when we wanted to buy a one bedroom apartment right next to the Shul in bal harbour. An oldy moldy with a washer and dryer outside the corridor for $360 k and it was in 2015. View was the wall of the next building. Just go to punta Pacifica in Panama and buy a three bedroom with a maid room and a pacific ocean view for the same price. Also walking distance from the shul.
Good advice Michael, I do the same with cars. People are asking silly prices. I go back months later and offer way under asking price…I have 22 cars as of todays date. All bought right
Wow! $200.00 for a water bill.
I conserve water, by hand washing dishes, laundry one day a week, we will do whatever it takes to save $$$$.
Instead of having all the lights on the house, start unplugging lamps." And keeping the lights off, you wouldn't believe how much money you can save per month. That applies to many different things.
*Live within or below your means, just NOT above your means*
Those prices in Arizona are still crazy high. Same in Florida. Hold off buying for at least a year, people.
I love the videos. Keeping me sane as a prospective first time homebuyer. Houses in our area (gulf breeze, Florida) jumped up from 700k to 1.2-1.5 mil just as we started getting to a point where we could buy. We’ve taken your advice and paid off all our debt and are squirreling away a big pile of cash. Unfortunately prices haven’t moved back down to earth, and videos like this keep us sane and are keeping us from getting overly frustrated and overpaying for a crappy house. Keep up the good work.
Thank you for great video 👍
excellent session and info !!!
Thanks!
Big price reductions in my area (hour outside portland oregon) still overpriced but headed the right way.
Headed the right way is the most important thing
Michael i am home buyer still waiting been over a year now still waiting thank
All those discounts on the Phoenix new homes are just the pre-pandemic prices, except now the interest rates have doubled if not more. People also have to remember that some of these 'new homes' were done with shoddy work that was rushed through to try and catch the real estate craze. I would get a reliable inspector who will go through everything even with these new homes.
You can see the same quality issues with the new cars built from 2020 to 2022. Coworker bought a new 2021 Toyota Rav 4. In the shop for 6 months with a headliner falling on him & all sorts of squeaks / rattles. So glad to own my 2016 car & the condo bought a long time ago.
Hey Michael, Love your intellengent focus on the pragmatic things. Great work. Question: How is concern about climate issues, (storms, potential rising sea levels, etc) influencing the market? Considering the prices, it seems like a non issue.
A housing Trac in Vegas is offering a 100.000 gift card on the purchase of one of there homes. Summer land.yep things are getting real.
Awesome!
Thanks Mich
Had a place in Anthem, Arizona (North Phoenix), we were in a condo so water was baked into Association fees. But houses on East side of I17 paid 200 to 300 in water / sewer fess monthly. On West side they paid 40 to 60 dollars. Epcor private water supplier on East. City if Phoenix on West. Things you wouldn't know without talking to people living in the area. Go to local eatery and ask questions to people who live in the area. Wife and I always hit up the patrol officers as to which areas are places with high crime. Do the research and you will be rewarded.
Good idea 👌
Damn, the water is beautiful! Thanks for sharing!
It sure is!
Dang that's pretty cool! I recognized that pyramid building from your videos.
Thatbuyer's remorse story's going to give me nightmares; yikes!!
I know!!
I live in Houston, TX. Home Prices before 2020, pre-owed ranged from $75 to $95 per Sq ft. Any New Construction, $100 bucks per Sq Ft, max. For the newbie home buyers, you are reading that correct. From 50 offers on a property, to homes sitting on the market 120 days. What a damn roller coaster ride we are on.
idk why you can't see that FL is a huge bubble...it seems extremely obvious just by the affordability factor....also although that water is beautiful, the hurricanes and the lack of affordable flood insurance has to be a concern.
Per your comment regarding buyers remorse when a builder sells a home for more to them and then cuts pricing, here in the GTA (Toronto Area) there is a huge public story going on right now where a person and his wife bought pre-construction two (2) x 2.46 million dollar homes putting down 800k deposits and now the builder is selling for 1.8 million a piece.
One thing I find fascinating and stupid is the American fascination with homeownership. Seriously! If you moved to some new place, stupidest thing you can do right off the bat is buy a home. You don't know the area and you have no clue what you're getting into or even if you want to live there.
Imagine if some of these people who moved to Florida rented for a year. They probably would've heard through the grapevine all the garbage that goes into ensuring a house and they would've been more informed. But even if you want to look at the glass half-full, after renting for a year, if you choose to stay, you would probably know exactly where you would want to buy a house as you are more familiar with the area.
People walk around with their head in the clouds sometimes.
The amount of money that changes hands on a real estate purchase is always a balance between interest rate and sticker price. It's never been the real value of the asset, but more derivative of the value of the money and the expense of the credit reflected in the price.
In Florida, Metal Roof in NOW the only way to avoid the Insurance companies screwing you when a hurricane hits (and it will). I Like your REALISTIC Cynical view of the Real Estate World. Keep it up.
I wondered where Brady was when he made that announcement. I figured you’d know by the buildings in the background.
The next quarterly Metropolitan Median Area Prices and Affordability and Housing Affordability Index release will be Thursday, February 9, 2023, at 10:00 a.m. Eastern Time.
NAR’s quarterly Metropolitan Median Area Prices and Affordability report provides a breakdown of condo and co-op prices by metro market.
So it's going to be worse than they are going to say because they are pathology liars......
Amazing video, thanks again!
the people who self insured in FL (maybe i am wrong .. i have owned several homes in FL in the past...insured) CANNOT get insurance. Only way that house can get insured is if it sold to a new owner n it passes a rigorous 4 pt inspection
this is interesting......Can you type or link a page to detail what you present/describe??? What are the 4 points? Is this legal for the insurance companies to say, NO, because a property is not insured at present time???
@@wallace3953 u need to just talk to an insurance agent in FL. I don't know if this has changed...for 4pt inspection talk to home inspector-- their license is on the line if they mess this up... 4 pt report is very detail...requires many pictures n the insurance co will send their own guy to verify ( FL is known as scam state)...the reasoning is they don't want homeowners to jump back in when hurricane cycles become more active ... Insurance cos play this game too.. over the cycle there r years of low n high hurricane activity...when the cycle increase u will see fewer cos offer policy to new customers -- state farm does this...new cos will jump in when it's forecasted low. The 4 pt inspection for new buyer homeowners is rigorous. I would only buy a newer build home in FL ... Not just putting in money to get insurance for older home but Big diff in insurance quote homes w updated building codes ( newer builds).. BIG. Most of my former neighbors were self insured ... Most of FL too. RE prices in the state is vastly overvalued Bec avg income is low...many out of state people have no clue about the insurance...they pay 100% cash n then self insure when rate goes up. I don't know if that is a state insurance rule or not. Ask an agent. It's not easy to get insurance in FL...for older homes. One question a buyer should ask bef putting in a bid to purchase is if the owner is currently insured windstorm n flood n how much. which insurance co... If they r self insured...I would also write in out clause for failing 4pt inspection (to negotiate price lower for cost to get home insurable) which is not the same as a regular home inspection n getting a good insurance rate. In my case I bought bank foreclosure. Failed 4 pt. Was self insured until I got repairs n upgrades done. Then insured. I am being very specific ( rules may have changed so check w insurance agent)...if u r insured then go off u can't get coverage again...but a new homeowner can if they have a passing grade 4 pt inspection... Maybe this only applies to older homes... An insurance agent will tell u the current rules
Dude 😎 love the way you get your walk in 😉 keep it up people need reality ✅
My home in Ocala has a 20 year old roof. I have never filed a claim. My $1600 per year policy was canceled. I ended up getting new insurance through Lloyds of London for $2100 per year.
That is so criminal. They just stole 20 years of premiums from you
I'm in Ocala too. Waiting to buy my 1st house.
you continue to do good work! Will you ever go back to beach location videos, while traveling?
In my area in northern Illinois, builders are raising prices!! Insane! I’m waiting!
Thanks for bringing up the prepayment penalty. It helped me make a significant investment decision. VA loans do not have Prepayment Penalty. If you pay off your loan early, your lender cannot require that you pay a prepayment penalty. No Late Charge Unless Payment Is More Than 15 Days Overdue. Also, late charge may not exceed 4 percent of payment amount. Also, 100% Disabled Vets do not have to pay loan fees.
Great video with honest information
if u read PHM pulte earnings report out of their inventory reported only 10% is finished!!!! lol n they plan on finishing the homes now that material costs r declining
Just found you. Really like your videos. Besides great Info I forget there's feet of snow outside my house in montana. And oh boy in missoula our leaders years ago said they wanted our town to be like San Francisco. Well everyone else got what they voted for. There's no where to live. Rents are increasing insane. Housing prices shot up. Crime is up. Yep the pink hair people won here. I will add once you leave the city. It's all regular awesome folk.
Glad I could take you out of the snow for a bit! It is crazy what is happening to our American cities...
Trend price reductions with the downturn in local economies and unemployment rates. You have the perfect chart of synchronicity. Want to know how bad things are going to get in your local real estate market? Look at companies leaving, jobs leaving, and number of the population being pushed under the level of affordability.
If your mortgage is upside down a hundred k plus what do you do . You still have to pay the mortgage and the property tax for the property. Then you have to wait to see if it sells which it probably wont. This is going to get bad. Then people put all this Down-Payment money down. Complete cash crash... People are loosing real big right now .
Your absolutely 💯 correct with thinking twice before buying in this market. People still won't listen 😒.
OK Michael, a/k/a. NAME DROPPER! LOL.
Just kidding you about the Brady remote. The area you were in was beautiful!
So true as to the "sideways" misconception of what FLORIDA is like. All people know is that we have no State income tax.
They may not realize that there are lots of higher costs, particularly........ utility fees are exorbitant. Florida is slapped with high franchise fees, taxes, etc.
The home Insurance issue has existed way too long.
Auto insurance is very high too.
Cities in Florida are extremely diverse and this will have a direct impact on your quality of life.
As to a less important, but always mentioned snippet on websites across the board, is the
distance to area beaches.
Good grief, unless this is a priority in life, who the hl is going to the beach that often, to care? Even retiree's won't be going that often. The humidity is insufferable most of the day. It's not an inducement for me to consider in making an offer. I will find the Ocean!
Anyone considering a move needs to really know a lot about the area. Of course, if you're following family, as mine did, that's a different story.
I love our State, but it won't be everyone's cup of tea, in many ways.
Tom seems like such a normal guy in many ways. Glad that he is your neighbor. Let us know if you meet him someday. I am sure he would love to know you!
I'll keep you posted if I run into him👌
I’m looking at buying a home in southwest Florida right now. Of course Zillow has no clue how much home insurance premiums are going to be. We get an insurance quote before even thinking about putting in an offer. And what you said is true- home insurance providers are basically not going to insure a house with a roofer which is older than 15 years. My question is this: what is the point of buying a tile roof anymore, if you can’t insure it after 15 years? Their supposed to last for eighty years.
Great video. Would love to get your thoughts on the southwest Florida market.
Thank you Michael 👍 😊
Hey Michael, very informative videos. I see Miami and other areas are really getting overheated. I am waiting til the end of 23 into 24 to pounce.
Where do see the best investments to be by the end of 2023?
@9:15 1500 sq ft for 1.4mil?!?! wtf?!?! even @ 3% rate, that house would give anyone buyers remorse....
I would NEVER pay those prices to live in those cookie cutter craphouses!
Smart . Don't buy into the shit deals
You are very good at what you are doing.
Thanks David!