I love your videos! They are just so helpful. My agent in South Carolina is putting so much pressure on me because she thinks the interest rates are soooooo low! I hate the pressure feeling. I appreciate your balanced logic and wise approach. If I stay in the villages you are the agent I want to work with.
The Prime Rate (mortgage rate) is ridiculously low. This is the main cause of the massive inflation. When the Prime Rate/Mortgage Rate was brought down extremely low, the inflation rate sky rocketed and money became worthless. Most of the banks were only giving 0.01 percent interest for money in the bank. For each $100,000 in the bank was worth $1 per month in interest. (That is what I was getting.) When the CD rate dropped below 16 percent, my Mother had a fit. What would she think now? The first house I bought, my mortgage rate was 13 percent. The lower the mortgage rate, the higher the price, and the price becomes inflated over the actual property value. This $25,000 incentive that Biden wants to give first time home buyers is also inflation creation. The Prime Rate needs to be increased to the point that people can save a little money. Then they will have some money to put down on a house, so they will have some equity in the property to start with. If a person buys a property in Florida and the first year the place gets flooded, they will not be happy. I know a lot of the properties that are on the market were flooded during Ian. Property listings used to list the Flood Zone but I don't see that any more. Of course an 'X' flood zone can still flood. I am 81, almost 82, and I planned to move to Florida but Florida is a mess now. The whole state is for sale, but inflated prices, insurance price, property tax, flooding, condos HOA, etc. Instead of building a wall between the US and Mexico, we should help Mexico with their immigration problem and drug cartels. There are a lot of people from the US that expat to Mexico for warm weather but if we build more friendship with Mexico instead of trying to make an enemy out of the country it would be great opportunities for US citizens. As it is now, most expat to southeast Asia. BTW: If buyers have to sign a contract before we even see a property, is that going to migrate into having to sign a contract to look at a car we may want to buy?
Historically, when rates drop after. A period of increases, it's usually followed by a recession. Fundamental economic data is not all lollipops and unicorns right now.
I love your videos! They are just so helpful. My agent in South Carolina is putting so much pressure on me because she thinks the interest rates are soooooo low! I hate the pressure feeling. I appreciate your balanced logic and wise approach. If I stay in the villages you are the agent I want to work with.
What are your thoughts on Babcock Ranch near Punta Gorda?
The Prime Rate (mortgage rate) is ridiculously low. This is the main cause of the massive inflation. When the Prime Rate/Mortgage Rate was brought down extremely low, the inflation rate sky rocketed and money became worthless. Most of the banks were only giving 0.01 percent interest for money in the bank. For each $100,000 in the bank was worth $1 per month in interest. (That is what I was getting.) When the CD rate dropped below 16 percent, my Mother had a fit. What would she think now? The first house I bought, my mortgage rate was 13 percent. The lower the mortgage rate, the higher the price, and the price becomes inflated over the actual property value. This $25,000 incentive that Biden wants to give first time home buyers is also inflation creation. The Prime Rate needs to be increased to the point that people can save a little money. Then they will have some money to put down on a house, so they will have some equity in the property to start with. If a person buys a property in Florida and the first year the place gets flooded, they will not be happy. I know a lot of the properties that are on the market were flooded during Ian. Property listings used to list the Flood Zone but I don't see that any more. Of course an 'X' flood zone can still flood. I am 81, almost 82, and I planned to move to Florida but Florida is a mess now. The whole state is for sale, but inflated prices, insurance price, property tax, flooding, condos HOA, etc.
Instead of building a wall between the US and Mexico, we should help Mexico with their immigration problem and drug cartels. There are a lot of people from the US that expat to Mexico for warm weather but if we build more friendship with Mexico instead of trying to make an enemy out of the country it would be great opportunities for US citizens. As it is now, most expat to southeast Asia.
BTW: If buyers have to sign a contract before we even see a property, is that going to migrate into having to sign a contract to look at a car we may want to buy?
You have great content! Thank you from Connecticut, and looking in Estero and Bonita. Talk to you soon
Oh also do you sell your art. Its truly beautiful. Did you do that one that is on your art easel?
Thank you! I did do that painting. I do show in a local art gallery and I do sell them.
Historically, when rates drop after. A period of increases, it's usually followed by a recession. Fundamental economic data is not all lollipops and unicorns right now.
Agree
Nope I won’t fall for it, buyers must pay agent now, so where are we going to get this extra $ if sellers increase price.
Actually that's not 100% true. The seller can pay the compensation or the sellers agency can pay it .