Is BUYERS REMORSE The New NORMAL?
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- เผยแพร่เมื่อ 11 ก.ค. 2024
- Buyers remorse is a common theme in today's housing market, especially for those who were so desperate to get a house, they didn't care which one. Sounds pretty foolish for such a large purchase I know, but its more common than you might think!
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Affordable Housing Crisis JUST GOT WORSE! Mobile Homes in TROUBLE! th-cam.com/video/F5GGtDEuR_8/w-d-xo.html
Your advice of choosing a home carefully reminded me of that old classic: "My Momma Told Me--You Better shop Around" (The Miracles, 1961).
My father was a real estate broker and he always said go to potential neighborhoods on Friday or Saturday nights to find out if it’s a loud party neighborhood.
Good idea 👍
I made the mistake of renting an apartment in a complex without checking it out at night years ago. Rent was reasonable, had a pool, moved right in. I saw the cops at the complex more times than I saw them a the police station.
Dude at 11min, im with ya, at age 36 and finally more relaxed and do not feel like throwing a wrench into my life by having kids! I thought i did when i was younger, but was really pressure from parents to “continue the family name”
I think at our age, its pretty safe to say if we haven't done it yet, then we probably wont for practical reasons.
Michael, your honesty is so refreshing. You don’t see that in most real estate videos. Home purchase is such a big deal, I can’t imagine not researching before making an offer. I spent two years and dozens of listings before purchasing my home and don’t regret it.
Thank you Joseph, it will always be that way too bc its just the way I am! Glad you did your diligence before buying in detail.
That yellow house for over $1M is absurd. My parents had a similar house built for $13,000 decades ago. It was in N Miami which at the time was a new housing area. Our economy is crumbling and most people are about to lose their lifestyles. We have already entered a depression.
It is absurd and you can see just how much the values have gone up in less than a decade bc of so many newcomers to the area.
North Miami and Sunny Isles Beach used to be one city. Sunny Isles Beach split away to keep itself wealthy and exclusive.
This is a problem all over America. Too much legal and illegal immigration. Ask yourself why housing is so scarce at the same time birth rates have been dropping? Where did the extra demand come from?
When did we enter this so called depression? What is the cause?
its the lot not the house
Here is another tip: along with walking the neighborhood, talk to everyone you see and ask them questions. I even went door-to-door last time I bought. You will be amazed at what people will tell you if are friendly, honest, and you ask them open-ended questions: "How do you like it here? What would change about this complex?" They will reveal all the good and the bad, even things that you might not be able to discover by yourself, and things your realtor won't tell you.
Absolutely!
Also, do a couple drive through's later at night, weekday and weekend evenings, see if all hell is breaking lose at your potential new neighbor's house.
Great advice.
while you're doing all that stuff, someone else will buy the house!
@@agfagaevart Not in a normal market. The last two years have not been normal. In a normal market, which we are not moving towards, you will have days and maybe weeks to do these things. You should not have been buying during the last two years, unless you want to end up owing more than the house is worth.
I fear people who are buying now are likely to get "rug pulled" and end up trapped in their home. Why? Because it happened to ME in 2007. I bought my 1st starter home for $160k in March 2007 and then the bottom fell out of the market. Long story short, I was forced to move when I changed jobs and when I sold my house, it sold for $120k. I lost all my down payment that I saved for 6 years for, I lost any equity that was in the home and I lost the new windows, appliances, carpeting, lights ect that I upgraded.....and I was LUCKY. I didn't have to go through foreclosure but I know several people who lost everything and one who even had to live in his van with his family for over 2 months. So it's very possible this will happen again.
Wow thank you for putting this here! Its so important for others thinking of buying right now to read your comment! And I agree, you were one of the lucky ones!
I know at least half a dozen people that got wiped out in 2008. A couple of them were speculators, but most of them were first-time home buyers.
Oh you are right the rug pull is coming. My sister had her house getting built about a yr ago at the peak lumber prices. Everything is fine now but i got my starter home in aug 08.... an in oct 08... my house went from 155k to 120k... a 35k drop in a few months. We happened to buy within our means an when my job closed down mar of 09 we still made it off her income an unemployment 4 two months until i took any job i could . We were lucky... my sisters starter home is probably around 350k. An. 2 kids under 2 yrs old. Its gonna get rough but whatever u say ...u look like a hater so i smile an 🙏.
This cannot be said loudly enough or often enough. I'm a home inspector and for the last 4 or so years, people have been lined up 6 contracts deep to spend $220K of other people's money on a house in near foreclosure condition that sold for less than $75K five years ago. They're offering $10-15K above asking price and accepting all of the deficiencies which frequently cost in the neighborhood of $25-30K. It's like they're dead set on spending their absolute prequal limit right now on the best of the worst on the market rather than sitting out a while longer to have a better choice and qualify for a better level of house.
Thanks for backing me up on this Jeff!
That neighborhood is so over priced 😬 who is buying these small houses for $1.8 million dollars 🤔
Someone is
@@MichaelBordenaro everyone
@@MichaelBordenaro someone WAS🤫
Iam waiting for vanilla ice to bring back his HGTV show thalidomide all those mega homes they built and got foreclosed on .any person with half a brain knows you can't support a house price of 500.000 with average income at 44.000.
Thank you for being real. Sad when you see realtors lie through their teeth about how it is a "great time" to buy.
You bet! You'll never get anything else from me👌
Most realtors are about as competent and honest as used car salesman.
I agree with everything you said. Alot of people relocated here to Oklahoma as well. Homes were snatched up within days and sometimes hours. It was crazy!!! The homes you showed are beautiful but so expensive!!!
There's no buyers remorse if you don't buy. This market is nuts, everyone needs to just stay clear until the collapse plays out, and it's playing out right now
Absolutely
Totally!! I was saying that all along! Going to be interesting. There’s going to be alot of buyers remorse for sure!
I've owned two condos and rented two others. One of the biggest negatives for me (among several) regarding condos is the limited parking.
Nicely done!
I don’t want to walk to far to get my my parking place and I would like it covered. Some places charge you a month for a covered parking place,that’s ridiculous.
@prettygirlus900 Parking is definitly a rub , but I will see your parking issues and raise you ever increasing strata/condo fees.
@@jacobbujold836 And the special assessments.
Years ago, I bought a townhome in Oak Park, CA (southern Calif.) I went to my mailbox which was at the end of the complex - and saw a woman there. She asked me about the complex since her daughter wanted to buy the end unit which was for sale. Her daughter (in her 30s) was sitting in her car listening to me, and I went on and on about how bad the complex was. I also told them that I lived there for 10 yrs (at the time) - and was a former realtor. Well - the daughter didn't listen and purchased the end unit. Six month later, it was up for sale. This complex is in the best area (upscale) - they looked like private homes from the outside - but so many problems that I regretted my purchase. Bad floor plans, no sidewalks, my laundry room was upstairs in a closet - but the neighbor's laundry room was in her garage and the vent was in my walkway. When she did her laundry, the dryer smell came into my one kitchen window; I also had the neighbor's 3 gutters in my walkway - and my own gutters in my walkway. My kitchen was in the front of my unit - but I couldn't see out - because the one window faced my front door. The garage blocked any light and sun from coming thru. Most of the year, it was so cold, I had to sit on my couch with a blanket - and that's in California!!! That's why people need to talk to neighbors!!!!
I know that area pretty well and it seems many of those townhomes there aren't optimal. I live in T.O.
Didn’t you notice that before you bought ?
@@evelinholmes6401 - I didn't buy there. I own a SFH one story in a nearby city. I know of that area cause I've have friends live there.
omg....the prices in the Miami area are completely out of control!!?? $1.8M for that little turd of a home.....insane. Golfed yesterday and shot a 77....3 birdies. Timmy C Arizona
I was at my bank this morning and was shooting the breeze with the manage and one of the tellers. They were telling me about a restaurant customer they have where the owner was telling them how tough things were with inflation. He's in a Catch 22 where his costs are growing and there is only so much he can raise his prices before his customers stop patronizing his business. The manager of the branch said how long can you stay in business when you're losing money?
Yep a lot of business are in this dilema with inflation eating up everything. Which is why I think things will get worse before they get better.
Never buy a house without checking it out in person. I remember when I was looking. The pictures showed a wonderful area and beautiful house. So I vist yes the area was great. Now I step into the house it was a shell!!!. Everything gutted. The pictures must of been taken years go.
A lot a realtors where trying to pressure us to buy. I almost fell for it but I stood my ground the house I really want at the right price and Not wave inspection.
Remote work is messing up the economy I seen business close over it. The lunch crowd is just not there. At the same times especially in some of these cities they have to do something about the crime. Letting criminals out is messing up cities like NY. I don't feel safe going to work and being at work. I need to make that money.
Hey Michael ... Things to know before being a condo -
- Get a copy of the HOA budget
- Get a copy of the CC&R's (covenants conditions, and restrictions)
- Last 12 months of meeting minutes.
- Copy of the master insurance policy. (does the master insurance cover external rebuild, or interior AND exterior rebuild? What is the master deductible? If a loss occurs you will not only be assessed a portion of the damages if the insurance can't cover it, but the master deductible as well. Some condo deductibles are $10K and up to save on premium costs. What is your insurance liability portion?)
Anything else to review during the due diligence period?
All great info Ben, the only thing I will add to that is for the buyer to review their estoppel letter from the building as well, other than that you said it!
Thank you Ben for this info. I’m from Connecticut and looking for a condo, my question is the above info gathered before you place a bid?
@@ellsmere58 : I'm not a realtor, but I believe you make an offer contingent upon review of the aforementioned, and then you have a 'due diligence' period to gather that info and review it. Talk to your realtor about it.
@@beninformato9040 thank you Ben will do
THANK GOD our oldest grandson bought his home 3yrs ago at age 22.. he did a buy owner 3/2/1 and 1/2 acre of land in Karns TN (Suburb of Knox) for $147,900.. all remodeled and FIXED interest rate of 3.2% .. GREAT starter home for him and worth $230,000 today.. he's happy and has no interest in selling LOL! Great videos Mike TY
What a smart move for someone who is only 22. You must be very proud of him.
@@LL-wu8zt YES .. SO VERY PROUD🙏
We have raised responsible children and in return they have raised our responsible grandchildren... TRULY BLESSED❤️🤍💙
He made a fantastic choice! I'm happy for him! 👍
@@mikem9612 Thank You for the kind words.
@@barbarahardy8498 your welcome!
The smart money is leaving the U.S.! More home for your dollar, lower taxes, lower expenses, and more freedoms. Greetings from Costa Rica.🏖
Greetings from Panama
I bought a house in 2005 and vowed never to fall for that kind of hysteria again. Today's market feels like that level of madness and people are buying under pressure of FOMO. I wouldn't recommend anyone buy a house right now. There may not be a 2008 type price correction, but there will be a correction.
I have 4 kids of my own and wouldn't ever trade a relaxed life for them. They ARE my life. Seeing their happy faces far exceeds anything I had prior to being a father. It's no comparison. Having a little you to teach life is magic.
🥰No point in living otherwise!
Michael I had to laugh when you said kids are a pain in the ass 😂. I'm 34 and have four kids. One boy and 3 girls ages from 2-9 and yes they are seriously two handfuls. I give my wife a shit ton of credit for doing what she can for them and myself. I will tell you this though it brings in a whole different aspect to your own life even you at 35 years of age that they are a beautiful part of life. Yes the cost of everything to have children is expensive especially now I get it. The cost of living these days for families with children is a much tougher life financially. I'm not questioning your thoughts of if you do or do not want to have kids but one minute they are the best thing in the world and the next minute you want to pull your hair out lol. Again this is Steve from New Mexico and thanks for the walk and talk again bro. See you in the next video sir!
Haha I have heard that from so many other parents too lol. It is blessing and stressful at the same time. Glad you enjoyed!
I envy you! 4 kids by age 34! Wow! I have 3 kids and was 33 when we started.
Milenial here who just purchased a fixer upper. I am definitely feeling buyer’s remorse but I was able to negotiate the purchase price with seller in HCOL. Going to take it one project at a time and hopefully things get better.
Buyers remorse starting here in SoCal, with 2 corner homes purchased for 1.1 mil/each losing thousands by the day.
Wow! I'm not surprised.
@@MichaelBordenaro how can you say "Wow! and "I am not surprised." In the same breath?
Our company in Ohio had tax massive tax issues because they collect taxes from people working in their city. When many employees took off to Florida and other places, the city could no longer tax them and they lost money. So the problem is not only that employees support local businesses when they come to the office but that the city and state can’t collect taxes on them.
Good point, thanks for bringing this up!
for folks buying sight unseen in Nova Scotia, the past couple years are often shocked by the ruralness of Nova Scotia, so we have been seeing a lot of buyers remorse for buyers not realizing how remote their property actually was! Get a good REALTOR® !
I was reading about the buyers remorse. There are actual statistics on it!! Sad for them but they brought it on themselves. All of these crazy buyers paying crazy prices, bidding wars!! Just hurry buy!! One of the largest purchases of our life made in minutes. Those people fed the fire of the overpriced houses. I feel a little bad but not that much.
That is an interesting take my wife had it after we bought our new house in 2014 for 151K we were qualified for 400K I was looking at a 4 bedroom that was 2500sqft home for $210K but she wanted the 3 bedroom 1500sqft home. Yes I know that is a very expensive home. But to this day I am very happy with the mortgage that is over 60% cheaper than rent!!! In fact the payment is only $170 more than my parents mortgage in 1989. And it is a larger home.
After I saw that rent going through the roof and inflation eating up the payment I am glad I bought. Rent keeps up with inflation, Mortgage payments don't.
I know that location and it's for rich people, it's never been affordable. IF YOU HAVE MONEY THAT'S WHERE YOU WANT TO LIVE, NOT FOR MIDDLE CLASS OR POOR PEOPLE. MIAMI is a bit tricky, one block away from me homes are worth 200k more.
It’s not my job to prop up local business with my business, nor should a state force a business to require their employees to come to work if it doesn’t make sense to the employee and employer
I think so. People are gung ho to spend whatever they have to to buy a house. The novelty wears off the monthly payments come month after month. Buyers remorse
The monthly payments come anyways. If it is no mortgage it is rent. Can't win.
With increasing rent, some people are probably regretting their choice to wait. Waiters remorse
@@trainsandlocomotives , I’ve heard nobody mention they wished they had bought. My rent is $775, I’m saving $2k a month.
Thats exactly it!
I agree with you: be patient... Thank you!
Yeah, I think a huge part of the decreasing population, lack of kids, lack of wanting kids is cuz of how tough the economy has been for each new generation
Absolutely, its basically impossible to make it today on one income, so someone can stay home with the kid, and even if you can do it, requires a ton of sacrifice to make it happen.
Student loans certainly don’t help. I’m a millennial and student loans + high home prices…yeah…
You are so right when you say have patience!!🙏😊💕
Its so important!
I live in south Florida , I’ve been trying to buy something for the last 2 years and half , and you can’t find any decent houses for less 400.000 , it’s all overpriced trash houses and sellers don’t even consider your offer ,it’s crazy how they think they’re untouchable !
But prices already coming down and they still asking unreasonable prices !
I’ll be waiting when the table turns !
Everything that goes up must comes down!
Prices aren't coming down yet in south Florida, right?
@@strongtowerman9661 yes ! It’s starting to drop from the ridiculous prices they were asking , and a lot sellers realized that, those time of booming is over , but they are still trying to take advantage from buyers ,but houses are staying in the market a much more longer now , biding prices are over ! Crashing is coming and Zillow can’t no longer lie to us !
@@doggoval1 They might be coming down, but not much. Just a little due to the higher interest rates. Don't see any difference yet.
@@strongtowerman9661
I see people dropping 100.000 asking price ! People can’t afford to live here , there is a wave of foreclosure coming ! It will be bad !
@@doggoval1 are you in Dade county? We'll see if it gets that bad as in other states in Florida
In the old west, when a crisis hit, people reached for their Winchesters or Colts. Nowadays the businesses who are losing money reach [donate] for their legislators to penalize businesses who allow total remote working, a possible wave of the future. When automobiles appeared, horse-related workers either adapted or fell by the wayside.
Nice Walk! Good information. In Cape Coral, there are people that bought Condos in 2020-21 @ $400K that were sold for $190K in 2018-19. They have Buyers Remorse. Prices are still holding... But for how long? Not smart... Not to mention the HOA fees and taxes.
That’s one negative thing about building a new home (many years ago), you cannot survey the neighborhood and know what the neighborhood is going to look like nor the type of neighbors you will have like you can in an established neighborhood (like Michael suggested). Nor do you have any idea what the surrounding areas are going to do. The cow pastures are gone, the orange groves are gone, the strawberry fields are gone, the woody areas are gone. They built a public road through the neighborhood and all the the apartments, townhomes, storage facilities, grocery stores (good), big box stores, and all kinds of business have now come. The traffic is terrible and what was a nice peaceful area has become an area where these big companies are buying up the homes that come for sales and renting them home because of the great proximity to the interstate and everything you could need being so close by.
The only way you're basically going to buy a house and not have stress and not have regrets you better have a good chunk of money in the bank because unexpected Financial situations come up all the time there's nothing you can do to avoid that
Thats right!
Yeppers say that again for the folks in the back!! I bought my home brand new and wham septic issues already better have money on hand
Love living in North Carolina, I buzz down to Florida for a couple months in the Winter, and then I am done with Florida until next cold season, foothills of North Carolina real estate is still great
That is awesome!
Thanks for the video! During the early stages of COVID, everyone suggested I buy a home cause prices were just gonna go up, up, up ... if I waited I would be priced out. I resisted the urge and continue to rent ... patience is a virtue I strive to maintain.
I love that you said you don’t talk about politics publicly but couldn’t help yourself. Completely reminds me of myself. I’m glad you talked about it. I have much the same feelings about all the things you mentioned. I’ve always fantasized about selling my house in the Bay Area and moving to Florida. I’ll hit you up if that fantasy ever becomes real.
I pretty much keep it out of all the videos. But in this video figured it was mentioning because of the new party supposedly coming out.
Thank you Michael. Always great to see your updates. Makes my day!!!! Cheers.😎
You're welcome Ken, thanks for the suggestion and I appreciate the tip!!
Love your videos! Your a amazing realtor not to many like you in here Northern California wine country 🍷Realistate is so high here, so glad I bought 30 years ago ! I’m not moving till they carry me out feet first !
Thank you Cherl! I love wine country too!
I could not agree more on the need to come together to solve problems. The news about the third party definitely got my attention. Subscribed.
Regarding your point about geting to know a community before buying a home within, absolutely true. If you don't already own a home, you could even rent in a community for a year like I do. I get acquainted with the people in the community, utilities and the local businesses while I save up to buy a home that I can afford (probably never if problem solvers don't come together to solve the big problems that affects us all).
Absolutely, the name is fitting also because I would much rather see forward than stuck like we got right now. Renting in area first is always a good idea 👌
Any home I have bought has been great and I plan to move to Miami in 3 years. Can’t wait!
Wow you are full info. Thank you Michael😊
Thanks Jill!
I love these walking videos because we get to see the homes behind the scenes. What amazes me is that this area is supposedly expensive (the first house going at nearly 2 bar) but then like two steps down the way and the other houses look tiny, dirty and poorly maintained - at least on the outside(yet no doubt if they sold, the asking price would be high just due to the area). They clearly would need a lot of work done and these days people want to straight move in (renovation free) with little work to do or they’ll pick up a house at a bargain and then do it up with the money they saved on the sale. I don’t know about America but even just doing a full house paint job costs an arm and leg (as with all kinds of renovations).
I lived in Beverly Hills for five years. I could walk ten minutes or drive for two and there'd be hundreds of tents for homeless folks lining the sidewalks. The Beverly Hills Police Department artfully shields the city's inhabitants from this grim reality as long as they don't trespass beyond its borders, but once they do, reality bites. Hard. This is what happens when the wealth gap between grows--the middle class disappears and what's left in its place are wealthy and poor people with no buffer between them.
Yes it is quite the contrast in this neighborhood. But I think the trend is clear that most of these small beat up houses are being sold now for top dollar and being redeveloped into a mini mansion.
Daniel! Good to see you again! Been missing reading your comments
I kept waiting for you to arrive somewhere and show us around. What a long walk. 😁
I hear some of these HOA issues and I am thankful that I live in the stix in an area that is still free.
Thanks for putting people first and not pushing buying at all costs like most realtors
Thats what I do here! Thanks for watching.
"Get some more tank tops for the videos" Lol
It's as if he doesn't have access to a washing machine.
😄
Wow, what crappy houses in this neighborhood.
Great video once again! So many great topics, a lot of work much appreciated!!
Glad you like them!
With all my THANKS and much appreciation .⚘🌻😊
You are so welcome!
Same ideas with kids. Same thoughts. I'm dating someone with a child and it's kind of a pain quite frankly. It's fun at times but it definitely puts the biggest kink in an established nice lifestyle.
I can see how that would "get in the way" sometimes for sure
I'm with you right there too Emella & Michael....
I felt the same way until I had my own. That's her child not yours. When it's yours, nothing compares!
@@nuckingfuts3017 I bet!
My marital status has always been "single with vasectomy".
I’m not in Florida to use your services, but I like your content to get a feel in another part of the country.
Good show. I hope and pray this new party will have better options and not be in the pocket of big pharma.
Time will tell
I agree with you on the FED......we are in and pending complete collapse economically
Every house but one I biked to or from to see how bikeable the neighborhood is. If that checked out I’d bike around the neighborhood to get a feel for it. If that checked out I’d drive to the house on a Friday/Saturday night and park on the street for a while to see if it’s noisy.
Great video Michael! You are walking in my favorite neighborhood Sunny Isles. I was renting a condo on the beach there to be close to my job in Aventura mall! I enjoyed being on the beach but after moving in I found out I didn't have a access to parking garage and getting my own car!! It was quite a headache every morning to wait for valet! No matter what I said, the condo association did not allow me to park my own car. I'm glad you mentioned parking, fortunately I was only renting but It was a quite experience with a garage! I will go back to Sunny Isles but this time I make sure I can park my own car and not needing valet every time ! Great advise on this video ! 😊
Thanks Renee! I know exactly what you mean! Last time I moved we looked at a couple of places like that, can't park my own car is a deal breaker for me too! So stupid, just another $$ grab.
Thank you
Cologne and the Florida humidity don't go well.......can anyone imagine the smell????? Oh lord, bless my nose.....lol
Three years ago I moved from Colorado to Lexington, SC. I never expected to see a housing boom in a small area, but prices have been crazy. A couple of months ago the builders decided not to talk with people. You could no longer go into a model and pick out upgrades or even a lot. Instead buyers had to put their name on a "VIP" list. Once the houses were started buyers were sent an email saying they need to set an appointment to be considered. All upgrades and colors were already picked out. Don't want a fireplace or tub in the bath..too bad it's included. If the buyer doesn't like it the builder has a line waiting that will settle for what is offered. Once things started to slow the builders were suddenly in the model homes and would answer phones. Pretty crazy. McGuinn Builders here has sold their entire inventory including lots that have yet to be built on to an investor who is renting the new homes. Too bad for people that bought in the new subdivision that will be finished off with rentals.
2 years ago I tried to have a bungalow built in a small lot in Florida and builders won't even answer, the ones that did, wanted to build a mansion! I figure I wait it out. Builders might be a little more friendly soon. Just want my little retirement shack.
From Greenville, SC was shown a US map from Redfin showing all over valued housing across the country. From 0 being the least and 100 being the highest, 30% was in blue bubbles anything about that is in orange and dark orange. SC was between 53% to 63%. I could not believe this was happening here either.
Great advice! Thanks
My "thinking spot" I grew up there
Every word you say ... I agree... I am an engineer and architect, lived 50 years in Germany .... now I see the difference. Keep going with your channel..don't quit..
what is the difference?
Looks like a great neighborhood......... you crack me up Michael. Your content is valuable, thank you. :)
Its pretty nice and convenient location thats for sure. Glad I could give you a few laughs 😄
Who has 7 figures for a home ? No one that I would ever know , many markets in states where family's have lived for 150 years are forced to move away as nothing is affordable .
First video I’ve watched of yours. Great stuff 🎉
Awesome, welcome to the channel!
Houses over $1m and few garages, no sidewalks, no curb , no storm sewer, car covers. This would not be allowed in my $300k house neighborhood.
Great video, I totally agree!
Thanks Mary!
Prior to purchasing any real state , I educated myself on real state investment and flipped a few homes. Used the profits of all the flips and purchased a gulf access home in a great location. It literally double its value in 2 years. Whether or not the value goes back down to original purchasing price don’t care because my morgage is stupid low. Opened up a heloc and now waiting on the pull back to do it all over again.
Smart man well done 🤟
@@Dentalcoverage4u to buy more property 🤷🏻♂️
I wish I had watched this before buying recently... Just bought a move-up home based on FOMO. It's a dump and now I have to move my family into it. We were so excited about it until we closed and I started working on it. I don't know what I was thinking. :(
Outstanding report!👍
Thank you so much 😀
Enjoyed the video Michael, as for working from home (remote),I've been home now for 2 1/2 years. There is some rumors about changing to a hybrid schedule. The area businesses are getting hurt by this. I also believe we are in a recession and more companies are doing layoffs, just recently announced Ford is looking at 8,000 people to layoff, so this will also affect the suppliers. I agree we will see more and more in the coming months
Thanks Carl! Yes I wouldn't be surprised to see a hybrid schedule implemented at this point. Thanks for mentioning Ford, that was the other company I had in mind after I mentioned Shopify, but just couldn't think of it 👌
@@MichaelBordenaro the other thing to mention as a lot people not familiar with the auto industry might not know, when they announce layoffs it can affect 3 to 4 jobs in the local economy as well as the suppliers
People who sold there home and bought another house are kicking themselves in the ass. Most people were banking off the profit sales from the sale of there house, but there savings accounts before the sale was crap 💩, now they are broke with buyers remorse and can’t afford there new home
Thank you 🙏🏻
Always walk the neighborhood on the weekends, you see all the automobiles and chaos.
Yes!
HOA and condo association conflict nightmares from the start or conflicts that simmer overtime leading up to intolerable living conditions and neighbor relations are the risks moving into a condo. It’s reason I sold my condo about a decade ago and vow never to buy a condo again. At least with a rental one can leave when the lease is up. A single home property has more privacy and options overall compared to a condo.
That can certainly happen and make living in a building a nightmare. I have heard similar stories.
Unemployment rate is very deceptive.
1. Anyone can post job openings for free on Indeed. I've done this on Indeed, just to get resume ideas.
2. An unemployed engineer who takes a job as a waiter counts as an employed waiter, not an unemployed engineer.
Good points 👌
Cool idea for NJ! I’m all for it.
NJ requiring work in office. 180 deg from what's needed. Remote work is also needed to reduce CO2 emissions. This is SOOOO stupid in so many ways!
Life happens. The low mortgage interest rate made home ownership affordable, but the purchase price might be bloated with todays home values. Plus people aren’t scrambling to purchase a home like they were when interest rates were low. Some people will have to sell but if they are underwater it could be a real financial disaster.
For those that purchased at the top of the market and participated in bidding wars are the ones that will suffer most. When the bubble pops the mortgages may be higher than the actual value of the home. BTW, having children is the most rewarding experience of our lives.
I don't think that bubble will pop any time soon. I'll be surprised if it does. It was supposed to pop in 2020,2021 and 2022. Someone told me it was going to crash in 2019. Might even pop after 5 years. Who knows.
@@mikem9612 - The bubble dynamics are certainly based on the region. I used to own a few condos in San Diego and recently checked on their current values... and was shocked! Way overpriced for what you're getting. There's still great value in some of the hidden tucked-away cities. I close on a house in Lancaster PA this week, and after living in San Diego, Seattle, and a year in the SF bay area (renting), I'm getting a steal. Cool city, also.
Yea, love it!!! It is not recession..just like its not summer. Thanks for saying this Michael!
Haha yeah that was the most logical analogy I could come up with on the spot 😄
Good information ...thanks
Thanks for watching!
I am quite happy with my purchase in KY. I bought it totally on line, but my sister and B-I-:L were my people locally who helped. I got in at the right price with the right interest rate. But my immediate neighbor is not the nicest.... how could you ever know that, though. (I moved from Portland.....not too many neighborhoods in Portland with an HOA. A tip for HOAs in Oregon....ask to look at their Reserve Study....are they saving for maintenance and repairs? It is a law in Oregon.) I remember in the early 1980's when interest rates were 18% thinking I'd NEVER be able to buy a house....you're right, it'll happen, be patient. I did also get an incentive from the city as a remote worker....it was worth more than $3,000 back to me. Paid for almost my entire move.
When you said word games, aaah haaa thumbs up.
Michael preaching at the 12:40 mark is sheer honesty brilliance, thanks for the video
Thanks Orlando! Just telling it like it is!
Hi Michael. I have been lucky. Never had Buyers Remorse on any the 7 new homes I had built since 1976.
That is great to hear Keith! Not everyone is that lucky these days.
This neighborhood has no curbs and sidewalks? Could get a lot of easy flooding when it rain there.
12:30
Dude made me laugh and then cry at the same time.
Subbed
Fellow 35 year old Floridian
Haha it is the truth!
I wouldn’t pay anywhere near that for those homes, they are awful and ridiculously over priced.
Someone is though
This is 100 percent contingent on where you live … you won’t be able to afford a home in certain places regardless how long you wait
Hey Michael, do you have a detailed video explaining your situation of renting and then your transition to your condo and how your condo life is? If not can you make one.
I do! I made this video several months ago th-cam.com/video/nnNDf_Oqrbw/w-d-xo.html
Thank you, Michael....A lot of Great advice !......FOMO is now starting to lead to PLMO ( Please let me out)......Take care..
Good one Jim PLMO 😆
I really like your walk and talk!!
Thank you!
Wow 5.7 Mil and or 25K a mos for rent, no bay front/water view at least from what I could see, and that overpass that leads to Aventura?? Crazy.. when I grew up on MB that overpass was not there, and I am sure that the homeowners in the neighborhood were not happy campers when they built it... Very Noisy... No wonder it is still sitting there empty!!!
Those numbers are just insane and like you said with a view of the overpass!