Better RUN and BUY Housing Market Has Already Bottomed (Experts Say...)
ฝัง
- เผยแพร่เมื่อ 11 เม.ย. 2023
- There are so many stories lately from the "experts" saying how the housing market has already bottomed out and its all going up from here. Let's take a look at their "evidence" for this and see how much weight it holds.
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Housing Market SO MESSED UP People Can't Even Get Divorced th-cam.com/video/DyHmucEkwB8/w-d-xo.html
@MattswOpinionshope you have health insurance 🙏
A study just showed Blue collar workers pay higher taxes in. Florida, then California!
Can you do a video discussing the Georgia market? Please.
@@nikkibankhead6759 yes please and thank you @Michael Bordenaro I'm in West Cobb and its still not getting better!! Thanx for all you do!
NOW IS THE PERFECT TIME TO BUY!--Every realtor on any given day in any given year
Maybe in public, but not in private. A friend of mine is a successful realtor and she said a couple of months ago she's gonna have to try and sell as much as she can right now, because she knows she's going to be working 1 day a week later on. More than likely she'll have to get another job and be a realtor part-time before the calendar says 2024.
I'm a Realtor and I educate every buyer on the actual market and the pros and cons of buying now. Reality is that people still have life and have to move. They won't be able to sell for a profit for at least 5 years.
@@ryanbrown.realtor That's very ethical of you, Ryan, but surely you realize that many members of your profession don't do that?
@@EvilMonkey7818 I have to hand it to realtors: they are the best salespeople I have EVER met. I'm surprised that more realtors don't run for public office, because they'd be a natural at it.
Realtors always tell potential buyers its the perfect time to buy.
And they always tell to potential sellers (home owners) that it's the perfect time to sell.
Florida’s insurance issues have altered our retirement plans drastically. We had planned to buy and settle near St. John’s County to enjoy the beaches and atmosphere of the St. Augustine area without being right in the storm surge zone. But now we’re not comfortable with the ever increasing taxes, insurance and crazy rules like the 10 year roof stuff. Thanks for educating us on all this. Now we’re looking at coastal Georgia and South Carolina.
I'm glad I can educate you because not knowing these things could cost you a ton of money. Glad to help.
I don't think property taxes have gone up in FL more than anywhere else, unless it's as a result of newly-purchased property, which always gets reassessed to the updated value.
@little blue fish be sure to do your homework with coastal areas in NC, SC, GA. Prone to hurricanes and floods.
@@noreenn6976 that’s what we’re doing now. I’m retiring 8/31/23 and we plan to move south and rent for a while - until the housing market straightens out. We’ll spend that time checking out various areas and learning the ins and outs before we buy anywhere.
@@commonsense6967 we’d be in that new purchase/ reassessed at a higher rate conundrum. But we’ve decided to rent for at least another year while the market does its thing. That gives us time to really learn about the areas we’re interested in.
Honestly, who cares if mortgage rates dropped by a miniscule amount if they are 3 times what they were when home prices were already greatly inflated and sellers are still in denial, not just about interest rates, but the fact that there's no solid basis for the transient inflation of prices. Even at very low rates, current seller expectations are very inflated.
A lot of the housing inflation wasn't buyers like you and I. It was huge investors buying above asking price, sight unseen. They're gone now, and sellers haven't realized it yet. But time passing has a way of managing expectations. "I don't get it, Bob and Mary got 5% above what they were asking last year." Sorry bud, it's been 2 months now and nobody showed up to the last open house. You're gonna have to sell for 8% less than your original price. Not the case in my neighborhood since every 3rd house with a big yard is torn down and replaced with a Mcmansion and a front yard half the size of their driveway. At least mowing the lawn only takes 2 minutes.
These “experts” claiming the housing market has bottomed have lost all credibility.
These experts are so desperate for sales right now because they aren't selling anything. For the most part they'll do anything for a sale and it's become so bad that they are at the point of lying so brazenly for a sale. To heck with these people.
I don't trust anything the FBI says, so it impossible to give any credibility to anything the NAR says.
HAAAAAAAAAAAAHAHAHAHHAHA YES THEY HAVE
Our federal government has lost all credibility as well.
Agreed! They all say anything to put money in their pocket! Wake up people the whole economy will crash soon. Then you will see the real bottom. Probably 30-50% of current prices.
Please don’t change your format - good weather or bad, it’s refreshing to see you outside and to hear the excellent info.
After taking out student loans and being relatively close to paying them off. NO! DO NOT except a loan from the government, state or federal. Politicians no mater what flavor are the biggest loan Sharks! I learned my lesson the hard way
Yep. My 47k in student loans is now like 87. Homeless orphan single mom. Had scholarships but had no choice but to do loans to pay rent cause of having to take off work for college only to graduate in the great recession to no jobs. I regret ever going to college. I make good money now on a field where I didn't technically need college and am saddled with that debt for life.
@@youtubestopmakingmechangem8035 I hear you. Divorced w/3 kids spread out over 12 years, worked while attending college doing whatever I could at whatever hours. Learned I could live with very little sleep. 😩 Received grants and academic scholarships, didn't want any student loans.
THEN in last semester rushing around to fast, I tripped over the vacuum cleaner left out from being exhausted the night before (rushing to drop off my preschooler on way to class) & fell hard into door frame breaking my shoulder & arm in 3 places. 😨 It set me back 2 semesters (I continued to go, but forced to reduce hours) and forced to take student loans to support my kids. It was rough. Over the years my student loan of $5k kept being refinanced every time I struggled to make that month's payment. The govt wasn't honest & now I owe over $30k that I can never pay off ... 😢
If you have inclement weather, just do it in your car. We care about your health, your safety and your message. Thank you very much for it all.
Yep, some place safe will do. perhaps an indoor mall. Too many people unfortunately seem to be asking for the opposite.
580 credit score & hardly any money down. They are walking people off a cliff. These people would sell you a bridge if they could. Yes, more Inventory is a good thing! So true, some people just aren't ready to be a homeowner. Wow, the weather there has been challenging to say the least. Thank You Michael, Happy Wednesday!
Yes thats exactly what they are doing. They're convincing people who basically know nothing about owning a home or real estate. That now is a good time to buy. Very sad. It was more challenging weather again today L O L. Mall video coming
You are very good people and I appreciate your non bias information, we live in a ugly world and we need more real people like yourself
Keep your videos on walks as they are. Love them
I love the outside walks and your efforts even when the weather is bad is commendable and endearing! Don't stop please :)
I'm from the Midwest and I think that we're not even near the bottom here. It hasn't begun here . This market nationwide has a long way to go down . I agree with you michael this just begun . I love these people at national association of realtors. They are way off with their predictions.
BULLSEYE!
Today's news was one more quarter point rate hike and then pause. Yay! They will then finally announce that the recession has begun. Then as rates start falling, what will disappear faster? 5% CD rates or 6.4% mortgages? As mortgage rates drop below 5%, prices may rebound in the sub $500k housing market. That leaves a short window
Be glad you guys in the Midwest didn't have the price spikes many of the rest of us have had. My neighbor in a much smaller home, who moved into the house in 2021 is selling now. Their asking price is double what someone else sold it for in 2017. In 2021 they bought it 10 days after it was on the market, but it has now been on the market for over 10 days. I have a feeling they're going to have to sell for the same price they bought it 2 years ago. It could be worse, but that's not good.
@Daywalker87 well in my area we had huge price increases , since 2017 the housed have almost doubled and went from 80k to 140-160k with that low interest rate and the price in 2008 was around 120k at the peak and after the crash went to 30-40k and we will be seeing this in the next crash when it gets here . I have bought and sold hundreds of houses and I am a broker and would encourage everyone not to buy for a year or two to get the best deal they can .
Loving the outside walks. Rain or shine!
Bull traps are a thing. This happened in 2009, too.
I purchased a house in Florida in 2009. Got my mortgage with no issues. As a 60 year old, every time this happens to the housing market, it comes back. This guy sounds like a doomsayer! Look at the market overtime, not in the short term. You worry because of this guy you’ll never own a home!!!
@@unapologetically_me He just telling u Don't Buy at the High unless u have to.I sold 2 At or Near the High. They lost big Time I bet near Broke even or lost 30% over 15 years !!!😝😝😝
@@unapologetically_me yeah, if you are in a position to hang on, you're fine long term. A retirement place in Florida is WAY different from a starter home for a young family with a precarious income.
Where I live, we could be living in a luxury home with a view for what we paid for our little place in 2009, had we waited for the real bottom instead of the false bottom.
We're fine, but we could be doing a lot better if we'd have waited.
Very informative. Thank you
I just recently stumbled on your show and I really enjoy the info we from you thx
Love the outdoor walk-and-talks, but am always interested in other areas too.
Well done!!
Great video Michael, you nailed it explaining the lunacy in the market, thank you👍🏽
Wonder which planet these 'experts' live on, not the one we are on.
Content is very good thanks
Michael is the OG. Bringing us the content even with the weather being dicey.
You're so cool... Wish I could throw "OG" as freely as you do... Jealous...
Not only the topic is interesting, and wisdom shows, but the visual scenery is also excellent as housing is displayed in the walk abouts.
Michael,feel free to do your videos at home when needed!! We love your walks, but it's your talks that we're here for ; )
I like the information that you share I find a lot of the things you share very informative
I discovered your channel this morning. I'm learning so much!! I thank you for educating me 🙏🏻
TY for excellent delivery and truth 🛵😎
I love the whole set up❤ thanks for your intention
Speaking to your comment about low inventory. I was around for the 2008 real estate crunch and the same thing happened at first. Prices stalled, sellers did not want to let go or were asking top dollar and a 6 month stalemate ensued. After that the dam broke.
That started in the Summer of 2007. A good 15 to 18 months before it was obvious to everyone. Stocks bottomed in Mar 2009, housing in 2011-12.
God I so hope you're right. This has been the worst damn period of my life. I make over double the average household income myself, and am sleeping on a family member's couch waiting on this stupid housing market. It's like wtf?
You feel like you finally achieved success in terms of salary, yet somehow you still can't afford a decent house? Something isn't right here. I don't know how someone making average salary could ever buy a house again if something dramatic doesn't happen. This isn't sustainable.
@@hlf_coder6272 When this period is over they'll call it the affordability crisis. The numbers don't add up, Jerome Powell stated and a later fed memo clarified. Housing must come back into balance before rates go down.
@@hlf_coder6272 You don't have to hope, go check the charts from the last downturn. You will be better prepared and have peace of mind. As people say make your own decisions but always do the due diligence. When such big financial decisions are involved the amount of work is worth it.
@@hlf_coder6272 getting old means getting experience. But there is a lot of inexperienced old people..
I always watch your videos and agree with everything you say. You add to my day most days.
You don't give up. Thanks for another honest opinion on the real estate situation.
I am from Alaska and this type of weather in the video is my favorite kind of weather. 😂
We call it perfect hiking weather. 😆
Cheap to Hawaii.. ALOHA
@@jimshoe402 I know a few people who live in Homer, Alaska who spend half the year in Alaska and half the year in Hawaii. Ain’t a bad way to go.
@@j4513 The Pipeline workers did that $$$$.I saw the 800 mile marker one mistake I paid for my GF Twice ..😁😁😁😁😁😁😁
@@j4513 farmers?
Near constant rain in SE Alaska. It is a rainforest. You better like it or it will drive you insane. Definitely not for me.
I appreciate your outside walks Michael. Enjoy seeing sights of Miami.
I like the walks and the human element. You do just fine and no notes. impressive 😊
Don't change a thing with your video's----they are perfect.
I was born in San Diego and went to college there. I wish it was better. Since it is not, I'm here in Miami.
I have been looking since Feb and I’m just now starting to see sale prices going down.
Well done A+ 😊
Florida is gorgeous in the rain. Keep doing the rainy vids. Makes the scenery more interesting. Tampa fan here.
Been having cabin fever here in Houston as well, Michael. Too much cold and rain lol
Keep showing from the outdoors. Great atmosphere 👍👍
Listening to you is important to me in keeping up with the real estate market.
Oh… A (For Effort)
The Midwest is also expensive. My mom lives in ND in the middle of nowhere. Homes are selling for $180k to $250k. Ridiculous. People there buy local. Locals can't afford this. You could get a home where she is for less than $100k a few years ago.
For the first time in years. Hardly no one is selling or buying in my neighborhood here in Burbank. One went up for sale yesterday for 1.3m it will most likely sit for weeks.
Great content! Much appreciated!
Glad you enjoyed it!
Thank you for telling us the truth . It’s a confirmation. Agree 💯 with everything you are saying .
The latest Redfin data shows a year ago the average seller was getting 4% above asking price. Now the average asking price is the same as a year ago, but people are selling at 6.5% below asking price. New build discounts and time on the market will keep pushing prices down compared to 2022. Half of 2021-22 buyers would not qualify for the home they're in today, so qualified buyers today are certainly not a big pool.
I like the outside videos, even with the rain. It’s REAL and so Florida 🤩
I feel like running because of everything going on right now but not to buy.
Truly truly wish there was somewhere to run to
Thanks Michael 👍
Thanks Michael
Love your videos!
Have some backup subtopics which you need to do deep research on and do those from your office on rain days. You could use a backup screen behind you showing some of your favorite scenic spots. A few deeper topics now and again would be nice. Suggest doing a list titled "Deep Topics for Rainy Days" and have them vote on them.
Cool idea!
I been wanting to relocate to Florida for 2 years but the rent is so high for one person.Thank you Michael 😀
Michael, I am glad you brought up the point to do your next videos. I like to see you go to downtown Miami to do some videos. Only if you have a carry permit,for your safety.😊
So u Been There ??? Fine till 10pm after 1am it's FRAG Time..😁😁😁😁😁
@@jimshoe402 I was there in 1987,I almost got carjacked. I was there just for one day for a telephone company I work for back then,the company was transcall america. They went bankrupt right after the stock market crash of 1987.
New law in FL the legislature just passed. Permitless Carry. Not as good as constitutional carry, though.
Great video Michael!!! Over 13-20" of rain today in Broward & Dade County. Mark your calendar 4/12/23. Thanks, Joann
Thanks Mich
Seeing a ton of commercial buildings with “available for lease” signs in Seminole county Florida.
A for Effort Michael!
You were able to finish the video and like always, it was very informative!
Lol you mentioned at 16:00 if you wanted to try a different place to walk around you can always give the Bronx a try Jerome ave comes to mind.
Housing decline has not even really started yet. We are in the denial phase now, same as stock market. Housing market = stock market. They move together.
I am 68 and I still have ptsd from the damnable recession of the early 90s. My oldest brother died a year ago and left me a lot of money. It was for me to buy a home but it's not enough to buy in full. I don't know if it will be as bad or worse now than it was then but I do know that it's not going to get better for a long long time.
Stupid autocorrect, it should say 80s
@@shelleyirving2094 I was there not FUN !!!
Shelly I'm 67 and lived though that time, left my first wife in 79, single ever since. Pulled my boot straps up and took off for greener pastures
I had to move from a northern state to Texas To find work and had a wonderful career.
Retired living the dream. Smarter, wiser knowing the past... Ready for the future come what may in May June July etc
I'm sorry for your loss. The innocent casualties of this inhumane system are piling up fast. At 70 I'm shocked how badly played us citizens have been. I'm waiting, holding my son's hand and keeping my Eyes open.
@@HoneyBadger80886 Good job Mom keep your ears open too...
It’s so funny to see you in bad weather since it always looks perfect there ! Even the hedges
I know! Since I have been doing these vids outside, I havent had this much non stop rain to compete with until now. Its a challenge.
Two years ago you made 2 rental videos, 1 for the east coast and 1 for the west coast of Florida. An update would be great. Thanks
Great to ask but I think your smart enough to decide where!
Thanks!
No problem!
Michael, you stayed on Mission and finished the Video !....Dedication !!.....100K is just around the corner !!!....Take care..
We all know commercial real estate is headed for a very rough future. I wonder if holders of both commercial and residential real estate will sell off residential to make up for their big losses on the commercial end. Time will tell.
The FED has to choose between 2008 style deflation or high inflation. They also face a huge problem few are talking about...declining tax receipts. They literally need inflation to inflate away all the debt they've created.
Giving money away is creating dependency, with the goal of getting total controle when collecting day arrives.
Michael, we are in the greater Toronto are. We enjoy program, a bit of info Canada has not had a bank failure in 100 years. Mind you basically only have 6 major banks, keep up the great work. Quion from Canada.
I love the outside walks sans views of Florida and houses
Thanks of being honest. My home insurance quote was 3.5 x more than Citizens.
Just sold my late mother's house in WPB. It's in a good location, but it's tiny, needs TONS of work. Still we got 14 showings in the first 2 days. Under contract on 3rd day.
Congrats
Hey just wanted to say really enjoy your videos and honesty means a lot nowadays simple as that sounds. And as an ex- Floridian who moved to California last year I can totally agree with the things you said Cali has a lot to improve on, but its a gorgeous state
Pending v. Closing ...good observation. Thanks
Nice Michael getting a shower courtesy of Mother Nature ! Those 1st time Buyer programs in California are needed though because many people live in their vehicles there. They have places that let you park overnight in the lot / they have a common picnic area with microwaves / plus a common bathroom / shower area. People out there are living like that for years ! The housing situation isn't getting any better as the realtors can point out to various statistics but I'm seeing weakness in my area.
Yep. Strapped for cash isn't the place to be for homeowners. I had a plumber out today doing basic repairs of pipes. Just general maintenance that has to be done ever so often. $1752.20.
I remember back around 2006/7 Bob Brinker the syndicated radio host of Moneytalk was bragging about home prices skyrocketing and there was no Real Estate bubble.
Is that a jail you live across the street from? (The Blue Wall). Even the A/C was in a "cage". Life must be rough there. Stay Safe. Cheers.
Haha no that is a middle school!
Thanks for making these videos.
My pleasure!
Great video.
EXCELLENT VIDEOS
EXCELLENT Richard Gere
GREAT JOB MICHAEL, KEEP UP THE WALKS AND CONTENT.....
I cashed out last year and I’m out of the market. I am quite happy to rent for half of what a mortgage+escrow would cost right now. I’m in Volusia county, Florida and housing prices are insane here. Once my kids graduate I am moving to Europe, no point in buying and then being stuck with a property I am 20% upside down on. I do have enough for a decent down payment, but there is not enough economic stimulus in this area to support these crazy prices. I could move to a condo in downtown Miami for less and have ample economic opportunity.
7.12 is high mortgage rates and houses are still at 300,000 so no it is far from being a good time to buy unless you're well off.😮
The vast majority of people don't have any money. Things are going from bad, to disastrously worse.
As a non married person who lives in Utah I agree with what you are saying. I find 40 year loan ridiculous. Sure it may save you 100 or so a month but you paying so much more in the long run. I have a semi decent down payment right now but prices are still too much by 40% in my state. For my position it’s best to wait. Keep saving money wait for prices to fall further. More things are happening that may not be part of house market but will affect it in the coming 2+ years.
Michael, Thank you for the excellent videos!!! There are brackets that you attach to an umbrella for your phone. Also lights if it’s getting dark. Rig something up? Maybe buy a rain coat and hat. A little rain wont hurt you. 🙏✌️😃
LOL that "Flip" example for a mil was funny and a good real life example.
Here in R.I. on the nice East Side, my girlfriends house went on market for 899k. First day of open house, she had 4 offers, all 100k over ask. Also in all of Providence as of 3 weeks ago, 41 single fams for sale..by now, all pending or sold. Not seeing all this in R.I. no inventory. Plus no one selling due to their great 3% or less rate.
Prices here in NC are insane!! And not slowing down. Seems they continue to go up every month.
Have you seen todays rate sheets? Need 800 scores otherwise adjustments make rates 9%+ on cash out refinance and purchases on LTV 80% and people need 40% equity to get near 7%. When banks control appraisals they order the appraisal so they knock down appraisals to make rates go to tight LTV and higher rate pricing. The banks changed their pricing after SVB and Silicon Valley bank closed.
Mike, just keep doin what you're doin. Love your channel and what l really like about you is you never same the same thing over and over in every video. Every video is new and fresh. Thank you.
I appreciate that Laird, I'll keep them coming! Always trying to keep it fresh
Even in bad weather? I don't think that is a reasonable ask. Some indoor location like a mall will do in bad weather.
Fine video. Rates would be lower but we have sent or spent so much overseas. Corruption takes it here or there.
Its ok to do some of your vids inside especially if you dont need to show properties. It is not worth risking your life over it! Good information thanks!
😂 is it me or that driveway needs some pressure washing? 12:14
A+ 😊❤ Thanks, Mike. Interesting Cali program report. Back up your assessment. Not sustainable, sadly.
The Show must go on