It's Time To SELL! - WE’RE NOT WAITING ANYMORE...

[@PatrickLloyd-]

It's surprising to see landlords taking such drastic measures. I wonder what's causing it.

[@Nernst96]

I think it might be related to the broader economic uncertainties. With the fluctuating job market and remote work trends, people might be reconsidering their living situations, and landlords are adjusting to the new demand.

[@tonysilke]

With all these changes, I'm thinking it might be a good time to revisit our overall financial strategy. Maybe consulting with a financial advisor could provide some insights into how to navigate through these shifting economic landscapes.

[@PhilipDunk]

That's a smart idea. A financial advisor can help us assess our current financial situation, including housing costs, and develop a plan that aligns with our goals. Especially during times of market turbulence, having a professional guide can be invaluable.

[@JefferyDuns]

Who’s your CFP ?

[@PhilipDunk]

Her name is “Vivian Carol Gioia” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@lauriegrissom672]

We moved from OH to TN to retire. The owners of the house we bought from in TN moved to Florida. Guess who bought our house in Oh??? A couple from Florida! They wanted to move back to OH to be near family. People are still moving.

[@JBlazeCalifornia]

People need to just pick one area, and build up the community.

[@JBoy340a]

Ha. Talk about a loop!

[@CaptCrunch106]

It’s hard for younger gen to compete against boomers who collect SS, have a pension, and built equity from cheaper housing compared to income earnings. I’m not interested in buying any of the pine boxes they live in, they can be buried in their over priced pine box before I fall into the pyramid scheme! Reduce prices, or I’ll just buy up all the gold and silver and sit back and watch the fools pretend their coffin is a castle all the way to their grave and wait for their children to unload their pine box’s on the cheap.

[@FSUGrad1999]

Yeah people were still also still buying leading up to 2008 crash. How many of them lost their shirt.

[@dianeturner9503]

I'm in the Dayton area, also retired, and the school levies and property taxes here are driving me out! NE TN looks very good to me. Do you mind me asking where you are in TN and if you like it? Property taxes there seem to be 20% of those here for a similar house. I do realize sales tax is a lot higher.

[@WA-de3gf]

I would definitely buy if prices were affordable the interest rate isn't the issue. Homes trippled over the last 3 to 4 years

[@jeanieologist4456]

OK let me break it down for you home prices are high but saying that it’s not the interest rate that’s the problem is crazy. I have a 2.8% interest rate on my home which makes it very affordable on my monthly payment and my house is worth $400,000 is that interest rate was still at 2.8% for you on a $400,000 home on a 30 month loan you would be saving a shit ton of money. So I’ll throw another example out there for you a $300,000 home take 100,000 away at 12.8% interest versus the 2.8% interest what do you think is going to cost you the most money think about it

[@fazdoll]

@@jeanieologist4456 The real issue is that when interest rates rise, prices are supposed to fall. When the interest portion of PITI increases, the principle portion of PITI decreases, so that the monthly payment doesn't really change all that much. However, real estate prices are sticky on the way down. Interest rates rose far faster than the house prices could fall. The question is whether house prices will fall far enough to make up for the increase in interest rates.

[@lindylou3519]

Exactly! It’s not the interest rate for us because we plan on paying cash, but the prices are still too high where we want to move to. I see the prices dropping somewhat but not as much as they should be. I guess if we sell our paid off home at the high price we’ll break even.

[@elizabethwitt2621]

​@@geocam2Welcome to your New Florida. It's only for the rich now.

[@tld7846]

@@geocam2 My husband and I were seriously considering buying a retirement home in central FL. When we called to see how much homeowners' insurance would cost, we were told the properties we were looking at could not be underwritten and that Citizens would probably be the only insurer that we could get coverage from. Mind you, these properties were in CENTRAL FL and not in a flood zone or hurricane evacuation zone. But because of the risk of high winds and residual coastal storm damage ( locations over 1.5 hours from either coast), these properties can't be insured. We're now trying to figure Plan B.

[@andrewprice2894]

I'm personally tired of the reason for not buying a house is the interest rate. It's the AFFORDABILITY that is the #1 problem of any purchase. A quick story. My 1st and currently only commercial loan was for a commercial truck. In 2014 I was only at a 680 credit score (not good) my interest rate was 12.5% back in 2014. I financed for 6 years, the payment was $4997/month. The amount financed was $235k. I paid that off in 5 years. In my years of buying things via loans, the interest rate really only effects the bottom line if it's carried to term. However, if the purchase price is so high that you have no choice but to carry the loan to term, the purchase price was to high. I purchased a car hauler in 2014 for total sale price of 285k, now that same truck and trailer is 425k to 450k. And this is a depreciating asset. Crazy world

[@SoulfulVeg]

I was talking to a friend about this yesterday. We bought our 1st houses in the early 90s. She had an 8.5% mortgage, and I had a 7.5%. But the houses were more affordable in relation to our incomes. I was an administrative assistant, and she was in a new grad position at IBM. It was easier back then because my house was about 3X my income.

[@fozzir]

Don't you get to write of a commercial truck from your taxes? If so, I think that should be mentioned. On the housing side it's only worth it if it's more than the standard deduction.

[@kkadam96]

You are absolutely right. I typically don't care about interest rates on large purchases because my intention is to pay it off as quickly as possible. Houses that was 400k is now 800k. A lot of people will struggle to pay 0% mortgage on a 800k house.

[@andrewprice2894]

@fozzir I get to take the tax deduction as a depreciation yes. It helps. However, if I was to sell said asset I have to pay recapture of depreciation. There's no free ride with taxes no matter what. I'll also tell you I had to pay (not finance) a 12% of total cost of the equipment in the form of FET (federal excise tax) non recoverable. So imagine paying 12% fet on 450k. Just criminal

[@joeyork9891]

Facts.

[@deep6301]

Mortgage applications does not equal closed sales

[@MichaelBordenaro]

100%, correct

[@mikesrandomvideos]

means people realize they can qualify for a home.

[@andrewprice2894]

We as people have to look at the data ourselves, not the perversion of the TV news. All of them just aren't not only telling the truth but omitting the parts they should be saying. I say bought and paid for false information.

[@bobroberts2217]

Until they realize the home they qualify for is trash

[@mikesrandomvideos]

@@bobroberts2217 most people where I live cant even qualify to rent. or buy they are living in their cars and RVs.

[@byronmcdougald6569]

Whoever jumped the gun buying a home and didn't count up the cost.... Is in a WORLD of trouble. Good stuff 💯

[@mrbob19561]

Gotta have it now...yay

[@byronmcdougald6569]

@@mrbob19561 Just remember it was BY CHOICE NOT FORCE

[@candelariaw1668]

Stop hating

[@Truebaconluver]

Keep waiting ...forever

[@byronmcdougald6569]

@@candelariaw1668 For some strange reason I take a liking to you in your comment, that being said Ima be searching for you throughout the year and see where hating got me and going forward got you 😊

[@sherryjobe8941]

My husband and I live in NC. He’s a licensed General Contractor, builds custom homes and spec houses. From a builders point on prices of houses, people need to understand builders have no control over costs of building materials. Pricing on materials change Month to month. One month lumber prices are up and the next month they come down some. Concrete on the other hand never comes down and has 2-3 prices increases in a years time. We are in our 60’s. I think people need to live within their means. People often will say I need a bigger house, more closet space etc etc. In my opinion I think we as a society have way too much stuff. If people would just declutter and get rid of the stuff they don’t use or need they could live comfortably in a smaller home. There is nothing wrong with children sharing a bedroom. You don’t need a guest room. Guest can stay at a hotel unless you have a sleeper sofa. And how often do you really use that Formal Dining Room. Houses have increased in square footage over the years, so yes so has the price. Everything has gone UP in $$$$. When we moved 3 years ago to the house we are in now; I go rid of tons of stuff. Sold some but gave most of it away or took to Goodwill.

[@andrewprice2894]

I totally agree. I'm a total minimalist. After moving few times twice across the country you will learn to keep things at a minimum. Not empty just enough things. If my house in renting her in central northern CA wasn't where is at. I'd love to downsize. I'm renting a 2800 square foot house for $2400/month. That's cheap considering a smaller home (what I want) is over 3k here.

[@wmpx34]

People lived in smaller houses when they were still having 5-10 kids

[@JBoy340a]

Agree. We have rooms in our home we never use like the formal dining room. But, moving entails a lot of costs and we know everyone on the block. Also we have a large lot so no neighbors looking in your windows.

[@MAfanwoods37]

I completely agree.

[@sugaashow]

Children should not be sharing bedrooms. Sorry. Every human should be entitled to their own space, even if it’s just a bedroom.

[@SoulfulVeg]

I sold this year. My 2.8% mortgage almost kept me in place. But I was ready to leave Florida. I had the house for 5 years. So, I was happy to cash in and move closer to friends and family.

[@ConnieLeFan]

Sounds like you only finally gave in and decided to give up your incredibly low interest rate mortgage loan, knowing you will not get that low a rate if you need to take out a new mortgage loan in order to buy your next home, because you realized you can still make a very high profit on the sale of your current house, likely great because you bought it 5 years ago and prices in your neighborhood have gone up so much you feel your profit will set you in a good buyer's position on your next house. But many people are not in that same position, and will feel stuck to stay in their more affordably mortgaged home for quite some time. Of course, as time goes on, more people will have no choice but to move due to changing circumstances, no matter the effect on their finances. But number of sellers will probably remain below normal for many years.

[@SoulfulVeg]

@@ConnieLeFan I agree with you. I also thought the market would soften in my area, and it has slightly. Mostly, I just wanted to move. The 1st house I bought in 1994 had a mortgage of 7.5%. Even so, it was easier back in the 90s when house were more affordable in relation to incomes, even with higher interest rates.

[@Gypsygirl9]

​@@SoulfulVegwhere did you move to? Do you like it?I want out of sfl. Looking at NE TN.

[@MichaelBordenaro]

Thanks for letting us all know that interest rates do not dictate the direction of peoples lives

[@SoulfulVeg]

@@Gypsygirl9 I haven't hung around TN for many years. But, I've heard good things. For now, I'm renting in Atlanta until the fall. My best friend was dying (she passed last weekend), and my daughter got engaged and married. It's been useful to be here for these milestones. But my daughter is moving to the Midwest, and I hate cold weather. Luckily, I'm 100% remote and can live anywhere in the US. So, I'm going to visit around. If something happens with my job, I may just move internationally and retire. I don't have enough $ to retire domestically yet. But, I probably would be okay in a lower cost country since I'm not at retirement age.

[@lindylou3519]

My husband & I live in GA & want to move so bad! We are average, just retired couple & our house is paid off but we’ve been in this neighborhood for 25 years & we want a change & to live closer to the coast (not on the coast, just closer…GA, SC or AL but FL is no longer in the picture). The property our home sits on is difficult to maintain & the pool is a money pit & our neighborhood isn’t what it used to be. Our kids all moved out of state but we don’t want to move to Oklahoma or CO where they are. I’m feeling like the housing prices are still too high but if we can sell our home at the going rate & pay cash for a house close to what we sell our house for, then wouldn’t we be breaking even? I just don’t know about wasting anymore time waiting for things to improve when they very well may not. 😢 We’re so mad this stuff happened just as we retired. Argh!

[@vickimerritt2832]

Just do not over pay and get underwater. As you age you may need to sell in a hurry or to downsize even more. Have an elderly friend that did this in the past and had to let their home go back cause they got underwater.

[@marilynh5487]

I ❤️ sold my rate, which was 4% for 15 years. It was a townhouse. I ❤️ want to stay in the same town but could not 😢afford it. Now I'm in my childhood bedroom 🛏. My mom is sick so I'm here helping her.

[@tizzx4945]

People need to sell for one reason or another. But If they want to close the deal they need to turn off their ego and greed and should start listing their homes for fair prices! Otherwise nobody won't buy their overpriced propertys (like we saw a bunch of times on this channel).

[@tryingtoenlighten]

@@geocam2 That's a polite way to correct his or her grammar!

[@DrSchor]

will

[@stormchaser419]

Just bought a 3 taco meal with a drink for $10.75 at Taco Bell. Sheer insanity. 3 simple tacos and some 45 cent drink. Fast food echoing the crazy economy as a whole.

[@JBoy340a]

Drink is $3 and costs them $0.03. It's the highest profit item. Get a glass of water instead.

[@rongendron8705]

I totally agree!@@JBoy340a

[@jamesdickerson1657]

unfortunately, the demand might bounce up a little but for the normal person, these prices are way to high, wages don't match up and the normal person can't afford it.

[@gregorylyon1004]

These homes were never worth nearly as much as people were signing for in the last 5 years.

[@SomeUserNameBlahBlah]

Wages and prices don't matter. The average idiot will go bankrupt buying crap if a bank will loan them money.

[@Monkeybongoes]

Property tax of $95k per year? That's $260 per day!

[@KingFergus]

People are trying to dump investment properties before the market crashes

[@SomeUserNameBlahBlah]

Investors plan to own 40% of all homes by 2030, for something like that. The plan is for them to buy more. I don't think they are dumping.

[@jerusdc]

Unless they paid cash and they are cash flowing.

[@KingFergus]

@@jerusdc the cash flow on Air bnb is crashing as well as rent rates

[@OGJeff685]

market at all time highs as of today... a crash from here wouldn't really be much to talk about.

[@shanerogers9386]

@@jerusdcthe get rich quick investor culture that is harming millions of families need to start having severe consequences.

[@Jeannified]

My brother-in-law is in commercial real estate in Atlanta, but they have buildings in Miami too. According to my sister (his wife), things are tough in that industry these days! We all know it, but when you hear it from a loved one, it hits harder.

[@MichaelBordenaro]

It’s definitely more grounding to hear it straight from a family member that’s being affected

[@jerad4336]

Houses are sitting for sale and not selling in my neighborhood in Texas.

[@wanda520]

Same in my town which is a fast growing southern area. Townhouse 2 doors down which in the past would have sold quickly has been on market 6 months with price going from 276,000 to 261,900.

[@gregorylyon1004]

Every seller wants a $100 thousand dollar profit from the sale on the house

[@ungrateful-66]

Same here in Southwest Florida. Several homes with for rent signs have sat vacant for months, several more just went up for sale and haven't moved for months all while even MORE are 80% finished unfinished new builds that look like builders are deliberately stalling in completion for obvious reasons.

[@megan5881]

@@gregorylyon1004 300K in Virginia Beach.Its insane!!!

[@JBoy340a]

@@geocam2 and property taxes.

[@IlaraSantosLatinaModel]

I don’t listed to the fed anymore. All I’m looking at is the cost of food. The inflation is much higher than they admit. Everything is 40% overvalued in Miami.

[@TheAjs71]

Not only in Miami...and not only misrepresenting inflation numbers, unemployment is well over 20% IMO, possibly even higher! Keep doing your own, agenda free research, this is just the beginning. When this music stops, try and make sure you've got a chair...

[@SoulfulVeg]

I remember when the bubble hit Miami. It was one of the worse declines in the country. I doubt it will be that bad again. But, all the places with the most housing inflation fell the hardest.

[@deerocker6987]

Miami is always overvalued and always will. Because the foreigners love Miami no matter what

[@Monika-tv8np]

Totally agree. I am in NY, food cost is about 30% higher since 2020. My car insurance went up maybe 5% which is ok. The problem is that nobody increases salary.

[@frederickmuhlbauer9477]

@@Monika-tv8np 5% normal even back in the 90s

[@kaydublin5164]

We traded our 3.25% for a PAID OFF MORTGAGE. LOVING LIFE. 😊

[@Thisismeofcourse]

My dad sold 2 of his properties, his rate was 2.90%. He explained that rates are never the deciding factor as to why people sell...people will sell, and he cited mainly due to the high divorce rate. But his realtor was telling "inventory will stay low FOREVER due to most people locked in those golden handcuffs"..but we all know that most realtors have no integrity, so they said that to try and gaslight people into thinking that prices will never drop

[@morriganfey6079]

Oh man. I just thought they were wrong. I didn't think about them using it to leverage people into buying expensive housing. It shouldn't surprise me that people are like that, but I feel like I'm surprised every time. It makes me sad.

[@MichaelBordenaro]

I agree any Realtor saying that is full of it

[@alicehawkins8685]

We decided not to buy yet my realtor will not leave me alone. She says all kinds of things to us. She doesn't care we can qualify but we're the ones that have to pay the mortgage.

[@michaelchristophergutierre7244]

My only caveate homes will get more expensive from a macro perspective. Hedgfunds and fund managers like Blackrock are buying up inventory at a fast rate including whole neighborhoods, next the World Economic Forum is pushing the agenda "you will own nothing and be happy by 2030. This is happening from a noticeable rise in gas, energy, groceries, insurance and everything else. Dollar store ain't even dollar store anymore lol 😅 But wages are stagnant or way behind inflation ...but a big factor is location. City dwellers are hurting and it's going to get worse if the elites have their ways.

[@ColdPotato]

What's a bummer is that even if we could magically make the insane price increase from the pandemic go away, insurance, HOAs, and maintenance still makes them much more expensive. The crazy HOA increases for condos are not just a California,Florida thing, it's hitting everywhere.

[@philipfrancis2728]

I wonder if the 3-4% interest rates were the anomoly and 6-8% is the norm? Why not? It’s just a matter of perspective. And buying “too much” house is a thing of the past. Nothing wrong with a 1500 sq ft 3 bedroom, 1.5 bath ranch. No one needs 3600-5000 sq ft!

[@HayleyPond]

It is fascinating that people are ok with buying things that are unsustainablely expensive.

[@operationretribution1263]

On the wlw news this afternoon. Macy's is laying off 6% of their workers and closing 5 stores. Wayfair is laying off 12%. And more that I didn't catch. But everything is fine...

[@deep6301]

Sports Illustrated is shutting

[@dariodjakovic1600]

You work for any of those?

[@eddyeroyal6024]

I know I heard that but Amazon is only laying off, today.

[@operationretribution1263]

@@deep6301 yes I remember something being said about sports illustrated too

[@delaville680]

​@@dariodjakovic1600 It impacts all of us. Thousands of people who can't spend money into the economy. Thousands on unemployment. Do you have critical thinking skills?

[@stanmarcusgtv]

real estate in the US has never been so overpriced - look what real estate spectulation did to Japan, it's been a zombie economy for decades because of real estate speculation

[@JBoy340a]

Japan issue is population shrinkage and aging. The population is shrinking by 1+%/year and is aging and dying fast.

[@fredrickhaemker8434]

Has that happened in the UK also?

[@blissdad13]

​@@JBoy340amaybe I need to move to japan

[@novadhd]

everything is overpriced

[@Dimythios]

DOES NOT MATTER. The price of inflation is still going up. This will continue to put people off from buying homes.

[@JBoy340a]

We are definitely seeing that. Especially with older people that had a 8% or so mortgage previously and figured out how to live with it before. They just refied that 8% to 5% when the rates dropped.

[@WarrenTom]

I think a lot of people that bought homes with 3-4% loans bought too much house or finaced with too much debt because houses 3 years ago only go up. Now those people have found out the true costs of rehab, insurance, property taxes, renters, vacancies, BNB fiasco, etc. It's pretty simple, people have to sell because they can't hold the house, for a ton of reasons.

[@BREEZYM6015]

I'm in a good place financially, have no credit card debt, no car payment, and have a monthly mortgage payment that I can afford.

[@ragtie6177]

Good to hear youre prepared also. Sound advice and another great video update.

[@MichaelBordenaro]

Glad you enjoyed it

[@SleeplessMomma]

The prices in my area are still way too high. I’m in Minnesota.

[@theewelder]

florida is higher,trustme...was in tampa,orlando,back to tampa within 15 years now..

[@SleeplessMomma]

@@theewelder I have heard, awful!

[@Litterbaux]

Same in Wisconsin, prices shot up around 30% and have stalled out but nothing is getting cheaper, maybe 1-3% cheaper but nothing major. It's crazy.

[@SleeplessMomma]

@@Litterbaux I happen to see some of the listings in Wisconsin occasionally. Up north they were kind of normal but I have noticed they went up recently. Hell, we just want a decent house for our family. It sucks.

[@gregorylyon1004]

The high prices are because every seller wants a $100 thousand dollar profit on the sale

[@WORLD-OF-MERLIN]

Those high frequency tick noises you heard are most likely devices to keep certain animals away, as they can hear those frequencies; whereas, we normally don’t…

[@MichaelBordenaro]

Appreciate the explanation

[@carolbagwell6769]

I thought maybe they were cicadas, though it might be a little early in the year for them. Heard this year there will be 2 kinds emerging so expect them in the millions. 🤔 last time 2 broods emerged at the same was over 200 years ago.

[@carolbagwell6769]

Uh oh..expect them in the trillions? Yikes! just read that. I'll be staying out of the southern midwest states this spring and summer.

[@Ocean_breezes]

The current inflation is out of control. I bought 2 gallons of paint for a bath remodel. Not premium paint, but middle of the road decent quality. $ 52 a gallon. Same paint 2 years ago was about $28 a gallon. This applies across the board. We are getting nickel and dimed too death

[@jamesjoslin7586]

Thats “ Bidenomics” !!

[@Juliet875]

Happy Friday Michael, Thank You!

[@MichaelBordenaro]

Same to you!

[@fullclipaudio]

A lot of people are selling their short and long term rentals. No one in their right mind would rent to the public in this environment.

[@steviecoleman9260]

Two or three years ago in my neighborhood houses were only staying on the market for a day or so now they're on the market for weeks at a time.

[@MichaelBordenaro]

That’s a good sign that things are starting to improve

[@steviecoleman9260]

Yes going back to a normal housing market where it's more affordable.

[@romanhollow2985]

Florida is falling apart in so many ways. It's the state of diminishing returns. Glad i got out long ago. What a mess.

[@francismarion6400]

​@@geocam2It is.

[@marknewton6984]

Glad you did too.

[@eddyeroyal6024]

This is not the 1800 or 1900’s where the job keeps you planted, or family in one area for 50;o one hundred years.

[@robertcovino4889]

I’ve been wanting to move for years, been in my current town 20 years and I have the itch to leave. But those golden handcuffs are so very sweet. 🤷🏻‍♂️ it would be easy to sell my home so many people moving here. Maybe in a few more years.

[@Randy-dm5tg]

Property taxes, high insurance, and big houses suck up alot of money to cool and heat. People are selling to find affordable housing.

[@teddutch2930]

Leasing contracts open of 19% is not the key for office space, lots of offices are leased by empty because people work from home but the companies have a long leases, SF is really bad, whole buildings are empty but still leased and nobody wants to take over the lease.

[@SirCarlosMusicBMI]

🎉🎉🎉 Hey 👋🏼 Michael. You always deliver your content in a very relaxing way. I really appreciate how you film your videos with the breaks showing your surroundings and your demeanor. Keep on keeping on my friend. You know that I always watch all your videos. Blessings,Carlos ✝️🙏❤️😊🇺🇸

[@MichaelBordenaro]

Thanks for letting me know what you like about my show Carlos. Every little nugget helps me continue to make the videos people enjoy. Always appreciate you being here my friend.

[@PJ-yc2kb]

Just looked at a property today down the street from my house. its 2mil. If paid off completely youde still have to pay over 3gs a month. Shits broken man!

[@MichaelBordenaro]

That’s so crazy isn’t it that’s more than most people pay on their mortgage

[@PJ-yc2kb]

@@MichaelBordenaro Its about what I pay for my mortgage and I owe 450k. Unless something drastically changes like Klaus Schwab said. Youll own nothing and be happy. WEF chairman. Pretty sure none of this is by accident but I could be wrong

[@JBoy340a]

3g in property taxes?

[@PJ-yc2kb]

@JBoy340a So it was 1700 a month in taxes and 1300 a month in property insurance. Although you could cancel the insurance in this instance. For a 2 million dollar property that's a big gamble unless you can self insure

[@billricheter5678]

Colorado has zero inventory and what little goes for sale induces a stupid overplayed buying freenzy. Insane

[@dens3096]

My neighbor here in Miami Beach got 2/2 apartment for 220,000 at the beginning of the pandemic when the prices crashed with 3,3% mortgage. He sold it for 450,000 in the beginning last year to people from new york. And made a nice profit. People who got their houses for 3% mortgage usually got them also cheap and they are selling them because they can make nice profit. That’s all!

[@basha0810]

What you said is the reason FL is out of control. Nothing to boast about.

[@larkatmic]

I’m in Los Angeles in the same house I bought in 1999. I want to move, but can’t afford to. I had a small window back in 2010, but then house prices went thru the roof again. Still insane out there.

[@dutch0770]

I got a .9% on a 15-year loan when covid hit. Until homes fall at least 100k in Florida (20-30%); people can't afford a place. It's 52% cheaper to rent right now.

[@sargepent9815]

I saw this coming years ago and useing some of the info from this channel and a few others, I was able to convince my uncle and aunt to sell and leave before it's too late. They retired and left to SW Florida a year and a half ago but had they waited even another 6 months, and the rates would have been over 6%. If they were still where they were, they'd never be able to sell their home because rates are over 8% unless you're a PRIME buyer WITH 20% down. Meaning, even though they owned their home, the people that were trying to buy wouldn't be able to get a loan. Likewise, they'd never be able to afford the mortgage on the other side of the move to Florida. While I have 10 years to wait out this cycle, they're nearly 60 and do NOT have that kind of time.

[@karenkoe7096]

Current interest rates are not high. Previous interest rates were artificiality low.

[@jacinedelarosa6302]

Uh according to redfin, prices are up another 4%+ year over year and active listings are DOWN 2%. Thanks for the usesless and unhelpful clickbait though. 👍

[@robertmanley2687]

These Are The Days of Our Lives

[@imperialgrind3128]

Who can afford to rent a home for 55k, let alone 25k a month???

[@Bamapride1985]

I'm pro renting but could never see someone paying that much for a rental

[@JBoy340a]

Someone with rent paid by a company other other business. Not all that uncommon for high level positions.

[@francismarion6400]

A Pfizer executive

[@JBoy340a]

@@RPNN Probably a lot of Putin's buddies that do now want to fall out a window.

[@joegaspar4130]

There's a lot of people paying cash for houses, especially up to 2 mil.

[@nmb5588]

Increased inventory is good but South Florida home prices are still way overpriced. People are still listing garbage houses for insane prices.

[@johnny6pac567]

We are already in a Recession Michael it’s all downhill from here

[@robdewdney3197]

A number of commercial properties are being converted to residential condos and the like. Rejuvenating communities. Lots of opportunities out there

[@divineashler]

That area you are walking in is very beautiful. Nice to look at. Hope to visit one day.

[@debrarolland1704]

I see a lot of walls around property. Walls are not a thing at all around here. There is one property in our area that has a complete wall at the front of the very wide frontage. But they leave the gate open.

[@timschultes6467]

I couldn’t imagine paying 95k a year in property taxes. That’s just disgusting 🤮

[@fredm1]

Well, I think it's time to realize "you'll never go broke taking profits." Buffett is also selling! I'm still uncertain about selling my $260k stock account and family home in Boca, but considering its recent significant decline, might just get through with it.

[@debwes1]

Don't sell; avoid trying to time the market and incurring unnecessary taxes. Stay grounded and focus on the long term. Or just seek counsel from a market strategist.

[@josephbush]

This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advsor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $ 1 . 1 m, generating sufficient dividends for my household's needs.

[@MarvishaN]

@josephbush I'm really interested in this, because I'm in a similar position at the moment. more info needed please

[@josephbush]

Well my go to person is a 'HEATHER LEE LARIONI'. So easy and compassionate Lady. You should take a look at her work.

[@MarvishaN]

Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.

[@msingleton]

Sales volume is at a 30 year low, but don’t call it a crash. 😂

[@jayf6525]

A lot of smoke and mirrors out there. I don't think mortgage applications mean squat unless that specific application can be tied to a closing.

[@jeffreydeuitch2146]

Here in Sarasota Brad area yes listing are increasing but additionally pending seem to be falling. Differences of course from neighborhood to neighborhood as well as price ranges but seeing this more and more commonly.

[@TamaraGodina]

I’m 45, $800K net worth. Been saving 50% of my salary, investing in stocks & living below my means. I'm trying to avoid new buys now in order not to get sucked into a bear trap. On the other hand, I’d love to know best possible areas and ways to invest amid downtrend. I’m worried with the numerous bank failures as of late or do I wait?

[@DrealOtis00]

@llWavene if you do not mind, could you explain a little bit how you're getting guidance and how can I contact the advisor? I'm looking to give stocks another shot after staying on the sidelines

[@DrealOtis00]

Thanks for sharing. searched for her full name and her website popped up and it was easy to schedule a call session with her

[@pabloganzales6197]

Your almost a millionaire good job keep it up, most people don’t have that at 45

[@RGX2178]

Scammers here beware

[@lightyplays3390]

just drop 200k in gold for safety

[@Ninurtha1]

What about mass layoffs, over 10 million so far .

[@roylappin4491]

I am with you on the debt free prepared, unfortunately it took me to age 60 to get there. (Now 70).

[@buffaloman5042]

Tons of houses going up for sale in Charlotte county Florida

[@ByDesign333]

Divorce Distress Desperation Death Such negatives for selling.

[@coleycole5344]

Right. Gotta bring sage and a lighter for a tour.

[@WA-de3gf]

Yeah true but it's fact. Have had real-estate rentals for 25years and most times this is why they are looking to move

[@soniabayer578]

Equals Disaster!!!!

[@michaelmccotter4293]

If the Fed Cheerleaders talk soft landing , I always picture the old Barnstormers flying into the Barn and leaving nothing but scrap wood.

[@scottmcamis2127]

House prices too high!

[@jackwilson8051]

I would hate to have to trim the hedges on those houses that Michael walked by.

[@denisem6790]

My niece and her husband managed to get a buyer for their hundred year old house - which was their dream house but it became very bitter when they started to get 900 hydro and 500 gas per month. they bought a newer brick home right away but the same price 550. They are 30 years old - I do hope in the coming times that they don't see the value drop

[@josephschmidt2183]

There’s plenty of home inventory in parts of Florida now and it’s simply supply and demand and now prices are slowly coming down. Homes are worth what the market will bear. The auto industry is going through the same issues as lots are full of unsold vehicles.

[@ZXX984]

People are spending left and right. Economy’s doing great! Full carts at Costco 700.00, 1,000.00 on a teenager’s birthday party, 4,000.00 on legos, and 30,000 on a UTV. Where’s the problem?

[@kaydublin5164]

High cc balances

[@z.d.davidson]

People are splurging on debt via CCs hoping and praying that new stimulus is just around the corner (which, depending on the next black swan event, could be true).

[@candelariaw1668]

They can afford to

[@tryingtoenlighten]

Doomsday spending. Most know the Sh will hit the fan soon, and they want one last party.

[@stormchaser419]

They are loading up on credit cards. CC spending is UP dramatically. Being able to put things on credit cards DOES NOT mean you can afford those things. Back "in the day" you had to have straight up CASH and PAY IN FULL to walk out the door with anything. NOW, you can virtually finance anything in your house. Literally. There is a whole industry besides rent to own and credit cards that allows you to "pay over time" for things you walk out the door with. People now on average are dying with about $65,000 in debt. I saw that statistic the other day.

[@WarrenTom]

Michael Bordenaro, can you do a search to see how many homes in Miami are late on their real estate tax payments? Those real estate taxes you show on your neighborhood properties are insanely high.

[@l.ls.8890]

Taxes of 95K per year that is incredible as after ten years you are 950K in taxes or more since taxes go up annually.

[@MichaelBordenaro]

Oh yeah, I will definitely be more as they continue to go up

[@piedradesechada]

That palm tree barely missed the house at 14:10 !!! … That’s hilarious that people tell you “you need to chill out.” You’re like the most relaxed person in the country.

[@saininj]

11:27, those are to repel feral cats and other pests. They get pretty annoying.

[@Johnnyo1300]

I can’t help but wonder how many people in San Francisco LA etc. refinance their house got a cheaper interest rate lost their jobs now they’re forced to relocate and give up that interest rate. I have a feeling it has more to do with the job market then people just deciding to move. I think they’re forced to move, it’ll shake out soon enough hard times ahead

[@davidh8293]

I live in SF Bay Area. Those layoffs are only a blip. Macys was dead a decade ago. Homes here are expensive and sell fast. Someone still has lots of money to spend I guess.

[@MichaelBordenaro]

We’ll find out soon enough

[@Avtr44]

My friend’s son was a software engineer in Houston. Got a job offer in SF paying $240,000/yr. Lives in the heart of SF and he is 29 yrs old. He just moved 12/23 and said all of his young colleagues are getting paid around the same. He said he bumps into homeless maybe twice a month. No big deal. Is all about the experience.

[@nysavvy9241]

I bought my home in Tampa the last day of 2019. Moved there a year later. In 2023 I sold my home, made a good profit and went back home to NYC. I purchased a nice coop in Queens. Would I move back to FL...maybe when prices come down a bit.

[@peteybrian]

Seems MUCH higher than that 20% vacant office space…. Empty offices, hotels, along with the retail apocalypse, small business closures, downtowns are barren.

[@M3LTUP]

I scroll through listings every couple weeks. Home prices are still very high considering the % rates. Also there are still very few listings. The Market is still locked up pretty tight as far as i can see.

[@michaelchristophergutierre7244]

I moved 5 years ago from California to the gulf, Florida .I was not prepared for 1 my beautiful country town get over developed , 2 the cost of property tax, hoas and insurance double and triple ...I'm looking at moving now because I'm retired on a limited income .

[@garymcgovern1423]

Just wondering what are all these real estate agents are doing now? I think only the good salesman will make it. Hello 👋 from illegal immigrant infested Massachusetts..

[@s99614]

I think a lot of them have moved on to onlyfans.

[@MichaelBordenaro]

Many of them are living on crumbs I assume. Transaction volume is way down so only the most successful agents are still making a good living right now.

[@atomiclitterbox8526]

I wonder how many people move because of the neighbors. I doubt many people would divulge that information but I have seriously considered moving due to the neighbors. When I first got here my neighbors were cool, but after a couple years the house across the street became Section 8 and it was one disruptive bunch after another until the house was finally sold, thank God! My next door neighbor suddenly had to have a fur baby so they adopted a hound dog of all things! You ever had to listen to a hound dog barking all the time? This has caused a lot of stress and conflict with people whom I'd gotten along with just fine but discovered they're just trash. With the implementation of a noise ordinance and the use of my smart phone I have finally been able to wack the noses of these people so I finally have a livable situation, but I tell ya, moving would have been an enormous undertaking but I was ready to do anything to get away from the place and leave it to the dogs if need be! I'd have had to sell cheap or pay 2 mortgages if the nonsense continued, it was that bad.

[@CreatureOfH4bit]

FYI: those noises are usually motion sensor activation. Probably activates a camera or notice for the occupants.

[@djmotion86]

sure some banks will go under because they did a crappy job at estimating their risk exposure when they gave out those loans. Banks need to stop giving lala land loans period.

[@orion3706]

My wife and I are wanting to retire in Florida, and in my line of work, I see so many retirees relying on social security as their sole source of income. The thought of not having enough income in retirement scares the crap out of me. There's so many people who are one rent increase away, or one natural disaster away from losing everything. There's also many people whose best option for shelter is public housing. I don't want to be in that boat when I'm ready to leave the workforce. That's why I'm taking the steps now to ensure we'll be financially secure when we retire. With the exception of one car payment, our debts are paid, we make good income, and we will have pensions when we retire, both of us. In addition, my 457b plan through my employer is maxed out. If people would take the time to plan for their future now, they would be so much better off when they can't work anymore. Failing to plan equals planning to fail.

[@riderofthewhitehorse]

Thanks for letting us know about how empty offices can lead to a recession-like economy. Great advice on saving a six-month fund, clearing out debt, and preparing for rough seas.

[@msingleton]

Commercial real estate values are projected to drop 40%. 60 minutes just did an excellent story on this. Right now they are playing kick the can. Long term, the impact is going to be massive.

[@dianeturner9503]

Smaller, regional banks are going to take the hit big time.

[@matthewsmith2362]

I can’t wait !

[@MR..181]

They still push the clot shot..

[@JBoy340a]

Makes sense. Fewer people buying things in a store. More online. Malls closing. Also, people working from home means no need for office space.

[@klein2252]

The only way I’d sell my house is if I could get enough to pay cash for my next house. Not happening.

[@stevenevangelist5221]

40k in property taxes. That's crazy.

[@InvestingWithAdamK]

The math of people with loans under 6% can only go lower as a percentage. As people buy homes now that rates are higher that will alter the ratio on its own. Yes, some people move no matter what. However, even if people don’t sell their homes and buy a new one the ratio of people with an old lower rate vs a higher rate will continue to change no matter what.

[@jodiekohut9443]

I despise the term “new normal”

[@magicman47999]

Empty office building owners need to lower prices.

[@s99614]

The rent is too damn high!

[@KristopherStidd]

Thank you for the video Michael 🔥

[@MichaelBordenaro]

My pleasure!

[@Studiovette]

I think if prices come down enough it might make enough sense to sell and upgrade to a home and pay a higher interest rate.

[@maryelizabeth8793]

NO. Live Below Your Means

[@MichaelBordenaro]

Absolutely

[@jaydeeare285]

Fun fact about this channel- in the two years you've been watching it , prices have risen another 15%+ and still counting. Oh and this guy also brought a condo in miami in 2022 while "predicting" a "crash" in literally every single video. In other words, you've been had. Lol👌

[@zackbog]

due to un stable jobs people will not stay put anymore

[@ralphseewald4069]

Wondering if banks have some type of insurance to protect themselves from vacancies on commercial property

[@MichaelBordenaro]

As far as I know they don’t. I’ll need the building is the insurance. I’m sure nobody expected that prices on these buildings would be falling 50 to 90% in some cases.