Buyers Remorse is ALIVE and WELL (AVOID These Mistakes!)
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- เผยแพร่เมื่อ 28 ก.ย. 2024
- U.S. homeowners with a mortgage have lost a collective $1.5 trillion in equity since equity peaked in May, an 8% reduction, according to September data from mortgage services company Black Knight. Needless to say, this situation is troubling and is causing a lot buyers remorse among recent home buyers.
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Banks FREEZING Credit Lines as Economy Slows th-cam.com/video/iNtgpcvCGgk/w-d-xo.html
Bought my condo in 2004. Paid it off last year and have 0 debt. It’s a good feeling 😊
That must be an excellent feeling!
Congrats!! 😎
Nice one. Years away for me sadly.
As usual, good contents Mike. I like the walk-around-videos that you and a few other You-Tubers do. Kind of a neat change of scenery from the normal sit-at-the-desk videos. Thanks.
Although I am in the my last home, I like to follow the real estate industry. Its health or sickness is a great indicator of our country's fiscal situation. Even the auto industry will indicate where we are as a nation fiscally.
Thank you Rob I love getting out and looking at different areas making these videos. I totally agree. The housing market is one of the lifeblood of the economy.
If you don't feel safe walking the neighborhood, you probably shouldn't buy there. 🤣
Probably not😄
My litmus test is ..if you’re afraid to walk your dog at night then don’t buy it.
Talking about buyer's remorse and all the concessions buyers made during the Boom and I think Mike you spoke about it in one of your vids. A buyer in Las Vegas bought a brand new house and did NOT get a home inspection done! WHAT THE HECK? And now they find out the house was very BADLY built, probably way too quickly to cash in on the boom. It was on the local news there and they showed whit brand new house with cracks in almost every corner - exterior and interior!!! OMG these people are so screwed it is so sad they got caught up in the FOMO! I doubt they have any recourse at all. Talk about remorse!
Thank you man. This is eye opening to me. God bless you and your work of educating people like us.
You are always a good teacher on historical housing stuff. It is obvious there is a lot of research done prior to your treatise on these important issues. Keep up the good work Professor.
he literally regurgitates articles the boyle heights case was deom wsj a few days back
Boyle Heights is a scary neighborhood. My parents had an apartment complex in Eagle Rock. That area has been gentrified but not Boyle Heights. Gangland
Sounds scary
Funny I grew up in eagle Rock. Left in 83 moved to the high desert.
I find it very hard to find a house with no HOA fees and hard to find a single story house in Florida
yeah, really hard to find a single story house in Florida. ... wait, what?
lol they are almost all single story in Florida
@@odavis1364 lol. I wasn't even going to touch that only about 25% of Florida homes are in a HOA either.
@michael thanks I enjoy your videos. You missed a huuuuge point on the individual who retired from Coca Cola. That pension withdraw would be fully taxable. If it was a large withdrawal $100k+ he will pay 30%+ in Taxes alone! Never buy a big ticket item using Qualified funds/ Retirement monies. So bad to do this for all the reasons you said plus add the tax liability. Fixed Annuities are paying 5% guaranteed for 5 or even 7 yrs! Why take the risk 😮
Taking a cash payout on your pension is really a dumb idea. He definitely did not talk to an financial adviser.
Thank you for breaking it down.
You’re welcome!
Thank you again Michael for another useful video. I will turn 50 next Feb and have never owned a house in my life because of the fear that I have that you have laid out on this video. Kudos to you for your efforts and to your channel!! :)-
Good video. I am surprised as you walk pass houses that there is no Christmas decorations. No Christmas spirit in that neighborhood
Poor California. I just moved away after living there for 15 years. It broke my heart. But as a recent retiree, along with a myriad of problems and financial pressures that keep getting worse in the State, it just didn’t make sense to say. I still go visit friends, but I’ve decided it’s much better and safer to vrbo if I want to hang out for a while, vs owning something in California. Way too risky and precarious for my liking.
On a side note, there was also an article in the paper today describing how almost half of 18-29 year olds are still living with their parents because they can’t afford rent or mortgages. And it seems many of them aren’t even trying to save up for a home. Too far out of reach. Instead, they’re spending $ on luxury toys and items. They’re waiting for mom/dad or some other relative to bequeath them a house. Can you imagine? So, as long houses remain this expensive, demand is mainly going to come from the wealthy, the highly paid and the investors. That could have a lasting Impact on the market in what gets built and what gets bought. Watch this space 🤪
Lots of the younger folks that have entered the housing market have also gotten help from family.
Many of their parents/grandparents helped with the down payment, furniture, or were paying their rent so they could save up.
One of my subscriber sent me that article you mentioned! Was thinking about talking about that in the future video it is insane. I don’t blame you not wanting to own in California anymore. You never know what they are going to do next.
Yup, that's what 30 years of absolute DemonRats majority does to a state, makes it a 3rd world shit hole like California!
California seems like it’s set up to make people fail.
Young people in CA are having to work 2+ jobs just to feed themselves and pay rent.
The homes are old on your walks and the homes are on a big lot. In Winter Garden the homes being built are on small lots and mostly 2 story. There is a big difference in our area
“Do the walk.” Excellent advice!
Amazing when the economy gets bad everyone (HOA's, Insurance, Etc,) thinks it's time to increase the rates. When everyone was doing well minimal increase, now large increases. Talking about kicking you when you are down. Thank goodness for the pre planning for these times.
HOAs are evil
Yeah, really!!
What's comfortable for your monthly budget now, might not be when the prices for everything else we buy goes up. Don't forget, there are a lot of layoffs coming! Do not buy now for any reason; wait for the dust to settle or you'll likely be caught up in the rubble.
If it's residency and not an investment, there's no way you can ever convince me that renting is a better option than buying
@@jaahnnn Renting permanently is not a good idea, renting until the storm clears is. Ask anyone who bought just before the 2007 crash if they wish they rented instead of buying.
@@lizardking8388 lol ppl now don't care about over 15 yrs ago..but since you brought it up, your point is debatable because if you were renting you were still losing money by throwing your money straight in the garbage by paying rent ..so your 2007 point is kinda arguing out of 2 losers who lost most..again which is debatable
@@jaahnnn If you rent for a year at $2000/month, that is $24,000 you spent on shelter for the year. That doesn't mean you threw away $24,000. If you bought, after 1 year, most of the payments you made for that house go to interest, taxes, insurance and other costs such as maintenance; all of which are not costs borne by the renter. All the appliances in the house have a finite life and wear out and need to be replaced over time by the owner, the renter doesn't pay for this. You do not know which will fail first. The buyer who bought a house and ends up with $100K in negative equity because the price crashed after he bought it is now at a $100K loss which already dwarfs the $24,000 that the renter spent on housing for the year, even though the renters cost over owning is only a fraction of the $24,000 he paid. On top of that, if the roof leaks, or the furnace or AC dies, or the plumbing leaks, etc. Those costs have to be paid by the owner. If the owner has to sell the house for any unforeseen reason (job transfer, divorce, etc.) while in a negative equity situation, he will have to come to closing with a checkbook or face a short sale or foreclosure. Huge losses!
Being that we are just starting to come down from the biggest housing bubble in US history, buying a house now is the equivalent of buying and carrying a sack of gold dust with a hole in it, in a windstorm. As the sack gets lighter, you will be more inclined to sell, but no one will want to buy it unless there is a steep discount that would be a huge loss to you.
@@lizardking8388 lol I already completely disagree with your first sentence..and how are you just throwing out 100k loss number like that giving no context in what someone actually paid for a home? There is so much wrong with everything you typed. But I get it you are trying to justify renting, which again gains no equity and you never get any of that money you spent back. I've owned 3 homes and never been in a negative equity situation lol
Plus the 1st one w the condo the HOA can go up ‼️‼️
Absolutely I know all about that!
So green !
Its a beautiful area!
The stock market has been a really tough one this past year, but I watched an interview on CNBC where the anchor kept mentioning " karina mattis ". This prompted me to get in touch with her, and from August 2022 till now we have been working together, and I can now boast of $540,000 in my trading portfolio.
That's massive. Can you please connect me with your personal broker, I would love to work with her
Like I said earlier , her name is karina mattis , and you can reach her via her website.
Just run a search on her name, and you would see all you need.
Thank for the info . Found her website and it really impressive
Buyer #1 must have fell for the date the rate line... you should expect to hold your loan for at least 5-7 years. If conditions improve in 1 year that's great but don't gamble on it. So many people make awful mistakes like this when buying a home. They end up losing so much money
Awesome straight talk and common sense approach to buying..Glad I sold in May at the top wait and living like frugally. To wait for the downturn that is definitely coming .. I feel sad and sorry for those that bought the peak bought the tops they're underwater I truly do but if anybody couldn't see what was coming then they were just blinded by these overvalued prices in the market such as my buyer who said yep I probably can't afford it I'll probably lose this and let the VA eat his loss that's unfortunate but a maybe I snag my property back at a quarter million dollars
“Tapping home equity” as revenue has been one of the biggest marketing scams during my lifetime. As you know, it’s not revenue, it’s debt. People are tapping the debt machine with the hopes their home will cover their debts in the future when they sell it.
Financialization doesn't work without production capacity, and fair markets
Hey Michael, Happy Holidays!
It'd be great if you'd do a vid on assumable loans (my bad if you already have). I'm interested in buying a home here in San Diego and assuming the sellers' current loan (sub 3% interest rate). Homes are still relatively pricey here, but have dipped some the past few months. That said, homes are still getting offers and deals are being made - I've even seen some price increases this past week. I don't believe home prices are going to fall much further here in SoCal. Thoughts?
Anyhow, thanks for the honest, straight-forward content. Purchasing a home is a huge decision and your no-frills takes are a breath of fresh air. People need to hear the truth, even if it hurts. Also, that Metallica cover you did was noice - Up the Irons!
Lates,
Jef
Canoga Park...San Fernando Valley Grew up in North Hollywood...homes way over priced there like Miami
I would rather live in a paid off 1 bedroom condo and own multiple paid off rental properties
As mentioned in that study minimalism can save your life
Great video Michael, and very good advice about driving and walking the area you plan on buying in. We are planning to do just that next spring when looking😀
FOMO...keeping up wwith the Joneses...best just to hunker down and only buy what you can afford!
Absolutely!
People don't look at the Big Picture when buying a home,, what's the overall trend of real estate in the overall area, crime rates around your area, etc ,, key point, when the economy sinks, that buffer of neighborhoods separating you from the Drug and High Crime falls away and now your in the High Crime & Drug areas,, seen it happen a few times over my long life
Why didn’t that couple do their homework??? Yikes!! If you’re from SoCal you know NOT to move there lol
Amen brother!
Monetizing debt does nothing for progress, period
Impatience is the biggest factor I’ve seen for why people make mistakes buying whatever. The urge that “I need it now.” Applies to houses, cars, marriages, everything. We all do it, but it’s much better to limit impulse buying to buying something like a latte rather than a house.
More to your excellent point, whenever someone is pushing you to buy NOW (insert reason) it's generally a great idea to pump the brakes and start asking hard questions.
I’m gonna be buying the whole fking market ever single townhouse duplex I can’t wait man I can’t wait I’m been waiting for a opportunity for so long
It is laughable how many 5 figure earners are in high 6, low 7 figure houses.
Chill people... let the market sober up.
Iam glad someone is paying taxs out there
Recent listings in South Florida nice working class neighborhoods are overpriced by $100K to $200K. Is the owner that stupid or the realtor that greedy. Let it rot to the core.
Closed in May 2021 in Cypress, TX. Asking was 315k we closed for 310k with 3% down payment.
Great video, good advice to be conservative financially no matter the reason....I am a senior now, wish I followed this advice when young....
On a side note, why are new home builders not reducing prices significantly? Are they not seeing the writing on the wall.
@@njerseydavid thanks. institutional investors are buying without a concern of market slowing down and at this interest rates? Dallas market used homes are down average $100k or so. In the same area new homes are being sold for atleast extra $100k. This just does not add up.
Like the person said below, in some places, they are, it all just comes down to demand. if you’re not seeing homebuilders, do this in your area, then there’s a high likelihood they are still selling.
Great content!!! Thank you!!!!!
It's me, hi. 👋 I love the T-Swizz inspired video title.
walk around a neighborhood? The past couple years people were buying sight unseen , waiving inspections whatnot lol. Thanks Mike!
Great video Michael. Would add to your suggestion to the numbers working for investment properties from day one. That the numbers may need to work for a decline in rents in the near future. Would be very unfortunate to make that investment, just for the rents to decrease no longer meeting the needed numbers.
Blackstone black rocks indoor and other real estate investment companies should hire you as a consultant because they did exactly what you said not to do😂😂😂😂😂😂
If they did, they probably wouldn’t listen to a word I have to say lol
Hi Michael, yes it's true lending standards are more strict now, however, we now will have massive homes going on the market due to investor withdrawal like Redfin, Zillow and Open Door. Approximately 30% of homes were bought by investors, inflating house prices. Now those investors are getting out of the market. This housing crash could be way worse than the last one.
Exactly.. this downturn will not happen because of subprime loans like 2008, but liquidation by ibuyers and investors. Some turned those into rentals but As more ppl lose jobs and cannot pay rents and need to be evicted, they will much rather liquidate then deal with it everywhere
I don't care what Dave Ramsey says, there is no way I'm buying a house right now!! Prices are artificially high, and they're going to come down!!
Simply the best💗
For some reason the crypt keeper from tales from the crypt came to my mind lol. Where she tells scary stories heh.
I do not see much in regards to Christmas decorations on the houses behind you in your walks. No Christmas spirit !!!
lots of people put 3% down in 2006 and you know what happened to many when they lost the house? answer, they lost 3%.
those that put 20% down, all lost 20%.
take 0% down and 1000 year mortgage if someone is dumb enough to give it to you.
How in the world can we say it's different this time (from 2008) with people only putting 10 percent down ? That combined with 2.5 percent rates means I can massively leverage up with no skin in the game and then walk away if I get underwater. It's sad that we allow this. Benefits current homeowners but totally screws those that save. Just so obvious they want the debt bubble to continue. "Investor" is just someone who over leverages and plays this system for what it is. I hope rates rise significantly to flush out all the over leveraged irresponsible people. It needs to happen
I want to take this channel on a deeply serious level. Please tell me I'm not listening to economic ninja?
You will never see both low prices and low interest. But its better to buy at a low price and not so insane interest and a large down payment
ironically today is low price and medium interest. if you have a mirror in 5 years.
Warren Buffet is living in his house that he bought in 1958
they bought property in California, thats enough to understand how unaware they are.
Typical Americans, everything will go right because it is "me." All of these people should have known better. I hope someone else is smart enough to learn for this video. I doubt it. There is a challenge, and prove me wrong. I dare you. 😀 Rock on real estate warrior 😎
At least, if a few people can avoid getting burned from watching it, my job is complete
Following your videos, thank you. We are retired on Social Security income, and home insurance has raised to double the real estate taxes, how did the Florida lawmakers helped the homesteaders? Not at all!
Economic ninja loves you and wants your money 💰 subscribers need.
Buy bitcoin? It's only 69,000.00$
Your family will thank you later 🙏
It's going to do a moon shot?
If you buy with a 5% down payment, the most you can lose is 5% when you walk away. If you put down 20%, the most you can lose is 20% when you ultimately walk away. If you buy with cash, the losses could be quite steep as your option to walk away is gone. That's the way I see it. Me personally, I'd rather just wait and lose nothing and have everything to gain.
Nobody plans on walking away and then if you walk away you basically probably never own another house
@@davecurry8180 Of course nobody plans to walk away. Why would someone buy if they were planning on walking away? There were lots of people who walked away after 2008 and bought again 7 or more years later, after their credit was restored. The only thing they lost is their down payment, if they even came up with one. A lot of people used stimulus checks and PPP money this time for a down payment, so it's like they bought with zero down; zero skin in the game.
Actually takes 10 years and good luck at bank wanting to give you a loan without 20% down now it's not a win-win solution walking away
That was a problem with 2008 they gave everybody alone nowadays they look at everything they just don't get money out like that
@@davecurry8180
"Actually takes 10 years and good luck at bank"
That is not true. Foreclosure stays on your credit for seven years from the first missed payment but you can start restoring your credit right away.
Do Americans need a permit to be poor?
Oh man. Boyle Heights. It would be funny if it weren't so sad.
I HOPE EVERYONE HERE IS DEBT FREE. DEBT IS LIKE SLAVERY. BEING DEBT FREE IS A FORM OF TRUE FREEDOM, IT'S PRICELESS!
When will you stop being so attractive so I can actually focus more on what you're saying?
😂
Somehow I dont feel sorry for them
If you’re not going to live in it for 10 years or better…Don’t do it😂
Me debating if it’s ever going to be worth buying, I’m not sure I’d want to live in the same place for 10 years ever!
That’s right!
only have to go back about 2 years to disprove that one...
@@hvaball150 not in all markets, you’d have to use a rent vs buy calculator to really know for sure
@@yob_woc no you don't. I'll blanket that statement.
pick an average house buyer from 2 years ago in the usa. they are better off 9:1 or more.
put away the crack pipe with the rental calculator.
if you live in a cheap rental you will almost always be better off, provided you invest the difference.
if you were to rent the same house you would buy, you will be worse off.
if your equity went up 100k the last 2 years, and you spent 4k per month, you have been paid to live in the house essentially. no normal rental situation is going to pay you to live.
pick another period than today to say that, yes you may be right.
Just a matter of time and we all, including our kids will be millionaires. Won't that be awesome 👏
Should we buy into economic ninja crypto?
As hyperinflation speeds up. And I know most are in denial. But you're vote matters and I'm not trying to argue your reasons for non hyperinflation. But let's just say hyperinflation is here???
Are people ready for one million dollar property taxes? Or one million dollar insurance bills? Or 100,000.00$ electric bills? 1,000$ fill up on your auto$ 1,000$ food bill?
I strongly recommend not next year. But the year after look at the energy market
👍
Flash crash incoming! BUSINESSES will F.O.L.D. Pay off your debts! Reduce your lifestyle. Increase your earnings and purchase assets, stuff that pays you periodically. Don't gamble for dreams or lifestyles. Consume much less. Produce much more.
If you believe Janet Yellen. Formal federal reserve chair. Now the purple 💜 head of the grand treasure department of debt 💜 😀 you deserve to loose all your hard years of work
If you are a debtor and taking advice from economic ninja your probably going to be homeless
The title of the video was worth the price of admission
Boyle Heights is right smack in the middle of downtown L.A. I would say it isn’t the best neighborhood to buy in unless you have a family connection there. And YES! My dad was a realtor and he insisted buyers visit potential new neighborhoods on a Saturday night after dark. Park the car and walk around… and then make your decision to buy or not buy.
Clearly this couple did not follow your fathers or my advice
Do that in Detroit and you might not make it out of there lol
@@esteban1487 I bought a home in Detroit and moved back to Cali. I had five people killed in front of my house
Boyle heights is where Nightstalker lived
@@kepop98 Good times!
That medical situation just shows how wrong our medical insurance system and care is
" factored those things in when we bought this property" I agree 👍🏾 Everyone should be planning ahead for a constantly increasing cost of living!! Secure as much income as possible before buying that "dream" home: savings, assets, passive income....
House pricing will drop back to 2019 pricing.
Buyer's remorse stories are similar to the history that we learn in school. Not learning history will doom those who ignore it and people might repeat the errors and suffer. History usually isn't the exact same but it echoes and we all can learn from the negative stories that it provides... Boyle Heights is a bad neighborhood about 5 min from skid row. There are cool looking old LA homes and maybe the neighborhood will improve one day but they shouldn't be surprised by the high crime rates there. One thing you would notice walking Boyle heights is how quiet it is from the lack of landscapers.
Oh my god I have so many friends who are currently experiencing this. They are scared what if they lose their job it’s ugly out there. Having constant anxiety. I can still sleep peacefully at night as I didn’t FOMO. I am going to wait another 2 years if I have to but I will not buy right now
Peace of mind really counts for a lot. Doesn’t do you much good having a home that you own if every day you’re afraid and wondering if you’ll be able to keep it or not
....and you will pay 20% more then.
I used to watch your videos out of a dream to own Florida property. But, now, your videos now are my go to for the pulse of the real estate market, in general. So much common sense, and professional wisdom here. Thank you!
First off! Nobody walks in L.A. secondly, not even Robocop will go into Boyle Heights.
😂
RoboCop😆😆
Mike.. I am making plans for 2023 to save money. I am going to cut cable completely and return the cable boxes. I will save about $1,200.
Lol. Heads up. I don't recommend walking through L.A. gang territory.
Then you might not want to buy their either is my thought…😁
Great video Michael
The amount of money you’d have to put down to make a dent in your monthly payment is outrageous. It’s not worth it at all. You’re better off keeping it in the bank to be able to float emergencies than you are locking it into your house
I guess it all depends on everyone’s individual situation. If you’re worried about having a few extra bucks to pay for emergencies, then you’re probably not in the position to buy anyhow, most likely.
i agree, you always want to get close to 20% equity to avoid mortgage insurance
@@MichaelBordenaro I don’t. Think that’s the case. I cleared 202k this year. My down payment going into January wil be 5 percent in 850k hà i g 20 percent is not realistic when rent tends to be 3000 bucks here in Seattle for a 2 bedroom.
@@nickolausalston6915 , if you make that kind of money why not pay cash instead .
@@sonicboom2723 because houses here like I said are 850k on the low end and average closer to 1.4 million.
I have been living in a shithole of an apartment so I can put away about 5500 a month towards a down payment. I'm preparing to make an offer.
Hi Michael I enjoy Your show as I am in australia and like the news as it follows over to here but here guys are Gold prospecting and still finding Gold so America is Full of it so go get it FREE.
Had the market worked out in these people's favor we wouldn't be hearing sob stories, they would be stories about how smart they were. I feel no sympathy for these speculators
Boyle Heights is a gang area. I’m from Los Angeles.
A Pepsi worker got fired, because his employer found Coke in his system from his test results.
Nice
Dam it boy
6 months ago Redfin had my home up 40% from when I bought it in Dec 2020. Now they say it's up less than 30%.
All those sites over estimate
That sounds pretty accurate
@@Mr.Helper. Yes indeed. Redfin and Zillow said my home was worth 325K when I bought it. The bank appraisal said it was worth 300K. I bought it for 300K. Redfin and Zillow are now saying that it’s worth 327K. When I log into my account to make my mortgage payment the bank says that it’s worth 298K. So, I don’t believe what Redfin and Zillow say about the price.
@@Mr.Helper.mine has been underpriced on zillow for years.
having home equity is part of the wealth effect.
Would you rather be poor or living in debt to the banks? If you asked that question to someone on the street what would be the percentage response in the US.
If you have the money/income to pay the debt it’s not a big deal. But being poor really sucks.
@@MichaelBordenaro lol
The feel remorseful when I think of all the real estate that I didn’t buy when I shoulda, coulda buy but didn’t for stupid reasons.
Well, we can’t go back my friend
said everyone every year always... a friendly reminder.
Thanks Mitch
With Google there is really no excuse for not doing your due diligence before buying.
That’s right
Inflation and interest rates are on their way down… the housing crash is officially canceled🥳🥳🥳🥳
I was trying to buy real estate in Canoga Park California back in 2004 in the last real estate boom.. The only property I could find that had even the slightest chance of cash flowing was a three-bedroom condo in a really bad neighborhood - which is what Canoga Park essentially is. On the way to check out the condo, a Ford Explorer in front of me turned and almost cut somebody off. Of course, the person that got cut off proceeded to express their anger. And I kid you not, the guy in the Ford Explorer pulled out a handgun and casually waved it at the angry guy implying for him to shut up and get moving, which the other guy immediately proceeded to do.
That's all I needed to see! I instead bought a brand-new five-bedroom house in a Phoenix suburb and did very well as it was brand-new and it cash flowed. Forget appreciation… Cash flow is everything because real estate investment needs to make sense RIGHT NOW, not in the future.
And stay away from Canoga Park!
Enjoyed
You can look up a city spot shotter and see if there’s gun fire regularly. At least in Minneapolis you can. Same with crime. I actually called a sheriff’s office on a property and they seemed shocked someone would do that, but they had no problem telling me.
Nice. Due diligence is a must if unsure of a spot.