No One Cares Anymore...
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- čas přidán 6. 09. 2024
- Many hopeful homebuyers - especially those in their 40s and younger - are forging ahead with plans to buy homes despite it still being a sellers market and looming recession and potential housing crash.
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This Tells You EVERYTHING You Need To Know czcams.com/video/G9teaep-pM0/video.html
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No one cares anymore @MichaelBordenaro especially the supporters of top gov Ronny Meatball Nazi DeSantos. It only gets worse from here on out. Vote Trump MAGA
The only thing slowing this crash is job losses haven't kicked into high high gear yet.
*Considering the economic downfall and the rise in poverty across the globe. I ask; What’s the best way to achieve financial freedom?*
This is the best question of the year. I pray you get the right answer here.
By following this practice; *(Being frugal , Investing and staying positive),* and by working with a *financial planner,* I achieved financial independence.
If I could ask; who’s your financial Adviser and how do I gain more info?
I get help from *Hamilton Phoebe Zoe.* A well known Investment Adviser who operates privately . You can research her name to get more information.
I am very pleased to see Mrs. Hamilton Phoebe's name mentioned here. I have worked with her consecutively for three years and can recommend her services to anyone who is ready to invest.
I gave up looking for a house at these ridiculous prices and just decided to rent for a while.
just signed a lease.
Same I just renewed my lease and I’m blessed that my rent didn’t go up. I want to get a house but I will wait because I refuse to be house poor with these prices
We bought but it was a bit farther away from where we originally wanted. Amazing the drop in prices just 30 mins away.
No one can predict the housing market just got to move when the time is right
It’s legit cheaper to rent
I’m paying $600 a month for my 900 SF 2 bed/1 bath in indiana right now. If I bought the average plain Jane $150k house with 20% down at today rates, I’d still be paying more $ a month in interest alone - not to mention maintenance, taxes, insurance, and what I could’ve made by investing my 20% down in a high yield savings acct at 5%.
Makes no financial sense to buy until prices come down. I’ll stay put, save, and wait for the crash. Good things come to those who wait.
200k a year for taxes is insane!
I live in the midwest and still owe some on my house that I bought in 2010. I have been looking for a house & new job($22+/Hr) in FL. Dealing with a horrible end to a relationship & need out of here to start over & far away from him ASAP! The prices on houses are insane! Not to mention the insurance, and job listings that I've seen, do not pay that great. It is beyond frustrating and heartbreaking. I just want some happiness for once. 😔
I felt the same way. I am smarter than this. But I put an offer in on a brand new home but I ended up canceling it and getting out of the contract. I am going to wait a year and see what happens. In inland Southern California houses are selling like hotcakes. No one can afford the beach anymore.
Those people who say they don’t care are precisely those people that are going to be caring a lot in a few months from now , let’s not sugarcoat anything , there in deep shit.
I'm going to follow you because I used to live in Coral Gables. Nice to see what's happening in my home State. Vote 💙. Too many Rich Republicans from the North are driving up home prices in Florida.
Bought a home in 2006 with 20% down. Had a life changing event in 2011 but couldn’t sell because the home was underwater. Continued making the mortgage payments through spring of 2014 and even then it was STILL underwater. Ultimately we short sale the property and walked away with a debt of 25k that they mandated we pay or the short sale would not be approved. Fast forward today and we still don’t own a home. We can afford to but the bite is still healing It was a HUGE financial hit after all the figures were totaled and we did it all correct (bought with 20% down and within our means but the homes were so over valued the only people who made money were agents and banks)
This is precisely the reason I do not want to own in Miami, it’s a huge liability and risk. When it just rains a bit everything floods, it’s scary and I don’t want to be a victim to sea level rise.
Wow man. Sorry to hear that. Seat on the sidelines and be patient. Good things come to those who wait. This market will collapse and you’ll be ready. Buy your house then.
It’s group think psychosis, we saw the same thing during the Pandy. Add emotional gullibility with a real estate pro and you have a motivated buyer.
i cant afford these triple housing prices. Got 20k saved up but geeze 250k for a house that was 80k just two years ago is insane. ill keep waiting and saving.
keep on saving money.
Housing is not an investment. It’s a necessity and liability.
That’s not true investing in your life is buying a house lol
On a 2700$ payment you repay only $300 per month and you lose more on HOA and taxes. It is a liabs not an asset
It can be an asset too.
Tell that to all the the real estate bros on CZcams. "Passive income" is a social media trend and many millennial uber drivers are trying to do it.
@Mikhail Blinovskov It is situation specific.
People are just desperately stashing the quickly depreciating $$ into any asset that won't devaluate as fast as paper money/bank accounts. This relatively "safe" asset is land and real estate. Of course it may depreciate in the short term (due to bubble effect, etc.), however, in the long run the RE is much safer than other investments (including precious metals) especially because you can a) live in your investment b) rent it out. So blame the money printing for the home buying frenzy. US government is robbing us blind by printing trillions of dollars and thus lowering the real purchasing power of the US population.
I agree that's definitely a part of it but I don't think the average person thinks that way. I think they just want what they want and are willing to do whatever it takes at the moment to get it. Along with the fact that with all the uncertainty in the world and the economy people are looking for one thing they can count on
Micheal the only reason I can afford to buy a house now is that my mom left my brother and I a substantial inheritance.
I bought a house for 249,000. I put 140,000 down and got a 5.25 interest rate. $1,025 a month on a 20 year mortgage
You are fortunate indeed
$50,000 per month for rent and $240,000 yearly property taxes for that owner? I can’t believe this is real! Most people on planet earth can’t afford no where near those numbers 👹👹👹👹👹👹👹👹👹👹👹👹
I couldn't believe it either when I saw it
@@MichaelBordenaro I really do believe that these vacant homes are bought by very wealthy foreigners looking to park their money in a safe investment. Won't go to zero overnight unless were hit by an asteroid or some such calamity. 😀
I understand - when houses went to $250k in San Diego I thought "it can't go any higher". It is a tough call because houses should not be at these levels. It's the side effect of trillions of money printing. I just wouldn't buy if you end up being house poor. The maintenance can be tough, for me water heater, HVAC, W/D, tree's etc. is expensive. But I'm glad I bought when I did.
Can't even buy a door for the house 😂😂😂😂
Associative looters rise prices?
Associative looters rise prices?
Buying a house is not bad or good. It's just a simple numbers issue. If it make sense for your economy then it's all good if it doesn't make sense then it's not the end of the world. Buying a house is not an investment, buying a house should be about, I can afford it and I want a place to build memories and set it up how I like it. But how not buying is not missing on any good investment or the opportunity to save money. Homeownership is as a general rule more expensive than renting on top of the cost of the 30 years mortgage which is usually more than double the value of the house you're buying
@@elleryfg7853 The average American now moves on the average every 4 years. So many do not care about the community. They did not grow there and know they won't be there that long so they do not invest time in the neighborhood.
America, 2023.
I bought a place in October 2005. At the peek. Because I didn’t want to rent anymore. Now I own it. No more mortgage.
And from 2007-2010, 20% of people either lost their income partially or lost their job completely. So that's the danger in buying at the peak before we go into a recession with doubled unemployment. Weigh your odds. You bought in 2005, narrowly escaped losing your home from 08-10 and it took 14 years just to watch your home get back to the value you got it for.
The rental market is insane. I live in a small town with a large university. The few available rentals here are overpriced dumps for students. I need to move out of the dumpy mold infested rental I am in and am having a hard time finding a decent house that's not used for college students. They wreck the houses and the owners don't keep them updated. I recently applied for a rental and so many people applied for it that they had a bidding war!
I’m sorry, that stinks. How about a tiny home? You would have to see if it’s allowable. . In Asheville NC they have little villages that you can finance. In Hickory NC our friend built their own on their land. It’s spectacular.
What state
@@melanielattanzi9388 thanks for the suggestion of a tiny home. In the right circumstances I think that I would love it. I appreciate your compassion.
@@MC-rr3ew Texas
Thankful, we have a home and no mortgage. Weve built 3 homes in our life time, but have been debt free over 20 years. We are in our mid 60s. The home we live in now, we built with cash. Weve been in it for 15 yrs. Never had a mortgage on it. Did it all with only 1 income, and by Gods grace and help. I feel bad for people that cant have their own home. We didnt get our first home intil we were in our 30s. We lived in Florida for 25 yrs. But moved back to midwest. It would be way to expensive for us now. We sold our second home in 2006. We were living in SW Florida. We had no mortgage. We sold it for 200,000 more then we paid to build it. We came back to the north, and built our current home with the cash we made off the home in Florida.
Michael, looks like these homes are owned by the super rich and in some cases have more money than brains. They are just parking their money . Eventually, the property taxes will be unsustainable. In Marin County, California, we are beginning to see owners requesting reevaluation of their property taxes. I believe we are on verge of property taxes which will crash when people can’t keep up with excessive property tax bills. Bottom line, these excessive property taxes are simple unsustainable. California just reported a hugh deficit. Governor Newsom is in deep trouble. Prior to his re-election, California had a hugh surplus but after he was re-elected, the surplus turned into a hugh deficit. He is pushing reparations but he will hopefully back down due no money to fund it. We just had three bank failures, Silicon Valley Bank, First Republic Bank, and Symphony Bank. All three were recently bought out by larger banks. San Francisco which was once shinning city is now an arm pit. Drugs,crime, vacancies, boarded up retail shops, rent control, etc have taken its place. The leadership stinks ! All under Democratic leadership. I suspect it will be decades before things turn around. Thank you Nancy Pelosi and Governor Newsom.
These crooks certainly have a lot to answer for! They destroyed a beautiful state 😰
I did hear something about Newsom changing his mind on reparations. That shouldn't make anyone mad, should it? 😄
I care and I refuse to be taken to the cleaners on overpriced 50 year old junk. The regret and pain of over paying is going to epic, but you can't fix stupid. Sometimes you have to just step out of the way and let stupid crash and burn.
I agree. Your smart. Wait until the bottom falls out. Then buy, if you can.
You can't fix stupid, but you can beat it with a 2x4. Haha.. That's one of my favorite sayings. 😄
Well said
True. I learned that quickly in the 2008 crash. Never making that mistake again!
A $500,000 house from 4 years ago is now $750,000 in our area. It’s very scary!! (Especially when the $500,000 price tag was already inflated!!). It’s those mid-range prices that have skyrocketed (250-700K).
Covid
It’s insane.
They were not inflated at 500k.
500k houses are listed at 1-1.1 mil in my area 🙃
If you have the means to buy then great but people like myself, I am single and my credit score is not picture perfect so I rent and I put extra money into my retirement. I don’t feel comfortable with the estimates I been getting for a home mortgage. Almost $600-700 more than what I would be paying now and I don’t have the responsibility of maintenance so for me I’m good right where I’m at for now. If I was still married and had that extra income I probably would have bought by now but it is what it is. I’m blessed to be able to have a roof over my head
Gold needs to go much higher than four grand to reset the system,, I'm Watching for the Dow Jones to come down to $24,000 as gold goes up to meet it...
As I've aged, I'm all in on less Is More. We're brought up to believe more space and stuff is better. Conversely, it's more to manage and forces you to work more and longer to sustain it all. Lots of waste in our lives!
very true
I'd like to sell my smaller home in the city and move to the country on a few acres, but I have a 2.75% rate and I just cannot make a move when the economy is so screwed! I feel everyone that has a good rate will be holding onto their home unless they are forced to move or have a lot of $$
Don’t give up on your dream over a few percentage points. If you’ve got equity might as well do it. Rates could be 10% next year, who knows.
@@briank3754 I hear ya! I have been looking at land at a decent price, but it's non existent anywhere near me. My daughter is on her way to 9th grade, so as much as I'd like to make the move, I also don't wanna take her out of a school that she loves. I think I'll know when the time is right, and when it is I will take that opportunity. Of I found something really good I think she would be willing to make that move too. Thanks for the comment 👍
This will possibly be a large factor causing a new, lower normal number of resale listings being put on the market for the next 29 years because those with the lower than 4 percent rates locked in for next 27 to 29 years will probably continue to be faced with this same issue of facing higher rates on their next home if they ever sell their current home!
I have a 2.25 VA loan so the balance is assumable. I will be happy to part with it but the buyer is going to pay a hefty premium for that.
@@damienc5591 My rate is also a VA loan, and I just found out about assumption process but not 100% sure how it all works. How did you manage a 2.25% rate, cause I think 2.65% was the lowest it ever went down to? I suppose you could also pay for a lower rate...
I wonder where all the millions of lower income workers live in florida? Must be a real misery for them to find accomodations..
I live on the east coast in FL and if you don't make 30+ an hour, you're having an extremely rough time or living with your parents.
They have to group together and live in places that I wouldn't even walk through if you paid me. Too dangerous.
Excellent advice! You really cover all the bases in a sensible way.
Yeah they shack up with relatives or friends and usually live in the ghetto or way out west.
Living in their parent’s basement
Thank you for showing how high some taxes went in 2 years only ... Insane!!!
I see you making a few videos on buyers remorse in the future . Great view of the sunset !
Oh yeah I make sure to make some of those every once in a while. Glad you enjoyed that sunset!
We are becoming a nation of rich and poor. The middle class is dying and as the middle class goes, so goes the nation.
Class struggle is Marxism.
Your definitely correct. One reason is a small percentage of ultra wealthy people will never have the buying capacity of a larger majority being able to spend money. Everyone will suffer, even the wealthy. California has been headed in that direction in a way. Without the middle class tax base, they are going to find themselves in more trouble.
Facts
If our President would stop handing out our money like water, everyone would be better off.
Too many billionaires. They're the true source of inflation - not the $15/hr burger flipper.
You’re great! Very humble and honest. You really care about others. God bless!🙏🏻
IMHO I would wait .. even in Arizona where it used to be affordable to purchase a home it’s ridiculous and the trend will continue. Sellers have a slight advantage due to the influx from Cali. Locals and the average buyer are being pushed out.
Same happening all over Texas. Locals have to relocate .
Michael I’m in the Phoenix market. Housing prices have come down a little over the last year but there isn’t many price cuts on houses listed $450-$500K. That’s pretty much the minimum anywhere you want to buy. Inventory is actually still low. Many people in these homes are sitting on low mortgage payments since most seem to have bought when housing prices were half what they’re now and/or a lower mortgage rate. Rent has also doubled since 2020. Wages here haven’t gone up as much. This market sucks
Stop complaining and do more research in the Phoenix suburbs! My sister lives in the San Tan Valley and they paid much less than $450K. Granted, those homes are small stucco condo-size homes, but you can't be picky in this market. The time to buy in Phoenix was 10 years ago. You missed the dip!
I live in north Scottsdale. Recent rental data shows rents have fallen 9% YoY. My rent is significantly lower than the price to purchase - plus purchasing requires a big down payment. Saving money every month is security for me. Be patient. Home prices will come down hard as the economy fails - just like the last housing bubble!
One massive advantage you have being in Phoenix is that a lot of institutional investors like open door bought in that area and are still selling homes and will probably continue selling homes at a loss. There's an extra source of inventory for you.
@@MichaelBordenaro I hope your right. I live in Gilbert right outside of Phoenix and it’s just ridiculous over here. Rents are still high too
@@Pinball_Jurist I had an apartment on baseline and gilbert back in 2011 for $650/mo. That same apartment now goes for $1300+. Phoenix is priced out. Why are you there?
I have a paid off four bedroom house
Really want to downsize but am waiting
Yes, at this point it would cost you more to downsize. Anywhere. Housing is nuts.
What people fail to realize too is the average appreciation over 30 years vs the interest paid over 30 years + maintenance/repairs. This is when you see the real net value of a house. If all you ever do is pay the minimum and you signed for 30 years, odds are, you are dumping most or all of your equity gains into interest and repairs over 30 years and I’m not even factoring in taxes.
The only real way for it to be an asset is to go in big from the get go or put at least 1.5x the minimum every month.
I have already compared average rent increases over a span of 30 years vs equity gain over 30 years minus 30 years of interest payments, maintenance, and taxes. You don’t really win in the end if you dont have a big down payment or put way way more than the monthly minimum.
But this calculus alters to those of us who purchase a home with cash only.
@@siouxrose7766 that’s my point. It’s only worth purchasing a house if you can bypass interest completely or can at least put a massive amount upfront or comfortably make way over the minimum each month.
If you wouldn't mind, maybe you can send me your calculation. If you go to my about section on my channel, you can email me there. I think it would be a really cool point to present in a video
@@MichaelBordenaro I’ll work on it tomorrow and send it to you this week.
The key to buying now for affordability is to move simple as that. If you are not willing to do that, do you think that a 750k home losing 75k value will put you in the range of affordability? Moving also allows people to shop for cheaper property taxes and insurance. Got to be realistic or just keep renting.
As an old guy I am just not interested in anything I can't get at or near the bottom by paying cash. Not at all likely to buy an existing home. Sure as hell not buying here in Seattle.
I bought my first home in 2002 @365k only to see it drop to 333k in 2009
Then I bought my first rental in 2010 in different city for 280k
Add the second rental property in 2013 for 265k
Then bought a bigger house to replace my first home @445k also in late 2013 and never add anything since
Good thing will come for those can wait
Never over paid for property only live to regrets later
How did you deal with losing about 30k in home value in 2009? Did you lose money out of pocket when you moved to the 445k home?
No regurts
@@black_n5492 i paid off my first home in 2012 then late 2013 rent it out after i moved to bigger house
Lol ok boomer.
They've been waiting for a while, Michael. Crash bros on CZcams have been telling them to wait for the big crash to buy. It never materialized. At this point, it's all speculation. Their patience are wearing thin. How much longer can/should they wait? Renting is not fun. Thus, they jump back in.
My teen saved us from moving to Naples lol we rent in a gorgeous place for 2300 a month in one of the most affluent areas in PA with the number 2 school district. Right before the pandemic my husband had the opportunity to move to naples for his work and I work from home ! I got our teen in a charter school in Naples and we could see ourselves on the beach enjoying the sunsets …. Then … lol my daughter said mom I don’t think we should go I had a bad dream ! We need to stay don’t rent that place in Florida … I want to stay in my MS here … she was so excited to move to Naples ! I said to my husband homes are soooo cheap in Fl we were going to rent in Naples for a year or two then buy….. we stayed … Covid hit… the place we were going to rent went from 1900 to 4000 literally overnight lol the cheap homes for 380k skyrocketed to 650! We would have been stuck … then when I researched hospitals there that scared me lol they can’t handle the population and the health care unlike here chop and University of penn is awful. Then the hurricane hit … insurance sky rocketed ! So we are waiting to buy in this area when rates go down some and now have saved over 20 percent to put down and paid off all debt ! I am buying her a car as soon as she turns 18 lol she was the smartest of us all lol
Still crazy where im at. The $500k range is still on fire. I large area in my city they are snapped up in days. I look everyday sometimes there is only one house available at any given time. Thursday is big listing day so maybe 2-3 come on market by monday its back down to 1 available. Plus bid up still happening not as much buy still 5 or 10%. The biggest bid up i saw about a year ago was 50%. Listed at $900k sold at $1.35 million
Renting is glorified camping.
😆, That's an interesting perspective.
Remember in 2008 when people sat out the collapse and waited won big. Don't let emotions guide you when you make a decision buying a real property.
Unfortunately I see that most people but real estate based on emotions.
I’m about to buy in a Rocky Mountain boom town ONLY because there is no rent. I don’t want to move.
These people will buy knowing the risks. But they will cry for a bailout when things go down. That is the American way.
You're right
You need to look actively I bought a home in Phoenix priced 585k last year this time now I got it for 437k and 4.75 % interest by down . I rent at 2300 it’s only 2680 including everything and hoa. Which is a 5 bed I rent 2 bed . So there are deals out there especially new homes sitting in market for 5-6 months
Yes Homework Fine job.IF the numbers work for u BUY !!!🤑🤑🤑🤑
Still alot of FOMO out there. I have zero rush to buy a home. I already have a roof over my head and I'm instead dumping everything into my retirement. I'm planning to take my parents for a vacation as well. Life is too short to be enslaved to a bank for 30 years while paying hundreds of thousands on pure interest. As always thanks for the videos, Michael.
I'm always buying.
But being enslaved to landlords for the rest of your life is okay? Smart thinking right there.
I'm buying a house right now because I'm about to loose the roof over my head. I have no choice but to buy in. It's either that or live in my car. That's no way to spend my 30's. I guess I'm just gonna have to bite the bullet.
Housing will keep going up .. illegals for example need a place to live , housing will be rare to obtain …. No one is building
@ZZZ zzz i didnt say there werent other options. I was making the point that the "enslavement" thing he said was silly. You have to live somewhere and it will cost money.
And not everyone wants or has to to move house all the time. Ive lived long term (greater than 3 months) in three houses in 58 years, including my childhood home and the one my ex wife got in the divorce (no equity in that one, she was a spender).
Ps. I dont have a mortgage any more. All paid off. Which it wouldnt be if id rented all my life.
At this point people should be able to buy a foreclosure like any home without going to city hall and bid against greedy house flippers. Something has to give the banks should help people but dont give a damn
Most foreclosure listings I've seen require cash only as payment and undergo bidding wars. No financing available. This show is a nightmare and our nation needs a serious recalibration! The cost of living is ruining people's lives.
Yes, real estate is a great asset to buy in the long term - but not inside a bubble!
Even if the market drops, if you just live there for 20 years it will probably rebound, and everything will be ok. Just live where you want to live.
I wanna buy a 2 bedroom townhouse but with the ridiculous prices I'll wait it out.
There's a lot of stubborn sellers refusing to budge on their asking price.
I suspect that these expensive rentals are foreign owners who don’t really care if it is rented or not. A “ normal” investor would have adjusted the rent to market. Ask the listing agent.
1990’s is the best time to buy a house!
I've got all the time in the world to wait this ridiculous market out. I could buy now, but I would be house poor and I've been around long enough to smell turmoil in the next few years.
Housing will NEVER go down in price
@@fueledbymusic3 You're right 2008 - 2011 never actually happened...
@@Lorenzconnok I'm talking about NOW, not 2008 Sure, the price will go down, but the demand and payment will not
And another thing 2008 is not going to happen again
@@fueledbymusic3 😂😂😂
It’s hard to gain equity when you can potentially be down 30% in the next 2 years. It’s insane to buy right now. Worse, homes don’t come anywhere near appraising. Unless you’re putting down a large sum to fill the depreciation gap, you won’t get a loan. Lending is getting tight.
Life goes on, people have families and need a roof over their heads. That’s why there will be no crash, too many people looking and too few homes listed
Buy a house to live in, not as an investment
Don’t listen to the grifter on CZcams. People gonna buy dude.
I’d say we are around the bottom
Lending isn’t as tight as advertised either.
Mike, you are in a unique area, there are many other areas of my country with reasonable prices. I live in a nice college town with many homes in the $250-$300k range. Other markets are dropping in price.
I think a lot of younger people don’t believe things will get better. Ever. I’m not sure I think things will get better to be honest. I’ve watched the ups and downs the last 50 years, but it may be different this time. We saw the greatest transfer of wealth, ever, over the shut downs, and I don’t know if the regular person of the near future will consider homeownership a thing.
So I can’t blame the youngins for thinking it’s now or never. There could be some truth to that.
Also, it makes me crazy when people say “I might as well buy instead of rent” without understanding that it costs a lot more to own a restaurant than to eat there.
Our government is totally corrupt today. They make Nixon look like a piker. America is slowly losing its freedoms and the younger generations don’t realize it. The Constitution is despised today.
Who can pay $50K a month in rent? Even the rich Dr’s and surgeons cant swing that. How does Florida have this many super rich residents?
I got my new property evaluation from the county last week. The value increased 133k since i bought the property in feb/2019..
I’m going to start asking Micheal B and Nick G a sort of dumb question: I’d like to know where all the houses went? I’m in my 50s, I don’t recall any major house shortages in my lifetime. All I hear is there is this housing shortage. So like did houses just disappear? Did aliens take them to Mars? Were they demolished? Or more likely, are illegal aliens squatting in them? Did they get burned up in riots? I’m just wondering, if the population isn’t really increasing then where did the houses go? I’m going to guess they ChiComs are buying them up. But I’m open to ideas…..
There are 17 million vacant homes in the US. Many are held off market. Many are 2nd & 3rd vacation homes. Many are AirBNBs. Corporate/hedge fund bought housing is held off the rental market to keep rents high.
It's a psyop and there is no shortage. The same narrative was used by the auto industry to jack up used car prices saying new car production slowed down and less inventory. Now it comes out that dealerships were hiding their inventory to create a false shortage! It's all a scam to redirect people into equally overinflated alternative markets while creating the illusion of a way out. All traps.
Who the hell has 3x rent at 22k to 50k. Crazy those homes find renters at those prices so they must make 150k a month. What all the CEOS are renting housing in Miami. Crazy
My sister and her husband don’t care. I tried telling them to wait another year for lower prices but they said they need a house now and they are done waiting. I’m assuming a lot of people are in their shoes with this. They both make over $100,000 per year and are getting a $400,000 home with a pretty chunky down payment. They don’t care about the 6.5-7% rate they will get
They will lose 100k and ask them how long it takes them to save 100k ? I bet 10 years
Rent to own maybe ? If u can find that deal
They will be fine. Watch and see.
200K+ in income is more than enough to buy a 400k house.
Good for them. If they plan on staying at least 5-7 years then a possible price drop in homes won’t matter in the long term.
Another reason to buy this year could be that people would rather have their money invested in their house than lose it in the bank failures and financial crisis ahead, especially if they are paying a much higher down payment and lesser mortgage payments.
All real estate should by law be Owner Occupied. That would fix the problem of runaway prices.
house downfall? Maybe but not less money. Allowing investors from USA and other countries buy up three flats and homes and owning to rent ut is a big issue as well
Selling my house! I have a low rate but loads of equity. Cashing out!!!
If you can buy any home on any kind of water ( even if it fosts more to get in) or with a great view of the water...ocean, lake, intracoastal, bay or a river your value will hold ( or recover faster) in bad times and usually grow in time.. anything off the water wont usually do that unless it has closeby deeded beach access is usually in trouble whenever there is a downturn..pools are important too..humans just like to look at water! It's calming and beautiful to most of us..
Maintenance on a new home? What Maintenance? Maybe if you buy an old home.
We bought a new home, and in 8 years so far all we've had to do is replace the well( technically not even the house) and repair the ac one time. That's like nothing in 8 years.
The supply of houses in CT right now is low. Multiple bids on houses and owners getting well over asking. We can get a very good price for our house but holding off putting it up for sale a little bit longer..At 53 can’t afford to make major financial mistakes
I have a story in my video tomorrow about a buyer in Connecticut
I’m also in CT and it’s insane but it also doesn’t help that our rental market is worse. Rents have gone up more than 20 percent from last year. How is that sub stainable? That drives more people to buy even knowing there’s a risk.
Informative and Educational, thanks mate
Nj rental prices jersey shore are really bad.Buying a place at a 2000 mortgage than 3500. 10% down and 30% property tax hike and and 6.6 % rate still ahead
The property tax increases maintenance cheaper thsn rent increases
Same in CT
I found a great map in 2005
It's equity v loan including initial % down.
Back then it was together with census data.
Saved me from financial crash but now I can't find it anymore ( new computer)
There is some logic to 'If you wait for interest rates to come down then prices will go up again'. So the real pricing issue is unemployment rate...an increase to 6 to 7% will have major impact on prices
Mike, I like how you sell yourself. Not pushy, but matter of fact and you're transparent about how you get paid. Also straightforward.
How he SELLS himself 🤔?? Michael doesn't do that.
Let's say I have $500K in cash. I can put it in T-bills and get 5%, 4% after taxes. Or I can buy a house that appreciates at 3%. So it's only costing me 1% in lost income to buy a house plus property taxes and insurance. Still a way better deal than renting. Very few houses for sale these days because people are locked in their low interest rates and don't want to sell and move. I'm seeing less houses for sale in the midwest than ever before.
People don’t care so be careful 😮 love your honesty. We need your help to sell our home. Thanks
In every downturn condos are the absolute WORST type of real estate to own. They are the first to drop in value, drop the most and the fastest, and are the last to recover in value. Moral of the story - don't buy a condo.
I agree, but some of us prefer condo life and living in central locations with lots of amenities. In that way, condos are more affordable if you don't care about fluctuations in value.
What we have to buy or rent. Housing is not a problem because it does not work because someone is always going o buy at a bad time. We can't know the future but we can go our best in the mean time.
It looks like more time living in my motor home down by the river
Hey at least summers almost here! I’d rather live in an rv then rent an apt! (Though I own a home). Seems to be the smartest thing to me if you can do it, at the moment. Would have to be cheaper.
@@FloridaGirl- sold our house in San Diego for $$$$$!
@@rl9808 my neighbir moved here from San Diego, about a yr ago. Thing is houses are higher there. So she made alotta $$$ on it, being she lived there forever. I bought at end of last crash down here. Got a steal. I’m staying put.
Wait real question..... Why would anyone rent a home for 50k a month???
I wonder if anyone can legitimately answer this question
Rich people problems. We had a rich guy renting in our building at 10k/month, it was just a 2 br condo.
Tax write off is all I can think of
👍In top notch neighborhoods --- low crime, excellent schools, mostly white/asian -- houses still sell like hot cakes. In my area (west of Houston) it's mostly people who have sold their overpriced California or NY shack for over a million, then buy a large modern recently built house here for half the price. Esp Asians who value a 10/10 school. They pay all cash and the houses are selling within 2 weeks. The flood of money with resultant pushing house prices up on the Coasts created multimillionaires just from sitting in that house! Not sure if these areas will ever see a correction to the mean. The Fed has created a monster RE market.
Stop there!!! My daughter and her Engaged Boyfriend are NOT ready to buy a home.
He's a Doctor and she's a dental hygienist, they are waiting to buy a home , they might in the
next 2 or 3 years. For now, they will rent and where they are moving too , it's not their forever resident.
*Who in their right mind would want to spend $200K a year for taxes, that's crazy* .
The person has to be rich to own this home.
$65k per month! $175k per month! 🤦♂️
Probably owned by a foreign billionaire.
The real tragedy is how is $206,000/yr property taxes normal I don't care how much the house is "worth". Do they get extra services from the city?
I know!
1:49 ... Fang Wu? I wonder if he's related to those notorious Chinese airline pilots; Captain Sum Ting Wong, Wi Tu Lo, Ho Lee Fuk and Navigator Wong Wei? 🤔😆
😁
Hey Michael - I’ve watched your channel for a while now but recently stopped because I settled on my house on 2/1 in Bradenton Florida - Guy wanted $380K and I offered $340K and he laughed. I let it sit and wait - came back and offered $350K and he sold it to me. I got lucky because I still, to this day, cannot find a 4 bedroom / 2 bath with inground pool / lanai and 2 car garage at that price 15 mins from the beach? All over 400K and some are still horrible!!! Much luck to you all - you just have to strike when the time is right for you. PS I saved my butt off for the right to live how I want!!! ❤❤❤
Congratulations 🎉 on your new home 🏡😊❗️
But please keep watching this channel because He has tons of current information and if you ever need to help someone else then you’ll have this information to share with them.
Enjoy life
Blessings, Carlos ✝️🙏❤️😊❗️
Congrats on getting the house! You will be missed. You can still watch if you like to check in now and then👌
@@SirCarlosMusicBMI thanks so Much! I’ll always be one of Micheal’s subs - and I’ll always check in from time to time - I’ve made vids myself - he’s got lots of valuable info that helped me during my buying process😄!! Much Love ✌🏽
what are people doing to be able to pay 50K a month rent... part of me don't really want to know....
A family member asked my spouse why don't we move, my spouse said, why to buy a home , that cost double
the amount and end up having expensive property taxes.
You will spend at least $400K ( for the same size of home ) . We will stay here.
Neighbor sold her home for $450K and went across town to buy a home for $600K . Beauiful Sunset !!!
Right my nice house is $500 per month.Why buy Newer or better Fine here No Worries just TRAVEL soon..😁😁😁😁
Venetian islands are no joke! Unbelievable prices and unimaginable views
I do feel the same way you do Michael.
Hey Lisi 💗💛🤗
p.s. almost 82k Yessssss
Michael your Grandparents are adorable. You have the same lovely thick hair like your Grandma🧓👍😍. It was very interesting to learn about living in Florida😮. It seems you have a great family support around you. There is always hidden increasing costs in this world. Cost of living has increased here in Devon to. We have just retired to our south coast of England and loving it. Everyday we are so happy and blessed we are still on this wonderful earth. Take care. sending love from Rosie O.
I have told a lot of my friends to watch your videos; having been in the real estate business (owner, rental properties owner, appraiser, and flipper) I respect your input. You do have homestead in Miami, right. Just cannot imagine to paying that much in taxes or in rent.
Thanks Dennis, I appreciate that! Yes I am homesteaded.
The homestead is a huge savings! $50k. What other state does this? No income tax. It's QUALITY of life. You can't even dream of living in CA like you can live in FL just steps from the beach. Only the very rich can do that in CA. If you're established in FL, you're set. Moving here? Not so much. And don't get me started on our amazing governor! ❤
Hi 👋🏼 Michael 😊
Regarding your intro ;
That’s a very sad situation for first time home buyer’s 😢.
They will be locked in for
7-10 years before they will see any kind of gains (equity) from their properties.
We can try to WAKE The World 🌎, But there will always be buyers out there for one reason or another.
Enjoy your Evening and God Bless,Carlos ✝️🙏❤️😊❗️
Well said!!!
I agree, you can only say so much, but at least I feel like I did my part. I'll I can do now is just keep everyone posted
Hard to tell what is driving the housing market anymore... people making money in stock market, etc. or investors or what? I actually thought that the higher interest rates would make a difference, not seeing that at least in FL and other areas of the Country. I stopped guessing, just watch for the knowing now.
Can’t beat that Gulf Coast sunset 🌅!!
Its so beautifl!
I wish we didn’t have to wait, but we’re still priced out in Naples. There is nothing worth living in that would actually work for our family that we can afford.
I have paid $40,680 in rent over the last 3 years. I would of rather bought a home, even at a higher price, than give that much money to a landlord.
Okay, so you're paying roughly $1,130 a month on rent on average. Assuming you're spending about 30-40% of your income on housing, then you must have a monthly income of around $3,000 per month. Even factoring in other bills plus groceries, you should theoretically be able to save a decent chunk of that money on a downpayment towards a house. Yeah it'll take you several years, but if you utilize a high yield savings account, brokerage account, hell even CDs, you can grow that money while you build it up.
Just keep in mind you're likely going to be spending a lot more than that when it comes to owning the house with all the extra expenses that come along with it
You would spent almost the same on interest payment. If you don’t have cash you would not save much
@blinovskovm good point. Plus even if you have a mortgage, you have to have contingencies for emergency repairs. Sometimes renting shelters you from misc expenses.
I watch for the info but I go out of my way for the landscaping in your backgrounds. This may be the most beautiful nhood to date (the landscaping). Another great video. 👍🏼