Pending Home Sales TANK TO AN ALL TIME LOW!
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- čas přidán 25. 07. 2024
- The national Association of realtors has been keeping track of pending home sale data since 2001 and May 2024 was literally the worst month on record since then. Pending home sales have now fallen into an all-time low in this supposedly fantastic housing market. I think the data speaks for itself and shows how few people are actually interested and or able to actually purchase a house right now.
Need a Realtor? homeandmoney.com/michael/
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MASSIVE Economic DOWNTURN IS ALREADY HERE! czcams.com/video/hGTpkBGsh7A/video.html
My birthday 🎂
It is only beginning
If you're ever in the bay area, CA, I could help you on the discussion of homelessness, underhoused, and I know a city supervisor that I could reach out to maybe for an interview if you need
@@1stworldrefugee443 I'm in Portland I know about it and how the homeless are given bus tickets in some states.
Housing is unaffordable, everything else is not affordable.
We are all gonna die ! The sky is falling ! In other words Michael is an unemployed Miami Realtor on a YOLO vacation ! Its all so BAD ! New traveling records set for people flying all over. Yet its terrible ! New S & P 500 record / new NASDAQ record but its all terrible because housing is expensive. High interest rates too 😢😭😿
Good !
Pretty much. I’m fortunate to have gotten debt free during the Trump years. Nothing good lasts. I learned my lesson in those 8 Obama years. Don’t buy anything, just save and invest money.
😂 yeah!
Spambot alert
I'm in the a/c business and a lot of customers I deal with don't have the money to replace their old equipment when it breaks down and should be replaced. I hear 'please do whatever you can to get it running '. I also see in six month's a new flammable freon, R32, which is propane based, has been mandated by our corrupt government. The price of this new equipment will be around 30% higher. This is absolutely devastating news to me in several ways.
Contractors in Australia have been quitting over this hazard (hazardous to install, safety issues if it leaks into the house, etc.), and Europe is supposedly trying to find an alternative. My central a/c in Tennessee broke during the pandemic and I purchased three portables that vent out the window. They use more electricity IF I have all three running and don't cool completely, but I use three until I get too hot and then I go into the smallest room and just leave one on. When I retire next decade hopefully this all gets sorted out and then when I'm home again all the time, I will get a central unit.
On my daily walk in southern California in a supposed middle class area I don't hear many air conditioners running. It tells me the obvious, that people are struggling financially. It's not a good sign.
Can an existing R-410A unit be converted to use R-32? Or does the homeowner have to buy a whole new R-32 unit?
@@malcolmlove4602 No. The coolant changed in 2010 and operates at a different pressure and could not be converted and the old coolant was phased out so it was exhorbitantly expensive to add coolant and in some states against the law if it was leaking. The replacement R-410A was better for the ozone layer, but much worse for climate change, so in 2020 (delayed because of the pandemic) this new one is being mandated in 2025, but Australia and Europe aren't happy about it so who knows how long THIS will be in vogue. People don't have the money to keep replacing entire systems every time governments of the world make changes! So it changed in 2010 and again in 2020 so for people who replaced say in 2014, and let's say the system needed to be charged (refilled) six years later, if it wasn't for the pandemic delaying things, they would have had to replace their whole system again just six years old.
@@malcolmlove4602 No, I don't think so, but R410a will be around for a while, but they're going to cut production every year though.
I plan on keeping my car and townhouse…… forever.
Forever oh my gosh how old are you?
I sold my townhouse but am trying to get every last drop from my car 😂
@@Joce123 According to our unemployed Miami Realtor on a YOLO 4 month vacation the world is ending tomorrow ! Nothing but pain & suffering every where ⛈⛈☔🌧⛈⛈! Yet record number of people traveling by plane every holiday. S & P 500 set a record / NASDAQ set a record / DOW set a record ! Its all horrible ! Unemployment is at 4% or below for 3 straight years but its all terrible ! Gas prices $1.00 below last years prices - I'm gonna DIE ! 😎☀🌞 It must be really BAD to be a Miami Realtor right now !
@@ag4allgood we are in stagflation…..the middle class jobs are being replaced by AI , TV anchors are making 20million a year and people are sleeping in the streets in tent cities. The system has been hijacked …….Are you kidding us??
I plan on sleeping in my car forever
I saw it coming 30 years ago and bought a house 35 miles out of town. Best thing I ever did!
"If we sold to you, where would we live that we could afford?" We've told that to everyone for years. If you are in a good situation, just stay there. No brainer.
I moved out to the country so I could save enough money to move back to town.
@willa, EXACTLY!!
@@marty906Where .what state?
My thoughts exactly
@@marty906why would you want to move back?
As bad as the numbers they release are, in reality...its far worse.
no doubt about it
Exactly.
Happy 4th of July from Ireland everyone.
What's happy about it ?? Celebrating genocide, slavery and theivery that birthed America???
❤
Thank you...we appreciate that.
I’m here in ATL and the homeless situation in the city and metro area is so bad and the democrat politicians and residents here just act like everything is perfectly normal. It’s disgusting.
I left Atlanta two months ago. I saw a number of tent communities by the interstates. I am sorry.
Life is good for those who live in gated communities.
That's because that IS perfectly normal for what a democrat city should look like.
Homeless! 😮
That is really sad 😢
I would buy a house cash at a fair price. If I offer someone a fair price, they most likely will say no. Everyone wants the fantasy price.
Lol. So what's "fair" pricing? You haven't got a clue if you're watching this channel.
It will go lower. It's going to take some time, then the flood gates will open.
@@AssetAddict Are you saying you haven't got a clue, since you're watching this channel?
They need that fantasy price - they scammed out of a pension by the 401k scam.
once they wait a long ass time with no sale, they will take less. I have seen this cycle many times
Buying is great if you find a great deal in great location. It's not really a "profit" until you sell, though. So your networth will climb, which feels pretty good, but you would still have to pay rent or buy a new house if you were to sell. You would have collateral, though, which means you could borrow money for other things. Or you become a landlord like Graham and you get other people to pay your mortgages for your downpayment/investment. But owning a house will soak up a lot of your income compared to finding cheaper rent. Mortgages kind of suck, because they make you pay more towards the interest than the towards the actual ownership of the house.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?
My CFA ’ANGELA LYNN SCHILLING’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Who has $50-$60k to put down on a home where your payments are still $1500-$2000 a month? Making $40k a year. Building small doesn't get you a home either. As they often cost as much if not more than a large house. As even tiny homes are being bought up by wealthy driving up cost...
A house in my area is gonna run ya about 5-6k a month
@@Doty6Stringwow!
@@Doty6Stringwho has that kind of money?
Any way i work the numbers its 2k a month or just about. Been looking at the market for 2 years just holding my breath for a shot
@@mohhingman people make bank in California. It’s wild. Cheapest houses in my city are like 550-600k and they are in horrible neighborhoods and are run down messes.
I think you might be shocked when you come to California, it's worse than what is being reported. It's really bad here 😕
Sellers are convinced that buyers have more money. Wonder where they are getting that idea?
from the mainstream media
They are just hoping a hedge fund will buy it or an international investment company
@@stevenotero2627 hope is not a strategy
Brazil? 😮
Lol. You clearly never took a finance course in your life. I suggest you do.
Put the homeless in rich districts… be solved overnight
Plenty of space in the new E Jean Carroll Towers. She said she would do that given the opportunity ! 🧓
@@karm9852 Sounds good in theory till someone actually proposes it to them…Then all of a sudden, the excuses start rolling in.
I doubt it. Look at San Francisco. The local wealthy claim, "oh its not that bad".
Tents are going up in Beverly Hills. Well doggies!
Homeless will be purged 😅
We got a abundance of homes for sale in northern Ohio! None are selling .. for the income in the area ! The homes are priced 3 times hire ….. In northern Ohio the average pay is 15 bucks an hour .. but the home prices are 300k plus … not happening..
@@debbiec6216Give it time.. it will turn just as bad as your grammar
3 times hire...
Only person to purchase them are cash buyers who want to escape an expensive state
Family heirlooms? If a homeless person had any, those items wouldn’t last a week
It so bad that I am praying that my home drops in value just to get the damn property taxes back into the realm of sanity.
I hear you!!
Only a matter of time before complete social & economic implosion occurs. We have been working up to this for 40-50 years now.
They kept kicking the can down the road. Now the can is a keg
@@xro1983 the "kicking the can" phrase is nonsense
It doesn't matter about anyone's feeling towards real estate or the current housing market. People are working hard everywhere to earn very little money, and no one can afford anything, this is only going to get worse. Housing is only going up largely across the nation. Don't use old metrics, your experience in real estate, stats, or any other bs because listings will continue to sit on the market until investors buy it ALL. That's by design, investors will own everything and the common man will own NOTHING. When all homes are purchased, they can charge you whatever they want for rent, or you will live on the street. They want this to happen by design, most people will own nothing going forward...If interest rates drop, prices will skyrocket, so unaffordability will remain high for everyone. I don't see any of this changing any time soon.
Please explain if you have time. Novice here...
What's the point in investing if there's absolutely no return? If people are broke then it doesn't matter how much they charge because no one can afford to buy/rent. I always thought the goal of the elite was to make as much money as they can while simultaneously destroying people's lives 🤦🏽♀️🤦🏽♀️🤦🏽♀️🤷🏽♀️🤷🏽♀️🤷🏽♀️🤷🏽♀️?
im seeing more and more homes dropping 5k-20k in my area. Sellers are getting tired of listening to their real estate agents and paying all those extra taxes/expenses trying to win the real estate lottery
just saw a house drop from 399k to 299k, in my city 400k buys a lot of house.
where at
Drops are rampant, but mostly because they keep listing 80k more every year. Dropping 5-50K to get a bite at 50% over is the play
An agent just offered me a $50 k discount on 1.5 million dollar 3 bedroom 2,5 bath home. What a joke, and what blatant arrogance in a down market. Sellers and agents have their heads in the clouds. The real estate lottery is dead. A 30 to 40 percent drop is eminent. These homes are way over priced, and all know it. Stupid people are still buying, but they will lose big time. Do not be stupid. These inflated homes are not worth it.
Ditto. Prices almost always going down and we were booming last year. On the flip side our prop taxes are low. 1/3 of the state we retired from in ‘21
Might be slightly off topic, but I just was watching a video on the Blue Zone Nikoya in Costa Rica. The people living quality lives past 100 years old are living in “Huts” (for lack of a better word) 30 minutes outside of the city in the forest growing food and coffee beans, cooking their own meals from scratch, surrounded by family, neighbors they know, and walking or bicycling. Makes one wonder how much really do we need that we are programmed to think we need? We spend our entire lives chasing after that 😥All by design.😡 I’m a little guilty of it myself. But, no more. I’m in the middle of a complete life reset.
The whole blue zone thing is a farce. It’s been debunked already. But I understand what you’re saying. But how many American cities and even towns are pedestrian friendly? Not that many. I am very lucky that I live in a town where I can walk to many of the places I need or take a bus. Or get a ride from a friend. I am blind so I can’t drive. So a walkable pedestrian friendly town is a good thing for me. But many people are stuck in towns that are nowhere near this pedestrian friendly. I have a huge backyard where I could put in a garden. I have my own chickens, Atlee wonderful eggs. My quality life is much better than many people in this country even though I don’t have much money at all. I live in a 690 square-foot house. It was built in 1900 and it’s solid as a rock. A lot of this new construction is just pure crap. And they’re asking. Ridiculous prices for terrible houses. It really is sad. And frustrating.
This is so true. They are healthy because they eat organically. They have community. Connection. Modern living loses that.
Imma throw a little scripture-esq in so please do not get upset. What the devil tried to use to destroy you/us God used for his glory. God turns beauty from ashes.
Basically, they keep trying to destroy us, but we need to adjust, pivot & learn to live outside of the box that THEY keep trying to keep us in & beat us over the head with.
Amen
Cars are not as affordable as before. I was recently rear ended and the other party's insurance company should go to jail. Whatever hoops they can make you jump through just to get yourself back to where you were before the car was hit. These insurance company will do anything to avoid paying you or getting you to become frustrated and just accept anything. They want you to go to their shop and in some cases that can take 6 months as all of these shops are booked way up. The company employee is being paid but they expect you to travel around town getting bids on your time and your gas. This is just a part of what citizen consumers are seeing. If I see the future many many people will just refuse to engage in buying homes or cars. The taxes, the insurance, the upkeep on both of these large purchases is just getting to be too much.
You need to hire an accident attorney. They will help you. You don’t pay them until they settle the case. They get their $ from the settlement.
Same just happened to me.
Why should I pay because you decided to buy a Porsche Steve ...
There should be a 10k cap.
I can barely afford food.
I no longer have a savings account.
I am seriously looking at being homeless by this time next year.
The middle-class and the poor have been absolutely screaming about what has been being done to the economy.
All y'all that are rich enough to be flipping houses that are finally noticing?
Welcome to the party guys.
Where do you live and what can you do right now to avoid being homeless? Can you declutter and downsize maybe buy a vehicle that you can live in if absolutely necessary.. Perhaps network with somebody else to find a way to jointly solve the problem?... A few more details might give us a way to give you some ideas that you have not thought about.
Start you a youtube channel , make sure to have a good content . it will take up to 2 years to make good money , at least you started it.
@@debbiec6216 Sure! Just buy me a place to live and supply me the equipment. 🙄😂
I cant afford food and have cancer and am currently looking for a place to leave my cats safely for whatever is left of their lives.
A CZcams channel and two years is not something I have.
Unless you suggest I chronicle my imminent homelessness and demise?
(edit: I'm not trying to be mean and it might have come across that way. 😉🍻)
@@Joce123 Sincere and heartfelt thanks for your concern and I mean it.
It's hard to tell the difference between sarcasm and sincerity in type but, sincere thanks!! 😉🍻
Got the truck already. Moved 3 times in the last 5 years to downsize.
Am looking for a good home for my cats.
Have health issues and really just don't feel like fighting any more.
Just an old man yelling at the clouds trying to add perspective.
Some people have neither the time nor the resources to climb out of what the past horrible 5 years have done to the poor and the middle-class in America.
It's nice to see people finally waking up to the damage that has been permanently done.🍻😎
Prayers to you. I hope things don't continue to deteriorate for you. God bless!
I saw a development today in Waukee, Iowa with 19 completly framed abandoned townhomes. They never even got tar paper on any of the roofs and all the OSB is breaking down to the point every house will need new sheathing
@jeffb321 I live close to waukee and I have not notice prices down 😢
No prices are not going down. The development I am talking about is directly east of the new mcdonalds on grand prairie Pkwy. Go check it out for yourself!!!!
What's "OSB"?
A substrate (like a 4x8 sheet of plywood) that is attached to the outside of a buildings' (house) studs or infrastructure that shouldn't get wet... it turns into saturated cardboard, essentially.
Because none of this was covered, it's been rained on and is useless... worse, needs to be removed and replaced
Bring in the bulldozers.
There's a ton of new realtors pumping the Keys right now as the music is already dying! Anyone would be a fool to buy now.
Yep lol. Lots of fools and snake oil sellers in a fake economy.
It's funny.
My father was friends with Jimmy Buffet and lived in the Keys (Summerland) and when my father passed, Mr Buffet was kind enough to let me stay in a property he owned in Key West while I took care of some things.
From the deck of his house I could look across a small bay at A1A headed into Key West and all I saw was a car dealership, fast food joints, a chain bookstore and commercial neon everywhere.
Looking at the crass commercialism I knew why Mr Buffett left the Keys.
That was 20yrs ago.
I can only imagine how plastic it is today.
Anyone using an 'agent' to buy/sell is a fool - digital cameras, FB, X and all online market places - blank sales agreements w/ instructions available online too - just need an appraisal and a closing attorney SAVING everyone literally Tens of Thousands!
A lot of people can't afford to do repairs like siding, roofing, windows right now. My neighbor has his own construction business and things are slow. That house that's falling apart may belong to an elderly couple on a fixed income....or a disabled person who is struggling to put food on the table right now. During the plandemic, prices on wood and other materials went crazy and it was hard to even find people who could do repairs if you could afford it. I needed plumbing work done but ended up doing it myself and that was an experience!! They didn't want to even come to the house or go inside to do work out of fear of dying of the lyrus.
Lol. You can fix anything, with a CZcams video. Vote MAGA red, my friend.
When it comes to elderly, we the people will have to step up, donate some services. Screw these businesses that have screwed the people so they can live high on the hog. People need to help each other and get creative. Where is our humanity???
@@AcornHillHomestead
Where’s the forethought of living within means,avoiding debt/FOMO/YOLO, saving/investing early in life,etc..
Seems people were living high on the hog and why many are in trouble now.
I stepped up starting at 14 saving,investing ,and avoiding debt.
Where’s the financial common sense?
I never bought because many can buy but cannot pay to maintain . If u cannot pay 10k a year for repairs and 100k in er fund u should not own . Even if It was all free for the house just say no
Why
Property taxes go up
New roof every 20 years equals 20 thousand
If ure 70 and ure home is paid off how u gonna pay 20 k for a roof
Make it make sense
Don't buy stay renting in a cheap state
@@janityy
I don’t know where you get those numbers from..
Don’t think I’ve paid over $10k in repairs in 20 years with both of my homes.
Cost $5k-$12k to replace a roof in my area or more for fancy roofs and no big deal.
You really think everyone over 70 is broke?
Michael, did you hear about the 4,000 errors the Cook County Tax Assessor made? One guy had his property taxes go from $1,800/yr to $30,000/yr! A 3,800% increase on a 900 sq ft very modest house.
House prices need to fall 50%-60% nationwide. We need the 08-09 crash on mega steroids to make things affordable again.
Crook county government workers. Enuff said
And the homeowner couldn't get any body to tell him anything, even after going down to the tax assessors office.....until, he got the media involved.....SMH....
Cook County! I'm shocked! not
@@MH-hd1fu Crook county employees
@@norxgirl1 Yes the Local News channel interviewed that man & I saw a brand new C8 in the driveway too during his interview. The Cook County Treasurer Office apparently not hiring Math wizards.
Everything has been slowing down across the Nation. And everything will fall hard. Thank you Michael for always doing your best. Blessings,Carlos ✝️🙏❤️😊🇺🇸
We're in a Great Depression but it's been covered up.
👍
@@augustcanyon3438💯
@@augustcanyon3438100%
Yep, the fake economy prop up cannot last. The slowdown and life support state of the real economy is finally beginning to be obvious.
The average shitbox house is like $400,000, add high interest. Nobody can afford them? Shocking.
plus the upkeep on a home can bankrupt you unless you got ton of savings.
Lots of people can afford them.
If all of us embrace minimalism, we can stick it to the man. Let's get excited and do that.
No thanks. That is a mindset the wealthy elitists impart on those who are not them. Simply live below your means and plot out the best prioritizations that you can as you take the best care of yourself that you are able to.
Do you not notice how every time we adjust to their abuse they just tighten the reigns to see how much more we can take?
Only works if you have any property at all. Unless you want to camp
This reminds me of the plandemic...people started to learn they didn't need a lot of the things they were DENIED access to. We can definitely do that again during this mess. I stopped buying eggs after the egg "crisis" because it was absurd & we do not need eggs to survive. I felt bad for those in business who did 😢.
I work with homeless people. An overwhelming majority wish to be homeless. There are numerous housing options for them, but they come with rules. They're mostly drug addicts and/or mentally ill, and most housing available to them requires them to get treatment (or at least not be high, or possess drugs) and they flat out refuse. They would rather live in a tent or on the streets and be free to do whatever they want.
From the work I've done I came across the same issue. They don't want to follow the rules, they want to keep abusing drugs and to put it bluntly to live like wild animals. We need to bring back asylums. The rest of the homeless can stay in government made prefab concrete cubicles in a homeless zone or something.
Some of this could probably be solved by opening up the ironically called "public land" to homesteaders. Every square inch of the US is owned by somebody, either private or government, which leads no place for people to live if they don't have the money.
yeah my sister was homeless and went from shelter to shelter. They would kick you out after certain amount of time. They encourage you to get treatment and look for work but only if you want it.
even if you actually work with homeless people, why would the ones you've interacted with speak for all homeless people?
@@grimaffiliations3671 look at the other replies. This isn't a secret, this is well known among anyone who works with the homeless population. It applies to, probably, at least 80% of the homeless. The people who don't want to be homeless, get help and aren't on the streets for very long.
I have a client that does painting and his business is slow and one of the realtors told me she is dissolving her business.
His painting business will pick up soon. And she won’t have to dissolve her business.
I lost most customers for my home remodeling business back in 2008 . Things returned back to normal in 2017@@stanhankins3175
Nahhhh @@stanhankins3175
@@stanhankins3175yes she will 15 minute city is doing this
Yeah, and they’re not even putting all the empty property on the real estate. They’re just letting it sit there’s so much.
Cancell all realtor's and third parties and make it just seller-buyer deals and it will move on....
What ? We already have a unemployed Miami realtor telling us how BAD everything is ! Even though he is on a YOLO vacation for 4 months ! Record air travel ! Record S & P 500 / record NASDAQ / record DOW ! 4% or under unemployment now for the past 3 years ! Michael finds ⛈☔🌦⛈⛈in every way possible !
I can get behind that. I never use one. I'm on my 4th (closing late July on #5) property this year alone.
@@AssetAddicthow do you do that?
@@ag4allgood if you don’t like what he says then why are you here? Nobody’s making you watch these videos.
I disagree. However most realtors are useless. I don’t like regulations in most sectors. But in real estate they need to be more qualified with much more guidance. I think an apprenticeship program with veteran agents would be appropriate. I also truly believe lenders and realtors should be held accountable for encouraging and allowing buyers to purchase 50-100k over asking price like they did not so long ago. Seems like a breach of fiduciary obligations to me.
It hurts to see people on the streets here in Sarasota.
Oh, wow...I lived there for 7 years around 2008 and only remember seeing now n then...I loved it there during that time in my 50's.....
It helps no one to feel sad/bad for homeless. Sure a very few are good people that got hit with bad luck. Most had bad habits and multiple opportunities to get back on the straight and narrow. by the time someone end up homeless they have already burned many bridges.
Out for the 4th of July parade ! 🎆🎆🎆🚒🚒🚒 😎🌞Happy 4th everybody !
@@SleepyNeoSome even like it.
I lived in Sarasota for 2 years, and yeah I was surprised at how many homeless there were. Sarasota is getting hit hard with the home price downturn.
Your videos are a breath of fresh air, always enjoy watching
Here's my example, I am an elderly Disabled Veteran, I was homeless for 13 years, but now I have been in a small apartment for the last 6 years.
I worked to get my life together, paying all my past dues, have a 755 fico score, and have saved 20% down in my price range, searching the last 2 years( not a good idea) and I found a reasonable deal.
Problem: These agents want me to sign an exclusive contract with them @ 2.5%. Not for Me! I did find an agent, however that would take a small amount for showing properties within a set time frame & if I like a home and wanted to bid, if accepted, would change the terms to the original fee they wanted minus the small upfront fee. This I find reasonable . Hopefully in the coming week's I will find the home that I've been after.
🤔... does that seem like I am doing my due diligence?
Anyway, Love your Vids, and keep on Trucking, Michael B!!! ✌️ ~*
Good thoughts to you man.
Congrats on climbing out of homelessness! Proud of you!
Should be an illegal. All free.....
Thank you for your service!! It's disgusting how our government treats our veterans....I am glad you was able to get yourself on the swing side of things
Who cares? The seller will pay your buyer agent. You don’t pay that
You explain things very gently compared to what could be said of the people with money and power. Very well done!
Real estate and stocks seem to be following the "stretch it to the limit" theorem of advancing. This never ends well...and won't this time either. Hold on to your $$ folks. Trim back and be humble. Methinks there are some seriously tough times on the horizon...
I watched a lady meltdown at the car dealer then she saw 1200 dollar monthly payment. she said my house payment is only 489.00 her car was on it's last leg. great video today.
She needs to buy a used vehicle that’s certified. Or get a small Chevy. Neighbor just got their small suv.
@@CMBBmc-jd6ur 100%. I bought a 2016 in 2021, 55K miles, and my payment is $228.
So the Mercedes Benz dealer was probably doing back flips to see her come in thru his door ! 👀
Watching youre favourite CZcamsr after a long day of work is just a great and rewarding feeling!😊
💯
Thank you so much for being here!🙏❤️
Housing is unaffordable, everything else is not affordable
Yes but food is affordable not 😉
I have found that if you can qualify for a personal line of credit or a large enough home equity line of credit that velocity banking has merit.. I also learned that if you have a credit card balance and if every few days you put some money on that.
Perhaps $4 it will help you raise your credit score so that you can qualify for a personal line of credit do not get a personal LOAN.. get a personal. line of credit or a home equity line of credit.
Just got back from Costco & you should see what $45 bought ! Its so terrible my grill 😋will be filled with food this 4th of July 🎆🎆 ! Be safe everybody ! 😎🌞
prices are high because the dollar is worthless. REAL estate is an international market. The FED's "clicking" TRILLIONS into existence and buying GOLD and real estate with those "dollars" destroys the market.
Nailed it man!
The Fed is buying the debt and the stock market, including propping up ailing banks. Systemic collapse otherwise that quikly spirals out of control.
House of cards
The dollar isn't worthless, it's just worth less.
Its worth a lot right now because of the higher interest rates ! Record air travel to other countries because of the STRONG DOLLAR Buying more in other countries ! Keep listening to this unemployed Miami Realtor to get the wrong information. Record S & P 500 / record NASDAQ / record DOW ! Hello ? Anyone home on the 4th ? Gas prices down by a $1.00 from last year ! Oh its so BAD ! Unemployed Miami Realtor on a YOLO vacation trying to tell you he has got it SO BAD ☔🌧🌧⛈🌧
You’re in Big Thunder Park, at the beginning, aren’t you.? I thank you for all the videos as you walk around Belvidere, my home town too.😊 Enjoyed your conversations with your parents as well. Your financial news is much appreciated…great job keeping us informed.
Thank you for supporting his channel Jean!!🙏❤️
Be safe in Komifornia, wear Karen repellent. It's illegal to film in public in this state. You may hurt somebody's feelings. 😂
😂😆😂😆😂
Your feeling towards Illinois really shine through. I saw a whole different side of you watching you interact with your family members. I hope you watch these videos again, especially the ones with your mother.
Safe travels, Michael, for you and your lovely wife!
She is in Miami with her Business to take care of plus supporting Michael on his 4 month YOLO vacation. 🤔
Thank you so much Denise!❤🙏
We appreciate your support!🤗😘
Florida has passed laws for the homeless, soon to go into effect. Each town/city A: Can not allow homeless people to wander the streets, set up little tent villages, etc., B: Each town/city MUST have a designated place for them.
I am a history nerd so I know what they used to do 100yrs+ ago for the homeless problem. A large portion of the homeless have mental health disorders that are serious enough they truly do need someone to help them for life and cannot live totally independent. There were long term asylums for this. The old asylums were large and had farms and even jobs for the patients. They were like mini cities. People that were on drugs and causing issues in public from their alcohol/drug use were usually given a few chances to clean their act up, but if they didn't and they kept harassing the public or stealing, etc then they went to the asylum as well and were detoxed and cleaned up. If they went back to drugs and issues every time they were let out, they were kept longer at the asylum.
The other category were the very poor, jobless, and disabled. For these folks they had "poor farms". These were farms where they provided housing and aid to these folks. The disabled only worked if they could, otherwise were provided for. The jobless were given jobs at the poor farm to pay for their keep until they were on their feet again.
The farms produced food for the people there, and products to sell to support the whole institution much like the asylums used to do. This takes a lot of the strain off the tax payer to pay for a full ride as each person works as much as they are able to support themselves. This ensures there are enough tax payer funds to actually properly run and staff these institutions. We just gradually got away from this old set up and thought we could make better systems, but as evidenced by the homeless issue at present, we have NOT made a better system whatsoever.
It makes absolutely NO sense to me why we don't have criminal inmates, asylum patients, etc working if they are able to help foot the bill of supporting them and keeping an orderly, safe society for all.
Yup. It would change out society overnight.
Near where I live is a almost unused complex that was once a 'state hospital' that was used to house the metal patents for the area. It had a farm with barns and other buildings used to teach useful crafts. The actual hospital was fairly new of about 6 floors which is empty now. So I guess now they are on the street or in a prison. Local police complain they see so many people with drug and other metal issues, and all they can do is put them back on the street.
corps & banks lose profit and unfortunately they run the gov.
The Asylums would have to be big enough to house 90% of Americans.
Amen
This is how it goes every 15 years there is a up and then there is a Down but I guess you're making money off of it so yay for you
" Working harder to keep it....the same"....what a shame what a shame
I just covered part of this on my channel. America is leaning towards a situation where virtually all "affordable" housing will be corporate owned. It's not a bug, it's a feature.
A huge flaw in this logic is being a landlord is a fucking nightmare, I work for the largest landlord in the world the New York City housing authority. The cost of being a landlord is not sustainable in in a bad economy.
@@NoxiousStimulus I don't see how your example disproves what I have stated. If anything, if big corporate landlords are hurting then imagine how much moreso smaller private ones are suffering.
Yea , if you keep voting for Republicans the Supreme Court is going to rule that food should be rationed ONLY by the President ! He is GOD ! The Supreme Being ! 🍎🐍
Time for the government to put a stop to these corporations buying up homes
And then what happens after it becomes unaffordable? That's where the criminalized homeless decision comes into play. They have each move plotted out.
Thank you to our host for taking us along on the outdoor walk around presentation. Look forward to your content. Always learn from you
Learn ? That the world is coming to an end if listen to this unemployed Miami Realtor on a YOLO vacation 😎 ! Just got back from Costco & $45 goes a long way to making my grill filled with great food ! Happy 4th ! As another record of travel thru the airports is set ! New S & P 500 record / new NASDAQ record ! Unemployment at 4% or below for over 3 years ! 😎🌞 ☀
I believe a housing market crash is imminent due to many individuals buying homes above the asking price, despite low interest rates. As housing prices decline, these buyers find themselves without equity. If they can no longer afford their homes, foreclosure becomes likely. Even selling would not yield any profits. This situation is expected to affect many people, especially with the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you're careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advice but get buying, cash isn't king at all in this time!
You are right! I've diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks,
ETF and bonds.
Do you mind sharing info on the adviser who assisted vou?
"Jennafer Beaver Turner is the licensed advisor I use.
Just research the name. You'd find necessary details to work with to set up an appointment
After locating her, I composed an email and arranged a phone conversation. I'm optimistic that she will reply, and my goal is to conclude 2024 on a financially successful note.
A bigger split between the haves and the have nots. In the 2009 people joined forces creating business partnerships buy one house for 4 people. People are really going to have to think outside the box.
Little testimony. The fall 2020 bought a 40 acre farm with house and nice pond. 150k. Just sold for 334k. In SE Arkansas. Realtor said this area big demand for small farms. Anyway thank God and now heading to Thailand to help the Thai believers in Christ
The sun in the sky?
Epic! I normally sell when things double to get my cash back and money for free. I've got a child in school now, so living in this home for 10 years is the longest of my entire life.
Enjoy!
Love Thailand and miss being there.
Excellent! God bless you, in Jesus’ name.
Praise Jesus Christ! Please read in The Holy Bible John 14:6, John 10:10, Mark 8:36, Hosea 4:6, John 3:16-17, Matthew chapter 24 and Revelation 21:8. HALLELUJAH! Have A Blessed Day In Jesus Christ.
Saturday I talked to a realtor that said that he and his brother are starting a company to teach people how buy and sell their own house. He said you don't need a realtor, you can just do it yourself.
I've done 3 private sales - it's very easy, realtors are completely unnecessary.
It’s called FSBO
I just sold my place. I wouldn't want the hassle. Between my agent and the buyer's agent it was 3.5% commission. 700. Lawyer fee to close.
Cities with tons of homeless have charities and other organizations making tons of money off it. Why would they change that?
🎯🎯🎯
Being homeless since 2013, I can confirm most of them are scams, all never respond unless strong armed. None would help me, and are frauds because there is no IRS oversite.
yup. if they wanted real change theyd get rid of single family mandates and other strict zoning laws
@@grimaffiliations3671 How are zoning laws in the suburbs related to addicts and mentally ill people wandering the streets refusing help?
I never thought in my lifetime I would consider being homeless as a means to save money, but here I am 😢
Oh no... I pray your situation changes SOON. 🙏💫❤
Blessings. Never give up. Be safe!
I'll probably be moving into my car next year in an attempt to save money
Grateful to have our house! Hunker down! Loved the beautiful a Victorian that you showed us! Enjoyed your walk by the cemetery snd meeting John. Very cool!
Looks like sellers don't want to sell and buyers not motivated to buy
… yet. Prices will drop to get market back to historic norms.
@@tobyk5149 sellers are locked in at lower rates and cannot afford to give up that rate so they either stay or get the high price they need to get out.
@@tobyk5149explain why.
Don't use a realtor and split the 6% savings - no need ever for real estate agents EVER! [just an appraisal and closing attorney]
Yet here in Australia, prices are still increasing every single month, and houses are selling easily, and far above their listed price. So, housing shortage & sky high rent. It's shit, and there is no end in sight. Australia has the most expensive housing market in the world now.
You guys are lucky in the US if ppl are sensible enough to stop buying. It will force greedy owners to lower their over-inflated prices.
We are trying 😎!
Who is buying in Australia at those prices? Just the rich?
Australia doesn’t have the most expensive housing market. Excluding raw home prices, even in terms of median home price to income, it’s not the top. That would be given to Hong Kong. Australia certainly has one of the most expensive housing markets though with all of the major cities on the list but in terms of raw prices, Sydney prices aren’t any different than say Toronto despite ranking higher.
You're getting the tail end of Chinese capital flight. US got the first wave, Canada got the 2nd wave, etc. As their prices crash back home in China they are forced to sell their foreign assets to pay off debts.
@colettespencer3357 Rich and foreign buyers. I live in Qld, which has seen the biggest increases post-pandemic. Basically, you know how everyone leaves California to go to Colarado and other states, therefore increasing their prices? Well that's Qld's fate now. Sydney & Melbourne buyers have been outpaced and moved up here where it was cheaper. Our house prices have increased 70% post-pandemic. It's out of control 😭
Have you ever discussed or looked into corporations and other countries buying the property en masse that American citizens cannot afford and thus supporting the wealthy while making homeownership an impossibility for the average American?
Overseas buyers account for 2-3% of sales. It's a very small amount.
@@TheSuperdodgy Sir or Madam, I' am from Miami.
I am sure your numbers are what you say they are, but I know from experience that those numbers are not representative of reality any more than the people saying that inflation is only (fill in the blank) or that wages are up.😉🍻😁
The numbers don't reflect the reality of dummy companies or other forms of legal chicanery.
On debate night I was told that food prices have only gone up 20% and yet, whereas I used to spend $200 a month on food, now I only can afford buy absolute essentials and usually end up going hungry by the end of the month.
@@randomchordOne meal a day or every other day. It's the new American way.
@@randomchord Amigo. I know things are tough all over. The inflation figures are calculated using a "basket" of goods. We know a lot of other items are WAY higher than the stated inflation rate.
There are a lot of reasons why housing is also insanely overpriced and expensive. Overseas buyers have little or no impact. 66% of Americans own their own home and 70% those with a mortgage have a rate of 3.5% or below. Housing is going to remain high for some time yet.
I don't know what the solution is. It is current a global thing not defined to the US. I hope things improve for you and your family.
@@TheSuperdodgy Thank you.
No family. Am old. All family long gone and I was forced to move from Miami where I had lived for my entire life because I could not afford the cost of living there and had heard no one speak English for over 2 years.
I moved up to the Tampa Bay Area and it's so much better but rents up here have gone from $1K a month for a small one-bedroom to $1,800 - $2,300 a month in just the last three years.
I personally have no future or hope, I'm just fighting to survive and preparing to live the homeless life.
Not looking for sympathy, just another voice trying to make people aware of what is happening to the middle class. 🍻
Stay safe brother, you’re headed to the belly of the beast!! I grew up here and the entire state has turned into a giant cesspool! 🤯✌🏼
Sellers won't sell those homes if buyers aren't willing to pay high prices and commissions. Stalemate.
100%! Sellers cannot afford to sell lower especially if they have a low rate and buyers cannot afford to buy. It’s frozen.
Until their job goes. Oh yes, brilliant pundit....they are going.
NOPE - eliminate the COMMISSION leaches - all you need is an appraisal and a closing attorney - you can write up a deal on a napkin if you want but blank purchase sale agreements can be bought online or a book store - Stalemate resolved AND the interested parties can each negotiate the literal TENS of THOUSANDS of savings involved
Still waiting for this to happen in SoCal. Housing out here is still as crazy now as it was in 2021.
Wont happen. Too much investment money out there for any kind of housing bust.
I don't think it will. Too much demand in the market and with Prop 13 largely fixing property taxes people know they can just stay where they are into retirement or even the next generation in the home.
Enjoyed this series from Rockford/Belvidere area. Nice to run into John today!
Prices remain high if there is no one who NEEDS to sell. Once several people NEED to sell, then the price collapse will follow.
soon enough.
exactly...... The fence is propped up in some places and not dug in.......Cattle never test the fence until the wind blows it down. . and then the stampede begins.
@@thomasyunick3726 lol yup!
Once the recession hits you’ll see some desperation
Agent in Naples, FL here, seeing trends that match up with your thoughts/observations. Sales volumes off in May -11.5% and June -26% after normal beginning of the year. Additionally, inventory has declined by about -12% since end of May. Not due to sales but due to Expireds, Terminated, and Withdrawn. People taking their properties off market. DOM for properties sold in the past 30 days is 68 days while DOM for properties still on market is way up to 104 days. Median prices down just -3% versus last year at $595K (2023 was record high median price for June).
Thanks for the info.
I’m in Pinellas. Thank you for the information
My son is a realtor in Naples and is doing great. Besides several home listings, He also does have a dozen rentals.
@@deelehey2827 Great! Congrats! Indeed it’s a superb place to do this business as it is a luxury market. There are roughly 6,000 agents and about 600-1000 sales per month depending on time of year.
That house at 6 minutes into the video probably belongs to someone in a wheel chair. It has a newer ramp, likely paid through health insurance, but no income to fix the house. The furniture on the veranda suggests the wheelchair is a more recent addition and could indicate declining health over a number of years. I used to be a wheelchair tech.
Longtime lurker first time commenting.....you didn't stop to check out those giant mushrooms in the graveyard?!?!?! 😅🍄
Or the historical marker! I was curious what it said.
Thanks for the show. It is like talking to a friend listening to you. We out here in youtube land appreciate you and the conversation. I live comfortably in rural NM as a result of working long hours for almost fifty years. No complaints. To see what is going on in America is difficult but when we abandon real values for comfort this is what we get. See you in CA. Be careful bro.
Everyone bought with an interest rate of 2%, so no reason for anyone to move.
100%
Yep it was foolish for the Fed to ever drop rates so low. The US government is run by very short sighted people who are controlled by the funding of the top 1%.
I did not understand the mass migration to Florida during the pandemic. I had written it off years ago as far as being overpriced, high crimes, and congestion like I had never seen just a few years ago. Now even more outrageous home pricing, unobtainable insurance, sky rocketing property taxes, and last but not least an era of naturally occurring climate change that is making it uninhabitable. Phoenix, another coveted destination for old Boomers like me, hottest June on record. Lots converging at the same time. It's amazing, our government is always proud of themselves after they give away trillions of dollars. But I'm thinking it's not their money, it's ours. I'm not so sure this country can be saved. I'll let the young folk deal with the fallout. They wanted it- they got it!
Have fun Celebrating the 4th tomorrow and America in all its glory.
People from NE escaping commie states.
If you're a boomer as you say, how exactly did the young ask for this? Is it not the case that boomer greed created these problems of unaffordable housing yet same boomers now lay the problem at th ed feet of the young that HAD NO INPUT INTO THIS SITUATION.
A lot of people have enough money to buy a Florida property and use it seasonally thus avoiding bad weather. Snowbirds.
@@deelehey2827 "Snowbirds" are dying off. A shift in demographics is occurring in Florida. It was once affordable for the hard-working, blue collar guy. Days long gone! Those with wealth? Too many negatives for them to hang out down there, with congestion, traffic, insurance cost, aging condos, condo fees, crime, and natural climate change- making the place uninhabitable at times.
Thanks Michael for your honesty and integrity. Lots of pending homes are having problems with appraisals Hope a “market correction “ is coming. Time for the prices to drop.
8:47 You are absolutely right, probably the most obvious indicator on how bad things are right now.
Everything is slowing down. I am renting my home and it has been sitting much longer than last year. I just cut the price. Times are changing!
Thank you Michael. Appreciate your efforts to inform and analysis. Blessings to all.
Good luck everyone! 😢
Normally in the Spring sale signs sprout up like weeds in my ‘hood. Didn’t see any this year.
What? I don't think the majority of homeless people have family heirlooms. If they did, they either sold them or they were stolen.
'Heirloom' does not have to mean diamonds. It could be something a modest as an old photograph or keepsake.
Regardless, this ruling hurts everyone. People are laughing now, but these leasing and insurance rates are getting worse by the day, millions losing their jobs and many of us are closer to the homeless than the wealthy convincing us to hate them.
Homeless people don’t have shit
They might still have great grandpa's crack pipe from 1998.
The homeless don’t want to use the resources available. There are shelters but they get mad that they don’t allow bug bed ridden blankets, drugs, alcohol and the other rules they would have to follow. They rather be on the street.
That's actually true 👍
Thank for the info! 😊 I appreciate all the work you do to spread proper information.
Love your videos! IIRC this has happened before because in a housing downturn, the skew switches to fewer condo's which temporarily makes the median rise.
I waiting for 'The price' of "EVERYTHING" to be dirt cheap. Not just houses ! But I'll probably be dead before that happens.
I think a lot of toys will be cheap soon. People will sell them to save their house. Or pay the rent.
You just need a DeLorean & a flux capacitor ! 🚗
How old r u?
Pre COVID lockdown, I qualified for 550 k USD....
Today, I qualify for 350k USD.
the credit tightening has only begun
Dump the 'realtor' and apply their commission toward a rate 'buy down' or increased down payment - just an appraisal and closing attorney are needed, saving you at least 6% in commissions!
Michael I had never heard of Belvedere until a month ago when I sold an engine to gent from Belvedere. He drove all the way down to Houston to pick it up. Your videos helped put a "face" on this town. Thank you
People/realtors still have their heads in the clouds. My step dad passed and his estate has to be sold (I benefit 0 from this, just an observer). I was surprised the price the realtor set, after two weeks, they knocked 50k off. Still sitting after about 2 weeks and I bet that initial high price probably scared off a few people that probably won't check back. So detached from realty, sellers and realtors.
That’s how they sell home these days. Throw it on the market and then start cutting
@@nneisler I've seen tons of homes such as in Austin sitting on the market for months even after price cuts. They set the initial price so high, they miss out on buyers. And now the economy is heading even further south, plus the spring/summer clock is ticking. Guess they'll get what they deserve.
BANKS RIGGING HOUSING MARKET
See you in California. Happy we get to tag along and learn about other areas of the country. Enjoy❤
We've had our home on the market for 23 days. When we listed Zillow said our home was likely to sell 94% faster than other area homes. No takers. Dropped it 50K. Now Zillow says likely to sell 99% faster. We've had 5 showings. No offers. We have room to drop it another 20K, it's looking like we might have to. We love our low interest rate but life happens, yet a very, very well priced home isn't selling.
@@lazydayB2B3 years ago. Not an impulse buy.
most sellers are locked in to their low rate and cannot afford to drop price or they will be homeless after selling.
@@mf-db6nm we can afford to drop our price because we had a really good down payment. Of course we were hoping to get more for our house but all signs are pointing to a long protracted resetting of the housing market. I think now is the time to get out from under this house, sell it, and either rent or live in our RV until the market bottoms out and then buy again.
Yep. Its starting. The home I rent is just sitting. Soooooo....times are changing!!!
It’s ONLY been 23 days.
I am glad there is a shake up in realtor compensation. With current high prices, paying a 6% fee to sell your house does not make sense. They need to be paid hourly, like most workers.
Then they won’t sell your home!
Its how they sell them in The UK. 20 Pounds an hour; if they sell in under a week they get a free Rake.
@@ron9381True. But they can prosper on 4% commission on these houses routinely selling for more than half a million.
Flat fee -- you can't trust them to report hours worked honestly -- will be like lawyers padding out the hours they supposedly "worked".
I don't think anything will change myself. Realtors are slimy snakes, they are not going to lose money. Even though they will be forced to disclose, they just send all that paper work through e mail and people just click to sign, without reading anything. It will be in there that stated their commission is 3 percent, or hell, they may even raise it to 4 %, It will just say commission is 3%, but negotiable. If you sign and don't question or know you can negotiate, its your own fault.
a higher share of higher priced homes are selling so its skewing the median... for instance more 1m homes which were listed at 1.5m a year ago are selling but the lower price point homes (under 500k) are slower to cut prices since they have less to no equity and are prob already underwater.
My issue with how homelessness is being handled, is that the government goes from one extreme to the other. Either let them lay on public property or arrest them for laying anywhere, instead of setting up shelters with rehab centers that will effectively reduce homelessness....
These people aren't laying in public spaces for fun, there are no shelters in many cities for miles and few addiction facilities that don't require documents or payment. Many homeless people are also veterans or mentally ill, which is especially cruel.
Seems more important for our government to take care of migrants instead of the people that fought for our freedom. America has turned into an absolute "Shit Show" and it doesn't need to be this way. We just need to do rhe "Right" thing, however, that ain't going to happen
@veronicaegidio2374 dem or repub, neither have addressed homelessness properly in the slightest. It just goes from one extreme to the other while we consistently send money abroad. Nobody has done ANYTHING but line their pockets while we struggle and argue about others not struggling enough instead of confronting our officials.
The problem is that they're ignoring the most successful homeless remedy there is: Housing First. Get them into a home before asking them to get sober or get a job. They can only do those things once they have the stability of a roof. It works and tends to save the city money too
I think there should be caravan and tent parks with showers and toilets etc and separate parks for family's and single people with children they could be borded with nice hedges so as to make them private there could be security on the gate and services like health and employment could go there for assistance
ANOTHER REALLY REALLY GOODE ONE..THANK YOU..!!
Median price is not home value, median price reflects the middle of total population of sold houses. If cheap houses don't sell and normal houses don't sell then median goes up because the middle of whats left is higher. This does not mean your 200-300K house goes up, that is not a 1:1. It just means more expensive houses sell and less cheap houses sell.
High interests rates affect different segments of the population differently. If you make 200k+ you still qualify for a million dollar house at 7.5% and you likely buy cash or cash heavy at close so the 7.5% effect is minimalized. Worst case you buy below your means and pay it down quickly minimalizing the effect of the interest or enabling a refi.
Ex if homes are sold for $1, $2, $3, $4 the median is $2.5.
Ex2. if homes are sold for $2, $3, $4 median is $3 there was no change in prices but the median went up.
There is competition at the 850k+ backet so that is actually going up in many areas but that literally means 0 to somone in a 300k house in the same metro. Real estate is local to the neighborhood / sub division. Just because the ritzy area down the street went up doesn't mean your house does on its own.
Have you read The Grapes of Wrath? Anyone??
Too many people.
West Michigan here, and new homes are selling as fast as they can build them. Main reason is very few existing houses available to purchase, but I’m concerned that the overall economy is deteriorating, and the future is very uncertain. Layoffs and unemployment are rising and I’m concerned that the vote this November is for whose going to inherit a massive recession.
If there is only one home sell in 2M that will get summay that the home peice increase a lot. It is nonsense way to show home price .it is extremly greedy today that will not end well.
All I want is a shack to live in.
then why does the govenrment ban all forms of housing tha aren't big single family homes?