Florida's UNSTOPPABLE Housing Market Crash (Home Inventory Explodes)

[@porkrind3512]

You can't live in a house for 3yrs on a 30yr note paying nothing but interest and expect to have equity, but they jack the price for what they "feel" they deserve. Americans have done this for decades. Now it bites the last person to play. These 500k houses are still the 75k-80k house of the 90s

[@elainepleasanton9808]

Exactly 100%

[@broncorik2268]

Don’t blame the people selling it’s the idiots buying at high prices

[@jnaekoa3511]

Some people put large down payments and shouldn’t lose that with a sale. Besides, older homes have way better interest rates.

[@alexrubin5955]

@@broncorik2268 Absolutely. People went mental in 2020 :)

[@bunsguns8222]

Mostly true, but nothing is going to be priced like the 90's again. There's too much money out there.

[@davidgagliardo3258]

I am grateful to have sold my Tampa home earlier this year year before the hurricanes. We found a buyer in just 2 days, and got top dollar for it. We said goodbye to Florida and moved to northeast Tennessee. Best move we ever made.

[@timsmith8391]

@@davidgagliardo3258 we moved to Knoxville area

[@timsmith8391]

@ Thailand is more fun

[@FrankH-x7y]

I agree

[@BradMitchellBrokerAssociate]

was that before the hurricane that decimated northeast Tennessee?

[@FreckleFacePupsNStuff]

Me too! Sold mine and I’m out of here ❤. Best wishes to you😊

[@theworldisblind1767]

Home prices all across the US are at least 30% overpriced

[@goodlifetoday]

Absolutely. Interest rates, property taxes, and homeowners insurance are finally starting to reflect pricing in Florida.

[@Mr.Helper.]

prices in Northern VA are still way too high

[@LockedUpLarry]

@@Mr.Helper. I wonder about the beltway, and the effects potential federal cutting may have! I was stationed at Belvoir during the 09 catastrophe. A coworker of mine had recently bought and caught orders overseas. He took a 95k haircut off the value of his house. It was 100% financed. I learned then and there that a VA loan with 0% down can be very bad!

[@kurtleo3529]

Many individuals overpaid for homes, even during a period of low interest rates, leading to significant debt burdens. I anticipate a potential housing crisis, as these homeowners may face foreclosure if housing prices continue to decline and they are unable to meet their financial obligations. In such cases, with little to no equity, selling the property would likely not yield any profit. I believe this scenario could affect a large number of people, particularly given the looming mass layoffs and rapidly increasing cost of living.

[@ER-me1ii]

They are scammers.

[@Jguthro]

​@@luigijohson6732buy the dip in precious metals.

[@JimmyTSicily]

@@kurtleo3529 I'm thinking you've been referred to as Captain Obvious way more than one time in your life

[@joemancurreri6635]

You are so clueless.. the demand here in Central and North Florida is amazing. salaries are now no different than Northern cities.. "many individuals overpaid" - totally false.. home values in our area went up 9% since Jan. 2024!

[@ayasensei5709]

FL 3 bedroom house needs to be 150K. No one will pay 400K with 7% interest rate for the house you paid 150K with 3% interest rate 5 years ago. We are not stupid.

[@denisebycapricorn]

Yeah, you are. You will pay it because you want to be here. That influx aint slowing down.

[@BigNateCOMICS]

right, young people are just waiting until the prices drop

[@UtahJazz1996]

You aren’t but others are and have been. Denise below you probably bought a house in the last two years and was trying to find confirmation bias to reassure that she made the right decision and not a mistake

[@lamontgarrett9215]

My Dad paid 50k for his and they are 500k now 😂

[@paulmurray8731]

@@ayasensei5709 move to Mississippi then where you can marry a 5th grader.

[@WTF-sh4is]

I can attest that California is going through the same thing right now. The music has stopped and sellers are desperate now.

[@kdockrey]

@@WTF-sh4is I don't see any desperate sellers where I am in Los Angeles.

[@Bridging_the_Political_Divide]

@@WTF-sh4is I live in LA, values are rock solid. Don't compare California to the dumpster fires of Florida & Texas, horribly collapsing markets. Cali is rock solid by comparison. 💪

[@WTF-sh4is]

@ wrong. Make any offers to those sellers and they will concede. Most homes have been on market for over a 100 days. Definitely not rock solid. Look it up.

[@WTF-sh4is]

@@kdockrey you must not be making offers. It’s not advertised in their asking prices but all sellers will take 20% off right now to sell their overpriced POS house in CA. Guaranteed.

[@WTF-sh4is]

@@Bridging_the_Political_Divide wrong. Make any offers 20% below ask to those sellers and they will concede. Most homes have been on market for over a 100 days. Definitely not rock solid. Look it up.

[@LockedUpLarry]

This is the epitome of greed! Locals being denied due to affordability, yet these weasels are out here trying to drive up prices. Nothing to do here but let it reset! It’s gross.

[@joshuaerickson2458]

Locals are the people who can afford to live there. If you dont like that then go to Mexico.

[@jackieluna]

@@joshuaerickson2458 shut up bootlicker

[@ryan011110]

@@joshuaerickson2458 not even remotely true

[@denisebycapricorn]

What locals? Most of these ppl in Florida are not from here

[@luongv427]

It's capitalism.

[@SBTiki]

The prices are STILL too high. Most of these houses should be around 250K. Many of the houses in FL are not large - 1700 sqft or smaller.

[@endofsociety]

250k or lower

[@eliot5220]

Yep disposable houses. You have to price in one or two rebuilds. So knock off 200,000$.

[@s99614]

Houses in Florida are small AND with no basement or attic.

[@eliot5220]

@ seriously a basement you mean swimming pool. What do you think would happen is the first floor is getting 4 feet of water.

[@denisebycapricorn]

They are bigger than New York apartments. So thats not going to happen

[@catliath5384]

I came down in late 2021 hoping to buy, but prices were 15% above what I could afford and considering that I took a 40% decrease in salary to move to this paradise, I decided to wait. Then they went up another 25%, then another 15%, I stopped looking. I realized even with a nice down payment, it is impossible… If things don’t change, I’ll move to a more affordable state. Giving it until 2026.

[@FreckleFacePupsNStuff]

You can thank your lucky stars you didn’t move here. Coming to visit for an extended vacation in winter is sufficient. Everything else other than the winter season about Florida sucks .

[@joemancurreri6635]

I wish you could move here.. It's heaven.. especially the Panhandle and North east Florida.. Just today I told my wife that I wish I grew up here.. We went to a new Academy Sports story in Yulee FL. and all the young boys were buying fishing poles... We are in a rare cold snap, but it's sunny and 69 degrees.. It will be back to the 70's next week.. Don't give up.. start small.. You will be here soon..

[@elijah5201]

It's about to get worse with insurance rates going up again!

[@joemancurreri6635]

You should become a fortune teller in a circus... I love all you folks that will never be able to afford to live here, giving advise and predictions!

[@elijah5201]

@@joemancurreri6635 My friend, I've worked in the insurance industry for over a decade as a claims adjuster, and still working! I know what's being said outside of this platform! I also know what makes insurance rates go up and why in the state of FL !

[@whynot-yn3ni]

Love when you show physical current listings and explain the numbers. Additionally, enjoyed the guest’s perspective on Florida.

[@matthewbowers6178]

I live in Jacksonville and am currently house hunting. All that is for sale is flipper trash and half the homes are not even up to date. Half just got a paint job and they are asking 300k+ for absolute garbage

[@LockedUpLarry]

What’s the average rent paired with the average mortgage in that area? It might be better to rent and put the extra in an interest bearing account. Buy when the bottom falls out. Or you have enough cash to put a huge dent in the purchase

[@Baileywabbit]

Exactly. This is a huge problem for people looking for a home.

[@endofsociety]

I wouldn't be looking until they drop below 200k

[@elijah5201]

Buy new construction! At least the crap is new! lol!

[@endofsociety]

@elijah5201 and still way overpriced! 😂

[@grgygantz6760]

I’ve lived in Florida now for the second time since 1969. And the only real gripe I have is we have never had to change insurance companies this much. I remember my parents when they were alive and owned couple houses here in there in Orlando. The insurance was reasonable and the only thing a cancellation was. As if you decided to shop for insurance to get a cheaper price. Since 1989 I’ve had to change insurance companies two times and I just got another notice the other day. I live nowhere near a beach.

[@KK-np7vk]

DUH. It's only going to get more and more hurricanes. It's going to get way worse and not migrants want to live there to work so nobody can find roofers.

[@CryptoAlex40]

Nothing is selling in Florida. Be. Patient. You will save a ton of money when prices fall further.

[@tylrjsph]

Florida has low wages as well!

[@jaengen]

Yet Florida keeps voting Republican. What a moronic state full of tools.

[@blackorchid2494]

Low wages and very few jobs in important industry besides Hospitality and Healthcare!

[@MrPolandball]

@@blackorchid2494 don’t forget Publix too

[@simonjusticier333]

Still too high.

[@joemancurreri6635]

Try someplace in Northern Nevada for some great deals.. not here in Florida.

[@MichaelSmith-lm5sl]

Florida's housing market struggles stem from: 1. **Rising Costs**: Insurance premiums, property taxes, and condo fees are surging due to hurricanes, inflation, and maintenance needs. 2. **Affordability Crisis**: Home prices outpaced income growth, with higher interest rates worsening the gap. 3. **Oversupply**: Increased listings, failed sales, and hesitant buyers have created a glut of unsold homes. 4. **Market Correction**: Post-pandemic price spikes are adjusting downward, with sellers lowering prices to avoid losses. 5. **Policy Gaps**: Limited reforms in insurance and tax systems are fueling instability. 6. **Environmental Risks**: Hurricanes and flooding are driving up costs and prompting some to leave the state. These factors have combined to make Florida’s market volatile and less affordable.

[@joemancurreri6635]

This guy is a fake... I live in Florida.. My 3 son's live here with their families.. We live in Paradise.. we are boating and fishing today.. If you can't afford it, don't move here.. Paradise is not cheap... Our home here on The island was purchased for 2.5 million 4 years ago.. now - would sell in a week for 5 million. taxes are $9,000 and insurance $5,000... sounds reasonable to me... what's with "Rising Costs" - everything is rising.. that's why Trump is now President/

[@AnonymousU13]

The days of a 250k piece of crap being worth 400k during the pandemic is over folks. Get over it

[@AnonymousU13]

@@Oliver-0089 I like fishing too 🎣

[@AnonymousU13]

@@BrianAnderson-i1f Brian and Oliver are both the same person 😉

[@rd24life]

Good. I’m happy about that. This prices are still absurd

[@endofsociety]

Yup! No one told these ppl to go through bidding wars, and overpay for these homes

[@winniethepoohandeeyore2]

Yep, they KNOWLINGLY bought way over asking, got zero appraisals, zero inspections let them suffer.

[@Urgurl514]

Greed is the problem for the American economy. Only fix is to abandon materialism. I am so glad that people are no longer able to over pay for homes. We need a 30%-50% or greater housing correction to benefit average Americans

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!..

[@porkrind3512]

Agreed

[@bpb5541]

And Greed never ends well... never. ❤

[@gusmartins3298]

We need to remove the private banking system. We should not be owing any private banks that aren’t the federal government. We need a debt jubilee and to start all over. With a government we elect running the economy with safeguards from the citizenry.

[@denisebycapricorn]

If all these ppl stayed in their states. It wouldn't be an issue

[@mossfloss]

The bottom is when buyers decide it doesn't matter that the property is uninsurable.

[@joemancurreri6635]

That is exactly correct.. these folks are posting un-educated information... a 800 coop in NYC selling for 1 million, is because someone is willing to pay that.. same here in coastal Florida. It's truly beautiful... no traffic, amazing beaches, amazing - happy, people.. so people pay the price of paradise.. For the 5709 post guy to say homes should be $150,000, is a dream, even 50 years ago.

[@alancosens]

Some are calling it a crash, but the fact is that Home prices in Florida are so absurdly and ridiculously overpriced that it’s insane. Prices need to drop by about 60% to get into the realm of reality in my opinion. I know that real estate investors don’t like this, but people can’t even afford to to live down there. Don’t even get me started on the property taxes.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!...

[@spinecat]

the property taxes are squat compared to places like NY and California.

[@pier21realty]

@spinecat yeah... give it a few more months when they hit the taxes with the billions deficit for your sanctuary cityness.

[@ReneChang-f9i]

​@@alancosens blinded by greed to earn higher commissions.who cares what happens to the people holding underwater mortgages. It's called f everyone type of money.

[@badillosway154]

60% is crazy lol

[@HelloStarCitizens]

I been waiting for a crash since 2018, these prices have become absurd

[@jagodah1130]

i am waiting since 2022

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!..

[@rathelmmc3194]

It’s true, people forget that there was talk in 2019 that housing was getting too high again. The initial fear when COVID hit was that housing prices were going to collapse… I don’t think anyone foresaw what ended up happening.

[@naturalbeauty4734]

It will be higher once Trump takes office! 🙄

[@HelloStarCitizens]

@@naturalbeauty4734 you never know, wait and give the man a chance

[@Darkandlightning]

I have followed Florida real estate for 40 plus years. I’ve watched several cycles where the prices go way way up and then fall way way down. When prices are up, we hear that things have changed and prices will never go down. And when the bottom falls out, people run for the hills. I believe we in another downward cycle. The metrics are proving that. This time things may be different, but I don’t buy it. I think history will repeat - as it does.

[@pinetree2222]

I dont care what the price drops too, unless u can pay cash and self insure it's not worth it.

[@jagodah1130]

but who wants over paid with cash? that money will be lost forever after crash like happened 2008

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!..

[@bpb5541]

How does one self insure?

[@carlosprada1812]

@@bpb5541 Buy it out right and tell the insurance companies to take a hike. Keep in mind you are responsible for your own repair cost which is normal because most insurance companies will not pay for any claims and scam most people unless you pay an attorney more money than the house is worth. You are better off owning it out right and saved thousands of dollars!

[@christophergaudreau9265]

​@@bpb5541 "self insure" means having NO INSURANCE at all. . . . You Only can do this if you have a paid off house-(NO MORTGAGE). . . . Same as a Financed car, you have to have Full Coverage Insurance.

[@debrarouselle9761]

We knew it had to come to this. We loved our St Augustine home of 28 yrs. but when the greed in building took over we sold.

[@joemancurreri6635]

Glad you left us.. I am sure you were one of those cheap people that never wanted to spend a penny.. BTW: St. Augustine area is one of the best areas to live.. rated #1 by Forbes.. so you gave up paradise debbie..

[@SBTiki]

The house in Port Charlotte should be priced around 250K. That's why.

[@JanPalmer-bu7kn]

Even $250K is too high. How can you believe that house is even worth $250K when the same house would have sold for about $30K in 1970, maybe even less. I know what you're thinking that "values" have increased but that's a load of horse dung. House for house they would be identical. It's not a matter of value; it's a matter of the decline of the dollar and that's why so many more dollars are needed to buy the very same house that would have cost you $30k in 1970. You've been thunderstruck by the devil if you believe stucco and particle board can increase in value. There is no shortage of stucco and particle board.

[@SBTiki]

@@JanPalmer-bu7kn We are general contractors so trust me I know the true "value" of materials and labor. People still need a place to live, unless you are ok with a cardboard box I guess. I know it is not even worth 250K but that is a benchmark I am ok with.

[@SBTiki]

@@JanPalmer-bu7kn For Port Charlotte, no it is not worth 250K. I am looking in way nicer part of FL where 250K is palatable if it drops to that.

[@denisebycapricorn]

Port Charlotte is a country town. Homestead was, country too. Those homes are not overpriced when the demand & population is booming. Remember most of those generational locals were outpriced and pushed out. For the influx to come in. So those homes being valed 250-300k is fair. Samething is happening in places like Belle Glade & South Bay.

[@brianfl33916]

@@SBTiki yeah that should be max price for Port Charlotte. It’s a dump full of old people and dollar stores.

[@sunnybunnyranch]

My house flooded twice, I’m selling at a loss and getting rid of it. I haven’t even been able to live there for 2 years (longer than I was even able to live there!)

[@amandabrau-v6w]

Are you short selling? We are planning to short sale very soon on our house

[@sunnybunnyranch]

@@amandabrau-v6w no way - a short sale is bad for credit. I am selling to cover my liabilities. My outstanding loans are less than my buying price so I will lose my deposit, but I will not sell below my mortgage because that will impact your ability to buy a home in the future.

[@sunnybunnyranch]

@@amandabrau-v6w no way - a short sale is bad for credit. I am selling to cover my liabilities. My outstanding loans are less than my buying price so I will lose my deposit, but I will not sell below my mortgage because that will impact your ability to buy a home in the future.

[@joemancurreri6635]

You moved to a flood plain ?

[@antonleimbach648]

When the market crashes in Florida it’s going to be epic. We left in 2019 after living in Florida since 1972. I’m actually surprised it’s taken this long.

[@denisebycapricorn]

It's not going to crash.

[@FreckleFacePupsNStuff]

Me too! It’s changed drastically.

[@svtrader]

@@denisebycapricorn It'll definitely crash when the recession takes hold by 2026.

[@sterlingpaul3004]

Most people do not understand that most markets are overvalued by 40 to 50 percent but they will.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!.

[@scmasonry]

Prices in Florida for a 2000 square-foot home should be no more than $150,000 with the cost of living and taxes in a ridiculous level. People just can’t afford Florida home anymore.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!...

[@jwagner-gs7ez]

Spot on! Heading back to 2018 sales price less 20% on average

[@theboringchannel2027]

lol, not possible to build a home for $75 a sq ft, and that would be with free land.

[@stevengoldstein114]

​@theboringchannel2027 it will if buyers refuse to spend more than that. Buyers need to stop being scammed.

[@SynergyStuccoworks]

@@theboringchannel2027 youre just overpaying for fast cheap track home construction. paying 400-500k for "new construction" when they make the subcontractors price out crazy cheap per unit and expect them done a week at a time. Youre getting thin stucco, bad or jacked up roof framing, cheap range and fridge, pressboard counters and $2 tile. Contractors and developers alike gouging because theyre paying their people almost double since 2018-2019.

[@calebfast8088]

I STILL hear people talking about the market being on fire. Meanwhile I see tons of homes and no sales. I see price cuts, some huge. People are either stupid or in denial.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!.

[@ReneChang-f9i]

They are lying

[@aprilgentile5438]

Sorry he’s wrong. It’s not about payment anymore. People refuse to pay the prices.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!.. PAYMENT IS WHAT MOST PEOPLE SEE.. SAD BUT TRUE

[@ecliptix5436]

I live in Jax about a mile from Phil's HQ. These prices are just stupid even without any interest rates or insurance or taxes or maintenance or HOA. I've got about a year here before I'm out of FL completely. It's not fun anymore, it's not affordable anymore, and it's way too crowded while only getting poorer across the board. Big things need to change and fast or there is going to be a federal bailout-level catastrophe here in the local economies.

[@marilynh5487]

I was born in Miami it took 2 hours to go 17 miles the back roads. Because all the major highways had accidents.

[@pier21realty]

Come by and say hello sometime!

[@ecliptix5436]

@@pier21realty May just do that :)

[@jasonswift3128]

That bailout is what worries/bothers me the most. Blackstone and colleagues will get a golden parachute this time, in addition to the banks.

[@ecliptix5436]

@@jasonswift3128 Same as always in a thoroughly corrupted economy.

[@user-xx1cz4rp8z]

I am so f$#*ing glad my parents sold their house near Vero last year. It was on the intercostal and I told them for the past four years - get out of there before this house becomes hard to sell. By last year they had random ppl knocking on their door to buy the house. Last winter they sold and I think it was at peak. I honestly think banks aren't even gonna lend for a lot of FL homes eventually - especially coastal ones.

[@BradMitchellBrokerAssociate]

when you sell at a market peak you buy at a market peak

[@user-xx1cz4rp8z]

@@BradMitchellBrokerAssociate yes correct except they are Canadian and have several properties already. The FL house appreciation coupled with the exchange rate differential netted an exceptional profit. Especially considering they bought when the dollar and CAD were basically at par (certainly no longer the case). But selling FL and buying anywhere else that does not have that level of risk would be wise for most - especially considering rising insurance costs and the possibility banks will eventually not lend for high risk properties. It is already happening in Canada. Desjardins Group announced that as of Feb. 1, it would no longer offer new mortgages for properties in "0-20 year" flood zones. And even if such drastic measures do not occur with major banks it is highly likely that more restrictive lending practices will prevail thus limiting the pool of buyers. Those hurricanes will get stronger and the economics of rebuilding over and over will become a math problem.

[@BradMitchellBrokerAssociate]

@@user-xx1cz4rp8z capital gains tax on foreign nationals is steep. Non homestead properties may qualify for a D2 insurance policy which is a fraction of the cost of a normal policy. The lack of risk in other markets outside of FL may not equate to a stronger investment if the market appreciation isn't there. A lending institution not lending for high risk properties is a solid way to protect the consumer from purchasing a problematic property and forcing sellers to update to code and gives a good deal to all cash buyers. That is a win win. There is no shortage of buyers, for the FL market especially and the boomer generational wealth transfer has started and will continue for the next 15 years strong. My home has been through 2 major hurricanes and I'm exactly 11 miles from the ocean and we have never flooded or had any damage. FL homes are built differently to withstand hurricanes.

[@32NinerBravo]

One thing I’ve learned since moving to Florida is I’m not staying. I’m renting and just biding my time. No way I would buy here. Lower wages, ridiculous insurance costs , and taxes. These home prices and rent better start coming down or this whole country is screwed.

[@joemancurreri6635]

Face it.. you are to poor to live here.. that's OK.. don't be depressed.. move and be happy. Nothing is coming down.. Hey.. want a cheap Florida location try Miami gardens...

[@christophergaudreau9265]

I don't see how the Florida market will EVER recover. Even if prices / rates % come down . NOBODY is going to be able to AFFORD the Insurance /Taxes. . . Florida is DONE Forever !

[@simonerankine3617]

@@christophergaudreau9265 the house price was too high in the first beginning, especially house that Bill, was in the 80s and 90s some of them did not remodel and they want this outrageous price

[@joemancurreri6635]

Recover from what? The market here is rated AAA by Forbes.. homes are on the market an average of 23 days ! Recover from what.. you are reading to much of these fake video's .. We are doing great.. there are no problems... only in the liberal media.. To much CNN Christopher.

[@kevinschlosberg7124]

Do you expect your viewer audience to feel sorry for people in Florida who can’t sell their house? We don’t.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!...

[@atrader888]

Too many of the price reductions are a result of agents taking listings at the sellers price just to get the listing knowing it is over priced and will not sell until the price is reduced. What else is new?

[@allreadynotinuse4169]

Even with those cuts homes still over inflated. Still going to fall back on my moms home built 62 k 1971 mom Bought 1996 76k ,Mom passed 2020 sold home 96k .Today listed form 496k. Takes two seconds to hit up the tax office and see a full history of any property. There were no up grades no changes to warrant that kind of rise. Homes will have to drop to at least 2020 prices for me or anyone who is not rich to buy.

[@jeffersonjohns6397]

All the county tax bills were recently mailed-out to property owners. I’m sure it contributes to the frustration….

[@ianstallings]

I'm about to buy a house in the next few months. I ain't exactly tearing up at this news.

[@bobnankervis9722]

There is one reason, and one reason only, that real estate ( or any other asset) does not sell. "The price is too high". It's always been that way and it always will

[@KD-yk9wv]

Exactly! Doesn't matter how much you paid or how much you put into fixing it up or how much your realtor assures you the price isn't why its been sitting on the market for 9 months with no interest. A home is only worth what someone is willing to pay for it. Not a penny more.

[@bobnankervis9722]

Yep, the buyer determines the value and thus the price. Not the seller. Also with anything that you plan to sell in the future "You make your money when you buy"

[@Gamesso1slOo0l]

as insurance and taxes go up, that means prices have to go down. The US hasnt created one net fulltime job in over two years

[@milliehumphries3916]

First time buyers out of the market, home owners unable to keep their properties, high cost of living and equity fading away, investors waiting to attack.

[@BradMitchellBrokerAssociate]

That house in Port Charlotte sold at the height of the market for a 123.5% increase in value from the last sale in 2015 that equates to 20.5 increase in equity every single year for six years straight. The second property is in Tampa and is under foreclosure with a 20k HELOC, it sold in 2019 for $330k indicating a 59% increase in the listing price and just judging by the comps sold, it's still worth at least $500k. There is so much equity in the market right now if the market collapsed 20% overnight as a whole, we're on average still up 30% collectively. Every market is affected differently but it's irresponsible to suggest a bubble or crash as a whole.

[@taffyalusa4642]

Living here is so expensive, just got car insurance bill up $1000, no claims!

[@robertmanley2687]

Retired to rural Georgia Car insurance is where it was 20 years ago in Florida

[@craig162]

Expensive compared to where ? I live in Saint Augustine and moved to FL from Connecticut in 2008. The only thing I find more expensive is my water bill and my home insurance is just a little more. I save thousands in taxes alone. I paid $900 every five weeks in heating oil back in 2007. I love Florida and would never move back north.

[@taffyalusa4642]

@@craig162 natives would disagree.

[@shawnbrockman9729]

@@taffyalusa4642 Wrong.

[@denisebycapricorn]

Yall cant drive.

[@Baileywabbit]

Being a Florida resident, home/condo prices NEED to drop. Within the last 2 years, most homes have increased substantially in value (supply and demand). So a wood-framed, gable roof home with no impact windows or doors and built in 1978 suddenly increased in value when the home itself wasn't improved at all. Most are super expensive to insure. The prices of homes in Florida is ridiculous, not to mention the current interest rate.

[@joemancurreri6635]

the market dictates prices.. NOT Bailey.. The reason prices are high is because folks want to live here. they will not be dropping. Forbes rated Florida's real estate market as extremely healthy with no signs of any decline.. INFACT - they will rise by 8% in 2025.. This video is all bull.. the guy is a lib that hates Florida .. look him up.

[@YoPhocFays]

Florida did have one of the highest price surges post pandemic. It's not surprising they'd have a correction. Doesn't signal a crash.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!

[@rayzimmerman2242]

Thank-you for bringing honesty and clarity into real estate!

[@PatamaGomutbutra]

The problem is 'artificial' shortage. Houses are not shortage in real number but it have been speculated manipulation by investors.

[@alphacentauri2921]

I find it difficult for to feel bad for realtors and sellers that want to keep these prices so high. They know these houses are not worth what is being demanded, and we can see what they originally sold for. Nobody is willing to buy a 1600 square foot house that was built in the 70’s for +300k, etc. It is utterly ridiculous.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!...

[@ReneChang-f9i]

🤯 mind blown

[@emiliac8480]

Homes in CA built in the 70s with only 1100 sq ft are asking $800k on top of the crazy living costs and no signs of a correction...

[@4evahodlingdoge226]

I live in Jamaica, a third world country and prices are the same in florida, be lucky those old homes are only $300k.

[@denisebycapricorn]

The influx powers the market.

[@faithsrvtrip8768]

Sellers are delusional. I'm in Arkansas / NE Texas and there is a basic shed house, carport, on 5 acres and they were asking $400k! I laughed. They dropped the price $4k a few days ago. I laughed again. Place I like in New Hampshire, more than 1/2 mile from electric, with a camp shed, they were asking $200k and they dropped to $175k. Yeah, that's not how it works. No water, no power, shared property line with seller. I can wait. Patience is a virtue for a reason. Place in Arkansas is worth $150k. Place in New Hampshire I would pay, cash, $80k. Going to easily cost $100k to develop that NH property. It's not about the payment for me it's all about price. I guess that's the difference between having a mortgage and paying cash.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!

[@hexfreedom3614]

You are a tough buyer.

[@theboringchannel2027]

You are going to be waiting forever for the prices you want to pay.

[@sarahann530]

Where are you living while you wait ?

[@bradg1660]

Thanks for the honesty. Most realtors will not tell you the truth

[@nickmattio3397]

Come down to Naples/ Ft. Myers inventory has exploded to almost 6k active listings currently just in Naples and almost 2k of those listings at $995k+. WAYYYY too many high end spec homes especially at $5mil+ all unspoken for; seller’s prices are just way too high across the board especially with listings that have been on market 6-12+ months

[@jimgraham9450]

Compare what they are asking for a property now to what the house either sold for or was worth in 2020. The prices went crazy because of the extremely low mortgage rates. Extremely low Prime Rate creates a short time gain, followed by a long time pain. That one item caused massive inflation. The nation has not recovered. The property should be worth more than what it was in 2020 but not 20 to 100 percent more.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!

[@marcusdisalvio1804]

The sad thing about the Florida housing market is that it literally became its own worst nightmare, a lot of people that I do business with as a pool technician most of them are leaving Florida because they've realized that the insurance companies over here are not going to help you out when you're home gets flooded or destroyed with the ever-increasing hurricanes plus I think the influx of people coming from the north with remote jobs has artificially pumped the market so bad that now we're in a drug addict recovery phase to where people have to come to the terms that you're not going to get million dollars over asking price for homes anymore the high has worn off and it's going to crash down to covid pandemic levels 2017 - 2018. I wanted to get a home over in Sarasota but when I factor in the closeness to the bay and the beaches and with the property taxes also taking an account of the utilities going up it was never going to happen so renting right now is in my playbook until bext year or 2008 economic collapse all over again. The condo market did look very inviting and I wanted to get into that but after the massive towers that fell down it just made everything more hectic since every condo building that was built many decades ago needs massive HOA dues and structural with insurance rates to climb up to fix em which is another nail in the coffin.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!..

[@BradMitchellBrokerAssociate]

unfortunately or fortunately, depending on how you look at it, there will be no crashing. Too much capital keeping the market afloat from other states with far more equity than FL has historically been known for. It was a market correction. The new norm.

[@evangelistaivanbaez4571]

Thanks GOD, I bought the house 170 brand new with 4 bedrooms two car garage, without HOA and a 3.5% of interest. My house according with bubble is 320k even if the house drop 50% I still in good shape.

[@professorprofessorson8795]

It’s gona get bad

[@victorsong8416]

...And that is GOOD.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!

[@Ashgutierr]

Prices are dropping but they are still wayyy too overpriced. People aren't going to pay 800k for a house they know is worth 3-400k. Doesn't matter if seller dropped the price by 100k.

[@derek9285]

Prices are high because people are coming down and paying it. Every place I want has 50 saves on Zillow the first day… too much competition

[@GordonFreeman307]

Us population is constantly growing. Competition in one of the most beautiful states in the us will only get worse. No one is taking losses in a market like florida

[@Trihardest]

People save because they aren't willing to pay the current price.

[@Jmhfl7]

So prices for homes need to be lowered by owners. How about the government lowering the tax prices too? They're ridiculously high

[@SachsRealty]

That too

[@ruderabbit797]

With agents being so hungry for a fast transaction, it's also hard to find a trusted one that "will" strive for do diligence for the buyer. Sry, trust issues.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!...

[@awood9991]

I am an agent who is a retired detective . I dont need a commission to survive and never have. I only focus on my client's needs.

[@melissak8892]

I've never had a real estate agent who gave a damn about me.

[@russellderonda1489]

The "value" on our home has went up nearly 250% in the 8 years since we bought it. We have made some improvements that aren't represented in the estimate the internet shows ( they don't know them ). Taxes are low, but the insurance scares me every year when it's time to renew. But what are you to do? Sell, then move and pay the 225% interest rate increase over our current mortage somehere else? It's all a no win situation, especially when your old and just wanted to enjoy retirement.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!...

[@1969bones69]

The value hasn't really gone up...the "value" of your dollar has gone down = requiring more of them to purchase anything.

[@russellderonda1489]

@1969bones69 inflation since 2016 is around 30%,, the house has increased at least 225% at the same time. Like I said with the current interest near 7% and the increase in insurance cost, I don't know how "normal" single income people can afford it With $2000+ mortgages, crazy car loan payments, the cost of food, etc, I feel sorry for young people. That being said. In 1982 I bought a house at over 10% interest. Same thing as now, then it was after Jimmy Carter, and now, with Biden, see any correlation?

[@mikesolns1364]

@@russellderonda1489 No real correlation. When you paid 10% interest houses cost 80k. That same house now costs 600k

[@russellderonda1489]

@mikesolns1364 Yes, the house prices gave gone up, but you still have an asset. With interest, you pay more but have nothing to show for it. It's just money paid out to the mortgage holder. When the government spends then prints/borrows trillions of dollars, it increases inflation. Inflation increases, and then the Fed raises interest rates to lower it, and the next thing you know, you're in a vicious cycle of financial instability like we are now in. Anybody who thought the spending of a Trillion dollars would be a "Inflation Reduction Act" does not understand basic economics.

[@SBTiki]

If you don't have a mortgage - self insure. You are not required to have homeowners insurance unless you have a loan on the property. Many don't realize this. Get a policy that covers fire only.

[@manbtm1]

Yes, but you better have the money to fix the house. If something horrendous happens to it, that’s very expensive so that’s a fine avenue to take provided you’ve got deep pockets and healthy bank account. Otherwise you’re in big trouble if your house gets damaged and you have $10,000 in the bank and that’s it.

[@taffyalusa4642]

It is not just interest rates. there are cash buyers who don't want to get reassessed when paying a high price. Property taxes are based on purchase price.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!..

[@jimmyvee8024]

on the second house u showed the price WAS UP 98% from last sale so 22% down is still more than 50% higher over whenever they current owner bought.

[@PaulbylPaulbyl]

Cleveland, Ohio is seeing those same price reductions, some homes reduced in price 3 or 4 times this year.

[@cynthiataylor2092]

People are selling their homes because they need their cash.

[@SachsRealty]

Many are exiting Florida.

[@7sonero7]

@@cynthiataylor2092 People are selling cause they passed away or divorced.

[@KD-yk9wv]

🤗

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!

[@Press1for]

Left 2 years ago, never looked back bye bye swfl

[@dadmiraldankbar3720]

Show the reduced price versus the pre Covid baseline. They’re still way above base and I wouldn’t buy

[@BlueSkies360]

Whatever you paid for mortgage you will now pay for insurance. You could get a loan to buy a house, but there are no loans for insurance. That keeps non-cash buyers out of the market. Houses will be priced accordingly.

[@SachsRealty]

You’re 100% on point. No insurance = no mortgage.

[@aprilgentile5438]

The market still have a long way to go down after a 200% plus pricing increase over the last four years in Florida.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!..

[@KenHinnenkamp]

Policies won't trump the layoff intensity. People can't buy homes when they can't find a job. Doesn't matter what policy comes down the road.

[@RNC-7-15]

Unfortunately the houses are over priced to start and over valued so reductions don’t work. Like the stores marking up their product 100% then giving 50% off and tell you are saving money. Smoke and mirrors and the economy is bad so double whammy

[@daninthedirt9449]

We still haven't found anything yet nothing rural in our price range will pass an RD inspection I am now seeing these realtors trying to get you to sign an area agreement insane & no way I'll sign one of those

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!..

[@tidakbaguse]

@@daninthedirt9449 exactly I think the new Realtor fee rules might also be slowing down the market … realtors don’t want to let go of their big fees

[@nitemoves3157]

Excellent, short, analytical. Just the facts. Thank you 🙏

[@pattibarnard1270]

They need to come down to the reality of what the house is worth. I DO NOT FEEL BAD FOR ONE PERSON WHO PAID OVER 450.000 FOR A HOUSE THAT WAS WORTH 250.000.😊

[@betterthinking4573]

Spent 90k over the price the house was just 3 years prior. Almost double what it was worth. Now we will be lucky to break even.

[@Ms.Merotica]

Something happening in my area of North Carolina, major investors are moving away from single family residence builds in favor of large apartment complexes and structures. IMO, it will help the rental market for many in need and will keep current single-family home prices up.

[@grilledxcheeze]

As long as they aren't only building $2k/mo luxury apartments which what I see going up all around me here in FL.

[@Ms.Merotica]

@@grilledxcheeze $1100 for a one bedroom with amenities like gym, community room, pool, and some with pet wash area,

[@GordonFreeman307]

Yea probably not a good look if that single family home subdivision you just built starts dropping its prices like the KZbinr claims. All the people screaming crash and holding out can enjoy the new apartment complexes.

[@Ms.Merotica]

@@GordonFreeman307 Some single-family residences here are built in subdivisions with HOA. No thanks. Old neighborhoods are subdividing lots due to new laws as a result of migration from NY and Florida.

[@dc9291]

I am not seeing price depreciation, I am seeing more and more people bing pushed out to the streets, there are people that can and will pay the price. Some are waiting for prices to come down, some are being pushed out - others are scooping up homes.

[@akumaar]

In Jacksonville FL, ready for 20%dp to buy. But not buying yet, If I buy now a simple starter home 4b2b sfh it will cost me almost $3k for just the Mortgage payment. I am renting townhouse at $1600, I earn at least $1k/month in dividends on my savings. If I dump it on these inflated Homes I am going to lose a lot. These prices are ridiculous, I Don't want to be house poor. I don't understand how people have convinced themselves and buy these houses, for a family making $100k it takes roughly 40-50% to afford these houses. I don't know gow they are planning their future with just 10-15% of income.

[@terrellduckworth9160]

@akumaar i totally agree. I have seen people put houses on the market here in Jacksonville and a month later they are down $20k up to $60k. We are weighing our odds at this point. They are over price for this economy. We don't want to do another year long lease but these prices are just crazy. I saw a house 2bd 2bath 1300sq for $600k just because it's in Ponte vedra area. I'm not sure how much is the home owner vs the agent

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!..

[@TheGodofSEO]

Can confirm that Miami-Fort Lauderdale sellers haven’t gotten the memo. 1100 square foot 1930s homes selling for $1.1-1.5 million (see Miami Shores, El Portal, Hollywood, Dania Beach, etc etc). Insane

[@thecreditcousin9406]

Facts, in Jacksonville, my real estate taxes was $760 a year, now , just last week, I was informed the real state taxes is up 4x, to $3088 dollars. What would you do?

[@marannabreton3905]

Florida has no state income tax though like the rest of us

[@lindacurtis3513]

After I woke up from passing out ???

[@altheacbarnes2522]

hmm are you in Duval? -

[@thecreditcousin9406]

@@altheacbarnes2522 North side, off Lem turner and Clyde

[@Goodkidjr43]

Dispute it. Go to the Tax collector's office and appeal. Appeals are common practice in all states. God bless

[@coled5090]

Unfortunately prices in my part aren’t really coming down. They went up 200+ percent in two years when interest rates were 3-4%. Now rates are 7.5% and the good houses still sell or barely come down $20k if at all. And there aren’t many food properties on the market in the first place. All way overpriced construction with no rate buy downs or incentives at all, or run down houses from the 50s-70s that are overpriced and barely coming down.

[@joemancurreri6635]

this guys video is a scam.. I don't see any issues here in NE Florida. Prices are higher than a year ago, and the average home is sold within 23 days.. These guys are there to make the Florida Haters happy.. While we enjoy Paradise.

[@coled5090]

@ well you have reventures saying for years now that there’s goin to be a crash, but it never happened. I mean I can’t afford a house anyway, mainly because of the insurance costs, but I wouldn’t say the market is crashing, as much as I’d like to see these crazy house prices come down. I have the down payment, no debt, etc, I just can’t afford the monthly payments while still saving for retirement, etc.

[@mooncloud6563]

Florida builds their houses on the ground. Any good rain storm is going to flood the house

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!

[@marycollins8215]

Thank you for the topics you cover.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!

[@5785B]

Not sure what areas are seeing real price drops, here in NE Florida market has not seen a down turns, homes are selling at full price within a reasonable time frame. We are looking for a winter home in SE Florida, and we see tons of listings but very small price drops. $20000 drop on a $2 million house is meaningless, most homeowners in SE FL have no mortgage and are doing just fine, no need for significant price drop.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!..

[@GordonFreeman307]

The only people who are selling are beachfront owners who are scared after the hurricane. This KZbinr is just making what every bear KZbinr on here is “crash” when in reality nothing has dropped more than %10-%15 in SOME areas

[@xtw4586]

Can you do an episode on the Texas housing market? Austin & Travis County, in particular.

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!....

[@rogerbec5766]

I see a 50% price drop on home prices in Florida but I don't see a drop in property taxes or homeowner's insurance so good luck.

[@IggyFresh]

@@rogerbec5766 why would you expect a property tax decrease in a state that’s ranked 24th for lowest property taxes. Taxes are not high living here. All the other points are fair, but taxes? Look up many other states or national averages.

[@rogerbec5766]

@@IggyFresh What would prop taxes be for a $300K 10 yr old brick 2200 sf home, 3 bdrm, 2 bath, 2 car garage? Relatively speaking if you have any idea.

[@CaneBTC]

To be honest, those are not actual houses, they are built to last 25 years. Total crap.

[@FrankH-x7y]

Do not buy in Florida. I had a winter home there for 20 years and i spent alot of time and money repairing storm damage. My insurance kept going up crazy, dont do it.

[@Michael-bu7ni]

Prices go down, insightful content guy

[@bbustin1747]

12k a year for insurance. After a decade? Whew

[@jc1979af]

Real estate agents, insurance companies and the tax saw people moving to FL willing to overpay for stuff. Then everyone acts surprised when the price of everything goes up

[@craig162]

Nothing but doom and gloom. I love how most complainers talk about the Miami/Naples area or Fort Myers. Florida is a huge state.

[@danalmont8340]

They’re just talking about the areas where people want to live.

[@ponygirl1624]

New construction on a daily basis in Palm Beach county on Ag land swaps. These homes are starting at 800K to 1 Million. They are west of State Road 7 abutting the everglades. They are destroying the water table. Open House signs everywhere. SMH

[@Pumalynx]

I'm glad you made this video it reminds me of my transformation from a nobody to good home, $34k monthly and a good daughter full of love

[@Scott32185]

My advice to everyone is that saving is great but investment is the key to be successful imagine investing $15,000 and received $472,700.

[@DarbyCullen]

Thanks to Mrs. Elizabeth Regina Nelsen's time in my life, which had a profound impact on me.

[@RufusWesley55]

Waking up every 14th of each month to 210,000 dollars it's a blessing to I and my family... Big gratitude to Elizabeth Regina Nelson

[@FredRed-n6o]

No doubt Elizabeth Regina Nelson Trading services is very good, I invested $5,000 and cashed out $14,700 after 3 weeks. I still wonder how they get their analysis

[@Harryfox-i9k]

Thanks to Mrs. Elizabeth Regina Nelsen's time in my life, which had a profound impact on me.

[@thpe8718]

It’s not even close to normal

[@Resultsnottalk]

And the price drops of 10% are a joke. We need 40%

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!...

[@GordonFreeman307]

Who needs? You? The people who own those homes don’t need to do anything and will sell them for what they want buddy

[@deepsea631]

This is OK. I've thought that housing prices were way overpriced for the past 20 years. Hopefully my daughters will be able to afford houses in the Tampa Bay area as new college graduates.

[@joshkeitz2990]

Still too high, for anyone to afford these houses they'll need to keep dropping for the next 18 months

[@pier21realty]

HI THIS IS PHILIP FROM THE VIDEO. THANKS FOR YOUR COMMENT!...

[@ReneChang-f9i]

They probably will too