It’s slow because out of staters are not moving much any more. The big rush down south (like I did with my family) was once remote took over we all took our 6 digit salaries up north and rush down there. The problem is locals can’t afford it. It’s all about your salaries and unless Floridians state making 100k plus per person like the North East they’ll buy. The South (Florida, Georgia, SC, Tennessee etc) are all over valued because the cost of homes do t match the income of the states.
Totally agree that we've surpassed the tipping point where income levels can support housing. All those pundits preaching "oh when interest rates come back down we will get back to a normal market" are selling snake oil. If rates come down we will see increased sales, but this will drive home prices up even further. Also do not believe the flavor of the "inventory shortage story" these snake oil sales people are selling you either. Sure we have significantly low inventories, actually more then 500k short of the more stable market trends, but this is not what is holding up sales. Wait for it . . . its the freaking home price. We had an artificial increase of +40% in home price between 2020 and 2022. Until Home prices fall back to historical trends lines or incomes get a +25% increase we will not have a healthy market.
Remote workers are a big problem too since they continue to make NY money in FL. All DeSantis had to do was force anyone here over 6 months to work here. In other words, someone working for Goldman Sachs would have to work for Sachs in FL and not NY. In Sarasota, they would make half of what they would make in NY for the same job.....problem solved. People need to realize that FL ranks 29th in income. Miami and Tampa's average income is in the $50k's. DeSantis math doesn't add up.
@@robcyr839 Not in total agreement as its not just remote workers that bring their $$ to Fla, but I do agree that in order to own a property in a state one should have to "homestead" in that same state and we need to limit the number of homes owned. Of course this needs more thought as I not sure how we handle multi-family housing but We need to take our "shelter" out the "wealth" generating formula.
Back in the day, when I purchased my first home to live-in; that was Florida in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
I dont think yall understand the severity of the conditions of the economy and banks right now... What was the cause of 08 crash? Mortgage crisis, right? Do you realize what the banks doubled down on in investments since 2012 in mortgage back securities, especially in commercial. BoA and WF have atleast a half a trillion of debt/loans that is owed that can not be paid back. This crash is going to be bigger than 08!
Good video. In my opinion, during the pandemic many people were looking for a nice place to live and decided to relocate to Florida so the housing market boomed. Now many people have been called back to their offices so they must leave the sandy beaches and return back to their places of employment. In addition, the world is experiencing major climate change with increasing storm intensity which in turn is affecting the insurance industry and FEMA as well. This is also increasing shortages in supplies which is driving prices of just about everything higher. So I don't think these problems we're seeing are just happening in Florida. This is happening everywhere but it seems like Florida is experiencing more of a crash because this is where people were flocking to the past few years and that has slowed down quite a bit.
The banks are broke & suffering from commercial market losses. Hyperinflation will kick in as they print more money. Stock market is at/close to peak. 1929 part 2 coming, but with hyperinflation.
Problem in the market's gonna come. In the commercial sector the commercial sector is also helping driving down prices of houses. One of the problems is that the housing is so expensive. That it's literally draining people of the resources to be able to use on these commercial properties, such as using them for renting rental space retail. So it's inevitable it's done.
If you think that the markets going to storm back if rates drop to 5 1/2% - I think that’s way too optimistic. Florida has low wages and high housing cost. Put that together with soaring home insurance rates, car, insurance rates, and home taxes and it’s a recipe for disaster. The Florida market is going to struggle until the price of homes down there drop by 20 to 30%. In my opinion.
People selling their house thinks their home is worth as much as gold in some neighborhoods some over estimates by 100,000 dollars and their realtor aren’t advising them otherwise because they want big pay
This is a more Florida specific problem. Your RE market has been staring down the perfect storm of factors that are very, very bad for the condominium market. 1. Excessive inventory fueled by in-migration patterns and most likely overbuilding by greedy builders. 2. Legislation related to the Seaside (?) collapse. The laws are just now kicking in and buildings are way behind on maintenence, especially anything over 3 stories. The special assessments coming out are/are going to crater condo valuations. 3. Insurance premiums. We all know they are not getting cheaper. The FL insurance market is especially screwey after years of rampant fraud and large natural disaster related payouts. All this is hitting at once, and the condo market in FL is screwed. My prediction is private equity buys a bunch of cheap buildings for pennies on the dollar of 2022 values, razes them and starts anew.
That would normally be true. However, this is the planned collapse of the Western society & monetary system. BRICS will help in the destruction. Watch out in FL for weaponized weather hurricanes.
Housing prices will be the least of our worries.This is going to be much worse than anything previous. WW3 is close & the US is bankrupt. Food supplies will suffer. Please prepare for what's coming with extra food & gold/silver.
I don’t like this guy in the yellow shirt he’s a total shyster. What is he a realtor? He’s gonna be. Stop lying about Florida nobody in their right mind would buy a condo in Florida right now with all these HOA repair reassessments going on.
It’s slow because out of staters are not moving much any more. The big rush down south (like I did with my family) was once remote took over we all took our 6 digit salaries up north and rush down there. The problem is locals can’t afford it. It’s all about your salaries and unless Floridians state making 100k plus per person like the North East they’ll buy. The South (Florida, Georgia, SC, Tennessee etc) are all over valued because the cost of homes do t match the income of the states.
💯 👍🏼
Totally agree that we've surpassed the tipping point where income levels can support housing. All those pundits preaching "oh when interest rates come back down we will get back to a normal market" are selling snake oil. If rates come down we will see increased sales, but this will drive home prices up even further. Also do not believe the flavor of the "inventory shortage story" these snake oil sales people are selling you either. Sure we have significantly low inventories, actually more then 500k short of the more stable market trends, but this is not what is holding up sales. Wait for it . . . its the freaking home price. We had an artificial increase of +40% in home price between 2020 and 2022. Until Home prices fall back to historical trends lines or incomes get a +25% increase we will not have a healthy market.
Remote workers are a big problem too since they continue to make NY money in FL. All DeSantis had to do was force anyone here over 6 months to work here. In other words, someone working for Goldman Sachs would have to work for Sachs in FL and not NY. In Sarasota, they would make half of what they would make in NY for the same job.....problem solved. People need to realize that FL ranks 29th in income. Miami and Tampa's average income is in the $50k's. DeSantis math doesn't add up.
@@robcyr839 Not in total agreement as its not just remote workers that bring their $$ to Fla, but I do agree that in order to own a property in a state one should have to "homestead" in that same state and we need to limit the number of homes owned. Of course this needs more thought as I not sure how we handle multi-family housing but We need to take our "shelter" out the "wealth" generating formula.
Back in the day, when I purchased my first home to live-in; that was Florida in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
I dont like anecdotal stories. They are not real evidence. Give me the overall stats. Thats all I need to know.
I dont think yall understand the severity of the conditions of the economy and banks right now... What was the cause of 08 crash? Mortgage crisis, right? Do you realize what the banks doubled down on in investments since 2012 in mortgage back securities, especially in commercial. BoA and WF have atleast a half a trillion of debt/loans that is owed that can not be paid back. This crash is going to be bigger than 08!
Good video. In my opinion, during the pandemic many people were looking for a nice place to live and decided to relocate to Florida so the housing market boomed. Now many people have been called back to their offices so they must leave the sandy beaches and return back to their places of employment. In addition, the world is experiencing major climate change with increasing storm intensity which in turn is affecting the insurance industry and FEMA as well. This is also increasing shortages in supplies which is driving prices of just about everything higher. So I don't think these problems we're seeing are just happening in Florida. This is happening everywhere but it seems like Florida is experiencing more of a crash because this is where people were flocking to the past few years and that has slowed down quite a bit.
I definitely agree with a lot of what you said. Thank you for the feedback. It’s greatly appreciated.
How much debt can this country pile on? Both national and personal?
ALL ON PURPOSE! 😔
Thank you for commenting. It is greatly appreciated. Many more videos to come. have a great day.
The banks are broke & suffering from commercial market losses. Hyperinflation will kick in as they print more money. Stock market is at/close to peak. 1929 part 2 coming, but with hyperinflation.
I agree with a lot of what you’re saying. Thank you for commenting.
Problem in the market's gonna come. In the commercial sector the commercial sector is also helping driving down prices of houses. One of the problems is that the housing is so expensive. That it's literally draining people of the resources to be able to use on these commercial properties, such as using them for renting rental space retail. So it's inevitable it's done.
Slow down here in Palm Beach County. Prices in my neighborhood are going down.
If you think that the markets going to storm back if rates drop to 5 1/2% - I think that’s way too optimistic. Florida has low wages and high housing cost. Put that together with soaring home insurance rates, car, insurance rates, and home taxes and it’s a recipe for disaster. The Florida market is going to struggle until the price of homes down there drop by 20 to 30%. In my opinion.
People selling their house thinks their home is worth as much as gold in some neighborhoods some over estimates by 100,000 dollars and their realtor aren’t advising them otherwise because they want big pay
I agree with you. I greatly appreciate you commenting. Thank you and have a great day.
This is a more Florida specific problem. Your RE market has been staring down the perfect storm of factors that are very, very bad for the condominium market. 1. Excessive inventory fueled by in-migration patterns and most likely overbuilding by greedy builders. 2. Legislation related to the Seaside (?) collapse. The laws are just now kicking in and buildings are way behind on maintenence, especially anything over 3 stories. The special assessments coming out are/are going to crater condo valuations. 3. Insurance premiums. We all know they are not getting cheaper. The FL insurance market is especially screwey after years of rampant fraud and large natural disaster related payouts. All this is hitting at once, and the condo market in FL is screwed. My prediction is private equity buys a bunch of cheap buildings for pennies on the dollar of 2022 values, razes them and starts anew.
That would normally be true. However, this is the planned collapse of the Western society & monetary system. BRICS will help in the destruction. Watch out in FL for weaponized weather hurricanes.
Housing prices will be the least of our worries.This is going to be much worse than anything previous. WW3 is close & the US is bankrupt. Food supplies will suffer. Please prepare for what's coming with extra food & gold/silver.
Slow up on drinking my friend
What do you know? Stop with the assumptions.....
Lol
LOL
I don’t like this guy in the yellow shirt he’s a total shyster. What is he a realtor? He’s gonna be. Stop lying about Florida nobody in their right mind would buy a condo in Florida right now with all these HOA repair reassessments going on.
LOL