Florida Inventory Explodes 1000% (Prices Falling Fast)

Florida Real Estate Broker says, don't buy now, major price correction underway!
#floridahousingmarket #housingmarketnews #realestatenews
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[@andrewquinn6634]

Hedge funds shouldn't be allowed to buy single family homes

[@garytootall1884]

You both sound crazy

[@jerrysanders9101]

@@garytootall1884what’s crazy about limiting greedy institutional investors from buying up and driving up housing costs? It’s total bullshit. That’s not the American way. This immense greed will not end well.

[@renesilva241]

O agree, people who will live on the property should have preference. There should be a law that when a home becomes available should be for owner occupants. If nobody wants it after being on the market for 3 months the investors should be allowed to buy it

[@andrewquinn6634]

@@renesilva241 I would go along with that, individuals and families need the opportunity to own and make a home, it's good for everyone.

[@gogetter593]

Hey Andrewquinn6634 I'm not agreeing or disagreeing with you just learning but why do you say that and just curious you might be on to something that I don't know

[@annthatsallshewrote]

Hedge funds are ruining the opportunities for the common workers. Stopp selling to corporations.

[@JuicerNation]

hudge funds are letting people profit. just b/c u poor dont mean everyone else should b

[@sanca5982]

Of course, those selling don't care! You'd think they care especially if they have children.

[@robmelko1980]

If it makes money you're never going to stop HF's they look at it like any business transaction, if I don't do it someone else will. What we need is solid legislation preventing these actions, and bring glass steagall back ASAP!!

[@alanv3185]

Hedge funds are only buying because they see the demand. IF it wasn't hedge funds buying, it would be individuals and prices would go up to around the same level regardless.

[@margaret7688]

Cape Coral is awful.

[@phoenixsx1]

Ban corporation buying home, ban non us citizens homes ( green card and long term residence ok) ban millions and billionaires buying hundred of thousands of acres, ban the destruction of farm land.

[@garyyates9349]

They could force hedge funds to buy up the ghettos and rehab them to get rid of drug and gang infested neighborhoods

[@cherylk.2474]

They will receive "rent" from the government to house everyone on the planet who is a "special" US citizen, green card holder, illegal migrant etc. This is my concern. every lovely, clean and peaceful community will become a high crime area because the criminally-inclined will be moved in. Thank the demonrats.

[@LeNguyen-im8dm]

Sounds like communists.

[@heavenlymindedtrivia9148]

@@LeNguyen-im8dm It sure looks like it's coming to America.

[@JaJa-pu6mw]

Ban for idiots ! 😂

[@monkeyfinger7949]

Important information in this video. I lived in south Florida for ten years. What buyers need to know is: 1) Florida is the boom and bust capital of America. Prices inflate like a balloon, then that balloon always pops - always. Don't buy on the peaks. Buy on the dips because there will always be dips in Florida after the next crash. 2) The weather is beautiful until the summer when you will be crapping your drawers waiting for a hurricane to destroy your home. If the roof blows off, everything you own is gone. 3) Insurance is destined to be stupid expensive anywhere in Florida but especially south Florida. While I lived there on the west and east coasts, my home got hit with five hurricanes - one roughly every two years. Eventually FEMA started to refuse to help us. Insurers are continuously pulling out of Florida. Bottom line, if you insist on moving to south Florida, expect high prices for everything, very high risk insurance, and expect weather to rough up your home every two years. It used to be cheap to live there. Those days are over.

[@leo_amaral]

@@monkeyfinger7949 yes, please leave Florida. Thanks

[@EmeraldSun_222k]

@@monkeyfinger7949 Well described ☀️🌻

[@indigospirit98]

Question… Can I ask, where did you decide to relocate to?

[@kathyspaulding5326]

I am a registered nurse and I am leaving. Low pay for nurses! Too expensive. And…..the traffic is horrible. I didn’t move to Naples to hear sirens all day.

[@christopheryou5040]

Nurses in Naples need to toughen up and form a union. It would be difficult at first, put short term financial stress on them but after it’s done, they would be in a better position than ever before and continue to be in the future.

[@SLHJR0390]

Florida has one county that pays above the national average for wages. Miami dade. That’s it. It’s a low wage state just like the rest of the south

[@Justaguywithtruth]

Huntsville, Alabama is a place to look at🤔 Cost of living, top companies in America and not gone nuts😎👍

[@jackwhite3947]

Sirens all are money in the bank to nurses.

[@jackwhite3947]

Who cares troll . What about the market ?

[@dbrew2u]

Tourists deciding to move to Florida after they've had a great weeks vacation at Disney World . Only to find out Florida ain't cheap and it ain't no vacation once you have moved there .

[@RiDankulous]

The taxes used to be low and the a big sales pitch for Florida is no state tax but all the other taxes make up for it. It's turning into New York.

[@bonniej0]

It was always a lot cheaper than Massachusetts I'll tell you that

[@shadowmaster9780]

And no jobs that pay fair wages!

[@rubicon3416]

​@@RiDankulous- FL is nothing like that cesspool of New York. Get serious.

[@johnnewby2043]

It's an acquired taste for sure. I don't think most people really understand that

[@dca3092]

When a home in Hialeah goes for $1mm you know the Miami market is completely out of control

[@catmenot7143]

That’s the hood

[@dca3092]

@@catmenot7143 I remember when my friends used to say I don’t live in Hialeah I live in Miami Lakes…bruh what high school did you go to? HML OR GOLEMAN? 🤣🤣🤣🤣

[@jordigomez7017]

@@dca3092HML..😒 but Hialeah is not ghetto anymore. Crime is low and commercial and residential properties are getting face lifts. Either way a 1800 sf 3/3 townhouse shouldn’t be going for 450k in Hialeah.

[@dca3092]

@@jordigomez7017 it’s still ghetto. At least some parts are. You have people renting out trailer homes in their back yards as efficiencies 🤣. It will always be “la cuidar de agua, fango, y factoría”.

[@dosborne7041]

😳😳 No... $1 million in the hood!... 🤣😂😂

[@billmiller4620]

We just sold our home in South Florida. The main reason there are so many houses hitting the market is homeowners insurance. Our homeowners insurance exceeded $10,000 a year on a house valued at $850,000. That’s insane. Insurance is also holding back potential buyers.

[@sb5969]

Mine is at $6400/yr up from $1200 two years ago and bought the house in 2012 for $97k!!! The home is only valued at $250k now! And Im paying close to $7k a year for insurance! This mortgage was $600 for ten years with escrow for insurance and taxes included and only in the past two years has it doubled my mortgage. Never would have expected it when you purchase a low priced home with a fixed rate and homesteaded

[@Lola54117]

I just stated that. It's true. Someone said they were paying $1,800, then since 2020 now a little over 10k and they now have to sell. So why my hunch is they are trying to make low and middle income folks move out of Florida and the Gov is allowing this scam.

[@georgewagner7787]

It's the hurricane. Mom was at shell point assisted living. She said they watched the water come right up the street

[@amishpat5201]

No accident? The corporate buyers buy insurance in bulk and write it off. The little guys can't do that. The other part of the evil is the rates are high because single family residences in safe areas are sharing the commercial risk of high rises built in a hurry, on the beach? Just asking. All guesswork here.

[@Julz99907]

Exactly, many Insurance companies are no longer willing to sell homeowners insurance in Florida due the increasing risk from Climate Crisis.

[@adamhatcher6620]

Thats the problem 70% corporate owned!!!! That should NOT be legal!!

[@jimmyfavereau]

not just the big Rock Corps either, greedy investors need to be dealt with also

[@darenleeper1644]

I work with a ton of corporations that buy homes. Typically, it is run down. They renovate the whole home and turnaround and sell it. If they can't sell they rent till they can. Be happy it's not a boarded up eye sore. Remember an individual home owner typical doesn't have the knowledge and funding to fix up a run down building.

[@RiDankulous]

@@darenleeper1644 Yeah maybe it's the over purchasing by corporations, not necessarily bad if smaller numbers are purchased. When there are a certain threshold houses sitting unoccupied, then there starts to be a concern.

[@Qrayon]

@@RiDankulous Almost every house has a threshold.

[@cosmicllama6910]

​@@darenleeper1644 but they can afford an arm and a leg every month to rent it? Please. Calling greed altruistic.

[@LAPDDET-bn7hk]

A long time ago an appraiser told me: your agent is not your friend. Their goal is to get you to pay the most that you can because they want the commission just like the seller.

[@user-kn4xg6iz9n]

You bet! Great point!! I'm going through that in Texas. In the past year (since August 2023), my wife and I have been trying to find affordable land in which we can retire. Without exaggeration, what I've come across is list price markups as high as 158% to 160%. I say "without exaggeration" because I've been tracking and calculating the percentage differences between the list price and county tax assessed value of the property. I'm not sure if other states provide this, but in Texas, we (if you know how) can look up the current and historical annual taxes paid for any property. In one case, I found one piece of land that was assessed as high as 1500% above the last appraised land value. It's inflation to 1500% could historically be traced to that property being flipped in the last year. So, in that case, it wasn't the appraiser who caused the inflated appraisal value of the property instead, it was the previous selling price that forced that property up. And sadly, that appraised value would cause the neighboring home owners property value and annual property taxes to be re-assessed and adjusted accordingly. When I asked the realtor why the list price was so inflated, the realtor would immediately place the blame on the county tax appraisal district. And then to follow up, the realtor would arrogantly tell me that if the property was too high for me, then an out of state buyer, from California will certainly buy that property. Which as been a real problem here in Texas. Well, it wasn't the appraisal districts who have been setting the inflated list prices of land (and probably the same for a home). The real estate industry is just out of control and care only about their profit. It's the real estate industry who has been exploiting the market, all for the benefit of profit. Through this experience in the past year, I've come to view realtors as greedy opportunists. Now, my wife and I are rethinking our retirement dream. Simply said, we cannot afford to live our retirement dream.

[@RiDankulous]

@@user-kn4xg6iz9n I can only say for one state, but it's probably true in others. In Ohio, the state greatly undervalues homes for the purposes of computing taxes. It does not represent true market value there.

[@darkstarunderground]

There is absolutely some truth to this to a certain extent but it really depends on the circumstances. I've been an agent in the Florida Real Estate industry since 1998 and an appraiser since 2005. Every situation is unique and every contract is different. I mostly work with investors on the buyers side so we are seeking the best deals in most cases. Realtors who are also appraisers are far more knowledgeable about the market and market value.

[@MikeHawk_007]

Real estate agents. Overall the lowest moral form of commission sales l have ever run across, and lve dealt with many. Self serving, only looking out for their own interests. lts not impossible, but very rare to find an honest one..

[@alyross2850]

@@user-kn4xg6iz9nI let my agent use “his guy” for my home inspection on my first home. Passed w flying colors only to discover electric wires under carpets, severe water damage…

[@cherylw5289]

Don’t be fooled. Just as fast as the prices are dropping the insurance is going up. There will be no change to your out of pocket.

[@justadadwholikesgaming5524]

Depends what part of Florida you are in. The panhandle that’s not been the case outside of Panama City.

[@robertneblett4477]

Insurance prices in Florida are not just due to hurricanes. One of the big reasons homeowners insurance is so high is due to the re-roofing mandates in Florida ( I believe it’s called the 25% Rule). Same goes for auto insurance and car windshields.

[@selinagross1410]

@@robertneblett4477 that’s bad government for you. Brutal!

[@haverhill9]

Guys, Cape Coral /Fort Myers got smashed with last hurricane 2 years ago...#1 reason why their market is suffering...why arent you talking about that???

[@pier21realty]

WHAT SMASHED IT IN 08 TO 12? THE HURICANE HAS BEEN BAKED IN TO THE NUMBERS. THATS OLD NEWS. IF THE HURRICANE WAS AN ISSUE THE PRICES WOULDNT BE WHERE THEY WERE FOR THE LAST YEAR.

[@markc4635]

And then brings up Windermere?? I get the contrast, but Windermere? That’s one of the most desirable neighborhoods in Orlando.

[@brianfruman123]

My theory is inland property will outperform beach as insurance is out of control. Unless some laws change. Lots of areas to develop at better price. Inland close to city will explode. Looking in New Tampa now and it’s anything but a crash. Average day on market in communities looking at is 72 days. Prices are down a little but look at rise over last 3 years. He talks about communities or locations. Of course where you live matters. The hurricane issue is funny because it’s not even the storms that have changed its stupid lawyers / roofers filing 82 percent of all property suits in the Nation! Many of the real estate gurus are northern transplants that haven’t lived here since 1977 and seen the dramatic change over 5 decades. They simply don’t have perspective.

[@pier21realty]

The properties have increased in sales and value since the hurricane 2 years ago. Can you explain that?

[@pier21realty]

​@markc4635 your comment proves the contrast and point of an area preparing to go down. And one that is not. That's the whole point. Thanks

[@wendyneal4900]

The rents are unaffordable EVERYWHERE!

[@rd24life]

The country is completely ruined and is hellish now. All the youth should leave the country and let the Boomers pay for their own retirement

[@manormyth]

People are going to start sharing bedrooms instead of just apartment

[@rd24life]

@@manormyth I’ve seen that in DC before. What a hellish country we have now

[@kevintewey1157]

Because capitalism is all about opportunity for the little guy😂😂😂😂😂

[@user-vl3dh8kz3m]

​@@kevintewey1157 We haven't got capitalism for the longest, that's the problem. Opportunities come and go, we have to be ready for them.

[@gilianrampart8514]

Check Florida insurance and taxes and it will be obvious!

[@tmclean9]

So insurance and taxes are making everyone leave? Some will, but most are staying.

[@RiDankulous]

@@tmclean9 Many have made their final move and happy it is so. It is a pain for a great many of them to move although many probably could.

[@WFPBFORLIFE]

Taxes and religion have destroyed societies for thousands of years

[@CarsBikesBoats7]

Moved from NJ to FL in 2017. In Florida my property tax, insurance and utilities combined are still less than just my property tax in the NJ house. Sold the house in NJ for $500k and Built a Coastal Waterfront home in FL for $675k. NJ house is now $785k. The Florida house is now $1.3m and my taxes are homesteaded at $7,400 with only minimal increases. Property tax on the NJ house is now $21k.

[@rubicon3416]

​@@CarsBikesBoats7- Exactly. Northern Boomers are still going to escape to Florida sunshine.

[@jrgb9945]

My wife is a broker in Florida. She would happily confirm that there is no ROI to be had on Florida investment property. Housing, taxes and insurance is utterly obscene

[@rgarcia8876]

Buy low

[@PaulaTourville-po7fg]

I have lived in Cape Coral for thirty-four years . Mismanaged , overdeveloped , poor infrastructure ....greed over common sense. Boom and Bust cycle continues .

[@danielarivas3377]

Expensive, and the traffic,its crazy!

[@gingerjones111]

exactly! well said.

[@johnmoore3504]

Only getting worse with the bridge construction coming.

[@eknoke01]

I’ve been here for almost a year and I’m yet to be impressed by the people, jobs or culture.

[@TripleR-kb6uc]

@@eknoke01 feel free to leave..it was much nicer before all you invaders over-crowded the area.

[@darrenbuttery3527]

The problem with Florida is the homeowners insurance has doubled for many residents in the last two years. Add to that the big hikes in property taxes, HOA's and my personal favorite "special assessments". Add this all up and many people are finding themselves getting priced out of their homes. Lots of people are fleeing to states like Georgia and Tennessee. We own a 2 bedroom Condo in Bradenton FL as a second home so I know first hand how bad the insurance and HOA situation is. We are now considering selling if the state doesn't figure out how to get the insurance costs under control.

[@dulisha]

for real I bought a house here by Orlando in 2021, my insurance is up by 100% and tax is up 50% in 3 years lol

[@SoulfulVeg]

My insurance tripled between when I bought in 2016 and sold in 2023, and thats after improvements to the property. It was one of the factors in my decision to sell.

[@dubonett8239]

The State is not going to do anything about it. Insurance companies gave Desantis camping money, so he works for them now!

[@Thechosen77]

where in bradenton?! I got a 1/1 on Cortez for 90K, hoa is ok, but it gets annoying, I like it because the beach is 15 min away, its just beautiful...

[@kennethh.566]

Home insurance rates in TN are skyrocketing now as well. Mine went from $2200 last to year to over $3500 this year and if you go back two years it's basically gone up 60% in two years. I have never made a claim or have been late etc. I checked around at other providers and they ALL are raising rates tremendously in unison. They all blame natural disasters and the cost/inflation in building costs.

[@MrDCMiami]

I sold my Aventura high-rise condo in January and there was no bidding war, no one acting like money is no object, and my place was priced at market level. It took 3 weeks to land a contract and I did not feel like I was in a position of strength. I'm now renting and don't plan to be owned by a home ever again. When something has no cost controls, it has questionable value. Why would I want to own something that has unknown and uncapped liabilities? NO THANKS. I'm at the point that even though I'm in Florida, I'm also renting because I no longer "trust" Florida. I have no idea where rents are headed due to ever-shifting demographics, so I'm making contingency plans and looking at alternatives at other Atlantic coast states. Places like Myrtle Beach, SC, Wilmington, NC, and Virginia Beach are essentially the same cost, much to my surprise. Saying Miami is immune to a sharp drop is false. After the peak in 2006, 3 years later it was buy one, get one free. I know because I lived there from 2002 to 2024. How quickly people (conveniently?) forget.

[@RiDankulous]

For many people, myself included home ownership is an anchor that in worst case scenario cannot be raised.

[@ryancuda45]

well dont let the condo and hoa nazis scare you away. just stay away from condos and HOAs and remember you are not buying a house or property you are buying a neighbor.

[@JeffMathias]

I pay $1,075/mo rent in my Midwest capital city. To own would be easily 50% more. If you know anything about investing renting wins.

[@shadowmaster9780]

Move to rural Kentucky, buy cheap!

[@rayannphillip931]

Very true I lived in Miami during the housing collapse. Home prices were extremely cheap.

[@cardinal8268]

I looked for a condo in January in North Naples. At the time they were listed about $425k, hoa $450. Same exact units are still listed with a reduction at $325k but hoa is now $900k. They can give the condo away, but nobody is onna pay $900/mo hoa plus $300/insurance.

[@siouxrose7766]

Same with St. Pete. The new law forcing condos to have large reserve funds in part due to inflated insurance costs factors into a tremendous increase in HOA rates.

[@georgewagner7787]

Don't buy in an hoa

[@joseecelestin1228]

HOA is too high that’s why people sale is out control

[@kathleenp9643]

@@georgewagner7787🎯🎯🎯

[@carynkabat4208]

I just put my house up for sale as I am now a widow in a4 bed home with $403 HOA a month. Everything I have looked at to buy have higher HOA fees. I am thinking a rental for $3000 a month is my only choice other than staying put. My mortgage is $22,000. What do you advise I do.

[@jsd354]

If the homes cost $300,000 5 years ago and it sells for $600-800,000 today why is the infrastructure falling apart? The local county governments are taxing the hell out of the properties. What are these counties doing with all the tax money they are grifting? Doesn’t the local government have to use the money to provide government services? I lived in a gated community for 17 years in Florida where all the residents had to provide all the maintenance within the gate. The local government (Putnam Co) only provided police protection and the fire department was volunteer and we paid annually for that too. The county even refused to run the misquote truck down the roads saying they couldn’t use county equipment on private roads. We paid for and maintained our own roads. The county did however send property appraiser’s in county vehicles on our roads to revalue our property for taxing reasons. Sure we don’t have income tax in Florida as well as no grocery tax but when you get a 10 to 20 thousand annual tax bill you realize you can pay your state income tax and food tax and have residual money left over. In the interest of disclosure I have to admit if you live in a trailer or some type shelter under $100,000 you pay almost nothing after the homestead exemption. Also, if you are able to get a 100% disability from the VA you pay no property tax at all. You could be paying $1,000 a month taxes while the guy next door pays zero because he has trouble hearing at 70 years old because of artillery noise or whatever when he was 20 in the service. Yes, I’m over 70, having hearing issues and am a vet who’s MOS would probably generate a disability but I honestly don’t believe I would hear any better today if I’d never been in the service. Anyway, if you are considering a move to Florida do your homework. It’s a great place to live particularly if you can get around paying the property taxes and don’t mind the lack of government services in most areas. Now if I could only come up with an answer to the homeowner insurance issue….

[@ediruzza]

you nailed it!

[@lukaszstaniec]

I just don't want to live where dinosaurs roam... kudos to y'all

[@downunda107]

Well stated Mate. Fellow vet 🦘☮️

[@bc_usa]

The money is going into the Democrats pockets.

[@Xandil]

Hey, I'm one of those vets that'll be getting exempted from all those taxes when I move to Florida. 😂

[@floridamaddogg]

I'm in Satellite Beach (part of Melbourne area) and i have never seen so many for sale signs and I've been in this area for over 5 years. Having lived in FL for over 20 years, it has been really sad to see what the pandemic did to the state. Nothing is affordable and their are very few good paying jobs throughout the state. A correction WILL happen, no doubt. Within the next 12-18 months. Most people are rightfully complaining about the affordability crisis in Florida, but I blame buyers as much as delusional sellers. The buyers are overpaying for houses STILL. I don't know what's wrong with them, but they are feeding the overpriced narrative.

[@jackwhite3947]

Maybe , or not, it could be these realtors .

[@wineotautollc7369]

They ether have to BUY and FAST or pay TAXES on the gains from recent sell they did elsewhere. They need to "park" untaxed money in some real estate. Price is "no object" under this scenario if your alternative is to pay Huge Taxes otherwise....Desperados.

[@susannbasta2972]

Their Yanks, flush with cash, they don't care and that's what's wrong with th em. And Florida

[@susannbasta2972]

​@@wineotautollc7369💯💯💯💯💯 correct.

[@PurpleLEANKrabs]

1000 a month in insurance lol, This system is dead.

[@user-vg8ez9cu6u]

Insanity. You'd have to be a moron to stay.

[@RiDankulous]

My parents are there so they can see their niece but I bet they'd be long gone otherwise. My brother is there. As far as insurance, some locales, but obviously not all, warrant such insurance due to being in the path of the most likely hurricane damage.

[@rafaelmariscal9170]

Lol, I thought I had it bsd at $140 a month.

[@arifedickerson8511]

Even you pay amount of money.For your home insurance. Just say your house burns down. Is probably your insurance company don't cover. Why? Because you may did something to your house and didn't report the insurance company with the blue print. That is the reason why 70% homes don't have a covered. Trust me they do most of the time they find something.

[@inflationsux]

Insuring most of Florida is like insuring a teenage boy with a Ferrari.

[@plurtwink]

I'm gonna have my house in florida paid off in about five years and when I do that, I am dropping hurricane insurance. It's ridiculous. Mine went from six hundred dollars a year, eight years ago to over three thousand now. And it has a brand new roof. I will be damned if i'm going to replace a thirty year roof in fifteen years and be at the mercy of the insurance company. I will self insure. My home is in orlando.

[@user-kk3qg5el1m]

Just remember when you do and something happens don’t come crying to the publice

[@plurtwink]

​@@user-kk3qg5el1m You're funny. I don't live in a hurricane prone area. I have a new roof and shutters. By the way, self insuring has nothing to do with police.

[@debveille6323]

Id try to put the insurance money aside or change your coverages. I'd love to see a high deductible policy with no roof coverage. State needs to allow creative coverages while still designating a certain type of coverage as the 'safe' coverage that owners can choose with a blindfold on.

[@FeralGypsy8]

A lot of ppl are dropping their insurance when they pay their house off. Maybe the insurance will feel it eventually. A lot of fear is around insurance. And some who need it after a hurricane don't get it. Hurricane Ian was some of that not getting it

[@conniebishop3966]

I use to think like you then a water line broke and my house was flooded. Without insurance I would never have been an,e to rebuild the inside as it had to be gutted.

[@SoulfulVeg]

Sold my St Pete house last year. I didn't like the trend with insurance, taxes, and worsening storms. I really enjoyed living there, but I am saving aggressively for retirement. I'm glad that I sold when I did. I'm happily renting in Georgia now. I'm considering moving to the Midwest to be with family, and just spending a the winter down south, since I work remotely.

[@dillonsawyer9377]

Makes sense❤

[@MR-xy4tf]

I am leaving Dunedin next year and thinking about Tennessee or Georgia. What part did you move to and is rent as expensive as it is down here?

[@timmySmith-jl8jx]

You’re smart

[@SoulfulVeg]

@@MR-xy4tf I'm in Atlanta. Rents are cheaper but not cheap. I wouldn't recommend Atlanta. This is my hometown, and extenuating circumstances brought me here. But, there's lots of nice areas outside of Atlanta metro that are nice and more peaceful.

[@SoulfulVeg]

@@timmySmith-jl8jx It was hard giving up the FL lifestyle. But, I had to plan.

[@robynopenshaw5268]

I am often amazed that you’ll tell the truth given that every other realtor just wants a commission. But it’s why I listen to you and teach from your channel and refer people to you daily. Thank you. Your biggest fan here. This real estate market is cruising to a catastrophe and the average buyer doesn’t see it.

[@jackwhite3947]

Well, I say that my BS detector just went off . Here's to you , biggest fan, stop listening to these loosers for a minute , and do some real investigation . And then you will probably see a different picture . One thing is for sure anytime a group of realtors get together, there's somthing cooking . And it's usually clients or money or both . Hay that's from experience and it was free , how about that .

[@vincentsnow8436]

@@jackwhite3947 🎉🎉 sounds like someone is underwater and is lashing out

[@teribunker5223]

@@jackwhite3947 and yet here YOU are listening!🤣

[@pitchforkmike]

@@jackwhite3947 it's hard to believe she's teaching someone else from this, or any channel on KZbin. KZbinrs are strictly entertainment!! But then, how many people listen to late-night TV for their political information. KZbin is all about getting views, which in turn earns the entertainer income!

[@itsdeanna1946]

My dads house was really damaged during hurricane Ian. He had home owners and fema flood insurance. They never paid him 1$ for damages. He sold it as is and moved.

[@darlenedeleon5523]

Florida is for vacation....that's it!!!! Years ago, it was a great place to go and find a cheap home for the winter. Now, its 75% over priced.

[@cami5054]

Absolutely!

[@amishpat5201]

No jobs. Uninhabitable for most, most of the year. Risk of hurricanes is real. Insurance is unaffordable because the little guy underwrites the skyscrapers?

[@googleuser868]

Last trip down we car camped at a rest area and drove across the panhandle the following morning. We like rolling road trips just scouting around an area and enjoying whatever we happen upon. St George island was our favorite. Less crowded. I think we bought our fuel in Alabama so didn't need higher priced Florida gas. Did lunch at McDonalds in Panama City. Ended up in Bainbridge Georgia that night. No hurry to go back. Great Lakes beaches are nicer in the summer and much closer to our Indiana farm.

[@Roxytrish]

Great place to retire

[@jimgriffith4504]

I retired from 31 years at a utility company where it is common to make in a range of 80k to 120k . My company was having to rob employees from all over the state to work in Sarasota and live out of a Hilton Hotel and make time and a half pay all day every day. WHY? You can’t afford Sarasota at 120k a year income… how do you maintain a city , when you cannot afford to pay the people who keep the lights on? Well, who’s doing the work now you ask? The old timers like me who bought in years ago… AND they are retiring at an already crazy rate… and like me running out the door ASAP. What’s next? Stay tuned.

[@dmac42]

It used to be a great place with a Midwestern vibe of the people from the north east coast moved in and wrecked it all. Of course, if you ask them, they’ll tell you we’re lucky that they came to save us. Now we can end up like the same shitty states they came from.

[@SoulfulVeg]

This is also an issue that there's not enough folks going into the trades. My dad supported my family nicely as a carpenter/contractor. GenZ isn't considering college, so I hope they will take up the trades.

[@Okaybob]

@@SoulfulVeg a person can ALWAYS find work as a Weldor.

[@RiDankulous]

It's nice some old timers can get the professional jobs like that. I hope and mostly need to work after standard retirement age. I don't mind one bit working.

[@bevalindaj.443]

Florida has always been a strange state. I've lived here since 1980. It's now gotten worse. Now we have the elites that desantis convinced to build here . The rest of the state is broke. Small businesses closing. People foreclosure on their way over priced homes. This is just the beginning of a mess. I think worse then 2008.

[@rd24life]

Even if prices drop a lot it is still way higher than just a few years ago. It is still total hell

[@jimmydean4509]

We're you not a home owner in 2008? If not, you have no idea what can happen

[@ginicholas4322]

@@jimmydean4509 Prices now are many times higher than the 08 crash. Either way home prices will continue to rise even if there's a significant drop.

[@jimmydean4509]

@@ginicholas4322 they will drop in most if not all places by the end if this correction is my guess. They are higher yes, but that just gives more room to fall back to trend. When prices fall, rates will follow, but what people really need to worry about is their job. My other guess is now that unemployment hit 4%, it will start trending up much more quickly in months to come.

[@jimmydean4509]

@@ginicholas4322 inclines are also much higher and the USD has debased much further too.

[@ph1438]

Looking at pre-covid prices, then minus 20 % on top of the lower prices. Thats when homes will sell...

[@axelcv10]

Very interesting show. As a landlord, owning many properties in South West Florida, I strongly agree with your views. AirBnb activity has dropped, insurance, property taxes and maintenance costs have exploded and financing costs are ridiculous. This cannot be sustained.

[@johnmoore3504]

Market got over valued after COVID when people worked remote. Suddenly FL wasn't just for retired folks as anyone could move here and still work. That was great, until their insurance doubled.

[@Press1for]

My family has been in FL since the late 1800's, this place has been a mess since the beginning.

[@MH11.11]

insurance prices are a joke and if a major hurricane hits they will most likely will not pay. These are honest guys saying the truth. Great podcast.

[@Seanheery]

Not if… when. Hurricanes are inevitable here.

[@jackwhite3947]

What do you know ? Pure speculation . By the way that's how I make money . These guys too , just so you know .

[@heatherspisak1762]

My neighbor’s house has been on the market over 180 days now, along with several others in my neighborhood (Central Florida).

[@6speed818]

California max 15 days and it's sold

[@6speed818]

My mom's friend sold her house for 1 million dollars in 1 day in Chatsworth CA about 4 months ago. It was a beautiful house though in the hills.

[@Mavie-Villa]

@@6speed818 that’s a big lie. California is the number one in overpricing real estate properties . They are not selling fast either. The greed and avarice of the RE Industry is a real disgrace👎👎

[@6speed818]

@Mavie-Villa no shit it's overpriced people are dumb and still buying.

[@OtisFlint]

@@Mavie-Villa Stuff is selling just fine in CA, demand is a lot higher than FL.

[@Scrunchie_777]

There's a lot of inventory, but prices are still quite high. Also wth is up with those ridiculous HOA, property tax, and utility payments?! What a total rip-off.

[@flbirdman87]

The State will get their money. The price you pay for no state income tax.

[@j757G]

Even if you own a home if there is an HOA you pay rent.

[@edanddebbie7142]

I wouldn't buy with an hoa.

[@timsmusic7349]

Not all HOAs are the same. I live in a 2m home and the HOA is $190 a month. It used to be $250 but they don’t need much money. Just cut the grass and sometimes but not really good at getting rid of the dumped vehicles. Otherwise, the place looks great and we have security cameras which have been a good deterrent. No crime to speak of. The place looks great and the landscaping is really well maintained. Yeah, not all HOAs are bad.

[@cfoster6804]

​@@flbirdman87 Bingo!

[@margotdsouza1189]

Your honesty is exactly why someone would want to work with you. The insurance rate increases is the biggest concern. So many insurance companies have left Florida and those that have stayed have slammed homeowners with outrageous rate increases. This is exactly what happened in California which is why there has been a huge increase in people moving out of California. I live in Arizona and have property in Canada, but for many years considered investing in Florida because logistically it made more sense to travel back and forth. Not any longer! I am now concerned what has happened in Florida will happen here. I do like that HOA laws in Florida are being amended to give more control back to homeowners instead of HOA boards that have too much control and little accountability. DeSantis is a huge plus for Florida because many seniors prefer to buy where their needs are recognized. When I was growing up in Ontario, Canada, most people I knew went to Florida for holidays and/or retirement. Catering to those who are buying is an important factor to consider.

[@chrislabate4549]

$7 minimum wage and hostile laws towards the working poor

[@sanca5982]

America will not survive like this. It's not going to be good. It's sounds like it's going to be dystopian.

[@ycarraza]

Great point. I have been repeating the rental vs buying comparison for the last 3 years in my neighborhood in Tampa. There is no way to make money if you buy a house now and rent it. Only, the people who bought before 2020 can make money.

[@jverderber]

Moved to the Tampa area 2 years ago, glad we chose to rent. They are building everywhere and prices are coming down fast now.

[@frankromano490]

When you buy look at tower insurance. That who I use and they’re still affordable and I’m on the water in south Tampa.

[@cfoster6804]

Yeah a lot of build to rent houses. They don't want us to own. People can't see that.

[@cfoster6804]

​@@frankromano490 That was nice of you to share.😊

[@googleuser868]

I like it when most choose to live in the same area like sardines in a can. Leaves more wide open spaces for me.

[@cfoster6804]

@@googleuser868 😂 True

[@kitskivich]

I have family retired in Ocala. Ocala keeps claiming they are getting a record number of transplants, but the reality is that they're building thousands of very small block homes and apartments - and the apartments are charging Chicago rents. They're tearing down all of the beautiful woods in the area to do this, too. They've accepted business multiple low-wage warehouses and businesses that Gainsville turned down, and they don't seem to realize that the employees will not be able to move into the homes and apartments priced well outside their budgets. Sure, some retirees move to Ocala and bring cash from their northern home sales, but Ocala's local wages and salaries are horrendous which affects everyone who isn't a retiree. Of note to Phil, many of Florida's hospitals rank high on the state's list of businesses with employees on the Medicaid rolls. Since Ocala is not a high-end market, nor do they have higher-end restaurants, shopping, or entertainment, they're only going to attract middle to lower-wage workers. It doesn't make sense. If I liked Ocala, I'd watch and wait for the floor to fall out of the housing costs and snag a place, because I think it's inevitable. The folks I've spoken with who have left or are leaving are doing so because of low incomes (even white-collar), insurance, high local costs, and the zero-sum political climate and policies.

[@thzene4967]

Imagine my shock when i realized this is being produced by a REALTY company. Im so used to those who stand to benefit only saying everything is fine so the honesty here is very very appreciated. Will definitely remember this when the market actually makes it realistic for me to jump in.

[@jackwhite3947]

Imagine your shock when you realize that you've been played . Unless your just another troll.

[@priscillafitch3397]

People do your own homework before buying a house. Period

[@Bluebird590]

2012,2013 Property auctions at court buildings , house and Lots $40k thru $68k Pennies on the $100 dollars Yes i am waiting for HAPPY DAYS again 🤙

[@pinschrunner]

You will own nothing and be happy says Klaus. This won't be post 2010 again. Theor plan for u is different

[@luke31ish]

Those were the days bluebird!

[@Justaguywithtruth]

​@@pinschrunner🤔Black Rock and Agenda 2030💩🤡👹🎪🧐😎🙏💪☝️👍

[@andreaorourke7561]

Mee tooo!!!

[@FeralGypsy8]

@@pinschrunner you are right. there is an agenda and slowly but surely they're driving us in the direction they've planned for a very long time. They look at us like cattle/sheeple

[@Smuscles7]

Property tax and insurance makes up more than no income taxes

[@Archie1021]

Don’t include your insurance and taxes in your mortgage! Buy the mortgage not the house. You plan accordingly to pay that every month or 6 months.

[@alyross2850]

I don’t think a lot of people understand the medical pay difference in FL vs most of the rest of the country. Nurses up here in the north west are easily making $40- $120 per hour. Maybe slightly less in nursing homes, but even then, if they work for an agency, they are still paid really well. Overtime all over the place. FL seems to think they are worth half of that, and maybe that’s part of why FL healthcare is rumored to be crappy. I don’t know, but you can’t accept half pay AND pay 3X cost of living in FL. So until FL medical decides to take this seriously, there will be a revolving door of nurses who travel to FL to work for a few months, just to enjoy the sun, and go home. And that is NEVER good for quality of care. Doctors? No idea how businesses in FL pay them, but it doesn’t matter as much as you only need like 1 doctor to 200 (est) nurses in the state. And if the doctors worked up north for a few years, they may be set up well enough to bear the cost of FL. All those recent transplants expecting the same care in FL as home….smh.

[@susansandford793]

Medical is a joke in Florida.

[@JESUSHELPUS-ud5xc]

Why do you say?

[@susansandford793]

@@JESUSHELPUS-ud5xc the doctors in Florida guess what’s wrong with you and then give you a Band-Aid or a pill

[@Smuscles7]

There's literally nothing in Cape Coral. Few dive bars, no stores, very few restaurants, no entertainment, beaches over an hour away. Roads are small and congested.

[@SowViableGardens]

I’d like to note that N Cape also has a water shortage. We’ve been in a drought for over a year. Many of the homes wells are running dry and the city has no plans of adding city water in this area for a long time. The aquifers can’t handle the growth of people and new homes.

[@ronjochucksi9698]

@@SowViableGardens and mainly the huge water consumption golf courses

[@nancygreen8186]

Cape Coral has so many stores so many restaurants. I haven't even touched a huge portion of eateries here. Everything is pristine all freshly painted. When hurricane Ian hit here everyone got a new roof including myself. My house looks better and my neighborhood looks better. All new fences everyone got their house painted. Very clean . So many supermarkets I can't even list them all. Cape Coral is 100 square miles. It is huge. So many businesses here. The problem is interest rates went Sky high because of the Biden inflation. People were scoffing up homes constantly here. Now they are not and the houses keep being built. It seems every block has a few new houses. Must be thousands of them. We also have salt water canals and freshwater canals, great fishing, many boats. The problem is the high interest rates to buy a home. . Prices are still very high here.

[@SnowAngelfish]

​@@SowViableGardens Serious? A drought? In florida? How much rainfall do you get there per year? Id be storing rainwater in an underground cistern.

[@SnowAngelfish]

Ft Meyers beach is only 21 min away! No stores lol... What the heck are you smoking dude?

[@stephanierovegno6821]

I live in Orlando, went to Miami for a week - 1 week ago. It felt like Beverly Hills did in the mid 1980’s. Everyone had money, people shopping, chauffeurs at the malls, people driving nice cars, house keepers make $150,000 a year. I left feeling relieved and wondering when the music will stop, just like Beverly Hills, California has. Miami feels like being in a state of illusion, too good to be true. $2,200 was the cheapest studio 560 square feet-apartment I researched located in Weston, Florida, 40 minutes West of Ft. Lauderdale. True there’s tons of International folks there and with $$$$, as I saw it for myself. I love the beaches there but will only continue to visit as I felt out of place there.

[@Thechosen77]

I think Miami to live sounds a little crazy for my taste, I love sarasota, and im currently looking at Ocala to have a place to hit up once in a while, big cities never feel like home, if you are single n looking for action those cities are nice, but it gets too much, I couldn't see myself or anyone choosing Miami to raise a fam lol

[@alyross3081]

Remember that many of those wealthy shoppers in those areas are vacationers. We live in PA, and 2/3 of my children have gone to Ft Lauderdale for bachelorette parties in the last month. Two different weddings, brides. And it was pricey, but paying for a 4 day vacation does not a wealthy person make. Actually most of the bridesmaids were upset at being asked to travel to such an expensive place.

[@eknoke01]

It’s all tourists in south beach 🏖 and anyone living there is in hospitality or sales jobs. Downtown Miami night life is college age kids that still live at home. Everything is not as it seems in Miami. It’s a facade of decadence with international and domestic tourism bringing tons of revenue to the city. You would have to be uber wealthy with lots of space living on star island or stupid to live in a city that overpopulated. Like the zoo fun place to visit but wouldn’t want to live there. And the traffic… forget about it!

[@altgenesis]

As a renter you have to worry about the roof leaking because you have to move out, Also the insurance goes up the property taxes go up and your rent goes up. The mortgage gets paid off after 30 years and you have only property taxes and insurance and repairs and electric. The house can be sold and you can move to a cheaper area or country to retire. That's what's happening. People are retiring and moving out before the prices fall.

[@gilyaary3408]

One of the best and most useful interviews I have heard to date. As someone who was looking into investing in multifamily in Tampa area this was a BIG warning sign for me.

[@jimmydean4509]

36:20 Thats it! Those with tons of money are still buying and is keeping the median SP stats trending up as inventory grows and sales slow. Excellent point man! This guy is a great guest Todd. Keep him coming back monthly for updates as this mess unfolds.

[@KimOrlando-xe5vh]

As a realtor I would never want a buyer to not have an inspection

[@jackwhite3947]

As a buyer, I like to make most of the recommendations to you, not here them from you .

[@ggfelix9029]

..the exception is corporate investors. I became a realtor 22 years ago, worked with a top producer broker. Investors have their own inspectors and if the price point is at a 15% below market, they bought sight unseen. It is no skin off their nose if there's more than 15% to renovate. They write off the loss. Sometimes it is better for them to take a loss. It saves them on taxes.

[@cfoster6804]

​@@jackwhite3947😂

[@susannbasta2972]

Often times cash buyers do NOT have one. Be sure to find out and have your own, of course; if your looking at a house flipped.

[@Bumula1]

In the state of Florida, it's become extremely difficult to cover a mortgage, insurance, taxes, repairs, utilities and put food on the table.

[@1025gfab]

Most Nurses refuse to work in Florida. They don't make any money there.

[@Amandarachelle_1432]

Raises hand! I would simply NEVER work for the pathetic wages they pay nurses there! So sad!

[@1025gfab]

@@Amandarachelle_1432, I'm a Traveler. I only work Internal Contracts in Florida. I never work with Travel Companies in Florida. I make out really well doing internals in Fl.

[@Roxytrish]

Visiting Nurses pay decent

[@EvySurvived]

​@@Roxytrish Only if your offered a company vehicle that pays all expenses especially if you work rural

[@TRUEJUSTICE-iv2gf]

Nothing paids good in Florida

[@andreaorourke7561]

I have a few questions??!!! As a homeowner in Clearwater, FL. (and I have owned my home for 10+ years) I saw my house equity triple since I have lived here.. Now, I have 8 to 10 different people that are calling me every day asking me if I want to sell my home??!! Why?? Do they think I don't know what my house is worth ?? I almost own it.. I'm certainly not trying to sell it just to turn around and buy another house at a higher rate!! I would actually lose money to stay In my same area!!... I'm gonna sit right where I'm at and pay my very inexpensive mortgage off... let the housing market drop.. then I can buy another 1 and maybe retire without worrying about cost of living !!

[@pier21realty]

The calls you are getting are wholesalers trying to get your house undermarket. There are services that sellnonformatuon of houses that have high equity. They try to take advantage of people. Its all percentages and they find people who sell all the time. Not my kind of people.

[@FeralGypsy8]

@@pier21realty I get the calls/texts all the time too. A lot of equity. One guy said outright he wanted to make a profit off my house! lol. I said I do too! He hung up

[@Steelhorsecowboy]

They are also companies that sell listing leads to Realtors.

[@JESUSHELPUS-ud5xc]

Stay put. Enjoy the fruits of your labor. Live within your means. All is well ❤

[@yfnsmn]

After working in Florida in "medical", like this agent guy calls it, decided to never come back to Florida again, even for vacation.

[@Thechosen77]

why

[@cfoster6804]

Wow what happened to you? Florida man?

[@Roxytrish]

Working in healthcare no matter where you live sucks although money was always good.

[@kitskivich]

A lot of corporations and big hospital systems are buying up medical. They then turn around and pay everyone (perhaps not doctors, not sure) less. My friend is a cardiology nurse and her income dropped from $35 an hour to minimum wage. Another RN friend lost most of her income as part of a purchase and has since been jumping from job to job trying to make more. Check the list of corporations on the state's Medicaid roll that have the largest number of employees on Medicaid. The medical industry is one of the highest-profit industries and shouldn't ever have employees reliant upon Medicaid.

[@tradermunky1998]

I knew a couple of people that had bought houses at the peak in 2006 that had to dump them a year or two later when their taxes and insurance were readjusted. They had bought flipped properties and stretched financially to do it. So a house that was once 300k was upgraded and sold to them for 450k, and once they got the new bill it was out of their income level. It was kind of sad, they were young, first time buyers that went from so happy to get their place to oh crap, now what do I do.

[@RiDankulous]

That is a sad story. It's a gamble that can pay off in some economies and locations. My heart couldn't the stress of such a bet.

[@jackwhite3947]

Sell at the higher price and do it again .

[@EmilyPorter]

you left out the main reason a ton of people moved to Florida--covid refugees. Florida was one of the most free states with little lockdown and mandates. People like the governmental policies.

[@pier21realty]

YOU MISSED IT.. I SAID IT

[@user-kk3qg5el1m]

People should vote to change their own states. Now everyone flocking to one state has created an once affordable state into unaffordable for native Floridians

[@jordigomez7017]

But now most states don’t have any Covid regulations anymore so will those refugees move back to their respective states?

[@cfoster6804]

He did bring up the fact that Florida was only locked down for like 10 days during that time.

[@cfoster6804]

​@@user-kk3qg5el1m I do agree with you. Moving is just easier and gives you quicker results.

[@emergingbeauty4070]

The truth is…CAPE CORAL FLOOOOOODS!!!!! Unfortunately, All of those beautiful houses were under water and more than likely have trouble getting insured. Those people, like most in Southwest Florida are terrified of getting another hurricane especially in that area.

[@blusurf9964]

And the health issues from mold when houses are getting wet is dangerous for lungs. Infants/kids breathing this stuff is not good.

[@RalphNudiAgency]

That's an exaggeration. There were many homes under water, especially in SE Cape, but many areas even on Gulf Access canals experienced no flooding at all, even during Ian which was the worst hurricane to directly hit us in 100 years. If a buyer is careful and pays attention, there are lots of good buying opportunities in the Cape right now. We've seen a steep decline since about November through March-April, and it feels like prices are holding now. The biggest three issues right now are 1. The overreaction of the insurance industry. 2. Too much new construction inventory and 3. Sellers/Realtors overpricing existing homes and keeping the market saturated with inventory. My current advice to sellers is, if you don't HAVE to sell, don't. Wait for the inventory and market to balance, and don't expect 2022 prices if you do have to sell.

[@janharper3963]

Yep I lived in Fl vacation for over 23 years. Was in the hurricane safe 2nd fl condo. Older parents there. Was going to buy again late 2023/2024...moved to Scottsdale AZ as prices were 1.5 in Cape Coral.

[@marilynh5487]

No communities in Miami have high crime. Gentrification has taken place. Miami is now Brazil South America Colombia Cuba. I was born and raised here I know. My mom passed 😢 😪 getting ready to sell the property.

[@RiDankulous]

Sorry to hear about your Mom; good luck with the house sale.

[@Michelapasta]

I agree! It’s insane how much it has changed? Condolences on your mom! I am looking to buy but it’s insane here 😢

[@kitskivich]

I'm so sorry for your loss.

[@JESUSHELPUS-ud5xc]

Sorry for your loss

[@bigb6046]

I don't think a lot of Florida will go down that much , at least Southeast Florida because there are so many retirees are moving down there from the New York, New Jersey metro area (and other states up north). That has been their plan forever , no matter what happens , hurricanes , over crowding , crazy prices. These people have saved their whole life so they can move to Florida drive around all day at 30 MPH in the passing lane , spy on their neighbors and go eat dinner at 4:45.

[@luke31ish]

😂

[@alyross3081]

There’s a big difference between retirees from 30 years ago and today. Most of them today don’t have pensions. So they want to buy a place in cash and pay for things like taxes and insurance with their social security. It can’t be done in todays Florida. You can’t live on 2K a month and own a home in FL anymore, even if you outright own the home. Maybe they have savings? How long will that last? Maybe get a job? What jobs? Social Security hasn’t risen with inflation. It’s not possible, and most of the retirees are going to have to leave. And it won’t take long before only the very rich even think about retiring to FL.

[@joecmonteiro]

@@alyross3081 I totally agree. The retirees of today are not in the same scenario as folks from decades ago. Insurance premiums alone will eat them alive

[@naturelover2292]

@@alyross3081facts! These prices can also eat up your pension quicker than it did decades ago because it was much more affordable

[@charmingbeautytv4712]

🤣🤣😂

[@chrisrodak2854]

When he talks about the cost difference between owning/renting the same place is exactly what I had been saying to people 8 months ago in the Tampa market. I was coming to an end in my lease and went looking for a new place to live, either buy or rent. Even with 20% down our monthly cost would be 30%+ higher than just renting the same place.

[@enthused7591]

There was never any question that there'd be a crash, the math is roughly 50% worse, apples-to-apples than the 2007 bubble peak, without even accounting for everyone's 40+% cost of living increases that happened simultaneously this time around. Homes will be 60% off again everywhere, and 70% off in certain areas of Florida and Texas.

[@Cypher815]

I live in Cape Coral. The homes here are heavily overpriced, and builders will be in big trouble shortly.

[@johnmoore3504]

In west CC they overbuilt, new construction everywhere. Simple supply and demand problem - too many houses not enough buyers, since nobody can afford the insurance.

[@eknoke01]

@@johnmoore3504and the lack of jobs in the area to fill those homes.

[@-OBELUS-]

I'm sick of overpaying the taxes on my house. My house keeps going up. It's insane. I'm praying for a drop. It could drop over $150,000 and we STILL WOULDN'T BE UNDERWATER. Edit: I hate all this inflation.

[@setfreemiss]

Property taxes won't be allowed to go down even if home prices drop. States need the money just like you do and THEY will win.

[@winniethepoohandeeyore2]

@@setfreemiss Oklahoma has the double homestead exemption, once we claimed it we got a refund back from the lender, Seniors 65 years and older who bring in less than 25k a year are property tax exempt, 100% disabled vets are property tax exempt, Current military are property tax exempt. So yes, we see good things for certain people here.

[@-OBELUS-]

@@winniethepoohandeeyore2 That's great!

[@winniethepoohandeeyore2]

@@-OBELUS- Yep, we get the senior property tax freeze in 6 years.

[@10317]

@@setfreemissI blame it all on NAFTA. Letting thousands of manufacturers go to china killed our middle class. And it certainly made it hard for states and cities. Our politicians and federal government can be very short sighted.

[@montricewilson7561]

So refreshing to finally hear someone in real estate telling the truth. Stop buying houses. I think that would make the biggest change, and correct the market. JS.

[@googleuser868]

Too many people having a hard time just keeping the food cupboards full.

[@chiarac3833]

I remember during the 2004 bubble someone telling me to "buy now or be priced out forever." The most ridiculous thing I've ever heard and so glad I waited. In 2010, that $500k home was about $175k on a good day. Even now as things are crashing, there are still some listings that reek of flipping and desperation.

[@alejandrohazera7895]

One problem with some (not all) areas of Florida is that all the houses look the same. When a few of those houses on the same block go up for sale, a price war begins. There is no differentiation between homes other than price.

[@rubicon3416]

Property tax and insurance premium increases are not just a FL problem.

[@1138prometheus]

Understand that the buyers are not holding back because there are savvy buyers. They're holding back because they're going through layoffs auto repossessions credit cards being maxed and inflation shock. Many of these pliers will not be eligible for a mortgage for years to come till they repair credit. Sellers don't realize the buyer pool is shrinking everyday. This is the reason the selling will get crazy

[@altgenesis]

Corporations are ruining the market.

[@networth00]

I'm in Fort Lauderdale. My rent is $5500. The house is worth $1.4m and the taxes are $16,893 for 2023 and going up this year. The insurance is $12k/year. If I bought this house the note would be $10k/month.

[@pier21realty]

The only way the owner can charge you that is because they've owned the property a long time. If an investor bough it now they be paying 10k and charging 13 to 15k. You have a good deal. Keep it while you can.

[@networth00]

@@pier21realty They bought this house in 2020 for $800k. I don't know if they got a loan or not. The location is top notch (walking distance to beach and on a canal so my boat is parked out back) and they plan on tearing down the house to build a mansion. They already have one going on this street. They might just want to break even till the tear down.

[@pier21realty]

Sounds like investors for sure. Probably paid cash and just making a little return or breaking even after costs till they build. A lot of that in fort lauderdale. Before i moved to Jacksonville my office was on 33rd st across from blue jean blues. Know the area and players well. ​@networth00

[@davidaponte7521]

These hedge funds are doomed, or should I say the American taxpayer is doomed. I guess the guy in Jersey made off good, or wait, did he, maybe not, maybe he’ll used that cash to invest in crap and get back into debt, or maybe the depression that’s going to hit this country will finish him off too. Bottom line, I’m not getting into this crap one way or the other. Until these prices go down by 50 percent or more, I’m out.

[@ivopsilva]

I just saw a house on Zillow app that’s located in my neighborhood in Horizon West FL. In 2019 it was sold for 950k. Now it’s for sale at $2.295.000. That’s crazy!

[@tg.6120]

Yes, finally someone is keeping it real. I was saying the same thing. The sellers are trying to get top of the market but their home hasn’t seen an update in 20 years. Hopefully they get back to reality quickly.

[@deltaboii1]

There are to many people who have been living in homes with low interested rates and plenty of equity. Housing prices are not going to return to those of 2008. Good luck!

[@jackwhite3947]

​@@deltaboii1what are the rates interested in . I just needed to ask . If I had a lot of equity . I might buy somewhere else and make high interested rates on that investment . How about them peaches .

[@Fatman305]

​@@jackwhite3947Here are funny things that rates could be "interested" in: (ChatGPT) A seminar on the emotional impact of fluctuating rates. Participating in a 'guess the interest rate' game show. Taking a cooking class on making "compound" cake. Enrolling in a yoga class for stressed-out spreadsheets. Watching a soap opera titled "As the Rates Turn." Collecting action figures of central bank governors. Writing fan fiction about their favorite financial crises. Decorating their home with posters of historical interest rate charts. Playing a virtual reality game where you get to be the Fed chair. Voting in a popularity contest for the most charismatic rate-setter. Following Alan Greenspan's workout routine for staying 'flexible.' Buying merchandise from the Federal Reserve gift shop. A reality TV show called "Keeping Up with the Central Bankers." Attending a circus where all the acts are financial acrobatics. Going on a roller coaster called "The Economic Cycle." Playing a video game called "Grand Theft Interest." Joining a book club that reads "Fifty Shades of Interest." Writing a screenplay for a financial thriller. 😂😂😂😂😂

[@williewill1237]

Yes!!!!!! Let it fall even more!

[@skybiz4520]

F* speculators, some people buying houses to actually leave in, not flip and flap bs crap "business".. Live is Free on planet Earth you stupid jerks..

[@trainshot17]

Most people can’t buy at these prices. A home in my neighborhood was bought new for $293k in late 2018 and just sold for $685k. It was on the market for about 4 month but someone finally bought it.

[@Annwutsfar]

How much did they drop the price?

[@kimberlyward350]

Medical facilities down here are all very bad they pay extremely low and they do a lot of illegal stuff in the hospitals - been here three years have lived in Jacksonville ormond beach Daytona beach west Palm beach Miami Melbourne Gainesville- AND IT ALL IS A MIRAGE

[@MassManicMedia]

I live in Florida and prices are most certainly not falling fast

[@KarenPritsch]

I think it really depends on the area. I live in a good area in Jacksonville and my house was valued at 390,000 3 years ago then went down to 360 K last year and right now at 379K. Really fluctuating!

[@Annwutsfar]

I’m in St Pete FL and we see some people lowering their expectations. But the thing is, people would rather take their house off the market than sell it at the price it was pre-pandemic. So it’s either we are going to have low inventory or prices will stay high and we will have a lot of inventory. It can’t crash because nothing is suddenly changing.

[@Lana5]

I don’t see dropping price in my neighbourhood of central Florida! Not too many houses for sale neither!!!

[@evelynm.r.8100]

I'm a FL seller and having to drop prices recently. After being a landlord for 14 years, to many laws protecting renters. I will no longer rent homes, the risk, and income is no longer there with Insurance and tax increases, HOA's have way too much control in Florida. Laws dictating rent control. No protection for a smalltime landlord. So, who protects my credit if things go south with a tenant? No wonder 70% of rental property is now corporate. Also, let's not assume every FL native is a hospitality worker. Many of us are working professionals and can't even afford a home in our hometown. However, we are being squeezed out of our own state by foreigners overpaying for property. Out-of-state residents coming to Florida for freedom also overpaid, and now they want out.

[@qj8933]

He is 100% right, the best of deals arent even listed on the MLS or advertised through normal channels.

[@DogWater2011]

Inheard about the insurance going very high BUT $1,000 a month on top of your mortgage!?!? Oh my days!

[@jimmyfavereau]

greedy investors are killing the american dream for many ...

[@brianoleson5785]

its the opposite there are causing crashes every 10-20 years so people can buy in the end. if we continue there will be another crash in 2040

[@jnflemming686]

I restore homes and I refuse to buy a home from an investor out of spite unless they aren't making money on it lol.

[@professional127]

Excellent video and perspective, especially from Phil, who understands the Florida real estate market. I live in Daytona Beach ⛱️ Florida, and this area is growing by leaps and bounds! I also appreciate the Sachs KZbin videos!

[@sarahs.9340]

For someone who lived 5 min. to Windermere in 2007, we saw houses in that zip code, people getting out. Orlando area was in real trouble. Kissimmee, having all the rental homes for tourists for Disney, beautiful homes- you could've bought entire communites for a buck. People who were angry their variable interest rate went up & no longer could pay mortages- they were stealing copper piping from walls, all large electrical appliances, cabinets, sinks, doors, light fixtures, fence panels- if it could come out, they took it. Homes were stripped bare, even granite from coutertops , gone. It was like the wild west. Builders dumping new communities only 1/4 built. Truly nuts. Afterwards people who had weathered the storm then thought, Why am I staying when my next door neighbor just bought his house now for 150-200k cheaper than my mortgage. Owner was like- no way, I'm giving house back to bank & go buying another home for 150k myself. Total insanity. I will never forget, everyone was in fear when would it bottom out.

[@pier21realty]

VERY TRUE I REMEMBER.. 10X WORSE THIS TIME AROUND

[@chiarac3833]

I was here in South Florida during that time and remember the end of the block was vacant and in disrepair. These are nice homes and now someone bought and fixed them but it was a scary couple of years there.

[@pier21realty]

@chiarac3833 I remember those days. Bought a few at the bottom and made about 400% selling them last year. Not to mention the rents through all the years.

[@daviddeforest566]

I work in inspections in SW Florida. The sales centers for home builders have been absolutely dead. It’s scary

[@Press1for]

Boo whoo

[@Damian_M287]

I live in Tampa and the same things your realtor said are accurate here

[@HisCoconutGun]

Alot of people from up here in NY/NJ moved down to FL during the pandemic and I suspect many of them are moving back.

[@MrDCMiami]

Alleged pandemic. Stop repeating that false nonsense.

[@ZzXZ636]

No one who moves to Florida from the North will go back .

[@frankromano490]

Not me, moved to south Tampa. I’ll never go back. Love it here

[@ZzXZ636]

@@frankromano490 Welcome ! A few states are still habitable. . This is one of them . At least for now .

[@MrDCMiami]

@@frankromano490 I lived there at the turn of the century. Went back there to see about moving back. Overpriced and severely congested. A low carb version of Miami which I decided to ditch after 20 years.

[@regenerativeliberty7915]

Watched my parents make the mistake of not taking cash offers and it took over 20 years just to get what they could have sold for. The next time this came up in 2007 they listened and sold their Florida home getting out before the crash. I like many others were waiting around 2019 for a correction, that never came. All the indications are there for a price drop, but for the commercial investment in single family homes co-ordinates well with the "you will own nothing" theme the nwo is working on. Anything is only worth what someone is willing to pay for it today.

[@carolmyers6678]

I live north of Elgin Air Force Base on the panhandle. The building is booming here. However the houses are being built by DRHorton. Cheaply made with high price tag. In Crestview alone they are putting up 22,000 new homes. Yes , 22,000. The problem is this was a small town of 35,000 in 1985 and stayed small until about 2005. Then it slowly grew. When the military built a new base things just took off. The roads can’t handle the traffic.

[@delwynjshelleyjr5434]

Moving to Florida was the best thing my family ever did. We love it.

[@pier21realty]

Me too

[@FL-CourtReporter]

What part?

[@Roxytrish]

​Venice is nice. We like it. It's expensive like everything else though

[@goodmanvolley]

Here's the thing. Many Realtors have only been in the business since the 2007s. They do not remember nor would they comprehend that real estate is cyclical. It actually is healthy for real estate to go through periods of decline. It isn't the end of the world and people shouldn't be looking for someone to pin it on.

[@chiarac3833]

No, these carpet baggers screwed up the whole economy in FL.

[@robertruschak7083]

Welcome to reality

[@michaelrezendes4348]

DeSantis is doing a great job turning Florida into Mississippi. 😮

[@jenniferharrelson7218]

Will be interesting to see what Florida residents vote on women’s health rights in the next election. Freedom to make health decisions were just taken away! That’s less freedom, not more. No one likes to be controlled and over charged for insurance.

[@eternalrealist2836]

Abortion is not a health decision. It's murder of an innocent baby.​@@jenniferharrelson7218

[@nevea.4621]

Cost of insurance is about 300% up in last 3/4 years .Property taxes and HOA fees are insane. I'm planning in selling too.

[@ElizabethHernandez-pp7sz]

This Cape Coral info was on Reventure Consulting yesterday, Nick was boots on the ground.

[@jordanhancock279]

Yea their title looks just like his 👀 lol

[@davidhayes2928]

That is the best real estate analysis and advice (FL specific) I have ever watched and I have been doing it often since before KZbin was born. Thanks guys! Got you on speed dial.

[@Loquacious81]

In 2017 were looking to buy. We found a really nice 3 bedroom with a pool, and a 4 bedroom. Ended up with the 4 bedroom for 195k. The house was going up in value at a slow steady pace. All of the sudden it seemed like everyone moved at the same time to my once little town port st. Lucie. The prices of all the housed including ours jumped up in a matter of about 6mths to around 400k. The thing about psl is we have the highest property tax in fl. It really wasn't much of an issue then because the home prices were so reasonable. For example west palm is only 45 mins south and you couldn't buy a shack in the hood for 200k. I assume that's why so many people moved here. It was crazy rents shot up from about 1200 to 3k a mth, basically overnight. I've always heard that you know there's going to be some kind of crash in the housing market when the cost to rent, and the monthly cost to pay a mortgage are not comparable. When one costs way more, there's issues with the market to prepare for a correction. Obviously a correction is needed. It doesn't seem that there will be a crash similar to what happened in 09. It seems like maybe this will be more of a slow burn. 🤷‍♀️

[@sayedenforever556]

Cape Coral was almost taken off the map with hurricanes and flooding. I went there for a conference and most new construction homes have tarps and damaged siding. No lie. It still hasn't recovered from hurricane damage.

[@GoodDessert]

Agree on “patience is key” in this market. We are renting and waiting another year to buy.

[@brianoleson5785]

i been waiting since march 2020 when the stock market crashed if we do get that historic housing crash in 1 year prices will be down maybe only a few percent if at all your buying falling knife into 2030

[@Annwutsfar]

Rent now, rent forever. People aren’t going to want to sell their homes in a couple years if they can’t profit off it, so they’ll keep their house listed as a rental. Speaking from personal experience 😢

[@JL-vd6yn]

I will not rent no matter how low rentals are! That's throwing away my money to build someone else's wealth...no thk you! I prefer to buy even if it's priced higher...atleast I will be paying into something I can use as income, if needed...

[@Annwutsfar]

As long as you’re planning to stay there 10 years or longer, otherwise it could be a total loss. Closing costs and interest kill us

[@eknoke01]

Not everyone wants to be tied down to a property.

[@bradleywampler6542]

Really appreciate you guys input and info! We just pulled our home off the market in North Port because it was stagnant and not getting any action…this info helps me to piece it together.

[@LadyEllenMLowe]

My property insurance for my home a 1200 square-foot townhome attached by one wall, my insurance went up to $5250. They told me if I got a new roof which would cost me $15,000 I would be able to save $1000 a year! That’s crazy!

[@sonataz7617]

Here on my area in Orlando, they still try to flip all the houses that they got on 2021 for 350,000 and selling them for 550,000 they sit longer but they get sold at some point. Even the bad areas are on the 480,000!!!