Everything is BROKEN Right Now (Economy, Real Estate, Business) kzitem.info/news/bejne/pmiE2KmmkmJ9dII
@gordonkistler916
Жыл бұрын
who are you but some third or second generation spic from Cuba?
@imaginarydreamz7794
Жыл бұрын
Don't you think that we are just now in 2005. I keep seeing prices go up. I say a crash will occur everywhere we just haven't seen it yet. I say give it 7 yrs to the bottom.
@wanderingdoc5075
Жыл бұрын
Michael I am flying to Miami today for 4 days. Are you available to talk real estate over coffee or a meal? We own in Miami and I am an active and passive real estate investor.
@Team.America
Жыл бұрын
@@imaginarydreamz7794 Things happen much much faster these days, due to the fast speed information travels today through social media, etc. However, I get your point it won’t happen overnight!
@graywilliams_77.
Жыл бұрын
I realized that the secret to making a million is making better investment. I always tell myself you don't need that new car or that vacation just yet and that mindset helps me make more money investing.
@graywilliams_77.
Жыл бұрын
What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit
@graywilliams_77.
Жыл бұрын
*ROCH DUNGCA-SCHREIBER,* That's whom i work with
@graywilliams_77.
Жыл бұрын
No she's not!... KZitem is a public place; i can't drop her information here but You can just put her name on google and you will be directed to her website and drop her your message.
@tommorningstar6373
Жыл бұрын
I watch a bunch of real estate reality channels. Michael Bordenaro makes the most sense, wastes the least time, doesn't try to sell anything, and never comes off as repetitive, self-congratulatory or mired in statistical gobbledygoop (yawn). The walk and talk format is awesome too. Miami rocks. Bordenaro rocks. BTW my sister is a top ten realtor out here selling ranches to retire airline pilots. She took one listen and approved immediately.
@carefulconsumer8682
Жыл бұрын
I agree. He is no fluff and only speaks facts and his opinions which are very practical opinions. The scenery is beautiful so it's fun watching even for that alone!
@alfonsosalinas3026
Жыл бұрын
Michael Bordenaro is like a gym membership, he can't be cancelled.
@MichaelBordenaro
Жыл бұрын
😄
@shawnbruce6934
Жыл бұрын
LOL.
@jkgaming2659
Жыл бұрын
doesn't sound like a compliment... more like a charity that majority do to the gyms... :D
@tracy3066
Жыл бұрын
FACT! He’s now my top KZitemr! I watch everyone of his videos! He’s always on top of his game letting us know what’s going on out there! No BS!
@dewholdingsllc1050
Жыл бұрын
I’m in Austin City Limits and depending upon the zip code prices are down over 20% from last spring 2022. I live in a historically desirable neighborhood with little inventory and my neighbors across the street can’t sell their house. Nobody is buying. Last spring it would have sold above listing price. New home inventory is going up every day in the outlying areas, not really a lot of new construction is inside Austin City Limits. Just sayin what it is like here.
@EvilMonkey7818
Жыл бұрын
Austin is just ahead of the curve, which is wild as the fastest growing metro in the country. There's still a long way down to go everywhere.
@craftsmanctfl3493
Жыл бұрын
@@EvilMonkey7818 Its fast growth is likely part of the problem. People currently don’t want to go to fast-growing cities, especially because of the traffic, other congestion and housing affordability issues. Many are looking at smaller, more rural.
@edgarperez6175
Жыл бұрын
Have been waiting over half a year now to pull the trigger but Austin is just way too high still
@dewholdingsllc1050
Жыл бұрын
@@edgarperez6175 yes, inflated values above what the market should be. I would be contacting listing agents that have vacant homes that have been on MLS for a long time and explore purchasing subject to the existing mortgage if it is lower than current rates are or sellers carrying the note or other creative financing strategy. In the alternative if you look outside Austin City Limits you may find a great deal on a new construction home that has been sitting unsold. Builders are making concessions and buying down interest rates. Prices are falling quicker on new homes. Make sure you get detailed inspection of any homes resale or brand new. Production builders were cutting corners in the race to get inventory up before the market changed.
@kevinaudette9550
Жыл бұрын
Austin is one of the cities that will be hit very hard this time. Their price decline is just beginning. Phoenix, Boise, Tampa, Austin, Denver…lookout below. There is a real estate analyst who explains why them but they’ll have more company.
@roxann.
Жыл бұрын
Its rough waiting and paying rent but I feel much better that I’m not stuck in a home that would have already lost value. One in my Fl area was just purchased last year at $1.25m for some reason they had to sell. Listed at 1.3, decreased all the way down to $1.2m finally contingent. So between closing costs and realtor fees they easily lost over 100k.
@MichaelBordenaro
Жыл бұрын
That's right you don't wanna be that person!
@Jeff__M
Жыл бұрын
Yep. Love seeing it! Lol 😆
@roxann.
Жыл бұрын
@@Jeff__M hi friend!
@Jeff__M
Жыл бұрын
@@roxann. hey! Keep the faith! 🤝
@roxann.
Жыл бұрын
@@Jeff__M it’s hard. Hope you are hanging in there I know it’s rough.
@phyllisa1720
Жыл бұрын
I really enjoy the extra time you take to show us the surrounding beauty. Your videos are appreciated. You are informing people, helping people, that's wonderful. I recommend your channel to others all the time.
@emzywillrich7243
Жыл бұрын
Michael, you made a good point in a previous video that getting the house is one thing and maintaining it is another. I have seen beautiful homes go down the drain in less than a year. As I told a good friend who purchased a new home with his bride, that having a home is not for a lazy person. He told me that I had told him the truth because there is always something to be done around the house. The house won't look so pretty after a while of not maintaining it. Then, you'll have a big mortgage payment and live in a dump!
@muskyful
Жыл бұрын
I sold a home in SWFL last June before the dip started..... and now the values are already down 15-20%. Sales are down all over. Builders are not buying lots like they were and big developers are not buying land for projects right now....a key indicator of a long term down market for real estate. Michael, you are correct about future interest rates....5.5% will be looked at as a favorable rate in the road ahead and home prices will bottom out to where a 5.5-7% rate becomes affordable again for most buyers !
@EvilMonkey7818
Жыл бұрын
Millions will have negative equity in 2024.
@colleenleahy649
Жыл бұрын
Damn, I live in SWFL too and I’ve been waiting for a while now to buy a house. If you sold in June of 2022, you timed the market just right. It felt like prices would never go down back then. Congrats
@shojus
Жыл бұрын
That's the same thing I am thinking. I don't ever think rates where be at 2.75% when I bought in late 2020! Maybe I'm wrong, but how is that sustainable? I think it was a reason why the housing market is where it's at...
@drscopeify
Жыл бұрын
@@shojus Only very perfect buyers and locations get the lowest rate your state and so on impacts the rate. I refinanced at 3.6% when the rate was like 3.2% and I have no other loans and clean credit and the loan is pretty small but it is what it is....
@shojus
Жыл бұрын
@@drscopeify Surprisingly my FICO8 scores was only 670 when I got that rate and I also had (1) $4500 charge-off on my reports. It's a VA loan so not sure that makes much of a difference, but I'm thankful to have gotten that when it was usually only for people in the high 700's that qualified for that rate, and I didn't have to pay for any points. Maybe I just got lucky...
@fornos123
Жыл бұрын
Wow man, I used to follow Minor and other KZitemrs but man Michael is by far the best. Love the scenery, love the information & the all the feed back between Michael and all the followers.
@In_con_ceivable
Жыл бұрын
Here’s the thing about affordability. Do you want to pay $2500/monthly for rent or $3000/month mortgage…that’s where we’re at with some areas.
@hvaball150
Жыл бұрын
so. at those prices, let's assume the difference is greater than 1000 per month to live in each. all in. I'd rather rent and put 1000 per month into an index fund. I'm not doing that myself. but that is my answer. if I could rent.
@jillraper7428
Жыл бұрын
Appreciate your videos! I’m a realtor in Indiana, our market is flat with low inventory currently. After being a long time resident of Austin during the last crash I must admit to be relieved to be in the Midwest where the swings are not as large. Keep up the good work there’s so much noise out there it’s nice to hear someone being reasonable that has experience.
@tracy3066
Жыл бұрын
Yeah I’m in the Midwest too. Sellers are still asking for crazy prices here and their getting them because of the low inventory in my area. It’s crazy to see all the houses selling left and right. I’m shocked so many people can keep buying at these prices. I’m in good financial shape and I’m not even buying right now.
@samanthaporter6662
Жыл бұрын
People are in such denial about what's going on but I have to give the sheep some grace as they feed on fake news....
@tj2791
Жыл бұрын
You're the adult in the room, right?🤣🤣🤣
@DRNT940
Жыл бұрын
The sheep aren't in denial. Everything is looking good.
@kevinaudette9550
Жыл бұрын
Correct.
@gregh7457
Жыл бұрын
very good advice and i might add that if you are looking to buy and your credit score is keeping you from getting the best rates, try building up that credit score while you wait. I salute all you young people waiting this out. This too shall pass. Patience will be rewarded
@darinthesecularspiritualist
Жыл бұрын
i am an above avg financial investor since 90's. i find it appaling how the financial news misleads the public. it is criminal and mass dystopia. people have negative financial sense....
@RedRobbinable
Жыл бұрын
Thank you for reassuring people on what is the smart move to make right now. I learned from 2020-21 stock market bull run and i know what overpriced assets look like and what holding the bag feels like once your investment turns negative because you bought at the peak. Never trust news source. If they wanted what's bet for you we would all be rich.
@mikem4432
Жыл бұрын
all I know is things are so bad now.. it costs 5x more for a dozen eggs than just a few weeks ago.. WTF is GOING ON???
@LilyWillow22
Жыл бұрын
@@dougmartin7129 ALLEGED dead birds…
@tj2791
Жыл бұрын
@@LilyWillow22 🤣🤣🤣
@nitemoves3157
Жыл бұрын
I thought it was the cage free laws that went into place on January one.
@Brooklyn-rj3np
Жыл бұрын
Virus killed them
@Anon_nymous
Жыл бұрын
@@dougmartin7129 Biden voter
@AlexOnBass
Жыл бұрын
I’m in Atlanta, our market is pretty strong. I bought my 1st home in 2018 for $150k and sold it In April for a $105k profit. Paid off all our debts , bout a better family vehicle and had about $30k left. We’re in the market again to buy a home. We’ve settled on a new construction. With builder incentives and our better score and down payment it’s a win for us. Also interest rates are falling. We still have a few months before we lock in a rate but I’m pretty confident they’ll be at least around where they’re are now. I bought my last house with a 4.2 rate, 5.5 is what we’re looking at now.
@shojus
Жыл бұрын
I'm in Grand Rapids MI and while homes have definitely dropped in price, they are still selling too. We were on the top 7 list of markets that are stable or something to that nature. I think you actually did a video on this. I still think the market is gonna keep falling here, just not sure of how much. I've seen my home fall about 1% per month for the last several months. So, we shall see... I definitely paid more than I would have liked in late 2020, but my payment is $894/month and it was definitely cheaper than rent! Locked in at 2.75% and I don't ever think we will see that rate again?
@alvaromorais_
Жыл бұрын
You're right. You're one of the last few who got a rate under 3%.
@WeAllWeGot333
Жыл бұрын
I’m in Grand Rapids looking to purchase a home what made you buy in 2020?
@shojus
Жыл бұрын
@@WeAllWeGot333 I was renting a very small home for about $850/month (which was a deal) and he was putting it up for sale, so I had to go. The rates were great and I had VA benefits that enabled me to get a zero down loan and not have to pay property taxes, and it just seemed like it was time for me at the ripe age of 44 to finally get a home. I wouldn't say I regret my decision, cause I have a modest home that I can afford and I plan on staying put for at least 7-8 years. I definitely could have done better, but DEFINITELY could have done worse!
@WeAllWeGot333
Жыл бұрын
@@shojus I’m trying to use my VA loan as well got a good lender interest rate is 5.8 best I think I can get I’m looking to only spend 250k max it’s been rough looking hopefully I can become a home owner my rent right now is 1200$ so a mortgage a few hundred more wouldn’t really bother me I’m only 26
@shojus
Жыл бұрын
@@WeAllWeGot333 Right, and as long as you have time to wait it out, you will eventually find the right deal! Just don't feel like you HAVE to jump on any specific deal like I did when homes had like 20 bidders! Homes are typically on the market for around 7-10 days from what I have seen lately, versus the average 1-2 days when I was buying. I paid $195k for my home, but it's an older home on the NE side of GR and in a decent neighborhood that I myself grew up in. It's only 1200 SQ FT, but it's just me and my daughter so we don't need much space. Good luck to you and thanks for your service!
@bananadude9642
Жыл бұрын
30% drop in the Bay Area already.
@Megans358
Жыл бұрын
It’s how it starts. Slowly watching it spread around the country in the most inflated markets.
@Ryan-re3jf
Жыл бұрын
It only takes about a 28% decrease to offset a 40% increase....
@jeffl.dillard8681
Жыл бұрын
Michael is absolutely correct on every single point he’s making!!! If you’re thinking about buying a house, you better listen to everything he says!!!
@ld4122
Жыл бұрын
We also haven’t seen prices double and triple in 2 years either. I think prices need to go down to 2019 before buying again.
@Anson7777
Жыл бұрын
HAVE NOT fallen in Michigan...suburbs of Detroit..... prices just keep going UP and people STILL buying!!
@ottogracht6369
Жыл бұрын
Over here in Belgium, if you sell your sell within 5 years, you have to pay a fine. Also, we have a new law : you have to renovate within 5 years to fit a certain energy label of your house. I don't see houseprices falling yet... :(
@hs41069
Жыл бұрын
Or just throw offers 25% under asking. See what sticks. I would feel good there.
@Shuguiis
Жыл бұрын
Sold last march at almost the top been renting sense and I’m sick of it just got my offer accepted home was 700 k got it down to 569 k paying all cash .it’s a new build 3813 sf tons of upgrades my wife is happy thanks Michael I owe it to you and your fellow KZitemrs I’m in Dallas area
@yahoooooooo123455432
Жыл бұрын
I’m in New Jersey and prices are insanely high. If I’m one the states that where prices don’t really drop. How the hell is my generation goin to buy houses no one can afford it (26 years old)
@elenakelley9147
Жыл бұрын
You are supposed to own nothing and be happy, havent heard that yet?
@halledwardb
Жыл бұрын
My wife's co-workers just bought a 600k house in brimingham. They both lost their job but one of them got a job back. The whole family is broke and want us to feel sorry for them that they can afford meat to cook in their huge outdoor kitchen. Yeah, I feel your pain.. more like pain in the ass.
@jdev232
Жыл бұрын
Even a 25% drop, will bring home prices back to "normal" before the inflated numbers and over asking price. People don't understand builders cost plus 10-15 % profit. These new homes profit is way above 10% and they said, let fast food workers make 15/hr, what could go wrong??
@robtheaveragewhiteamerican4403
Жыл бұрын
I remember buying a house in 1992. We got 8.25% on the mortgage. I couldn’t believe we got such a great rate.
@thatoneguy94512
Жыл бұрын
Average house cost in 1992 was 121k.. today it's 425k.. ill take 121k at 8% allllll day long over 425k at 6%. You can always refinance to a lower rate later, you can't change the high prices of today. You had it easy
@robtheaveragewhiteamerican4403
Жыл бұрын
@@thatoneguy94512 To buy that house I had to show up at closing of the sale of the previous home with a check of $7,000.00 to get rid of the place that had a 14% mortgage. Before you say stuff you should at least imagine what it might have been like to walk in someone else’s shoes. I graduated in 1974 from high school. Options were very limited. We all have to figure out the game OJT. I wasn’t easy.
@thatoneguy94512
Жыл бұрын
@Rob The Average White American if you put 0 down and left it 14% with 121k your monthly payment is 1579... 425k today at 6% nothing down is 2879. Still no comparison. Easier in 1992
@novadhd
Жыл бұрын
The economist for NAR is going to spin it positively since it is in his best interest. Even if it is BS. Good one today Mike!
@pdkrace
Жыл бұрын
Homes here North of Phoenix under $400,000.00 now. And that's with a pool .
@chrismarfia9917
Жыл бұрын
For every action there's an opposite but equal reaction. What's the reaction to house prices increasing 41% in a 2 year window? Now add inflation to the equation.
@stephtraveler7378
Жыл бұрын
Do you think national rent control policies will have a significant impact??? Anecdotal but when I was a young professional, the common advise/pressure was to stop wasting money on rent and buy a house.... Will that be true if rent pricing becomes a great deal versus paying premiums for home ownership?
@libertas556
Жыл бұрын
I like your channel and the format. The only thing that I wish you had more of was a more dedicated focus to South Florida specific situations and issues. The reason that I say this is because Florida is just different in so many ways. I believe that Florida will feel the recession, but not at the same time as the rest of the country. One particular issue that I believe will cause us to lag behind is that boomers are still buying houses. Especially boomers coming from the NE and are paying cash for homes. This seems to be causing the housing prices to stay high still. For example in Venice, FL 1800 -2000 sqft new homes are still going for 700k. I'm just saying that it seems that south Florida has a special niche that could afford to be dove deeper into. Just my 2 cents.
@MichaelBordenaro
Жыл бұрын
Thanks J, I used to do that a lot more in the early days of my channel, but it's not really good for growth of the channel, so I have to be more broad to talk to more people. And every once in a while, I'll make a florida on miami specific video just like I did a couple days ago
@rawgreentea
Жыл бұрын
@@MichaelBordenaro ....... Brutal Honesty!!! So Rare these days, Very Refreshing. Stay Awesome Mike
@geewizzzz11
Жыл бұрын
Well said!!!!!
@JeffreyWillis800
Жыл бұрын
I like this guy, he isn't trying to tell everyone the real estate market is golden and now is always a good time to buy, like most try to tell you.
@nmb5588
Жыл бұрын
The gas price game is a joke. Saw 4.19 regular and just blocks away most stations had 3.59. And the station advertising 4.19 charged 4.29 when paying with credit card. This was in Delray Beach FL.
@MichaelBordenaro
Жыл бұрын
Yep its going up again!
@craigmcpherson1455
Жыл бұрын
Remember that last months CPI report was lower because of oil and gas prices going down. If oil prices go up, the next report is not going to look rosey, and you know what that means for interest rates.
@n4870s
Жыл бұрын
Michael, can you comment on real estate mindset bonkers move to buy a house while capitalizing on crash videos?
@brentmcculley478
Жыл бұрын
Been waiting for over a year in Pompano. We want a very specific neighborhood (Cresthaven, non HOA) and there are only 11 houses available right now and they are alll trash and way overpriced still. Sigh.
@1000millionbillion
Жыл бұрын
One of your best broadcasts.
@Yette
Жыл бұрын
Great point - gotta question why mortgage rates dropped slightly over the past 6 weeks knowing The Fed was not done tightening. Almost like banks were trying to sucker buyers into mortgages (better than no applications)
@spalahang
Жыл бұрын
A 20% value drop is nothing compared to the 200% inflation that has caused this country to struggle. My home value has tripled since pre-pandenmic.
@lawyer1165
Жыл бұрын
One thing that annoys me about house-price predictions is that the soothsayer almost always is using the median price, which is affected by the mix of houses that sold in the past or will sell in the future. I’m not a statistician, but think that median price might not tell us as much as we think it does about how much the price of a specific house is increasing or decreasing.
@hvaball150
Жыл бұрын
the median household (should) afford the median house. they can't and won't. that saying always annoys me.
@kylebaker4412
Жыл бұрын
One day in this country we will realize that a place to live should be affordable. A house is a place you raise a family not an investment used to extort and manipulate others to make money
@jc4evur661
Жыл бұрын
San Diego is a nice city but has 2 big strikes against it... 1. It has a HUGE homeless problem 2. It lies about 20 minutes north of the most dangerous city in the world...Tijuana
@taraputnam8390
Жыл бұрын
There's the lack of supply variable though too
@FrancoM7747
Жыл бұрын
Which wasn't the case in 2008.
@backyards7513
Жыл бұрын
I am more interested in the volume/amount of closings versus "average sale price".
@FinancialFIRE-Fighter
Жыл бұрын
You make a lot of great points and all very valid. However one thing you have not addressed is where the supply will come from. I think that is the one data point that will keep prices from crashing in most markets.
@AngieRTaylor
Жыл бұрын
Michael - I received an email from the ‘to be built’ Montage (not sure if this is the same Montage company that’s in Orange County, CA) Hotel and Condos (not hotel condo concept) in Tampa. Yikes - $3m - $5m for various condos. HOA’s - $3500 PER MONTH…. You warned all of us right after our 2 big storms, that HOA’s in FL were going to soar…. I’d say $3500 per month is the definition of soaring! Thank you for all that you do, to keep us all informed and in the know!
@MichaelBordenaro
Жыл бұрын
That is definitely a surge! These increases are going to have far reaching effects on the market in the future
@trininy07
Жыл бұрын
Michael Bordenaro I appreciate all that you do to inform us. I am also a little conflicted with the temperature of this current market. There is a looming feeling, that myself and many others have, that "they" don't want "us" to own houses anymore. I kinda feel like if you don't try your best to own now, that "they" will never turn back on their agenda to control us with the agenda of "you will own nothing a be happy". I would rather buy in a state that is affordable and refinance the home later when interest rates drop (if they ever drop). If you are afraid to move to a state that gives you more bang for your buck.......than you are a victim to the ups and downs of this unsure and unstable market.
@MagicNomadic
Жыл бұрын
homes that were 25% overpriced to start with because of flippers and all that free money printing are the homes that are tanking, homes that are properly priced that will appraise are NOT dropping, in fact, in my area of Clearwater, Florida home prices are increasing 1% YOY and homes are selling in 90 days or less.
@jessiedoescars
Жыл бұрын
I have to ask, if large markets crash what happens to the smaller markets and rural areas? Some people believe they are insulated and it won't happen to their small towns. In my head the smaller areas would not be too far behind as they are supported by the larger hubs. If a hub goes the support for the spokes give way.
@hvaball150
Жыл бұрын
you don't have to ask. all the data from 2008 is available. no crash.
@Miranda3730
Жыл бұрын
@@hvaball150 You are wrong, during the 2008 crash all the small towns around the metro area I live fell harder. They are already losing value faster than the "hot" metro area.
@Miranda3730
Жыл бұрын
They fall too. Of course.
@hvaball150
Жыл бұрын
@@Miranda3730 for every large city, I'll bring up 2 smaller cities. go. the easiest way to settle this is case schiller vs mspus. drops during the crash. case (20 large cities) saw a 27% decline 2006-2011. 185 to 135 values. mspus (all cities) saw a 19% decline. 257 to 208. in order to bring averages of 27% large to 19% all, the smaller and rural areas would be closer to 10%. I'm also going to assume we don't mean small cities in the suburbs of a big city. if a big city is 50% off sales, people will abandon the surrounding areas. instead, I'm talking about Tulsa, Green Bay, Austin, Montgomery...etc.
@skgan7383
Жыл бұрын
Bankers tried to manipulate those data for some reasons, thanks for your advice.
@derekspringfield7921
Жыл бұрын
A Local Realtor sent out an email yesterday (Mesa, AZ ) telling how wrong Goldman was in their analysis, yet housing in East Mesa is still so over priced, but, tons of houses on the market here now. Not sure which way this Market will go in AZ
@kevinaudette9550
Жыл бұрын
My friend in Sebastian, FL owns a modest condo he uses in the winter months. He just got slammed with a $6,000 assessment for a new roof they were all forced to install if they want insurance for their development. Their existing roof was in good condition but was 18 years old. But wait. His insurance premium just jumped over $6,000/year. Not finished. His HOA fees just jumped from 350.00 to 650.00/month. Then his a/c unit crapped out…another $9,000 hit. Is Florida even affordable at these prices? BUYER BEWARE!
@jasoncrandall
Жыл бұрын
This is not 2008. “Affordability” is based on salaries. People buying homes now are not Americans.
@BoBoAnderson4052
Жыл бұрын
Not really a crash when those homes were overpriced to begin with Mike
@hanwin651
Жыл бұрын
Yes , overpriced ! Not a crash ! Crash means home price drops from its original price .
@MichaelBordenaro
Жыл бұрын
Call it what you will, prices coming down. Thats whats important
@BoBoAnderson4052
Жыл бұрын
@@MichaelBordenaro Facts… I’m not complaining
@shanerogers9386
Жыл бұрын
Will it crash 50 percent or correct 50 percent ?
@BoBoAnderson4052
Жыл бұрын
@@shanerogers9386 it needs 60 or better to be considered a crash I’m my opinion
@Jediah_Jakes
Жыл бұрын
The money I made from my home in 2021 is sitting and waiting for the market correction. I think I’m going to invest it in 12 mo CDs and wait the market out until this time in 2024, every rate hike buy another CD. Based on my experience in the last crash and per you and Nick, it takes a few years to see the bottom. By the spring of 24, my CDs mature and I can start shopping again. P.S. I see lots of empty commercial real estate around south Miami Dade county. That’s to me is a huge market indicator that the economy is slowing down .
@carzoidsantabarbara4935
Жыл бұрын
You are the best 22 minutes part of my day, Love you lots😀👌
@rickss69
Жыл бұрын
Palm tree about to fall over propped up with 2x4's and someone parks their car underneath it...
@emzywillrich7243
Жыл бұрын
With a large interest rate, they'll pay a lot more for the home in the long run, however, most will jump ship before any equity is built up in the home.
@leeana6784
Жыл бұрын
I am a millennial who is waiting and waiting as long as it takes to get to a place where we know we can afford it even if it takes years.
@victimoffame2389
Жыл бұрын
Same here, waiting patiently hearing all the lies told to us every day. Everyone is against us: Realtors, Builders, Politicians, Wall Street, Media and etc. But we should withstand all this.
@gordonmack7766
Жыл бұрын
Pricing is an extension of mortgage lending rates. Instead of looking at prices, shop for rate.. when the rates are low is the best time to buy. A $400k home at 7% has a higher monthly payment than a $600k house at 3%.
@lindsayann7756
Жыл бұрын
Same! I’m 100% debt free, my partner is almost debt free and we just keep saving money. Not buying until these boomers and investors come to terms with reality: MOST millennials and gen z cannot afford these homes. Some can, but aren’t buying. They need to sit until they HAVE to sell
@Bekssss
Жыл бұрын
70% homes owned by boomers and they retaining... Just wait 5 years , they have no choice but sell
@danielcatron1979
Жыл бұрын
@@lindsayann7756 problem is that people coming into the country with cash aren’t bothered by costs and will continue to drive prices up.
@noreenn6976
Жыл бұрын
Looks beautiful there today Michael!
@MichaelBordenaro
Жыл бұрын
It was a beautiful day!!
@milehigh3054
Жыл бұрын
I don't trust buying a home right now. Homes are 50% overpriced still in our area. We are going to pay the rest of our house off and wait for a crash. Save up $ and rent our first home out for 10 more year's.
@Caballerocons
Жыл бұрын
We lost our home back in the GFC and it sold in 2012 for 32% below what we paid for it.
@hvaball150
Жыл бұрын
the Fred mspus came out today. 1/26. it was prior reported 454k in q3, adjusted to 468k. the new q4 is 467,700. essentially no loss in housing prices across America. -$300. good day.
@rjv1415
Жыл бұрын
Prices in Volusia county need to come down at least 50%, Houses 2 years ago that were 60-80k are now 220k with the average wage 12-18 an hour. The math never lies lol
@BManStan1991
Жыл бұрын
Trend may likely be downward in 2023 across the US at large with some pockets of no growth and other pockets of extreme drops (San Francisco, for example).
@laykhom3212
Жыл бұрын
L.A Ca is starting to crash now
@khanfauji7
Жыл бұрын
My real estate agent hates me cause every offer I make is based on mid 2021 prices.
@brn2863
Жыл бұрын
Make him hate you more cause that's still too high 🙂
@Agent77X
Жыл бұрын
Million Dollar Listing - LA Bravo TV series will be very interesting!😂
@alexrod714
Жыл бұрын
My chickens are saving me a great deal of money with the cost of eggs being so darn high. Still waiting on the market to do its thing. Still saving and making sure my credit is exceptional. Those who wait are gonna come out very well in the end.
@hvaball150
Жыл бұрын
well, how many square feet of land do the chickens take up and what is the price per square foot of land? my payback isn't looking so great...
@tracy3066
Жыл бұрын
@@hvaball150 yeah and I heard the feed has sky rocketed. Not sure after all the higher cost if you come out much ahead.
@hvaball150
Жыл бұрын
@@tracy3066 unless you are a commercial grade setup with tax exemptions, you won't generally come out ahead on any DIY stuff unless your labor value is nilch and you ignore risk. economies of scale is the reason.
@tracy3066
Жыл бұрын
@@hvaball150 Thanks for the info! The only reason I thought about it is we ended up with a free chicken coop with the last property we bought. (The previous owners were moving out of state and they couldn't fit in the moving truck. I'll just stick to buying eggs from my realtors daughter.
@utistudent099
Жыл бұрын
I am in PHX and Goldman was right. It is getting ugly. What I find so interesting is all the nay sayers on Social Media calling them out as wrong and trying very hard to sugarcoat this mess. Nothing is selling in my area. I swear it is just like 2009 all over again. It will be a long way down.
@mauriz8120
Жыл бұрын
went to an open house in naples 10 miles away form the beach last sunday. multiple offers but it was unusually reasonably priced.
@markcowan3366
Жыл бұрын
I'm lucky to live in a builder grade home, me and the bank have owned it for 15 years. We're looking to upgrade but I'm waiting. I have all my ducks in a row, ready to strike when the iron is hot!
@Bertuzz84
Жыл бұрын
I do think that being priced out is a real concern for many people. Sure America is a young country with lots of cheap land. And the average house is still only 4.5 year salaries in America. But in many other countries, including certain places in the US. You can absolutely be priced out of the market. I'm not saying that this is the right time to buy. But being priced out absolutely is a real concern for people without access to a high paying job. Heck it can even happen to people with good jobs in some HCOL areas.
@MichaelBordenaro
Жыл бұрын
That must be the source of the FOMO
@craigmcpherson1455
Жыл бұрын
4.5 years sounds awfully low. It's more like 5-6 years. It used to be 3 years way back in the day. Also, the stat uses household income which much more commonly two people working than the one back then.
@Bertuzz84
Жыл бұрын
@@craigmcpherson1455 I was just going by the Numbeo stats that said 4.5 for the US, and 7.3 for the Netherlands. But if i do the math myself its more like 10 year salaries here in the Netherlands. So your 5-6 years seem quite realistic to me. Yes single income households were still pretty common in my parents boomer generation. With my millenial generation there were still loads of single earner households. But those households were also 1 person households, once your a couple and have kids you need two incomes. Its interesting how financial websites are still acting like your supposed to do 2.5 year salaries max. But that prices out the vast majority of the people.
@michaelanthony1797
Жыл бұрын
I am sitting tight in my shoebox apt. No FOMO here. I can wait another 9 - 12 months
@rphrules1
Жыл бұрын
This is a great video. Thanks for bringing logic to the situation. Something else people aren’t considering is taxes which are based on the purchase price and who would want to get stuck with a higher tax bill in addition to an upside down home.
@tracy3066
Жыл бұрын
Yeah I don’t think they think about that. I’m sure most of these buyers are putting the property taxes in with the mortgage for one large payment. Our city just went through a property assessment after not doing one for 12 years. The property tax bills went up sky high because of it. One lady said her bill went up $5,000 because she owns a rental a block away from the local football stadium. People on her block are tearing the outdated houses down as the owners die and building mega mansions. She’s getting screwed because of that. And everyone else that owner occupies the houses on that street. Luckily I sold my rental on that street 2 years ago and made out like a bandit. I wouldn’t want to pay those sky high new property taxes.
@andreaberryman5354
Жыл бұрын
Meh, property taxes are based on a drive by photo by an assessor, who does not factor in what you paid or what the market says. Tax value is WAY below sale value. My tax value (house and land) is $120,000. My home would cost $155,000 to rebuild-it's actual value. Smarty-pants Zillow says I could ask 190k. Taxes are based upon the size and need of the city and couny where it is located, not on market value or sale prices. Taxes go up the same for everyone in the area every year, regardless of the market. My taxes went from $936 to over $1,400 in just two years. Nobody near me sold a home, and I had owned mine for 2 years.
@rphrules1
Жыл бұрын
@@tracy3066 Exactly. People are so focused on the interest rates but not many considering total loan amount when purchasing and base taxes off the amount of previous owner. I was a loan officer years ago and that always blew my mind.
@tracy3066
Жыл бұрын
@@rphrules1 I don't think I could be a loan officer. I would probably be lecturing half the buyers on why they shouldn't buy. Then get fired for it. LOL
@auctionmusic
Жыл бұрын
dont worry, when prices get low enough people will stop buying
@hvaball150
Жыл бұрын
most definately. when houses get to $100, I'm definately not buying!!!
@atlas9172
Жыл бұрын
Areas that display cyclical real estate markets such as your targeted areas in Ca, Tx and Fl are not good examples of the market as a whole. Determine your market... cyclical, linear or hybrid and then consider your approach considering trends. To judge a whole based on such skewed examples will provide you biased deductions.
@GenXamerica
Жыл бұрын
Here’s a question. With all of the investors that have purchased rental homes since 2008, and especially in the last 5 years, how are inventories going to bounce back if they do not sell as owner occupant homes? Seems we have a factor there that is interfering with anything normal we have ever seen in the US as far as inventory availability. Can we see stats of corporate owned vs owner occupant single family homes?
@joshmuroe3603
Жыл бұрын
Hi Michael, thank you for your videos. I love them! How do I know if my local market is going to go down? I am in Nashville, TN.
@worndown8280
Жыл бұрын
I live in East Tennessee, for Tn its dependent on two things. First how much more people from the outside the state are going to keep coming here. That increases demand. That depends on how much they can sell their place for, generally, from where they are coming from. I think thats starting to ebb. The 2nd is the local economy. I am starting to see cracks but nothing super serious yet. But if the local economy goes here, prices will fall hard. Moreso rents and then land lords will be forced to sell rental homes increasing supply. Not a real answer but no one has a crystal ball. I seen some of those homes they are throwing together out there. Makes sure you get an inspection though. But until either one of those happens around Nashville I would expect a flat market. People just cant afford to buy if prices go hire.
@MichaelBordenaro
Жыл бұрын
Thanks Josh! Easiest way is to head over to redfin, punch in your city, and then over to the right click on market insights for the data.
@ld4122
Жыл бұрын
@@MichaelBordenaro Thanks Michael! Just tried out Redfin, followed your direction and received great info. I’d like to look at southwest Florida to buy sometime this year but I need some expertise in the area for my search. Looking for a safe community that is very walkable meaning walking distance to markets and shops that are accessible by sidewalks for someone who can’t drive. Do you have an area like that in your experience?
@KatesTake
Жыл бұрын
Very sound analysis, thank you.
@lisam2036
Жыл бұрын
"Peak to trough" is key... from Goldman Sachs report....translates to Phoenix dropping already by 15% (from peak) so we're due another 10% maybe? Not catastrophic if that happens.
@jshawsworld
Жыл бұрын
Thanks for the wise advice in the vid. What do you think about new build deals that you also had mentioned before? How long will they be around and how long will builders have to continue building?
@MichaelBordenaro
Жыл бұрын
Its hard to say how long the deals will last for, but more and more houses are still being built so I anticipate the deals will be around for the better part of this year for new construction.
@vinnywardawg5100
Жыл бұрын
Wow…cannot agree more…that advice killed be in 2008…I bought my dream house with little down and a signature…you can refi they said…well 1 year later my wife lost her job…got another and lost that too do to the economic downfall we didn’t see coming and ended up losing the house. Both of us had large incomes…and poof! Don’t fall for this crap…the guy who wrote the article is either a shill or wasn’t old enough to understand what his parents had to deal with! Only buy if the numbers work out and you can rent it out…if not save more. Please realize it takes years to recover from a disaster like this! Michael, thanks again for your excellent reporting and advice! 👍✌️🎯
@hvaball150
Жыл бұрын
years plural. like 2010...
@paulconner4614
Жыл бұрын
I am not a huge fan of the median home metric as the number doesn't really measure what people think it does. The measure can actually go up in a recession as the folks in the lower end of the market stop buying while the people in the upper range that are less impacted keep on buying. It also doesn't take into account similar houses (larger houses obviously drive it up). It is an interesting metric but it doesn't necessary tell you that home prices are falling. You have to look at similar home sales to actually tell.
@tradewisetv2801
Жыл бұрын
I could smell the seawater for a second there.
@BK-cl9ik
Жыл бұрын
There aren't much houses for sale in north east. whatever comes for sale, thery are still priced very high as if its still 2021. A longg way to go, if we can even get to normalcy.
@tlste2784
Жыл бұрын
I bought at 2.875 in Jan 2022...on 568000. 2356.59 is just the mortgage. If I want same payment. home has to be around 361.000. Basically 200,000 less. . Why would someone sell now unless prices drop. Home is 4/4 4800 square feet in NC on almost one acre. I have buyers remorse and want to move but I would be downgrading in home for same payment. Sellers are going to have to come to their senses. Unless prices go down, I am not moving.
@Jeannified
Жыл бұрын
Weathering the inflation storm! Tough to do, but necessary! My husband told me yesterday about a contractor friend of his who was two months behind on his mortgage, because his wife stopped working, due to horrible headaches. Fortunately, he just got a $45,000.00 check for a big job, so time to pay that back mortgage and other bills! Scary! I said to my husband, "You can't mess with your house!"
@mattanderson6672
Жыл бұрын
Thanks Mich
@oletreed4230
Жыл бұрын
None of this even matters. Just work hard and have a good attitude. Everything else will follow
@ecaterinabolocan5694
Жыл бұрын
I am tax preparer. In 2020 and 2021 the refunds were so high. This year IRS took so many credits away. They are giving less money for the dependants. So, my point is for 2 years people were having big refunds. The inflation went to the roof. Another 2 years it will take for the inflation to go down and for everything to go back to normal.
@jaybee1930
Жыл бұрын
Awesome advice thank you very well-thought-out common sense
@MichaelBordenaro
Жыл бұрын
Very welcome
@carnivalgods4573
Жыл бұрын
To be fair due to staff reductions via Zillow and Redfin the people in charge of data analytics went from data analytics department, to accounting, to sales, to contractor, to part time, to cleaning crew.
@jonathantaylor6926
Жыл бұрын
I'm in the DC suburbs and housing is still priced high and selling fast. A friends neighbor just sold- he paid 500ish probably about 6-7 years ago and just sold for 950K. house on my brothers street just listed for 1.7M and sold within a week.
@hvaball150
Жыл бұрын
the AVERAGE 10 year increase of houses in America since 1963 has been 1.7x. 3x would be really high. you might as well tell me the average family has 2.6 kids but your brother had 3. whoop tee dooo.
@dathan2024
Жыл бұрын
Good to hear someone speaking the truth in this upside down world. 👍🏻
@jayc4715
Жыл бұрын
I don't think there will be a crash in ANY city
@FLAC2023
Жыл бұрын
You must be young
@jayc4715
Жыл бұрын
@@FLAC2023 I'm 42
@hvaball150
Жыл бұрын
decent prediction.
@FLAC2023
Жыл бұрын
@@jayc4715 you never lived in a high interest rate decade in your entire adult life...i am 55...
@jayc4715
Жыл бұрын
@@FLAC2023 yea I'm earning higher interest..it's great.. how's that going to cause a crash this year? There's TONS of people waiting to buy
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