@@diesel104The biggest factor is the rise in interest rates. Homeowner insurance is not through the roof if you shop around. Of course, if you have an older, stick frame home then you will pay more.
Since insurance companies are dumping houses inFlorida and California at record rates. Home insurance inFlorida has increased 102% in the last 3 years.
There were old people in the last crash too. It's going to crash. Nothing can stop it, and that's a good thing. The values in the last three years are COMPLETE BS and have no basis in reality. Bring on the crash now. And here's the good news; if it drops by 50%, those will be the real value.
It 100% sells, and I’ll jump on board when it’s called for. I never want to be the “all sunshine and rainbows” channel, but I just noticed some big flaws with his argument.
Great point Andrew!! Love the knowledge about Florida. Also to add to your point on no taxed social security in Florida Is that Florida is also a pension friendly state and not tax as well unlike when I checked with South Carolina they would have taxed my pension if I had moved there.
Good video! It is a very complicated picture with lots of moving components that alter the dynamics of housing prices. It all depends upon the magnitude of each of those different components. Some areas of Florida will be sheltered from price fluctuations. Clearly housing prices have skyrocketed over the last several years. I am sure there will be some adjustments.
It’s bound to happen! I just wanted to argue against the simple wage vs. real estate appreciation argument the best I could. It’s too simple of an approach with FL
Native South Carolinian here. I just retired with our State Retirement last year. It is not taxed. I'm not old enough for Social Security yet, but it is not taxed here in SC. Last year I tried hard to find a job in Brevard or Indian River counties and did not find much at all unless I get Top Secret Clearance certifications and work for one of the aeronautical companies. I scuba dive, so that's the main reason I want to make a move to Florida. South Florida is just TOO expensive. The market almost anywhere will NOT crash. There are few exeptions though. Ironically, we meet a retired couple who just moved to our area of SC who moved from Vero Beach. They lived there since 1967. Other costs than just housing, plus some of their family living up here promted thier move. It's the cash buyers in more expensive markets that have the advantage... they have cash offers. I'm working again and will just have to save, save, save and finish paying off my mortgage here before we make the move. Have any other ideas how to get down there sooner Andrew?
My friend moved to SC with a NY pension and he told me he definitely gets taxed and it was easy to confirm online. It must be different if its an out of state pension or my friend is in for some good news.
@@SonnyCal797 Yes, I'm sure that is true with any income that is NOT SC Retirement or SS. I'm wondering if it would be better to just stay in SC, save enough up here to have cash for a house and no mortgage in FL, or if renting in FL would be the answer. Thoughts anyone?
I listen to what turned out to be doom and gloom. I already the issue Florida has due to listening to Andrew. It is just different how it is presented. I was worried until you posted. Not going to think about it. I am hoping to get to Florida this year. I really do not want to spend another winter in NC. Thanks for a great video
If you dont mind losing all your EQUITY for the next 10 years, than go ahead and buy now. 7.5% Interest rates, Sky HIGH Insurance cost$, and astronomical Property TAXES. $ounds like a great idea!
I don’t disagree, but we are having a ton of non-Floridians that are inflating the prices currently, and they haven’t shown many signs of slowing down. I agree it is sad that we are pushing out the local population, but this is very common for vacation destinations. Think about the cost of buying homes in the Bahamas. Most waterfront properties are owned by Americans that invest in vacation properties. They’re using funds made outside of the country to purchase real estate, driving up real estate prices for the locals. It’s the same here to a much larger scale.
@@livingthefloridaeastcoastYou are 100% correct. I had a middle class NYC job. I just purchased a home for 393k in Florida and that, the HOI, HOA and taxes are an absolute bargain compared to what I can get up here. My pension will easily cover my bills. Real estate in Florida will continue to rise as long as out of state money keeps pouring in.
Early boomers are larger in numbers than the later ones, due to shrinking number of children per family by the 1960s. Another thing you forgot: Those early larger numbers are dying off also, and US life expectancy has dropped 3 years in the past two years. So your metrics is skewed. Actually, more people may be dying (the early boomers) than coming in (tail end of boomers). That may create a surplus or properties - by the way... It's more complex than you think. The vaxx damage is also significant - except you don't know about it because it's not on the MSM. Right now, the US death rate is 10% higher than pre-vaxx. With an approx. 3 million "normal" pre-wax rate, that's 300K more dead per year than "normal". We don't know how will it effect the next number of years, but health problems of the vaxxed are already higher than "normal".
Naïve. In economic crisis one of the first things to suffer is tourism. If crisis lasts then we get same effect we had during last housing bust - lost of income ( aka unemployment ) that leads to sale of depreciating "secondary" homes. History tends to repeat it's self. But ignore if you just want "wishes" to supersede the reality
My house has been on the for 120 days newer home lower end of the market and have had several showings but no real offers I’m not sure but the market seems slow.
I am seeing a lot of homes that are now under contract with other realtors after 6 months. Some of these homes I was monitoring hoping mine would sell. It’s just off what is happening in the market.
Florida is not a current solid choice for buyers. Out property taxes and insurance have gone through the roof. If there is an indicator that housing values will go down its those. Florida will crash and I hope it does. I would love to get a second homw at a low low cost. Problem I am seeing is the Taxes and insurance will keep going up. Those buying houses now will greatly regret it quickly. Lso, investors who bought two to three years ago are already trying to sell ate a 100% profit.
Wrong. Retires don't earn income. Maybe on investment only. So with housing at record highs and now falling. Unlike the taxs you'll be paying on your home and with typical doulbing of HOA fee and double of property tax and insurance. Not to mention the overpriced cost of living here in Florida with above national adverage for fuel and groceries and electricity. You're going to a mass exit of southeast Florida and most highly populated city's. Seen it before well see it again. But keep that dream alive. you're dead wrong.
My argument was exactly that…the retirees don’t earn income, yet they take their retirement, and proceeds from the sale of their home from another state and buy real estate here in FL. You just proved my first argument correct.
Dude, the rise in home insurance in Florida makes fixed income stability unpredictable! Property taxes have also been rising. Las Vegas is a better investment.
Wait. Everything you discuss is already factored into the housing market data shared by Reventure Consulting. As a RE Agent you should understand this. You speak as if everything you are discussing isn't factored into the market supply and demand data. Honestly, I feel that you are not experienced enough to speak on this topic - you're just adding to the hype and confusion. These are merely your opinions with unsupported evidence, "opinion/evedence" that is ALREADY baked into the Reventure Consulting data sets.
The states with e-verify for private employers should see housing price drops as all the illegals coming over the border head to states without e-verify.
No offense, you are not providing all the facts. You're a realetor, I would expect you to tell us how good it is. RE provides facts. Go listen to The Maverick of walstreet. RE does not paint with broad brush, he breaks everything down to the county and city for every state.
Very good video. You make everyone aware of other economic forces that keep Florida growing despite some states like Texas experiencing big drops.
You did not mention anything about the rising expenses for Hurricane insurance and Rising property taxes through the roof and unsustainable
These are the real problems with current hosing costs.
@@diesel104The biggest factor is the rise in interest rates. Homeowner insurance is not through the roof if you shop around. Of course, if you have an older, stick frame home then you will pay more.
Since insurance companies are dumping houses inFlorida and California at record rates. Home insurance inFlorida has increased 102% in the last 3 years.
We’ve have a lot of new companies move back into the state again, creating more competition and bringing prices down.
There were old people in the last crash too. It's going to crash. Nothing can stop it, and that's a good thing. The values in the last three years are COMPLETE BS and have no basis in reality. Bring on the crash now. And here's the good news; if it drops by 50%, those will be the real value.
Plus Credit Card debt is through the roof. People keep spending without a plan to pay it back..
Thank you. Thank you for mentioning all the doom and gloom videos and that Doom and Gloom sells.
It 100% sells, and I’ll jump on board when it’s called for. I never want to be the “all sunshine and rainbows” channel, but I just noticed some big flaws with his argument.
Seriously one of the most disingenuous videos.
Great point Andrew!! Love the knowledge about Florida. Also to add to your point on no taxed social security in Florida Is that Florida is also a pension friendly state and not tax as well unlike when I checked with South Carolina they would have taxed my pension if I had moved there.
Great point Sonny! Thanks for your comment!
I should have added that was with a NY pension when I commented. Just wanted to add that.
Good video! It is a very complicated picture with lots of moving components that alter the dynamics of housing prices. It all depends upon the magnitude of each of those different components. Some areas of Florida will be sheltered from price fluctuations. Clearly housing prices have skyrocketed over the last several years. I am sure there will be some adjustments.
It’s bound to happen!
I just wanted to argue against the simple wage vs. real estate appreciation argument the best I could. It’s too simple of an approach with FL
Native South Carolinian here. I just retired with our State Retirement last year. It is not taxed. I'm not old enough for Social Security yet, but it is not taxed here in SC. Last year I tried hard to find a job in Brevard or Indian River counties and did not find much at all unless I get Top Secret Clearance certifications and work for one of the aeronautical companies. I scuba dive, so that's the main reason I want to make a move to Florida. South Florida is just TOO expensive. The market almost anywhere will NOT crash. There are few exeptions though. Ironically, we meet a retired couple who just moved to our area of SC who moved from Vero Beach. They lived there since 1967. Other costs than just housing, plus some of their family living up here promted thier move. It's the cash buyers in more expensive markets that have the advantage... they have cash offers. I'm working again and will just have to save, save, save and finish paying off my mortgage here before we make the move. Have any other ideas how to get down there sooner Andrew?
My friend moved to SC with a NY pension and he told me he definitely gets taxed and it was easy to confirm online. It must be different if its an out of state pension or my friend is in for some good news.
@@SonnyCal797 Yes, I'm sure that is true with any income that is NOT SC Retirement or SS. I'm wondering if it would be better to just stay in SC, save enough up here to have cash for a house and no mortgage in FL, or if renting in FL would be the answer. Thoughts anyone?
I listen to what turned out to be doom and gloom. I already the issue Florida has due to listening to Andrew. It is just different how it is presented. I was worried until you posted. Not going to think about it. I am hoping to get to Florida this year. I really do not want to spend another winter in NC. Thanks for a great video
If you dont mind losing all your EQUITY for the next 10 years, than go ahead and buy now. 7.5% Interest rates, Sky HIGH Insurance cost$, and astronomical Property TAXES. $ounds like a great idea!
My guess is with higher interest rates and increase of HOA prices have to drop.
Of course it will, just a matter of time. Hoa, property tax, insurance, mortgages, all to expensive for most Floridians.
I don’t disagree, but we are having a ton of non-Floridians that are inflating the prices currently, and they haven’t shown many signs of slowing down.
I agree it is sad that we are pushing out the local population, but this is very common for vacation destinations. Think about the cost of buying homes in the Bahamas. Most waterfront properties are owned by Americans that invest in vacation properties. They’re using funds made outside of the country to purchase real estate, driving up real estate prices for the locals. It’s the same here to a much larger scale.
@@livingthefloridaeastcoastYou are 100% correct. I had a middle class NYC job. I just purchased a home for 393k in Florida and that, the HOI, HOA and taxes are an absolute bargain compared to what I can get up here. My pension will easily cover my bills. Real estate in Florida will continue to rise as long as out of state money keeps pouring in.
That about sums it up! Now take that story and multiply it by tens of thousands.@@joeydego2
Early boomers are larger in numbers than the later ones, due to shrinking number of children per family by the 1960s.
Another thing you forgot: Those early larger numbers are dying off also, and US life expectancy has dropped 3 years in the past two years.
So your metrics is skewed. Actually, more people may be dying (the early boomers) than coming in (tail end of boomers). That may create a surplus or properties - by the way...
It's more complex than you think.
The vaxx damage is also significant - except you don't know about it because it's not on the MSM.
Right now, the US death rate is 10% higher than pre-vaxx. With an approx. 3 million "normal" pre-wax rate, that's 300K more dead per year than "normal". We don't know how will it effect the next number of years, but health problems of the vaxxed are already higher than "normal".
Naïve. In economic crisis one of the first things to suffer is tourism. If crisis lasts then we get same effect we had during last housing bust - lost of income ( aka unemployment ) that leads to sale of depreciating "secondary" homes. History tends to repeat it's self. But ignore if you just want "wishes" to supersede the reality
Tourism only a couple months out of the year!
It's all year long in the section of Florida I live in. Really almost all of Florida is all year long now.
It's only overvalued if people stop paying the price
No crash happening in Florida.
This is another bubble. Been a broker in FL for almost 40 years.
My house has been on the for 120 days newer home lower end of the market and have had several showings but no real offers I’m not sure but the market seems slow.
What area?
West vero I have noticed lower end homes in communities are not going….but those in the higher range are 😮
It is, due to taxes, insurance, and asking price being way to high.
That area is actually affordable compared to Palm Beach County.
I am seeing a lot of homes that are now under contract with other realtors after 6 months. Some of these homes I was monitoring hoping mine would sell. It’s just off what is happening in the market.
Florida is not a current solid choice for buyers. Out property taxes and insurance have gone through the roof. If there is an indicator that housing values will go down its those. Florida will crash and I hope it does. I would love to get a second homw at a low low cost. Problem I am seeing is the Taxes and insurance will keep going up. Those buying houses now will greatly regret it quickly. Lso, investors who bought two to three years ago are already trying to sell ate a 100% profit.
Wrong. Retires don't earn income. Maybe on investment only. So with housing at record highs and now falling. Unlike the taxs you'll be paying on your home and with typical doulbing of HOA fee and double of property tax and insurance. Not to mention the overpriced cost of living here in Florida with above national adverage for fuel and groceries and electricity. You're going to a mass exit of southeast Florida and most highly populated city's. Seen it before well see it again. But keep that dream alive. you're dead wrong.
My argument was exactly that…the retirees don’t earn income, yet they take their retirement, and proceeds from the sale of their home from another state and buy real estate here in FL. You just proved my first argument correct.
Insurance thieves buffett..
Florida is south New York, it's not going to crash. All rich New York Jews retire in Florida.
Mostly southern Florida East and West coast.
Dude, the rise in home insurance in Florida makes fixed income stability unpredictable! Property taxes have also been rising. Las Vegas is a better investment.
Wait. Everything you discuss is already factored into the housing market data shared by Reventure Consulting. As a RE Agent you should understand this. You speak as if everything you are discussing isn't factored into the market supply and demand data. Honestly, I feel that you are not experienced enough to speak on this topic - you're just adding to the hype and confusion. These are merely your opinions with unsupported evidence, "opinion/evedence" that is ALREADY baked into the Reventure Consulting data sets.
We will see 🤷♂️
The states with e-verify for private employers should see housing price drops as all the illegals coming over the border head to states without e-verify.
This is funny to me. I don’t think illegals are going to cause a housing correction!
@@livingthefloridaeastcoastI think you;re missing the point of my comment, but have a nice day.
No offense, you are not providing all the facts. You're a realetor, I would expect you to tell us how good it is. RE provides facts. Go listen to The Maverick of walstreet. RE does not paint with broad brush, he breaks everything down to the county and city for every state.