Homeowners Losing HUNDREDS OF BILLIONS of Dollars in EQUITY

[@Corkfish1]

$785 for that dump. 😂 I'd rent for the rest of my life before I'd pay anything close to that.

[@Corkfish1]

@jbanana3896 Nope. Because people almost never rent the same place they'd buy. Much cheaper to rent something more modest. This house isn't going to appreciate from here because trees don't grow to the sky.

[@Dividendsmattertoo]

@jbanana3896rather stay in my parents basement and invest in stock market 50% of income

[@jvz28az]

Land is a tangible asset that does not depreciate. The value generally tends to go up. The home on top of it is not where the value is. The value of the home should be commensurate to the land. That’s why you’ll see people buy two parcels of land and put one larger house on them. It happens around beachfront properties a lot. Land doesn’t depreciate and there’s only so much of it. But the fundamentals of this economy have gotten out of control and are a continuation from the Great Recession.

[@shauna996]

@@jvz28azLand definitely can depreciate. Jobs disappear, gangs move in, flooding problems…

[@Fatireviews]

I'm with you here

[@tbugher62]

$785,000 for a 1400 sq ft dump,lol that is a $200,000 home at most,that home was built over 60 years ago doesn't even have a garage.

[@debbiec6216]

My home is 1400 sq ft and we have 4 bedrooms, 3 bathrooms, 2 car garage, backyard, and basement (finished ) for only $170,000 and if we went to selling it today market, it will go for $370K , and it's fully paid off . The new homes in this subdivision , there's nothing fancy about them , 4 bedrooms, 2 bathrooms, 3 car garage , between $430K - $500K . Property taxes are over $6K . Everything went up housing, property taxes. Everyone wants to move here, for real.

[@judiruthmeredith6427]

I completely agree.

[@kirby145x]

It's a bit overpriced, but its mostly land value. After bulldozing the house it would probably be 500k of land.

[@Margatroid]

@@kirby145x But the land isn't really worth that much. It's Scottsdale.

[@tbugher62]

@@kirby145x Nobody is going to pay $500,000 for that tiny piece of land in an old housing area.

[@tomswierszczyk1162]

$800K for 1400 sq ft, 50-60 year old house in the desert moves me from perplexed to frightening bewilderment...does anything make sense anymore ?

[@CarlWithACamera]

Your reaction makes sense. It was a great deal to move to the desert southwest 30+ years ago when homes were cheap and there wasn't a major water crises about to shut down the whole region. Who on earth would pay today's prices to take on the risk associated with owning in that region now? And yet, homes still are being purchased by someone.

[@courtneymc33]

Investors are the only ones who are and can buy them. Investors selling to investors, making a paint change or plant a tree and sell to another. Last I looked over 2000 Air bnb homes like that in Scottsdale. This one’s actually on cheap side they are list closer to 900,00 to 1.2 mil. Makes no sense!!! The banks will lose tons.

[@LifeeWithLexx]

There are 2 bedroom homes in Chandler being listed for 300k+ It’s absolutely absurd.

[@DIVISIONINCISION]

@@LifeeWithLexx The whole Phoenix Metro, Mesa/Tempe/Chandler/Scottsdale/Gilbert and even the San Tan; it's all overpriced! My sister's ex and his wife just purchased a small box with no yard in the San Tan Valley for $450K. I have no clue why they thought this was the time for that. They may be underwater by next year.

[@LifeeWithLexx]

@@DIVISIONINCISION Arizona as a whole has become completely unaffordable. Not only is the housing market outrageous, but the rental market is just as bad! $1200 and up for a STUDIO apartment with NO UTILITIES included is criminal‼️

[@soniabayer578]

Greed and stupidity in real estate everywhere!! Insane!

[@BONZITORONTO]

USA and the entire G7 nations are accelerating in self destruction mode by destroying their entire middle class.😢

[@Wilhelm4131]

Literally every business

[@LifeeWithLexx]

Welcome to sunny Arizona! Top 10 most unaffordable place to live in America! The price of absolutely everything quadrupled overnight, yet our wages remain stagnant. If you are considering moving here, don’t. It’s scorching hot, overcrowded, dusty, and a dozen eggs will cost you $5. -Signed, A Broke Teacher

[@AmericanConstellation]

That little house for 785 grand better be so close to the ocean that when I walk out the back door and trip, I fall in! That house is a shack.

[@yankeedoodle6293]

I sold a property at the end of 2022 for $750,000. Just saw it listed for $699,000 😱

[@SC-or2ek]

A year from now will be below 450k

[@ericscottstevens]

Eventually someone plays around too much for flipping homes in perilous times stays too long in it and takes the loss.

[@llew-AZ]

First place I bought in Anthem AZ paid 129K in 2011. Original owner in Colorado paid 266K new in 2006. Guy behind us paid 74K in 2009 for same unit.

[@gomathhomework7383]

@@SC-or2ekI hope so, but how can you be so sure?

[@courtneymc33]

I’ve been in Scottsdale my whole life, right down the street from where I grew up. It was always such an amazing family community. Investors have really destroyed the area. It breaks my heart to see. The value of homes have nearly Tripled their 2007 peaks. I hope the investors lose all the profit they gained by ruining an amazing town. Our school are shutting down, because families can’t afford to live there. Air bnb have left behind so much trash and created so much violence. I have never see or experienced the amount of gun violence as I’ve seen since 2019. AZ has median HOUSEHOLD income of about $60,000 crappiest of homes went from about 100,000 to 380,000, that’s for homes that need tons of work. 380,000 used to be upper class in AZ, even parts of Scottsdale.

[@xyz987123abc]

Yep, professional investors got out a while ago. Banks will show no mercy to investors, as they should. You made a business deal and lost - foreclosure or bankruptcy and foreclosure. How attitudes of the once mighty will change..

[@michaeltorrey3603]

I live close by also. In my neighborhood it’s like every fourth house is a short term rental. Or simply empty. It’s a crime what investors have done to south Scottsdale which used to be affordable. At least we have lower property taxes.

[@CHMichael]

I'm in sw Florida and used to live on a vacation island just off the coast. They restricted most of the island to monthly rentals 40+ years ago. Its all in the hands of the community but too many want to make a quick buck.

[@michaelkeeton2979]

Home values up 3.8 X wages up what ? The math don't work, this is the meaning of insanity! It just doesn't work they will see that is what the violence is about. People are protesting this is why America is falling apart !!! Wake up America the gap is pissing the working class off . Why work to to be homeless or just having a place to starve to death. Please help make a change, stop the insanity!!! Thanks Michael Bordenaro!!!

[@ericle7299]

Blame it on Jerome Powell and his predecessors who were in charge of the Federal Reserve since Obama for keeping interest rate too low for too long.

[@noreenn6976]

I love Scottsdale! Just a regular looking home 1300 sq ft for $800K, wow!

[@melonfan74]

$785,000! For that price there needs to be at least a 2 car garage & privacy fenced in back yard.

[@janetairlines1351]

No way. get the house for $200k and build the garage and fence and still be under $300k. $785k there better be another house in the backyard with a 2 car garage.

[@kathrynj.hernandez8425]

The cajones it took to list that little place for nearly $800k

[@debbiec6216]

That's the first thing, I thought, 2 car garage.

[@debbiec6216]

@@janetairlines1351 throw in a swimming pool !!!

[@Csharpflat5]

The whole market is a joke

[@basha0810]

Scottsdale. Argh. Overpriced. Sad what's happening to that area. I've got a friend in Phoenix. She can barely afford to live there anymore.

[@knoxfamily150]

We own an online flooring company and because real estate is drying up so is residential construction. It has been painful. We are barely holding on.

[@kariatkinson4121]

🙏🙏

[@JuancoPRoFlow]

Cap

[@khanfauji7]

Thanks for sharing

[@bchbum3802]

🙏🙏 for your family and company..May you blessed with many good customers inspite the construction issues!!

[@fazotakeiteasy]

Hang in there !!!

[@tgcoder]

That first house you showed in Scottsdale, looks just like my first home I purchased in Tucson, AZ for $35,000 in 1978 when I was discharged from the Navy. I'm sure it has the same floor plan too.

[@bigb6046]

Yeah , with a carport for 785K

[@IndigoStarrAz]

So its gone up 20x. Have wages kept pace? Man it's rough out there.

[@fazotakeiteasy]

Thank you for your service !

[@Margatroid]

@@IndigoStarrAz The wages in Scottsdale? Hahaha!

[@idontknowyouthatsmypurse]

I just looked it up and $35,000 in 1978 is only the equivalent of 163,258 today!! This is NOT the result of inflation OR of *natural* market forces from authentic demand (the number of private buyers) versus availability. Homeowners-how many robocalls did you get for about 2 years from various companies offering to buy your home for a ridiculously generous amount regardless of its condition?!? Large scale investors now have ownership of enough homes in the valley so that prices will not *have to* lower enough to make the meaningful correction that is logically due. Considering all that elements came together to create this affordability crisis, I kinda-sorta feel like it was done *on purpose* to force people to either go tiny or move to one of those 15 minute cities (where residents reduce their cost to live by not needing a car).

[@mrbob19561]

Who ever buys there is literally crazy

[@gabrielw7773]

I've lived in Phoenix, AZ for about 5 years and have never seen a snake, and a few scorpions. 😃 Do you like the feel of when you open an oven door (Phoenix) or a sauna (Miami)? The oven is rougher on your car's paint job. The sun is definitely more intense and it never rains. Bitcoin? Go to Vegas, you'll have more fun.

[@g.i.520]

Dry heat beats humid heat ANYDAY!!!

[@garyroyal1730]

Wow, you actually came exactly to my neighborhood. Crazy, I feel honored.

[@michaellalanae7228]

The money train has left your now stuck with your purchases .the hard part will be to hang on to what you've gotten .taxes , increases in electric , insurance, HOA fees ,payments .no refinance for at least ten years .hold on it's going to get real ,real fast .

[@tbugher62]

FYI Michael a bunch of small towns surrounding Phoenix have their Wells going dry,who on earth would be dumb enough too buy a house with no water available and or only available sometimes.

[@CarlaQuattlebaum]

VERY scary.

[@melindahase5807]

TONS of people have been leaving. Taxes are too high. We see the paperwork and it's alarming

[@Falconlibrary]

New realtor strategy: List a house far above market value in the hopes some sucker will bite. Nowadays, not that many fish biting, so--- the house will show up as having a "price reduction" when the price is cut $5k-$10k every couple of months. This second stage almost always results in a FOMO sale.

[@ksmith2852]

Shocked that the owner/realtor house has grass like that in the front yard. Costs of water and electricity are high in Arizona.

[@robertwalker5521]

Any front lawns are lower than the sidewalk and driveway...and the city floods the front lawn every week or two.

[@DIVISIONINCISION]

You don't know Phoenix. Lawns and palm trees everywhere, like Southern California.

[@JBoy340a]

Lots of people by use are using fake grass or native plants and grasses. Both require just a little water.

[@Mrstriplejranch]

This neighborhood looks so depressing. No offense, if you live there. 🥴

[@judiruthmeredith6427]

It definitely does look depressing

[@craigmcpherson1455]

The recent residents overpaid for a house and the longtime residents have been seeing their taxes and insurance go up. Good reasons to be depressed.

[@amylee9]

The lack of greenery and flowers and trees make places look depressing

[@CarlaQuattlebaum]

@@amylee9 Exactly - can't live without those!

[@eazhar]

None taken 😂

[@cruisenews613]

Humidity is why Miami feels hotter

[@ksmith2852]

The phone battery disagrees😂

[@danman1287]

And the beach scene

[@AmericanConstellation]

I want my home to be worth 29 cents. I'm here for the rest of my life. I want a break on taxes and insurance but oh hell no!

[@judethree4405]

Yup. If content in a decent area, and job is stable, then market value is not so relevant.

[@AmericanConstellation]

@@judethree4405 I just retired and income is not a problem anymore.

[@jimshoe402]

@@AmericanConstellation Been off 15 years plan ahead everything GOES UP !!😁😁😁

[@christinestephenson1742]

I know how you feel! We own our retirement home outright and taxes took a jump last year. I see though where Texas legislature has passed a bill that will lower our property taxes considerably. We'll see.

[@AmericanConstellation]

@@christinestephenson1742 It's a shell game. If they lower your property taxes, they'll get your money from something else.

[@shanebrennan5985]

We are living in a world of technology where a home can and should be made for under 100k for everybody working on an average salary they won’t allow it to happen . Elon and Tesla sold $80k luxury cars just 5 years ago , now you can get one for $40k . Same principle

[@BDUBB24]

Got out of my house in Queen Creek, AZ in 2021, I doubled my money in 4 years on it, just looked on Zillow and the new owners are underwater by 50k already at least. Comps in neighborhood are closer to a 100K loss for them. Thanks California family! 😂

[@utpharmboy2006]

ironic that the agent is now the bagholder for that tiny little house in the desert....like who tf would want to live out in the desert in a nothing home in the suburbs for that price? just stupid. im glad there are people out there willing to do all the dumb things that make me look smart.

[@treesnmoguls]

When a listing says "agent owned", WATCH OUT! Better yet, fagetaboudit!

[@CarlWithACamera]

Amen!

[@ericscottstevens]

A 1960 home on a concrete slab for $785,000 what is this world coming to? I will stay where I am.

[@CarlaQuattlebaum]

And a DRIVEWAY you can grill on -- directly ON the driveway! I need to quit picking on Ari(d)zona. Ok, after that one.

[@RealLifeFinance]

Exactly a team of 3 could build it in 2 months.

[@jimshoe402]

I saw how The Villages is built as in SHIT..Kmart at Best Lots of windows troubles and no service..😁😁😁

[@JBoy340a]

Lots of older people retiring these days. They don't want anywhere with snow, cold, or damp. Dry and warm are great for older joint and muscle pains.

[@debbiec6216]

Wow! You are on the move!! One of my favorite town, Flagstaff , visited the town on 5/2023. That home is expensive. I heard today, Interest rate will go up this month 7/2023.

[@georgia777]

One real estate gem of wisdom I learned from my father was to either buy a house for cash or pay it off as quickly as possible..I mean even before you buy furniture. Yes there are those that will say it is better to get a mortgage and use the difference to invest and for rental property I follow that rule. But for the house you live in if you own it outright then even during the downturns and years of economic turmoil you have a paid for roof over your head. I also learned from Dad that your house doesn't define you. If you have to buy smaller, cheaper to pay cash then in the long run you are better off. I had a mortgage on my first house but paid it off within 4 years and since then I have paid cash for every house and yes some of my houses were very modest.

[@IndigoStarrAz]

That's how Dave Ramsey teaches people to do it. But then you have his alter-ego Del Walmsley telling you to borrow and leverage as much as possible! Personally I'm more on the Ramsey side.

[@shanelakings1890]

Smart man your father was

[@johndoe-wv3nu]

My home is paid for. My cars are paid for. I have no debt. IDC much what happens. Life is good.

[@TripDadLife]

Back when homes costed $100k yeah okay 👍🏾

[@georgia777]

@@TripDadLife I am 66 and never remembered a house I bought that was only 100,000. But I do agree that housing is unaffordable right now. The advice I give my own children is if they want to buy a house then understand it's just a house. Don't buy at the top of your budget, pay it off as fast as possible. Don't borrow against it unless for life or death emergency. We gave each of our 4 children 250,000 as a payment toward their first house. All of them heeded our advice and now all are living mortgage free.

[@doc7115]

Selling this shack for close to 800k is just pure delusional.

[@cookingwithadamkahnandlixu2718]

I can’t stand humid heat anymore. I live in Vegas and go back home (New York) to visit and am super hot. I don’t feel that hot in Vegas

[@eddenoy321]

Possible that we may see another crash like in 2008. Everything is lining up for it. It surely seems like it.

[@ksmith2852]

Nope. This is nothing like 2008

[@hillybill6092]

@@ksmith2852. You think it will be worse or not as bad?

[@Rytar]

I think auto loans crash first, then brings housing with it. Either way, they can't sustain these high prices/rents/loans, etc.

[@eddenoy321]

@@ksmith2852 Why ? Tell us, oh great one.

[@AlphaJ369]

@@ksmith2852 Correct! We were not nearly as overvalued in 08 as we are today....

[@Butte_r]

Houses are for people who need a home. These prices show that these home are being played around like kids toys that are eventually going to break. Houses are Necessities, not an asset/investment.

[@donnaw9040]

Safe travels🚘 Manhattan Beach is so beautiful or at least used to be. And don’t forget that pacific coast water is brrrr..! All those Elvis beach blanket bingo movies were deceiving! lol

[@teresaalford5978]

LOL!!!!!!!!!! Welcome to Arizona ! I literally just go from my work to the house, summer is just brutal here but our winter are BOMB!!!!!!!

[@llew-AZ]

Those houses in that neighborhood in 2011 when I moved there would have been 70 to 105K max.

[@DunWorkin4Ever]

Hey Mike, take care of yourself, the heat out here is 10% humidity, Miami is probably 80%humidity, and beastly. This means your sweat is evaporating, so you don't feel it as much. Drink lots of water because it is deceptive you are sweating a lot, you just don't feel it.

[@JBoy340a]

Yep. You just sort of shutdown and need to wait in the shade to cool off. Just like Michael's phone did.

[@reneehampton7665]

Arizona is way over priced in housing. They charge a lot for small square footage. I lived their for a few months last winter to get away from the cold winter in Wisconsin. I paid $2,100 a month for rent in a 1 bedroom, 1 bath minimumlly furnished apartment in Tempe. You also have to pay taxes on rentals there. Yes it is hot there.

[@bigmike9433]

Yes it's cold in Wisconsin?

[@DIVISIONINCISION]

Tempe is always overpriced due to proximity to ASU. You chose the wrong suburb to live. Mesa/Gilbert would have been a better value.

[@SHA-3qua]

@@DIVISIONINCISIONbut to an outsider Tempe gives them a better chance of being able to walk to something without running into a convincing meth retailer

[@y_yy_2844]

Welcome to AZ. The drier heat lets more of your sweat evaporate so it's not on your skin and the heat can dissipate a bit better. Heat exhaustion can sneak up on you, though, so please get indoors and have some water. We are entering our monsoon season now so the humidity goes up a bit along with cloud cover and some rain. This is moisture brought up from the Gulf of California. We actually get the bulk of our annual precipitation in summer. The Sonoran Desert (where Phoenix and Tucson are) is actually the wettest desert in the world, averaging 7-8 inches of rain annually. The heat builds up through the day and peaks at about 5-6 pm so you can avoid the worst of it in the mornings.

[@DIVISIONINCISION]

Not really. Lived in Mesa for years. Some days I would wake up and it's already 90 degrees at 4 am. The asphalt soaks up the heat from the day before and doesn't dissipate long enough to cool off. Texas gets almost as hot, but it cools off at night here.

[@94champs]

I honestly don't know at this point how there has NOT been a major crash. Starting to wonder if "they" will allow a crash to even happen. All by design, people.

[@CommanderRiker0]

I wouldn't even pay 300K for that first house.

[@CommanderRiker0]

@jbanana3896 yea, maybe so

[@Fatireviews]

I would not, too. That is some ugly house. These landlords have been taking advantage of the dumb buyers for the past 3 years, lol

[@mikedennington8856]

Hardly any trees or grass in that area, looks awful.

[@lenoreyoung9215]

I am disappointed you came through Scottdale and showed one of older neighborhoods that’s not the most desirable. 😢

[@GeoffreyHiggs]

"they are going to owe more, than they are actually worth".... the same could be said for student loan borrowers.

[@MattSchuster2565]

Back in 2010/2011 my future plans happened to be moving to Scottsdale, AZ to start a life in a completely different type of place than where I grew up. That all fell apart, one thing led to another, 10 years and a bunch of life events went by and BAM, I'm in Oklahoma pretty much achieving my original goal. It's not Arizona, but it's close enough lol

[@christinestephenson1742]

Oklahoma is much better than Arizona! God knows what He's doing!

[@SHA-3qua]

You’re better off, the water problems here are nuts and property here will be worthless way faster than property in OK

[@Rotund_Panda_Pants]

In August, 2015 I paid $167,500 for a 900 square foot 3 bedroom 1 bathroom house on quarter acre in a great town outside of Portland, Maine. I had it appraised in April of this year (2023) and it came back at roughly $400,000. I can’t fathom paying $400,000 for our home. Up here there is high demand and little inventory - rents are even more ridiculous. Two bedroom apartments are renting for close to $2500 in Portland. I don’t consider myself having a lot of equity. I believe my home is over valued and I am not gonna bite on anything. Staying put.

[@msjohns128]

I’m glad you are completely honest as my friends who bought homes prior to 2019 who state they would not spend the current mortgage monthly payments on their homes in Charlotte, NC

[@MAfanwoods37]

I'm very well versed in your area as well as kennebunk and wells. That is all going to crash. Portland is 40% overvalued

[@drbassface]

The increased appraisal helps out the City with higher property taxes. That’s one reason the politicians don’t do anything. That, and the fact that they have their hands in the pie.

[@barnabusdoyle4930]

To be honest, in your situation, I would look at possibly selling the house for $400k (if you can) and rent something for a year or 2 to buy back in when the market readjusts. Risk is of course if we don’t get more home inventory prices will likely stay high. Mortgage rates are high now, but I could see the Fed lowering rates as we go into the spring of next year leading into the elections.

[@AliMohamed-tr1ii]

I live in Washington state. Even with $74k in price reductions, our home values are still on average one of the Largest in the country. Our prices are so inflated because we have Amazon as one of the leading employers in the state. Amazon brought a lot of out of town talent to the Seattle area. They pay their corporate associates too much money.

[@RealLifeFinance]

I'm up here with you.

[@mwebb3014]

To keep top talent that are helping your business, you have to pay them well or they’ll get lured away. Businesses never over pay just because they can.

[@AliMohamed-tr1ii]

@@mwebb3014 I’m not opposed to them getting paid well. But with the influx of 55,000 workers caused major price inflation for locals. I wish they would move out of town.

[@jeffgilligan2004]

Amazon is losng money. Maybe they need o reduce salaries.....

[@AliMohamed-tr1ii]

@@jeffgilligan2004 I think they should relocate to a cheaper state like Texas or Florida.

[@chrismiller1818]

Ressession always come when home's become too expensive and when middle class can't afford home's this will always happen it's happened before and it takes recessions to even the playing field and most should have seen this coming a long time ago and greed eventually comes back to bite the greedy every time I've seen this before and some never learn until it cost them

[@unavocatepice]

The dryer climate makes the heat more bearable. We used to visit Mobile, AL every Summer because Mom was a teacher. It was so hot - you just "wilted" the moment you stepped outside... 🔥

[@ddawson8069]

Not seeing more of that neighborhood is just fine. It's an unremarkable area that is overpriced by at least 100% so no worries Man!

[@eazhar]

I’ve been renting in this neighborhood for about 8 years. Believe me when I say it is truly unremarkable.

[@SHA-3qua]

@@eazharust because you don’t consider Applebees or circle k to be remarkable doesn’t mean you can just diss a whole neighborhood

[@SHA-3qua]

@@eazharevery neighborhood doesn’t just have a Taco Bell that takes prestige

[@eazhar]

@@SHA-3qua we did just get a del taco on scottsdale road that was pretty sweet

[@SHA-3qua]

@@eazhar that del taco is a late night legend

[@toomanymodz]

My home in Florida is down 22% compared to a year ago and in my opinion it is still valued too high.

[@msjohns128]

Thanks for your honesty

[@charliesargent6225]

I just went to see what my home in an Orlando suburb was worth expecting it to go down instead it's up $50-75K in just a month and every online real estate marketing company is telling me the same not just Zillow, Go figure.

[@hvaball150]

My house on Florida is record high on Zillow today.... And in my opinion way under value still.

[@JBoy340a]

@@hvaball150 Zillow always has high estimates.

[@hvaball150]

@@JBoy340a absolutely not. I see many underpriced compared to actual sale.

[@joliver79]

people still charging way to much for houses and doing nothing to them and expecting big $. a house on my street was bought back in 2017 for $ 320k the owners did nothing to it no upgrades and listed it for 470k, after multiple price drops it was down to 430K and sold for 405K which i think is still overpriced. 4 bedroom 3 baths 2100 sq ft here in pgh pa

[@martinellis7156]

Everything is relative. Here in Toronto, Canada that property would be $1 million US. Mind you, half the world wants to live here because we are still a relatively civilized nation..

[@AlphaJ369]

That first house, without a garage LOL, will be in the 3's in a few years and will be a good investment being Scottsdale.

[@ebo9963]

Nothing like that dry heat, i love it. I hate walking around wet all day, feels icky.

[@user-os3qm3nb2k]

Difference between dry heat and humid heat...real estate market seems same most everywhere tho.

[@jeffbasile9321]

You're getting closer to that 100k subscribers Michael !

[@sandrahintz2617]

I live north of Phoenix and I have been here since 1976 from California. My senior year of high school 1977 and still here and love it.

[@wayneburch3775]

Crazy price for a 1400 SQ ft box with no garage for $700k Plus. Extremely hot climate probably looking at $500 month cooling bills.. NO THANK YOU

[@Getitright23]

The entire greater Phoenix area is way to overvalued. I just sold my place last October and there’s no way I’d re-buy in this area with the way things are.

[@quackula9190]

Hey that's my neighborhood. I bought my house in 1993 for $68K, I will die in it.

[@melindahase5807]

Great coverage as these statistics are staggering

[@siouxrose7766]

I've been to Phoenix and Sedona several times and really wonder what would make anyone want to live in a desert? There are major issues with the Colorado River since its flow supplies states south of Colorado. These issues have not been resolved. So many people have moved to desert locations like Phoenix and Las Vegas; and the bottom line, Mother Nature is going to be the long term determinant of whether people have water or die of thirst.

[@Maybeemay]

This thank you! I am 26, I was born here in Arizona and I don’t get why anyone would move here when you can go somewhere much nicer. I don’t have the resources to move anywhere else but if I did maybe I would

[@courtneymc33]

The only great things about AZ minimal to non existent natural disasters and the state used to be pretty empty. So it was nice going the tourist spots like Sedona, the Rim, Slide rock and ect. Without having to compete with a bunch of other people. Now, I really don’t understand why because everywhere is so overwhelmed with people. Still don’t get why people Air BnB here beside the Open and spring training.

[@sandrahintz2617]

Way to many mountains that do not supply where your trying to compare, not the same run off from winter

[@LifeeWithLexx]

@@Maybeemay My family moved from Wisconsin to Arizona in 2012. It was HOT, but we enjoyed the peace and quiet. All of our neighbors were retired grandparents. They welcomed us to the neighborhood with lots of cards and delicious sweet treats. I’ll be 26 in September and I can’t afford to live here anymore. I’ve been looking for a second job for almost 2 weeks, so I can get out of here.

[@DIVISIONINCISION]

Left Phoenix in 2011 but still have family there. They are oblivious to the water issues and inflation. They think it's great. When I was in Sedona for a retreat for work, we had some folks from backeast and midwest who loved it. It all depends on where you are raised and for people from cold climates, the desert has a therapeutic effect. I have lived in Phoenix, so it's just a dry, hot desert to me. Texas is better. Lower cost of living, better laws and more friendly to veterans.

[@tacmason]

Palm Springs will definitely be even hotter tomorrow !

[@kathrynj.hernandez8425]

Oh, great. I live 15 minutes from PS in lovely Palm Desert where the deep state owns their get-away mansions. I chart the 120 hot summer days on a calendar every year. Only 73 to go.

[@a.m.6594]

Short Sales begin for those willing to exit w respect - foreclosures for those who don’t give a hoot about their financial footprint

[@llew-AZ]

Walk Anthem, Cave Creek areas while down there. Plus show how big that clip plant they are building is. At I17 and 303. West side of 17

[@CHMichael]

Arizona, the sun is beating down and hardly anyone has a big tree. Why would you want to live there? I keep on hearing 2 - 3 years. You buy a house you have to plan for 20 years . If a crazy run like 2y ago happens that's great but don't count on it. .... I'm surprised houses are not underground.

[@CarlaQuattlebaum]

Just imagining how dry it is there made me feel like I should go apply moisturizer after watching this video. I'm not surprised at the gravel yards there. I spent about four years in New Mexico. I had enough brown scenery to last a lifetime. Back to the east coast with trees grass & water for me!

[@hoppeanofasgard1365]

Damn these homes in AZ are way to expensive for their size, this is as bad if not worse than what we're seeing in FL

[@rocketj7449]

The housing market has topped, and right now were in a seasonal dead cat bounce. If FED keeps rates high, homes prices are forced to come down. Because otherwise, no one can afford to buy your home at 7%. Its just the reality of it, and sellers need to wake up and get with the program.

[@jacinedelarosa6302]

Is it "seasonal" or is it a "dead cat bounce"? Too many meaningless crash bro talking points in one sentence to keep up with lol. Oh, and both also incredibly wrong.

[@noel5437]

Our dry heat in the desert is much more comfortable then the humidity you get in Florida

[@sholland42]

I remember the stupid flippers who bought my house in Tampa back in 2008. I bought it for $93k, sold it six years later 235k. This everything bubble is way worse. Don’t buy until/if this madness ends.

[@jimshoe402]

I BT 2 from a Builder made lots more then he did..🤑🤑🤑

[@pattytada9117]

Love your informative videos! Hope you reach 100k soon

[@tonyc9050]

That's definitely the slums of Scottsdale LOL

[@the_derpler]

Philadelphia being down does not shock me. It is on my hot list of places to buy some day. However, the crime there is absolutely incredible at the moment. Not sure I want to bring my elderly mother there.

[@kenny4real696]

Hey Mike. Im single in Palm beach FL, and bought 4 yrs ago.. My townhouse price almost doubled. last spring pulled equity, and refinanced and went up to PSL and was out bid 5 times and just gave up.. Everything went up last yr, HOA, Insurance, Car Insurance, my rate is 3.875..Im thinking of renting to a travelling nurse for 800 $ profit and moving to Philippines and be a video nomad. LOL .. My car in paid off and have no debt!! Thanks for your videos.. Every thing you're talking about is my life, your spot on.. be well...

[@IndigoStarrAz]

Reminds me of shooting sports in Yuma back in 1980 where we used ice packs attached to cameras using bungee cords. 40 lb camera, 20 lb 3/4 inch recorder, and the specs on your IPAD are much higher, LOL.

[@IndigoStarrAz]

Also Palm Springs is hotter! 😀😀😀

[@richardnatividad2962]

Another great video. Safe travels Michael, and you should find at least a couple of palm trees in Palm Springs to help with this overheating issue. 😁

[@prwashin1]

There’s also an incoming glut of apartments coming online. I wonder how these SFH rentals are going to fair when they have to compete with home builders and multi family both applying pressure.

[@jimshoe402]

In Buckeye it is $2000 to Rent or they start at $400K to buy. Like being on the moon.😝😝

[@reneeimage3879]

You are in my brothers neighborhood Michael . Few years ago I visited to move there and had a house ready for me I decided against it since I didn’t like the desert look. They have a famous Camelback mountain to visit. Good trip .:)

[@tanglepants290]

Ahhh you've come to my area now lol. Where they sell total teardowns for $300k. This market is absolutely insane here. Like ludicrous pricing.

[@dewholdingsllc1050]

Yes flipping when the value was inflated and now crashing is flippers catching the falling knife. Pace Morby was telling everyone a year ago that flippers should not be doing that. Pace Morby is a Mesa AZ YT guy. Did you connect with PM or his squad? He is all about buying seller financing, subject to or other creative financing.

[@timinsandiego6979]

You are so right on. I absolutely love your work.

[@lesroesch]

You are making great time in your trip across the country!!! Safe travels and enjoy!

[@siouxrose7766]

Most expenses get written off, too, since this is Michael's business... the trip can be a tax write-off for the most part.

[@donesy125]

Even if you had the money why would you buy that house for $750k? It looks awful 😅

[@willdehne1]

Not only Arizona. We bought (cash) a 3 BR home in central FL for $150 K in 2012. Our home looks nicer than the place in the video. Pool, Garage, 1800 SQFT, 30 years old. Zillow says it is now $366 K. I would not pay that. Zillow says rent is $2.6 K. Ridiculous.

[@WOLF-qq2cn]

Welcome to Arizona heat.

[@utpharmboy2006]

be careful out there bro you do sweat out there just as much but the low humidity causes it to quickly evaporate with a cooling effect so dry heat doesn't seem as bad but please stay extra hydrated because it happens faster then you might think

[@SmittyInVegas]

106 in Vegas today. 16% humidity. I will take the desert over the swamp any day. Drink some water. Smitty.

[@davids11131113]

$4,900 a month payment on that house mortgage damn unreal! I don’t know how anyone can even consider it unless they’re som billionaire.

[@hvaball150]

With some certainty, I would say that house will not have a $4900 a month mortgage when sold. Remember, the numbers are fake. It may have a $2000 mortgage, or none.

[@davids11131113]

@@hvaball150 Those numbers at closing aren’t fake I guarantee you that!

[@hvaball150]

@@davids11131113 I instead guarantee that 99% of the time that house is not closing with a $4900 mortgage. Nor that some billionaire is moving into it. You fail to grasp what I am saying about a $800k house and it's buyer. The higher the house price the more likely it closes with zero mortgage. But I will take your guarantee as a bet. You will lose.

[@davids11131113]

@@hvaball150 Well in this house case, no one is moving into it he said the history on it shows it’s been for sale a long time and price reductions.

[@hvaball150]

@@davids11131113 so pick a dozen others as a sample. Yes, maybe some couple is a first time buyer and for their first house want a $800k loan. Maybe they make $200k a year. But by far they are coming with several hundred k in equity and have a $400k or less loan. $2000-$3000.

[@xyz987123abc]

Return of jingle mail? 😂

[@miketysonyt5807]

One word wow😲

[@charliesargent6225]

I just looked at what my home in an Orlando suburb was worth expecting it to go down instead it's up $50-75K in just a month and every online real estate marketing company is telling me the same not just Zillow, Go figure.

[@re8746]

DR Horton sales year over are down 60% in central Texas. $500k for a 1800 sq ft home? Same for Pulte etc.

[@MeadowDay]

Glad to hear it.

[@michah321]

Why on earth would you spend three quarters of a million dollars to live in the dessert in a $1400 square foot house? I just don't get it. In an average town in PA, that house would be at most $250,000. and that's too much.

[@bobjinessr7957]

Ya the humidity makes it feel warmer here in fl

[@DavidWillims20]

All investments go up-and-down every cycle. You're goingr to have houses underwater . This is not new. What about the hundreds of billions of dollars made in the equity the last 4 years?

[@mattm597]

Arizona State Motto: "Yeah, but it's a DRY heat." 😆🤣