Florida home prices have officially gone negative. Last time this happened was June 2007. Over the next five years, prices proceeded to drop 49%. Will we see another massive decline in home prices in Florida this time around? Access the data for your city and ZIP code at www.reventure.app to find out.
That graph you are showing around 11:53. You questioned what happened around the year 2001? I can tell you exactly what happened. George W. Bush wanted to create what he referred to as the ownership society. He had a quote I'll never forget, "We want more people owning their own home. It is in our national interest. It is a part of creating an ownership society in America." In other words, his administration's policies were directly responsible for the great recession that came at the end of his term. I also blame Obama because he never held anyone accountable. And that eventually led to the current political trauma the country is facing.
Bro, the issue in Florida is not interest rates. It’s the fact that your insurance premium cost more than your mortgage when you buy a house you have to look at the total cost of the house the mortgage, the insurance, the property taxes everything
EXACTLY!!!!! The property insurance is killing homeowners in Florida. Atleast those whom have a mortgage, as lenders require you to maintain liability insurance (hurricane/windstorm/hazard/flood)
As a lifelong Florida resident and homeowner for 55 years - perhaps the Bigger issue is Nationwide ! And caused by Investors and Equity firms buying up established neighborhoods - inflating prices - and turning them into Rentals….. turning all y’all into a nation of renters……
That’s a HUGE part of the problem - and it only makes COL worse - wages have not rose to support the prices for rent I hope the investors lose their shirt!!!
refreshing to hear a floridian your age have an actual opinion on the issue rather than screaming florida is too crowded or dei or some bullshit. good on you for staying informed. there's not a lot of people your age who seem to understand.
@@stephen_dmg2003 - well…. I am well travelled and got my formal education while we still taught critical thinking skills as opposed to teaching to pass a test……
I’m a real estate agent working the southwest Florida market, and I would love to forward this video to my sellers because they refuse to price competitively with the surge of inventory. Homes are sitting on the market for long periods of time.
Their pricing competitively to what their neighbors on Zillow are pricing there's at. They have to go 20% lower to get a quick sale or there's will be on the market with lowball offers for a while. Take it from me I just saw 9 houses last weekend in the South Tampa area and I offered 330 for a 350K house and they wouldn't budge. Knowing they paid for it back in 2021 for 250K.
@@firstphoton655 I agree 100%. Many homes on the market are overvalued. Wow, they rejected your offer? That's ridiculous. They will probably sit for a long time, chase down the market and end up selling for less, if at all.
Who helped them think their property was worth the inflated price in the first place, and for how long? The market value fluctuations gave people the wrong idea, and it turned their homes into something to gamble with .
Central Florida condos & townhomes with an HOA of $600, $800 & even $1,200 is a huge red flag. No one should be purchasing a property with that kind of liability.
Yea, I notice the same thing with HoA fees in age 55+ communities in Sunrise, Florida. The HoA fees doubled. And not only that, a bunch of "investors" bought up the older condos at what were supposed to be affordable for the elderly and pumped the prices massively higher. A condo my grandfather bought in 1996 more than tripled in price since. Definitely not worth it.
It’s insane. 5 years ago the typical HOAs in Naples were $400 range for your average condo. Now they are $800-$1200. No way are people going to pay that long term. Inventory will keep rising and buyers will be scarce as very few people want to blow that kind of money, plus the added threat of being hit with a 6 figure special assessment. No thanks!
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.
Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
'Lisa Grace Myer is the coach that guides me, you probably might have come across her before I found her through a Newsweek report. She's quite known in her field, look-her up.
Thank you for the information. I conducted my own research on google and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call.
I am in the construction industry in sw Florida- there are dozens of new communities currently under construction- many with thousands of homes/ multi family residence… with more breaking ground regularly. That is just in the couple of counties that I work in. Add that to existing product on the market and it is clear that prices must correct (drop) sometime soon.
Ya I'm guessing we are about to see a lot of the track home developers close up shop. The suburbs will sit partially developed until the market turns back around again.
Florida is economically depressed but we love to tout growth by pointing to shoddy new construction claptrap houses packed into wetlands like sardines.
Same my mom lost her job and can't find a new one and my pay is way low compared to the industry, we lived here for decades but may be time to pack it up. And this desantan prick has done nothing to help
The effects of the downturn are beginning to sink in. People are being impacted by the long-term decline in property prices and the housing market. I recently sold my house in the Sacramento area, and I want to invest my lump-sum profit in the stock market before prices start to rise again. Is now the right moment to buy, or not?
Stocks with yields that outperform the market should be on your radar, as should shares that at least lag the market over the long term. But if you want a long-term strategy that works, I advise you to consult a broker or financial advisor.
Don't depend your market assessments and decisions on hearsay and rumors; I did it in 2020 and ended up with worthless market holdings. Before I started noticing any notable improvements in my portfolio, and I had to completely rebuild it. I've been using the same advisor ever then, and in just two years I've scaled up to $876k. Depending on where you look, a bullish or down market might both produce good profits.
Thats a good one. I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market. Could this coach that guides you help?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
House sold in 2023 next door for 600k. They built an addition and made the whole house more modern and they want 2.3 million now. Lmao it’s been sitting for sale for a while now 😂
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $375k to around $650k.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Melissa Terri Swayne is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Thank you for this tip. It was easy to find your coach on the web. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I have been watching the home prices in the Orlando area for the past three years and I have not seen any drastic price drop in this market. Prices of the homes I have been watching have risen and have never come back down.
@TheHomeDesigner123 Nick is being paid by the wall street to artificially fabricate market drop in FL, so that they can scoop up more property, that's the only explanation why he keeps hammering the FL market with his videos :)
You haven't seen a drastic price drop because there hasn't been one. To say that the prices are "plunging" is utter nonsense. Central Florida homes continue to be ridiculously overpriced.
I live in Loxahatchee Florida and drive my son to school every morning and for the past three months we see the same for sale signs. Houses are not selling at least not where I live.
@@CryptoAlex40 It depends. As an investment, yeah, that was a bad trade. If we are talking a homestead, dude, nobody wants to live in Miami anymore. It's become a total sh8thole.
@ correct that's why comment said "in Florida" somewhere average AND "to do OK" if you live in any city, you need to make over 120 to be "comfortable" and be able to plan for the future. I'm not sure how people are surviving on 40k salaries 😢😢
We bought our house in Jacksonville in 2011 for a really great price. We had to relocate to Gainesville for work. We originally priced to be middle of the road for our neighborhood and comps. Just dropped the price 6.5% after getting multiple analyses with a wide range of estimates. There was a $70k range of price estimates on a house definitely worth less than $300k. The confusion in the market is unreal.
It won’t drop that much. We’ve devalued the dollar too much for that to happen. I wish it would, but if it drops 25% and you can afford it, you should buy
Indeed, b/c u have the remote workers came from up north and were receiving the the same pay which was not adjusted for median income in fl, so they overpaid by 50 to 75 %. Now all the remote work are cancelled and now have to either return or quit - I have no sympathy for these people - next they ask for the govt to bail them out - it is always stupid people who always f… things up
For any of us that have lived here since before the boom its been pretty clear to see. Right on time too. I live in Fort Myers and travel to Davenport. Way too much inventory has been built for a boom that stopped.
I work on the majority of Pulte, Lennar, DR Horton houses in Lee, Collier, and Charlotte county and people are definitely moving into these new construction homes. It’s the spot lots that are harder to sell since the communities are more attractive.
*I'm favoured only God knows how much I praise Him,* $230k every 4weeks! | now have a big mansion and can now afford anything and also support God's work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
I started pretty low, though, $5000 thereabouts. The return came massive. Joey is in school doing well, telling me of new friends he's meeting in school. Thank you Evelyn Vera, you're a miracle.
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in US and Canada she is really amazing woman with good skills and experience.
In our over 55 community, we are seeing less buyers this season. Inventory is higher than it has been in years. Only homes that are selling are the ones that have been updated to today's finishes for kitchens and bath rooms. Also the big ticket items like roof's, windows and AC have to be relatively new. Our community is just as nice as any where else in Florida and it is well run with millions in cash reserves. With no real net migration into the state, the people that are coming are going for new builds. New builds have significant reduction in homeowners insurance cost, no maintenance and deals/incentives from builders.
HOA's need to completely go away for fully detached home. Take care of your property and leave the neighbors alone. Works well for the rest of the nation.
In 2008 the crash occurred because homeowners couldn't afford ballooning mortgage payments they were forced to sell the market adjusted. But whats happening now is investors own half the properties and don't want to take losses, its a totally different scenario.
Yeah its alot worse. The 2008 bubble overvaluation of stocks was 100%. It is now at 200% Biggest bubble in history!!! Plus inflation is higher now than ever. Educate yourself!!
@@GEN_X_lies. The price isn’t what caused the crash. Taking out a 500k ARM loan with no income verification is what caused the crash. Interest rates rose causing people’s mortgages to double or triple thus causing people to foreclose. Now NINJA loans are illegal and 90% or people have fixed rate mortgages. So yeah no crash happening anytime soon unless unemployment hits double digits.
Investors are already selling, if you look at the data, and they will sell at a loss if needed. Too many homes are sitting vacant, rents are dropping and home values are leveling off and falling. It will be a rush to the exists which has started already.
I’ve never understood the “Florida is over-valued 23%” narrative. As a long time resident home prices are up 200-300% from pre-Covid levels while local pay is the same
Wages have gone up too, just not as fast as house prices. Also, as I’m sure you know, price decline percentages don’t have to be as large as price increase percentages to offset (I.e. a price increase of 100% is completely offset by a subsequent price decrease of 50%)
Florida IS overvalued if you look at simple metrics. People are spending over 50% of their salaries on rent and mortgages. Insurance is out of control. There is a massive exodus of people heading out, and the condo crash has just started, and will play out for years to come. Also, the markets are as always, regional. South Florida is doing fine so far, but the West Coast is definitely dropping like a rock. The 900lb Gorilla in the room that no one is looking at is insurance. The rates are already insane, and will rise another 20% to 30% this year. Insurance is what will tank the market as no one will be able to afford their insurance by 2030.
Friends of ours bought in Naples in the early 2000’s and decided against insurance…they paid cash. Yes, they can afford to replace or repair the house if something happens. They just didn’t want to play the insurance game and have saved tens of thousands of dollars as a result.
@@redbaron6805taxes, insurance, huricaines, maintanance... and if the house is just an investment and no homestead extemption. Where is the profit to own for 10 years and hope for appreciation? How many homes are empty on west cost? All bills need to be paid. That is 10 k at leat loss on your investment a year plus the prices drop.
Not shocking. Hurricanes, high homeowners insurance, rising property taxes, high interest rates and if you live in an HOA, huge monthly fees and special assessments.
Corrupted investors; are elevating the prices because nobody is policing them or policing how the buyers are getting approved. Ex. where the money is coming from? Buying CASH a 3/2 for $990K in Hialeah. Who will accumulate the amount of money in cash? bye, now I have to do LAUNDRY!!!
In 2001, everybody and their mother started flipping houses and trying to become real estate tycoons. I think that a big part of why prices started popping then.
Bought my first home in North Palm Beach in 2011 for $205K. It’s now going for $650K+! When the market corrects like it did in 2008, home values will drop -60%.
The market didn’t correct in 2008, it crashed due to irresponsible practices on Wall Street. This is a different situation. We are in a small bubble due to pandemic era shortages, a natural surge in demand coupled with a natural decrease in supply, driving up prices. We may see a slight correction in the market but the construction industry for new home builds has only just begun to rebound from the 2008 recession, so the housing shortage is more long term than it has ever been previously… which will create a continue pressure in the market from demand. The biggest problem is peoples’ inability to sacrifice small luxury expenditures in favor of saving for a home. Everyone wants to look rich and carry credit card debt to do it. Not a good way to get a mortgage.
@ it did correct in 2008 by putting the prices where they truly belong. Wrong again! We are in the largest bubble in the history of Wall St at 200% current overvaluation of stocks. In 2008 we were at around 120% overvaluation. I laugh because people were saying the same tired old thing in 2007. “Oh its never going to crash” pleeeeeeease you can’t lead blind people meanwhile i’ll buy another house after this huge crash while you’ll be scratching your head 😂😂😂
All these issues stem from an economy grappling with uncertainties, including housing problems,foreclosures, global fluctuations, and the aftermath of the pandemic, leading to instability. Rising inflation, sluggish growth, and trade disruptions demand urgent attention from all sectors to restore stability and stimulate growth.
In retirement, safeguarding your wealth against inflation is essential. Consider options like TIPS (Treasury Inflation-Protected Securities), commodities, or foreign currencies to hedge against a weakening dollar. Diversifying your portfolio with global real estate, international bonds, or high-quality foreign stocks can provide additional protection and growth opportunities in an inflationary environment.
Given my demanding job, I don’t have the time to thoroughly analyze investment opportunities. For the past seven years, I’ve relied on a fiduciary to manage my portfolio, ensuring it adjusts to market trends and supports informed, effective decisions. You might find this approach beneficial too.
I consistently recommend Jennafer Beaver Turner as my top choice. She is well-known for her expertise in financial markets and has an impressive track record. I highly endorse her services.
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon
10 วันที่ผ่านมา +5
I’m from Manhattan, I bought in Sarasota Florida 2018, I moved here 2019. Now Sarasota is super expensive. The common charge the assessments the taxes everything super expensive expensive in Sarasota, Florida.
There is an almost endless supply of folks from colder locales that are ready to move to FL, but they don't want to pay both the high prices & high insurance costs.
I'm grateful to have sold my 4br 2-1/2 ba pool home in Tampa last year. Purchased it in 1997 for 109k, and sold it in July of 2024 for 537k. We immediately said goodbye to FL and moved to northeast TN.
The HOA's as many have mentioned - are MIND NUMBING! I want to move to Florida so bad and want a condo on the beach SO BAD - but the HOA's are way way WAY too high! A lot say it is due to that condo that collapsed and so all these new rules / upgrades must be made - insurance costs etc .... but man of man ... shelling out half a million (at least and if not more) - and then a $1000 + per month for HOA fees?! UGH! :(
Honestly, Florida is highly overrated. A lot of people move to Florida thinking that it's all that and a pocket full of sunshine, etc., but it is a very troubled state. I would be very cautious about moving here. Do your research first. Don't jump on the proverbial short bus to Florida without actually taking into account the climate, the terrain, the culture (or lack thereof), the politics, and especially the local economy. You don't want to be like a lot of people who come down to Florida thinking it will be paradise and find themselves trapped in a hell that they cannot escape from. Florida will bleed you dry financially. Also, the wages are horrendously low. Just a warning.
I think it's all about location. There are lots of small towns in N Florida that are staying small and not attracting a lot of new buyers. Price in those towns is less a problem. South and Central FL have had huge growth and many homes have near doubled in price the last 5 - 10 years. That doesn't even include insurance. My home insurance is very high for my homes value. My auto insurance is also very high and mostly due to liability which I can't do much about.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
Don't forget about the absurd cost of homeowners insurance here in FL. I just received my renewal notice, $5,460. When I bought the home in 2014, it was $1300. Flood ins is another $2k. And I'm a mile from the beach..
@@Gman2002 that is crazy. Florida has low wages, expensive food. Average fuel cost. Not so great to be if you need to work and commute. High property taxes, insanely high. Florida is a very over rated place. May be good for retired people that have a solid stable income and downsize to a mobile home or a condo. But overall sucks. Under Desantis went underwater, an imposible to live place
@@crinabobo7412 In South Florida, older mobile home communities have started to be displaced over the past few years, with the land being redeveloped into high-rise condos and luxury apartments. Each year, I’m grateful that I didn’t overextend myself when buying a house, as I have enough reserves to manage the rising property taxes and insurance costs. However, selling a condo has become quite challenging for many people I know. Currently, there is little interest in purchasing condos due to ongoing issues in the South Florida market.
@@crinabobo7412; DeSantis is not the problem…he made this state livable when the world was in chaos over covid. I thank God every day that DeSantis is our governor. Sounds like you need to find a another state you like better & want to move to if you can afford it. 👍🏻
We are one of the ones leaving. I'm watching and listening to your video and packing boxes as the moving truck gets here tomorrow and we close on Friday. Kissimmee has turned into absolute hell since 2020. My son's school is 4 miles away but it was taking 35 mins some days to go just one direction! All of NY and NJ has moved in here and now we are getting the immigrants as well. Getting a job only speaking English is gone, no one will hire you. When my wife's medical company was bought out and they cut her pay 50% we said it was our chance to run. We head to Paducah, Kentucky and there is literally zero traffic there and the job pays her more than anywhere in Florida! She has been working there the last month while I stayed to close up the home and she is in heaven with how nice it is up there and how friendly the local small town people are. We close on Monday on a 7k sq ft mansion we paid just 815k for!!! We sold our 3600 sq ft home here for 650k. Car insurance is 1/5 the price up there with the same company and policy. Home insurance is around 6k for that mansion as well. No more HOA to deal with either. All of NY can enjoy Florida, the true Floridians are leaving on mass for Tennessee and the Carolinas.
Wise move all around, i can't blame you guys with the traffic, thats my worst thing in ca,just wish we could downsize and keep our 1600.00 a year property tax,2100sf is to much for 2 people to rattle around in.
My comment was deleted saying you will be creating what you are leaving. Tennessee is becoming unaffordable now. The traffic is so congested, housing and property taxes keep rising because of the in vasion
The advent of ridiculous insurance prices is a big problem in FL. My house went from 1000 a year 10 yrs ago to 7000 a year today. Sold my house and bought another house away from the coast and i'm back to paying 600 a year now. I also used my equity to by a small condo cash so it's paid off.
Recently vacationed in Weston , FL . I felt like there is no issue with market there . Prices are very high . In fact I felt like I am in a different world . Great place !
As a mortgage broker covering Florida, it feels eerily similar to 2008-but this time, it's not mortgage payments skyrocketing, it's homeowners insurance premiums. One client in Miami had their premium jump from $3,500 in 2022 to $11,000 in 2023, and that’s with the state-backed Citizens Insurance, which is supposed to offer the lowest rates. The increase is staggering, and it’s becoming a real burden for homeowners. Across the state, premiums have surged an average of 30-40% over the last year, with some areas seeing even higher hikes due to increased risk from storms and insurers pulling out of the market. It’s a brutal situation, and many homeowners are finding it harder to keep up with rising insurance costs, which are often outpacing wage growth and home value appreciation.
Gr8 video. I have been looking at the market over the past year and have noticed sellers not lowering their prices and keep the homes out there for a year before taking them off the market.
Port Saint Lucie continues to build single family homes and condo's at an astounding rate. Unfortunately, the roads and public services haven't kept up with the growth rate. The county commissioners were signing off on new subdivisions with no thought of roads and community and public services that would be needed. Last year, people were buying houses that were still under construction. Every empty lot has a house on it now. Prices for a 1500 SFT basic home 3/2/2 are starting in the low $400.000. At least two or more subdivisions with 2500 homes or more have bèen approved, and construction is starting on them. I'm not sure where people are finding jobs. Port Saint Lucie is not the town we moved to 15 years ago. It had a small town feel to it then. Now, with the thousands of new homes, it has changed. The quiet neighborhood is gone, and crime has exploded. I would love to move back to the small towns of Virgina, but it isn't possible for me.
Ive bought 3 homes since 2001 here in Florida and still own two. I can attest that it is a volatile market not for the weak of heart. Dont overleverage yourself. Focus on paying down or off your mortgages. Only buy what you can afford.
When I bought my home my Father (RIP) told me that my mortgage should be around the amount of money I made in 1 week & to have 3 months payments set aside in case work ever slowed down. It was sound Advise that he gave me & I never missed a payment
This is true. I've been patiently watching the market for years and even the 2021/2022 buying frenzy showed massively better deals that what is currently listed, even when you factor the likelihood of buyers paying over asking price. All the housing crash alarmists have literally nothing to demonstrate a crash in light of this fact.
People are SICK of the prices! My best friend has been living with me 3 years when he intended to only need about 6 months to get things in order to buy a house because the prices went nuts. I'm lucky I bought in 2019
I live in my home and have for 20 years. The fluctuating prices don’t really affect me much. It seems to be driven by institutional investors who have driven the prices out of reach for young people. It would be better if the prices stabilized at a point where owner occupancy became the norm for young families rather than the exception.
I bought a 2bed 2 1/2 bath 1500sqft for $251,000. 10% down $1900 monthly payment at 6.8%. The market has slow down but there are still plenty of buyers.
House prices here in citrus county are not dropping in fact they're rising 😩,what gets me is old,dated houses are listing as much as new constructions lol 🤭 now that's hilarious 😁 (obviously people will go with the new construction,better deals )
Thank you for your detailed analysis. Your channel provides so much value to buyers and sellers. I have a family member that is currently shopping for houses in Northern Delaware/SE Pennsylvania. Could you do a video or give your thoughts on the housing market in the mid Atlantic/ tri-state area? Kind Regards, -Jon
Can you do this look from a county perspective? I would love to see Broward County (specifically Weston and Parkland). Moving to this area from Midwest and locals (yes, especially realtors) are very bullish on real estate values. Homes listed at $1.2m sold for $500k 4 years ago and perspective here is they will continue to rise.
I’m in Davie, about 15 minutes east of Weston. The homes in my neighborhood have definitely been sitting longer than they used to and prices are softening. But I don’t foresee them crashing, at least in Broward and Miami Dade counties. Further north and west coast are much more volatile markets.
I live in Coral Springs close to Parkland. Both Parkland and Weston are affluent areas. Try not to overpay, but home values have increased but double the price from 4 years ago seems excessive regardless of what upgrades were made.
My mom literally dropped a purchase of a 2-bedroom townhome in North Broward bc of special assessment. Her monthly payment would be 4k!!!! For a 2 bedroom townhome!!! These homeowners have completely lost the plot and special assessment does not help
Southeast is still crazy. Broward and Palm Beach still high and selling (although slower but still selling at 85% - 95%). There will always be people that want warm weather and water/beaches. There's a lot of money out there people and others are just willing to stretch beyond their means.
I bought in December 2019 and sold in July 2023. New townhome in Riverview. After closing costs netted about 100K. Glad I did. Looking to buy again but prices need to come down a lot more.
Hey Nick, I was in downtown Nashville last June and saw you walking with a friend with carryout. I wish I could have pulled over to speak. Big fan of what you do.
One of the biggest issues is the same issue that hurt Florida but was offset by low cost of living. Wages are garbage. Now that companies are returning to work, people can't move there. That isn't the same kind of real estate trend as 2007. The other issue is, as opposed to prior years, the insurance has raised the TCO for a homeowner expotentially, offsetting the investment of buying a home. If you are giving as much in insurance, property tax, and maybe HOA's as your mortgage, it makes NO sense to buy there. Especially if you are in your earning years. What pay 350k for a 1200sq ft home? Try getting a local job to support that. Many of these homes for sale are owned by equity firms. They can hold until they get what they want or they just rent it. The only way to counter this is fix all the roofing scams and solve the insurance crisis. You need buyer competition for these "home owners" who are holding up these over inflated prices.
Where in Sarasota, FL , are prices dropping ? I’m shopping there and I’ve seen one home that was $1.7M increase to $3.1M. Thank you ! Single Family Homes Only, all cash purchase.
We live in Cape Coral, just outside Ft Myers. New developments are all over. Our small street has had 5 new houses built in the past year. Apartment buildings are springing up in groups of 10 plus. I don’t understand how housing is going down in value.
You are not even mentioning the elephant in the room....INSURANCE RATES . They are going straight up. The are becoming mortgages. This trend cannot be sustained. The insurance rates will be the "sub prime " catalyst of this next crash.
Something no one mentions…………aging homeowners!!!! In my Golf gated community the only people selling are those who bought 20 years ago in their mid age 60’s. Now they are in their 80’s, and ready to move back north for family to assist them for the few years they have left. Since they bought so low years ago…their kids don’t care the price, the just want the cash quick.
Beachside apartments have now dropped to an average 599K from 799K from peak high average. But it’s still 30% over because in Florida, and especially my area, apartments aren’t as desirable. So this is a super solid indicator of where it’s headed. Don’t buy the market manipulation hype that happens in some Florida small towns.
Florida home prices need to drop 50%-70% Median home prices historically should be 1.5x to 2.0x the median (annual) income for the area. Anything above that is some sort of bubble or other artificial distortion.
@@timothysullysullivan2571 In Sydney where I live the house price to income is about 9.5x.. and that is for two people working. we are probably going to crash big time.
You do understand that many people that move to Florida are already retired and cashed out. Also, many financial services companies moved to Florida during Covid and they are paying top wages for professionals.
Thanks for telling the truth, as you say, finding a good real estate agent (one that will advise you to wait) - needle in a stack of needles. Let's hope that the Florida real estate market improves in 2026 or 2027. If I were ever interested in purchasing a property in Florida in the future, I would reach out to you. Because you had the integrity to give us the facts!
we need a 60% drop in Miami DADE county; a lot of corruption going on here, from the realtors all the way to the appraisal, underwriter, etc etc etc that is why we are all suffering these nonsense prices . The problem is that nobody is policing these home-sell transactions.
Supply and demand. Miami dade will not have more than a 10% correction unless everybody goes back to ARM and NINJA loans(which won’t happen). Too much demand to live in Miami.
Anti-regulation is part of the Republican machine and propaganda. They love to say the communists are coming while they let the oligarchs come and buy everything, including those same politicians. by the way, the same oligarchs have no loyalty to the United States and OPERATE IN COMMUNIST COUNTRIES, for example, Tesla, Apple, etc...
Bought my first home in North Palm Beach in 2011 for $205K. It’s now going for $650K+! When the market corrects like it did in 2008, home values will drop -60%.
My realtor told me the same thing...the demand is high and buying season is now before prices goes up.. but i did my own research and i believe i need to wait . Looking in Riverview area. Your absolutely right about the buyers trying to get as much as possible
Why sell? I’m happy in the inland Florida area where I live and I’m not dead yet. I need to have a place to stay. I’m not affected by hurricanes 🌀 except for my insurance premiums. My house is my home, not an investment. My house is paid for and since I always lived below my means I’ll never worry about money. If I knew for a fact the value of my house would drop from the 600K the county tax assessor thinks it’s worth to 300K next year I wouldn’t move. Actually, I wish the values would drop 100% tomorrow so younger folks could afford to purchase homes.
Florida home prices have officially gone negative.
Last time this happened was June 2007.
Over the next five years, prices proceeded to drop 49%.
Will we see another massive decline in home prices in Florida this time around? Access the data for your city and ZIP code at www.reventure.app to find out.
It will happen again
The only fix is crashing home prices so working people can afford to live there.
No worries....
No crash coming.
The new DT tax cuts will help pump prices higher for a few more years.
@@henrythegreatamerican8136 lol you are blind death and dumb?
That graph you are showing around 11:53.
You questioned what happened around the year 2001? I can tell you exactly what happened.
George W. Bush wanted to create what he referred to as the ownership society.
He had a quote I'll never forget, "We want more people owning their own home. It is in our national interest. It is a part of creating an ownership society in America."
In other words, his administration's policies were directly responsible for the great recession that came at the end of his term.
I also blame Obama because he never held anyone accountable. And that eventually led to the current political trauma the country is facing.
Bro, the issue in Florida is not interest rates. It’s the fact that your insurance premium cost more than your mortgage when you buy a house you have to look at the total cost of the house the mortgage, the insurance, the property taxes everything
Ty - So many folks miss this point.
FACTS 👌🏼
I think he's brought up the property tax, home owner's insurance, etc multiple times in the past.
Also the new administration wants to dismantle FEMA. So that means if each state will be responsible, taxes will most likely double or triple
EXACTLY!!!!! The property insurance is killing homeowners in Florida. Atleast those whom have a mortgage, as lenders require you to maintain liability insurance (hurricane/windstorm/hazard/flood)
It used to be totally affordable. Now it is ridiculous.
California 2.0
Asking a realtor if it's a good time to buy a home is like asking an alcoholic if it's a good time to have a drink.
LOL. Right?
Hey let all the yankees go back home so we can get back to normal prices
Why not trust a realtor? A realtor only cares about making their clients happy. Realtors dont care about a huge commission check.
@@davidedwards7594 riiiiiight 😉
You mean a drunk. An alcoholic doesn’t drink, a drunk will drink everything. Get better
South FL…California prices, Mississippi wages.
This!
for unskilled labor, always
Exactly. Already nose diving in Fort Myers Cape Coral Lee County. Just the beginning
CA home prices are increasing...
As a lifelong Florida resident and homeowner for 55 years - perhaps the Bigger issue is Nationwide ! And caused by Investors and Equity firms buying up established neighborhoods - inflating prices - and turning them into Rentals….. turning all y’all into a nation of renters……
That’s a HUGE part of the problem - and it only makes COL worse - wages have not rose to support the prices for rent
I hope the investors lose their shirt!!!
@ - Hear Hear ! Me too 👍
refreshing to hear a floridian your age have an actual opinion on the issue rather than screaming florida is too crowded or dei or some bullshit. good on you for staying informed. there's not a lot of people your age who seem to understand.
@@stephen_dmg2003 - well…. I am well travelled and got my formal education while we still taught critical thinking skills as opposed to teaching to pass a test……
I’m a real estate agent working the southwest Florida market, and I would love to forward this video to my sellers because they refuse to price competitively with the surge of inventory. Homes are sitting on the market for long periods of time.
Their pricing competitively to what their neighbors on Zillow are pricing there's at. They have to go 20% lower to get a quick sale or there's will be on the market with lowball offers for a while. Take it from me I just saw 9 houses last weekend in the South Tampa area and I offered 330 for a 350K house and they wouldn't budge. Knowing they paid for it back in 2021 for 250K.
@@firstphoton655 I agree 100%. Many homes on the market are overvalued. Wow, they rejected your offer? That's ridiculous. They will probably sit for a long time, chase down the market and end up selling for less, if at all.
Who helped them think their property was worth the inflated price in the first place, and for how long? The market value fluctuations gave people the wrong idea, and it turned their homes into something to gamble with .
Been a broker here since 1989......its gonna get way worse before it gets any better...like in 5 years.
@@maxbusinessprofitssergiode5747 I believe it
Central Florida condos & townhomes with an HOA of $600, $800 & even $1,200 is a huge red flag.
No one should be purchasing a property with that kind of liability.
Agreed. People are unloading. Bradenton area.
Yea, I notice the same thing with HoA fees in age 55+ communities in Sunrise, Florida. The HoA fees doubled. And not only that, a bunch of "investors" bought up the older condos at what were supposed to be affordable for the elderly and pumped the prices massively higher. A condo my grandfather bought in 1996 more than tripled in price since. Definitely not worth it.
Like you renting your own property, but psying someone else 😂, f that shit
It’s insane. 5 years ago the typical HOAs in Naples were $400 range for your average condo. Now they are $800-$1200. No way are people going to pay that long term. Inventory will keep rising and buyers will be scarce as very few people want to blow that kind of money, plus the added threat of being hit with a 6 figure special assessment. No thanks!
Yeah exactly, this is why I am not buying as well. Too too expensive.
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.
Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
'Lisa Grace Myer is the coach that guides me, you probably might have come across her before I found her through a Newsweek report. She's quite known in her field, look-her up.
Thank you for the information. I conducted my own research on google and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call.
I am in the construction industry in sw Florida- there are dozens of new communities currently under construction- many with thousands of homes/ multi family residence… with more breaking ground regularly. That is just in the couple of counties that I work in. Add that to existing product on the market and it is clear that prices must correct (drop) sometime soon.
I'm 35 miles north of Tampa and this area has a crazy amount of building. It sucks !!
@ great for business, not so great for traffic
Ya I'm guessing we are about to see a lot of the track home developers close up shop. The suburbs will sit partially developed until the market turns back around again.
Job market in FL is hilariously bad and pay is a decade behind. All my friends from school have moved out of state and I'm the only one left
Florida is economically depressed but we love to tout growth by pointing to shoddy new construction claptrap houses packed into wetlands like sardines.
Right to work state.
@@matthewswingle391 Particleboard is awesome after a flood.
Same my mom lost her job and can't find a new one and my pay is way low compared to the industry, we lived here for decades but may be time to pack it up. And this desantan prick has done nothing to help
I moved to Tampa for my current Job if you are in a trade industry you are golden here
The effects of the downturn are beginning to sink in. People are being impacted by the long-term decline in property prices and the housing market. I recently sold my house in the Sacramento area, and I want to invest my lump-sum profit in the stock market before prices start to rise again. Is now the right moment to buy, or not?
Stocks with yields that outperform the market should be on your radar, as should shares that at least lag the market over the long term. But if you want a long-term strategy that works, I advise you to consult a broker or financial advisor.
Don't depend your market assessments and decisions on hearsay and rumors; I did it in 2020 and ended up with worthless market holdings. Before I started noticing any notable improvements in my portfolio, and I had to completely rebuild it. I've been using the same advisor ever then, and in just two years I've scaled up to $876k. Depending on where you look, a bullish or down market might both produce good profits.
Thats a good one. I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market. Could this coach that guides you help?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
I am in Fort Myers and I bought my home 🏠 in 2022. Paid 360,000. My neighbors house across the street. Same as mine just sold for $110,000.
Holy crap ! that's crazy.
That’s what was happening across the country during GFC… a lot of people walked away from upside down homes
Your screwed…
Was their house condemned?? There is no way that a good house would be that cheap in today's market, even with the downturn...
You bought at the very peak.
The best "real" analysis about Florida real estate that I've seen!
I agree!
Had a house sell in my town for $700K, one month later they put it up for sale for 1.4 million. WTF, the greed never stops.
Yeah it's a sickness
House sold in 2023 next door for 600k. They built an addition and made the whole house more modern and they want 2.3 million now. Lmao it’s been sitting for sale for a while now 😂
Price was cut 140k
😂😂😂@@kolmichelson
Florida is for retirees with money.
Not anymore
They only live so long
@@billnunez4887 yep, still is. if you have the cash and want the warm weather, you are buying. everyone else, not so much.
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $375k to around $650k.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Melissa Terri Swayne is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Thank you for this tip. It was easy to find your coach on the web. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I have been watching the home prices in the Orlando area for the past three years and I have not seen any drastic price drop in this market. Prices of the homes I have been watching have risen and have never come back down.
@TheHomeDesigner123 Nick is being paid by the wall street to artificially fabricate market drop in FL, so that they can scoop up more property, that's the only explanation why he keeps hammering the FL market with his videos :)
You haven't seen a drastic price drop because there hasn't been one. To say that the prices are "plunging" is utter nonsense. Central Florida homes continue to be ridiculously overpriced.
I'm watching homes drop 100K in price here in Tampa a lot. Coming to a city near you soon enough
This clown is lying. I can tell you I’m seeing bids on houses again this month.
I've been watching for 6 years and you are right. I'll buy when reality sinks in.😊
I just turned 40 and moved out 4 months ago. Only rich retirees can afford to live comfortably in Florida. It’s the sad true.
Not if you bought in 2011 like i did for 60% less than home prices are now.
@@Gman2002 To full enjoy living in Florida, it has nothing to do with "living in a gated community" and "driving a nice car" LOL what a toolbag
@ Simp TOURIST. I lived in Palm Beach for decades. Run along back to the Tourist hotels.
@@Gman2002 Tourist! I lived in Palm Beach for decades! Go back to your tourist hotels simp
@@Gman2002 Tourist! I lived in Palm Beach for decades. Go back to the tourist areas of Florida Simp
I live in Loxahatchee Florida and drive my son to school every morning and for the past three months we see the same for sale signs. Houses are not selling at least not where I live.
I'm a Florida resident, renting waiting for the market to cool down and I'm honestly waiting for the 50% price crash to buy a house.
@@RSanchez111sounds like you’re a renter for life 😂
Same here.
Same.
I'm also waiting!!!!
dónde vas a comprar ?? yo si Dios permite kiero comprar otra vez en plant city 33563
I bought my property in miami fpr 245k in 2016
I sold in 2023 for $550k and bought cash in cape coral for 364k
🍪
That's a pretty bad trade, Miami is a way better market.
Cape Coral one of the worst places to buy a home
@@CryptoAlex40 It depends. As an investment, yeah, that was a bad trade. If we are talking a homestead, dude, nobody wants to live in Miami anymore. It's become a total sh8thole.
@@joaquindelrio6317 i paid cash guys
I got out of south Florida right on time. In north florida now. Homeowners insurance is 670 a year.
No body can afford Florida . You have to 90 grand a year to live comfortably in Florida.
yup, that's what it takes to do OK
90k is not that much money lol
@ correct that's why comment said "in Florida" somewhere average AND "to do OK" if you live in any city, you need to make over 120 to be "comfortable" and be able to plan for the future. I'm not sure how people are surviving on 40k salaries 😢😢
@@noahswarz4914. Roommates.
I make 50k a year no kids and live GOOD
Coupled with the Fact that the houses now being built are mostly Badly built with low quality materials…..
We bought our house in Jacksonville in 2011 for a really great price. We had to relocate to Gainesville for work. We originally priced to be middle of the road for our neighborhood and comps. Just dropped the price 6.5% after getting multiple analyses with a wide range of estimates. There was a $70k range of price estimates on a house definitely worth less than $300k. The confusion in the market is unreal.
50% price drop is what needs to happen
in NY and PA, not FL, as it already dropped...
@@onionpeeler2023 No, prices are all over the map and most way too high.
It won’t drop that much. We’ve devalued the dollar too much for that to happen. I wish it would, but if it drops 25% and you can afford it, you should buy
Indeed, b/c u have the remote workers came from up north and were receiving the the same pay which was not adjusted for median income in fl, so they overpaid by 50 to 75 %. Now all the remote work are cancelled and now have to either return or quit - I have no sympathy for these people - next they ask for the govt to bail them out - it is always stupid people who always f… things up
Don’t worry. That will happen the minute you buy your house.😊
For any of us that have lived here since before the boom its been pretty clear to see. Right on time too. I live in Fort Myers and travel to Davenport. Way too much inventory has been built for a boom that stopped.
in downtown Miami the amount of building finishing construction is wild.. and I believe the boom is over. they will have a lot of vacancy I suspect..
I live in Cape Coral, and this is out of control.
punta gorda is insane too.
In Lee County, new construction is rampant to accommodate all those not moving here.
I work on the majority of Pulte, Lennar, DR Horton houses in Lee, Collier, and Charlotte county and people are definitely moving into these new construction homes. It’s the spot lots that are harder to sell since the communities are more attractive.
*I'm favoured only God knows how much I praise Him,* $230k every 4weeks! | now have a big mansion and can now afford anything and also support God's work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Wow that's huge, how do you make that much monthly?.. I have been looking for ways to be successful, please how??
It's Ms. Evelyn Vera doing, she's changed my life.
I started pretty low, though, $5000 thereabouts. The return came massive. Joey is in school doing well, telling me of new friends he's meeting in school. Thank you Evelyn Vera, you're a miracle.
Wow...I know her too she is a licensed broker and a FINRA agent she is popular in
US and Canada she is really amazing woman with good skills and experience.
In our over 55 community, we are seeing less buyers this season. Inventory is higher than it has been in years. Only homes that are selling are the ones that have been updated to today's finishes for kitchens and bath rooms. Also the big ticket items like roof's, windows and AC have to be relatively new. Our community is just as nice as any where else in Florida and it is well run with millions in cash reserves.
With no real net migration into the state, the people that are coming are going for new builds. New builds have significant reduction in homeowners insurance cost, no maintenance and deals/incentives from builders.
HOA's need to completely go away for fully detached home. Take care of your property and leave the neighbors alone. Works well for the rest of the nation.
This guy does an amazing job, very grateful for insight backed by great data.
In 2008 the crash occurred because homeowners couldn't afford ballooning mortgage payments they were forced to sell the market adjusted. But whats happening now is investors own half the properties and don't want to take losses, its a totally different scenario.
Yeah its alot worse. The 2008 bubble overvaluation of stocks was 100%. It is now at 200% Biggest bubble in history!!! Plus inflation is higher now than ever. Educate yourself!!
@@GEN_X_lies. The price isn’t what caused the crash. Taking out a 500k ARM loan with no income verification is what caused the crash. Interest rates rose causing people’s mortgages to double or triple thus causing people to foreclose. Now NINJA loans are illegal and 90% or people have fixed rate mortgages. So yeah no crash happening anytime soon unless unemployment hits double digits.
Investors are already selling, if you look at the data, and they will sell at a loss if needed. Too many homes are sitting vacant, rents are dropping and home values are leveling off and falling. It will be a rush to the exists which has started already.
Buyers overpaid big time and are losing. At least in Florida
@ what dictates that they overpaid?
I’ve never understood the “Florida is over-valued 23%” narrative. As a long time resident home prices are up 200-300% from pre-Covid levels while local pay is the same
Wages have gone up too, just not as fast as house prices. Also, as I’m sure you know, price decline percentages don’t have to be as large as price increase percentages to offset (I.e. a price increase of 100% is completely offset by a subsequent price decrease of 50%)
@@SignalCorps1 I think you're smarter than me.
Florida IS overvalued if you look at simple metrics. People are spending over 50% of their salaries on rent and mortgages. Insurance is out of control. There is a massive exodus of people heading out, and the condo crash has just started, and will play out for years to come.
Also, the markets are as always, regional. South Florida is doing fine so far, but the West Coast is definitely dropping like a rock.
The 900lb Gorilla in the room that no one is looking at is insurance. The rates are already insane, and will rise another 20% to 30% this year.
Insurance is what will tank the market as no one will be able to afford their insurance by 2030.
Friends of ours bought in Naples in the early 2000’s and decided against insurance…they paid cash. Yes, they can afford to replace or repair the house if something happens. They just didn’t want to play the insurance game and have saved tens of thousands of dollars as a result.
@@redbaron6805taxes, insurance, huricaines, maintanance... and if the house is just an investment and no homestead extemption. Where is the profit to own for 10 years and hope for appreciation?
How many homes are empty on west cost? All bills need to be paid. That is 10 k at leat loss on your investment a year plus the prices drop.
Not shocking. Hurricanes, high homeowners insurance, rising property taxes, high interest rates and if you live in an HOA, huge monthly fees and special assessments.
Fort Lauderdale and Miami home prices are still increasing
To much city for me.
I’m thinking international buyers here…wealthy south americans protecting their cash with a “stable US asset purchase”
For now
Corrupted investors; are elevating the prices because nobody is policing them or policing how the buyers are getting approved. Ex. where the money is coming from? Buying CASH a 3/2 for $990K in Hialeah. Who will accumulate the amount of money in cash? bye, now I have to do LAUNDRY!!!
Not West Palm Beach. Homes aren’t selling in my community.
They haven't dropped much. They've gone from $450K to $400K that's about it. 10-15%
My townhouse has gone from 275 to 255 OH NOO THE HORRORRRR
@@rdee7406 hahahah its only a 1 % ish drop..... it will keep coming down just takes time
or when greedy sellers will get a clue after day 150
We haven't even gotten started yet.
Your townhouse is going to be worth 190k by the end of the year. This is just the beginning. Let’s talk January 2026.
@ pfftttt yeah ok buddy 😂
In 2001, everybody and their mother started flipping houses and trying to become real estate tycoons. I think that a big part of why prices started popping then.
Bought my first home in North Palm Beach in 2011 for $205K. It’s now going for $650K+! When the market corrects like it did in 2008, home values will drop -60%.
The market didn’t correct in 2008, it crashed due to irresponsible practices on Wall Street. This is a different situation. We are in a small bubble due to pandemic era shortages, a natural surge in demand coupled with a natural decrease in supply, driving up prices. We may see a slight correction in the market but the construction industry for new home builds has only just begun to rebound from the 2008 recession, so the housing shortage is more long term than it has ever been previously… which will create a continue pressure in the market from demand.
The biggest problem is peoples’ inability to sacrifice small luxury expenditures in favor of saving for a home. Everyone wants to look rich and carry credit card debt to do it. Not a good way to get a mortgage.
@ it did correct in 2008 by putting the prices where they truly belong. Wrong again! We are in the largest bubble in the history of Wall St at 200% current overvaluation of stocks. In 2008 we were at around 120% overvaluation. I laugh because people were saying the same tired old thing in 2007. “Oh its never going to crash” pleeeeeeease you can’t lead blind people meanwhile i’ll buy another house after this huge crash while you’ll be scratching your head 😂😂😂
@@GEN_X_ I’m on my 4th house since then so I’m sure I’ll be just fine
@@missyyy- not sure about that clearly because you have zero clue of what you’re speaking about 😂
@@GEN_X_ I have no reason to lie friend, despite your inability to demonstrate your superiority except thru name calling
Just wait 'til prices start dropping because nobody wants to buy uninsured houses.
every home is uninsured until you put insurance on it. You don't transfer the insurance policy with the title.
He means “uninsurable”
I think you mean "uninsurable".
One hurricane away from disaster
How much is home insurance in Florida west cost?
“Florida is a market that does well when interest are down and bad when they are up” - Sherlock Holmes.
Snidiness is not necessary.
Many times the obvious is stated. Not that upsetting that it warrants name-calling.
I would find it interesting if you discussed rental pricing the same way you discuss home prices.
All these issues stem from an economy grappling with uncertainties, including housing problems,foreclosures, global fluctuations, and the aftermath of the pandemic, leading to instability. Rising inflation, sluggish growth, and trade disruptions demand urgent attention from all sectors to restore stability and stimulate growth.
In retirement, safeguarding your wealth against inflation is essential. Consider options like TIPS (Treasury Inflation-Protected Securities), commodities, or foreign currencies to hedge against a weakening dollar. Diversifying your portfolio with global real estate, international bonds, or high-quality foreign stocks can provide additional protection and growth opportunities in an inflationary environment.
Given my demanding job, I don’t have the time to thoroughly analyze investment opportunities. For the past seven years, I’ve relied on a fiduciary to manage my portfolio, ensuring it adjusts to market trends and supports informed, effective decisions. You might find this approach beneficial too.
This sounds promising! Do you have any professionals or advisors you could recommend? I really need help with proper portfolio allocation.
I consistently recommend Jennafer Beaver Turner as my top choice. She is well-known for her expertise in financial markets and has an impressive track record.
I highly endorse her services.
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon
I’m from Manhattan, I bought in Sarasota Florida 2018, I moved here 2019. Now Sarasota is super expensive. The common charge the assessments the taxes everything super expensive expensive in Sarasota, Florida.
Sales have come to a hault down here in Martin County. RE agents are all going to property management.
There is an almost endless supply of folks from colder locales that are ready to move to FL, but they don't want to pay both the high prices & high insurance costs.
They can ways just visit and leave. It’s called snowbirding. It’s the best way to not lose the shirt off your back.
Stay there please
@@Nitramchivokuv Probably not a good attitude for the health of the state long-term.
And the traffic is like NYC without the heat.
Home values are declining rapidly in the greater Orlando area.
I'm grateful to have sold my 4br 2-1/2 ba pool home in Tampa last year. Purchased it in 1997 for 109k, and sold it in July of 2024 for 537k. We immediately said goodbye to FL and moved to northeast TN.
Yup, all of the true Floridians from Kissimmee/St Cloud are headed to TN and NC. We move to KY next week.
I’m moving Tampa to Knoxville in 2 weeks thank god
D R Horton home ?
@@roynoccorina5022 I’m looking at dr Hortons it’s a hard choice because they have major downsides , less land, less privacy, cheaper materials
Very smart ❤
The HOA's as many have mentioned - are MIND NUMBING! I want to move to Florida so bad and want a condo on the beach SO BAD - but the HOA's are way way WAY too high! A lot say it is due to that condo that collapsed and so all these new rules / upgrades must be made - insurance costs etc .... but man of man ... shelling out half a million (at least and if not more) - and then a $1000 + per month for HOA fees?! UGH! :(
Honestly, Florida is highly overrated. A lot of people move to Florida thinking that it's all that and a pocket full of sunshine, etc., but it is a very troubled state. I would be very cautious about moving here. Do your research first. Don't jump on the proverbial short bus to Florida without actually taking into account the climate, the terrain, the culture (or lack thereof), the politics, and especially the local economy.
You don't want to be like a lot of people who come down to Florida thinking it will be paradise and find themselves trapped in a hell that they cannot escape from. Florida will bleed you dry financially. Also, the wages are horrendously low.
Just a warning.
I can tell you, it's not all that bad. I have lived in North Florida for 40 years. I never made much money, and I'm not leaving.
I think it's all about location. There are lots of small towns in N Florida that are staying small and not attracting a lot of new buyers. Price in those towns is less a problem. South and Central FL have had huge growth and many homes have near doubled in price the last 5 - 10 years. That doesn't even include insurance. My home insurance is very high for my homes value. My auto insurance is also very high and mostly due to liability which I can't do much about.
North Florida.
South East or the West Coast are unaffordable.
That's a huge difference
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
Don't forget about the absurd cost of homeowners insurance here in FL. I just received my renewal notice, $5,460. When I bought the home in 2014, it was $1300. Flood ins is another $2k. And I'm a mile from the beach..
How much was your home insurance last year? If insurance get to 10 k, what is the reason to own?
Yup same here. Bought two years ago. Home insurance is now an additional $1500-$2k.
@@Gman2002 that is crazy. Florida has low wages, expensive food. Average fuel cost. Not so great to be if you need to work and commute. High property taxes, insanely high. Florida is a very over rated place. May be good for retired people that have a solid stable income and downsize to a mobile home or a condo. But overall sucks. Under Desantis went underwater, an imposible to live place
@@crinabobo7412 In South Florida, older mobile home communities have started to be displaced over the past few years, with the land being redeveloped into high-rise condos and luxury apartments. Each year, I’m grateful that I didn’t overextend myself when buying a house, as I have enough reserves to manage the rising property taxes and insurance costs. However, selling a condo has become quite challenging for many people I know. Currently, there is little interest in purchasing condos due to ongoing issues in the South Florida market.
@@crinabobo7412; DeSantis is not the problem…he made this state livable when the world was in chaos over covid. I thank God every day that DeSantis is our governor. Sounds like you need to find a another state you like better & want to move to if you can afford it. 👍🏻
HOA'S are crazy high here in Tampa too
We are one of the ones leaving. I'm watching and listening to your video and packing boxes as the moving truck gets here tomorrow and we close on Friday. Kissimmee has turned into absolute hell since 2020. My son's school is 4 miles away but it was taking 35 mins some days to go just one direction! All of NY and NJ has moved in here and now we are getting the immigrants as well. Getting a job only speaking English is gone, no one will hire you. When my wife's medical company was bought out and they cut her pay 50% we said it was our chance to run. We head to Paducah, Kentucky and there is literally zero traffic there and the job pays her more than anywhere in Florida! She has been working there the last month while I stayed to close up the home and she is in heaven with how nice it is up there and how friendly the local small town people are. We close on Monday on a 7k sq ft mansion we paid just 815k for!!! We sold our 3600 sq ft home here for 650k. Car insurance is 1/5 the price up there with the same company and policy. Home insurance is around 6k for that mansion as well. No more HOA to deal with either. All of NY can enjoy Florida, the true Floridians are leaving on mass for Tennessee and the Carolinas.
Wise move all around, i can't blame you guys with the traffic, thats my worst thing in ca,just wish we could downsize and keep our 1600.00 a year property tax,2100sf is to much for 2 people to rattle around in.
I’m out too!
So, the states that are being invaded, will very soon be just like Florida. It's already happening in tn. Cost of living is becoming unaffordable now.
My comment was deleted saying you will be creating what you are leaving. Tennessee is becoming unaffordable now. The traffic is so congested, housing and property taxes keep rising because of the in vasion
3-8pm in kissimmee is like the rush hour in new york ,
The advent of ridiculous insurance prices is a big problem in FL. My house went from 1000 a year 10 yrs ago to 7000 a year today. Sold my house and bought another house away from the coast and i'm back to paying 600 a year now. I also used my equity to by a small condo cash so it's paid off.
Recently vacationed in Weston , FL . I felt like there is no issue with market there . Prices are very high . In fact I felt like I am in a different world . Great place !
That's an affluent area, no where near middle class.
Weston is a different world from Miami 😂
No body vacations in Weston 😂
Weston is an upscale enclave you not going to see huge swings there.
Look at the taxes there. That's why its nice there.
As a mortgage broker covering Florida, it feels eerily similar to 2008-but this time, it's not mortgage payments skyrocketing, it's homeowners insurance premiums. One client in Miami had their premium jump from $3,500 in 2022 to $11,000 in 2023, and that’s with the state-backed Citizens Insurance, which is supposed to offer the lowest rates. The increase is staggering, and it’s becoming a real burden for homeowners. Across the state, premiums have surged an average of 30-40% over the last year, with some areas seeing even higher hikes due to increased risk from storms and insurers pulling out of the market. It’s a brutal situation, and many homeowners are finding it harder to keep up with rising insurance costs, which are often outpacing wage growth and home value appreciation.
Florida is a big ass state you gotta be specific about the area. Stop saying Florida in general
Same goes for here in California.
I totally agree with you. I feel I'm very aware of the housing market. I am also one of those people who wants to leave the state.
We sold our house in land o lakes this month and we lost 75K. We bought it in 2022 for 2 M.
Nobody cares bot
If you got 2M for a home 75K is not a loss just a bad Tuesday
So sorry 😞
Gr8 video. I have been looking at the market over the past year and have noticed sellers not lowering their prices and keep the homes out there for a year before taking them off the market.
Port Saint Lucie continues to build single family homes and condo's at an astounding rate. Unfortunately, the roads and public services haven't kept up with the growth rate. The county commissioners were signing off on new subdivisions with no thought of roads and community and public services that would be needed. Last year, people were buying houses that were still under construction. Every empty lot has a house on it now. Prices for a 1500 SFT basic home 3/2/2 are starting in the low $400.000.
At least two or more subdivisions with 2500 homes or more have bèen approved, and construction is starting on them. I'm not sure where people are finding jobs. Port Saint Lucie is not the town we moved to 15 years ago. It had a small town feel to it then. Now, with the thousands of new homes, it has changed. The quiet neighborhood is gone, and crime has exploded. I would love to move back to the small towns of Virgina, but it isn't possible for me.
Same here in Ocala.
I am glad I found you, you enrich my world, bring value to me, thank you, my friend
Ive bought 3 homes since 2001 here in Florida and still own two. I can attest that it is a volatile market not for the weak of heart. Dont overleverage yourself. Focus on paying down or off your mortgages. Only buy what you can afford.
good advice. not sexy but good for the long term and one's peace of mind. basically buy when most people are not during the depth of a downturn.
When I bought my home my Father (RIP) told me that my mortgage should be around the amount of money I made in 1 week & to have 3 months payments set aside in case work ever slowed down. It was sound Advise that he gave me & I never missed a payment
These poors can’t afford anything and think prices will drop 50%
This is the best Florida home prices video I've seen.
When and where is the house price dropping? I’ve been looking to move to FL for over a year and home prices are higher than ever.
This is true. I've been patiently watching the market for years and even the 2021/2022 buying frenzy showed massively better deals that what is currently listed, even when you factor the likelihood of buyers paying over asking price. All the housing crash alarmists have literally nothing to demonstrate a crash in light of this fact.
@@charlesblerzbo1616 They demonstrate data.
@@charlesblerzbo1616There is a supply shortage in this country. They aren’t making enough housing which will prevent huge price drops.
There's no reason to move here everything sucks
@@rodiculous9464 still better than my current state.
People are SICK of the prices! My best friend has been living with me 3 years when he intended to only need about 6 months to get things in order to buy a house because the prices went nuts. I'm lucky I bought in 2019
Awesome video thanks
I live in my home and have for 20 years. The fluctuating prices don’t really affect me much. It seems to be driven by institutional investors who have driven the prices out of reach for young people. It would be better if the prices stabilized at a point where owner occupancy became the norm for young families rather than the exception.
Don’t forget about the big correction in the 1990’s.
Many places bought in the early 1980s sold for half in the mid 1990.
Saw it in my friends neighborhood….years on the market.
2007 500.000 mcmansions that were foreclosed on sold for 300.000 or less HGTV had vanilla ice and his crew rehabbing those places.
@ I saw places that sold for 73 percent off in Palm Beach county last time.
Keep in mind that current prices are 2-3 times the apex of the 2006 bubble
I bought a 2bed 2 1/2 bath 1500sqft for $251,000. 10% down $1900 monthly payment at 6.8%. The market has slow down but there are still plenty of buyers.
House prices here in citrus county are not dropping in fact they're rising 😩,what gets me is old,dated houses are listing as much as new constructions lol 🤭 now that's hilarious 😁 (obviously people will go with the new construction,better deals )
The new homes look more appealing. But the rooms are tiny and homes built flimsy.
Thank you for your detailed analysis. Your channel provides so much value to buyers and sellers. I have a family member that is currently shopping for houses in Northern Delaware/SE Pennsylvania. Could you do a video or give your thoughts on the housing market in the mid Atlantic/ tri-state area? Kind Regards, -Jon
Can you do this look from a county perspective? I would love to see Broward County (specifically Weston and Parkland). Moving to this area from Midwest and locals (yes, especially realtors) are very bullish on real estate values. Homes listed at $1.2m sold for $500k 4 years ago and perspective here is they will continue to rise.
I’m in Davie, about 15 minutes east of Weston. The homes in my neighborhood have definitely been sitting longer than they used to and prices are softening. But I don’t foresee them crashing, at least in Broward and Miami Dade counties. Further north and west coast are much more volatile markets.
I live in Coral Springs close to Parkland. Both Parkland and Weston are affluent areas. Try not to overpay, but home values have increased but double the price from 4 years ago seems excessive regardless of what upgrades were made.
My mom literally dropped a purchase of a 2-bedroom townhome in North Broward bc of special assessment. Her monthly payment would be 4k!!!! For a 2 bedroom townhome!!! These homeowners have completely lost the plot and special assessment does not help
Supply and demand; simple.
Southeast is still crazy. Broward and Palm Beach still high and selling (although slower but still selling at 85% - 95%). There will always be people that want warm weather and water/beaches. There's a lot of money out there people and others are just willing to stretch beyond their means.
The prices are definitely NOT dropping in my part of Bradenton!
The difference between 7% interest rates now and 25 years ago is home prices… a $75k mortgage at 7% was manageable with past incomes
Really? So incomes haven't risen at all the past 25 years? 🙄
Florida is finished. Crash is coming hard
Not finished... Just going through its typical "cyclical" bust...
also cali is finished
Please do stay wherever you are
I bought in December 2019 and sold in July 2023. New townhome in Riverview. After closing costs netted about 100K. Glad I did. Looking to buy again but prices need to come down a lot more.
You'll be renting for years.
Maybe the data is there but the prices are not going down as of yet. The only price cuts are when a house was ridiculously priced to begin with.
Hey Nick, I was in downtown Nashville last June and saw you walking with a friend with carryout. I wish I could have pulled over to speak. Big fan of what you do.
Wait, why did you just move there if it's a bad time to buy?
to make make $ on youtube views
One of the biggest issues is the same issue that hurt Florida but was offset by low cost of living. Wages are garbage. Now that companies are returning to work, people can't move there. That isn't the same kind of real estate trend as 2007. The other issue is, as opposed to prior years, the insurance has raised the TCO for a homeowner expotentially, offsetting the investment of buying a home. If you are giving as much in insurance, property tax, and maybe HOA's as your mortgage, it makes NO sense to buy there. Especially if you are in your earning years. What pay 350k for a 1200sq ft home? Try getting a local job to support that. Many of these homes for sale are owned by equity firms. They can hold until they get what they want or they just rent it. The only way to counter this is fix all the roofing scams and solve the insurance crisis. You need buyer competition for these "home owners" who are holding up these over inflated prices.
Where in Sarasota, FL , are prices dropping ? I’m shopping there and I’ve seen one home that was $1.7M increase to $3.1M. Thank you ! Single Family Homes Only, all cash purchase.
Why are you not talking about maintenance about the insurance? Very very expensive.
Prices on Sarasota are down 15-20% since the June 2022 peak
and theyre still too high
The leak in Miami was mid 2023
We live in Cape Coral, just outside Ft Myers. New developments are all over. Our small street has had 5 new houses built in the past year. Apartment buildings are springing up in groups of 10 plus. I don’t understand how housing is going down in value.
You are not even mentioning the elephant in the room....INSURANCE RATES . They are going straight up. The are becoming mortgages. This trend cannot be sustained. The insurance rates will be the "sub prime " catalyst of this next crash.
Something no one mentions…………aging homeowners!!!! In my Golf gated community the only people selling are those who bought 20 years ago in their mid age 60’s. Now they are in their 80’s, and ready to move back north for family to assist them for the few years they have left. Since they bought so low years ago…their kids don’t care the price, the just want the cash quick.
There will be always a buyer in Florida !
Beachside apartments have now dropped to an average 599K from 799K from peak high average. But it’s still 30% over because in Florida, and especially my area, apartments aren’t as desirable. So this is a super solid indicator of where it’s headed. Don’t buy the market manipulation hype that happens in some Florida small towns.
Florida home prices need to drop 50%-70%
Median home prices historically should be 1.5x to 2.0x the median (annual) income for the area. Anything above that is some sort of bubble or other artificial distortion.
In modern times, 2 to 3x is more the normal range. What you are citing is long gone, never to return. Of course 4/5/6x is not sustainable.
@@timothysullysullivan2571 In Sydney where I live the house price to income is about 9.5x.. and that is for two people working. we are probably going to crash big time.
Population growth. Too many people and not enough homes. We had 300% population growth since the 1980s. Everyone needs a home. Prices go up
You do understand that many people that move to Florida are already retired and cashed out. Also, many financial services companies moved to Florida during Covid and they are paying top wages for professionals.
@@zenmachine50 unreal. yes, the rest of the developed world, ratios are way higher than US. we're prob headed that way in the long run.
It's a shame, it's the price that's the problem. Now that it's getting cleaned up, I literally want to come back.
Bro the new construction is crazy right now, nothing is slowing down in SOFLA
Thanks for telling the truth, as you say, finding a good real estate agent (one that will advise you to wait) - needle in a stack of needles. Let's hope that the Florida real estate market improves in 2026 or 2027. If I were ever interested in purchasing a property in Florida in the future, I would reach out to you. Because you had the integrity to give us the facts!
we need a 60% drop in Miami DADE county; a lot of corruption going on here, from the realtors all the way to the appraisal, underwriter, etc etc etc that is why we are all suffering these nonsense prices . The problem is that nobody is policing these home-sell transactions.
Supply and demand. Miami dade will not have more than a 10% correction unless everybody goes back to ARM and NINJA loans(which won’t happen). Too much demand to live in Miami.
Anti-regulation is part of the Republican machine and propaganda. They love to say the communists are coming while they let the oligarchs come and buy everything, including those same politicians. by the way, the same oligarchs have no loyalty to the United States and OPERATE IN COMMUNIST COUNTRIES, for example, Tesla, Apple, etc...
It's the free market here in Florida. Take that socialist BS elsewhere.
Bought my first home in North Palm Beach in 2011 for $205K. It’s now going for $650K+! When the market corrects like it did in 2008, home values will drop -60%.
@ too bad it won’t correct. No bank is handing out NINJA mortgages, and only 10% of mortgages have ARM loans. Not even in the same realm as 2006-2008.
My realtor told me the same thing...the demand is high and buying season is now before prices goes up.. but i did my own research and i believe i need to wait . Looking in Riverview area. Your absolutely right about the buyers trying to get as much as possible
California Florida and New York overrated, over priced, and in financial chaos for those who claim the middle class still exists.
Why sell? I’m happy in the inland Florida area where I live and I’m not dead yet. I need to have a place to stay. I’m not affected by hurricanes 🌀 except for my insurance premiums. My house is my home, not an investment. My house is paid for and since I always lived below my means I’ll never worry about money. If I knew for a fact the value of my house would drop from the 600K the county tax assessor thinks it’s worth to 300K next year I wouldn’t move. Actually, I wish the values would drop 100% tomorrow so younger folks could afford to purchase homes.