The GREAT Real Estate “RESET” Is Here
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- เผยแพร่เมื่อ 1 ต.ค. 2022
- One of the main goals of the FED right now is to slow inflation. But along with that goal is also to "reset" the housing market. But what exactly does this mean and how might we be affected by this?
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Homeowners UNINSURABLE! 258 Billion in Damages and Counting... th-cam.com/video/3Ivzw_0Ptj8/w-d-xo.html
Asking because I don't know. So what happens when insurance companies get tired of insuring flood zones? That just seems like a loosing deal for insurance companies. I don't get why they would even want to go there. Thank you
He said reset .. not deflate housing prices .. I’m pretty sure he just doesn’t want the ridiculous growth rate that happened the last two years ..as long as growth in prices slow/stalls and median incomes increase then he will achieve his goal without creating deflation
It's not that we don't want to buy now. We can't afford it
@@ethan3942 I don't see how anyone can say with any definitiveness, just what Jerome Powell means. His comments are vague. The fact that we are even having this discussion right now, means the situation is ambiguous. Deflation is already occurring. So if that was not his goal, he's already blown that. He needs to shit or get off the pot. Crash it or don't. Mixed messages are only going to create more fear.
@@MrFatsach I agree .. I’m just guessing but honestly you’re 100% correct!
‘You won’t be able to refinance if your house is underwater’ is the most brilliant insight anyone has made on any of the real estate videos I’ve watched. You’re the only one I’ve seen mention that.
Thank you! People need to know!
@@MichaelBordenaro completely agree. It’s something I overlooked. So much for ‘marry the house, date the rate’.
Yup.
Refinance can cover more than market value. 125% is pretty common.
Do you mean literally underwater? Or financially underwater
‘’Courage taught me no matter how bad a crisis gets ... any sound investment will eventually pay off."
Making it out at a young age is quite difficult. I started a side hustle at 17, saved up and made some good investments. l'm 28,live on my own and having a good life for myself. Big ups to you and everyone out there trying
Sounds like plan, how do you put money to work?
@@frankdouglas1562 Yes it sure is. I put in money in investments and get profits. That 's how I make more money without working. This does not sound new to you right ?
@@ibrahimfaizan6047 Thanks for replying me, I've heard so many people talk about investment but none had said how to do it right.
Am hoping on you can explain more on how you make extra income from investments
Rather than tinkering with interest rates, government could easily open up the housing market to individuals by putting a large nationwide homestead exemption in place on primary residence property tax, while increasing rates on investment properties and second homes. This would discourage the hoarding behavior that is currently plaguing the market and help people to transition into affordable home ownership.
Maybe I’m misunderstanding? I don’t believe there are any property taxes imposed on a national level, let alone a national homestead exemption on said tax. These are usually collected and decided on a county or state level. Are you proposing a new national tax that doesn’t currently exist for second homes/investment properties?
Great comment - Know a few people with two houses.
Too much like right! Not enough common sense to do that!
Who do you think is going to pay for the investment property tax? It will just be passed down to the renter... then the current renters will have an even harder time saving for a down payment and establishing a good credit score. I like your idea in principle, but it wouldn't workout that way in practice.
Hi Michael. SF report here. I just saw an open house in SF, today. It was a top floor remodeled condo in one of the very desirable neighborhood. There was no one there at the open house except for us. The condo was listed for $2M. 6 months ago, they listed with a different agent for $2,5M and was offered $2.3 but rejected the offer. Now, they're willing to accept $1.8M and the agent we talked today said that the chances they would be very lucky if they get that. Looks like they will have to take it off the market and wait it out. So, even the hot market of SF is really cooled down quite a bit.
People who make the argument for buying at low interest rate and peak price are either taking advantage of you /being greedy or not very smart.
Thats right!!
No way in hell I'd be buying right now at the top of the market. I'm still holding out for the deals that are coming.
Giving an update on my siblings in North Port Florida . FPL has not restored electricity yet. They have had no power since last Weds. They have no fresh water. They have no ice. Their 2 cars got crushed by the tree. Their roof is damaged . Water damage in the house . Their street from I 75 Toledo is blocked. US 41 is blocked . Not one organization has come to their area door to door. 6 days and no power.
I always feel like I’ve had a crash course in Macroeconomics after watching your videos. There are a lot of places to get information these days, but none do it as sinyinly and bottom line it as well as you do. When I feel I need to keep up with what’s currently happening in the housing,business and overall financial engines of our economic futures, I know you won’t disappoint. Kudos!
If high interest rates help force down prices then it's a boon for cash buyers;
Yes sir!!
Blackrock and Vanguard will out cash all the regular families who saving for a home
@@JohnS-il1dr I read that BlackRock is part of the government - no surprise there!!!! They rent out all the homes/apartment buildings they buy - so families don't have a chance to purchase. Our leaders want us to be a country of renters!!!!
Problem with pensions is they were forced to hold a large % in government debt. The debt went no bid in UK and interest rates shot up in an effort to get a bid on the debt. Govt had to step in and buy the debt in order to stop the rates from skyrocketing. People waking up to the fact that govt debt isn’t the risk free utopia they were promised. Rates were way to low for way to long and here we are, going the other way fast and it is getting a bit disorderly.
Bring it on. It can't get any worse for first-time buyers.
No one actually owns a home. If an “unhappy“ wife doesn’t steal the home (and kids), a renter will. Forgot the dream.
@@northsouth8884 😂there’s unhappy men who leave the entire family with nothing. Also I would say eminent domain and the irs are what you should worry about.
@@northsouth8884 lol oh lord. Get out of bed and go watch some Jordan Peterson or Andrew Tate or something. 🙄
Never say that. It can always get worse.
@@heyitsme881 never trust a Trump supporter
The most desirable houses in the most desirable areas hardly go down in price. Or are quick to sell regardless of how bad the market gets
I just retired first of 2022. I had an option of taking my pension fund dollars out. And I did just that. I rolled it over to my managed account and yes it took a hit recently, but stocks always go back up. I will never have to worry about losing my pension $$'s as you stated. When house prices come down? I feel I am in a good position to buy.
Michael, you are totally correct about pensions disappearing. I worked for a Catholic hospital for years, and totally lost my entire pension when the diocese mishandled those funds. There's a lawsuit now that's been going on for about 5+ years; but I doubt any of us will ever see a dime of what we are owed.
Wife's sister worked for the state of Oregon. Put in retirement notice guess what there has been a change you are only getting 60 percent.
Amazing how hard it is to find just real straight shooting no BS talk on this site. Keep up the great work because you are one of the few channels who actually calls out the BS. Cheers.
Having profit is legitime , not having ability to earn to pay for a house is the real reason to complaint a lot, too much pessimism to watch everytime, but the street level sights on his videos are interesting .
Interest rates climbing but in certain parts of NYC, prices arent dropping and some homeowners are just pulling their listings.
Between the insurance situation and ridiculously overpriced homes, Florida is no longer affordable. In my area, the damage of excessive overpricing and idiots buying the property is permanent.
They need more work force housing for the common man, not mobile homes near water.
You give such good advice. Hope more people listen to you! The whole pandemic real estate bubble is in danger of imploding. The recent hurricane can only destabilize the demand for people who want to come to Florida. Most remote work is in the tech sector and in an environment of higher interest rates the tech sector falls apart.
HI MICHAEL ...Derek From the UK here.. !iv been watching some of these real Estate agents .in various places ' including some giving advice on you tube .
what i hear is a lecture ' on the amount of mortgage suppliers Withdrawing a service and WHY You should act fast to Secure a home even at a higher interest rate !
they try to confuse people or scare them , by stating ' the interest rates TODAY Are the highest since 2008 ..
THEY NEVER Tell people that the interest rate in 2008 was 4.5% [in the UK] before the crash when it was lowered HURRIDLY to 1/2% Because of the sub prime CRASH .and stayed since .. IN THEORY . IF the crash NEVER HAPPENED we could be ' or should be' on a higher interest rate today As normal . people have got too comfortable on ARTIFICIAL LOW RATES . Fueling the high prices .
SOME AGENTS Are getting Ratty NOW ' Cause they know the game is over . they could be next . too loose a job if the market slows or worse crash's .. we need a buyers market now ...im RETIRED And have always suspected this insanity .
Thats exactly right, people have been too comfortable with these ultra low rates and now reality is kicking in!
Federal Reserve is meeting tomorrow (Monday 10/03/2022) for an emergency meeting --- Am sure the fact that Japan and Great Britain and China are dumping US Treasuries in order to prop up their currency is just one of the items to be discussed. What's going to be the result of their doing this??
Just moved in my home in March....yes everything you mentioned was done and bought. Home prices are rising here in Detroit. Happy I got it in March
Agree completely on buying low even with higher rate market. When low rate environment comes around, refinance then. As a mortgage broker professional from Tampa, FL
if you run into being underwater for any reason, there are streamline refinance programs available that do NOT require appraisals.. so you don't lose out on a lower rate. The best thing about buying real estate is that it is an asset. I truly like to listen to Michael's videos. He is on it!:)
The last house that you showed in the video for sale for 4.7M was purchased only 18 months ago for 2.6M. Its such a major turnoff. If kalifornians or new yorkas think that's a cheap price compared to where they live more power to them. That goes for all the homes in all price ranges down in Florida. Prices do not rise to such levels overnight and remain there that's for sure. History is a good lesson.
20 to 30 percent price dip comeing
One of your best videos Michael. I have been watching you for sometime now but this by far is the best. “ you cannot change the purchase price but interest rate can be changed “
we started watching the Rolex market months ago,, this weekend we started watching the Lambo listings on Ebay. wonder how many cars traveled to Florida just to let the hurricane destroy the car they paid too much for last year.
So I hear that not so many folks at the Barrett auction lately. I guess the green backs are drying up.
Josh Flagg is serving his best interest to push home sales. Thanks for being honest to your viewers!
Of course its is job to sale real estate.
if a person isn't honest with ( him / her ) self , then they can't be honest with others!!
*We need to get out of the system and help others buy many houses. Screw the World Economic Forum where they want you to own Nothing by 2030. We all need to work together as a team to keep Real Estate sales strong*
Have you seen what the stock market has done? This whole thing is like a repeat of 2008. Real Estate was over inflated and needs to come down. When I heard that people were bidding over the price I knew where this was going.
Yes!! I’d rather have the lower price and refi later. My down payment is a larger percentage of the price to offset my monthly payment the further the market falls. 🎉
Great advice regarding interest rates being changeable, IF you don’t overpay initially.
Do you have any advice on what data to look at for when prices are closer to the actual home value?? (Ie when should we start looking?)
Thank you!! That’s what I have been saying!! Stop buying these over priced houses…. People need to STOP!! Glad you said it Micheal. Thank you !!! Much appreciated..
I really appreciate this particular video.
I decided to try to buy a low priced house because I sold in 2019, cannot multiple bid, got sick and gave up. I really need a house and it’s in a vacation spot but I haven’t seen it in person.
Agree 100% stop buying houses. People have no problem going on strike when they don’t like their wage yet for some reason they will buy a house that’s over inflated. Then wonder why they need to strike for a higher wage.
Another good one . Too many people buy there homes based on interest rate not the purchase price. You can always pay more toward principal. The only downside is we dont know where rates are headed and could be high for years.
I hate talking politics....But will we ever see the government step in to hold off investors and foreign investors. It has been two years of this insanity and nothing has been done there. Canada has acted in this regard, why not the U.S...The younger generation (millenial and gen z) are becoming completely disenfranchised. Why work hard to move up, when you can never afford to buy a place of your own, even with that higher paying job...houses are simply unattainable.
Love this question.
Isn't that what the Realtors told the subprime borrows "You can refinance at a lower rate in a couple of years."
Exactly what the realtors were telling people, including me!! Bastards!!
Yes!
That was a great video. I thought the exact same thing when I saw the article on Josh Flag. Keep up the good work.
Definitely calling out the fake real estate agents 👍 buy now no I can get a paycheck mentality just doesn’t work anymore lol. Thanks for your transparency 👍
Thanks for your advice Michael. I started knowing more about real estate thanks to your friend Real Estate Mindset and you. I’m just saving cash for now until Orlando housing market goes down a bit. I’m looking for low principal even if interest rates are higher.
I will take your advice over Josh! Money is what he is after! He is not thinking or caring about his clients well-being! Thanks again Michael!
I appreciate that! I want to see all my viewers and clients do well!
Taking a moment to appreciate how being able to show real estate to a global audience in 4K
is so beyond the wildest dreams of any realtor before TH-cam existed. Oh, and another BANGER, Michael! You ROCK!
I had to sub. This guy definitely knows his stuff!! I been learning a lot so thanks for the knowledge it’s priceless to me
All buyers start lowballing!!! We will win.
Michael excellent excellent points. There’s a house on my block that’s 400K and in worse condition than my house which I paid half that 5 years ago, similar to the homes around me! I see all Tv real estate personalities saying the same ridiculous comments like Josh Flagg, Barbara Corcoran comes to mind. People need to hunker down and hold off on buying to help stave off inflation!
My dad has worked for AT&T for over 30 years and is being forced to retire by the end of this year
agree with you. To me, the Fed is a private bank! higher interest rates mean more $$ for the bank.Rates have been low for a long time now and that means fewer $$ for the Fed. Then all the stimulus checks the GOV borrowed from the Fed, now it is time to pay it back through higher rates. I feel housing prices will drop to affordable prices. But you will be paying around the same in a long term loan. when the interest payment is applied. The Fed will never lose money!!
Pan am airlines went bankrupt back in the 90s and the pension fund was the largest bailout by the federal government at the time. Many pension plans are insured by PBGC which will pay benefits if there isn’t money from the company. I worked for a hospital that went bankrupt and our pensions were taken over by PBGC (Pension Benefit Guaranty Corp), a federal agency created to protect pensions.
That is correct and now the PBGC itself is facing a sever shortage of funds to be able to pay for all the failing pensions.
Basically all pension programs will ultimately go bankrupt due to their ponzie scheme structures that pay you less now with the promise of paying more later, but later there are not enough funds. Forget employee benefits. Demand higher salaries today, the rest is fugazi.
that government agency is bankrupt now.. and they don't pay the full amount...
@@MichaelBordenaro I don’t agree. Since the American Rescue Plan was passed last year, PBGC is no longer in a deficit and will likely remain solvent for another thirty years.
Interest rates will continue to rise, no end in sight because of the hyperinflation. Prices will continue to drop. Many people panic when they get underwater on a loan and many will lose their jobs. People walk away from their homes and mortgages when underwater. And it causes a wave of foreclosures and lower prices and more get underwater and walk away.
I get more work done at home than I do at the office, less distractions. However, I also have job functions that I can't do remotely, hence why I also go in to the office. I work a 10/4 work schedule. 2 days at home, 2 days at the office. 6 figs in nat sec. Go ahead and hate! lol
Thanks about the pension information. That hit home. I’ll be looking more into it.
Hey Michael, really enjoy your content! I live in California and wondered what your take was on earthquake insurance. I purchase it via a CEA (California Earthquake Authority) provider and it is massively expensive with a huge deductible. I view carrying the coverage as equity insurance because as big as the deductible is it's still far less than the total equity on my house. I get the feeling if the "big one" ever hit the CEA would collapse like the hurricane insurance industry seems to be collapsing in your neck of the woods. Thanks!
Even at 3% and current prices it does not make sense to buy now comparing to what you can rent it for even so the rent is up so much
A friend of mine had the same problem with his pension at UPS.
The only problem with this method (higher interest) is that it creates and even bigger gap between the "have" and "have not".
An 800K house with 2% rate might be the same as a 400K house with an 8% rate for most people, but not for cash buyers. So, rich people\cooperations will be able to come in and buy the inventory from all the first-time buyers.
EXACTLY
Spot on! And also, people can "buy points". They just pay cash up front, to force down the rate. And what I forgot to mention in my reply : we have NO unemployment. The FED won't stop until it see some employment lines. Cash flow and the ability to job hop, still too high.
@@BrisLS1 They sure seem to be pushing the "unemployment is coming" line in various media but at the same time everyone is still hurting for employees, the boomers are still retiring. While Gen X is currently carrying most of the 'professional' load that the boomers are leaving behind, this generation is tiny and aging. Gen Z / Millennials, whatever the later generations--across the world they see how busted shit is and have decided not to play. A LOT of immigrants left the US under Trump and COVID. WHO exactly is the government planning on all of this unemployment to be coming from? I honestly cannot figure this out.
So my Ma's house went up for sale 2 weeks ago. $2,000 over asking price, for $447,000 in Missouri. $4500.00 earnest money, cash buyer. Inspections last week. Buyer counters for $442,500 will handle 17 basically cosmetic upgrades that they desire prior to closing. Mom agreed to and signed their counter offer Thursday. Crickets from the buyers. Deadline for them to sign the contract is tomorrow, Monday. What a time to be caught in this mess. I fear buyers will back out and Mom is stuck. Sigh. The good news is that she owns it free and clear. Uh, I think that's good news
Yep
Here in Florida, they are one of a few states where if your house is foreclosed upon and they sell it for less than what is owed, the CAN come after you for the difference. Not sure if they do or not.
Usually that difference will be treated as income on your tax return
I know they do that with cars, if they sell it at auction they deduct it from what you owe and you have to pay the balance and also if you don’t pay your credit cards, some of them send a 1099 to the IRS because they say that’s income
Actually the banks have been doing that in Many states including CA, If the sale of your home is less that what you owe, the bank will collect from you the difference owed, I have seen that happen many times in CA. But I have also see some bank negotiate and settle for the sale price. I have never seen it treated as a income in income tax?
Michael for President! I've been saying this forever...I just don't understand how ppl don't understand this basic concept. You are tied to your principal, not the interest!!!
I repeat... Economy 101 - Go to a bank and ask for a loan (cash). They will tell you that the cost of capital has double or triple since the beginning of this year. So if you put your brain to work you will find out that cash is more precious than ever. This means that if you want to trade a house for cash, you will have to give more house (liability) for the same amount of cash, because cash has double, or triple in value. It’s not the opposite, you want my valuable cash? you give more house as the bank does with you now. Since you cannot give me more house you must cut the price in half minimum. Now, the buyer is the bank and the seller is the bag holder.
What a gorgeous day in Miami.
Spot on about Mr. Flaggs advice! Glad you cleared that up!
It was a small town outside of mobile Alabama city worker didn't get their pension.. town said they were broke and couldn't pay. The workers went to the Alabama Supreme Court. Got ruling that city had to pay .city still says they were bankrupt. Dome of the people died waiting. I am not sure if they ever got paid. Pritchard Alabama
Look what happened in Sacramento years back. What I remember that was horrible was what happened to the workers with hostess bakery boy did they get screwed then they reopened as flowers bakery .
What is your opinion on the West Coast Damage. Do you anticipate that many people will be forced to sell there land or property rights to a developer. I read most of the homes and business do not have flood insurance ,,,,I viewed one off your bloggs about the fact Miami Developers are doing buy out on older condo buildings, They say that they can build homes and buildings to withstand a hurricane , I read the majors of total damage properties was with older constriction ...
the stock market peaked Jan2022 those who went to cash also made +19% just sitting in cash. USD is currently $1.12,, last panic took it to $1.20,, with a decent shot to $1.40
Great video Michael! So I'm kinda in this boat right now... we moved to the Gulf Coast last December without much of a plan. I sold my home on day 1 so that's good, but didn't have a home lined up, so we got stuck with a townhome lease which expires at the end of November. What should we do? Should we sign another 1-year lease? or look for a cheaper home that may increase in value in the next few years? I honestly do not like renting. As an Investor at heart, you know how much throwing money down for rent makes me cringe! Lol. Your suggestions are super appreciated!
I think retiring is kind of silly because a lot of people die right after they retire.... Think it s better to stay healthy and keep working as long as possible
Good logic in regards to price vs rate. The other thing I think about is if you ever got into a better financial position, you could pay down your principal much faster if it’s a lower price with a higher rate if there is no prepayment penalty.
Liberals are going to hate you Michael you are way too honest and too damn truthful !
this mindset that it's never a bad time to buy because it could always get worse is probably the most ridiculous mentality ever. Immediately following a once in a life time pandemic prices spiked six figures in a year at an unprecedented rate, and now interest rates are high but price is lingering, and people still say to buy lol
I agree with you. Good advice.
Thanks!
Not sure where your UPS guy was working but in Colorado 35 years gets you a $4300 pension currently. 25 years at age 57 will get me $2500 and we are always fighting for more.
Thanks for your videos mike.
What do you see for this coming year in Miami ?
Price decrease ? Price stay the same ?
You're welcome! I think it depends on how bad this recession gets. Right now the market in in Miami has gone down over the past couple months and I think can easily keep going down into next year if the recession keeps worsening.
@@MichaelBordenaro thanks! Let’s see how it turns out. Waiting on side to buy in Miami.
Great work on your videos found your channel few months back and enjoying your work!
Michael, how many Florida Realtors either went temporarily inactive (if that's an option in our State) or left altogether since the housing market has changed so drastically?
Michael, would be awesome to hear your opinion on what's going to happen in the Miami/Ft.Lauderdale area market. I know that you mention it here and there but would be really interesting to get an in depth breakdown. We're new to the area and want to buy next summer but don't know if that's possible. Saw a house for sale in our area (Miami Shores/North Miami/Biscayne Park area) that sold for 725,000$ in 2021 and they're trying to sell it for $1.2M now. With an ugly old kitchen. Just insanity. I can understand $900k or something but 1.2M?
Great Advice!
This was a great and interesting one Michael, not that they all aren't, and I'm glad that you don't use hyperbole but just logic and facts. I don't know if you've addressed it yet and I missed it, but I'm wondering what you think is going to happen to rents down here? Stay where they are right now,? Increase? Reduce? Just wondering. I have many friends in the service and retail industry who are either losing their apartments and searching frantically in vain for an affordable one, having to pay the huge increase, or moving away completely.
Thanks! Before the hurricane, we saw rents starting to finally drop and stabilize in many areas of FL but now, I would imagine rents will go up due to all the people who have been displaced.
@@MichaelBordenaro yeah that makes sense. Thanks for the response Michael!
@@MichaelBordenaro excellent video, as usual. Wondering whether rents will go up in areas where few if any people were displaced? Was Bradenton hit hard?
Thanks Michael 👍
you're welcome!
EPB Research's latest video was very informative for me. Housing peaks generally bring median home prices to 9x the median home income. Housing lows were at 6x the price. In most areas in the country, we are at 9x or more. The "fair market value" would be in between 6 and 9. This does NOT account for record high inflation or higher than normal interest rates, but it puts a general target price on where to start from when negotiating down. This is also under the assumption that you are NOT trying to time the bottom of the market.
One of your best Michael! Thank you ✌🏼❤️
I appreciate that Suzanna!
What happens when those with ARM loans who thought they’d be able to refi to a lower rate later realize they can’t because they are upside down. This is a house of cards waiting to drop.
Most people have 30 year fixed, under 3%.
Man a lot of info dropped in this video. Subscribed
you're right
Let's see how the market responds this month after Credit Suisse and Deutche Bank goes belly up!
you are correct
Using the remote work phenomena, as an in-office employee, to leverage significant raises. Simply waiting out this market by moving to employer subsidized housing and getting a 30% raise (as is my GF). Reduced rent by 55%. Life is business.
Another brutally honest video Michael, I appreciate it. Thank you for calling out thieves like fancy pants Josh from LA
Thanks for the video Michael
Once rents drop 15-20% and people can move to those cheaper places, then home prices can start to drop. Renters are hurting now, 10% a year increases.
Also, you can sell for more profit, you have more room to wiggle on pricing, you can pay it down faster
I agree with you on a lower price
Those who insist on remote work in defiance of the company's mandate may very well be higher on the layoff list if/when the big downturn occurs. Not really great to be biting the hand that feeds you. Can bet derivatives on mortgages and other instruments are being issued, subprime or not. Strongly recommend watching the PBS Frontline documentary series "Money, Power & Wallstreet. Is a very detailed account of the economic and political events from 2004 to 2008 which culminated in the GFC. Was much more than just unwise domestic mortgage lending. Had influences outside USA borders and derivatives collapsed rapidly. Mortgages obviously were part and possibly the trigger. Can watch that documentary on TH-cam. Very enlightening.
u totally right Michael
I agree with you 100%
I’m between a rock and hard place and may HAVE to buy. I don’t want to yet but my landlord just gave me a 4 month notice he’s raising my rent 500$ a month in Feb/23’. I’m not paying 34k for another year in rent.
You tell em Michael!!!!!
Good advice ! Interest rates are not the problem at the moment ! maybe they will be soon ? ( probably ) , the real problem is the asset valuation ! 💵🙈
There's an element to all of this you are not considering. Here in Florida off shore investors still purchase at least 25 % of the homes available out there. Here in the Disney World ( south Orlando ) areas 7 of the 11 homes on my street are owned by foreign investors. Most mortgage free as you know many are hiding US dollars in hopes of massive increases in profits compared to making zero income in their home countries. After IAN it took literal hours for a few to hit the market at well under the previous market value of $ 400K. One of my neighbors has to his agent to unload his 4 bedroom ( with pool ) and furnished home at $ 300K. The sign went on the lawn the day after the hurricane. Why? He paid that much 5 years ago and just wants his money back to invest in to something else.
discounts start showing up as the prop tax bill comes due.
I couldn’t think of a worse time to buy. You can’t refinance when you’re under water and millions will be underwater next year.
They may be right BUT it is hard for me to believe someone saying we should do this and that when what the FED is doing is directly affecting their bottom line which is making money and when it wasn't, we never heard them saying anything about what the fed is doing. 🤣😂😂🤣