It’s The WORST TIME TO BUY a House Since 1978

[@MichaelBordenaro]

The Student Loan TSUNAMI Is About To Hit Shore kzbin.info/www/bejne/bKKzo3eGbM2Lobs

[@mikesrandomvideos]

buying right now would be a sure bet loss in value...IMO 30% minimum loss.....if you cant afford to loose 30% of your value dont buy.

[@mikesrandomvideos]

just the student loan crisis alone has us in a bubble. Its going to pop

[@gaberoyalll]

Doom all doom ❤😂😂😂

[@FreeAmericanUSA]

Those ignoring their loans for 36 months will now claim to be victims. Smart people that know we have a separation of powers for a reason and kept paying. Credit card debt, BNPL debt, cars, and mortgages are crushing many already. More people will be pushed into the streets over the next 5 years as this downturn plays out.

[@FennaVa]

I feared a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k in houses but I'm not sure on how to mitigate risk.

[@ralfbrown-kl1gp]

Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $200K in the stock market, experiencing fluctuations without substantial gains.

[@marcellasilva4015]

Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q4.

[@McCachren]

Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

[@marcellasilva4015]

Sharon Ann Meny, is the name , Just search the name. You’d find necessary details to work with to set up an appointment.

[@PhilipCox-ws9tk]

I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@StormySwan]

I agree no foreign investors from hostile nations, but also restrict other nations. It causes bubbles and drives up our property taxes and insurance.

[@singlefather01]

Don't forget it reduces affordability.

[@xelayes8113]

US citizens can not purchase property in lots of countries, I agreed and strong in favor of banning foreigners to buy properties here, specially Chinese

[@OldFortBragg]

My wife is of South Korean decent and with our assignment in 2000 for 5 years, we can not purchase a home as a non citizen.

[@taroman7100]

YEs who the hell is allowing this insanity to go on? Are we to wake up with Chinese soldiers on the street?

[@jamesconyers9727]

I agree with no foreign investors. You should be a US citizen and any outside corporation has to be more stricter.

[@Contact_SavvyFinance]

📩 📩📩 ↑ ↑

[@dancalvano8702]

How dare you! If a Canadian truck driver is willing to live in his semi almost all year while Airbnbing his house in Bradenton to pay his mortgage, he should have that goddamn right (not speaking from experience)

[@JohnVanMeter58]

We love Canucks Chinese not so much.

[@Contact_SavvyFinance]

@@dancalvano8702 📥📥

[@SteveAaroe]

Yes. Agree. Other countries (more wise) have this policy. America is For Sale to any taker. It's gonna kill us in the end

[@Khanfuzed1]

Ive never really understood letting others buy here if : reciprocity of rights isn’t equal in their country for Americans : we have housing shortages, we should be optimizing for our people over equivalent rights for foreigners

[@yorsan2240]

The US housing shortage is only for affordable ones, most builders are working on unaffordable housing but none wants to build on common workers prices

[@joemiami1424]

Michael my co-worker put his Cooper City home on the market and got 3 offers on the same day all above asking price. I was blown away

[@elmocotaco995]

Yup az and sc seeing the same

[@djmotion86]

homes are a place for people to live. if we don't have enough affordable housing for everyone in the country, foreign nationals should absolutely be prohibited from buying any real-estate in the country

[@junserafin5241]

Michael's been saying that since last October.

[@user-pw9sh6un7q]

You are admitting that US is not so powerful and wealthy country.

[@djmotion86]

@@user-pw9sh6un7q 20M ppl live in poverty here and rising, and there are homeless peopple everywhere, you make your own conclusions.

[@SevenRiderAirForce]

Absolutely wrong. Restrictions on the real estate market are exactly what cause these kinds of shortages. Limiting investment only makes the problem worse! Why would you willingly adopt such horrible progressive Californian policies? Correct answer: Slash barriers to entry, encourage as much development and investment as possible.

[@trousersnake1486]

Ban blackrock from buying residential property

[@ajusa2024]

Blackstone but, basically the same thing

[@aureliobjm]

19:10 EXACTLY! We shouldn't allow foreign investors to purchase our real estate! Because all it does is cause prices to continually rise. Additionally, it deprives American citizens of prospective properties. That is not okay. You have to be a citizen in order to own property here. A CITIZEN who arrived here LEGALLY LEGALLY. At this point I suggest you offset some of your assets and buy into a good cross section of the economy. Not a good time for real estate.

[@gatesbev]

@@Andersonstew Really? Can you leave in details about your investment advisor here? I’m in dire need for one.

[@gatesbev]

@@Andersonstew Thank you for! I must say, Heather appears to be quite knowledgeable. Just visited her web page, I thoroughly went through her resume, quite impressive. Reached out to her and booked a session.

[@aureliobjm]

@@Andersonstew This was exactly how I got recommendation about Heather Lee Larioni , At First I was a bit skeptical but eventually I gave her a trial with my little investment. Now I earn around $48k every 21days after subsequent investments, since late 2019 till date because I have always played safe in the market from following the signals and approach of Heather as my FA. I heartily endorse her

[@spscorse]

And making Americans in debt to people from other countries

[@spscorse]

Only Americans should be able to buy real estate in America period

[@jimcrawford3185]

I think that's how it works in Mexico

[@streetsharkz]

Americans should only be able to BUY THE HOUSE THEY FUCKING LIVE IN. Until this changes, its a ponzi to the top.

[@jamesbass9797]

@@jimcrawford3185 -- Not exactly true. I bought a house in Mexico in 1994. Not sure what the requirements are today though. Back then it was a total rip off on property taxes.

[@markavelisocal]

@@jimcrawford3185 nope. why even post if u dont know.

[@taroman7100]

WTF is going on in this world? Did we wake up to an alternate universe?

[@MattSchuster2565]

19:09 YES! Foreign investors should not be allowed to buy our real estate! Because all it does is drive prices up and up. Also, it takes away potential properties from U.S. citizens. That's not cool. If you want to own property here, you should have to be a citizen. A LEGAL citizen that came here LEGALLY. 🇺🇸🇺🇸🇺🇸

[@doodlebug05]

Agree no foreign investments in Florida property should be allowed.

[@Theguys1]

So, people will just create a Florida corporation and then buy. Who’s going to enforce this?

[@gipsytree]

Well...Zion Ron DeSantis is owned by Israel like the rest of USSA so....

[@kohnfutner9637]

​​@@Theguys1 only the few honest people will get screwed per the usual. Ig obeying governments isn't really being honest it's just being a coward ┐⁠(⁠ ⁠∵⁠ ⁠)⁠┌

[@chi1469]

I disagree. The economy needs it! There is no industry here nor potential economic or military targets/risks. Let’s r rip - this isn’t DC or NYC. The growth of Miami, Orlando, Tampa & JVille metro centers wouldn’t have been possible without it.

[@michah321]

Yes that's a big deal

[@MasterRoss-sn7dl]

Ban foreign investors!!!!!

[@taroman7100]

it's bull crap to let anyone buy our land! They did not bleed nor die for it.

[@OtisFlint]

@danielmcmorrow6395 Piss off, bot.

[@fareshajjar1208]

@daniel mcmorrow Third World garbage person scam.

[@Harperrr.99]

Used to think every investor lose out amid inflation, meanwhile some make millions. I also thought everybody went out of business amid the great depression, but some went into business. Bottom line, there's always depression for some people, and a killing for others, it boils down to mindset. Happy investing all

[@Blitcliffe]

@@CantekinDokuz does your investment advisor assist anybody or have a certain clientele? i'm a complete noob at investing but ready to taste the waters seeing that salary is not enough during this financial recession

[@joechibvo8658]

Ban all non residents from buying residential estate.

[@spscorse]

Farms could be corporate I wouldn’t want them buying farms or land either

[@OtisFlint]

All real estate. Most countries have strict rules on this, but as usual, the US is short sighted and greedy.

[@1000_Julys]

People who are considering filing for bankruptcy need to understand that you have to PAY money to file. It’s not free and it should never be done lightly. I have never filed for bankruptcy, but I know people who have. Something else that people don’t understand is that even if you’re able to rebuild your credit after filing for bankruptcy, it NEVER fully falls off your reports. Banks will still be able to see the bankruptcy on your credit. Not that it seems to matter anymore. A completely disgusting and sad state we’ve devolved into.

[@conniesaratoga3194]

​@@emmettkeyser1110 And those are really the only 2 debts that should be legally erasable, imo! higher education should be much more affordable, but the well intentioned program of qualifying almost everybody for Hugh amounts of students loans, to give poorer students the opportunity to go to college, only caused greed colleges to drastically keep raising their fees, since they knew students could get any amount needed to attend their colleges! So student loans should be forgivable, when students can show they are not unable to pay off quickly because they stupidly chose to immediately start living the high life just after landing their first job instead of continuing to live like a broke person, 15:01 since that is what they are! Even though they have landed a new job that can help them not be broke in time, they need to be taught to be responsible and live broke until you pay off the loans you accepted!! Then you can start to live a life where you can buy the luxuries you desire! And of course most medical debt for medically necessary issues should be erasable after a minimum based on your income is paid. But your other bad choice debts for items you could not truly yet afford should never be forgivable! I know people who repeatedly file and abuse the privilege which should never have been offered in the first place. Pay your frivolous debts!

[@cHernandez6449]

Yet as Ronald Reagan said, Freedom, not to mention prosperity and power, is never more than one generation away from extinction. and we indeed are watching history’s greatest nation being destroyed, in real time, from within

[@MustbeTheBassest]

Of course the irony is that Regan's policies directly destroyed this country

[@petersheenan4482]

Reagan printed A LOT of money, and it all trickled to the top 1%. That moron got mass layoffs to occur for the first time and pensions to disappear.

[@steveherron9978]

In 1978, I was overseas in the military, and America's housing issues were down on the list. I was planning on getting out of the military in 1982 and returning to Clearwater, Florida. Real estate in Florida was still hot, and my father in law helped convince me to buy a FOMO house in 1979 with a VA assumable mortgage and rent it out for a few years. Smart, right? My rental agency rented the house to two Iranian students going to school there and all seemed fine. Then the Iranian Revolution happened and these students couldn't get their money, so they said. Over the next year rent tricked a few times and I found out more affected students were crashing at the house. In late 198 I was finally able to get them evicted but the house was trashed. Electric power had been cut off and they had been using candles on the carpets and building fires on the stove to cook. Going through big renovations I was mad at the renters, until I realized that they and their families were going through worse situations than I was. I lived in it for a few years (until the military put me back on active duty) and sold it for a small profit in 1983. Shortly afterwards the neighborhood really too a dive so I was lucky. This is what FOMO did to me in 1978!

[@ANonymous-gw2cs]

I''m sure somewhere there's a realtor saying: "now is the time to buy!"

[@UtahJazz1996]

Lmao, “this is the dip! Buy now!”

[@Joesph_Shaw]

with the dollar declining it is ....

[@mikesrandomvideos]

yea I think I would love to loose 30 to 50% of my money...great idea. Dip coming soon but we need to hit the trigger. I put a video up to let people know what that is.

[@yojon1212]

Always. They're tired of peanut butter and jelly.

[@tpehle6058]

Crash bros always afraid to buy and think they can time the market...lol. sitting on sidelines while others are killin it.

[@edmundmcgrath213]

Real estate is shelter, not an ATM. If you're 20 and buy now you're OK. You have time. If you're 70, the dynamics change.

[@markcowan3366]

Most 20 year olds can't afford the mortgage prices today. They also have big tastes and want the big house with granite counter tops and a pool that their parents have. They aren't willing to live in a small starter home. My great grandpa bought my grandparents what amounts to a shack (they rolled it into position with logs) when they got married. It was a 1 bedroom with a wood burning stove in the kitchen and an outhouse. This was 50's, but they were living rent free. No way a newlywed couple would live like that today.

[@katydid2877]

Mortgage interest 1979 11.2%. I worked at a Savings and Loan in 1976. People brought in their CDs to cash out the interest every month. That and social security was probably a good income.

[@EvilMonkey7818]

Inflation actually is worse now than in 1978. If calculated the same way today as it was back in 1978 then inflation is still 12% as of last month, while it averaged 7.6% back in 1978.

[@jimshoe402]

Correct they changed it to Look better same thing with Jobs report. Back then a service job didn't count as a good job.😁😁

[@Cozydrone]

Michael,in 1978 I was 12; years old,. I was listening to the bee gee's in the closet because I would have gotten my ass beat if they knew 😂

[@Cozydrone]

I still listen to them,but today I don't give a shit😁👍

[@Neopitpit]

I was born in 1978. From there my parents leave in a mobile home. I got a brother 2 years after. There were no jobs, my mother took a train from north to the far south of France, let me (4 years) and brother (2 years) with my dad …. for finding a Job. She found a job. It took 4 months for my dad to find a solution to follow my mother. He was alone with 2 super small kids, and build a camping car for following my mother. It was a hard period, no job everywhere, pushing people to take hard decision

[@FreeAmericanUSA]

We bought a brand new house in 2003 in Simpsonville, SC. We are still living in the same home. Home values have more than doubled in the neighborhood. We are debt free and grateful. We live a simple peaceful life. What's going on now is just beginning. Imagine this time next summer? The personal debt young people are carrying is unsustainable. !00% stop selling real estate to people who hate America.

[@taroman7100]

Nutty insane! We were told these people were the bad guys. We fought wars to prevent the spread of communism!

[@markfcoble]

Nice walk and views. I was selling homes, as realtor, in 1978. I was 23. Like now all I had to do was be a problem solver! Great time to buy if you find a deal....someone else's problem!

[@canamrider07]

In 78 I was playing College Football, Living in a Fraternity and going to class once in a while.

[@tonyhurst6544]

I agree China and other foreign countries should not be able to buy land real estate here . If they are citizens that would be acceptable. I'm in Missouri and China has bought hundreds of thousands of acres of farm land . Most people here are not happy about it .

[@taroman7100]

I should think not. What a huge mistake is going down on us!

[@sct4040]

No foreign country should be allowed to purchase land or real estates, NOT only China. The fault is on our own government.

[@info781]

Just wait until you want to sell something and an American offers you 150k less, you going to be happy about that?

[@tonyhurst6544]

@info781 the Chinese bought houses and drove the prices up . Is that fair ? How about those who already own houses and have them reassessed and pay higher property tax . The Chinese can overpay all they want and it will indirectly effect every homeowner with higher tax burden. I think the real problem here is that everyone looks at what's my payment rather than what's my principal balance. The fact that the fed charged an overnight rate of o% that caused this whole fiasco with the housing market that will take years to recover from .remember 2000-2008 they loaned money to anyone who was breathing with a pulse . They had a new approach this time to over inflate the market .

[@info781]

@@tonyhurst6544 property tax rates are not fixed in stone, when prices go up local governments often lower the rate.

[@delikonthree]

One key difference between 1978 and today is that back then we were the largest creditor nation in the world and now we are the largest debtor nation. Also the value of the USD was much greater back then and the national debt was MUCH lower back then. These comparisons make a HUGE difference.

[@davidwelty9763]

The Venetian islands are one hurricane away from annihilation. I don’t even know how those people get homeowner’s insurance.

[@xyz987123abc]

Simple, everyone else in the state subsidizes them.

[@gregschramm8180]

I was 22 and in the navy, the oil problems were bad.

[@FamousWolfe]

No foreign investors plus these insane home values plummet to more reasonable prices? Sounds like a total win-win to me.

[@MikeSunRiseWest]

1978 I was 10 and the biggest problem was getting a pong game playing baseball and hoping for snow days

[@junserafin5241]

Mine was figuring out which rock concerts were coming through town, and if I had money to see them..💥💯

[@huemann7637]

I was -3

[@1000_Julys]

Thank you for your videos, Michael! 🙌🏼 Haha! I was around and loving life as a seven year old in 1978. Money was not a concern for me, but I was just a kid. We were NOT rich. I don’t even think we were middle class. We lived frugally but my mom made things feel like we had all we ever needed. ❤ The reason housing prices will not fall in FL is because people KEEP BUYING houses here at, or above, asking. Someone’s getting paid well enough to afford these ridiculous prices. Sellers will not relent on asking prices until people stop paying what they’re asking. People are flooding here from CA and NY where income levels are higher than those here, in FL. No state income tax. Cheaper to live in comparison to those states. Just in my condo complex alone, I’m seeing new plates from VA, TX, CA, PA, and more. I honestly don’t understand how people are able to live in this economy.

[@Contact_SavvyFinance]

📩 📩 📩 ↑ ↑

[@gingerkilkus]

I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.

[@lowcostfresh2266]

True, I was in dilemma myself due to this chaotic market, wasn't sure if to sell or just wait a little longer, 75% of my portfolio was tanking and in the red and the economy isn’t looking promising, but I began gaining clarity and have more confidence in my investment through an adviser, I know most DlY-lnvestor like me would say advisers aren't essential, but come to think of it, they're better trained and equipped at this and if I have to give just a little amt in fees for me to be able to net $650K in less than 8months like I did this year, I truly don't mind.

[@TomD226]

@@lowcostfresh2266 I know Some still make enormous returns from this seemingly unknown market. I’m looking forward to boost my ratio in the stock market. I have not invested anything yet and i want to get started Asap. Can you recommend this coach for me please?

[@lowcostfresh2266]

@@TomD226 Laurel Dell Sroufe is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, lots of things like that.

[@fadhshf]

@@lowcostfresh2266 I just looked up this person out of curiosity, and surprisingly she seems really proficient. I thought this was just some overrated BS, I appreciate this.

[@tobezone]

Absolutely!!! Foreign investors should not be able to keep Americans from being able to purchase homes at reasonable prices! We are daming our own future!

[@ByDesign333]

My folks bought new 4 br 1.5 ba in 1967 for $31k ...it sold fast just before a bubble burst for $650k...about year 200? (Forgot exact year)

[@pamcornelius9122]

I graduated HS in 1979. My husband graduated in 1978. We bought our first house in 1992. My husband died in 2021. He left me with a paid off house and enough to live on comfortably. I thank God every day for my Christian husband.

[@isabellathepinkpoodle639]

Huh? What does being Christian have to do with this? Cmon. If it’s not politics it’s Christianity.

[@pamcornelius9122]

@@isabellathepinkpoodle639 My husband lived his life as the Bible instructs us to and our family was blessed by his good character and by the choices he made.

[@isabellathepinkpoodle639]

@@pamcornelius9122 🤦🏽‍♀️

[@jimshoe402]

So rare today u good got a good one..😀😀😀

[@S0ulsinner]

Yo wtf lol

[@jpwello]

I agree that no foreigners should own properties in the U.S.

[@jenq3801]

I'm not even in the housing market or considering moving to Florida but I enjoy watching your videos.

[@jimshoe402]

He does a good but where are the locals??😁😁😁

[@overthehilldill3626]

I of course went thru the '78 inflation and it wasn't near as bad as it is now. Things were way more affordable, so it didn't have as drastic an affect as today. I was making $3.50 an hour and in July '78 i bought a new Mustang. I shared rent with a friend and still was able to go to at least 1 concert a month and went clubbing 2 times a month. I barely noticed the, WORST, inflation in history.

[@craigmcpherson1455]

Interesting. Federal minimum wage was $2.65/hr. Inflation calculator puts $3.50 in 1978 equivalent to around $16.30 in 2023. That wage today is difficult in a lot of areas.

[@jimshoe402]

I didn't have a lot of cash but nor did anyone.Nickle beer nite was PACKED u got there early with live Good Bands too.🥰🥰🥰🥰🥰

[@alfonsosalinas3026]

"May not be a good time to buy a home, but it IS a good time to subscribe and smash that like button" - Michael Bordenaro 2023

[@Lisithedogwalker]

😂😂😂😂😂😂

[@Juliet875]

No, not a good time to buy. Let the dust settle. Happy Wednesday Michael, Thank You!!!

[@exploringwithbellanoche1286]

I think the whole economy needs to come crashing down, too insane to sustain itself 😪

[@mikesrandomvideos]

Coming soon....IMO made a video on the real estate whats going to happen

[@ahrapattoni]

This is a comment from someone that clearly has $0 invested in their future

[@ahrapattoni]

@@emmettkeyser1110 money won't matter in an economic collapse and I won't be the only one to lose it all. Bigger things to worry about if the economy tanks

[@ajusa2024]

It will. And it is, by design.

[@melanielattanzi9388]

My parents bought their 2nd home in 1977. I want to say the interest rate was in double digits , maybe in the teens. The home price was approx $34k. Their is definitely more volatility now.

[@dewyxilent]

My parents paid 18.5% interest for mortgage in 1981. When i bought my first house i was paying 6% i think people today are spoiled.

[@mhodge0890]

What were the prices in 1981 again?

[@irfaankalamadeen9823]

Totally untrue... All struggling realtors and mortgage brokers think its a great time for others to buy a house. lol

[@mikesrandomvideos]

Genius....

[@Kevinw4040]

But but but Dave Ramsey said there’s never been a better time to buy?

[@taroman7100]

Ramsey is an arrogant know it all.

[@edmundmcgrath213]

Ramsey's audience lives in mobile home parks in Alabama. Sadly they are financially illiterate and take this guy seriously

[@jimshoe402]

He went Broke too and more like a used car salesman..HaHa but making $$$$$

[@basha0810]

Jim Cramer says the same about stocks. You always believe the exact opposite of what Jim says.

[@Kevinw4040]

Ramsey has admittedly stated he owns hundreds of millions in real estate. He’s pushing his own agenda

[@stewmeat9261]

interest rates 1978 9.5%

[@Contact_SavvyFinance]

📩 📩📩 ↑ ↑

[@jimshoe402]

That must be what I paid local bank .But I know the buyer paid 13.75% but house was on market a year OLD too.😝😝

[@magicparkmemories]

In 1978. I was in 8th grade. On December 8, 1977, my parents bought a brand new house for $114,000 at Cumberland and Montrose in Chicago. The mortgage payment was $840 a month. My Dad was a cop. My tuition in the Catholic grammar school was $35 a month. Times were bad. We were lucky to get the house . It was 1,896 sq feet with an attached garage. My Dad died on December 8, 2001. He died on the same day he moved into the house in 1977.

[@ihave35cents95]

No it wasn't easy for sure

[@georgemcelroy1472]

70's, 18-22%, Stagflation Followed by rows of stripped out ,empty houses.

[@fareshajjar1208]

1978 was also an economy ruined by Democrats.

[@gomi]

Think the 70’s overall was worse than now with the energy crisis, huge inflation, joblessness and double digit inflation. Real estate is still a good investment. Buy what you can afford in an area you are willing to live, hold it long term and you’ll be fine.

[@discorabbit]

Although i hope prices go down, inflation will likely keep them flat or grow, unless ppl lose jobs and can’t make payments on their… 2% mortgages

[@georgestein7932]

Regardless of interest rates and exorbitant house prices people are still buying and will continue to buy. There will not be a house price crash this year or ever. Inflation will continue and so will prices for everything.

[@ALLworldCONSTRUCTIONLLC]

Foreign investors need stricter guidelines to purchase property

[@diegoriveira3579]

As long as inflation is trending, it’s always a great time to buy. The inflation will be Deminishing your debt over time while property value will remain the same or grow. My 2 cents here.

[@joanncrimi]

1978, I just got my RE License. Sales were tough at 10-11-12 % mortgage rates. Cd's paid 15% interest. Gold went up to $2,000 an ounce. After 2 years, I quit Real Estate Sales, and finished my Graduate Degree at FAU.

[@PatrickFoley-vf3lr]

1978 was the good times. In the early 80's you could not buy a job anywhere and interest rates were approaching 20%.

[@jimshoe402]

Yes 3 days a week Thanks Carter.. 😝😝😝

[@lpass1]

Well when is a good time. Prices are not going down in large parts of the country. There is simply no inventory. I didn't buy last year bc I thought prices would have to come down. They just keep going higher instead. As soon as a house is on the market there are 20-30 offers and they go over asking. With people locked into sub 3% mortgages, there won't be inventory for a long time if ever at this point.

[@rjo8500]

If you’re buying not as a pure investment but rather as a place to live, why not just stay well within your budget and then refinance down the road? Nobody has a crystal ball.

[@gsmithstudio1]

not being on facebook in 1978

[@singlefather01]

It is a great idea to stop Chinese from buying the real estate in US. The price of housing will come down as well as the price of income properties. If the price of income properties comes down, the landlords can ease off on the rents which are based on the growth rent multiplier or a ratio of rent to the price of housing. As for the current investors and the landlords like me will be hurt. Because we won't be able to increase the rent to compete with other income properties. This will ultimately lead to more affordable homes and apartments. As far as I am concerned, my properties will do well regardless of Chinese buyers, since it is almost paid for. But lower price will give me the leverage to purchase more income properties and offer them at an affordable price to the renters. It is a win win situation for me.

[@tjmns]

In 1978 in most states including the midwest a nice 1 bedroom apartment would set you back 200-250 per month.

[@jimshoe402]

Yes very nice large 2bd BRICK no noise BUT today All Gangs.. 😝😝😝

[@maple913]

Canada banned foreign homeownership and it isn't making any difference on prices. Prices still going up.

[@jamesneveaux4892]

75% of realtors think it's a great time to buy a house.

[@MustbeTheBassest]

And 100% will tell you it is regardless of what they actually think.

[@mikesrandomvideos]

there is a guy in vegas on youtube that doesnt at least he is honest

[@59zogon959]

And the house you should buy is the one I'm selling

[@markcowan3366]

It's great for them and their 6% commission! 😂

[@williedog1951]

bought a house in 1978, interest was over 9%

[@jimsullivanyoutube]

I like the fact that I can see the smart phone and gimbal in your mirrored glasses. It's like a behind the scenes shot within a shot. Cool 😎

[@SirCarlosMusicBMI]

Apparently 21% of people don’t keep up on current information. They will suffer financially if they buy right now. Thank you Michael, you always have the BEST current information. Blessing’s, Carlos ✝️🙏❤️😊❗️

[@JohnDoe-pd9sl]

In 1978 it was inflation and Jimmy Carter. I was there.

[@reynaldorivera743]

I was stuck in the blizzard of 1978 in Massachusetts visiting from NY city 🤣🤣🤣I was 9 years old .Great video Michael 🙏the scenery is amazing ,I would definitely enjoy a walk around there 👍👍

[@tuffstuff9809]

I was under the understanding that you loose your house when you file bankruptcy

[@rustyshackleford4140]

I think it’s a reasonable idea to not let foreigners buy property. European countries like Spain do it to protect their citizens from predatory investors that can bring in more money. The foreigner in this case has to prove they contribute to their economy in some way such as owning a business to purchase a home.

[@georgetaylor2819]

1978, I was 33 years old - and living on the island of Puerto Rico on 5 acres of land raising the majority of our needs for food and working in a factory. My wife did not like it at all, so the next year we sold and moved to the beach town. I could not stand living in that area, so I went to Miami, FL, and got a job in Miami - WEPA -

[@magicparkmemories]

I see the property taxes are very high on average houses in Miami and I would like to know the occupation and salary of the homeowners.

[@FreshGrey-pm4vw]

In 78 I was just out of high school and in my suburban world there actually were a lot of people buying new tract homes for around 70K. Those exact Orange County homes are worth over a million now - one of my friends was a woman I babysat for and her home was 2 story and beautiful.

[@kent3172]

My dad was a Real Estate broker. Had been since 1971. Saw some pretty lean years throughout his career.

[@SuperQdaddy]

Now is the time to offer what u would like to pay..at least 20 % less than asking price....and walk away

[@goldenparachute392]

Bye bye 👋 😂

[@jamesbass9797]

lol ... I was buying gold around $150 bucks an ounce in the mid 1970's. Bought gold every year since 1974. Some of those years I was spending 50% of my salary each month for several months a year. Upon my grandfather's death in 1972 he left me $100k dollars. I used every penny of that money buying gold plus what I bought each year since 1974. I actually still have my initial $100k investment my grandfather left me. Love ya grandpaw.

[@DIVISIONINCISION]

When you die, you can't take the Gold with you, Jim. What are you doing with it besides hoarding it? Does it pay your bills?

[@jamesbass9797]

@@DIVISIONINCISION -- You can go back a few videos and read all about what I've done with some of it with my family.

[@jimshoe402]

I had BRK.A at $100K oop's sold..🙄🙄🙄🙄

[@jimmywalters3071]

1978..I was in 8th grade. It was an excellent time for car sales..record breaking yr. 79 came the gas crisis which started a recession. 78 interest rates were high , inflation was crazy...homes were greatly increasing in price.

[@sunshineretired2582]

housers were much lower, my first house was $5,000 lived in it for 20 years

[@skepticalmechanic]

Dinosaurs roamed the Earth too

[@alfonsosalinas3026]

Did you buy in some ghetto, dilapidated neighborhood in Detroit?

[@danymanchster1759]

Been waiting for the crash for 2 years

[@CarlDi3trich]

Ban foreign ( especially hostile nation foreign ) investors both private and corporate. Ban US corporate and private investors for a span of 6-8 months on any single or multi-family home so that individual 1st time home buyers have a decent shot.

[@jogregg6442]

In 1978, I think interest rates were ~13%, i.e. you could not buy a house, because your house payment would be enormous. And, no one could sell their house because there were no buyers.

[@pablo81778]

Even if you take inflation over the years into account, in 1978, home prices were ridiculously cheap.

[@ayacahtli4]

They were not ridiculously cheap. They were priced normally.

[@ayacahtli4]

They are way above priced for any normal buyer.

[@eugenefirebird8938]

!978 was a fair price for houses. Why should houses cost more now with all of the advances in tools and materials that make houses way way easier and cheaper to build? House prices today are a total scam.

[@Anon_nymous]

​@@ayacahtli4 You're a freaking 🤡

[@goldenparachute392]

@@eugenefirebird8938 minimum wage was $2.65 in 1978…so there’s that 😂

[@InfoSuperhighway]

No foreign investment in real estate, farmland or land in general. No foreign students either.

[@makeyourlifeeasier5794]

The 70s were tough. I remember working in my father's business in the mid 1970s. Business got really, really slow, much more business activity nowadays. We just got over a ridiculous war(some things never change) and stressful gas shortages & lines. People nowadays live too high cause of all the easy money. I was selling gold then for under 100 an oz compared to 2k today. Moral of the story: buy more gold & precious metals & don't trust government & their info...

[@hvaball150]

There were only 3 metros (cities) with 3M plus people well into the 80s... Houses are relatively cheap where there is less population

[@Contact_SavvyFinance]

📩 📩📩 ↑ ↑

[@alyross2850]

Well in 1972 my parents bought a 4 bedroom 2.5 bath in a great Pittsburgh suburb for 34K cash. They moved from Chicago, a home they owned for about 10 years, and were able to buy the new house in cash with the proceeds from the Chicago house. So even then, oh Chicago…. I’ll end the story with this: my mom sold the house in 2020 for 250K, mostly because she couldn’t stay there any longer and none of us are house flippers. If we had updated it (was well maintained), she could have gotten 350.

[@kornfedboy]

The burning of foreign investment in housing I think is overall a good thing although it probably should be tweaked to allow some very limited purchases. If you look at Canada, especially the Vancouver area, you can see how foreign investment has driven up prices to ridiculous levels.

[@kornfedboy]

“banning” not “burning”!

[@Corkfish1]

​@@kornfedboy use the "edit" feature

[@theallseeingkats6321]

More like the worst time to buy a house since ever 🤷

[@johnnymidas5879]

DESERT GREETINGS ONCE AGAIN MICHAEL 🏜😃🌴

[@Contact_SavvyFinance]

📩📩📩 ↑ ↑

[@gulfgypsy]

Actually I was with my ex-husband in 1978, we married the following year and bought a condo the year after that and --- sit down --- IIRC our interest rate when we closed in the spring of 1980, was like 14% +/- His mom who was a bank officer said she thought that was good deal ---- Which in a few months when mortgage rates hit close to 18% , seemed true. Home prices way back then were far more realistic than now........

[@Contact_SavvyFinance]

📩 📩 📩 ↑ ↑

[@seameology]

Yes. Ban foreign investment in the housing market. Many countries already do that.

[@magicparkmemories]

The mortgage lenders are losing money but they also laid off hundreds of employees and that is one less expense on their end

[@palomahealing5073]

My parents bought our house in 1976 for $14,500. in South Florida. That's amazing to think now😮

[@Contact_SavvyFinance]

ᴛʜᴀɴᴋs ғᴏʀ ᴡᴀᴛᴄʜɪɴɢ. sᴇɴᴅ ᴍᴇ ᴀ ᴅɪʀᴇᴄᴛ ᴍᴇssᴀɢᴇ ᴏɴ ᴛʜᴇ ɴᴜᴍʙᴇʀ ᴀʙᴏᴠᴇ ↑ ↑

[@ksmith2852]

Interest rates should go to 12 percent. No foreign buyers. Home prices would come down as well as rental prices.

[@user-tb7rn1il3q]

They should require cash only from individuals that are US residents. No loans and no investment companies.

[@FooFan-b3k]

@@user-tb7rn1il3q Haha! Be careful what you wish for. If I had to pay cash for my rentals I would have to charge higher rents.

[@user-tb7rn1il3q]

@@FooFan-b3k Rent would go up for several reasons. There would be less supply and more demand since the lower classes wouldn’t be able to buy homes. Homes would become more affordable for wealthier people that can pay cash.

[@travisc8403]

56% of people probably think that home prices are gonna continue to go up because of inflation I'd bet. I mean if eggs go to $10 a dozen, gas goes to $6 a gallon and milk goes to $7 a gallon, then it seems reasonable to believe that a home that's already over-priced by $100K will just go to over-priced by $120K.

[@QRCodes4U]

1978, my parents bought the biggest house they ever owned and we were food bank poor in CA, go figure.🤔 All I cared about was being cool and playing frisbee.

[@skydiver711]

78 there were no jobs you could even find dishwashing job

[@petersheenan4482]

That's the way it was in my home city.

[@GuillermoMata]

I'm with Florida on setting the boundaries with other countries respectfully. U.S families want homes too!!