Experts predict Florida's 'obscene' homebuying market to fizzle as many become priced-out 

Well god damnit! Buy a house already. I need a cheep house! Lol!

@@alexknight4682 lol, fk that, 2008 I learned my lesson.

I always have horrible timing with investments so now I just keep cash in the bank. Its safest for me to do. Lost too much listening to others

@@TampaTec I almost got screwed too in 2008 but trusted my instincts instead of a realtor

@@TampaTec I would expect everyone had, but we wouldn't be in this situation otherwise. What is up with fl right now anyway? There isn't a single place to rent even.

not making profit on house when you hold it for 4 months and the house payment is half a million per month either.

Your crazy I work for 4 different realitors doing construction everyone of them are making a killing.

Don't forget the short term capital gains tax.

In my area they are building hundreds and hundreds of new homes. All over priced and made with Chinese building materials. This is just like what was happening in the early 2000's

@@untouchable360x yup 👍

For 6 figures a month I would as well.

@@WeKiIISuckas Good way to have a heat stroke! Empty houses don't have AC running!

they all do bro

Make sure to stay hydrated 🌊

Just moved my mother down to south florida from CT after owning house for 35 years. Got outbid on All 17 properties we offered. All. Every single one went WELl over asking. Were now stuck renting for an absurd price in a low too middle class neighborhood. Just cant win these days wow.

exactly, i don't understand people who sell their primary home w out a plan as to what they are doing and going to

Just move into a U-Haul truck That’s what real Americans are doing We were at the beach

Some people want to escape the larger U.S. cities after last year. Many people are working remotely & can live anywhere now.

No, no, no. In this topped out market, you don't buy after you sell. You rent short term. Then when the market crashes in a year or so, you buy your dream home for $150,000. 00 cash. And another crash is coming. BTW... Damage, Inc. Nice!

It works well where the homes are the most ridiculous, like California. Just like the guy said, sell your home for a million, then get twice the home somewhere else for 500k.

Yeah who sells a house without building equity first even if it was a mistake

@@jillianleda6732 that's the point. the market is so overinflated they are building insane amounts of equity in a month without even actually putting any of their own money into it.

Exactly

Na. If you buy at 450 hold for 2 months and sell at 500. Thats zero profit. Commission and other costs eat that 50k.

@@MrBeard-ig5zc deadass, even the short term capital gains on that “income” will be out of the roof. Everyone knows you should keep a house for atleast a year before you sell to pay lower taxes

Exactly! I would say for 500k house you would spend 35k in closing cost and 14k in taxes,,, if you sell it for 550k you are at no profit almost

@@lidoz the news need to retake math.

Have to pay capital gains tax as well since it wasn’t lived in for so many years before the sale. Probably broke even lol

Exactly... The news channel is deceiving people on the $100k. What about broker commission, closing costs, capital gains tax ??? More like $35k-$45k NET Profit

@@MrSiddji you're all missing the point entirely...

I don't love that.

@Steve Nunez agreed, but I doubt that’ll happen.

This ⬆️

Yup blackrock is one of them. This all part of the "great reset" stop selling to anonymous or tempting offers.

How so ?

I think it'll be mostly ugly for people who are currently buying for well over market. Especially those doing loans who may not be able to afford it down the road., they won't be able to resell if it comes down too much.

Banks are not over lending like they did in the market crash previously. Don’t think it will happen like that again

A lot of production will slow. Unemployment increase. Inflation will remain. Dollar de-valued. Stocks decrease.

Topic: It's going to fizzle Probability: No Why: Because of California's 40,000,000+ people & their mass exodus coupled with them having a surplus of cash in far excess over the country's house mean average. Aka at any given time there's more people looking to leave CA, then there are houses on the market.

You're exactly right! New Simi cycle play out before. And Portland Oregon during the tech boom is a perfect example.

@Lotus. They all deserve it for being greedy. Housing should depreciate in value just like everything else. They need to bust nationwide. All these get rich quick house flippers need to go bankrupt. Reminds me of the graphics card whores causing super inflation because they are trying to get rich farming Bitcoin. Greed Greed Greed☝🏾☝️☝🏻

And that's just right around the corner another 2008

@@terryhunter2526 No!!! Please tell me it isn't so! I bought my house back in 2007 and immediately lost $200K in value overnight! Finally almost worth what I bought it for 14 years later.

@@laurad2442 If it goes down, it won't go back down to nearly anywhere close to what it was in 2008. Just think about how much a $100 could get you in the 90's and then do that again in 2008. Now in 2021 $100 is like $30. The price of homes hasn't gone up, the dollar has gone down.

@Lionel Dore just one of them, but you can find it on mostly alternative news outlets

All hail black rock

The sign in this video said bLACKROCK rEALITY. Spelled exactly like this on the for-sale sign. Do you think this is the same company as the Blackrock Corporation?

For anyone who doesn't get the reference look up The World Economic Forum, "Great Reset".

doesn’t fit their narrative

@Faux Que big lumber mills

@Faux Que are they on hold because of lumber shortage or are they making a shortage to make more money?

And the fact that that is allowed? Please explain

@Faux Que tariffs

The new thing now is to sell your house and then demand that the buyer let you stay in that house for the next two months for free while you look for the house you want to buy. Sadly, a lot of buyers are agreeing to this.

A whole lot of pensions are wrapped up in that housing market... Some will make a ton of money, many will lose a ton of money unless the fed has some dry powder left... negative interest rates? You will know the end of the dollar is here when a dollar is worth as much as a piece of toilet paper.

@@joshcourt1393 congrats. thats how money is made. someone has to lose it for another to earn it. Toilet Paper will be worth FAR MORE than the USD here very shortly. :)

@Inceptacon lol its not people cashing out their pensions. its folks fleeing democrat run states. they are infill developing america. you really dont get how this works. The market doesnt affect "them" it affects us. They trade in human time, we trade in paper dollars. Guess which one has value and which one doesnt?

@@DieselRamcharger you sound like a fundamentalist which is a problem because the fundamentals have been gone out the window. Money hasn't been backed by gold in years so it's infinite. ESPECIALLY in the last year we've printed more than 3x the amount from 2008-2009. USA money is infinite. Nobody has to "lose" money for you to make it. A dollar that you have isn't a dollar that I can't make because it's in your pocket. But yes the whole market is about to crash hard

@@MrArtVein whats your definition of fundamentalist? lmao. it sounds like you are arguing that if you have any principal what so ever you are a total loon. US money is not infinite. lmao. Well, i mean it can be. But the value isnt. Thats why the price of things like gas fluctuates wildly. Anyhoo. Do you know WHY gold is perceived to have value? {Serious question} Like why historically has gold had value as currency? you cant eat it when you are hungry. you cant drink it when you are thirsty. you cant plant it to grow and you cant squeeze it for drink. if you are. man alone in a desert with a pile of gold. you are still wealthy. but why? WHY is gold valued throughout history? i would like your no bullshit take on this. If you dont mind.

@Georgetown Vintage Rent is getting expensive as well too. For a one bathroom it play some ranges from $1,000 dollars to $1,200 dollars if you want to live in a good neighborhood

@Georgetown Vintage It’s terrible. I pay 1500 for a 2/2 in a crappy neighborhood. If you want to live somewhere nice, the 700sqft 1 bed rooms are 1800 starting price. You have to be almost rich or live with a roommate. My wife and I are waiting to buy a house but once the prices are what they’re suppose to be. Stay in Ohio my friend lol.

@Georgetown Vintage I live in S FL my rent is $1700/month one bedroom one bathroom that includes garbage & water…stay in Ohio my friend

@Georgetown Vintage Palm Beach County $1400 for one bedroom one bathroom in a decent part of town.

Studios in socal are going 1200+

Usually buying & selling your home for a profit isn’t normally categorized as money laundering operations. Though an example of what could happen... if you’re Charlie Crist (D) any foreign entity can buy your home at triple the asking price while this craziness is happening and then “CHy-Na” could rent it right back to “Charlie” the same day with an all inclusive $500 a month payment that includes taxes, utilities, insurance with an option to buy. Though legal, I doubt Charlie would do something so unethical with his property... AGAIN.

@@SoSpankMe it’s a Tampa Florida thing. There are an amazing number of “oh my, I actually want to buy a house over there instead and then sell the house for cash at a huge mark up. Foreign banks are not nearly as scrupulous about where their money comes from.

@@SoSpankMe o wow, lol, don't hold back

50 k will never happen bc of inflation and the dollar becoming worthless

Lumber just came down 30%

No its worth more because there is alotta demand and little supply

probably took out a bunch of covid relief money... cashed out 401k's etc, sold their beach front properties and moving up prices in surrounding areas.

In California Chinese were paying way over asking price in cash in the Bay Area. The people who sold went to other areas. Drove prices up. Now I am hearing big investment companies are buying homes to rent them. It’s a class war

homes will be million dollars soon :(

This, I sold one of my rental properties for a record price last month just to cash in on this boom which is now invested in the SPX500 etc & select stocks - speculation really, kinda hoping for a correction soon to buy back something bigger for the same money...we'll see how that plays out! But if it was my main house, it would be pointless; with the boom continuing & the amount of time it takes to complete on your new house plus associated fees & tax, you'd end up losing out in the deal, relatively!

You shouldn’t buy a home if you don’t have 20%

You don't need 20 percent down for conventional either, 5 percent will do and some go as low as 3.5.

Goodluck making an offer. Most buyer without 20% down will not get a house. No seller will accept an offer with a FHA and VA loan these days.

You need a cash offer right now in Florida. People are willing to pay well over market value and banks won't finance that far over market value.

@@ThePunishmentGaming you can use a conventional loan and come out of pocket for the over bid over cash offers.

Well said!

Yep, give them enough time and they'll snatch every property up. Even those homeowners who hold out, they'll approach with irresistible offers, just like corporations have been doing for years to those who own acres of sought after land they want to develop. Eventually they'll own it all and have the whole country under their thumbs, forcing us all to pay them rent every month.

Not if the house you bought was only for the purpose of reselling it.

Truth

@@dorothymartin8557 how about living in a tent in the woods eating out of nature

Why north?

Very very very underrated comment….

I’m in Florida. Getting the RV ready

Yup, I'm just waiting for it to bust. It's insane everywhere. Even the states with less than a million people.

@@DizzyedUpGirl i live in indiana and its been getting crazy over the past year and j cant see it going down just like it did last time ...gonna be good to scoop up forclosures again for some

Lol

Exactly! That was not a regular buyer!!

Don’t be miss led. They paid a fat capitol gains tax on that said 100k I’ll bet around 35k

They say 50k profit, but that's bs. When you p[ay realtors fees and title and such including taxes on your profits you're really only walking away with like 10-20k not 50. And even less so if you consider a 400k home you buy you are usually paying 420 after closing costs and such. so really you're not making much and just breaking even. Most people lose money on those deals and oftentimes just wanna break even

Why would that cause it to bust? If they're all "leaving NY and CA" then the only prices that will go down are in NY and CA, which is fine by me.

All metropolitans are democratic China

@Killer Miser There probably would be a crash if it were every day residents buying homes, but since it's Blackrock deliberately buying them up it probably won't. Once hyperinflation hits a lot are going to lose the homes they're in now. Can't afford them anymore. Property tax is going to skyrocket too.

@@SheepAmongG.O.A.T wouldn’t that qualify as stagflation.

@@Newlinjim Never paid much attention to the word until now. I guess it fits. Part of our unemployment problem is because people are getting more free money right now than what they would make or at least its just not worth going back to work. This country is in a free fall at this point, morally and economically.

In this market, a RE agent is not necessary. There is nothing to "sell". The mania is real and you can sell on your own. I've done it over 20 times ;-)

I hate attorneys realtors and cops! In that order

Many agents in Florida have become millionaires now because of this craziness.

@@jayrod9002 they aren’t getting percentages anymore. Just flat rate for every sale. It’s become that outrageous

Capitalism won't allow that 2 happen again. That was a once n a lifetime thing. Greed doesn't allow logic 2 win.

This has a lot to do with the COVID insanity. Florida, being one of the very few states that haven't gone off the deep end (thanks largely to DeSantis), is looking REAL good right about now. So as others have said, it's all about people trying to escape whatever state they currently live in, and moving to one of the few semi-sane places left.

@@denniskelley8974 i know, it will level off at some point. plus, some will decide they don't like the hot weather and move back north(er) than they were. timing is everything.

Sadly I don’t believe this will come back down. 🤷🏻‍♂️

Who wants to live in the desert? Beaches or Desert? Easy answer!!!! I dont think ppl are idiots and want to go live out there and gamble their life away.

@@Dontbeeadummy Florida is more then just beaches and palm trees. #5 for worst natural disasters.

@@mikebobson2768 lol. No one is scared man. Ppl take chances driving to work amd getting in your car. A beach is more pleasant than a desert.

@@Dontbeeadummy I agree a beach is better then a desert but Florida is much more then beaches and sunshine.

@@mikebobson2768 yea! Fine woman, great fishing, amazing food and good weather.

lmao Democrat policy ruined California.

@@marcusweathers3070 If California were ruined as you say, it wouldn't be one of the most expensive or populated states to live in. Get real. I'm referring to the real estate market. Democrats had nothing to do with that.

@@John_Q California is ruined there has always been more idiots than not in this world

@@alext7952 That's a lie. Most wealthy people in the US live in California for a reason, and it has the fifth largest economy in the world. It's still the most desired state to live in the United States. If it were more affordable all of the degenerates from other states would want to move to California.

@@John_Q lmao you are actually insane 🤣🤣🤣🤣

Or if all the people from out of state stoped paying over asking price.

+

So you wouldn't try to get as much for your car or house as possible? Yeah sure you wouldn't.

Sellers and agents, enjoy the greed while it last.

Yep, the government benefits greatly from this. Don’t expect them to do anything. Who gives up free money willingly?

Ditto for Phoenix And now the whole lot between California Nevada and Phoenix are out of water........let's sit back and watch the NEW market trading of water run up water Bill's to 1000 a month

@@1just4laughs Right? I love listening to the experts talk about " emergency restrictions" as if by saying that , it'll fix the problem. There is no substitute for water. Period.

Lol that part

Truth.

Whats the difference in being able to afford $1500 a month in mortgage than $1500 a month in rent?

1000000%

Patience is 🔑!

I moved to Denver in 2008, around 2013 I was ready to buy a home, but I got not so great advice from everyone and convinced myself that we were close to the peak again and that it was going to come back down. Fast forward to 2021 I could no longer even afford rent, uprooted moved to Tampa on a whim, lived there about 9 months and bought a house to not repeat that same mistake.

@@biggamer8655 were not even 9 months into 2021.

I'll wait for the crash. Realtors will be desperate for cash just like the suckers they rope in. Empty houses are the result of greed and a major driver of the homeless problem. DUH.

Exactly

I'm doing the same..save save save

It's expensive everywhere..

Rent

Don't have to buy right now..

Freedom isn't free but it's sure worth it

rent for a couple yrs

@@EF_DadLeftMe You think home prices went up and rent didnt?

you fell for the vaccine so why not lol ~ Ivermectin worked great, but money won...

Traffic is Sarasota is insane. Good luck getting to a beach.

Suresure blame the Pandemic bc that totally has something to do with it

Wait until hurricane season is over

@@branflakee4257 And this year is supposed to be bad.

@@mikebobson2768 ~ no hurricane season is not predicted to be “bad”.

@@SoSpankMe It’s predicted to be above average. Perhaps BAD wasn’t the right word but from the article’s I have read it’s not going to be a good year.

And low inventory

No they are not. Mal investment always mean reverts. Wage increases do not support these valuation, you have 10,000 baby boomers retiring everyday demographics would suggest that one way or another they will not remain in owner occupied residential homes.

Yep just like corporations have been doing for decades to those who own valuable acres they want to develop. They're stealing everything away, eventually give them enough time they'll own everything and we'll have no choice but to pay them rent every month.

@@jflsdknf -- That is their marxist plan. To destroy the American dream of owning your own home.

How do regular working people afford million dollar homes? Are the salaries that high?

With the pandemic coming to an end and a lot of people choosing and being forced to return to work less people will move to Florida. On top of that this year is going to be really bad with hurricanes so it would not surprise me if that affects the market somewhat badly.

my realtor said that EXACT statement in 2006 to me lol...I kid you not!

That's an easy study : "Get/stay off the f'in drugs." OK, where is my million?

@@Icecat21How are you going to get the people off drugs that already on drugs?

@@daedae1522 I have no clue. It has never been a secret what drugs so to people, so I never had the desire to use them. No matter what life threw at me. A lot of people seem to think legalizing drugs will help. I cant understand the logic there. I think those are just people who want to do a lot of drugs and not get caught. I suppose if the cops confiscated a quantity of drugs, poisoned it, and put if back on the street it would reduce the number of drug addicts. Probably have a deterring effect towards people who might try them also. I was merely stating that a "million dollar study" is pointless. It is a waste of money to determine the obvious.

Yeah but to come out even is still crazy.

@@cyphi1 agreed, but the reporting is inaccurate, misleading and sensational unnecessarily.

No. When the tide rises, EVERYTHING that floats also rises. They are not selling for less, but obviously not selling for as much as RE in more desirable areas.

@@jamesvelvet3612 I agree with most of what you said except I must point out one thing. When the tide rises everything not floating will be in way over its head. Time will tell what floats and what will sink.

It’s due to limited inventory, unless you’re offering new builds. We have investors calling & texting us WEEKLY for about 2 years wanting to pay us what we paid 6 years ago for our home.

And the wild thing is, we overpaid for the area 6 years ago - but I saw the potential for my area. And now this happened along with people on our street doing a lot of remodeling during the stay at home orders.. homes, guns, gold and gas always seem to inflate every election year - without fail lol.

@@cwalt6558 so it’s not cash flow positive unless they can buy it for its value 6yrs ago..hmmmm

The world is in a mess because of central banks creating moral hazard.

You're right. It's all the out of state buyers who are moving here. They sold their houses in their liberal shithole state and then come here to Florida and buy for a fraction of what they're used to paying.

Most Californians do not on their home and do not have a pot to piss in!

Republicans are so ignorant. I suppose you think Democrats are doing this to the housing market. Fool. Republicans are all over this mess. Rich getting richer. The poor keeping their heads above water. Grow up. Liberal State. You sound really ignorant and uneducated. Go watch real news.

Same thing happened innColorado.

that's the realtors job.

@@KevinP32270 They also have a fiduciary responsibility. If the market is being manipulated the should make the buyer aware.

@@sh0t0kan the market is moving nationwide. you can't tell all realtors to stop working. they have bills to pay as well. it's also the buyers responsibility to do their research.

​@@KevinP32270 True. But to have a house that was listed for 492k and then in four months relist and sell it for 600k is disgusting.

@@sh0t0kan but that is the market. not the realtors fault. i agree. it shocked me too but that is what it is. as a buyer you have to be willing to walk away and find something within the range you want. i have a car that is worth 12k in my garage right now. if someone offered me 20K to buy it I'M SELLING IT ON SITE LOL.

this intellectually makes no sense

Lol idiot, I make $15/hr and my wife makes $17/hr. We bought our home in central Florida 3 months ago. We have no credit card debt, paid cash for our vehicles, and got a USDA loan which is 100% financing @2.65%. We paid $9k in closing costs. We are far from rich and our payment is only $1600/month. It's incredibly easy to get a home but the ones claiming it's impossible are financially irresponsible and lack impulse control. Credit cards and car payments keep people poor.

@@93rwolf not true your last two sentences. Everything else is accurate based on the facts he laid out. Most people do not know about USDA loans. Also, there are a lot of factors that go into home purchase. I could probably go back to NC and buy a decent house. Dealing with discrimination for being black and gay whilst virtually being antagonized everyday or spend more money to not have a house but live in an area I am happier. That’s the thing there is a sociological component that doesn’t marry well to the money

@@brianholloway6205 Being black and gay has absolutely nothing to do with it. It is against federal law to discriminate based off of any of that. Lenders receive extra government funded incentives for meeting specific quotas in regards to these factors. Nobody is forcing you to spend money in irresponsible ways. The USDA loan is one of the largest programs offered by the government, if someone is not aware of this then they shouldn't be buying a house to begin with. All of the information is available for free. If a person is planning on making the largest purchase of their life then they should do more research instead of carelessly signing papers they know nothing about. People who fail to educate themselves are the only ones to blame when they are put in a bad decision because of their own actions.

@@93rwolf How far did you have to go and was it worth your commute? Pretty cool didint know about the program might consider it depends how far my commute would be.

Yes it needs to be addressed. ASAP

A group of wealthy people selling homes to each other raising prices till they find the fish . I see how that works . First clue . House resold in months after purchasing

where do you think all that CASH is coming from, eh ??

@@rhuephus Fresno California , wealthy and corporate bought hundreds of repo homes. They still empty all over Fresno. That way people think homes are unavailable. Not hard to spot empty homes yet not on market for decades

Increased News Coverage does not equate to Increased Crime. All of the “ 90% of the Crime” people are killing each other so less criminals eventually

@@Redoption19 Its free real-estate

Right

Definitely foreign investors

Now do one for median wage growth so we have a basis.