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Housing Inventory EXPLODING IN FLORIDA!
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- čas přidán 12. 08. 2024
- Housing inventory throughout the state of Florida is now of 35% year over year which is far and away much higher than any other state. The only other states that even come close or Louisiana and Mississippi at around 28 and 26% respectively. The reality is people can no longer afford the insane cost of owning real estate in Florida and everyone is looking to cash out.
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What is the name of the app you are using to see the house prices???
@@benzedrex Reventure
@@Jo-li5ht thanks man!
It would make more sense to compare inventory levels to traditional averages. I think you did that in a previous video and it showed that levels are just normalizing.
@@benzedrex Im a lady! lol😉😜
Back in the day, when I purchased my first home to live-in; that was Miami 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.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call. Thanks for sharing
That is terrible we can’t buy a house !! After 59 years of working !! This has to STOP !!😢
Why do you need to buy a house? Do you think it's some kind of birthright?
Mom listed her primary residence and her remaining rental for sale 3 weeks ago in Spring Hill. She plans to live in whichever is left. She got an offer on her primary residence today for about 5 percent less than she is asking and what Zillow estimates it at. She is taking the money considering what she paid for it back in the early 2010’s. So happy for her making around a 200 percent profit. Get out now!!!
Smart move because she has another place.
Most of us cant afford to buy now. Blessings i live near her in pasco
@@barbaraemanuel1379sell rent for a yr or two then buy
Excellent move. Stay strong.
Zillow is never correct.
Yes, but you're still stuck in New Mexico!
I'm a new construction plumber in Jacksonville. We never stopped building. When COVID hit, we didn't miss a day or skip a beat.
You're right. While I sat home for months, my commercial builder husband worked and even had projects lined up. We are in south Florida.
The insurance, property taxes and HOA fees are too damn high!
tell your elected officials to say no to the globalist ESG requirements... we are tired of making the rich richer...
@pensacola321…
Texas is the same way. Half of my taxes go to schools, and they can’t spend it fast enough. Just passed a 1.2 billion dollar bond, and already 133 million over budget! Property/ school tax has risen about 40% in just a few yearsHomeowners insurance has Doubled in 4 years, and HOA’s are high and just another form of taxation. Can’t wait to sell and get outta here!
@pensacola321… and we don’t have any kids in school
Don't buy what can't afford; Bigshot. This would then not be an issue. Nothing is your fault. Everybody is picking on you Huh.
Maga. Huh.
@garywaters… who are you talking to?
Palm Beach county resident here. These are good thoughts. But you're forgetting a very critical factor. We are currently undergoing a local economic restructuring because of the influx of out of state occupants. People from New York and New Jersey and other places that are bringing in larger sums of money to start with, are changing the medium of what it is that people can afford now and they are essentially driving out the original locals who were used to a certain economic value of the area to begin with. At home I'm born and raised here and I've even felt the pressure to leave in the last year. Regardless of the decrease, it's never going to level out back to where it used to be.
Just wait
They can't drive us all out. Who will teach their kids, police the streets, treat them at the ER, etc? Without all of these services, you'll have chaos... or the equivalent of a third world country.
@@chiarac3833 get ready for new New York
@@Xiomaro01 that's already a third world country.
I’m still delivering groceries 20 days a month in every wealthy & middle class community in Florida.I still see thousands of new homes,apartment s & townhomes everywhere empty & they’re still building like crazy!!!!
The builders don't stop until they crash the market.
I see the same thing. Construction everywhere but no one is buying them
Yepeven here in Brevard county the builders are building over 5,000 new homes…ridiculous
Same thing in Montgomery County Tennessee. They are acting like everyone is leaving California but they are mostly leaving Los Angeles county. There are so many homes but no new jobs to sustain the house note.
@@FloridaMan23 In Brevard as well, rent has gone up like crazy everywhere. Most other 20-30 something’s I know are struggling
for some reason people always struggle to let go instead of taking the hit and move on. I watched this during the oil field bust. People kept holding on, and holding on, then everyone gave up about the same time and the prices just dropped as much as 75 percent.
I'm going to borrow as much as I can on the rentals, let the tenants pay the mortgage, taxes, then put the money in the market. Waiting for a 5/6% interest rate. We have exactly as much rentals as we've had since houses were not selling. In fact, my house went up. This is Brevard county and it is perking.
@@jemezfun9767 I remember those days and people think it cannot happen again, but it can. The average house should cost about 187 k based on income, but try finding a house in that price range.
Florida is a different market. Hopefully prices and rents do come down, but unless there is a major negative event I don't think they will come down a lot. And why would anyone sell unless they are planning to move to a state with lower housing costs? If you sell you still need a place to live.
@@MrCharlesEldredge Affordability.
Those houses in Florida renting for $20k+, the owner has absolutely no intention of actually renting it.
The property is likely part of a money laundering or other criminal scheme as is very common in Miami.
i am mixed up. how do they rent for 20K if they have no intention of renting?
@@DrSchor They leave the listings up for months or even years, they don't rent, they sit on the market.
@DrSchor One way to launder money is by purchasing assets.
Florida has crazy insurance issues.
And one reason why we have this inventory flood is that everything is getting ridiclous un affordable especially insurance and taxes and people are forced to sell their property.
just remember you will own nothing and be happy.
@@toddygallent7258 You'll be like Donald Trump !
Pretty much. 😕
Housing prices go up, insurance rates went up because they have to insure higher properties and the law passed due to surf side, and all the fraud. Property taxes reflect higher prices. Make sense.
Looks like another 1 or 2 years of recession and falling house prices and job losses and collapsing businesses. Caravans are beginning to look really attractive lol.
P.S. The WEF plan is to squeeze the homes out of our hands- taxes, inflation, insurance- auto AND home.
These are major factors behind the scenes
“You will own nothing and be happy” and our government is complicit. Hoping this changes.
@@chrisweidner4768 These are perilous times. Read Matthew chap 24 to see the description of these days as told by Jesus.
It is sad to watch but I know that we happen to be those living in biblical times- these things will worsen.
In spite of the dark around - I feel peace placing my faith in Jesus and that I have accepted his gift of salvation- that his Word - the Bible- is also comfort, explanation, understanding of how God wishes me to live.
I pray that same for all who are seeking truth.
John 14:6 Jesus said, “I am the way, the truth and the life. No one comes to the Father except by me.”
Trust the savior- Jesus. Read Matt Ch 24.
Don't forget eat zee bugs
Are you nuts? Nobody benefits. That quote about people owning nothing was a reference that if people continue to do what they are doing, renting, leasing vehicles, small housing, ride sharing/ Uber they will not own "things" but have money saved. I leased my van in 1992, and haver since, until it was depreciated down and bought it out - but i didn;t own it --- and neither do people who have car loans, big mortgages, etc. It takes time for millenials to build equity.
Condos are the main driver for FL's inventory increase.
yes leveraging marketing stats.... 7.5 months supply for condos ...
Who cares about condos. The 80s are over.. what we care about is single family housing 👌🏼
@@JohnAppleseed-cy1rd You need to read nmb's comment again until you understand.
HOA's are toxic
Yes, the new law that mandates 100% funded reserves is forcing poorly run communities to fork up the cash to fund their reserves. This is a good thing. Once fully funded they might come back down.
Dallas has plenty of apartments but they are not budging. I believe the complexes would rather go bankrupt than reduce the rent.
good... The sale after will be good
I'd rather van life it
I have been looking at places near Addison and Central Dallas. Even a 1 bedroom is beyond what I would consider reasonable. When I get an agent to give me a viewing I am seeing 25-50% of the units are vacant. They would rather take the loss than dare to let the lower class have a decent place to live.
Does Dallas have any type of rent control or cap where they can only increase the rent by a certain percentage? This would explain it. Let's say you cut the rent in half just to move it, but then things turn around and the market becomes hot and your property taxes go up to reflect this and inflation goes up and all the other expenses. If you are essentially locked into a particular rental price you can lose quite a bit of money. The market always finds a sensible price, unless their is an external force, which typically is government regulation.
@@reekinronald6776 We do not have rent caps nor rent controls. Just last summer I saw an entire complex that evicted every tenant to put the units up for sale. What they actually did was come in and remodel the units (just slightly nicer fixtures and new flooring) Than released the units for near double what they were being rented for. Rents went from just under $1,000 for a 1 bedroom to just over $1,800. Last I checked most units were still empty.
I remember Inspecting a 10th story penthouse condo in Palm Beach, and the HOA fees were 12,000 per month!
Wow I live in PB where’s that I’m curious
The credit event of 2008-2010. There were houses in Florida that were selling for $300,000. in 2007 that could be had all day long for $75,000. in 2009-2010. ❤
The chart looks nearly the SAME as in 2008- 9, currently. But it will be even worse, this time... And as then: potential sellers (with little to no equity...) aren't going to be reselling, using agents... on the MLS, for 12- 25% plus, of their equity! (They are going to be FSBO, seller financing, lease optioning, leasing... or stop making payments, do cash for keys, be foreclosed on... or just move out.) And I don't see any "importers" buying- up mid to longer term T- bills, in the 2020s... so DC and the FED can continue "exporting, the inflation!" (Or "AA- AAA rated JUNK" mortgage backed securities, etc.)
The Temple BAR, banks and insurance companies, along with states and DC are collectively 'bankrupting' the population, from here... to Australia, and China. This isn't a "coincidence!" I must have told hundreds of people this was coming, in the past 5- 6 years... as well as in 2005- '07... and both then, and recently... almost no one, listened. (And it was in plain English in reads like "Crash Proof," even before then!) The 'fiat' funny money "serial bubble" inflators at the world's central bank franchises, need FAR more "exposure." This diabolical nonsense needs, to END!
Once people actually get here they figure out pretty quickly that aside from the warm winters, it is not quite the paradise they thought. To insure a simple inexpensive house costs a fortune. The warm winter is nice but from May to October it is downright hot here. Damn hot.
I find that funny. A tropical region that for some think shouldn’t be ttopical😂
$800 to insure a 1540 SF CBS 3/2/2. That is double what it was in 2020. Parents home where I grew up never had hurricane damage or insurance claim in 62 years. Insurance costs have gone up nationwide.
So glad that Northerners are realizing this. They usually leave after a Summer or a good hurricane
My question is what is FL doing with the windfall property tax revenue? It certainly isn't to patch my road!
state spending it on lawyers for all the nonsense court cases started with schools, disney and other woke issues.
Exactly, roads are worse than I have seen in my entire life. I'm a native Floridian and 49 years old
It's going to your buddies in Israel
It gets stolen by local state officials. Wise up! Don't be so gullible. All that money is stolen.
You can fix your suspension with all the money you save from low taxes.
Micheal, I truly would not take a condo for free now. There is a quadrupled HOA, taxes, insurance, if you can get it at all, oh and don’t forget the $40,000 to $60,000 , $80,000 special assessments. No way. A free condo could easily BANKRUPT YOU. You would have to be crazy to buy any condo in Florida now. Keep all of your condos.
Condo's will be a bargain one the reserves are in...
I've got a timeshare to sell you....
I don't know why anybody would buy a HOA property, you keep getting ripped off with increasing fees and decreasing maintenance.
i agree. either rent an apartment/house or buy your own home. buying a condo is crazy. all the burden of home ownership without the benefits.
@@KCkoolaidkingHouses also come with tons of repair expenses, the build quality in Florida is just insanely poor. Plus the property taxes!
Even in 2010 when I started investing > did not touch them due to the HOAs
Living in Oklahoma here and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
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 advise but get buying, cash isn’t king at all in this time!
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
*@mellon-wrigley3* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Florida's cost is at a all-time high. Property taxes have increased 2x-3x, basic car insurance averages around $1400-$1600, HOA fees doubled.
For anyone that was a resident prior 2021, I feel for.
people on a fixed income can't afford it anymore.
Eventually people will have to force the county's to lower the millage rates. Property taxes are higher than your mortage interest and insurance for most people, and provide few benefits. In fact when property taxes were lower we had far better services than we have now!
The rent is too damn high!
Then move out.
@@scottnicholls8083 people are😃
Then buy.
Get a roommate.
Make more money.
South Florida there are tons of homes for sale. Now, at unrealistic prices not for the working man. People don’t care about bringing their selling price down. Sooner or later a NYorker or Californian will buy it.
You should see the amount of off market properties that all the speculators are trying to sell. Much bigger than what is on the MLS.
Canadians and Europeans are looking too.
A lot of buyers from overseas are buying as well. Countries like Australia and Canada have strict laws curtailing what and where non-citizens can buy real estate . Not so much in the USA.
Everytime I go to Publix I hear people speaking Russian, Ukranian, Mandarin, French or Italian.
Lots of international buyers in FL for sure
FL is tough state to buy something these days. I know someone who just bought a place down the road from Inverness after looking all over the state of FL at new and used homes for two years (he didn’t want to overspend or get screwed by other things, like high hoas). It sounds like a good deal… brand new, upper mid 200s, 1800ish sq fr, 5% interest from new home company, super low hoa, not in a flood zone, in what seems like a growing area (bunch of new shopping centers, new roads connecting to major highways, etc). I just wonder how long his cinderella story will last with all these FL horror stories. I have my fingers crossed for him.
Thank you to our host for this important walking tour and R E educational presentation. Good graphics, too.
All the inventory can pile up and the prices can come down, but it won’t sell if you can’t get home owners insurance.
Going to be listing my house in the next couple of months and am fully prepared for it to sit…300 homes in my neighborhood and 15 on the market currently. Most are over the 60-90 days on market (Polk County).
We only have one home on the market in my neighborhood. Can't buy anywhere else as nice for the same price
Florida has long been my only hope for a decent retirement - and by “decent”, I just mean someplace with the sort of climate I’d like to enjoy in my “golden years”, and someplace with access to medical care. But I’m sitting up here in New England watching that option fall apart just a few years before I start collecting my Social Security checks. Now I’m looking at dying in east BuFu in northwest Maine far from civilization and services where freezing temperatures last 9 months out of the year and flies/mosquitoes plague the other 3. Awesome.
Hey, Here's a possibility: Sell what you have in Maine, buy something in uber-affordable in sunny, safe, stable Western Kansas, and use the excess cash to do the "snow bird" rental thing along the less expensive, but equally beautiful Gulf Coast (Florida Panhandle; Gulfport, MS; Coastal Alabama).
Plus: Western Kansas is only a short day's drive from the Colorado Rocky Mountains...Limitless outdoor recreation possible!!!
Totally doable. 🎉
@@Lifetalk849agreed. There are more options than just S FL vs. rural Maine.
On the way home yesterday, I saw 3 new signs in the front lawns. People got their Tax Assessments 3 days in Colorado and are hitting the ejector button!
The bigger issue is those who are wasting money eating out at Chili's. Cooking from home saves you money.
The higher tax assessment combined with the higher insurance premium because the house is more expensive to replace is what will put houses on the market. My escrow increased by $7K a year where I owned the bank around $6K in escrow monies and my mortgage went up by $600/month. That folk is a lease on a new vehicle /month where if housing prices fall, the homeowner is the loser.
Colorado has CHEAP taxes compared to Florida.
@@MchlV-es7qf Do you want to save time or save money? That is the trade off.
The homes that are being put up for sale in our nice neighborhood in Spring TX are staying on the market for months at this time! Started first of 2023! Bidenomics!
Lakewood Ranch PERFECT EXAMPLE. Seller bought for 745k in 2021. Little over two years later listed for 1,875,000! No takers now reduced to million six! Keep going buddy you got a loooong way. Anyone who gives this seller this type of a profit is a SUCKER!! It is bc Toll Bros is pricing their new builds in the Isles for these crazy amounts and they have been sending emails with price cuts which still have a looong way to go!! Especially with cheap carpet in bedrooms!!!
That’s the development in Sarasota right? Aren’t those relatively new builds
I cashed out of the Florida market at the peak a couple years ago after being underwater for years after the last housing crash of 2008 having bought in 2005. I will never invest there again the market is very volatile
@@happyseal0079 the people paying top dollar are suckers fooled by the brokers trying to get their last bit of Covid commissions
I'm in LWR and a part of one of the many corpo's working to throw up these horribly built overpriced homes. The amount of corners cut by these builders is both sad and hilarious. Once inventory tops demand the industry will be a bust.
People are holding on to their houses for dear lives because of interest rates. I got 3.25% and no way I'm selling.
congratulations on locking in the interest rate
what is your plan for locking in insurance and property tax rates?
what have you done to make sure you wont have to replace your roof in 20 years.
Expensive maintenance, unaffordable tax and insurance rates may change your mind about not selling.
❤ Thank you Michael for carefully explaining the Homestead Exemption, assessed value, millage rate, and one's property tax bill.
This real estate training / therapy video really resonated with me.
Thank you, Mr. Bordenaro!
Miami is an overcrowded shit hole. Would have to pay me to live there.
I visited family in Miami, and couldn't wait to leave. Terrible drivers, unfriendly people, too humid.......
This is pretty much the way it is everywhere in Florida. You are not being delusional.
Why were your family unfriendly?
that’s because the East Coast of Florida was first invaded by the people from the northeast and now they found they can make a right off of 95 and now they’re destroying the West Coast of Florida
Racial discrimination is very severe
I have lived here for over two decades. I agree, but I still like it, its much better even now than were I am from, New Jersey. I used to travel a lot and still do take some long rides and I can tell you a lot of places have terrible drives and unfriendly people, maybe not humid but some of these places get really cold. Its hard to find the perfect place to live with everything you want, and when you do everyone else will want to live there too and eventually destroy it, that' is what is happening to Florida.
EXCELLENT VIDEO MICHAEL!❤ you’re getting closer to a half an hour… with all kidding aside thank you for all your hard work, and putting together these videos…☮️
He is doing it as he makes enough money for this to be his primary job now, as he has said he no longer uses his realtor's license to represent people anymore. So while sometimes the material is interesting, and the background landscapes beautiful, he isn't doing this as a favor or put of the goodness in his heart anymore.
They're very good - but around fifteen minutes is, perhaps, a better length.
The housing inventory is exploding because the rent is too damn high!
But it'll be coming down soon with all of those available units, some of which will be rentals.
Exactly
Why would inventory increase as a result of high rent? If anything high rent would push people to purchase homes so long as it’s more affordable than rent.
Its greed i doubt it will go down
Too damn high
People with money will always flock to Florida, just like the birds in winter. Prices will remain sky high especially near the bigger coastal cities. Don’t hold your breath on a crash.
When people buy a house in this market.. they have to realize that their property taxes and insurance is going to be double what the seller was paying..Duh 🙄
Few can afford duh if they do try ey can’t ever invest in anything build wealth etc
Explain this double tax and insurance change please?
@@JohnAppleseed-cy1rdhigher tax due to your higher purchase price, property tax appraisal and then insurance as new client with insurance carrier. More than likely not having tenure with said new carrier if not a prior homeowner, and discounts/rate may not be as strong for newer clients. Unless, 4 major Renos are done in home - new roof, electrical, plumbing and hvac.
Not if you already own in Florida as the save our homes law caps your increases in taxes and the total benefit is portable to your new home. I’ve done this myself.
@@GNMi79 absolutely, because the state also wants that yummy yummy money
My concern is that if people continue to purchase these homes with bloated prices, there will be no incentive for sellers to lower them. As an example, I still see a lot of "pending" listings on a house that someone bought in 2021 for 450K and have it listed for 750K...."PENDING".🙄
I think that’s my house 😂
The question is, are they “bloated”? If they sell for that price, there’s someone willing to pay, and that’s the price. Now part of that is “bigger idiot” syndrome, with people buying what they can’t afford. But more than that is corporate interests buying homes, and you better believe they will spend the small pittance necessary to buy homes that come on the market as needed to keep prices up. Then there’s just the scarier prospect: more people can afford what others cannot, and the prosperity gap. So, maybe it will all come down as the economy cycles, but historically housing only goes up long term. That house may come back to 450 briefly, but in 15 years it will be over a million easy, at the outside. Sad but true. We should be making housing cheaper in this country - the profit motive ruins everything because the most cost effective way to increase price is to reduce supply.
How pissed would you be if you went ahead and bought the house you want for $750,000 and in another 6 to 10 months the market crashes and even though you got a loan for 750,000 the value of your house plummets back to the 400,000!! This is a dream for Klaus Schwab lol. He’s trying to end property ownership and says it right on his website.
@@thirstonhowellthebird That actually happened to me. I bought in early 90’s and in 2008 it went down to just under what I had paid for it. But now it’s 4 to 5 times what I bought it for. It might go down for a short time but it shoots right back up in a very short time. It’s crazy.
@@anitacordeiro372 I don’t know much about the real estate market so what happens if somebody has a home equity loan for let’s say $500,000 against a home value of 850,000. What happens if the market crashes and the value of that home drops to 600,000 or less? What happens to the loan based on the higher amount if a home equity loan or the reverse mortgage loans, what happens to that person if the value drops substantially against that loan?
This one’s for the algorithm. Pre congratulations on getting to 150,K subscribers. You’re doing an awesome job my friend.
I’ve got to put some champagne in the fridge to get ready to celebrate with you soon 😊. Blessings,Carlos ✝️🙏❤️😊🇺🇸
To those saying "Dont buy what you cant afford." Are you that ignorant? Prepandemic, housing, taxes,and insurance was fairly inexpensive in florida. Starting in 2020, infaltion started skyrocketing. Housing started skyrocketing in price due to everyone wanting to move here. Meanwhile wages remain stagnant. It was clearly affordable, and comfortable for most floridians before this 2020 shit. There is a much much bigger picture to this 💩. A bigger play is afoot. Not saying greed didnt play its part however. Because it did
You nailed it again! Local governments have gotten too big for Their own good! ! We need a new and equitable method to pay taxes! NO TAXATION without
REPRESENTATION
NO TAXATION without
REPRESENTATION interesting idea what did you mean by it, and how can we get it to work
Buyers aren't as smart in this bubble like the last. Yes, prices rose and caused a huge bubble back between 03-06, but buyers for the most part did inspections and didn't buy a home sight unseen. This recent bubble in large part was caused by buyer's desperation and they would buy anything with much more disregard compared to 20 years ago.
Thank you, Michael. Fascinating information!
On 2008, people didn’t reduce the sale price of properties when inventory exploded. It took time for sellers to reduce their prices or lose the property to foreclosure.
2010 2011 was the bottom in FL.
It was a 5 year slow death until the bottom in 2012.
@rubicon3416 I'm excited to get my Florida town back in the next year or 2. We have enough of or own ignorant people we don't need more from upnorth because Fox News tells them it's something it's not.
2011 in Florida was amazing fire sales. Except over half were distressed. People would take out entire kitchens, every fan, pool pumps. It was insane.
Air conditioning handler gone only a empty concrete pad
If you own a home in Florida paid for you don’t have to have insurance but still have to pay real estate taxes
I can afford it. I’m not on the water but great views from large balconies.
Because of the raised property,structure,impact resistant windows, and heavy duty storm shutter my dwelling coverage is minimal with a large emergency fund for backup.
My total household living expenses are around $30k a year with no mortgage and zero debt.
My only way to fight insurance is to pay off my mortgage and cancel insurance
The prices are down about 10-15% but the insurance and taxes have already filled in that small gap. There needs to be another 20-40% drop in prices. It's 50% cheaper to rent right now because of the cost of ownership, taxes, HOA, CDD, and interest rates. And if you have 20% to put down 80-120k.... you can make 300-600 a month on 5-6% CDs. Be smarter than the market
I’d rather see insurance and taxes go down since I have no plans to sell, increase in house value doesn’t benefit me now!
@Purpletip99 right? Your home doesn't matter what you pay for it because, unless you sell it.... you don't see any money. So all it does is increase your monthly payment. But generally speaking.... if you make it 5 years into your loan (30 years), you will be ok. 2.5/3 years for a 15 year. But taxes and insurance on our home went up over 160 a month just this year.
I just recently read where they want to raise FL sales tax to offset or get rid of property taxes! So I have to pay for someone else's decision because they cant afford their property tax now! It seems greedy to be happy about making money off of this trend in a matter of a few years. Housing prices have went historically too high too fast. My friend was going to sell her FL home. She bought her house for around $150,000, but even if she sells for $350,000 (the value now), she could only still afford to buy a similar house. She wants to retire with a house on the water because they have a boat, but those houses also drastically increased in price in just a few years so it may not happen for her. Wages aren't keeping up with the cost of living at all now. Can we try to make more money or be creative about our living situations? Sure we can, but it just doesn't work like that for most of us working class. Just as I think I'm getting ahead...bam...a bump in the road. I'm getting tired of pulling myself back up just so someone greedy can keep get rich then richer and so on, or I have to give up my time with my family just so you can make 200% on your dead parents' home or someone's corporate investment.
Well done, very well presented.. Great overview at all levels.
Im in Citrus County. I paid $160k, 6 years ago, for a 3/2.5/2, enclosed pool, double lot. I built a 24x32 steel building in the back w/electric and rv hookups. New windows and central a/c. My insurance did go up to $2800 year. I dont pay property tax, Im a disabled Vet. I dont have a mortgage. I live across the street from a golf course. No HOA. I could sell tomorrow for $400k easy, and quickly.
but you dont know for how Long before things change for worse
@@HsanchezFLUStrue, but, Im all in at $215k. It would take a significant change in the market for me to lose.
The next questions are what will you do with the money and where will you go to live?
Hello Michael , thank you my friend for keeping us in the now. Home owner in Northern California.
Very informative video and thank you for sharing your knowledge. This is very helpful.
It’s ridiculous in Fl,you need a permit for every little thing you do to your house and it takes forever.
Control the Masses.
@@howy41 You seriously have to pay for a permit to buy a new washer & dryer in Florida?! 😮
@@justinallport9789weren’t people leaving California because of their policies? FL is WAY worse 😂 Permits for washers? Regulations on every modification to home?
@howy41 No its not a felony to replace a washer and dryer
@@howy41 What did you do when you realized the error in your plan ?
Dear FL resident, if you’re selling your home, it’s worth maybe what it was in 2017. This is due to absurd insurance increases, assessments on condos, HOA increases etc. Property Tax alone is reason enough to not move here.
Lol, tell us ur a jagoff without telling us you're a jagoff.
Weird. I had a friend sell their home to opendoor of all people last week; sold it for 20%+ more than what he paid in 2020 and closed in a couple of weeks.
The market doesn't care about your feelings LOL.
Better tell that to the people in Canada and Europe who keep making offers to buy my place that’s not even on the market.
Make more money.
That's insane. Then explain why people keep moving here and buying houses. Keep dreaming.
If you look at the rebound from when the last bubble popped in 2008, it took 7- 9 years before we were seeing pre bubble prices.
The Villages. If you love a constant flow of ambulances, car wrecks, and traffic jams, then its perfect for you. If you are a sickly individual, good luck getting regular medical care other than the ER.
It’s the golf cart accidents that keep me away from the Villages!😀😀😀
Cape Coral home prices are still out of whack, and so are it’s city counsel members who recently voted themselves and mayor a 100% pay raise. $🧐
Forgot to mention they ALREADY get 100% reimbursement for ALL expenses! $🧐
The appraisal will also affect what the potential buyer will be able/willing to pay.
You said the magic word ' Corrupt System " Great video , very informative , thank you .
You bring up good points. I see homes sitting on the market now for 150 days.
Insurance should only be mandatory for the amount owed on the loan. Rebuild cost is the owners problem.
it can be done that way now
Thanks Michael, I'm in NJ where a crappy little starter house costs a million bux 😂
Who needs a house out in Hackensack, is that what you get for your money . Anthony's Song 1977 Billy Joel
This is my surprised face: 🤔🤔🤔
Florida real estate has ALWAYS been a volatile market for as long as I can remember. 80's//90's//2000's/2010's..... It became the "New California during Covid.
Thanks for telling us people about the Florida exception helpful info
another great report Mike.
I'm seeing it explode in SW FL regions I monitor; however, the HOA's are also exploding. Thus, the listings are not desirable. I hear stories from condo owners that say they are "Trapped" in their condo as no one wants to buy a condo with a 4 digit HOA fee/month. Even if the cost of the homes drop back to pre-Plandemic levels, the HOA's will not. This is looking like a long term issue that will need a wave of foreclosures and forced sells from non-paying HOAs.
I got lucky,I sold my late father's house in less than a month at asking price. My realtor here in fort Myers,Florida hit it out if the park.🤙😎😁🤗
Congrats - hitting it out of the park is several hundred thousand above reserve, which happens a lot here.
How’s fort myers?
Ur Dad took care of U so u take Care of ur kids when u GO !!!!🤑🤑🤑🤑
Your realtor put the house in the MLS and did nothing more... then charged you an arm and a leg.
@@networth00right cause the mls can talk buyers into buying when they get nervous and the mls can keep the deal together when buyers get cold feet or when the mortgage has issues or when the inspection goes bad or title is jacked up
I tried so hard to get my friend who was renting to WAIT but she was panicked and paid at top in May 2023… if she had renewed her lease, she’d be shopping this May. I don’t have the heart to tell her anything about it. I’m sure she will be noticing SW FL signs popping up in volume.
I think Don Johnson was the smartest guy ever in Florida. He lived on his boat w an Alligator. 👉🏻🤣🇺🇸🇺🇸🇺🇸
Unfortunately, boat slips have to pay property taxes and hoa-like marina fees. You also miss out on home appreciation, which is the norm 3/4 years.
You should look into Henry county. You showed it in the video 12% increase. I can tell you why. I sold my houses in Miami May 2021 & December 2023. Took my money and built a house on 1.5 land. Like me so many people of Miami are doing the same. Clewiston is only 100 miles from Miami & straight drive through US27.
Great info.Nice to hear truth.Thank you
You are very welcome
I have a 2 bdrm 2 full bath condo for sale in central Florida. Less than $300/month fees and include water, garbage service, lawn care, bldg upkeep, bldg insurance, HOA operating costs, parking lot, gas for heat and water heating. Wow! 2 story building that is not subject to the engineering inspections that start this year for 3 story bldgs and above
I cashed out of the Florida market at the peak a couple years ago after being underwater for years after the last housing crash of 2008 having bought in 2005. I will never invest there again the market is very volatile and the next crash will be worse than 2008! The property nice pool home with amazing views, I sold a couple years ago has already dropped in value!
What area is that? Not in Jupiter.
Florida is the new California
Absolute. Lots of people say we move in the same direction they did in the 1990s.
Everything went up up up .
Under save our homes, assessment has go be reduced when market value decreases. However the roll up provision allows for increase of millage in order to make the budget. Ultimately, taxes are indexed to municipal budgets and not to property values. During the last big downturn many were infuriated when their taxes did not reduce proportionate to the market value drops. Since municipalities tend to spend a lot of money during boom times I imagine that the same will occur if another big recession hits. You are correct in that many people do not know how this works.
Excellent video, Michael.
The legislative needs to address these issues.
And state government. The problem is multifaceted and interlinked.
I lived here since 1996. It sucks here now. It used to be awesome. Now Florida is way overpriced. There's nothing here except for beaches. Way overpriced for a hostile place. Good luck deal8ng with home insurance issues.
Hi Michael in Delray 18 month ago there was 970 properties for sale on Zillow now there is over 1700 increase more than 70 %
Arizona inventory is down by 8.7% on that map. Home starts are down, 75,000 people move here every year.
Do Developers just not want money? Hardly a shortage of land in Arizona! Though water supply could be a bottleneck.
But doesn't it seem like there's lots of home construction going on in AZ? The map showing the 8.7% decline is confusing, can you shed some light?
Keep that 🥵
@@gwyn111Water concerns with all that growth.
People are getting out of Dodge. Insurance and property tax increases is causing it.
and freedoms are disappearing in Florida
Only to be replaced by richer people from the north who CAN afford it.
I would say that map is spot on, Charlotte, Lee, Collier county, Tampa metro is major trouble. Miami will come down too I think, just not as fast.
Michael. I have not seen you in a while. I forgot to subscribe. I took care of that. Keep the good content coming. Thanks.
I saw plenty of new housing developments being built in Sarasota that may also be a good reason for inventory levels going up.
I been doing deliveries and im seeing avg. 2 homes per block for sale in SouthFlorida
I can see the future and it is not pretty. Between the increase in property taxes and insurance, my escrow account had a serious deficit. I had the choice of significantly increasing my mortgage payment or clearing the deficit from the increases in taxes/insurance. I promptly canceled my summer vacation, withdrew the money owed from savings, and settled the escrow balance. Still my mortgage payment will now be 20% high than last year. If you are living paycheck to paycheck at some point you may have to throw in the towel.
Keyword indeed is "yet". Holding costs mount with time until reality sets in.
You gotta see how many houses and apartments they are building right outside of Phoenix it’s incredible. The I 10 already is a large parking lot and where are they getting the water and thanks again Mike don’t forget we are surrounded.
But the map at 0:40 in the video shows AZ inventory is DOWN 8% !! Seems strange. But house prices are not really declining in Phoenix, so maybe all those new builds are being bought up just fine??
@@KP99 right by the post office in Buckeye there’s a three-story apartment buildings almost finished I would say it is 1000 of them and they say they are all taken
@@KP99 they have places where the sold sign is in the ground and there’s no house yet
Phoenix is going to have major problems within Millennials/Zoomer lifetime. The Salt River won't be able to provide water for California, Nevada and Arizona forever.
There are building 3 new semiconductor factories in Phoenix. Along with 2 new EV Factories ....They are expecting allot of foreign workers along with out of state workers moving in with the companies that are coming...They already here in some areas of Phoenix working remote until factories are complete.
During the 2008 GFC Florida was an area that went bust on prices. The perfect storm seems to be brewing with Insurance companies not issuing affordable homeowners insurance policies, ridiculous property taxes, condos hoa reserves not funded properly from years of little maintenance. Investors are running from Florida if they can find a fool to buy their nightmare.
Same with every Condo or Co-op older folks can't keep uo.
Im for schools going private Everyone can pay for their own kids schooling And property taxes could go down sixty percent( prob wouldnt go down) lol
Michael, another great video. I am presently renting, having sold my home in N.J. 7 months ago. I am looking to buy a home in the Boca Raton, Delray area. In going to look at some of these homes, I find myself more and more in disbelief. I'm embarrassed for the amount of money people are asking in this area. In Delray a 2 bedroom 1 bath, on a 1/8 of an acre in a rough neighborhood, they are asking $799,000!!! It's sad really, because it only shows me that some people are desperate and and are the 3rd or 4th party that has flipped the property. It's bad!
Retired after 45yrs of working,moved to Florida 2018,everything eas good,intill i bought a bigger condo ,moved from palms springs to lake worth,had my first condo paid off,made mistakes of getting a mortgage, now i need insurance, HOA ,has gone crazy,assessments never stop,now its back to work,crazy
The state needs to step in and provide decent home owner insurance rates through a state insurance CoOp, so that people can afford to insure their property. This CoOp will pay out according to funds available , not full coverage. Example, the CoOp Fund contains 100 dollars, two state residents and are covered, both lose their 75 dollar homes, the fund pay each 50 dollars and the fund starts over. It's not perfect, but it's cheap and better than nothing.
Very interresting to look over your shoulder and see the number of high value cars in the driveways. That tells alot about who the homeowners are. Many off these owners are now wanting to come to the area where I live and they have driven prices to the point that working families can't buy a home where they want to work.
In my neighborhood (Texas), I'm one of the few who parks both cars in the garage. Never understood why people use the garage as a storage space.
@@DIVISIONINCISION no basements
The biggest richest generation ever doubled daily the retiree count from 5k per day to 12k per day since 909 and are living longer than ever. They have paid off homes to sell and their kids are not moving back to their towns unlike prior generations.
The wave into florida just getting started.
High value cars doesn't mean jack if they aren't paid for. Both my cars are 15 years old. And I could buy a new whatever. Plenty of 7 figure people drive Toyotas.
Michael, Over her in Charlotte And Southern Sarasota County there is an unbelievable amount of home construction going on. Dump trucks everywhere on the roads with sand to build up the lots which means even 9 months down the road they will likely still be building homes.
That’s because the permits to build were pulled a year ago and the banks okayed the loans so they build. Or else they just walk away. But what they probably will do is build it with cheaper products.
I’m very familiar with Charlotte county. After the bubble burst in 08 much of that new construction was abandoned. I think the same thing will happen if we have another crash.
@Plutogalaxy I believe he stated previously that he is no longer using his realtor's license to represent people selling or buying houses. CZcams is his main job that pays his bills now, and probably pays quite well or he would still be in the realtor rat race.
Who they building these homes for, robots don't need a house!
I agree dsj. Am in Sarasota county. I was down Tamiami towards Venice other day. (Been awhile since I went that route.). My eyeballs buldged! Around me in NP, building is still going on. Have seen some sitting too. And today I noticed, from just last week. More homes up for sale. I bought down here at end of last crash, and got a great deal. I’m not going no where. Would cost me more to down size. Am hoping when Easter rolls around half the traffic goes with it!! As Northerners are generally gone by then. It’s like a light switch!
Great insights are always Michael … I truly appreciate your work coming from a Business Broker …
I hate living in Florida. But I’m stuck for a few reasons.
No such thing as "stuck". Save enough money to leave and leave, Chuck.
Families keeps folks stuck but people need to leave
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