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Florida Home Builders Confirm Home Equity is COLLAPSING
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- čas přidán 7. 05. 2024
- Florida Home Builders Confirm Home Equity is COLLAPSING
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Florida Home Builders Confirm Home Equity is COLLAPSING
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REALTOR: Chris Igoe
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#housingmarket #realestate #florida
Buying the new house is not the issue in florida. The issue is 1 year after the taxes and insurance doubles which changes the monthly mortgage payments
Isn’t that a direct correlation of home price?
Because of high home prices is directly the issue! High inflation, materials is way more expensive, home cost more to build, then taxes are high according to the value of the house. Lastly insurance has skyrocketed because of the high cost to rebuild. Misinformation is dangerous and too many people can't for some reason put this together!
Before a home is built on empty land, property taxes are based on undeveloped property. Once a half million or million dollar house is built on that piece of property, property taxes are based on the value of the land and the newly erected home. Insurance is based on the cost to rebuild the home should it be damaged or destroyed.
I almost bought on a home in St. Augustine. But backed out due to combination of over valued homes, sky rocketing home owners insurance and property taxes having tripled its becoming a bad investment even with a assumable mortgage of 2.30%.
I only buy homes with assumable mortgages.
I wanted to back to Florida but it's becoming a financial risk at this time.
Boca Raton, Delray, fort Lauderdale and the rest of south florida haven't seen the storm yet because the fire starts at the bottom and catches up to the top first. It's coming... It is extremely expensive to live in South Florida.
The rent is too damn high!
Hey Chris, for the past year I was gearing up to buy. This housing market and economy had me postpone it even tho I can afford it even at these rates I'm just not that dumb. Good video man.
Appreciate your insight Chris. I know it is not your market, but Houses in 55+ communities in PSL that are 2 years old are reselling below 2022 cost for a loss. Property taxes though are $10k+. Palm Beach and St. Lucie county prop tax rates are among highest in state. Little incentive for us “dreaded” NY’ers to come down with our pensions. Income tax irrelevant as NY doesn’t tax civil service pension either. My house in NYC is worth double(on paper)what those homes cost, and my taxes are 1/2. If retiring to FL no longer makes financial sense, and the retired cops, firemen, sanitation workers and teachers stop migrating, Florida as a whole will be in big trouble. The mega rich buying $1mil+homes as investments can live anywhere with little to no worry. But if the snowbirds from up north stop coming with their guaranteed income, the housing market will collapse from the bottom up. Of note NYC/NJ had a huge amount of civil service hiring post 911. All those people are now retiring and considering where to land. Florida is becoming a hard sell for some at the moment.
Love your insights and thoughts on market. ❤❤
Remember when you said they wouldn't do that..........Until they do?!
There’s never been a better time to sale.
I texted you about my home builder pre construction I made it out of the deal got my entire earnest money back.
With all the natural disasters going on insurance is really going to get crazy both on car and home insurance… Taxes not as bad in comparison. 🙄
You mentioned Boynton Beach, what do you see the average historical cost for a home? Cost/sqFT is a good measurement?
Oh no Mr. bill
Your audio is soooo good!
He’s making this video from inside a cave
Those karma spells are working hard now. Praise it all!
Honest question. These guys talking on the podcast say that rates will go up with unemployment rising. Does the fed not combat rising unemployment with lower rates not higher ones?
Great video. Why do they offer "savings" instead of lowering the asking price? Or are they actually lowering the price on paper?
Price declines feed off themselves. They don't want those valuation numbers to decline, so they jumble the numbers to disguise it. It's a refusal to admit the tide is going out.
Because they want to keep comps high for future sales
Chris the real estate market is booming from Stuart down to Miami. I have been to that development in "Palm Beach Gardens" . It is in a terrible location way west. It may have a Palm Beach Gardens address but it is far, some 20minutes from the desirable area of east Palm Beach Gardens. My niece works for GL homes in Boca. It is booming. Prices could go up another 50%. After all they are selling a starter home for just 1.6mil. That is inexpensive for those that are moving here from NY. There is very limited land available. So, I do not see anything but prices inflating up.
Do not forget we have an open Border. Over 6 million people are moving to the US every year. They all need a place to stay.
Lol... Yeah, penniless immigrants are buying million dollar starter homes.
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Timber!!!
It was a nice ride. The trough is coming along, and in the (distant) future a new wave will come. The things to watch for is, as always federal intervention.
Can someone explain how unemployment goes up and Powell raises rates? Historically they always cut rates as they go up
Rates go up people get fired, unimplyment goes up, economy crashes years later, inflation goes to 0
Unemployment is still historically low. People are still spending.
Chris hows the real estate market treating ya? 😂
He'll be making a lot more videos.......To make up the difference $$$$$$$$
Crash is here lol
Ive actually have heard some truth lately
I guess that metric Sh^t ton of equity you always speak of is slipping to normal weight!
Did you save you Covid check? Hope so :(
Crash is not coming... prices will continue to increase! Buy now while you can get a house for a low $450k !!
😂 here in sw fl we have 8 months of inventory price drops all over
Your voice turned ai. sad face
I found Hope under liabilities.