Wages have been stagnated for years. The caust of living has gone up, along with the top Corp. Leaders pay packages along with multiple million dollar bonuses. Something must be done. It's not trickling down like our politician said, starting with Regan
A lot of the sellers in my area purchased their homes within last 2-3 years and have probably paid so little in principal that they HAVE to sell at these higher prices just to break even and/or get their down payments back. GOOD LUCK.
90% of people who move to Florida are retirees on fixed incomes. The attraction to Florida is the 85% the cost,15% the weather. And thats changed which is cause chaos.
Brant’ love your fishing channels and your real estate channel. I do believe you are spot on my family who own homes are having a hard time because they’re insurance and taxes have doubled in the past few years in Florida. It’s crazy.
True facts. Let’s go fishing😂❤ thanks for sharing. We are seeing much the same here in SC except for the coast. It’s still climbing bc of the cheaper land and lower population compared to Gulf Shores to Pensacola
Home insurance in FL is insane because of hurricanes. Even renting is expensive because the cost of insurance the landlird pays for the structure is probably passed on to the renter. The renter only pays for renter's contents insurance. Plus the landlords can raise the rent yearly.
As a NE FL agent, when people purchase the insurance is part of their mortgage payment as they are to have their insurance in place prior to purchasing
Its the combination of both high prices and interest rates that make it almost crazy to buy a house right now. I could deal with 7-8% interest rates on a reasonably priced home. I could also deal with an overpriced home with a 4% interest rate. When the high rates are combined with the outrageous prices, that's when homes become unobtainium to the average person.
Home values and condo values are declining rapidly in Sarasota County, Charlotte County, Hillsborough County, Miami Dade County and in Broward County. These declines will continue for over a decade.
@HANZELVANDERLAAY same with Sarasota/Naples areas. I'd rather go up to the panhandle and grab a few acres for 300-400, as opposed to being able to wipe my neighbors when they wanna go to the bathroom, for the same price range, in Sarasota
I’m a young person here on the West Coast of Florida waiting to buy and over the last three years, prices have gone through the roof. I have noticed prices starting to fall, but 100%, the cost of ownership is way too high right now. Even with FHA, it still isn’t affordable with cost-of-living being so high
Thanks for all your info Brant. I’m actually headed to Pensacola tomorrow to start looking at distressed properties to fix up and turn into low to low-mid level rentals. I’m with you, unless the fed kills the economy first, real estate won’t go back to previous levels. That’s simply just not how it works. I see this short term pullback as a buying opportunity.
until they get insurance thing figured out in Florida there is going to be a lot of houses selling and the prices are going to get cheaper and cheaper.
I don't live in FLA, I own my home and I have to replace 8 windows. Quote from Anderson $22,000 and Pella $12,000. As the home owner I get the joy of paying the bill. Will be needing a new roof within the next 1-3 years again I get the pleasure of that bill ~ $20,000 or more. When you rent and something is broken, needs repair or replacement you call the landlord.
@@littleredhen3354Not true in today's rental market in most of the country! Investor landlords, of course try to charge enough to cover every known cost for your unit, + extra to hopefully cover any surprise maintenance expenses during the contract period, + a good amount on top of the previous amounts to provide as much profit for their own bottom line as possible, BUT they are only able to charge an amount the current rental market will bear!! Meaning that they can only charge an amount that at least a good amount of renters in that area can afford to pay for monthly rent, which is usually determined by median salaries of people living in that area, unless it is a tourist destination or an area attracting many new renters from other cities or states that are moving to your area bringing money they made and saved while living elsewhere, so will not be dependent on getting a new job in the area at area median salaries. Currently, landlords in most areas of the country cannot charge enough money to cover all the known and surprise costs and a good profit for themselves. That is why he stated most it is cheaper for most people to just be a renter in this market, but it would be smart of you to then invest your savings monthly from renting versus owning in a good low cost fund or at least a high yield savings account, not just throw away your savings on eating out or other consumer crap.
Nearly 56,000 home-purchase agreements were canceled during June - equal to 14.9 percent. It was the largest percentage of last-minute withdrawals by potential purchasers during any June on record.Hefty costs of insurance, property taxes and HOA fees, in addition to the cost of their mortgage payment.”
For most of the last 60 years, home ownership was a financial bad decision. Case Shiller has shown single family homes appreciate at 2.5%/year. Over the last 8 years they have appreciated at 11%/year. Couple this with the rise of massive homes and we now have an entire generation currently priced out of the market. Prices will eventually come down. Basic economics. In the meantime real estate will remain frozen, probably for years to come.
I am a real estate developer in Ga and North Fl. Watching your channel you make me see color theu your eyes. If I give my proof about the bubble burst is approaching. We own a title company in Atlanta and we laid four full time title examiners because NO CLOSINGS past 30 months!!! Wake up the pop is coming!! Love your real estate channel. That is my personal alarm
Thank you. I have been waiting for 2 years to buy something in central Florida to live. I would be moving from Boston. But my mortgage would be $1,000 more expensive in Central Florida compared to my mortgage here. So I have mixed feelings if we are experiencing 2008 again, I went thru it with my house but did not lose it like many did. My fear is that when interest rates drop the prices will go even higher than today. What would you suggest for me to do from your experience in Florida?
Most of these houses are only Valued at those prices, it doesn't mean that they're Worth the higher price. You can't call it "Price Slicing" if a property that is worth 200K is valued at 450K.
People still foolishly think being a home "owner" makes you a big shot. What it has turned into is .... the HOME owning YOU. No, the Fed is there not to manage the economy. It is to make the Oligarchy RICHER.
Seems like the demand in florida, including out of state buyers remains strong or at least relatively strong, so it seems unlikely a 50% decrease is in the cards. Plus real estate rarely drops off a cliff, it’s more of a gradual decline, isn’t it?
Actually this is what it is happening in Orlando, old houses rent are cheaper than new homes because the old are valuated cheaper. But I was paying 1950$ for a two beds appartment and now I am paying 1800 on our own home. 3 beds and a garage just a longer commute, don't believe all what you see on internet
Its beyond correction, It's just truly unaffordable. The Salaries are not there and buying a home in florida with insurance spikes and tax spike which you have no control of is not worth it. Move out of America, buy your Dream home in Chile, Bali, Thailand, Philippines, etc. America has just become undoable even for Migrants who are now realizing America is not a dreamland but a Nightmare. They have to drop Pre Pandemic Prices if not your going to catch a falling knife "Be at a Negative Equity" in the next year or so.
It was never going to crash until 2025 (2007 peak 2011 bottom) four years for a 50% drop, personally experienced the ride. There is a difference between investor and speculator, unfortunately most people are the latter.
Do you think homes will climb in price going forward like it has in the past 10-15 years were people see their equity jump every years giving them tens of thousands dollars to borrow from during their homeownship?
@@SPenninah0425 If you want to know the future, go to the past. You can just look at incomes, they also tell the future, along with gdp and government spending.
@@SPenninah0425 Just look at the new laws and policies that now have people losing their homes, condos ect. It's not the future, it's the present! Insurance if you can get it, is sky high. Now look at wages and availability of high earning careers.
Nothing Crazy Florida taxes, insurance and all the rest of it. Florida will crash 2008 will look like a great dream. It is over for Florida to over priced the whole state will crash by the first of the year. The prices will go back yes you're going to get 50% drop for sure if they drop the interest rates it is not going to be for mortgages.
You can even rent a one bedroom little apartment for lesson 1700 a month. You're just bad mouth and buy in home.You're just trying to make money off of TH-cam.People are smarter than that
Yeah, something crazy has been happening since 2019, Deathsantis sold all you FloriDuhing’s out to the insurance companies but you won’t say it. Misery loves company in FloriDuh
Florida economy sucks. Cut & run! Even if you cut prices 40% the insurance companies & HOA fees will cost you even more. If you can even get insurance. Maybe you can get Desantis to pass a law?
Ha!! He and our state insurance commissioners are all bought off by the insurance industry lobby campaign donations and promises of cushy million dollar jobs in the insurance industry after they resign as commissioner, though they did pass a law in 2023 so that commissioners will now have to wait longer before they can accept their cushy jobs. But they will still do the bidding of the insurance industry to help them continue to screw customers while raking in massive profits, until that becomes impossible due to the sheer number of huge natural disasters that keeps increasing annually, and to a much large number of people as we all continue to choose to live in areas becoming too unsafe to wisely invest in, no matter how beautiful they are many days of the year...
It’s actually great. Regular people and familes will be able to afford homes again. And the scumbag flippers and investors are going to lose everything. But it’s not even until they lose the house their families live in.
skip the conspiracy theories, recommend what to do now. buy the cheapest place in the best neighborhoods, variable interest mortgage maybe? relock when low? come on….think
People are opening their eyes and realizing Florida is not all that.!😡
CORPORATIONS AND HEDGE FUNDS SHOULD BE BANNED FROM OWNING SIGLE FAMILY HOMES
Housing needs to be resident owned only.
I second this motion.
@@jonr1138 ty....lets get a petition going
Even kids with good jobs cannot afford a home now. Rookie cops, new teachers and nurses can't afford a starter's house.
prices need to come down at least 40 to 60%
Wages have been stagnated for years. The caust of living has gone up, along with the top Corp. Leaders pay packages along with multiple million dollar bonuses.
Something must be done. It's not trickling down like our politician said, starting with Regan
Dude dreaming on and being a renter lol
Home ownership was the American dream 😢. Now it's a nightmare!!!
Sellers need to come back to reality.
It’s more than that. The insurance is criminal.
I am a new RE agent in Illinois. Appreciate your Fishing videos and your Florida RE knowledge.
Thanks for the update!☀️
A lot of the sellers in my area purchased their homes within last 2-3 years and have probably paid so little in principal that they HAVE to sell at these higher prices just to break even and/or get their down payments back. GOOD LUCK.
90% of people who move to Florida are retirees on fixed incomes.
The attraction to Florida is the 85% the cost,15% the weather.
And thats changed which is cause chaos.
Brant’ love your fishing channels and your real estate channel. I do believe you are spot on my family who own homes are having a hard time because they’re insurance and taxes have doubled in the past few years in Florida. It’s crazy.
True facts. Let’s go fishing😂❤ thanks for sharing. We are seeing much the same here in SC except for the coast. It’s still climbing bc of the cheaper land and lower population compared to Gulf Shores to Pensacola
Home insurance in FL is insane because of hurricanes. Even renting is expensive because the cost of insurance the landlird pays for the structure is probably passed on to the renter. The renter only pays for renter's contents insurance. Plus the landlords can raise the rent yearly.
And they do. And there is no regulations on how much they can raise each year. $177 more for me this year.
@@Pamela-hr9zi Wow, that's a lot! 😥 Hope it gets better.❤️
Because slashing 20% is nothing.. 60% is more to get interest
As a NE FL agent, when people purchase the insurance is part of their mortgage payment as they are to have their insurance in place prior to purchasing
Its the combination of both high prices and interest rates that make it almost crazy to buy a house right now. I could deal with 7-8% interest rates on a reasonably priced home. I could also deal with an overpriced home with a 4% interest rate. When the high rates are combined with the outrageous prices, that's when homes become unobtainium to the average person.
Exactly
For me it’s the cost of insurance. Some houses in Florida have a 8-11000.00 homeowners ins bill a year. That’s crazy
1970: house price $20k
1990: house price $200k
That was a 1,000% increase over 20 years due to inflation. People have forgotten what inflation can do!
Home values and condo values are declining rapidly in Sarasota County, Charlotte County, Hillsborough County, Miami Dade County and in Broward County. These declines will continue for over a decade.
Interesting, thanks. I used to visit Pensacola often.
Pensacola is cheap compared to palm beach area..that's over priced.. IMHO
@HANZELVANDERLAAY same with Sarasota/Naples areas. I'd rather go up to the panhandle and grab a few acres for 300-400, as opposed to being able to wipe my neighbors when they wanna go to the bathroom, for the same price range, in Sarasota
Judicial Corruption is the problem in Florida.
I’m a young person here on the West Coast of Florida waiting to buy and over the last three years, prices have gone through the roof. I have noticed prices starting to fall, but 100%, the cost of ownership is way too high right now. Even with FHA, it still isn’t affordable with cost-of-living being so high
It will come down more. Wait 8 to 12 months. I’m waiting to buy too.
Thanks for all your info Brant. I’m actually headed to Pensacola tomorrow to start looking at distressed properties to fix up and turn into low to low-mid level rentals. I’m with you, unless the fed kills the economy first, real estate won’t go back to previous levels. That’s simply just not how it works. I see this short term pullback as a buying opportunity.
It isn't crazy...it's inevitable.
We shouldn't have a fed.
People were asleep in 1913 just like they are in 2024.
And leave this to you or the corporate crap show, or a congress that is supported by these same corporations and Wall street Try again.
until they get insurance thing figured out in Florida there is going to be a lot of houses selling and the prices are going to get cheaper and cheaper.
I don't live in FLA, I own my home and I have to replace 8 windows. Quote from Anderson $22,000 and Pella $12,000. As the home owner I get the joy of paying the bill. Will be needing a new roof within the next 1-3 years again I get the pleasure of that bill ~ $20,000 or more. When you rent and something is broken, needs repair or replacement you call the landlord.
I do roofing on SC, GA, and NC. If you are one of those states let me know and we maybe able to roof you for a good price.
And the cost of those calls and maintenance are built in to the upfront cost of renting.
@@geoffreythompson7378 thank you however I live in PA, appreciate the offer that was very nice of you.
@@littleredhen3354Not true in today's rental market in most of the country! Investor landlords, of course try to charge enough to cover every known cost for your unit, + extra to hopefully cover any surprise maintenance expenses during the contract period, + a good amount on top of the previous amounts to provide as much profit for their own bottom line as possible, BUT they are only able to charge an amount the current rental market will bear!! Meaning that they can only charge an amount that at least a good amount of renters in that area can afford to pay for monthly rent, which is usually determined by median salaries of people living in that area, unless it is a tourist destination or an area attracting many new renters from other cities or states that are moving to your area bringing money they made and saved while living elsewhere, so will not be dependent on getting a new job in the area at area median salaries. Currently, landlords in most areas of the country cannot charge enough money to cover all the known and surprise costs and a good profit for themselves. That is why he stated most it is cheaper for most people to just be a renter in this market, but it would be smart of you to then invest your savings monthly from renting versus owning in a good low cost fund or at least a high yield savings account, not just throw away your savings on eating out or other consumer crap.
Nearly 56,000 home-purchase agreements were canceled during June - equal to 14.9 percent. It was the largest percentage of last-minute withdrawals by potential purchasers during any June on record.Hefty costs of insurance, property taxes and HOA fees, in addition to the cost of their mortgage payment.”
When prices are down 50% Ill buy another home in Florida. As of now Im happy with my NYC coop.
For most of the last 60 years, home ownership was a financial bad decision. Case Shiller has shown single family homes appreciate at 2.5%/year. Over the last 8 years they have appreciated at 11%/year. Couple this with the rise of massive homes and we now have an entire generation currently priced out of the market. Prices will eventually come down. Basic economics. In the meantime real estate will remain frozen, probably for years to come.
The home prices will fall. In 2006 people also felt that home prices would keep rising.
Exactly. It’s a circle all over again. It will crash.
I am a real estate developer in Ga and North Fl. Watching your channel you make me see color theu your eyes. If I give my proof about the bubble burst is approaching. We own a title company in Atlanta and we laid four full time title examiners because NO CLOSINGS past 30 months!!! Wake up the pop is coming!!
Love your real estate channel. That is my personal alarm
Thank you. I have been waiting for 2 years to buy something in central Florida to live. I would be moving from Boston. But my mortgage would be $1,000 more expensive in Central Florida compared to my mortgage here. So I have mixed feelings if we are experiencing 2008 again, I went thru it with my house but did not lose it like many did. My fear is that when interest rates drop the prices will go even higher than today. What would you suggest for me to do from your experience in Florida?
@@karinaoliveira3988Stop asking for advice on TH-cam. That just reckless.
Closed on my house last month just signed a rental contract in a resort style community. Expensive…yes….regrets…none.
buy a small piece of land place a camper on it ( where allowed ) dont need a house to be happy , a nice well built camper can do it all
Most of these houses are only Valued at those prices, it doesn't mean that they're Worth the higher price. You can't call it "Price Slicing" if a property that is worth 200K is valued at 450K.
People still foolishly think being a home "owner" makes you a big shot. What it has turned into is .... the HOME owning YOU.
No, the Fed is there not to manage the economy. It is to make the Oligarchy RICHER.
Seems like the demand in florida, including out of state buyers remains strong or at least relatively strong, so it seems unlikely a 50% decrease is in the cards. Plus real estate rarely drops off a cliff, it’s more of a gradual decline, isn’t it?
You can't afford a home unless you get paid too much now
Homes Could Sell at full Asking Price!! if the Sellers.....Used Creative Financing......
Retire in place. Period
Actually this is what it is happening in Orlando, old houses rent are cheaper than new homes because the old are valuated cheaper. But I was paying 1950$ for a two beds appartment and now I am paying 1800 on our own home. 3 beds and a garage just a longer commute, don't believe all what you see on internet
Home prices & lease rates are to high!!!!
Its beyond correction, It's just truly unaffordable. The Salaries are not there and buying a home in florida with insurance spikes and tax spike which you have no control of is not worth it. Move out of America, buy your Dream home in Chile, Bali, Thailand, Philippines, etc. America has just become undoable even for Migrants who are now realizing America is not a dreamland but a Nightmare. They have to drop Pre Pandemic Prices if not your going to catch a falling knife "Be at a Negative Equity" in the next year or so.
i would not touch real estate all homes gonna crash near 50%
How can you say it's easier to rent twenty five hundred and upfor a house
it will correct
It’s already correcting. The question is what percent. 5%? 8% 50%?
Solid video sir. The Florida sellers are starting to give in.
It was never going to crash until 2025 (2007 peak 2011 bottom) four years for a 50% drop, personally experienced the ride. There is a difference between investor and speculator, unfortunately most people are the latter.
Do you think homes will climb in price going forward like it has in the past 10-15 years were people see their equity jump every years giving them tens of thousands dollars to borrow from during their homeownship?
No one can predict the future
@@SPenninah0425 If you want to know the future, go to the past. You can just look at incomes, they also tell the future, along with gdp and government spending.
@@SPenninah0425 Just look at the new laws and policies that now have people losing their homes, condos ect. It's not the future, it's the present! Insurance if you can get it, is sky high. Now look at wages and availability of high earning careers.
Unemployment rates did not skyrocket!
Never sell i own meny properties and will buy more i have become very rich
I doubt it. You sound bogus. Learn to spell 'many'
Wow
Nothing Crazy Florida taxes, insurance and all the rest of it. Florida will crash 2008 will look like a great dream. It is over for Florida to over priced the whole state will crash by the first of the year. The prices will go back yes you're going to get 50% drop for sure if they drop the interest rates it is not going to be for mortgages.
You can even rent a one bedroom little apartment for lesson 1700 a month.
You're just bad mouth and buy in home.You're just trying to make money off of TH-cam.People are smarter than that
There is nothing crazy about ridiculously too expensive home prices. The cure for high prices are high prices.
Yeah, something crazy has been happening since 2019, Deathsantis sold all you FloriDuhing’s out to the insurance companies but you won’t say it. Misery loves company in FloriDuh
Florida economy sucks. Cut & run! Even if you cut prices 40% the insurance companies & HOA fees will cost you even more. If you can even get insurance. Maybe you can get Desantis to pass a law?
Ha!! He and our state insurance commissioners are all bought off by the insurance industry lobby campaign donations and promises of cushy million dollar jobs in the insurance industry after they resign as commissioner, though they did pass a law in 2023 so that commissioners will now have to wait longer before they can accept their cushy jobs. But they will still do the bidding of the insurance industry to help them continue to screw customers while raking in massive profits, until that becomes impossible due to the sheer number of huge natural disasters that keeps increasing annually, and to a much large number of people as we all continue to choose to live in areas becoming too unsafe to wisely invest in, no matter how beautiful they are many days of the year...
To negative. Maybe true topic sucks
It’s actually great. Regular people and familes will be able to afford homes again. And the scumbag flippers and investors are going to lose everything. But it’s not even until they lose the house their families live in.
skip the conspiracy theories, recommend what to do now. buy the cheapest place in the best neighborhoods, variable interest mortgage maybe? relock when low? come on….think
No and no. I make videos every week on what to do now.
@@MovingToTheGulfCoasti was thinking NOOOOO, as well. Variable rate, DEF NO.
Coincidence theorists love to call every insightful person a kunSPEERacy theorist.
TIME TO BUILD 2 FAMILY HOMES WITH NO CROOKED HOA'S & CROOKED INSURANCE CO.
Florida overpriced
By 300%