This video is filled with examples of people losing a huge amount of money from where they purchased properties near the peak in 2022. We were told that this would never happen. That home prices would never go down. But increasingly, there are many owners down 20, 30, and even 40% on their investment in just two years. To avoid making the mistakes of the owners in this video, and to forecast the direction of the market in your area, research the data on Reventure App: www.reventure.app Start with Inventory and Home Value data for free. And then upgrade to view Home Price Forecast figures for every ZIP code in America.
prices are still waaaaaaaaaay over valued .. these are only one or three cases out of thousands of homes, and even these cases are homes 8x their original value, still overpriced
Housing prices likely won’t drop significantly until supply increases. The U.S. is short millions of housing units and isn’t building fast enough. Demand remains high, and even a small dip in prices attracts many buyers. I’m looking to buy affordable houses in August and maybe invest in stocks. When’s the best time to invest in stocks? Some say it’s profitable, but others warn it’s risky. Any advice?
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on TH-cam videos but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
What people fail to realize is that the income in Florida doesn’t align with these price increases. This will inevitably lead to a significant conflict, much larger than the one in 2008.
One key difference from the last housing crash is that we didn’t have inflation like this, nor were other costs rising so quickly. Lately, I’ve been considering consulting advisors for guidance. I’m at a point where seeking advice could be helpful, but I’m uncertain about the actual benefits their services could offer.
It’s going to crash, just wait and see. I live in Lakeville, where properties that went for 100k in the early ’90s dropped to 65k. It’s only a matter of time. You can verify with my CFA, Kate Elizabeth Cressotti-she has an excellent reputation in her profession. I suggest exploring her credentials. With her wealth of experience, she’s a crucial resource for anyone looking for financial market guidance.
I hit $113k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.
It's essential for you to have a mentor to keep you accountable. Myself, I'm guided by Evelyn Vera. for years and highly recommend her I focus on him. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
The FED knows. They aren't committed to attacking inflation. They are going to continue to inflate, stocks and commodities will continue to go up with everything else. You can't just sit on cash waiting for a crash, get your money working for you, start buying in slowly and then gradually increase the pace of buying as the prices continue to drop.
It's a fact that recessions are a natural occurrence in the economic cycle, and the best approach is to ensure you're ready for them and have a proper plan in place. As someone who entered the workforce during a recession (2009), I experienced the direct effects of inflation and discovered the importance of generating increased passive income to counter it.
Experienced long-term investors are aware that the market and economy have a tendency to bounce back over time, and it's wise for investors to be prepared for such a recovery. Speaking from my own experience, I continue to invest heavily in this volatile market and have achieved significant gains - my portfolio is presently up by 60%. For now, I'll keep a watchful eye on the situation and gradually invest in more stocks as opportunities arise.
How did you achieve it? I been trying to stick with index funds. I feel this new interest rates hikes could crash this economy. I'm looking out for a better investing strategy, I have a lump sum that inflation is steady eating up.
My CFA ’Stacy Lynn Staples’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I appreciate you sharing this. When I looked up the woman you named and read through her credentials, it was obvious that she was a complete professional. I just need her to respond to the message I wrote her.
If anything, it's likely to get worse. Affordable housing will soon become unaffordable. Therefore, I advise taking action now because today's prices will seem like bargains tomorrow. Until the Fed takes more decisive action, I expect we will see hysteria due to rampant inflation. You can't just halfway rip the band-aid off.
In the early 1990s, when I bought my first home in Miami, it was common for first mortgages to have rates between 8% and 10%. It's important to recognize that we may never see 3% rates again. If sellers are forced to sell, home prices might need to drop, resulting in lower valuations. I believe many people share this perspective.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advice on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
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.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Can you provide instructions on how to contact your advisor? I'm experiencing erosion of my funds due to inflation and looking for a more profitable investment strategy to make better use of them.
‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Unfortunately, financial education is not readily accessible to Brown communities. I appreciate your encouragement to seek out this vital knowledge and bridge the gap.
That's no excuse in this age of immediate access via internet etc. It's a cultural obsession due to poverty of value in things. Poor people spend the rich invest
Everyone needs a different stream of income, unfortunately having a job doesn't mean security due to the high rate of tax, one needs to move ahead of their expectations.
Houses in most sunbelt states jumped 80-100% in 2 years. Realtors claimed "its the market." When houses drop over the next few years, buyers can tell realtors "its the market."
Realtors still make money off the transaction, no matter if price up or down; they just make less money on lower price. Unlike the buyer/seller, realtors have no skin in the game.
The price cuts are huge because three years ago the price rise was huge. Most of what the public calls a crash is just prices coming back down to earth.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
It's likely going to grow worse. Housing that is affordable will soon become unaffordable. Consequently, I will encourage everyone who wants to take action to take it now, as today's prices will appear to be lower than they are tomorrow. I believe that we will witness hysteria as a result of unchecked inflation until the Fed takes additional action. The band-aid cannot be torn off halfway.
The new mortgage rates are crazy, add to that the recession and the fact that mortgage rules are getting more difficult, and home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. For now, get your money (as much as you can) out of the housing market and get into the financial markets or gold. If you are at a cross roads or need honest advice on the best moves to take now, it is best to seek an independent advisor who knows about the financial markets.
'Stacy Lynn Staples' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I find this informative, curiously explored Stacy on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
Predicting inflation starting to rise again this quarter while leading indicators showing economy slowing (not to mention governm*nt figures pumped up for the election). Global economy very weak which affects US. Fed dropping rates 0.50 shows they're VERY worried about financial downturn/crisis. interest rates coming down are also an indication banks are LESS willing to loan money into existence. The question here is where is the inflation going to come from in the near term? Consumers are mostly tapped out which is 70% of US economy (consumption). Yes inflation very likely to return but not before it continues to come down... Inflation can be a concern, but remember, certain assets like stocks and Crypto’s acts as a hedge. Long & short-term trading is generally safer, allowing investors to weather market volatility. I have managed to grow a nest egg of around 3.2 B'tc to a decent 27B'tc in the space of a few months... I'm especially grateful to Seren Wintersun, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
What I appreciate about Seren Wintersun. is her ability to tailor strategies to individual needs. She recognizes that each investor has unique goals and risk tolerances, and she adapts her advice accordingly.
The key to financial stability is having the right investment suggestions for a diverse portfolio. Many investment failures and losses happen when you invest without proper guidance.
@@ryan011110 I agree on one part. But on the other hand if your tax obligation doubles, and insurance goes up, and/or insurance leaves the state, you might be forced to let go of your residence for a loss. That is also f..... up.
@borchelsijles8064 yeah the insurance issue is something that should not be happening. I feel for people in that position, especially when insurance is going up 200-300%. I'm from Tampa but moved out to Vegas 5 years ago and was hoping to maybe move back, but with the cost of insurance, I'd rather just consider somewhere else.
You need to add hawaii to those states that crashed in 08. Hawaii gets its buyers mainly from the west coast and when those dried up it was mayhem. I saw builders abandoning partially built houses and my own home value went from 600k at the 06 peak down to the low 3's. The reason other states didn't crash is there was far less speculation in the market. I've seen quite a few of these big losses on zillow. the one that stands out in my memory is a house in kula maui. they bought in 2022 and sold march of 2024. They probably had trouble getting fire insurance. They paid 1.2 million and sold for 835k. Thats a 365k loss. Also what i find interesting is zillow has since erased the price history on this house.
We bought a condo in 2021 for $375,000, the exact same floor plan has just sold, in the same building for $250,000. That’s a 33.3% price drop in 3 years. It is in St. Pete. Neither condo was impacted by the hurricanes.
Thanks for the update. As an investor, Florida would still have to get cheaper before I’d take on the kind of baggage associated with ownership there. It’s a hot mess.
I'm not familiar with FL markets, but hurricane & flood risk is a big issue ..... North East FL (near GA border) and central FL where there is some elevation statistically speaking is much less risky. What areas in FL are you interested in? Thanks in advance.
@@nampmaljr9294 100% Nampmaljr, I am an agent in NE FL and we have survived many many hurricanes. When people think of FL, they always equate everything to S FL, when in "Reality" they are two totally different worlds. If you need advice on moving to FL, I am, "Your Trusted Real Estate Advisor" here to help people with the Truth about living in FL. Been here 20 plus years
No sir the bottom will be when u don't want to buy. The generation peak in FL home price is in. Maybe nick will see a higher price by the time he retires.
Southern Housing Market (NC,SC,GA,FL,AL,TX,LA) Is Frozen solid people are not seeing the thin layer of ice. As the inventory piles up the thin layer will become a solid block. If you want to sell before you see how really bad it can get summer of next year pull out the concessions, drop your price and be willing to deal or else you will be chasing the market down trying to sell. I watched 18 houses chase the market down for a buyer in the past 3 months. Its officially a buyers market nothing is moving.
With 60% of Americans with a net worth under $1000, it no surprise that there is going to be a shortage of folks with enough money for a down payment as well as the ability to cover the monthly payments, property taxes, home owners insurance, and maintenance. A lot of Americans are beginning to have concerns about their jobs under the new administration. This is a good time to sit tight and build some financial security. Its not a great time to lock yourself in to 30 years of payments. Just like in the great recession, its going to be all cash buyers that pick up the deals on foreclosures and short sales.
If the new administration will do what it is promising, I can't wait. Get all these state employed-welfare recipients off the taxpayers back. They are leaches on society. Government needs to be severely trimmed and all those people need to find out what the real job is. There needs to be competition for jobs, otherwise people get lazy. All the employment stats in the present administration are inflated because they, the so called Democrats, increased government sector. These are non- productive jobs. They do not create any value whatsoever and increase the tax burden on each of us who is productive.
I have a net worth of $420k. It was a great time to lock myself into 15 years of payments. Made $35k so far, despite having seen claims the whole time about how the real estate market's about to crash. What a joke. House prices have risen 33% since Nick had first made that claim. These videos, are about using fear, to bring traffic to the Reventure App, which is easy passive income for him. If enough people pay $5 a month, that's six figures a year.
Gotta love these cycles, with skeptics (experienced) and 'experts' at every stage. As a professor said, these cycle about ever 5-9 years, but American memories only go back two.
I'd like to meet that professor, the claim is false. I was homeowner, two years ago, five years ago, and nine years ago. I have vivid memories of all three times. I had lost money at none of those times, on my house. I had bought my first house twenty years ago. Seems, the quality of my memory had beat the others out, by a mile...
My girlfriend is going thru this right now. Virginia is a special case. Literally half of the state has good jobs, only once you get 75miles out of a metro area then prices become only 20% cheaper from 500k shit is crazy. We need a home because we are renting a house for 2500 a month 😮💨
Virginia/ DMV area is definitely a special case, thank God for that! One day as a homeowner, you'll come to love the stability this area offers! You won't want the volatility that people are praying for.
I first learned about the process during 8th grade, in 1971. And I began to realize after college what that process would do to sea level rise. The information was certainly out there for anyone to refer to so I feel little for those that got conned by the fossil fuel industry.
@@OldJackWolf Gore took it further and prommised Florida would be under water in the early 200s. He has revised upwards twice and we wont see Florida under water for millenia
We've never had mortgage rates go from sub 3% to over 7% so nobody really knows what will happen. But "higher for longer" is real and even 5% mortgages are probably still years away.
I actually said this at the time ... People that bought here (2021-2023) just bought the Bubble TOP of the market. Everyone else is probably doing fine.
You really are filling such an important niche in the real estate market. Reventure seems revolutionary. Your work rate is impressive. Looks like we're heading for a sustained period of house price DEFLATION which is long overdue. It's the only way buyers will ever be able to afford these properties. Since wages haven't kept pace with prices for what seems like forever, what you predicted and whats clearly materialising is sustained and significant price reductions. Keep up the fantastic work!!!
If immigration slows to a trickle, Boomer demographics could usher in ten years of slowly declining prices. Millennials got screwed royally by the money printer/wall street but younger Zoomers just might be fine.
The downward trajectory is way too localized to celebrare anything. If people started listening to this guy in 2020 they really missed out on good oppurtunities.
I bought my house in Ocala Florida for cash in June 2022. I bought it for around $372,000. I added a privacy fence, a complete home water filtration system, upgraded landscaping, I had the driveway resurfaced, added gutters because the builder did not, and did not offer that option, and instead of a lanai, I opted for a sunroom. I also opted for a patio, and I removed the backyard landscaping and turned it into an actual backyard. I also have a corner lot which was an upcharge and is one of the most flat yards in the neighborhood. I really lucked out with the lot, because many of the backyards are sloped, and the owners would have to pay a lot to fix that, if it was even possible. It’s an HOA, and I’m not thrilled about that. In 2024, the fee went up about $2.00 a month, and in 2025 it is being raised about $35 a month. We get charged for the upkeep of the common grounds, but have had to complain because they are not kept up very well, except where prospective buyers are shown. HOA’s should not even exist, but since they do, the builders should have to be accountable for every thing they are charging for. I guarantee that there is quite a bit going into his pocket. And common areas belong to him, not the homeowners. There are hundreds of homes being added, yet instead of spreading the costs to everyone, it seems as though everyone is going to get stiffed. I would never have opted for an HOA if I had known what a hassle it was, and to have them nosing into everything you do is just not worth it. I would never consider selling it for a loss, however. This was bought with my retirement money, and if I had to sell it at a loss, I don’t know how I could afford the remainder of my years on earth. I’d rather become a landlord than lose what I put into it.
Harris county, (Houston )just raised property taxes 8%. It’s going to be brutal for homeowners who are already choking with the HUGE property taxes of Houston
That's not a huge difference, a couple of hundreds of dollars per homeowner. Don't most TX counties cap single-year assessments at +10%? So +8% is pretty much a normal high increase. What's going to really kill homeowners is when counties truly reach the ad valorem value of each of their homes.
@@tonystark19631True, but combine that 8% increase with home values that have rapidly increased and that significantly adds to the tax burden on Harris County citizens. Insurance has done the same thing. Fortunately Harris County is ~2%, so overall not as bad as the surrounding counties, but definitely could detract from more residents moving into Houston. They may opt more for the suburbs if their financial situation allows due to a smaller difference in tax rate.
I do not understand HOA, especially as an investor like me (and I have one). It's like 'buying a mobile home' - you ALWAYS have that fee and it ALWAYS goes up. It's worse as an owner, why not just rent an apt?
I fully agree with you. I do not see any meaningful price cuts in my area of Florida. Prices have skyrocketed 200-300% where I live in the past 4 years show no signs of easing. All new construction is off the charts expensive pricing out almost 100% of the local wage earners. Rentals are not even close to realistic & forcing some very hard choices on working families resulting in an exodus from the state. Something is very wrong with no sign of help arriving. PS Riviera beach is a hellhole dump.
@ honestly ive been here the same about live in the jax area… most of florida is a dump, everybody lives on top of each other in hoa homes that are made for single floor retirement paper thin construction, non hoas are close to trailer looking homes with 3rd generation drug addicts living in grandmas house or homes that are multimillion dollars with no yard.
@@manchannel6900 You've obviously not been to Broward County. The prices here aren't going to drop, if anything they're going to skyrocket over the next 10 years. Firstly, There's no land left, no direction left to build but up. Any small patches of unused land are becoming Luxury Condominium buildings. Secondly, Broward is a sweet spot in the Jet Stream, Hurricanes go either North or South, we don't really get hit here. Thirdly, Tons of Rich Suburban neighborhoods built in cities that were built up way above Sea Level. Lots of money from New Yorkers cash rich from selling their 500Sq Ft Brownstones for millions. They come down here in droves for the warm weather, low taxes and a SERIOUS lifestyle upgrade! That will NEVER end!
Feb 2022, I bought a condo on the east coast, less than 2 miles from beach and Zillow has my appreciation up over 60k and redfin has me at 90k appreciation..
This only happens due to higher supply from builders and lower demand from buyers as inflation and higher rates impact take a bite. There’s no building in the north east.
What I find most frustrating is how the computer programs like Redfin, Zillow etc allow realtors to wipe out previous pricing and list a home as NEW with a small price reduction. First, it skews days on market in general. We have some properties here in Atlanta that have been on the market for close to a year; but every couple of months the realtor wipes all the pricing away - does a small price reduction and lists as new. The property is not new. Second, it skews list price to sale price. e.g. most properties are selling at 97% of what the list price is - maybe after several price reductions. It is incredibly frustrating and you have to be a super slueth to figure out what is going on with a property.
Same here in Jacksonville. Houses sitting for 6 months to a year and etc....every. ow and then they get relisted and the time on market goes away. Im looking to buy a house and have noticed the same thing
Thanks for the updates. I appreciated that you point out that many sellers are still listing for “what they want to sell for”, not “for its current market value”. I saw that happening in 2013 ain Lauderdale by the Sea. This was after the 2008 crash and prices were down. An entire street of houses were listed for sale, but most were listed for 1.1M -1.3M. The only houses that sold were listed for high $800s. I asked the realtor why so many sellers aren’t priced for the market. He told me they had paid off their house and they refuse to sell at the market rate.
@@mike2959lol worst investment ever? It can be but it can also be a great investment. There’s a lot more nuance that goes into these things. You can find good deals
Nick - your channel has turned into “The “Florida and Texas Real Estate Show”. Outside of these 2 states, existing home sell prices are still going UP! Also, I would add bloated wish list price “cuts” are not the same as sell/comp price cuts.
It is true the last housing crash really didn't affect areas of the country. In August of 2008 my husband and I bought our first home in Denver (a tiny 900sqft bungalow) for $200k. Over the next couple few years the valuation of our house went down to $195k at its lowest. By 2012 the house was worth over $200k and we were not in the hole. We sold it for $317k in 2017. At the peak of the recent bubble around 2021/23 the house went up to appx $515k, and now it is going down some to around $500k at present. I still chuckle thinking that a 900sqft house at the edge of Denver city limits is going for around $500k...it is obviously ridiculous!! Denver isn't an extra neat place to live like say Hawaii or the southern Cali coast or NYC. I am a 4th generation Colorado native, so when we left Denver in 2017 we just moved to a less popular location in southern Colorado to get away from the cost and overcrowded madness of the Denver metro area. It is interesting watching history repeat itself. This time I think the Denver/Front Range metro areas are overvalued and will see greater losses than they did last time after the 2008 crash as the Denver boom fad got way out of hand the past 10-15yrs ish!
As someone that works for the county in which Poinciana resides in, almost that whole area is considered a flood zone so residents there are mandated to have flood insurance. And some of the houses do have flooding issues. That might explain your price cut there.
@ yes but poinciana is a natural swamp or wetland. By geological standards the land is depressed so it so of act as a sink. If you want more information then you can come down to the Polk County bocc office in Bartow, Fl. I don’t know too much about the Osceola County side of Poinciana, but I can definitely speak on Polk County side.
My Parents bought the house they are in now in 2006 for $~140-150k. Its a 3 bed 1 bath home and about 1600sqft in the midwest. The home next to them just sold 6 months ago for 306k same floor plan, just a fresh paint job and new kitchen appliances. The problem is even with the prices falling people still cant afford 250-300k for an entry level home. If I'm in an established career have have had a few promotions and am married then maybe I can afford that. But my Dad worked as a machinist and bought his first home which was 1010 sqft for 90k making 30k a year. Then when my parents were married and Had my brother and I they were established enough to be able to afford a bigger home. But 300k is ridiculous.
House prices go up in the long term. The idea that prices have to fall due to waning demand, as the US working class can no longer afford them, is false, because the average homeowner makes a lot more money than the general population does, as Jon Schwartz (one of Nick's critics) had explained. That is to say, the housing market is confined to a smaller subgroup of people who make above a certain amount of money that's much more than what the US average income is. The housing market isn't fair, or equitable. The wealth of the self employed has risen faster than that of the working class. The number of wealthy self employed people has also risen. The incomes and wealth of highly educated professionals has risen faster than it has for, say, service job workers, and laborers at factories. I can afford $600k for an entry level home.
A short sale requires bank approval, so the list price is less relevant. The seller needs an offer to present to the bank. After the bank and seller agree on a price, the buyer under contract typically has the first option to accept it. If they decline, the property is relisted at the "short sale approved" price.
The reason housing in certain states didn't go down as much was that the prices didn't go up as much! That was true here in NC. And, the prices have not gone down as much this time either since they didn't go up as much.
People will have to accept reality that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. I now look towards the stock market to fuel my millionaire goal. Sure I'm not alone in my chain of thoughts.
I like both. But in my experience, most of the millionaires I know have gained their wealth through diversified investments and they all had a sort of financial advisor helping out with informed decisions.
We knew we were buying in the bubble - but the interest rate that is locked in is super low - buying in a bubble you have to have planned to stay in the home.
There may be resons for some houses with large price cuts. Please check HOA dues, crime, and flood zone ratings. I am looking for a home in Florida and finding a wide range of pricing per square foot. HOA fees are so important some listings incorrectly state there are no HOA fees while others state the fees properly but the house price is far overvalued when the fee is subtracted from the monthly payment. You might also remind people that, when selling a house, the owner loses money simply by listing and selling so a 15% loss in sales price may be closer to 20%.
Florida, with Las Vegas and parts of Texas hot on its heels, and the Phoenix area already starting to follow suit. Keep your powder dry and continue saving for that down payment.
I don’t recommend offering a lower offer on the house if you’re hoping for price appreciation going forward because if your lower offer is accepted, it will bring the cops in the neighborhood down going forward. Event that you do your inspection and there’s a lot of things discovered that weren’t made known on the MLS, it is OK to ask for a reduction in price just know that it is entirely possible. We are in a downturn and you might not be able to sell the property at a profit after you flip it and it is very unlikely that she will be able to get a decent returnwithin the next two years if you turn it into a rental
Buy in areas recently hit and rebuild the land with a home that is 2-3 stories and hurricane/flood proof. I would not build a single story home in a beach home. First story would have need to be a block wall garage. No drywall. Maybe you can insure for lower pricing given the hardiness of your home?
When insurance companies don’t want to insure houses anymore or they raise the premiums to a ridiculous amount, the sellers have no choice but to sell and move on. I don’t blame them, they don’t need the stress.
Honestly, this situation makes me feel uneasy, particularly with the Fed's decision to cut interest rates by 50 bps. It indicates deeper economic concerns, and I'm uncertain about my $130K investment strategy, especially with the possibility of not just a recession but potentially a depression.
I agree. Even with great opportunities, we should proceed cautiously. Seeking market analysis or advice from certified market strategists is important.
Absolutely, having a solid plan is crucial. My portfolio has doubled since early last year. My financial advisor and I are working towards a seven-figure goal, though it might take until Q3 2024.
Just wanted to say, ‘Carol Vivian Constable’, my CFA, is the real deal in his field. Dig deeper into her background; she's got years of experience and is a goldmine for anyone diving into the financial jungle!
The affordability is now missing in the lower segment (middle class) of the housing. I saw this exact thing in 2006-07. I said, these prices are not sustainable compared to income/wages. Then the correction came... Remember, the rich doesn't work for "wages". Therefore in the higher segment, affordability is not tied to wages. So "mortgage payment" is not much (if any) of a factor. Therefore, those house prices - in the 1.5 mill and up - are not subject to wage pressures, but the lower segment IS. A correction WILL come.
Guess what? They were always right! I know most people want a housing crash so they can buy a property at a discounted price. But it's unlikely to happen. The crash will deflate the currency, and the US can't afford that. The government is already under unsustainable debt. They'd rather print money and inflate the economy.
When should you jump in and buy? The straightforward answer to that question is that the single best valuation method for any asset is discounted cashflow - the value of the asset equals the net present value of all future cashflows. It so happens all real estate can be valuated using this method with a fair degree of accuracy. Therefore, you should start buying when real estate presents a superior value to all other investable assets in your universe. I have a strong suspicion that virtually no markets in the US meet that criteria as of this video.
Car Stealerships are using the same technique. That's not true at all. New Homes are not going down in prices. Builders are reluctant to decrease prices... Instead they are doing what all other companies like Cereal companies or Soap companies which is they are building "lower' price homes but they are a lot smaller than the ones they sold in 2022 and the people who are underwater trying to sell they are not giving up and asking the same or more of what they pay a couple of years ago during the peak. Also, all those "incentives" on new homes are just ridiculous... A $50k "discount" is nothing after they already increased the price of the home 2 or 3 times... Same scheme used by Stealerships and car manufacturers.
@@me-ut3ud yes indeed. People have no idea that they are not actually richer when their home price goes up it's just showing how much less the US dollar can purchase. Same with stocks and everything else...gotta take into account there has been over 20% inflation the past 4 years.
I too, was renting in CA. But, I had accepted a job that only had a year's worth of work at the time. Wiki says the pandemic had lasted from 31 January 2020 - 11 May 2023. For argument's sake, let's call it a solid two year block of time from that start date. House prices had risen 33% during that time. LA and SF included. There's people convinced that the market's about to crash just because "prices are too high" and "nobody can afford to buy a house anymore, and so the buyer pool's going to dry up". That's a distorted view of the housing market, and those people are setting themselves up for spending the rest of their lives paying somebody else's mortgage while pricing themselves out of even apartment ownership.
Meanwhile in Connecticut........... 11:03 all you people wanted to move South, quit trying to come back..... prices here are still rising although not at a rate like they did in florida. I know several people who went to Florida and now want to come back saying they made a huge mistake.
I believe the homeowners are the one's that get hit the hardest and are taking the biggest losses. I say that b/c an investor adds value through rehabbing, so when they sell, it may break even or have a slight loss in value.
No property in California is going down. Just goes up and up and up. We bought our newly built home in the central valley in 2017 for 560 thousand today its worth over a million dollars. Builders have been mass building homes in this area for the last 10 years. They can't build them fast enough. There are no drops in the prices ever. Just up and up and up. We paid off our home and are looking to buy another one for investment purposes. The price for a new construction home is 700 thousand for a house half the size of what our 4 thousand square foot home cost us in 2017. But the good thing is in this area all newly built homes come with owner owned solar. Here in Ca we look at buying homes the same way we see buying gold. Even if another once in a life time event happens like another housing market crash it never lasts long in Ca before all the properties are right back up again. There are only two investiments that we see as a sure thing. Houses and gold.
As good as Nick's zip code/big map data is, it definitely lags behind reality. For example, all of Buckeye, AZ is down closer to 20% from peak, not just the 10% shown. It's crazy how none of this has gone mainstream yet.
Florida is unique to these price cuts due to whether related catastrophes, then changes in HOA prices; not to mention house insurance is unaffordable and ppl income can’t support their living ratio is huge. I wish Midwest price return to earth so i can buy my dream home which I have been delaying since last 4 yrs
Nick always cherry picks places that are doing particularly poorly, to try and get attention. Though it's rising more than the US average in Florida, yes, people can't expect costs of HOAs and insurance not to go up. Inflation DOES exist. People (usually first time home buyers or people who've rented for a long time) can also have distorted ideas about what maintenance and repairs cost. FL is also unique in that there's lots of wealthy people from New England and from Canada who can afford to buy vacation homes there, while many locals face service job wages. That isn't fair. Midwest and plains states have lower house prices than the coast, to begin with. Prices go up everywhere in the long term. Why had you delayed for the past four years? Late 2020, was the most affordable time to buy a house.
We looked at a house having a half basement. It was about 4 1/2 foot high. Months after we closed, the previous owner mentioned the "dead bodies" he left in the downstairs. He said this to someone else and I got it 2nd-hand. Naturally this raised alarm and concern. The previous guy sold and serviced musical instruments to school districts and had thousands of parts downstairs which he called bodies. I was still creeped out about this and got rid of them.
The first home was never renovated and by the looks of the yard, was flooded at some time. An aerial view of the neighborhood shows a suspicious amount of sand and silt in the yards of those surrounding blocks that two miles to the NE you don't see. Stable, green lawns and normal looking streets over there, a beach where this house is. That whole subdivision is part of what looks like a flood plain that extends 20 miles or more to the south.
I have been watching Austin area and prices are coming down. There was a quick uptick in sales early this month (election?), but overall they are dropping. There are a few that have dropped $100K+ over the past year, but prices are still ~40% over pre-pandemic. Many of these homes are empty!! I expect a flood of homes for sale this spring that hopefully drives the market even lower.
the difference this go was that many califoniras and new yorkers and other big city people left those cities and states and went to other states, so this will affect many more states this time
I'm seeing some optimistic price cuts here in MA but still very high. It seems like more people are starting to refuse overpaying for homes and forcing sellers to keep cutting prices. People these types of homes are for, literally can't afford these homes; or else they would have already sold. Only homes for rich people are selling because modest homes are too much for the modest earner.
Owning a home is terrible investment. Anyone that even call that an investment is wrong. Always has been, but nobody ever does the REAL math. If you’re lucky you MIGHT break even.
You don't know what u are talking, I have always been making monies and rental income too for the past 30 years. You need to know timing in everything and to buy right, as I am also a former car dealer.
@ You’re so mean! 😆. I meant PRIMARY home. I have 58 rentals. Multiple apartments. I’m referring to people that claim owning a primary residence is a great investment. It’s a terrible “investment”. And that I will stand by, Just answer this one question… If someone asked you to invest 400k into ANYTHING, then told you it produces zero cash flow, you would say you’re insane.
@ Buying an home (primary) to me was like the Columbia record club deal of the 80’s. It’s not a good “investment” Nobody ever really does the math. I mean all the math. Here’s an example after 10 years of ownership and what it actually costs…based on a 300K home 6% interest rate 10% down. . 30K (10% down payment) 12K (4% purchasing/broker/ fees) 60K (property taxes 2% a year) 150K (interest 6% first 10years) 30K (maintenance 1% a year) We’re at 282K in 10 years. And lastly even if you sold it for 600k after 10years you will have seller broker fees of ANOTHER 4% on that 600K. So there’s another 24k. You will have more than 600k spent on your home. You will break even if you’re lucky. I’d rather spend the 600K on the S&P or even muni bonds lol. Better yet spend that 600K for a down on a 3m 24 unit apartment that CASH FLOWS. Get all the same benefits of interest write off and appreciation WHILE it cash flows AND you have the gift of depreciation cash expense. Owning a home is NOT a good investment. It’s a liability.
@@as2223 Oh I know it. I have 58 rentals right now. About close on a 16 unit. Never been into flipping. I buy D class improve to a C class. And hold. There money for sure. People made money in 1981 when interest rates were 18% lol.
This video is filled with examples of people losing a huge amount of money from where they purchased properties near the peak in 2022.
We were told that this would never happen. That home prices would never go down. But increasingly, there are many owners down 20, 30, and even 40% on their investment in just two years.
To avoid making the mistakes of the owners in this video, and to forecast the direction of the market in your area, research the data on Reventure App: www.reventure.app
Start with Inventory and Home Value data for free. And then upgrade to view Home Price Forecast figures for every ZIP code in America.
I'd check with the local scientists too before buying.
prices are still waaaaaaaaaay over valued .. these are only one or three cases out of thousands of homes, and even these cases are homes 8x their original value, still overpriced
@@TravelTechie415the comps are being driven down though
Dale mentiroso
we not even got to recession after uninverted yield curve yet
Housing prices likely won’t drop significantly until supply increases. The U.S. is short millions of housing units and isn’t building fast enough. Demand remains high, and even a small dip in prices attracts many buyers. I’m looking to buy affordable houses in August and maybe invest in stocks. When’s the best time to invest in stocks? Some say it’s profitable, but others warn it’s risky. Any advice?
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on TH-cam videos but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Could you recommend your advisor? I'd appreciate some help.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
What people fail to realize is that the income in Florida doesn’t align with these price increases. This will inevitably lead to a significant conflict, much larger than the one in 2008.
Many people who are familiar with Florida know that this isn’t something new-it’s something that is definitely going to happen.
Florida is overwhelmed with so many real estate agents, working until things start falling apart.
One key difference from the last housing crash is that we didn’t have inflation like this, nor were other costs rising so quickly. Lately, I’ve been considering consulting advisors for guidance. I’m at a point where seeking advice could be helpful, but I’m uncertain about the actual benefits their services could offer.
It’s going to crash, just wait and see. I live in Lakeville, where properties that went for 100k in the early ’90s dropped to 65k. It’s only a matter of time. You can verify with my CFA, Kate Elizabeth Cressotti-she has an excellent reputation in her profession. I suggest exploring her credentials. With her wealth of experience, she’s a crucial resource for anyone looking for financial market guidance.
I really appreciate how do I find her ?
I hit $113k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.
I would really love to know how much work you did put in to get to this stage.
It's essential for you to have a mentor to keep you accountable. Myself, I'm guided by Evelyn Vera. for years and highly recommend her I focus on him. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Really you people know her? I was even thinking that I'm the only one she has helped with trading.
Wow! wow! please is there any way to reach her services?
Sure!! Here’s her line
The FED knows. They aren't committed to attacking inflation. They are going to continue to inflate, stocks and commodities will continue to go up with everything else. You can't just sit on cash waiting for a crash, get your money working for you, start buying in slowly and then gradually increase the pace of buying as the prices continue to drop.
It's a fact that recessions are a natural occurrence in the economic cycle, and the best approach is to ensure you're ready for them and have a proper plan in place. As someone who entered the workforce during a recession (2009), I experienced the direct effects of inflation and discovered the importance of generating increased passive income to counter it.
Experienced long-term investors are aware that the market and economy have a tendency to bounce back over time, and it's wise for investors to be prepared for such a recovery. Speaking from my own experience, I continue to invest heavily in this volatile market and have achieved significant gains - my portfolio is presently up by 60%. For now, I'll keep a watchful eye on the situation and gradually invest in more stocks as opportunities arise.
How did you achieve it? I been trying to stick with index funds. I feel this new interest rates hikes could crash this economy. I'm looking out for a better investing strategy, I have a lump sum that inflation is steady eating up.
My CFA ’Stacy Lynn Staples’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I appreciate you sharing this. When I looked up the woman you named and read through her credentials, it was obvious that she was a complete professional. I just need her to respond to the message I wrote her.
Wow, some of these price cuts are huge! It’s amazing how much the market can fluctuate based on demand and location
I’ve noticed the biggest reductions seem to be on higher-end homes. Sellers might be adjusting expectations due to longer days on market
This makes me wonder if now is the perfect time to buy. Timing the market right could lead to substantial savings
Price cuts like these could signal a softening market in certain areas, especially for homes that were initially overpriced
Some of these homes with major discounts could be great opportunities for investors looking to flip or hold long-term.
It’s interesting to see how much more affordable homes can become with these price adjustments. Makes homeownership feel a bit more attainable.
If anything, it's likely to get worse. Affordable housing will soon become unaffordable. Therefore, I advise taking action now because today's prices will seem like bargains tomorrow. Until the Fed takes more decisive action, I expect we will see hysteria due to rampant inflation. You can't just halfway rip the band-aid off.
In the early 1990s, when I bought my first home in Miami, it was common for first mortgages to have rates between 8% and 10%. It's important to recognize that we may never see 3% rates again. If sellers are forced to sell, home prices might need to drop, resulting in lower valuations. I believe many people share this perspective.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advice on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. 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.
Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
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.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Can you provide instructions on how to contact your advisor? I'm experiencing erosion of my funds due to inflation and looking for a more profitable investment strategy to make better use of them.
‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Unfortunately, financial education is not readily accessible to Brown communities. I appreciate your encouragement to seek out this vital knowledge and bridge the gap.
That's no excuse in this age of immediate access via internet etc. It's a cultural obsession due to poverty of value in things. Poor people spend the rich invest
Everyone needs a different stream of income, unfortunately having a job doesn't mean security due to the high rate of tax, one needs to move ahead of their expectations.
That is true my dear, Investment is the best idea presently and without it, human struggles are worthless.
That's awesome!!! I know nothing about investment and I'm keen on getting started. What are the strategies?
I'll advise you to work with a financial advisor.....Building a good investment portfolio is more complex so I would recommend you seek
Houses in most sunbelt states jumped 80-100% in 2 years. Realtors claimed "its the market." When houses drop over the next few years, buyers can tell realtors "its the market."
Realtors still make money off the transaction, no matter if price up or down; they just make less money on lower price. Unlike the buyer/seller, realtors have no skin in the game.
The price cuts are huge because three years ago the price rise was huge. Most of what the public calls a crash is just prices coming back down to earth.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
It's likely going to grow worse. Housing that is affordable will soon become unaffordable. Consequently, I will encourage everyone who wants to take action to take it now, as today's prices will appear to be lower than they are tomorrow. I believe that we will witness hysteria as a result of unchecked inflation until the Fed takes additional action. The band-aid cannot be torn off halfway.
The new mortgage rates are crazy, add to that the recession and the fact that mortgage rules are getting more difficult, and home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. For now, get your money (as much as you can) out of the housing market and get into the financial markets or gold. If you are at a cross roads or need honest advice on the best moves to take now, it is best to seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
'Stacy Lynn Staples' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I find this informative, curiously explored Stacy on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
WHAT PEOPLE DON'T REALIZE IS THAT INCOMES IN FLORIDA DON'T SUPPORT THESE PRICE LEVELS....SO IT WILL CRASH HARD....BIGGER THAN 2008
People who know Florida know this very important information. We're just tired of trying to explain it to these new folks
amen! also drake fall back to the bottom now i am here
You're assuming locals are buying up everything?
My favorite scene in Florida is the retiree who’s a millionaire working as a bag boy in piggly wiggly. No joke.
@65EVMPH lmaooo. Or delivering Chinese food. Seen it too many times
Predicting inflation starting to rise again this quarter while leading indicators showing economy slowing (not to mention governm*nt figures pumped up for the election). Global economy very weak which affects US. Fed dropping rates 0.50 shows they're VERY worried about financial downturn/crisis. interest rates coming down are also an indication banks are LESS willing to loan money into existence. The question here is where is the inflation going to come from in the near term? Consumers are mostly tapped out which is 70% of US economy (consumption). Yes inflation very likely to return but not before it continues to come down... Inflation can be a concern, but remember, certain assets like stocks and Crypto’s acts as a hedge. Long & short-term trading is generally safer, allowing investors to weather market volatility. I have managed to grow a nest egg of around 3.2 B'tc to a decent 27B'tc in the space of a few months... I'm especially grateful to Seren Wintersun, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
SHE IS ON TELE GRAM.
@Serenwintersun
Get yourself someone like Seren Wintersun who understands the market very well and is also a professional in placing trades. That's the key.
What I appreciate about Seren Wintersun. is her ability to tailor strategies to individual needs. She recognizes that each investor has unique goals and risk tolerances, and she adapts her advice accordingly.
The key to financial stability is having the right investment suggestions for a diverse portfolio. Many investment failures and losses happen when you invest without proper guidance.
I feel for those who are losing money on their primary residence. I do not have empathy for investors who drove these prices up so high to begin with.
Spot on my friend.
I mean if you bought the home to actually live in, then the value doesn't really matter unless you HAVE to sell for some odd reason.
@@ryan011110 I agree on one part. But on the other hand if your tax obligation doubles, and insurance goes up, and/or insurance leaves the state, you might be forced to let go of your residence for a loss. That is also f..... up.
@borchelsijles8064 yeah the insurance issue is something that should not be happening. I feel for people in that position, especially when insurance is going up 200-300%. I'm from Tampa but moved out to Vegas 5 years ago and was hoping to maybe move back, but with the cost of insurance, I'd rather just consider somewhere else.
You just lose money when you sell. If you don’t sell and can afford the payments there is nothing to worry about
You need to add hawaii to those states that crashed in 08. Hawaii gets its buyers mainly from the west coast and when those dried up it was mayhem. I saw builders abandoning partially built houses and my own home value went from 600k at the 06 peak down to the low 3's. The reason other states didn't crash is there was far less speculation in the market. I've seen quite a few of these big losses on zillow. the one that stands out in my memory is a house in kula maui. they bought in 2022 and sold march of 2024. They probably had trouble getting fire insurance. They paid 1.2 million and sold for 835k. Thats a 365k loss. Also what i find interesting is zillow has since erased the price history on this house.
My MAUI RE guy Just bt one $360K in Down Town Honolulu only $1100 a month bills 5* and can rent it out .A corner unit 27Flr too.
They erased the history? Isn’t that censorship?
We bought a condo in 2021 for $375,000, the exact same floor plan has just sold, in the same building for $250,000. That’s a 33.3% price drop in 3 years. It is in St. Pete. Neither condo was impacted by the hurricanes.
You made the biggest blunder in your life by buying a CONDO.
Condos are a scam.
What's your monthly HOA??
FOMO'd right into that negative equity! 😂
250,000 for a condo is still overpriced!
As long as you plan on staying there for a while and able to afford the payments i wouldn’t worry unless you had plan to sell soon
What is sad is you would probably want to buy a house that is now available for $375k.
Great content! I would add "pockets" of RE that tanked in the last downturn, such as certain area's in Colorado.
The fact that people are still purchasing residences in Florida is amusing
For Rent.
For Sale
FOR CLOSED!!!
No thank you
No over price cheaply build 😂😂
lol
Wow! That says it all. I’m 50 years old and know a lot of people but I don’t know more that two people who owns their house outright. 😮
Nice.
Thanks for the update. As an investor, Florida would still have to get cheaper before I’d take on the kind of baggage associated with ownership there. It’s a hot mess.
Please don't buy here. I like more deals.
The cliff is still pretty high in Florida. I wouldn’t buy there period. The insurance is going to be insane if you can get any.
I'm not familiar with FL markets, but hurricane & flood risk is a big issue ..... North East FL (near GA border) and central FL where there is some elevation statistically speaking is much less risky.
What areas in FL are you interested in?
Thanks in advance.
@@nampmaljr9294 100% Nampmaljr, I am an agent in NE FL and we have survived many many hurricanes. When people think of FL, they always equate everything to S FL, when in "Reality" they are two totally different worlds. If you need advice on moving to FL, I am, "Your Trusted Real Estate Advisor" here to help people with the Truth about living in FL. Been here 20 plus years
No sir the bottom will be when u don't want to buy. The generation peak in FL home price is in. Maybe nick will see a higher price by the time he retires.
Florida is full of real estate day traders. That works, until it doesn’t.
Always has been. The say the great depresseion started in earnest when citrus speculators went bust in the late 1920's
Southern Housing Market (NC,SC,GA,FL,AL,TX,LA) Is Frozen solid people are not seeing the thin layer of ice. As the inventory piles up the thin layer will become a solid block. If you want to sell before you see how really bad it can get summer of next year pull out the concessions, drop your price and be willing to deal or else you will be chasing the market down trying to sell. I watched 18 houses chase the market down for a buyer in the past 3 months. Its officially a buyers market nothing is moving.
2025 it starts to crack and 2026 is the collapse
2030 is when the recovery begins
100% FL agen here, that is the hard truth
lowest activity on record now
Agreed - in GA buyers are not buying and sellers are very slowly reluctantly going down. It is painful for everyone.
With 60% of Americans with a net worth under $1000, it no surprise that there is going to be a shortage of folks with enough money for a down payment as well as the ability to cover the monthly payments, property taxes, home owners insurance, and maintenance. A lot of Americans are beginning to have concerns about their jobs under the new administration. This is a good time to sit tight and build some financial security. Its not a great time to lock yourself in to 30 years of payments. Just like in the great recession, its going to be all cash buyers that pick up the deals on foreclosures and short sales.
If the new administration will do what it is promising, I can't wait. Get all these state employed-welfare recipients off the taxpayers back. They are leaches on society. Government needs to be severely trimmed and all those people need to find out what the real job is.
There needs to be competition for jobs, otherwise people get lazy.
All the employment stats in the present administration are inflated because they, the so called Democrats, increased government sector. These are non- productive jobs. They do not create any value whatsoever and increase the tax burden on each of us who is productive.
I have a net worth of $420k. It was a great time to lock myself into 15 years of payments. Made $35k so far, despite having seen claims the whole time about how the real estate market's about to crash. What a joke. House prices have risen 33% since Nick had first made that claim. These videos, are about using fear, to bring traffic to the Reventure App, which is easy passive income for him. If enough people pay $5 a month, that's six figures a year.
@@dan-qe1tb no one cares
Gotta love these cycles, with skeptics (experienced) and 'experts' at every stage. As a professor said, these cycle about ever 5-9 years, but American memories only go back two.
I'd like to meet that professor, the claim is false. I was homeowner, two years ago, five years ago, and nine years ago. I have vivid memories of all three times. I had lost money at none of those times, on my house. I had bought my first house twenty years ago. Seems, the quality of my memory had beat the others out, by a mile...
My girlfriend is going thru this right now. Virginia is a special case. Literally half of the state has good jobs, only once you get 75miles out of a metro area then prices become only 20% cheaper from 500k shit is crazy. We need a home because we are renting a house for 2500 a month 😮💨
Save your money and wait.
Virginia/ DMV area is definitely a special case, thank God for that! One day as a homeowner, you'll come to love the stability this area offers! You won't want the volatility that people are praying for.
So glad Georgia is staying stable. Not the greatest weather but the job market is better than most.
"Homeowners in FL are finding themselves under water". Literally and figuratively.
I first learned about the process during 8th grade, in 1971. And I began to realize after college what that process would do to sea level rise. The information was certainly out there for anyone to refer to so I feel little for those that got conned by the fossil fuel industry.
Good play on words 🙂😄
You win the internet today!
@@OldJackWolf Gore took it further and prommised Florida would be under water in the early 200s. He has revised upwards twice and we wont see Florida under water for millenia
Prices have not really gone down in Miami.ive been waiting since 2022
This is actually become a much needed housing correction. Insurance prices need to be next.
Well, guess what, insurance companies face inflation. Why do people think they don't have to pay?
Naples, FL seems to be remaining wickedly overpriced- Florida property at California prices
Rich people stay rich. It's the rest of us that suffer.
Prosper and Frisco, TX too.
Apparently you don’t know Naples. It’s one of the richest cities in America.
We've never had mortgage rates go from sub 3% to over 7% so nobody really knows what will happen. But "higher for longer" is real and even 5% mortgages are probably still years away.
No study financial history pls
you pour thing
The stupid banks and government, why did they lower in first place, they should be prosecuted and fined
It went from 3% in 2021 to 7% up until now. WTF happened?
@@LastoftheMohicans116 Biden
I actually said this at the time ... People that bought here (2021-2023) just bought the Bubble TOP of the market. Everyone else is probably doing fine.
Time will tell. So far those group seems to be Intelligent ones 😂
I am still waiting for those buyers to fail but no sign…. 😢
Where’s here?
You really are filling such an important niche in the real estate market. Reventure seems revolutionary. Your work rate is impressive. Looks like we're heading for a sustained period of house price DEFLATION which is long overdue. It's the only way buyers will ever be able to afford these properties. Since wages haven't kept pace with prices for what seems like forever, what you predicted and whats clearly materialising is sustained and significant price reductions. Keep up the fantastic work!!!
If immigration slows to a trickle, Boomer demographics could usher in ten years of slowly declining prices. Millennials got screwed royally by the money printer/wall street but younger Zoomers just might be fine.
The downward trajectory is way too localized to celebrare anything. If people started listening to this guy in 2020 they really missed out on good oppurtunities.
@je5406 But the people who didn't listen to him in 2022 and due to life circumstances must sell are really kicking themselves.
@@je5406omg you still exist. Bruh
Brilliant discussion
Excellent Analysis
Thank you Sir
I bought my house in Ocala Florida for cash in June 2022. I bought it for around $372,000. I added a privacy fence, a complete home water filtration system, upgraded landscaping, I had the driveway resurfaced, added gutters because the builder did not, and did not offer that option, and instead of a lanai, I opted for a sunroom. I also opted for a patio, and I removed the backyard landscaping and turned it into an actual backyard. I also have a corner lot which was an upcharge and is one of the most flat yards in the neighborhood. I really lucked out with the lot, because many of the backyards are sloped, and the owners would have to pay a lot to fix that, if it was even possible. It’s an HOA, and I’m not thrilled about that. In 2024, the fee went up about $2.00 a month, and in 2025 it is being raised about $35 a month. We get charged for the upkeep of the common grounds, but have had to complain because they are not kept up very well, except where prospective buyers are shown. HOA’s should not even exist, but since they do, the builders should have to be accountable for every thing they are charging for. I guarantee that there is quite a bit going into his pocket. And common areas belong to him, not the homeowners. There are hundreds of homes being added, yet instead of spreading the costs to everyone, it seems as though everyone is going to get stiffed. I would never have opted for an HOA if I had known what a hassle it was, and to have them nosing into everything you do is just not worth it. I would never consider selling it for a loss, however. This was bought with my retirement money, and if I had to sell it at a loss, I don’t know how I could afford the remainder of my years on earth. I’d rather become a landlord than lose what I put into it.
It's good to see you post. Keep up the good work.
Harris county, (Houston )just raised property taxes 8%. It’s going to be brutal for homeowners who are already choking with the HUGE property taxes of Houston
Yep. I voted against it. Too bad not enough people thought this one through more thoroughly to propose different solutions.
That's not a huge difference, a couple of hundreds of dollars per homeowner. Don't most TX counties cap single-year assessments at +10%? So +8% is pretty much a normal high increase. What's going to really kill homeowners is when counties truly reach the ad valorem value of each of their homes.
@@tonystark19631True, but combine that 8% increase with home values that have rapidly increased and that significantly adds to the tax burden on Harris County citizens. Insurance has done the same thing. Fortunately Harris County is ~2%, so overall not as bad as the surrounding counties, but definitely could detract from more residents moving into Houston. They may opt more for the suburbs if their financial situation allows due to a smaller difference in tax rate.
Trump will save them
Forget Manhattan!! Even if it sells for $300k the HOA fee is $2-3,000 a month on top of your mortgage and tax!!!! Who can afford that?
I do not understand HOA, especially as an investor like me (and I have one). It's like 'buying a mobile home' - you ALWAYS have that fee and it ALWAYS goes up. It's worse as an owner, why not just rent an apt?
❤
You are so right but you forget home insurance
Actually, the HOA was $1,400ish.
But point taken.
I would go find a peaceful trailer park,who needs that nut to bust each month, probably takes years of your life also.
Im not seeing these in Florida.. the prices went up 100 - 300% in the past 3 yrs so 50% decline is expected at the least!
Florida is a big state. Where are you? I’m in Tampa and prices are 8% lower but further out perhaps 12%-15% lower
I fully agree with you. I do not see any meaningful price cuts in my area of Florida.
Prices have skyrocketed 200-300% where I live in the past 4 years show no signs of easing. All new construction is off the charts expensive pricing out almost 100% of the local wage earners. Rentals are not even close to realistic & forcing some very hard choices on working families resulting in an exodus from the state. Something is very wrong with no sign of help arriving.
PS Riviera beach is a hellhole dump.
@ honestly ive been here the same about live in the jax area… most of florida is a dump, everybody lives on top of each other in hoa homes that are made for single floor retirement paper thin construction, non hoas are close to trailer looking homes with 3rd generation drug addicts living in grandmas house or homes that are multimillion dollars with no yard.
@@manchannel6900 You've obviously not been to Broward County. The prices here aren't going to drop, if anything they're going to skyrocket over the next 10 years. Firstly, There's no land left, no direction left to build but up. Any small patches of unused land are becoming Luxury Condominium buildings. Secondly, Broward is a sweet spot in the Jet Stream, Hurricanes go either North or South, we don't really get hit here. Thirdly, Tons of Rich Suburban neighborhoods built in cities that were built up way above Sea Level. Lots of money from New Yorkers cash rich from selling their 500Sq Ft Brownstones for millions. They come down here in droves for the warm weather, low taxes and a SERIOUS lifestyle upgrade! That will NEVER end!
If I had a dime for every “ not in my neighborhood LOL. If it helps you feel better…
Feb 2022, I bought a condo on the east coast, less than 2 miles from beach and Zillow has my appreciation up over 60k and redfin has me at 90k appreciation..
Okay is this some sort of weird flex? Now try and sell it and see what someone is willing to ACTUALLY pay. May surprise you
The BIGGEST Financial mistake (that has happened to almost everyone) ... is NOT buying your 1st home when you were 5 years old.
😂
😄
Lmfao
Blame the parents for not being proactive😂
I tried, but could not see over the bankers desk...
This only happens due to higher supply from builders and lower demand from buyers as inflation and higher rates impact take a bite. There’s no building in the north east.
What I find most frustrating is how the computer programs like Redfin, Zillow etc allow realtors to wipe out previous pricing and list a home as NEW with a small price reduction. First, it skews days on market in general. We have some properties here in Atlanta that have been on the market for close to a year; but every couple of months the realtor wipes all the pricing away - does a small price reduction and lists as new. The property is not new. Second, it skews list price to sale price. e.g. most properties are selling at 97% of what the list price is - maybe after several price reductions. It is incredibly frustrating and you have to be a super slueth to figure out what is going on with a property.
Same here in Jacksonville. Houses sitting for 6 months to a year and etc....every. ow and then they get relisted and the time on market goes away. Im looking to buy a house and have noticed the same thing
Yeah, NO! You can’t buy home insurance in FL, so that’s a big NO!
and you forgot the hidden fees
Thanks for the updates. I appreciated that you point out that many sellers are still listing for “what they want to sell for”, not “for its current market value”. I saw that happening in 2013 ain Lauderdale by the Sea. This was after the 2008 crash and prices were down. An entire street of houses were listed for sale, but most were listed for 1.1M -1.3M. The only houses that sold were listed for high $800s. I asked the realtor why so many sellers aren’t priced for the market. He told me they had paid off their house and they refuse to sell at the market rate.
Until they start reaccessing taxes and insurance scam comes down and cleaned up… it’s a no buy.
Given the payout history I do not see the SE insurance market getting better anytime soon.
Just remember if you do nothing. You don’t lose anything.
Yes you will actually it’s called inflation
@ Yes you are correct. That’s why owning a home is the absolute worst investment ever.
@@mike2959lol worst investment ever? It can be but it can also be a great investment. There’s a lot more nuance that goes into these things. You can find good deals
@@mike2959 A Millionaire from RE...
I've been noticing this firsthand in Tampa. My wife's listing lost 15k in value in just a week. From 432k to 417k
Then the next week she jacks it up to 450. It’s a stupid game these realtor play, like if we’re not watching
I love when people say prices won't go back to pre pandemic levels. Yet....it's happening.
There drinking the koolaid.
It’s possible but you don’t know for sure. It’s definitely not guaranteed…
I was looking at a home in the suburbs for 60k in 2019 I need it to go back to this price
The housing market got rugpulled
Nick - your channel has turned into “The “Florida and Texas Real Estate Show”. Outside of these 2 states, existing home sell prices are still going UP! Also, I would add bloated wish list price “cuts” are not the same as sell/comp price cuts.
The main thing is a headline that’s a total banger!
No they aren’t. I’ve check many states daily every market in many states, prices are dropping, though slowly.
@ look at comps, not list prices
Did you even watch the video? Clearly not.
Nope Add Arizona and Colorado
It is true the last housing crash really didn't affect areas of the country.
In August of 2008 my husband and I bought our first home in Denver (a tiny 900sqft bungalow) for $200k. Over the next couple few years the valuation of our house went down to $195k at its lowest. By 2012 the house was worth over $200k and we were not in the hole. We sold it for $317k in 2017. At the peak of the recent bubble around 2021/23 the house went up to appx $515k, and now it is going down some to around $500k at present.
I still chuckle thinking that a 900sqft house at the edge of Denver city limits is going for around $500k...it is obviously ridiculous!! Denver isn't an extra neat place to live like say Hawaii or the southern Cali coast or NYC. I am a 4th generation Colorado native, so when we left Denver in 2017 we just moved to a less popular location in southern Colorado to get away from the cost and overcrowded madness of the Denver metro area.
It is interesting watching history repeat itself. This time I think the Denver/Front Range metro areas are overvalued and will see greater losses than they did last time after the 2008 crash as the Denver boom fad got way out of hand the past 10-15yrs ish!
A 33% increase in price with then a 25% decrease brings you back to same price. A double in price with a 50% drop brings you back to same price.
No add inflation !
One difference last housing crash we didn't have inflation like this or other costs getting so high. I feel this next crash is gonna be special.
wise man and reventure app. Superb
As someone that works for the county in which Poinciana resides in, almost that whole area is considered a flood zone so residents there are mandated to have flood insurance. And some of the houses do have flooding issues. That might explain your price cut there.
Isn’t poinciana in in the center, like near Orlando?
@ yes but poinciana is a natural swamp or wetland. By geological standards the land is depressed so it so of act as a sink. If you want more information then you can come down to the Polk County bocc office in Bartow, Fl. I don’t know too much about the Osceola County side of Poinciana, but I can definitely speak on Polk County side.
@@magiala5577 I use to live close to where all the food trucks are at and a couple of hurricanes hit Florida but Orlando was never affected.
@@elperrocovero Geographical Orlando is a higher elevation.
My Parents bought the house they are in now in 2006 for $~140-150k. Its a 3 bed 1 bath home and about 1600sqft in the midwest. The home next to them just sold 6 months ago for 306k same floor plan, just a fresh paint job and new kitchen appliances. The problem is even with the prices falling people still cant afford 250-300k for an entry level home. If I'm in an established career have have had a few promotions and am married then maybe I can afford that. But my Dad worked as a machinist and bought his first home which was 1010 sqft for 90k making 30k a year. Then when my parents were married and Had my brother and I they were established enough to be able to afford a bigger home. But 300k is ridiculous.
House prices go up in the long term. The idea that prices have to fall due to waning demand, as the US working class can no longer afford them, is false, because the average homeowner makes a lot more money than the general population does, as Jon Schwartz (one of Nick's critics) had explained. That is to say, the housing market is confined to a smaller subgroup of people who make above a certain amount of money that's much more than what the US average income is. The housing market isn't fair, or equitable. The wealth of the self employed has risen faster than that of the working class. The number of wealthy self employed people has also risen. The incomes and wealth of highly educated professionals has risen faster than it has for, say, service job workers, and laborers at factories. I can afford $600k for an entry level home.
Inflation means house prices must go up to compensate owner's for converting a tangible asset into liquid cash.
A short sale requires bank approval, so the list price is less relevant. The seller needs an offer to present to the bank. After the bank and seller agree on a price, the buyer under contract typically has the first option to accept it. If they decline, the property is relisted at the "short sale approved" price.
The reason housing in certain states didn't go down as much was that the prices didn't go up as much! That was true here in NC. And, the prices have not gone down as much this time either since they didn't go up as much.
People will have to accept reality that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. I now look towards the stock market to fuel my millionaire goal. Sure I'm not alone in my chain of thoughts.
U.S. stocks have historically been the best investment. Home prices will need to fall at least 40% before the market normalizes.
I like both. But in my experience, most of the millionaires I know have gained their wealth through diversified investments and they all had a sort of financial advisor helping out with informed decisions.
We knew we were buying in the bubble - but the interest rate that is locked in is super low - buying in a bubble you have to have planned to stay in the home.
The rent is too damn high!
same trite comment every time
@@tobyk5149 yep, yawn...
I'm i Orlando...saw a for rent sign the other day "studio 600 sf, $1400 mo" I bet that sign will be there for quite a while
There may be resons for some houses with large price cuts. Please check HOA dues, crime, and flood zone ratings. I am looking for a home in Florida and finding a wide range of pricing per square foot. HOA fees are so important some listings incorrectly state there are no HOA fees while others state the fees properly but the house price is far overvalued when the fee is subtracted from the monthly payment.
You might also remind people that, when selling a house, the owner loses money simply by listing and selling so a 15% loss in sales price may be closer to 20%.
Housing in hoa are not selling
Florida, with Las Vegas and parts of Texas hot on its heels, and the Phoenix area already starting to follow suit. Keep your powder dry and continue saving for that down payment.
Hidden cost is the price of insurance for FL homes. I'm waiting for 50% in TN
50% what? Drop? U expect that to happen?
@natalieoj3078 i dont expect anything at this point. Just wishful thinking on my part that prices will return to pre-pandemic levels.
Until the California invasion stops in TN, prices ain't budging
Until the Cali in vasion stops in Tn, prices aren't budging
@@annjames1837 Cali and FLA F'd up metro Atlanta..95% wannabes and rejects with their GPS going at every highway DEPORT!
I don’t recommend offering a lower offer on the house if you’re hoping for price appreciation going forward because if your lower offer is accepted, it will bring the cops in the neighborhood down going forward. Event that you do your inspection and there’s a lot of things discovered that weren’t made known on the MLS, it is OK to ask for a reduction in price just know that it is entirely possible. We are in a downturn and you might not be able to sell the property at a profit after you flip it and it is very unlikely that she will be able to get a decent returnwithin the next two years if you turn it into a rental
A few examples are not as good as average. We see a few huge price cuts, but overall, they are still over priced.
I’m living in poinciana the traffic is one of the reason people don’t want to stay.
Buy in areas recently hit and rebuild the land with a home that is 2-3 stories and hurricane/flood proof. I would not build a single story home in a beach home. First story would have need to be a block wall garage. No drywall. Maybe you can insure for lower pricing given the hardiness of your home?
When insurance companies don’t want to insure houses anymore or they raise the premiums to a ridiculous amount, the sellers have no choice but to sell and move on. I don’t blame them, they don’t need the stress.
Honestly, this situation makes me feel uneasy, particularly with the Fed's decision to cut interest rates by 50 bps. It indicates deeper economic concerns, and I'm uncertain about my $130K investment strategy, especially with the possibility of not just a recession but potentially a depression.
I agree. Even with great opportunities, we should proceed cautiously. Seeking market analysis or advice from certified market strategists is important.
Absolutely, having a solid plan is crucial. My portfolio has doubled since early last year. My financial advisor and I are working towards a seven-figure goal, though it might take until Q3 2024.
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve my financial goals.
Just wanted to say, ‘Carol Vivian Constable’, my CFA, is the real deal in his field. Dig deeper into her background; she's got years of experience and is a goldmine for anyone diving into the financial jungle!
Looked up her name and her website popped up immediately, interesting stuff so far, about to book a session with her.
I see a lot of price cuts in Seattle from 20k to 50k but it's still way over inflated.Come down baby .Just don't be greedy😅.
Seattle liberal hell
One day my guy Steve will get it right. Then it's 69% off and CNBC finance interviews. One out of 10 years.. I'm sure u will get one right
The affordability is now missing in the lower segment (middle class) of the housing. I saw this exact thing in 2006-07. I said, these prices are not sustainable compared to income/wages.
Then the correction came...
Remember, the rich doesn't work for "wages". Therefore in the higher segment, affordability is not tied to wages. So "mortgage payment" is not much (if any) of a factor. Therefore, those house prices - in the 1.5 mill and up - are not subject to wage pressures, but the lower segment IS.
A correction WILL come.
yup
Every realtor: it is the best time to buy!
Lmaooooooo
Guess what? They were always right! I know most people want a housing crash so they can buy a property at a discounted price. But it's unlikely to happen. The crash will deflate the currency, and the US can't afford that. The government is already under unsustainable debt. They'd rather print money and inflate the economy.
The house prices grow allways. But that is just the normal inflation pace. Even if sometimes fall for a short while for whatever reason
This happened to me in 2005. Within 18 mos, my home lost almost half its value. Took me 14 years to recoup my original purchase price.
Thank you for research based content.Kudos!
Look for Vancouver Real Estate crisis.
What’s your take on Austin? Mainly Round Rock, Leander areas. Thank you!
When should you jump in and buy? The straightforward answer to that question is that the single best valuation method for any asset is discounted cashflow - the value of the asset equals the net present value of all future cashflows.
It so happens all real estate can be valuated using this method with a fair degree of accuracy. Therefore, you should start buying when real estate presents a superior value to all other investable assets in your universe. I have a strong suspicion that virtually no markets in the US meet that criteria as of this video.
Car Stealerships are using the same technique. That's not true at all. New Homes are not going down in prices. Builders are reluctant to decrease prices... Instead they are doing what all other companies like Cereal companies or Soap companies which is they are building "lower' price homes but they are a lot smaller than the ones they sold in 2022 and the people who are underwater trying to sell they are not giving up and asking the same or more of what they pay a couple of years ago during the peak. Also, all those "incentives" on new homes are just ridiculous... A $50k "discount" is nothing after they already increased the price of the home 2 or 3 times... Same scheme used by Stealerships and car manufacturers.
Market condition is not very suitable for Toll Brothers, Lennar and other house builders companies. However their stock price is rising crazy!
That's part of inflation, assets rise even if it stocks
@@me-ut3ud yes indeed. People have no idea that they are not actually richer when their home price goes up it's just showing how much less the US dollar can purchase. Same with stocks and everything else...gotta take into account there has been over 20% inflation the past 4 years.
Good evening! Can you please tell me what discounts are expected for Black Friday????
Just a little update. They pulled the house in Ocala from the market unsold
thanks for being an advocate for helping me NOT buy during the pandemic - super happy renting in CA
I too, was renting in CA. But, I had accepted a job that only had a year's worth of work at the time. Wiki says the pandemic had lasted from 31 January 2020 - 11 May 2023. For argument's sake, let's call it a solid two year block of time from that start date. House prices had risen 33% during that time. LA and SF included. There's people convinced that the market's about to crash just because "prices are too high" and "nobody can afford to buy a house anymore, and so the buyer pool's going to dry up". That's a distorted view of the housing market, and those people are setting themselves up for spending the rest of their lives paying somebody else's mortgage while pricing themselves out of even apartment ownership.
7:30 you should do a best fit curve starting from 1970 HPI. That would be a better indicator of where we can expect price to straddle in the future.
Roughly I'd expect a swing from peak of an HPI of 300ish to as low as 200ish then back up to ATH of 400-500 in 10-20yrs.
Meanwhile in Connecticut........... 11:03
all you people wanted to move South, quit trying to come back.....
prices here are still rising although not at a rate like they did in florida. I know several people who went to Florida and now want to come back saying they made a huge mistake.
I believe the homeowners are the one's that get hit the hardest and are taking the biggest losses. I say that b/c an investor adds value through rehabbing, so when they sell, it may break even or have a slight loss in value.
AFTER WATCHING THIS GUY FOR SEVERAL YEARS I MAY NEVER BUY A HOUSE
No property in California is going down. Just goes up and up and up. We bought our newly built home in the central valley in 2017 for 560 thousand today its worth over a million dollars. Builders have been mass building homes in this area for the last 10 years. They can't build them fast enough. There are no drops in the prices ever. Just up and up and up. We paid off our home and are looking to buy another one for investment purposes. The price for a new construction home is 700 thousand for a house half the size of what our 4 thousand square foot home cost us in 2017. But the good thing is in this area all newly built homes come with owner owned solar. Here in Ca we look at buying homes the same way we see buying gold. Even if another once in a life time event happens like another housing market crash it never lasts long in Ca before all the properties are right back up again. There are only two investiments that we see as a sure thing. Houses and gold.
As good as Nick's zip code/big map data is, it definitely lags behind reality. For example, all of Buckeye, AZ is down closer to 20% from peak, not just the 10% shown. It's crazy how none of this has gone mainstream yet.
The explanation is a fear of undermining the chances of the Harris presidential election.
Florida is unique to these price cuts due to whether related catastrophes, then changes in HOA prices; not to mention house insurance is unaffordable and ppl income can’t support their living ratio is huge.
I wish Midwest price return to earth so i can buy my dream home which I have been delaying since last 4 yrs
Nick always cherry picks places that are doing particularly poorly, to try and get attention. Though it's rising more than the US average in Florida, yes, people can't expect costs of HOAs and insurance not to go up. Inflation DOES exist. People (usually first time home buyers or people who've rented for a long time) can also have distorted ideas about what maintenance and repairs cost. FL is also unique in that there's lots of wealthy people from New England and from Canada who can afford to buy vacation homes there, while many locals face service job wages. That isn't fair. Midwest and plains states have lower house prices than the coast, to begin with. Prices go up everywhere in the long term. Why had you delayed for the past four years? Late 2020, was the most affordable time to buy a house.
We looked at a house having a half basement. It was about 4 1/2 foot high. Months after we closed, the previous owner mentioned the "dead bodies" he left in the downstairs. He said this to someone else and I got it 2nd-hand. Naturally this raised alarm and concern. The previous guy sold and serviced musical instruments to school districts and had thousands of parts downstairs which he called bodies. I was still creeped out about this and got rid of them.
The first home was never renovated and by the looks of the yard, was flooded at some time. An aerial view of the neighborhood shows a suspicious amount of sand and silt in the yards of those surrounding blocks that two miles to the NE you don't see. Stable, green lawns and normal looking streets over there, a beach where this house is. That whole subdivision is part of what looks like a flood plain that extends 20 miles or more to the south.
I have been watching Austin area and prices are coming down. There was a quick uptick in sales early this month (election?), but overall they are dropping. There are a few that have dropped $100K+ over the past year, but prices are still ~40% over pre-pandemic. Many of these homes are empty!! I expect a flood of homes for sale this spring that hopefully drives the market even lower.
the difference this go was that many califoniras and new yorkers and other big city people left those cities and states and went to other states, so this will affect many more states this time
Can youy even get home owners insurance in Florida anymore ??
You can, however, it's high.
Buy a really expensive house in Florida, and then watch a hurricane destroy it a few months later! Oh, good luck getting insurance!
I'm seeing some optimistic price cuts here in MA but still very high. It seems like more people are starting to refuse overpaying for homes and forcing sellers to keep cutting prices. People these types of homes are for, literally can't afford these homes; or else they would have already sold. Only homes for rich people are selling because modest homes are too much for the modest earner.
Owning a home is terrible investment. Anyone that even call that an investment is wrong. Always has been, but nobody ever does the REAL math. If you’re lucky you MIGHT break even.
You don't know what u are talking, I have always been making monies and rental income too for the past 30 years. You need to know timing in everything and to buy right, as I am also a former car dealer.
@ You’re so mean! 😆. I meant PRIMARY home. I have 58 rentals. Multiple apartments. I’m referring to people that claim owning a primary residence is a great investment. It’s a terrible “investment”. And that I will stand by,
Just answer this one question…
If someone asked you to invest 400k into ANYTHING, then told you it produces zero cash flow, you would say you’re insane.
@ Buying an home (primary) to me was like the Columbia record club deal of the 80’s. It’s not a good “investment” Nobody ever really does the math. I mean all the math. Here’s an example after 10 years of ownership and what it actually costs…based on a 300K home 6% interest rate 10% down. .
30K (10% down payment)
12K (4% purchasing/broker/ fees)
60K (property taxes 2% a year)
150K (interest 6% first 10years)
30K (maintenance 1% a year)
We’re at 282K in 10 years.
And lastly even if you sold it for 600k after 10years you will have seller broker fees of ANOTHER 4% on that 600K. So there’s another 24k.
You will have more than 600k spent on your home. You will break even if you’re lucky.
I’d rather spend the 600K on the S&P or even muni bonds lol.
Better yet spend that 600K for a down on a 3m 24 unit apartment that CASH FLOWS. Get all the same benefits of interest write off and appreciation WHILE it cash flows AND you have the gift of depreciation cash expense.
Owning a home is NOT a good investment. It’s a liability.
Not if you pay cash for a deal/fixer in the right area. Can make all kinds of dough. Coming from experience.
@@as2223 Oh I know it. I have 58 rentals right now. About close on a 16 unit. Never been into flipping. I buy D class improve to a C class. And hold. There money for sure. People made money in 1981 when interest rates were 18% lol.