BUYERS REMORSE IS BACK! and it's Starting To Take it's Toll...
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- เผยแพร่เมื่อ 28 ก.ย. 2024
- It turns out that 93% of recent homebuyers have some level of buyers remorse. Thats almost everyone! But now that the damage is done, is there anything you can do about it? Maybe...but not without learning some hard life lessons first.
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cure buyers remorse......OMG that is funny.
The amount of people that rushed into buy a home out of FOMO is nuts. So many people bought homes and waved inspections. Many are now finding out what a bad idea that was. People are finding major issues after the fact that would have been caught during an inspection. Now they’re left holding the bag. So many have buyers remorse.
And I don't feel sorry for any of them. Hopefully, acting stupid will teach them meaningful lessons.
And they deserve every bit of that remorse. Play stupid games, win stupid prizes.
Imho inspections are a waste of money, inspection companies work for the realtor to get the property sold. Should have been told that my old house wasn't completely electrically updated mostly, knob and tube. I should have been told to have a test on my water pump on my well on another house, should have been told that the electrical boxes on the 3rd house pull out of the wall when you pull out plug, and that the house was not actually set on a foundation, merely set on blocks. When I hear it's on a foundation, and no one says otherwise I believe. You pay the inspector, but he sure doesn't work for you.
@@marycatherinebello they work for you if you hire them
@@ihave35cents95 Yes I agree. Many times home buyers get too lackadaisical, and let the realtor hire the home inspector. Depending on how aggressive the realtor is wanting to sell the property they may hire someone that will do the inspection to yield the results the realtor is looking for. I have seen it many times.
My brother overpaid for his home. Taxes increased 44% this year. The home needs at least 80-100k in repairs and maintenance to get it looking to how he wants. As a first time homebuyer he didn’t educate himself enough. I would be upset but his decision has made me cautious about purchasing a home. 🤦♂️
A wise man learns from other people's problems.
he must be from out of state.
I work for a very busy real estate office. Biy have dissatisfied buyers are everywhere. Basically spent all their money to move into a fixer they can't really afford
Your brother should become an expert in renovations, he will save 50% on labor. Does it suck to put a new roof on all by yourself? Yes, but you save 50%. Does it suck to renovate a bathroom all by yourself? Yes, but you save 50%. But remember, you have to be taught and practice a lot, to be excellent at anything.
My brother just built a million dollar hourse (that he put $200,000 equity in.) that his wife really wanted to build. Three months after it was finished, she announced she was leaving him. He's sixty, and now realizes he needs this house like he needs a hole in his head, but he's stuck with it now, and worse, is going to have to fork over $100,000 to her for her part of the equity.
I remember 2008 and people being so proud of themselves buying property at the height of the bubble. Really proud they were the special ones who could get huge loans to buy property.
That was my neighbors.
I bought a condo in Naples for 98K in 2009. It was built in 2004 and sold for around 145K. It was a bank foreclosure, I could now sell it for over 300K. I never bought it for an investment, I bought for a place to stay in the winter without paying 3K a month rent.
i have a relative who was on the opposite end. she didn't buy a foreclosure. the peak buyer got foreclosed on. then the second buyer got foreclosed on. she ended up getting the 2nd foreclosure price, for about 45% off the peak price. best of luck that you get the same!
Our son and his wife just bought their first house and we fear they are about to learn what a real estate bubble is. But, they have been married a year and his wife was insistent on getting a house. He liked the house they were renting a lot more (because it was close to restaurants and shopping and their new one is basically a bedroom community. We just hope they don't get burned, but we are kind of expecting it.
That happened to me! I transferred to a new area, bought a house and also helped my son buy a home in the area; so ended up with 2 houses that we over paid for with high interest rates and under water mortgages! It took several years to get out of that mess!
Homeowners insurance is a very scary reality... If you have a mortgage payment you're stuck with any increase amount they charge...😢
Yep, be afraid of high Homeowners Insurance costs that won't EVER go down. Of course, if your carrier leaves your state then....more drama!😨
taxes...................................
Trying living on the ocean. We have constant anxiety, waiting to see what our next insurance bill is going to be. Every year it seems our insurance agent calls us up and says, "I have some bad news. Your policy is going up." If it only goes up $1000 or so, we feel pretty good. If it only goes up like $500, we have a party.
Pretty sad when your insurance catches up to what you pay in property taxs
It just occurred to me insurance companies know home owners are stuck in place and they can raise rates at will. Are they colluding? 😮😮😮
If they’re not it sure seems that way.
Dinosaurs didn't go away. They evolved into birds. The Mob didn't go away. They evolved into insurance companies.
If you have a mortgage you have to have insurance if you don't they will give you one at 5 times the one you had , not your decision
As a retired federal agent, let me tell you, that a lot more companies are colluding on price fixing than you would ever guess. But, they know the stakes and they are careful as hell when they do it. But, there is also a lot more profit. It's a very hard case to prosecute. The only one we ever successfully prosecuted was a business owner who was approached to do that by four other business owners and agreed to wear a wire. We won the case but he was essentially blackballed by his industry for cooperating and went bankrupt a few years later.
@@ralphholiman7401 Thank you for your honesty , it is upsetting though because in all their unchecked thievery they brought the houses to insane prices.
Inflation depreciates idle money. I'm in a privileged position to be able to save almost 65% of our net household income, as I placed it on safer investments. The key for us was not spending beyond our means. If you invest and have other sources of income outside of dividends then you will be able to live off dividends. Got north of $200K in my portfolio as I bought a lot of dividend stocks before, I'm buying more now, and I will buy more when it drops further
It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro or you have a pro guiding you.
The main problem is that most folks don’t care about anything other than football, Basketball and Music etc. They find it normal to take credit card debt which will cost them 20percent per year but considers it risky to invest their money and make 10percent or more per month. Learning to avoid high interest debt while also learning how to put your money to work for you by investing is a very powerful combo
This year has been a whirlwind for me. I've been able to get a great new job where I'm making more money. A question, how are you able to achieve all that given that the market has being a mess most of the year?
Having a coach is key in a volatile mar-ket, My advisor is " Mrs Marisol Cordova" You can easily look her up, she has years of financial-market experience.
Thanks, could really use the recommendation, I've been losing a shit-ton lately, I looked up Mrs Marisol and I wrote her detailing my Fin-market goals
Just got a $25k new roof installed. My insurance rate had tripled last year. Called to let the insurance company know about the new roof. They said just go to the website and input the changes made to the house and the program recalculates the rate. It lowered it by $300/ year-THATS EFFING $25/MONTH!!! 😖
I’m surprised they gave you that much. I replaced my roof and my insurance went up. I went with another insurance company. It’s funny when your old agent panics and calls you and asks you why you dropped the insurance. I told her that my home and auto insurance insurance increased dramatically despite dropping a child and her car from my policy and installing a new roof.
Not too shabby
I don't know how anyone can mandate a new roof when they last 30 to 50 years.but it must be different in hurricane and tornado places.
9 months left on my lease. Im hoping the market will be 'better' by then. I dont want to rent anymore.
I feel you! My fiancé and I are still chilling on the sidelines for another year and building up capital.
I paid off my home 12 years ago. I was 43. I'm still paying rent to the government. It's called property taxes. You never own anything!
I totally feel you. I rented for 11 years and brought a house. I don’t regret it because I knew what I was getting into. I plan on staying in my home for years hopefully. But I’m not in control of what happens, I trust GOD.
It won't be, young Plasma. We're talking years, here. If you missed the last dip (2019), it is too late during this cycle.
Honestly, now is one of the best times to be renting: right when NOBODY knows what's going to happen with the housing market. Be happy you can stay flexible in an uncertain market. You'll be able to buy the house you want in 2-3 years time. Patience is key in a market where nobody wants to be patient.
As a residential real estate appraiser it blows my mind what some people are paying for absolute dumps. But if the comps (purchased by other foolish people) support it, not much I can do.
I'm on zillow all the time, as we're renting but looking to buy. It's truly mind blowing to see the prices of these homes - many from the 60s and 70s that need and will need a ton of work - who is buying an ugly house in a middle class area for 650k with an 8% rate? Who?? Mind blown.
Yup. Your appraisal is based on the comps on the day you signed the appraisal.
One of the biggest problems is most of these scenarios is most people are not going to be able to refinance their homes even if they wanted to when interest rates come down because they will not have the equity in the property to do so. The same people listening to Dave. Ramsey and barbara corkran are the same people that have no idea that you cannot just go get an a paper loan with ninety five percent owes on your home.
World probably gonna literally END before rates ever come down again lmfao
Great video! We use to have extensive regulations on insurance companies and BANKS! Now you know why! Saw a blip today about a pending bill to outlaw corporate home buying and forcing the sale of such! It was to give them 10 yrs to liquidate. I think it should be 6 mos!!
Buyer's remorse on a house is way less of a problem than a bad choice of a spouse.
Very wise.
But what if you got that house *because* of a bad spouse? 🤔 ... 🙄
@@gregorysagegreeneIsn't that every wife's Golden Parachute?!!! 😂😂
Word!
or an installed prez.
Also, it may be in your mortgage contract that you can not rent your house out for a certain time period. Because that would make you an investor and your mortgage was given to you as a home owner. Investor rates would have been much higher. But most people shred their mortgage contract documents which is really stupid so they don't even have them to read.
Happiest Hanukkah everyone ! 🕎🎺💕
Renting is a scam
Home ownership is a scam
Property tax is a scam
Yep. Especially to property tax.
Living is a scam
Yep. The whole damn system is a scam.
@@benton-bentonAnd nothing to benefit you.
Sadly the world is a scam
Thank you to our ocean host. Appreciate the backdrop and sound of waves crashing.
You don't have to refi for a 30 year amortization. When I refi'd two years ago, I had been paying for 5 years. They let me get a 25 year loan so I could stay on schedule.
That’s good you’re still on schedule…and probably better than refinancing to a 30-year again, but it does reset the amortization schedule - the first few years of any mortgage is almost all interest to the bank and no principal towards your equity.
That said, if you can pay over your monthly payment, any money over goes straight to equity and you can knock the harshest years of amortization off your schedule by doing so - especially in those first few years
The USA is corporation, it's doing very well for the owners.
Michael i find your videos pretty informative and insightful. You have a great understanding of the market.
Made that mistake during the 1980s bubble. Had to settle for a property I didn't even like. Then prices came way down and I was stuck there for 12 years.
You corked yourself on that one, young Fish.
@@DIVISIONINCISION sure did
I always laugh when people say just rent the property like it's simple like you just stick a signed in the yard. These beautiful excellent tenants come along. They give you lots of money and you don't have to do anything. Eles to do People have no idea what being a landlord means not passive. I repeat it's not passive
You would pay a property management company to rent it out, maintain it and fine the tenants if they don't maintain the property.
@@DIVISIONINCISION they take at least a 20% cut. Also its not their property so no incentive to take care of it by vetting tenants.
@@internetpointsbank That's why you vet the management company. I have already done this myself in preparation for a transfer if I need to rent out my house. It's not 20% in my area, more like 10% if that. Also, we have many management companies to choose from, so this weighs in my favor.
Great video Michael - 100% hard truth
I get buyers remorse when the milk goes bad
Too late!
Very happy with my new home..in florida
Bought in 2019, sold in july of 2023. Made 100k profit after expenses, i was planning on moving because of schools and kids, moved in back with my parents for a little. I may have made a good move if i buy another house in 2024 and prices drop
You sound like you're in a great spot. Well done! I'm in a similar place and looking to capitalize after the correction. Catch you on the flip side!
Ffs saving money by living with ur parents is not the genius financial move ur making it sound
Moving in with the parents is never a good move as an adult. Also, the next dip won't be a for a few years. I can't imagine living with my parents as an adult with kids. Never sell your house unless you have a house to move in to! What were you thinking?
Tha😂nks for destroying the value of my savings???
When rate drop next year everyone who is like you is still waiting to buy. Homes are only going up until we have a new crisis made from bad loans in 3+ years minimum
Beautiful Coastline I am Happy for you that you Enjoy it.
Love snarky but honest Michael! The ocean is beautiful. 🎄🎄🎄
Your sincerity is always welcome!
It's a very easy concept, would you pay 100k for a 50k car because you got a low interest rate? Well, that's what you did if you bought a house in the last 5 years....
Michael saying: "I told you so."
Everything you are saying is true. I admire your ability to break it down straightforwardly. My attention is always on the other sides benefit. Like going used car shopping. You know that you're getting screwed, but how?
Dave Ramsey says either pay cash or only get a 15yr mortgage that’s no more than 1/4 of your take home pay. He’d never advise refinancing if it was detrimental to the homeowners financial situation.
Yes, good advice. Only issue is that 75%+ of peeps don't live in this 1967 reality
Yeah he also has said don't buy gold. For years. It's up 11% on the year and 575% since 2000. Best advice I ever ignored.
That's why 75% of peeps are struggling. All I know is that following his "baby steps" to financial freedom got us out of the trailer park & completely out of debt until we bought a small house. Had it on a 30 yr, then refi'd to a 15 yr & paid it totally off in 14 yrs on a combined income of less than $75k gross at that time. We didn't pay that Dave Ramsey a dime, just listened for free to his radio show/podcast for inspiration & figured if all these other people who call in to the show managed to get debt free, then so could we. ✌ @@tomv7986
I sold 4 of my rentals this year to New Yorkers for cash, down here in South Florida. Good riddance high prop taxes and inflated insurance and hoa's.
We've all experienced buyers remorse for one item or another, but the worst buyers remorse is when you buy a home and realize you made a big mistake. I've seen this with my friends and then they want to sell the home but they can't sell the house because they are upside down it.
Solid, factual analysis and guidance. Great video exposing the reality behind the hype. I seriously hope younger people are watching these videos and paying close attention. Fortunately, with the ability to keep an open mind and realize the sad fact that as someone starting out with the goal of being an owner of their home, younger people can do much better by "zooming out" and consider doing so in a much more affordable area.
Most of America's real estate problems could be resolved with lower rental prices. Unfortunately, Americans are getting price gouged into buying homes they can't afford. Americans would much rather buy a primary home versus paying a landlord high rents. Stop hustling the American people. It's disgusting
I was outside my cottage here in PCola by the Bay, doing some yard work. A retired military guy and his wife drove up and said they were considering buying one that's for sale in my development. Cottages rarely are for sale here. Hot market. These are second homes or investment properties that just came up. He says he's in a beautiful condo along Scenic Hwy that he just bought a few years ago. Condo fees have gone through the roof, the hwy has become busier due to the influx of population, etc. He's out, has the cash. These are the times we're living in now.
Great personal introspective assessment--truth and remaining intellectually honest to oneself.
This is such a super important video, Michael! Just the fact that you reminded everyone of the amortization process starting over every time a person refinances is huge! Michael for congress! Yes!
I don't think Dave Ramsey tells you to 'refinance'. In fact, he is against that, and tells you to pay CASH for a property, or if you have a mortgage, to pay it off as QUICKLY as possible.
What about declaring bankruptcy? Or as some of my neighbors did in 2008, they walked out and left the keys on the table? That was in Delray Beach, Fl.
Some folks just stopped paying their mortgage. It took years(?) to get them out.
Look at the beach and sunshine. We need that up here.
Snow is awful.😮
If this is Miami Beach where in the hell are the people on the sand and surf Not one person Wow
I've lived in the only house ever purchased. Windstorm went from a few hundred to before pandemic to thousands after. Seems that pandemic started the decline of affordable living. Wonder why 🤔😵💫
Covid collapse.😮
Mayor Mike!
I'm holding on my seat to see what happens next with all these border people roaming everywhere!?%
Houses are flying off the market near me. It's all buyers moving to a lower cost area. All from NJ or NY. Probably cash buyers I would assume. One near me sold for $750k in 2 days. Another $500k in a week.
One of the top 10 channels on TH-cam thank you very much
Mike don’t forget Oklahoma, Home Insurance here is outrageous too my premium increased $500 for next year
Eye-opening! Much more involved that you might superficially suspect!
It sounds like what they're saying is if you don't like your house, go out and spend a lot more money that doesn't make any sense to me.
I love your channel .. ty for what you do.
Michael, do YOU have buyers remorse on the condo in Miami that you bought last year?
That sky looks sacred. Not much can top that
You can't put a price on that!
The market in my area of South Florida has slowed down, but 90% of the people who bought a home here in the last 3 years are still making a profit in the 6 figures if they sell, regardless of the amount of upgrades or renovations.
Your videos have become now part of our daily routine.
These news articles recommending for people to refinance if they’ve had the property for at least 6 months is ridiculous. Not only is it a huge waste of money to refinance at that frequency. But most people’s credit score takes a big hit when they purchase a home. And often it hasn’t recovered in that short of time to get the best deals for refinancing.
The best option would be to check if your loan is eligible for a recast. This usually requires an additional lump sum payment towards the principal, many are $10k minimum, then they recalculate the payment based on the remaining principal and loan term. There is a closing fee with doing a recast, but it’s usually only a couple hundred dollars instead of thousands.
I like your thinking Mike. 👍🏻 Merry Christmas!
Michael some of what you’re saying about refinancing is true and some isn’t. Yes a lot of lenders have you restart at 30 years. On a conventional loan you can restart at 8,9,10,11,12,13,14,15,16,17,18 ,19,20,21,22,23,24,25,26,27,28,29 and 30 years. Most people don’t know that. If you have good Loan To Value and Goof Credit. And rates drop. Then certain rates will have lender credits to cover all closing costs and the lower rate will have costs added. Again this is why brokers are better than banks
6:51 Beautiful!
Pretty basic. Insurance is about maximizing profit and minimizing risk. With climate forecasts there really will be nowhere in the US that is low risk in the not too distant future. I just don't see how insurance can be a viable business in 50 years.
BTW, I think getting on the Ultimate Gravy Train, AKA, our congress, definitely would have its perks, but you do have to sell your soul to the devil, so there's that Michael. First thing they do, when you get to the Hill, is have the "the talk" with you, about "the way things work", if you wanna stay on the Ultimate Gravy Train.
I feel that through the pandemic when everything became harder to obtain it was the perfect time to raise the appraised cost and value of every thing like cars, houses,etc. This way companies can try to justify raising the cost of insurance on cars and houses, now almost every town and city want to raise taxes because of the supposed value increase. In NJ we received a letter telling us our homes will be reassessed in the next 12 months.NJ is already one of the heavier taxed states.Either way cost of living is going up
Should the feds manage homeowners like they do flood insurance (through FEMA)? Or what other option is there? Cuz this is most likely only gonna get worse as the climate changes, and I don’t see ye olde free market working it out on it’s own
Better watch it, You Tube Gestapo is listening, watching, lurking.
Thanks Mitch
Instead of complaining just make it work for you. You can’t take it with you!!!
Desantis and co. Received millions in donations from the insurance companies if your wondering why nothing is happening..
I don't have buyers remorse...yet. 😂I'd rather pay $1,500 a month on a mortgage even though only a small portion of that is going towards the principle instead of paying a landlord rent.
stop paying property taxes and youll find you still rent
The ground looking %100 better than over on the shaky side of America
Here's a question. What's the name of the triangle condo building that Michael walked past on the beach? I love it. Would like to get some info on it.
Construction costs cheaper than a year ago …😂 NOT !
Screw3d from both ends. 😂😂😂😂
500K house was good when buying but not now. But nothing stay the same, everything changes.
Find someone to take over your low interest payments on a contract for deed?
Great info
Thanks, Michael! I only have remorse when I miss your post.
Beautiful ❤😊
Hey Mike, any chance you could do a quick 5 minute appraisal on the Aussie RE market - things are really starting to slow down here - but there are liars everywhere continue to spruik the hype
71 years old, in poor health, she needs to downsize to a 1 bedroom rental, first floor in a smallish place, near as much physical help (hopefully a good family or church) & and good healthcare as she can get. Or, a family member needs to step in and help physically and financially where she is.
In other words, she should settle her affairs now.
It’s sad, but she will have more peace of mind. The local community’s department of elder affairs should be able to help her, also. She needs a lot of help now!
I’ve seen it all the time in finance and banking, people in their 70’s falling apart in homes they bought for a family, and it’s overwhelming for them to make good decisions, many times they can’t, they are in denial of their own reality. If you are on SS retirement, you are elderly and need to imagine the fact that you will be falling apart, soon. If family isn’t helping you, you should not even be in a hurricane zone. I am the daughter who had to step in, get damage repaired, deal with everything, because my father was too disoriented to do anything, to include being moved.
But yet prices keep increasing in FL...and keep selling fast lol
Beautiful
I'm just spitballing here Michael, but I think there is a tsunami of distressed properties on the horizon, just guessing of course, what do I know.
Why buy what you can’t afford or ENJOY? A small home that is affordable to live in WITHIN your means while you enjoy your life….what happened to that value. OH…..maybe the REAL problem is lack of values to begin with. Too bad you can’t start small and build on it as you can. Half the fun was imagining your dreams. Sad people, stupid choices = no choice and misery. Choose wisely folks.
These videos are trippy. It’s ok to pause now and then.
No dead air !
@@markme4
Exactly
Exactly. Keeping folks stress level at an all time high.
Of course insurance companies want to make a profit. They're not running a charity.
Part of what you are paying for is peace of mind when you buy insurance. You can't put a dollar value on that.
For example, you can buy life insurance for your child, in case the child dies and you have to pay for an expensive funeral. You pay the premiums, and hope that you never have to use the coverage. The child grows up and you got no return on the insurance payments, but you didn't have to worry about being bankrupted if the child DID die.
Easy money from the past is coming home to roost.
Happy Saturday Michael, thank you for the beach view! FOMO caused buyers remorse. SMH how foolish people are.
Yeah, the FOMOs made property tax go sky high for the rest of us.
@@benton-bentonYes it did
The mess with insurance is due to climate change. All of the places experiencing huge increases are suffering from either constant fires or constant hurricanes, with potential earthquakes as frosting.
If we all drive Teslas will it fix the problem?
@@eeeeeee86678 no, because EVs aren’t really green if you track the entire supply line. IMO their true purpose is so that we are less prone to extortion from groups like OPEC since EVs can run on anything that produces electricity from coal, natural gas, nuclear, wood, to even cow manure. This is in addition to gasoline and wind and solar power.
awesome
Insurance companies should be new apples and nvideas 😂
Got a car and told I could refinance somewhere else cheaper at 6 months. Well interest rates went up and not worth it. At the time yes. Didn't take long for interest rates to go up.
Any debt when selling a house, I had to pay off when sold to buy another.
Finally, a bill in Congress to kick Big Institution Investors out of the housing market to improve affordability!!!!
( Real Estate, Dec, 8th, 2023 ).
Yeah that'll pass right after that national rent control act. 🙄
some of these early sellers may have cut their losses
headline bait
Wallet remorse
Since Florida is without a governor right now, maybe you should run for that. Special election time. 😉😜
Imagine having buyers remorse on a purchase as huge as a house. I couldnt even imagine the distress of regreting a vehicle purchase
Imagine the remorse from waiting out the market expecting a crash only to have everything go up in prices and rates.
@@Jack-pd4ps thats what happens when you have an illegitimate fraud in the WH that destroyed the american economy
@@Jack-pd4ps😅😅😅 2005 wants it comment back
@@Jack-pd4psThe house I bought in CT during the 1980s bubble is now worth about twice what I paid for it. The stocks I bought then are worth 20 to 30 times what I paid.
@@Jack-pd4ps Do you think that is about to happen now?
Thanks for the beach shot. Where the hell is everyone? Working their 2nd and 3rd jobs?