Crazy Florida Sellers | Zillow Wages War on Buying Agents | Investors Still Lurking
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- Опубліковано 11 тра 2024
- There is a lot to cover this week in the Southwest Florida Housing Market and some moves by Zillow could have nationwide effects.
#realestatenews #floridarealestate #housingmarket
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Ben Grieco
Broker Associate
Call/Text: 845-674-5290
Email: BenFloridaAgent@gmail.com
SL# 3330499
Coldwell Banker Sunstar Realty
2825 Tamiami Trail, Punta Gorda, FL 33950
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Native Floridian waiting on the sidelines with all my pennies to see how much prices adjust. Great video. Subbed.
Thanks for the sub!
Smart! Even smarter would be to cash buy - cash buying only way out of the ongoing insurance disaster.
Love it. I predicted 2 years ago this mess would be happening. My realtors friends just laughed at me. People and investors dumping properties now. Airbnb and the ilk are going to be eliminated or very restricted. I do not know why people thought this real estate craze during Covid was sustainable. Most buyers do not have an infinite amount of money to spend on real estate
Yup. Florida will have a severe housing correction. It’s not nationwide real estate collapse though as in New York for example, people just keeping buying as there are jobs here.
Even Jamie Dimon is saying he thinks this economy has 70's vibes and the 10 year UST could hit 7%... that's the CEO of the largest US bank saying that... not some UA-camr with 1,000 subs. The amount of chaos that will be unleashed with yields that high is hard to comprehend.
The Atlantic side is not seeing what you’re seeing on the gulf side. Homes are still being bought over here
@@livingmybestlife365 it’s called rotation. Happens all the time in all efficient markets
Imagine people who paid way much premium price during the pandemic in FL!!
There is an absurd amount of recently bought and severely overpaid for properties hoarded by investors who can’t wish the rent up to anywhere near what they need to hold the properties. And they keep buying them here in southeast Florida.
The market wouldn’t even be half of what it is without the speculators.
Good video!
Maybe the Russians will buy up the excess.
Sadly its not just American speculators, lots of foreigners disrupting the FL RE market.
A lot of retirees I know too.
I chatted with a small Cape Coral homebuilder and he said that materials are now more readily available. He was told that the national builders are pumping the brakes there.
It seems like they are starting to slow down in a lot of areas.
The rent is too damn high!
Your story about the guy with nothing rented and many units to sell tells me there's a lot more inventory coming ,and yes ,there'll be a lot of undercutting rents.
The clock is ticking and warning us that 2008 replay is near !
not even close.
Not a replay of 2008 coming, but a total theft of American homeownership. This is their goal...to remove private ownership of homes and businesses....
2008 was a replay of 1929. we will get another replay in about 60 years.
2008 was an entirely different set of circumstances with banks giving loans to unequaled buyers and putting crap loans in with good loans.
@@kennixox262 the never ending tale of CDO'S. Bank of America 60 to 4 a share. There is nothing on the horizon like that. What there is is a load of nouriel roubini 's kids posting apocalyptic gloom and doom.
Great video Ben. I guessing another 6 months to 1 year before the true desperation sets in the sellers. Keep up the good work.
Thank you! Things priced properly still sell but some of these asking prices are out of this world.
You are the go to man for what is unfolding in the real estate landscape.
Always appreciated sir!
F Airbnb!
Ben, great informative videos for the Sarasota /Port Charlotte area! Short and to the point.
I’m waiting to buy, I’m in st Pete. I can rent and as a disabled veteran when I do buy I won’t have any property tax.
That's awesome! Thanks for your service
Nice! No tax at all?
@@ralphjessee2688 correct I am exempt from property tax in Florida.
Me too....I wanna move to Boca Raton next year!
I love the Sanabelle in BR. The model is gorgeous. We want that one next year❤️
Love the beach walking videos! Buyer agents commissions will be a line item on the purchase agreement very soon, no different than who pays title or who pays for the home warranty. That's the way the FL commercial contract is now.
Thanks brother and excellent points!
The water looks so beautiful
Wow this water is amazing!
It really is!
Looks a bit rough
Ty
Like in everything other industry there will always be do it your selfers. Realtors customer base targets folks that don’t want to bother talking to dozens of people 1/2 who are window shopping and not qualified to purchase a home. There will always be a need for real estate professionals. There’s a reason we are licensed.
Ben, I have been watching for about a year.( like the walking videos vs the indoor settings) Thanks for the hard work and research and mostly your candid honesty! We plan to relocate to the Punta area. Thanks Ben.
Awesome! Thank you!
We just sold our house in Cincinnati through FB post. The best offer came from a buyer broker. Getting to close was a PITA. We wish we went with one of the other 5 bids.
True, Air BnBs in Anna Maria area are certainly much less than last year, because too many people thought it was easy money. It's only a matter of time before some people, who financed and may have flood insurance, bail and these homes will hit the market. Those who paid cash will be ok. Peak prices last year for our properties was around $270 a night, this year almost $100 a night less.
Don’t be confused when someone pays “cash”. When the buyer transfers all funds to the seller without seller financing or financing through a realtors mortgage partner, it’s considered “paying cash”. That just means that came ready with outside financing. Majority of the homes bought during Covid are debt ridden. Granted many are financed with artificially low interest rates which could keep the bubble alive longer than it otherwise would be. Pre COVID this wasn’t the landscape. They printed 50% of all our money supply since 2020 and that money was for the most part loaned out.
I'm gonna buy a condo someday in SW Florida -- I will use you Ben as my realtor!!!! Love your channel.
Thank you!
Me too...I expect a housing glut in Miami area next year. I will buy in Boca!
Me too!
Last summer i saw a home in my old neighborhood. $275K for an early 1980s 2 bedroom/2bath and it had a one car garage. Way overpriced.
Can you do a video on the concessions and incentives you are now seeing from new home builders?
Great meeting you, Ben!! Keep up the good work and look forward to seeing you again soon!
Same here Anthony! Thanks for linking up!
People go crazy trying to be by the water in Florida. I have been in Florida all my life. Let me give you a better plan. Find a piece of property that is not a condo or in a hoa build a house or buy a older home on property that has well (As in no city or county water). Spend 20,000 to 30,000 on a pilots license and get your IFR rating, buy a plane for 50,000 to 400,000 that will hold its value and appreciate over time. Now the Bahamas is your beach. Bimini,Great Harbor, Eluthera,, Cat Island, Long Island, Marsh Harbor, pick your mile of beach and it's yours with no one else around. (Warning stay away from Nassau and Freeport this is not the real bahahmas.) You live in Florida no state taxes , but you have fly to the best Pink Sand beaches in the world. Fly fast live slow!
Now THATS a plan
Living the dream is what it sounds like. But I would be leery about drinking well water I Florida. The soil there doesn’t seem to filter out pollutants very well, and there have been some sad cases of whole neighborhoods drinking water that was later found to be contaminated by termite treatments, golf course chemicals, etc. And they only found that out because the number of cancer cases skyrocketed in the area.
HOA fees are sky high too
Buyers should be allowed to contact the seller agent for showings.
I remember livig in LWR just before the 08 crash, we were walking through the neighborhoods and there was a street with 90% with forsale or rent signs, i took a picture and remember saying we'll never see anything this again. But here we are...
Thanks for the great video Ben. Always look forward to your new uploads. ❤👍
Glad you like them!
Again, really like the walk thru of the new construction. Maybe slow down just a little bit....lol. Some of that wallpaper was awful, especially the laundry room. Keep up the good work, always enjoy your videos.
Lol I agree, I don't really dig the wallpaper choices. That one was super quick for sure not much house to cover the way it was set up.
Ben you’re the best, can’t wait to come back down and see what we can do.
Thanks Maddy looking forward to it!
Great content as always Ben. That's why I tune into your channel. I am also a former real estate agent in Las Vegas right before the 07-08 crash happened. I got out and haven't looked back. I enjoyed your mini-tour of that beautiful home with the enclosed pool that you showed. I didn't hear you give the asking price, though. Would be nice to know. Peace!
The Sanibel model starts at $638k on their website without pool, upgrades, or home-site premium. So it depends on options.
Question for you Ben. My neighbors had their overpriced townhome on the market for only a month. Townhome has no garage and is only 2 bed 3 bath, 1600sqft in Largo FL and they started at 360k and went down to 345k for only a week and then just took it off the market. What strategy do you think they're trying to do? Wait a month and put it back on for even cheaper? They don't even live there anymore so confused what they are doing.
Some are waiting for rates to drop with hopes prices will then increase and more buyers will return.
Your neighbor isn’t a desperate seller. It’s either paid or they have all the money to pay the cheap mortgage depending when they bought the property. Also it looks like they’re move up buyer and trying to get the most money out of it.
I live in the Largo area. Nice quite neighborhood. We have 3 flips sitting here 2 street over that have been on market for 4 months now. Typical 3/2 circa 1960 purchased for 340k ish now on market for 550k etc. Just sitting...and sitting...a year ago these types of flips would have been gone in 2 weeks. Max. Just my take on my street. Also seeing a few BnB's coming up for sale nearby as well.
Too many people own investment properties in FL....I think most of them have to unload!!
Who wants to retire or move their children into a house next to short term rentals?
No one.
Another solid video sir
Much appreciated
What development are the condos in Stump Pass?
I work a 40 hour a week job. I make 380$ for a 12 hour shift. Real estate agents get mad when they don’t make 12,000$ for zero work. Real estate agents and current commissions are way out of line. A homeowner in my neighborhood just sold his home without a real estate agent. Held open houses and did it all himself. Saved himself 18,000$ in commission. The problem is most real estate agents provide absolutely no value in today’s environment. They love to say commissions are negotiable. That’s bullshit for the average seller. They need to rethink the business model.
I fully support anyone who wants to sell their home on their own. I think its awesome. Some people don't want to.
Well 48% of agents make no money, 87% of Agents quit their first year. 71% of real estate litigation occurs when one party doesn’t have representation. Like anything ya hire, plumber, lawyer, handyman, etc.. there are levels to this they aren’t equal yet some of the crappiest agents get hired.
Go get your license and tell us how easy it is to make money while doing nothing :)
I do support doing things on your own. Go for it. Your opinion is yours and that’s fine, but saying we don’t do anything couldn’t be further from the truth.
@@adamullein2724
😅
@@adamullein2724 If you did not sell a home you did nothing.
The ocean walk in this video was lovely! One question- what is the asking price of the house that you showed at the end?
The Sanibel model starts at $638k on their website without pool, upgrades, or home-site premium. So it depends on options.
Can you post a link to the house you were showing at the end please?
That sounds a little rough with the hurricane house going for $150 and final value after remodel $275 ish? Those people will be upside down with numbers like that.
South Florida properties not moving are the ones that have a Rental restriction, not for investors. Everything else is mostly gone
This is what happens when peoples' minds are controlled by a box! A friend of mine told me he was paying $2,500 dollars rent a month for a house,based on "what Zillow said".The house isn't worth $1,600 a month,and I told him so.PEOPLE< STOP SURRENDERING YOUR LIFE TO A BNCH OF LIARS WHO CONTROL AN ELECTRONIC BOX!!!
Gotta wait! Prices dropping here in fort Myers.
Let it drop more..
Then buy!😮
It is not dumb to offer your move in ready condo at a premium when the builder just sold out his offer in record pace. It is actually smart. Not everyone is a panicked investor that NEEDS to sell.
Wish we had you as our realtor! We bought a property in March North of Tampa and our realtor recommended no inspection due to several offers. Well, we bought a house with mold in 3 rooms and a ton of issues. Found out the seller is a convicted felon as well. Wonder if they were all working together! Sadly, not much we can do about it.
I’ve always been amazed that the worst properties are often the ones that have bidding wars. I have learned to be deeply skeptical of “popular” properties.
Hey Ben! What's the price on that house that you showed us?
The Sanibel model starts at $638k on their website without pool, upgrades, or home-site premium. So it depends on options.
I legitimately expect we will eventually see articles written about landlords buying out leases and paying 5 or 10 grand for the tenant to leave early.. because that's 10K well spent if your 500K rental property is going down by 10%. A negative feedback loop will eventually consume housing. Once the feedback looks is established even FED cuts won't be able to stop it. The FED cut from 5.25% to 0.15% during the greatest RE bear market the world had ever seen (07-09). 500 basis points in cuts didn't stop RE prices from falling 30, 40 or 50%.
Word!
Zillow needs to go back to a format where it was more of a for sale by owner format.
The world is not coming to an end! Progressive canceled my homeowners insurance. Different company same coverage 17% less expensive. No juicy UA-cam Headlines.
Nice!
We have been there before! 😮
Name of new company?
Cruised by Stomp Pass today.
Nice!
People have no concept of changing conditions within a market. So delusional
Their agents should lol
It now appears the only affordable housing in Florida are single family homes not in an association and paid for in cash(home insur not req’d). Avoid condos, SFH with HOA’s and mortgages or stay out of FL!
Hi. Could you please tell the beach name and location you did this video. Thanks
Stump Pass on Manasota Key in Englewood Florida
The REIT’s have ruined our area of Northwest Florida panhandle with all of the over building of apartment complexes with high rents and cookie cutter subdivisions. Not to mention the 10 bedroom 10 bathroom monster rental houses that no “real” family would ever buy. It’s awful.
There is a bubble waiting to pop I think. I know people in the panhandle who are getting bombarded with a dozen mail solicitations a week to buy their empty land, each offer from a supposedly different mom and pop real estate company. Yeah right. It’s REITs. When things get to that level of frenzy though, I figure we must be approaching severe overshoot.
And I’ve seen the subdivisions you mean, they are hideous and depressing. People think they come to Florida to be outside, then they move into those bunker like houses with no almost no yard, no outdoor spaces where you can sit, and not even an access door to the back of the house. You can literally do nothing but sit inside your house, which you could do just as easily in Minnesota.
My wife and I just signed with a builder, 2117 living sq ft, 4 bed/3bath, 36" cabinets soft close, 2 car garage in a cul de sac in Palm Coast for $364400 and having cold feet. I knew to sell our home before the 2008 crisis and now I have no idea if we should buy or hold off. My gut says to hold off but the home/lot package is in a good area and probably will sell if we cancel. Any advice Ben?
Totally normal when buying a home. I think if you say it will sell if you cancel indicates its probably a decent deal.
Cant understand what FL buyers are thinking with the super high insurance costs - home and auto, with cost jumping up each year.
I think people are starting to pull back some. If you can afford a total loss on your home (some people coming to Florida can) then it might be worth the roll of the dice for them to go uninsured on their home. Auto insurance though, you can’t get by without that. It’s gotten crazy expensive.
Prices cant retreat. Everything else has gone up in price.
Trend is downward….
Every real estate agent I’ve ever known all have one thing in common. They all reject the 40 hour work week in favor of a parasite to host relationship.
Harsh!
Greed is destructive.
First like!
*"pushcart wars."*
I’m one of the original OG”s😎
You sure are buddy
Someone could offer to give you an elephant. Unless you own a zoo, it's not a good idea.
take your sunglasses off. People don't trust someone when you can read their eyes.
One word "GREED"
Never buy investment property in another state. Never buy in the same County also.
Cape Coral is Alive and Well... The ONLY Hurricane Sheltered Peninsula in Florida. The ONLY place in Florida still climbing in value. No Hurricane risk is my guess
Meaningless unless you are a cash buyer - no mortg no insur req’d.
It is all going to zero at least for a long while
No it isn't.
I'm waiting for the economy to collapse so I can buy a tax deed in Florida
In FL? It will only happen when you flip the state to blue!
@@user-is6wb9xn8o it happens every day in Florida check all the rural counties
Do you think Zillow is a good investment?
Sorry you walking and being out of breath does not get it done!
Tough crowd
Thanks Ben. I’m in Phoenix and really enjoy your videos. Gorgeous water, beautiful day for a walk on the beach👍🇺🇸👏
Walking and talking videos -especially at the beach is distracting
Why did you watch? (Stay in California Nancy.)
Don't watch fool
🙄
🙄
I love seeing the beach and water
Zillow is another woke company that won’t ever get anything from me ever