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@joelballard4955
5 ай бұрын
No. Biggest problem facing housing costs are inflation, interest rates, excessive realtor commissions, a ponzi scheme buying process, excessive fees in the banking industry to process loans, but mainly inflation. Inflation is the absolute worst. It’s a tax that destroys wealth and opportunity.
@tyerrascott6596
5 ай бұрын
My husband and I are starting the home owning process and I'm pretty much discouraged. Inflation and interest rates are insane. The cost to get a basic house in Houston or Austin TX is absolutely ridiculous and rent is worse. Just feel very stuck.
@TheEducatedHomebuyer
5 ай бұрын
Sorry to hear that Tyerra....we have to believe that inflation and rates will improve at some point in the (hopefully near) future. Affordability is definitely an issue for everyone looking at buying. Thanks for watching, we appreciate it.
@mushroompeople1
5 ай бұрын
Please google Allstates December 2023 quarterly profit margins and tell me what that figure says. I’ll wait.
@TheEducatedHomebuyer
5 ай бұрын
They reported their first quarterly net profit in 2 years.....AFTER increasing premiums as discussed in the video. Yes, shocking, a publicly held, for profit company cannot continue losing money indefinitely and raised prices to make a "profit." For the first time in 2 years.
@peterbedford2610
5 ай бұрын
Yup. People are easily gifted by getting a small part of the whole picture.
@mushroompeople1
5 ай бұрын
@@TheEducatedHomebuyerright, just like companies like Apple don’t report any profits so they pay nothing in taxes. Apple “sorry, we didn’t actually make any money this year, so I guess we don’t have to pay any taxes”. Right…keep believing that. These insurance companies never even came close to making less profit than they did in 2019 and 2020.
@KAZHE63
5 ай бұрын
I live in Oklahoma for work, and our insurance rates are the highest in the country. Absolutely ridiculous! $500 a month on a new $450K house.
@TheEducatedHomebuyer
5 ай бұрын
That's wild. Is that wind risk from tornadoes?
@shawnphillips1530
5 ай бұрын
Our home insurance doubled when they found out our home was paid off.
@TheEducatedHomebuyer
5 ай бұрын
Great profile pic of your dog Shawn! And congrats on paying off your home. The rate spike may have just been a coincidence. We can't think of a reason why the premiums would increase if there was no loan on the property.
@jayoside13
5 ай бұрын
Great information definitely interested in more information like this. Thanks guys.
@TheEducatedHomebuyer
5 ай бұрын
Glad you enjoyed it!
@alyross2850
5 ай бұрын
I don’t mind paying according to my risk. I don’t want to pay for people who choose to live on the coast, in particular. They are typically expensive homes. Let them pay.
@TheEducatedHomebuyer
5 ай бұрын
Depends on the Coast....West Coast doesn't present too much of a risk except for a few homes on hillsides....East and Gulf Coasts definitely have hurricane issues to deal with. Thanks for watching.
@Glamorllc
5 ай бұрын
Thanks
@TheEducatedHomebuyer
5 ай бұрын
No problem
@lisasaunders4835
5 ай бұрын
So, what you are saying is that Florida Homeowners are selling because they are now underwater due to high property taxes and insurance. So they in turn, are going to sell the house that they now cannot afford for 4X as much as they paid for it, so that they can put a new homeowner under water 4x more than what they were! Housing taxes and insurances are based on purchase price. You pay 4X more for a house, then your taxes and insurances are even more than the sellers were when they lived in the house! And instead of realtors explaining to sellers that because of that, sellers need to lower their prices, they are just passing on the expense 4X over to the new sucker, I mean homeowner. But that is okay, because the realtor will get a huge commission in the end. And all these new homeowners will be filing for foreclosure in the next year or two. Just as soon as their tax bills and insurances are adjusted accordingly. What a world we live in! No morality! No ethics! No decency!
@TheEducatedHomebuyer
5 ай бұрын
Yes, that must be an awful world to live in. FWIW, homeowner's insurance is not based on the price of the property, it's based off the replacement cost. Basically labor and materials, which have increased due to inflation of all goods and services post pandemic.
@jamesosteen09
5 ай бұрын
A problem yes, but far from the BIGGEST.
@TheEducatedHomebuyer
5 ай бұрын
Depends on location....it's pretty big in certain parts of the country right now. Thanks for watching.
@jamesosteen09
5 ай бұрын
@@TheEducatedHomebuyeryeah I can see that. Region definitely has a role in rates. Housing just has so many issues right now. We need a break!
@NeoSoulCrew
5 ай бұрын
It's definitely a big problem. My premium jumped up 500 dollars from 2023 to 2024 for no reason due to rate increases. There seems to be no solution in sight that will satisfy both insurance companies and homeowners.
@TheEducatedHomebuyer
5 ай бұрын
Agreed. It would be very nice to get some certainty moving forward. At least in CA and FL, it doesn't sound like that certainty is coming any time soon.
@peterbedford2610
5 ай бұрын
Insurance only works if a very small number of clients file claims. Guess what??
@TheEducatedHomebuyer
5 ай бұрын
Increased claims frequency X increased claim severity = higher premiums... Did we do the math right? 😉
@peterbedford2610
5 ай бұрын
CA Fair Plan is underwritten by insures paying into fund.
@TheEducatedHomebuyer
5 ай бұрын
That's going to be an interesting system when the last insurer leaves the state...
@lloyddardenjr3151
5 ай бұрын
Which insurance company is sponsoring this video?
@TheEducatedHomebuyer
5 ай бұрын
unfortunately, none of them. If any of them are watching, we'd love the opportunity.
@dixielandproductionco.6989
5 ай бұрын
Good job guys means good stuff just saying
@TheEducatedHomebuyer
5 ай бұрын
We appreciate it! 👍
@TheEblenRealestateTeam
5 ай бұрын
I have client selling do to this issue? It more than you think they are moving to a smaller home
@TheEducatedHomebuyer
5 ай бұрын
How are they planning on avoiding it? If they rent, the landlord will likely pass on the cost of the rising insurance to them as tenants.
@agentcrypto7741
5 ай бұрын
Hi Josh. Why was the homeowner in Riverside refinancing? I’m assuming he’s giving up a lower rate. Thanks
@TheEducatedHomebuyer
5 ай бұрын
The existing loan is small with a high rate and they were looking for cash out. Actually killed 2 birds with one stone, lower rate and cash out.
@mushroompeople1
5 ай бұрын
I understand you’re trying to protect your friends in the insurance industry, but Allstate posted a year over year 594.58% percent year over year profit according to their last quarterly financial disclosure. Like I said to anyone who has Google, just Google your insurance company’s profit margins and post in the comment section. Your video runs directly contrary to these insurance company financial disclosures. Please, tell me what Allstate’s net income percentage was for December of 2023. You won’t, so I will. An increase of 637.55% in December of 2023. Anyways, you come off as having either friends or some vested interest in spreading insurance company propaganda. I had my insurance go from 2600 to 4040 on just a single property within a single year. That, my friends, is what corporate greed looks like.
@TheEducatedHomebuyer
5 ай бұрын
Good news....the corporations are leaving California because the "profits" are so great as you astutely pointed out with exactly one QoQ profit metric... while ignoring 2 years of consecutive losses. Enjoy the competitive rates from the state insurer....better yet, enjoy the deductible and claims process should you ever need to make a claim. We don't work in insurance. We don't have insurance company sponsors. We don't own any insurance stocks. Not only are we also paying higher premiums, our jobs make us deal with this every day. Strangely, we didn't conclude the "evil corporations" that made money 1 of the last 8 quarters are the problem. Thanks for your help today! We do appreciate it.
@mushroompeople1
5 ай бұрын
I also just looked up my personal insurance company’s year on year profit margins. Not as impressive as Allstate’s 600%, but 33% net income for the financial quarter of December 2023. 80% up on their revenue. 62% net profit margin. Like I said…this video comes off as you guys being willfully disingenuous. Incredibly suspect. Do you guys have any business dealings with insurance companies? Just curious.
@mushroompeople1
5 ай бұрын
So how much did the insurance companies pay you to propagandize for them?
@NeoSoulCrew
5 ай бұрын
I found the guy who thinks health insurance should be free (aka someone else pays for it) and that all corporations are overcharging on everything.
@mushroompeople1
5 ай бұрын
@@NeoSoulCrewsorry, but no. First of all, I own multiple rental properties and I’m a hardcore capitalist. Google Allstate’s net profit margins, revenue, and net income. They’re up over 600% on some of these metrics. Their earnings are breaking year on year records. The idea that they’re somehow taking major hits to their profit margins because of increased cost and inflation is heroine for the financially illiterate. Insurance companies right now are making an absolute killing, and homeowners such as myself are making them rich.
@TheEducatedHomebuyer
5 ай бұрын
Yes....they are making such a killing that they are cancelling THOUSANDS of profitable policies and leaving the state. And no other insurance companies are rushing in to fill this profitable void in the market. Makes perfect sense!
@mushroompeople1
5 ай бұрын
@@TheEducatedHomebuyerI can link to their earning metrics, for all of your viewers to see. Would you like that?
@TheEducatedHomebuyer
5 ай бұрын
In case no one else has Google? Your poster child was Allstate, who just turned their first quarterly profit in 2 years....after the premium increases discussed in the video. Enjoy your California Fair Plan. It's going to be the only option in the very near future since these greedy capitalists insist on turning a profit. Or maybe they're making so much money, that the profits in California are totally unnecessary, leading every insurer to leave the state. That MUST be it.
@thethinkingmansgame5050
5 ай бұрын
Does no on talk about illegal immigration as a cost problem to housing?.. 2 to 3 million come in a year.. they have to stay somewhere.... we arent building 2 million houses a year..
@TheEducatedHomebuyer
5 ай бұрын
Well, we know they aren't buying homes so as far as reducing for sale inventory there's likely little to no impact. Not saying it's not a problem in general, just not a significant cause of low for sale supply....thanks for watching and commenting!
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