BUYERS REMORSE IS BACK! and it's Starting To Take it's Toll... kzitem.info/news/bejne/mK-w1nariJNpaZw
@John-dh1gh
10 ай бұрын
In Britain we have empty property tax, basically if a residential home is empty then council tax is doubled. In Florida if land tax was doubled for empty homes they wouldn't sit empty the same.
@mangodiet801
10 ай бұрын
As long as the U.S. government allows real estate investor tax write offs, homes will continue to sit empty, prices will remain high, not much selling, continued increase of homelessness, it doesn't matter what interest rates are if the house is unaffordable .. the system is set up for those few who have it, to keep it, and for the commoners brainwashed to think doing anything about it is impeding freedom
@beckycatanzaro5234
10 ай бұрын
Would you recommend buying a condo with a HOA or a condo without a HOA? I’m scared with these structural assessments.
@TimeToBeKind
10 ай бұрын
Maybe some guy will come up with a TAKE OVER MY MORTGAGE plan. Instead of foreclosures, lawyers can help people letting someone else take over the house and payments… EH?
@micheal_mills
7 ай бұрын
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
@Walter_hill_
7 ай бұрын
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
@donna_martins
7 ай бұрын
Soon, cheap homes won't be cheap anymore because prices today will look like dips tomorrow. I think inflation will cause panic until the Fed tightens its grip even more. You can't just pull the band-aid Off half way. Booms and busts are the ups and downs of the economy, and they will affect any investments. If you are at a crossroads or need honest advice on the best steps to take right now, it is best to get counsel from a financial expert.
@ilyaveysman.
7 ай бұрын
I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?
@donna_martins
7 ай бұрын
The decision on when to pick an advisor is a very personal one. I take guidance from ‘ Natalie Noel burns ‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
@ilyaveysman.
7 ай бұрын
Great share! inputted ladys full name on my browser, at once spotted her site top, she looks great at first glance. will wait to hear back from her or her team
@Riggsnic_co
9 ай бұрын
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.
@Mohaimam316
9 ай бұрын
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.
@maga_zineng7810
9 ай бұрын
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.
@usieey
9 ай бұрын
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
@maga_zineng7810
9 ай бұрын
Credits to 'Natalie Lynn Fisk' she has a web presence, so you can simply
@usieey
9 ай бұрын
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
@JBoy340a
10 ай бұрын
I hope people do not rush back into the market. Too many people decided they need to own homes when they did not understand the consequences.
@Jack-pd4ps
10 ай бұрын
What’s the consequences for someone who bought in 2019 vs waiting since 2019?
@scottrc5391
10 ай бұрын
@@Jack-pd4ps Congratulations. You got lucky and timed it well. What's your point?
@John-dh1gh
10 ай бұрын
@@scottrc5391The point is you pay your money and take your chances. If you wait for the ideal time then that would be in a recession... and unless you have a safe job then getting a mortgage would be difficult.
@JBoy340a
10 ай бұрын
@@Jack-pd4ps 2019 and earlier were good times to buy. Congrats. Today not so much unless you can hold onto the home for a while and refi as the rates drop.
@Jack-pd4ps
10 ай бұрын
@@John-dh1gh exactly
@PlasmaBurns
10 ай бұрын
Im seeing homes selling for 160k+ that need to be torn down, unlivable. Even the homes that need to be demolished are over priced.
@JBoy340a
10 ай бұрын
Land value?
@dmaric88
10 ай бұрын
Unlivable home in Daytona Beach condemned by city was trying too get 350K while home next door is 400K in good condition,they just tear home down, waiting to see how much for land Crazy
@joesmith3590
10 ай бұрын
You mean land has value? 😮😮😮😮😮
@PlasmaBurns
10 ай бұрын
@@joesmith3590 ya... you go ahead and pay 160k for .2 acres of land sandwiched between 2 homes. Spend another 50k demolishing and another 450k building..sounds like a plan!!
@joesmith3590
10 ай бұрын
@@PlasmaBurns it was 50k 20 years ago and 10k 40 years ago so yea it is a good plan. That is how investment decisions are made using facts not feelings.
@dbflexer7320
10 ай бұрын
Unreal to see simple homes at Celebrity Mansion prices. I feel bad for new home buyers, families that are expanding, you know, people that actually want to live in their home. It's grotesque what is going on. Shenanigans indeed. Great content. Thanks as always Michael.
@jellyroll5247
10 ай бұрын
I was thinking the same thing. Not a single home there is worth more than half of what these delusional sellers want and even that is too much. These homes are old and no matter what, you can't polish a turd. Cheaper to get a construction loan and build your own.
@efrainrosso9610
9 ай бұрын
The government is part of the greed. Property taxes go up because of the assessment of someone’s imagination sucking more money out of the squeezed taxpayers. Insurance is greedy, government is greedy, investors are greedy, realtors are greedy, roofers are greedy, lying lawyers are greedy and corrupt politicians are the examples they all follow.
@emilo81
10 ай бұрын
The market needs to cut the asking price by 50% or more to make it worth it.
@zorzobukumica628
10 ай бұрын
than food price should be cut 50% too
@wizzyno1566
10 ай бұрын
Dream on. Its not going to happen.
@WhyteHorse2023
10 ай бұрын
It's 40% when you factor in inflation.
@top1cat01
10 ай бұрын
@@wizzyno1566hmmm were you around in 2008 saying the same?
@emilo81
10 ай бұрын
see what happens with the next election.@@wizzyno1566
@MarcHasaraMarcHasara
10 ай бұрын
If the annual property tax bill on my property exceeds $6500 annually I sell and move. If the annual home insurance policy exceeds $1000 I sell that property. If my house payment would exceed $2500 all-in per month I don't move into that property. I never live so far above my means that I get caught up in the disaster that is Florida in real time right now.
@MichaelBordenaro
10 ай бұрын
It’s good to stick by those principles. Know what you can afford and don’t push it.
@charliesargent6225
10 ай бұрын
What properties are you selling that are only $1K a year home insurance?? In the hood?
@threeftr3349
10 ай бұрын
@@charliesargent6225 Mine is just a hair under 1K and I don't live in the hood. A 1K to 2k deducible can bring the price down quite a bit. Insurance is only used for catastrophic events.
@MarcHasaraMarcHasara
10 ай бұрын
I am a homeowner living in Sparks, Nevada. My home insurance here is $720 a year and my property taxes are approaching $4,000 a year. Californians are flooding here from the San Fran Bay area paying cash for 2 homes at a time with their fat California pension payouts. When I left Santa Clarita, California in 2013, I sold my home worth $420K and my property insurance was $600 a year with taxes approaching $5800 annually. I never saw any annual home insurance bills near these atrocious prices of $7,000 or more like Florida charges. My insurances are for full home replacement at market prices. My liability coverages are into the millions for most things that State Farm will cover. People living in Florida are throwing money into the Atlantic Ocean at the prices I see Michael quoting. I would simply not tolerate an insurance bill or tax bill getting as high as Floridians are experiencing. I think you need to work on your reading and comprehension skills there. I never stated that I am selling properties in the hood or anywhere else for that matter. My response to Michael, which he clearly understood, was as a single home owner and not someone who is selling real estate as that would be a pay cut for me.@@charliesargent6225
@dennisconrad6124
10 ай бұрын
I can remember when you couldn’t get a mortgage if the payment was going to be more than 25% of your income.
@lorischamay1634
10 ай бұрын
Correct. When I was first in the mortgage business in 1987, the standard ratios were 25/33. Full house payment (PITI & PMI, if applic.) had to be 25% or less of your gross monthly income and all debt couldn’t exceed 33%. Bob S.
@deann0385
10 ай бұрын
I get so happy when I see your subscriber numbers go up!! You deserve it. Thanks for all the great info🎉
@MichaelBordenaro
10 ай бұрын
Thank you that’s very nice of you!
@torsten6777
10 ай бұрын
Just don’t wait too long buying a house while the dollar loses value so fast and everything is getting more expensive.
@JBoy340a
10 ай бұрын
I think your comment about first time buyers and the pandemic are absolutely correct. I know a people that moved somewhere like Boise, bought a house, and now are underwater by quite a bit.
@MichaelBordenaro
10 ай бұрын
Yep it’s pretty sad so many people took the bait
@eriknorman7409
10 ай бұрын
My old neighbor did just that.... lmao 😅 no lie. Left Oregon for Boise Idaho.
@yankeedoodle6293
10 ай бұрын
Being under water on your house shouldn’t matter. If you can afford your payments, why does it matter what the market values your property at ?
@quincyjones5676
10 ай бұрын
Sad :(
@eriknorman7409
10 ай бұрын
@@yankeedoodle6293 Cause you pay more in property taxes....
@gundriver6439
10 ай бұрын
Refinancing in order to use equity as spending cash is illogical. What goes through people's minds?
@soniabayer578
10 ай бұрын
Craziness!!!
@MichaelBordenaro
10 ай бұрын
I don’t know. One last hurrah, I suppose.
@timferguson593
10 ай бұрын
Greed.
@markme4
10 ай бұрын
It's the American dream 🤦🏻♂️
@dbflexer7320
10 ай бұрын
More proof that elections have consequences. Dire consequences in fact. Would be wise to keep your current roof over your head and food on the dinner table. No unnecessary spending. Too risky for the moment.
@pinkrosessheila
10 ай бұрын
Many of those houses you passed sitting on the market have *converted garages*. You lose so much home value when there's not even a single car garage. Stupid move when people convert garages for more home square footage. Garage space is more valuable to most people who want their car to be safe. Duh. 🤦♀️🤦♀️🤦♀️
@jizzyjake6783
10 ай бұрын
Not to those who would like their car stolen
@gordonpotts753
10 ай бұрын
Over a million for a home with no garage. Crazy.
@mike9132
10 ай бұрын
Hard to strive for 25% when the govt takes 50% in taxes 😢
@timl2665
10 ай бұрын
I bought in 2019 and my mortgage covers just under 11% of my gross pay. That is how stupid things have gotten since just 2020.
@ralphholiman7401
10 ай бұрын
My last mortgage in 2005 was $2500 (taxes and all) when I was making $156,000 and I thought that was a lot.
@markmansel9899
10 ай бұрын
Great walk, you showed a few additional properties, my favorite part of the videos!
@davedefea5530
10 ай бұрын
Lot of great advice here. Really enjoy seeing the neighborhood and the property histories. And can't get over the high prop taxes.
@gregs8685
10 ай бұрын
Check out NY/NJ/CT property taxes. $17k property taxes are common in many areas, and there are no homestead exemptions. There is also state income tax in these states, at 7% + rate
@thelastboomer9088
10 ай бұрын
Bought my first home in 1987 at 23 years old. My annual salary was $16,464 and I paid $77,500 for the house with a 10.25% interest rate.
@SomeUserNameBlahBlah
10 ай бұрын
How long did you have a mortgage rate at 10.25%?
@quincyjones5676
10 ай бұрын
So what? You still had an income that allowed you to support yourself. That’s not the case anymore.
@Kevinw4040
10 ай бұрын
Bought my first home in 95’ for 70,000$ with 7% rate. Salary was around 22,000$. Man times have changed.
@littleredhen3354
10 ай бұрын
It's 2023 now
@speteydog2260
10 ай бұрын
@@Kevinw4040 me too in 1998 for 118,000. 7.75 percent interest rate. 20 year mortgage. I’m paid off. Thankfully. But wow this market is crazy
@CB-jz2dn
10 ай бұрын
I REALLY appreciate your insight. Thank you so much Michael.
@MichaelBordenaro
10 ай бұрын
I appreciate you watching!
@Monika-tv8np
10 ай бұрын
I have just signed a lease for a year hoping to save more for down payment. I may stay 2 years renting before I buy, I need either better home prices or lower mortgage rate. If these won’t happen I will consider moving back to Europe, for 2-5 years.
@zorzobukumica628
10 ай бұрын
i am afraid that you will move back to europe, not rates, not prices going down. this is reality.
@kathleenepugh9495
10 ай бұрын
Please don't forget taxes, HOA fees and homeowners insurance rates during the 2 years you are on pause.
@skepticalmechanic
10 ай бұрын
There ya go… move back home 👍🏻
@WelcomeIncorporated
10 ай бұрын
@@skepticalmechaniclol
@Ww8.3
10 ай бұрын
@@kathleenepugh9495renting is never a pause because you are paying those things for someone else
@GEN_X_
10 ай бұрын
I moved to Miami Beach in 2008 and lived like a King on $1,200 a month rent for a brand new condo right on South Beach, 15th St! I can tell you Florida is not the same vibe at all. It was way more local back then and very affordable. Bought my first home in North Palm Beach in 2011 for 205K and it's now worth $650K! Crazy! It will crash again for sure!
@Brandywine53
10 ай бұрын
The problem is the real estate agents and mortgage loan originators. They are lying to their customers.
@fareshajjar1208
10 ай бұрын
I love North Bay Village. My wife and I used to live there when we first got married. What a great life we had overlooking Biscayne Bay back in the 90's. Neil Rogers on WIOD. Fireworks over the bay. Dining on South Beach. People watching on Haulover. Avoiding little Haiti on 79th street. Miami Subs, The Crab House, Lums, and Wolfies... So many great memories.
@marknewton6984
7 ай бұрын
Nice!🤩
@WhoaBasil
10 ай бұрын
You are so level headed. Thanks for all the tips and insights.
@thomasreynolds1530
10 ай бұрын
consumers are indifferent to debt and banks are desperate for customers
@RearviewMirror-ij2pr
10 ай бұрын
Not much longer now.
@shanerogers9386
10 ай бұрын
@@geocam2amazing how you couldn’t sell those same homes at half the price to the same people just 2 years ago. Wait till the herd mentality flips. They will want a double or triple priced home like they want cancer.
@50whatnomadtravelnursemtb5
10 ай бұрын
You got to remember here, I have proof that houses will continually go up in value...had a house in 2008 was worth 144000 in Olympia WA....now at around 2010 or 2011 it was only worth like 89,000....now if you search same house it's worth around 289,000. If if inflated by 25% it's still went up in value even after that crash. This is no different now...yes prices are inflated but they will normalize and then go up! Over time, you buy a house and stay in it, it will go up.
@marknewton6984
7 ай бұрын
Yes. Mine did. And I have been through 3 recessions..
@casper8662
10 ай бұрын
Amazing these people are able to get these loans.
@Jmhfl7
10 ай бұрын
Another great video. Thanks Michael! ❤️
@BREEZYM6015
10 ай бұрын
25% of my monthly income is about $1,000. I live in Las Vegas. What can I rent for $1,000? Not much and certainly nothing in a neighborhood that's relatively safe. I'd rather pay $1,550 on a mortgage for a place to call home that's in a nicer part of town rarher than pay $1,000 in rent for a place that's in a sketchy part of town.
@internetpointsbank
10 ай бұрын
You would have to live with someone.
@F4URGranted
10 ай бұрын
Damn you just have the ability to pay $550 more every month? Must be a nice choice to make 😭
@marknewton6984
7 ай бұрын
Good point.
@michaelstone1122
10 ай бұрын
The epitome of greed, says it all.
@Jack-pd4ps
10 ай бұрын
It’s also greedy to wait 3+ years for a crash
@MichaelBordenaro
10 ай бұрын
For sure I just can’t believe it’s two years empty!!
@tommorningstar6373
10 ай бұрын
Back in 2004-2007 "ATM-ing the house" was the same pattern. HELOCs hung a lot of homeowners, refinancing to get cash abounded. I am well below my means at about 26% of my gross on rent, and that includes rent, underground parking, and all common area charges. I have no repair or maintenance costs, and Redside Management ROCKS. Was it you that explained how rich owners are using these empty rentals to secure some tax advantage via depreciation?
@JohnDoe-np3zk
10 ай бұрын
Depreciation not taken is implied and taxed as if taken. Depreciation taken is taxed as income when recapture at sale.
@MichaelBordenaro
10 ай бұрын
That’s really good to hear Tom! I have mentioned before about holding these empty houses as a tax shelter yes
@tommorningstar6373
10 ай бұрын
True that works with most capital assets. There are games to be played in real estate for individual taxpayers. The end run is deferral of realization/recognition methods until the kids get the death step up basis. When basis steps up to date of death value, recapture vanishes and 70% of heirs sell. The real game is deferral and inter generational wealth. The rich crafted the system to advantage themselves. @@JohnDoe-np3zk
@WelcomeIncorporated
10 ай бұрын
@tommorningstar6373 Yes depreciation evaporates upon death but capital gains can be avoided altogether on a 1031 exchange and the first up to 500k of profits is completely forgiven on sales of a primary residence. What other investment vehicle has this ? None.
@tommorningstar6373
10 ай бұрын
Just wanted to keep it to a conceptual level and avoid too much jargon or IRC citations. Net Basis simply moves to the newly acquired asset in a 1031 "like kind" exchange, The gain us still there but it is carried over and not realized or recognized until either a disposition of the new (or downstream) asset or until the investors death - whichever comes first - whereupon the gain is either taxed or basis stepped up, I believe the 500k exclusion only works for a primary residence, which is not a capital asset. @@WelcomeIncorporated
@SeanGunz
10 ай бұрын
Thankful I live in Michigan, brand new built house for 23% of income, very low taxes, like $300 a year. 6% interest rate
@pattybonsera
10 ай бұрын
Holy Spicoli... (LOL) 🤣 What's going on in these peoples' minds? They watched too much HGTV flipping shows and think they can do the same.
@ballaratevil6048
10 ай бұрын
Hi from Australia and housing prices still on the rise here but cutting immigration to give people here a chance to buy a house if they can anyway.
@marknewton6984
10 ай бұрын
Australia is OK but Florida is better!
@ballaratevil6048
10 ай бұрын
If I had the cash I would live there,nice cars and Harleys and highways.@@marknewton6984
@Rochelletrem
10 ай бұрын
I fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $500k, but I'm not sure on how to mitigate risk.
@berkrix4312
10 ай бұрын
Consider shifting your investments from real estate to equities. Severe recessions present market buyers with caution, since instability might produce short-term trading chances. Although this is not financial advise, it may be prudent to invest because cash is not optimal at this time.
@jeffery_Automotive
10 ай бұрын
Home prices, in my opinion, will need to decrease by at least 40% before the market can be considered normal. If you are unsure whether to buy a property or not, it is essential to get the advice of an experienced adviser for correct portfolio allocation. That's how I've managed to keep afloat for the past 5 years, earning approximately $1 million in return on investments.
@DavidRiggs-dc7jk
10 ай бұрын
I hope you don't mind if I ask you recommend this particular professional you use their service?
@jeffery_Automotive
10 ай бұрын
“Julie Anne Hoover" oversees my portfolio, simply do your due diligence. She's an extremely intelligent person, very thoughtful, cautious, and shows a great deal of expertise with over two decade of experience in her line of work.
@DavidRiggs-dc7jk
10 ай бұрын
Thank you for this tip , I must say, Julie appears to be quite knowledgeable. After coming across her web page, I went through her resume and I must say, it was quite impressive. I reached out and scheduled a call
@worldsheaviestjamband93
10 ай бұрын
All I needed to know about this market was to learn about a “flip flip”. Pretty incredible
@ralphholiman7401
10 ай бұрын
The flippers didn't learn their lesson in 2008/2009.
@jwal3717
10 ай бұрын
Michael - thank you for providing common sense explanations and encouraging sople to think!
@markfcoble
10 ай бұрын
Things don't cost more.....our money is worth less!
@MichaelBordenaro
10 ай бұрын
This is true!
@wizzyno1566
10 ай бұрын
That's the same thing, not a clever observation.
@internetpointsbank
10 ай бұрын
And yet most still don't understand
@nikitachirich7985
10 ай бұрын
Outrageous! Bought my first home in 1808 for $4 solid gold , 30 acres solid oak from an Augustine catalogue . I was earning 1oz of gold prospecting per month.
@internetpointsbank
10 ай бұрын
Property taxes?
@michaelbecker7093
10 ай бұрын
I'm packing my bags and heading to Detroit!...Not.
@torsten6777
10 ай бұрын
If you wait for prices to come significantly down, then you might never get a house because the dollar is just devaluing too fast.
@marknewton6984
7 ай бұрын
Buy this year.
@jessicahayes9788
10 ай бұрын
People look at the monthly payments rather than the overall price of homes. I bought my home in 2013 for $365k. It's a 3 bedroom, 2bath, 3100sf sitting on 30+ acres. A smaller home about 3 miles from me with 10 acres was sold to a California couple which I heard for $3 mllion in 2021 & I heard they paid cash for it. I heard they got their property tax of $61k and they were shocked . They put it on the market early this year for $3.5Million. It's still on the market today and they've lowered the price to $2.1 million and nobody was going to the open house. Here in Texas, we may not have state income tax, but property taxes are some of the highest in the nation. Plus, you need to learn to handle the 105 F +++ degree summers for 5+ straight months with 85% +++ humidity.
@10indians1
10 ай бұрын
I'm running towards the door hoping too find one that might be there before I fall down and know one will understand what's going on and make the wrong choice...
@EmilyBachmeier
10 ай бұрын
I got into my house at almost a perfect time. Was probably slightly over priced but my interest rate is 4.25 so im not complaining too much with a payment of 830/month when rent for a 2 bedroom apartment would be so muhc more 😮
@BrianK-zz4fk
10 ай бұрын
i did get in at perfect time 3.25 rate when prices were just creeping back up. Was renting for over 6 years looking but never was affordable then I actually paided less per month fot double the space until the insurance went crazy the last few years.
@deep6301
10 ай бұрын
Im waiting to see my new home insurance quote. If its not affordable, i will move out of home ownership
@WelcomeIncorporated
10 ай бұрын
....Because renting has gotten so cheap? 🙄
@marknewton6984
7 ай бұрын
And go where?
@nimrodrebirth7703
10 ай бұрын
In my area houses the selling like nobody business 1100 sq ft homes selling for damn near $500,000 and as soon as one goes on the market it's sold ,People are still buying
@marknewton6984
7 ай бұрын
Same here.
@DianaStewart-cu7fj
10 ай бұрын
Prices are coming down in Ohio but the prices are so inflated there still not affordable
@MichaelBordenaro
10 ай бұрын
That’s the main reason I believe they’ll continue falling in most places
@zorzobukumica628
10 ай бұрын
only if usa goes to recesion, if the stock market goes down too@@MichaelBordenaro
@WelcomeIncorporated
10 ай бұрын
Prices in Ohio are actually up 4.8% year over year dude.
@dennyfie
5 ай бұрын
It's in N/ West OHIO
@rosieforChrist
10 ай бұрын
The wedding comment is soooo true. lol. Agree 100%. Everyone is soo worried about for show instead of common sense now.
@davidhunternyc1
10 ай бұрын
41% of paychecks go towards housing payments. Even when W2 wage workers elect to have their taxes payed before paychecks are issued, most workers still have to pay additional taxes at the end of the year. If 30% of income goes to paying state and federal taxes and then 41% of income pays for housing, that leaves workers with just 29% of wages to pay for all other expenses, like electricity, gas, health insurance, car payments, and groceries. This will only get worse.
@charleswilson2462
10 ай бұрын
Wow I'm up here in Northeast Maryland. I see you talking about house prices in the millions. That is just unheard of around here. I wonder why I'm even watching your channel. That is just totally ridiculous. I like your show though 🤨🤗
@MichaelBordenaro
10 ай бұрын
I hear you, but you know what it wasn’t always like that down here. All these houses used to cost for 500 K tops not so long ago. These home prices are artificial and it can happen anywhere.
@Anza_34832
10 ай бұрын
So what you’re saying is, that the US has become a “luxury resort” when looking at how much housing costs. So how about price/value??
@emptybuddha5308
10 ай бұрын
We now see other KZitemrs copying your format. You’re still the best. As they say, imitation is the sincerest form of flattery.
@WelcomeIncorporated
10 ай бұрын
What is original about a guy walking around neighborhoods holding a camera on himself ?
@jayf6525
10 ай бұрын
That nothing burger $1.3m home is a joke. A bad one at that.
@gymjoedude
10 ай бұрын
There are way too many wealthy people that can afford to buy even at these prices. The whole world can bid on houses in the US. Then you have the real estate investors from Wall Street buying too. There are bills in the house and Senate right now to cap the amount of real estate that Wall Street can buy, but these bills have little chance to pass due the special interest lobbying dollars.
@lowbloodprsure
10 ай бұрын
During hyperinflation NOTHING GOES DOWN IN PRICE!!
@mach179
10 ай бұрын
Holy cow, who wants to live in Detroit?
@theewelder
10 ай бұрын
no one.....ever...
@patriciamay6396
10 ай бұрын
Lots of nice places to live in Detroit. The suburbs are very nice. It’s easy to find bad neighborhoods in any city
@VicDamoneJr82
10 ай бұрын
Got damn my man pumps out these videos for the algo
@MichaelBordenaro
10 ай бұрын
You know it 🤙
@VicDamoneJr82
10 ай бұрын
@@MichaelBordenaro great stuff man … I love the greed of these flips
@MichaelBordenaro
10 ай бұрын
@@VicDamoneJr82 it’s unbelievable isn’t it?
@leew159
10 ай бұрын
Michael, my wife went out to eat a few times over the weekend. We decided we will not be eating out anymore, or rarely. Chipotle for 2 people was $30, Red Lobster for lunch special for 2 adults 1 kid was over $70 (and we didn't order lobster or crab), and $7.50 milkshakes
@marknewton6984
7 ай бұрын
Forget it! 😮
@JC.LC.
10 ай бұрын
You are right Michael. The biggest problem with the housing price are prices. Not sure why people continue to blame the rates.
@ReynevanNarrentum
10 ай бұрын
I made well over 150k living in a tristate area on the east coast and still can’t afford to buy much of a home here… my rent and bills alone are around $2600 a month , also in nj home offers are still going 50k to 80k over asking with 15 to 25 people bidding…. This is such madness… i moved here from Europe for a better life and can’t even afford a house making what I consider a decent salary, not great but decent. With the rent prices here I can’t even save much for a down payment … I’m single and have no wife and kids and it’s not easy.
@50whatnomadtravelnursemtb5
10 ай бұрын
it's all about location, just move from that poop hole area! Go to Arkansas(some place are nice), lots of places still in Florida for reasonable houses, Texas.
@WelcomeIncorporated
10 ай бұрын
You make plenty of money , stop trying to buy million dollar + houses
@novadhd
10 ай бұрын
If you are single world is your oyster lol. JUst find a remote job in lower COL area.
@orwellianhater4014
10 ай бұрын
Maybe I missed it, but have you ever discussed the impact of PMI costs on buying a home? It is my understanding that you must pay PMI if you don't have at least a 20% down payment on a home. And you continue to make those payments until you have reached 20% equity in your home, which could be very difficult if the value of your home drops.
@candelariaw1668
10 ай бұрын
If you have good credit it won’t dent your pocket.
@lorischamay1634
10 ай бұрын
It’s not that bad on conventional loans & the % drops from 5% down to 10% to a 15% down payment. FHA loans have an upfront & monthly PMI charge (much better to put another 1.5% down & do a 95% conventional loan) if ur credit will allow. VA loans charge the veteran a funding fee in lieu of PMI (waived if disabled).
@novadhd
10 ай бұрын
he mentions it from time to time. Just another added cost to your mortgage payment.
@lakenneth374
10 ай бұрын
Démocrites introduce Bill to ban hedge funds from owning single-family homes. The lawmakers say that the only purpose for hedge funds to own homes is to make profits and that such investing has only made it more difficult for working class Americans to afford to buy a home. The bill is called the Stop Wall Street Landlords Act and aims to curb the practice of investment firms with loads of capital scooping up homes for investment purposes, leaving regular buyers unable to purchase homes themselves.
@fredrickhaemker8434
10 ай бұрын
What about mom and pop investors who are the other 97% owners? They going to make a bill against them too?
@DogsRule123
10 ай бұрын
Long time coming. Back in 2008 investors were notified the day before a house went up for sale by the bank after the person defaulted on their loan, enabling them to have everything ready to purchase the home the minute it was posted online the following morning. It caused alot of homes to be rental homes here in Tampa. When my neighbor sold her house 2 years ago she was told at closing that the HOA stopped the deal. Why? It was being purchased by a Chinese Investment company. Thank heavens they stopped it. A wonderful young family moved in soon after!
@MichaelBordenaro
10 ай бұрын
I did see that. Will be interesting to see if it passes.
@BrianK-zz4fk
10 ай бұрын
they will just increase the rent prices as we know the customer always pays the price of the government bonehead policies.
@robertbeasley2070
10 ай бұрын
Thanks Michael for your straightforward information.
@BD-xi1tv
10 ай бұрын
Cost of labor is way high and land and building material, home prices can not come down much....
@hcox1111
10 ай бұрын
You are correct labor is ridiculous everyone thinks they are a surgeon or rocket scientist if they can hang some drywall or install a toilet.
@johnnymidas5879
10 ай бұрын
SUNDAY GREETINGS MICHAEL 🌴🌄🌴
@MichaelBordenaro
10 ай бұрын
Hello Johnny from the beach!
@ukulelebutterfly
10 ай бұрын
LMAO. It's been costing me 60% of my income for housing. I've been doing it. Now the place got sold and the new rent more than doubled. 42% would make me RICH. It just doesn't exist. ~ 🦋
@MichaelBordenaro
10 ай бұрын
I believe it!
@ukulelebutterfly
10 ай бұрын
@@MichaelBordenaro It's just Wrong, but very true. ~ 🦋
@WhyteHorse2023
10 ай бұрын
Same here. I'm thinking of doing like Sarasota Tim and just buy a used camper and haul it down to a warm climate. Find some old lady and trade maintenance for electricity/water/parking. Like just completely drop out of the rat race.
@ukulelebutterfly
10 ай бұрын
@@WhyteHorse2023 Leave the little old ladies alone. Shame. ~ 🦋
@Alex-jx5bx
10 ай бұрын
Michail run for Florida governor!! I will purchase place in Miami and vote for you🎉🎉🎉
@caribbeanshippercustomerse855
10 ай бұрын
Not to sound like a conspiracy guy but the home builders have been trying to "fix" the prices for over a decade. I watched an interview with the Toll Brothers CEO back in like 2005 and he was asked about raising home prices. Without skipping a beat, he said, "well in Europe they spend 40 to 50 percent of their household income on housing." Without mentioning cost of materials, supply and demand he went for if they can pay that, we're gonna make the US buyer accustomed to that. We are getting screwed.
@judoTRON
10 ай бұрын
He also probably didn't mention medical costs that Europeans don't have to worry about, leaving more money for their house that they won't then lose to medical bankruptcy
@caribbeanshippercustomerse855
10 ай бұрын
@@judoTRON Being arguably the last card carrying "USA, USA, USA we are Exceptional blah, blah, blah" person................. it's come to my sad realization that "We the People" have been betrayed by our government. The screwed the poor and middle class and are now going after those who have whatever remaining money (ownership power) that are left.
@shinobirising8196
10 ай бұрын
I can't help but wonder if realty will be one of the fields to be massively disrupted by AI. When people overplay their hand, or overestimate their importance, it leaves the door wide open for incentives to replace them.
@ClixWizard
10 ай бұрын
I'm looking to buy right now, and it's easy to see why inventory continues to rise. Some of these sellers still think it's 2021, and they should be able to get over asking price and inspections "for information only." They're completely delusional, then are shocked that they don't go under contract right away, and the house sits for months on the market as prices are slashed.
@WelcomeIncorporated
10 ай бұрын
Inventory continues to be well under historic averages and well under a buyers market. 🙄
@ClixWizard
10 ай бұрын
Inventory is trending up (at least in my area).
@WelcomeIncorporated
10 ай бұрын
@@ClixWizard Irrelevant. Read my comment again.
@jonathantaylor6926
10 ай бұрын
Low interest rates are a complete scam on the middle class. As rates decline so does the middle class. Cheap money consolidates wealth by enriching those nearest the money printer and devalues real labor. Mortgage rates should have never been sub 8%.
@MichaelBordenaro
10 ай бұрын
Very well said
@WelcomeIncorporated
10 ай бұрын
Very poorly said, actually. "High rates" impacts the poor far more disproportionately than wealthy people who do not actually need or rely on credit. Think about the complete lack of logic of what you said.
@jonathantaylor6926
10 ай бұрын
@@WelcomeIncorporated So then why, after a decade of ultra low rates, is the middle class shrinking and the wealth disparity increasing? You are only seeing this from one side and that is the cost of money- interest. But you fail to see the other side, asset prices, which are a reflection of interest. Low rates do not increase affordability at all. Prices just reset in response to lower rates. The Elites that run the system have you exactly where they want you.
@internetpointsbank
10 ай бұрын
The people who are crying about high interests rates are the corporations ,zombie corporations, commercial property owners, and house flippers.
@postscript5549
10 ай бұрын
I have just read that 1 out of 140 people in China are classified as "defaulters" and have been punished via the social credit system.
@TheSuperdodgy
10 ай бұрын
90%+ of people in China own their own home.
@EnFuego79
10 ай бұрын
And that is coming over here (by design of course) via BCDC's. Fednow, (a proto-CBDC) is already being beta tested.
@wizzyno1566
10 ай бұрын
So 0.6% of people. Or "almost none". The USA has more than that in prison.
@johnlibonati7807
10 ай бұрын
@@wizzyno1566almost none or 84 million. 🙄
@dustinmontgomery7063
10 ай бұрын
Why are these people even buying homes if they don’t plan on living in them?
@muddyriverdogz
10 ай бұрын
Trying to make money
@JBoy340a
10 ай бұрын
As an investment.
@MichaelBordenaro
10 ай бұрын
Greed!!
@GCPCA-p5b
10 ай бұрын
Riches from CA, NY, VA & NJ own too many investment properties in FL. My ex. colleague bought his house for $275K near Orlando airport in 2014 and sold it for $640K last year.
@1whitecottagelife770
10 ай бұрын
@@JBoy340aif your "investment " isn't bringing you positive cash flow, it's not an investment, it's a liability.
@Erik-rp1hi
10 ай бұрын
Prices have to go down 30-40% for me to buy. With Cash, no loan.
@Silverdragon517
10 ай бұрын
Love your videos
@MichaelBordenaro
10 ай бұрын
Thank you !
@queen.mama.slots.5977
10 ай бұрын
That’s unbelievable! Those are crazy numbers for those small houses.😮
@LaurieSyme-l6y
10 ай бұрын
People are so greedy! They are not thinking critically, just being ruled by their greed!
@theodorejohnson7467
10 ай бұрын
I'm turning 40 this month and my parents had owned 3 different homes by my age. I'm beginning to think buying land and doing it the hard way is the only way I'll be able to have a little piece of earth to call home.
@torsten6777
10 ай бұрын
Just move to a cheap place. There are still many places in this country where you can buy dirt cheap houses.
@torsten6777
10 ай бұрын
There is a huge pent-up demand, millions of people have been wanting to buy since Covid. During Covid they were always outbid by $100k, and after Covid no one was selling and then interest went too high.
@steveherron9978
10 ай бұрын
There is no weather worth the Miami prices. Thinking overseas 🤔.
@1whitecottagelife770
10 ай бұрын
I was thinking about moving to Florida from wacked out Oregon, now I'm glad that I didn't. I've got a 15 year fixed mortgage at 2.675%, I owe about $350,000 on my house and my property taxes are about $7000/year.
@mberry7a
10 ай бұрын
I bought land in Wisconsin built a 36’X56’ pole shed and am now building a new house. I am loosing a lot of sleep over this and I have not financed my project at this point. Mike I wish I saw your videos before I started this build. Lots of regret. I listened to everyone tell me that prices will never come back down and maybe they won’t. I am at the point I have to finish the build. Will be glad when it is over. I just don’t understand how a person can enjoy building a new home at these ridiculous prices. On top of that dealing with shady work from contractors!
@urbanteck
10 ай бұрын
I knew this market was whack when I saw my house was worth 180k when it needs to be torn down and replaced. The place next door to me burned down and was sold for 75k. So that tells me my house is probably worth 75 to 80k(basically land value)
@Eyeris625
10 ай бұрын
There are so many homes for over one million and rentals for over $6000/month... the average salary in the US is about $70K, how are people affording to make any purchase???
@Mike_257
10 ай бұрын
Finally, a Bill is in Congress to kick the Institution Investors out of the housing market to improve affordability!!!! ( Real Estate, Dec, 8th, 2023 ) 👍👏
@JustDItY
10 ай бұрын
It won't be good for those who bought a house recently or those who need to sell.
@deep6301
10 ай бұрын
😂😂😂😂
@GCPCA-p5b
10 ай бұрын
Do you think it will get passed? Never. 99% of the DC rats are corrupted.
@SomeUserNameBlahBlah
10 ай бұрын
Won't happen. Government never does anything to help the people. Besides, institution investors own about 30% of investments homes, the other 70% is mom-n-pop investors. Congress needs to ban everyone from owning several homes until things level out.
@WelcomeIncorporated
10 ай бұрын
Finally ! Another pointless unconstitutional bill that will go nowhere and be completely forgotten about by next week. Lol
@gerardoduran9066
10 ай бұрын
As an investor and PML the FOMO was out the window a long time ago, however all of this does play a role on the subject property to invest in and you have to make your own due diligence to make an educated decision to move forward or to just say no. Deals are still there just need to be patient and most importantly get the deals that are off market. Best of luck everyone who's an investor. 🙏🏽
@Ja56780
10 ай бұрын
Best of luck to families who want to buy a single family home for themselves. I could care less if investors who purchased without any logical thinking lose it all.
@tess7798
10 ай бұрын
you do a great job of filling in the missing pieces of the puzzle. I get my real estate news from you!
@WeekendsOutsideFL
10 ай бұрын
One thing that may thwart a substantial (nominal) drop in housing prices is the history of Fed intervention. Any crash and deflationary behavior of the housing market and the Fed turns on the printers and stimulus. That action is very inflationary. Yes, people still can’t afford it, and tons of people will still wind up being pushed out of their homes via tax increases and insurance so the idea of economic decline you have is still very valid. It’s possible the Fed will realize it just can’t do that anymore, but some people think they will keep doing it until we find ourselves in hyperinflation, housing or otherwise, affordability be damned. In an inflationary environment it’s best to invest in assets, yes, but taking on debt for real estate is a bad way to invest in assets when you just wind up getting it taken away by the bank. You can just buy gold and Bitcoin and stocks based in basic materials, energy, etc
@msgmak1379
10 ай бұрын
Average car payment is nearly $750 per month...now add insurance.....
@chadthomas587
10 ай бұрын
A year or 2 from now when decline sales start these videos are going to get ALOT of rewatches and ur gonna get the gold button and I will be there.
@WelcomeIncorporated
10 ай бұрын
How have his videos from a year or two ago held up ? Lol
@DavidS-bm2st
10 ай бұрын
the government needs a New System like the Student Loan debt system, which allows for Anyone to buy a house with no credit and keep the house even if it takes the New Owner many years to catch up on payments. The government just pays the Seller the Asking Price in fiat dollars when the deadbeat buyer signs on the Line to BUY. and the new homeowner's Debt becomes part of the Government's Assets.
@soniabayer578
10 ай бұрын
Yes…. Greed, greed and more greed ! Disgusting!
@BornYooper
10 ай бұрын
The problem is supply is constrained due to people not wanting to trade up and give up their 2.75% 30 year mortgages.
@MichaelBordenaro
10 ай бұрын
There’s already evidence that people are giving up those mortgages right now. I know widescale no but people are realizing that rates are not gonna be going back to that anytime soon or maybe never and if they want/need to sell they’re going to do it.
@wizzyno1566
10 ай бұрын
@@MichaelBordenarowhat evidence? Some will be forced to but most will hang on. Unless you HAVE to move, why would you with rents stupidly high and mortgage rates more than double?
@WelcomeIncorporated
10 ай бұрын
@wizzyno1566 There is no evidence of that, other than flimsy anecdotal "evidence" if you consider that to be evidence of anything. (Most people do not.)
@BornYooper
10 ай бұрын
@@wizzyno1566 I agree. We thought about moving but given that our payment would double (due to interest rate) on the same mortgage we have now, we will stay put and do some remodeling on our current house.
@joesmith3590
10 ай бұрын
@@wizzyno1566 the bond market is literally predicting 5% by 2025. Everything this guy says is not based in fact. He shows no charts just talks about the clickbait article he read on his phone
@honselld1
5 ай бұрын
I like this guy. He just makes sense.
@frankiebflat5728
10 ай бұрын
Everybody I talk to is broke
@MichaelBordenaro
10 ай бұрын
Thanks for sharing
@WelcomeIncorporated
10 ай бұрын
Stop associating with broke people.
@robertcovino4889
10 ай бұрын
I live in one of the fastest growing areas in the country. The building is non stop and has been for a decade. All of our schools are 125% plus above capacity. Prices have slowed a bit but no significant drops. I bought here in 2016 I wouldn’t even bother try now it’s ridiculous. 🍻
@Nikkisweeets
10 ай бұрын
Where??
@Neighbourhood_polyglot
10 ай бұрын
I agree with you. It is no fun to be house broke. To qualify for 3K rent you have gross 100k in California. I know of investors bought apartment complex in San Diego. Rent for 1bed 1bath for around 3K. Have a difficult time finding tenants. In California no more than 2 tenants per bedroom. In 2008 market crash San Diego was one of the last to feel the effects.
@stoveguy2133
10 ай бұрын
My kid bought house 2 yrs ago for $275k. Mpls area.
@Josh.Stovall
10 ай бұрын
14:05 Because they are broke.. Simple as That. This is why Banks don't want to lend. Too many risky borrowers.
Пікірлер: 688