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MORE Home Buyers SAYING NO! (Housing Market Recession)

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Home buyers are saying NO! They reached their limit in terms of pricing of homes, where mortgage interest rates are and how that affects their monthly payments and budgets. So now many of them are saying they'll just wait until the housing market improves.
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Опубликовано:

6 сен 2024

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Комментарии : 453

@MichaelBordenaro Год назад

Unbelievable Reasons You May NEVER OWN A HOME! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Q0lmLq2NwJo.html

@thetruthalwaysscary Год назад

Imagine buying a $5 million maximum $6 million home for $8 million because the seller gives a 5% or below rate. Hilarious.

@colinchampollion4420 Год назад

Michael I mean shirtless and shadeless would be awsome . Last March I paid off my house and save & saved ~ bought my Mercedes-Benz Cabriolet cash. SOOO NO debt🤓👌✨️

@SomeUserNameBlahBlah Год назад

Rates aren't the issue and never have been, it's the high home prices.

@glennbeadshaw727 Год назад

Yep I just said that and I didn't see your comment until I posted it

@ronaldlindeman6136 Год назад

I don't think that is true. A few years ago, when rates were really low, payments on a house could have been 1200 a month. When rates increased recently, the payment for that same amount of loan would have payments of 1700 a month.

@CHMichael Год назад

Just run your numbers and check if you could rent for less Hoa and insurance are getting out of hand - I only have insurance. ..... compared to the supermarket its actually still cheap.

@KingAboveMe84 Год назад

It’s not the rate. It’s the price of home. Almost all home prices in the United States are incredibly overvalued. Who controls the value of home prices?

@SomeUserNameBlahBlah Год назад

Sellers are pricing their homes based on Zillow's "zestimate" or CoreLogic. These algorithms need to go or be banned. FYI - Zillow no longer allows people to list their own homes, they must go through a realtor.

@kirby145x Год назад

The value of a home is whatever someone is willing to pay for it in a buyer's market. If there's multiple people making cash offers it's a fair value, that's just reality. If people aren't all willing to sell all their houses and lose their 3% interest rate then there's less supply to bid on.

@TheGubiatti Год назад

RBNB is the controller of this madness

@briom1425 Год назад

Zillow is lower than Redfin estimates

@CHMichael Год назад

The market - buyer and seller agreeing on a prize. Zillow just looks at past sales

@ksmith2852 Год назад

In California renters and buyers and sellers are saying no. We have had enough of being squeezed everywhere we turn. Even if you sell, where are you going to go? There is something very, very wrong with the US economy.

@trevordoeseverything219 Год назад

The interest rate is not the problem. ITS THE PRICE OF THE HOUSE AJD THE QUALITY OF THE HOUSE

@user-dl5hs2ez9p Год назад

Exactly.

@shanerogers9386 Год назад

South Florida has been hoarded by flippers and investors. All homes are now 100-300 percent higher in less than 2 years. Tons of newly bought and severely overpaid for homes have been converted into rentals. Many remain empty.

@kohnfutner9637 Год назад

🎯

@samgreer8596 Год назад

I could not agree more. Don't really care about the rate, I'm not interested in bubble pricing.

@Ponskippa Год назад

There’s a house here in town that’s been on the market for 180 days. They’re asking $150K, when just browsing through photos online, I can tell it needs central air / heating. Insulation. And probably foundation work. The market is still insane

@AGhostInTheMachine Год назад

where do you live that there's a house for $150K

@ukulelebutterfly Год назад

Renters BEWARE!.... you better check the Landlord's credit too! Do a property search to make sure there's no funky issues with the property or FORECLOSURE in process. I've seen this one happen.... You give first, last, security..... bye-bye.🦋

@Free_FromLegalTyranny Год назад

The asking price of these matchstick, termite infested wooden houses is beyond comprehension.

@nitemoves3157 Год назад

The last decade should not be considered the norm. Interest rates at the zero line indicates a bad economy 2) we’re cycling, prices will come down, not everything goes up in a straight line. 3) if you wait for price, then time will take care of itself

@glennbeadshaw727 Год назад

The reason that everybody needs a 5% mortgage rate is because the price of the home itself is way too high..... I never have fomo I just walk away if I'm not getting a fair deal

@briom1425 Год назад

It all depends on the rent prices in your area / city

@biffjohnson2076 Год назад

I get 3 emails every day from my mortgage company, begging me to take out a HELOC. I'm currently in a 2.25% fixed mortgage, and my home has gone up over $100K in value since I purchased it in 2016. I'm not a terribly smart guy, but I ain't THAT dumb, either! 🤣

@mikeshay6614 Год назад

Having a heloc sitting on the side doesn't cost anything. Comes in handy when an opportunity comes up. Never use it for dumb stuff.

@jimshoe402 Год назад

@@mikeshay6614 Mine is $1K open to Get a DEAL !!! 🤑🤑

@joeswanson733 Год назад

forget lower mortgage rate we need lower prices of the house itself.

@BudgetwithAllisonSummer Год назад

I will say, my husband and I was able to acquire a beautiful 2300 sq ft property around February of this year. We acquired it for under 200,000 and we where able to get closing cost added. Plus most of the mirror repairs we asked for were fixed. Our rate is 5.5% and we only pay 122.00 more for a mortgage then we were paying for our previous rent. Unfortunately, the couple who own the home previously got divorced and they were really motivated to sell. Houses in this area was selling for 269,000 a few cost 400,000. We were the first people to look at the house and we put a offer in and they accepted right away. We had all inspections done, the house was perfect. We thank God for helping us find something affordable and a decent interest rate. Hope everyone else finds something also. Everyone deserves a home to call their own if they want one.

@formula112967 Год назад

The problem with a re-fi is, it turns your loan into a new loan again, and your interest gets front loaded again, so unless you get a shorter term than your original 30 year loan, you are essentially starting over new, and if you get a shorter term loan, your payment will be significantly larger and don't forget those closing costs.

@mikeshay6614 Год назад

Finally someone gets it. The lenders love it. Always knock the term down when doing a refi.

@hvaball150 Год назад

"front loaded". No. You have a balance and the interest accrues on that balance at the rate. There is no such thing as front loaded on most house loans. If you refinance and pay the same monthly you will complete close to your original term. Except the refi costs you more balance to process, so just a little longer. If you refi and pay less montly ... Well you pay less then.

@jimshoe402 Год назад

Get a 15yr from a 30 yr Simple.I DIDs that's 10.25 down to 7%=$$$$$$$$$$$$$$..Just on THREEE..😁😁😁😁

@manbtm1 Год назад

Exactly, Great response, the problem is so many people don’t think of any of this, all they know is can I get more money now. I’ll worry about the consequences later, and there are most definitely consequences. Welcome to America

@formula112967 Год назад

@@hvaball150 calling it front loaded is just a shorter way of explaining it versus your 4 sentence explanation..... I know how mortgages work....I am on my 3rd mortgage and making triple principal payments, just like the last 2 mortgages I had that I payed off early.

@MM-ig2zq Год назад

Stupidity is buying way overpriced home because the buyer is freaking out about renting. A lot of this going on in Miami, they will be sorry.

@schan263 Год назад

My mortgage rate was 6% back in 2003. I didn’t think it was bad back then.

@kohnfutner9637 Год назад

It's not that bad but the prices now are higher than paint huffers.

@johnhaller5851 Год назад

Mine was 8% in 1982 on a 3 year seller-financed loan, with an optional extra year at 10%. Rates dropped below 8 before the 3 years were up. When selling it in 1988, I made no money after selling costs, conventional loans were still over 7%. I did better on the next house, as interest rates dropped, I kept roughly l the same payment, but dropped the term, first to 15 years, and then to 10. Then to college payments for my kids.

@schan263 Год назад

@@kohnfutner9637 Yeah it’s the high prices that is the problem.

@joelpm503 Год назад

My rate was 6.35% in ‘06 on new construction single family with 169k list price. Same house today is closer to 300k

@therondrayton298 Год назад

Wasn’t bad then because they had lowered slowly over the previous decade.

@FWMCBigFoot Год назад

Respectfully, regarding credit scores, you don't know what you're talking about. They want to charge higher credit score buyers to pay a higher rate to finance low credit score buyers. Look into it.

@MichaelBordenaro Год назад

I'll look into it

@FWMCBigFoot Год назад

@@MichaelBordenaro Economic Ninja just recently talked about the change.

@jojojojojojojo7013 Год назад

A guy I work with was telling me he regrets buying his house about a year ago. He said he wishes he would have just stayed renting.

@Anon_nymous Год назад

We are currently seeing the consequences of everything that happened during and post 2020. Everyone that took an experimental shot regrets it now. Most who bought overpriced cars and are struggling with monthly payments regret it now.same applies for those who paid historical highs to lock in low mortgage rates. Also those who moved away due to work from home are now being told to return and regret it. Everything is reverting back Pre covid. Those who Observed and prepared and didn't participate in the covid shenanigans will win. Weird way of explaining it but it makes sense if you think about it.

@MichaelBordenaro Год назад

Oh yeah, I have covered a ton of buyers remorse stories. It's not that uncommon.

@jpandezradobusiness Год назад

My girlfriend is an agent here in Rhode Island. She had a listing this week get 28 offers, the winning offer was 51k over asking with a 20k appraisal gap, and inspections waived. It seems the market here is holding strong "for now". Anyway love the content , keep up the good work!

@Fldavestone Год назад

Like i said people are half the problem.

@kohnfutner9637 Год назад

It's just starting to drop and people are fomoing af. Give the try-tards time to get themselves out the way.

@CHMichael Год назад

She listed 30k below appraisal? Sorry to tell you but if you have a bidding war the agent didn't know the market. If someone gives you money freely you left money on the table. Might as well put it on zillow yourself for best offer.

@jamesgardner6499 Год назад

There are markets that r doing fine. Most of them r in areas that builders have forgotten. My boss just retired n put up his home on the market in Albany, NY. He sold it in 2 weeks with multiple bids. The Reventure RU-vid channel latest video goes into a little more detail about the markets that r unlikely to collapse. That’s also the Channel that lead me to this one.

@andreaberryman5354 Год назад

I saw a home here in Spokane that was listed at $250,000 in 2021, and it sold for $500,000 a few weeks later. Huge mistake!

@michaelkeeton2979 Год назад

I've been disabled for 20 years I have no credit what about people like me I live off $20,000 a year

@ralph95 Год назад

Find a nice dry bridge to live under

@MichaelBordenaro Год назад

No credit is better than bad credit

@ggbice Год назад

When I was in College, my boyfriend at the time once said, "you only need three things in life: love, a good job, and good credit". He was right; the credit reference imo being non negotiable as you have addressed so well in this video. It affects everything.

@pixaxeprepper384 Год назад

Credit is widespread. My job in the military for a classified clearance requires a credit check during renewals. Some employers may check your credit score at job interview. I bought a home at 760 and at closing it went down. Now after 4 months, it is back up.

@mikefulp1 Год назад

I commented on another video recently about the red hot Wilmington NC - Myrtle Beach SC RE market was cooling. A realtor friend posted Wilmington stats: Closings down 16.5%, Listings down 13.5%, Pending down 3.5%, sale Prices up 15%. There is a lot of shadow inventory here in new construction at various states of completion.

@jayb9543 Год назад

Great video Mike, and to hammer home what you said about people "fixated" on the interest rate just goes to show that people don't care how much they have to pay for a house (which is absolutely crazy) as long as they can get a low interest rate. Never understood how/why people just except a price not realizing or caring that you can negotiate the price NEW or PREOWNED!

@montymatthew1784 Год назад

In 2002, I bought 9 acres in the back of San Diego, and built a 2400 s.f. two story house essentially by myself after the slab was poured. I would just go to Home depot and buy what I needed as I went along. I think I spent under 60k for everything.

@veronicapadovani4243 Год назад

Good choice, everyone wants that now

@billfunk3168 Год назад

Michael I enjoyed this neighborhood walk. Credit is so much strict now than in 2008 when anyone could buy a home. I have a hard time seeing everything crash. I bought first house 1978 at 9.75 per cent built new 1984 at 12.5 rate. The lowest rate I refinance to was 7. My advice to new home owners pay extra on mortgage every month to pay off note. Good video Michael.

@jp92382 Год назад

i put in a reasonable offer on a house a couple months ago and the sellers were absolutely delusional, still asking 2021 bubble mania prices. i told them good luck, give me a call when they regain their sanity. we need to reach this moment where the fomo driven irrationality needs to all go away, and then we can finally have a pullback in home prices. im hoping this will wash out all the irresponsible flippers and debt laden "buyers" and open up the market for real buyers.

@jp92382 Год назад

@@njerseydavid ...and if so, whoever bought it got totally ripped off

@hvaball150 Год назад

Reasonable to your dillusion.

@Lileigh980 Год назад

I have a serious problem with any entity who works for a corporation who owes TRILLIONS and TRILLIONS of dollars in debt at little or no interest and who think they can hassel me about my paltry pennies.

@marybowers6090 Год назад

Better to buy when prices are low and rates are high. You can always refinance while building equity but right now ur at the market peak , bad place to be as a buyer because u have to wait a full cycle to refinance and you’ve maxed out equity chasing the market if ur renovating the property. I have said this for years and sold real estate years ago. My parents were flippers who’ve never lost money on a flip. Many real estate agents will tell you it doesn’t matter, that’s not true

@kathy7613 Год назад

Even though the percentage was 7percent in the 70s.the price of the home was very cheap

@santiagovasquez1404 Год назад

my house was 8.13% i was glad it was not 10

@bobblacka918 Год назад

When I bought my first house back in 1981, my mortgage rate was 16.75% and that was a special rate from the State of NJ for first-time home buyers. People at that time would marvel that I had managed to get an interest rate so low since the going rate was over 18%. The prevailing thought in 1981 was that mortgage rates would never again be below 18%. So when people these days complain about a mortgage rate of 6% or 7% I just laugh, because anything under 8% to me is a bargain.

@ericmechelhoff9814 Год назад

bargain? lol.

@viperviper5 Год назад

The big problem we have today in home buying is a lot of people currently have 2, 2.5 or 3 percent interest rates. Why should they buy a new home at 6.5 percent.

@Marie-ts8rp Год назад

Because of Buyers Remorse..getting out now while they can.

@brn2863 Год назад

people don't choose to sell a home or not based on interest rates. they choose based on what's happening in their life. it's a huge and ridiculous current talking point for realtors to try to fomo buyers, by saying things like "they'll never sell. inventory will always be low." complete and utter nonsense.

@jonathanjacques7250 Год назад

Exactly

@brn2863 Год назад

@@njerseydavid the people with insanely low rates bought just within the past few years. Of course not many of them are "absolutely have to" sells yet. Life events take time. They are acting like they're drawing a hard line because they're not selling 1-2 years after buying. That's a pretty easy line to draw though. It's not as easy when something occurs in life that pushes us towards needing a move. That's where more than 80% of sales come from, and that isn't going to change. As much as people talk, overall, people aren't going to stop living their lives because of a mortgage rate... especially once prices are clearly falling (virtually everywhere).

@manbtm1 Год назад

It’s so funny, and I guess age is creeping up on me but I remember a time not long ago when people would absolutely beg for a 6.5% mortgage, and actually one of my parents saying to me that when they bought their house they got a 6% mortgage on their house but will never see that again! Look what happened the last couple years, wild. I think what we’re really doing it’s just adjusting to where we should be. But it’s painful and people obviously don’t like it because they got used to cheap money. Most of us have way too much than we need to have anyway.

@13ChroniclesOfDagger Год назад

Citibank just declined to renew my costco visa card. Never late, always paid on time. So in this case I will DEFAULT on my balance. FU citibank 🎉

@tommorningstar6373 Год назад

The whole calculus is around affordability as a floating point. It's all about: price, income to home price, income/sales/property taxation, employment risks, tuition for the kids, the costs of everything else and even burgeoning bureaucracies that get nothing done but mission creep and budget building... and so on. I am out of real estate until I hear everyone screaming about how the whole works is going to zero... That's the time to buy if you're going to. Negative FOMO. Think 2010-2012.

@nuts2559 Год назад

prices are too high, rates are no issue at all

@rickd955 Год назад

My first house was bought in 1990 for 65.000 and had a fixed mortgage rate of 30 years at 9.2%. I refinanced in 2002 fixed at 5.2%. In 2020 the house sold for 400.000 and they got a fixed mortgage rate of 30 years at 3%. Now you do the math, do you wanne buy low at a high rate, or high at a low rate?

@tonyhurst6544 Год назад

Buy low at a high rate !

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@John Herbert Wow I'm just shock someone mentioned expert Mrs Lauren I thought I'm the only one who is trading with her She helped me recover what I lost trying to trade myself

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I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Lauren Simmons .She helped me recover what I lost trying to trade myself

@francisoloche8222 Год назад

@@svenaasmae

@wayne6066 Год назад

My first loan rate on my house was 9%. I refinanced twice to the point I was at 3% adjustable after 5 years. I sold right before the increase and moved to another home which I paid cash for. 5% isn't all that bad.

@rbmcobra Год назад

Back in about 2008, we bought a house at about 10% interest. We didn't have great credit. The only way it worked was because the house was only $235,000. 6 bdrm, 3 bath, 3000' ft., 1/4 acre in nice neighborhood. That house now goes for well over $600,000. Impossible to do that same transaction now.

@justinmatisewski1285 Год назад

Michael, great point on the homestead protection on property taxes for the $8 million home. Current owner paying $18,000 annually and next owner gonna pay $45,000 annually. The buyer pool for that home is super small. Not even rich people want to buy that house and dump $45,000 especially if it’s a 2nd or 3rd home.

@MichaelBordenaro Год назад

Absolutely I'm going to continue to hammer that points because a lot of people don't seem to understand how much their taxes will actually be once they buy

@Brokesville Год назад

as long as you avoid a HOA that always rises and high property tax states and insurance

@jamesgardner6499 Год назад

Agree on the HOA. Avoiding insurance hikes rules out a big chunk of the south that have frequent hurricanes and storm damage. My worry is that places with low taxes will attract a lot of people. If not managed well this may make taxes go up in that area. Unless u can get a homestead or something like that.

@larkatmic Год назад

I just read that oreclosures jumped up in California and increased 22 percent in the first quarter compared to the same period a year ago. With higher costs, higher energy, insurance and taxes. Not to mention inflation and the ongoing higher jobless rates, lifting of government pandemic handouts and a banking crisis in a recession economy. Things aren’t looking good.

@joelpm503 Год назад

Seems more and more are pushing products on their channels now, like gold IRAs and other investments. has Google been cutting back pay for content creators? I pay extra to not see ads.

@MichaelBordenaro Год назад

As channels grow, we get more opportunities it's really that simple. However, I watch a lot of RU-vid and I am a premium subscriber probably like you and I don't like watching ads. So I have made a commitment to myself that I will not do more than two sponsored posts on the channel per week. Exactly for the reasons that you just mentioned and the way I prefer watching RU-vid. It's annoying when every single video is sponsored and makes things feel less genuine. that being said, I haven't really mentioned this in any of the videos but I'm telling you since you commented about it.

@The_Lion-King Год назад

Good credit will get you a MUCH better rate on your home and auto insurance like Michael said. As an insurance agent I’ve sen insurance companies either deny you just based on your credit score (with no claims or tickets) or jack up the rate and charge a high down payment just to start the policy. Good Credit = Money Savings

@johnyvik7242 Год назад

Is there a way to check what % of people have 750+ credit?

@jimshoe402 Год назад

@@johnyvik7242 LOOK online

@pamelascottAZrealtor Год назад

Sadly when people don't have the income, they can't pay their bills.

@wango556 Год назад

I’m in Texas just moved into a new house and this is how my credit affected all the utilities; Internet extra 24.95 instal fee for < 760 credit Water - $120 deposit for < 740 credit Electric - $125 activation fee for lower credit Gas - $25 activation fee for low credit Credit check from landlord - $40 will not rent to anyone under 700 credit score

@theobserver2920 Год назад

I just heard that Joe Biden wants to hike payments for good credit homebuyers to subsidize high-risk mortgages! Those with scores above 680 will have to pay more!

@TurquoiseSunsets Год назад

Everyone should just stop purchasing RE in this bubble, ridiculous market! We're waiting and watching as the insanity continues to unravel with cash on hand and credit score well above 800. Many of the homes you highlight in this video Michael at 800,000 - 2,000,000 asking prices are absolutely stupefying to us and we would be embarrassed to live in. People buying at these levels have lost their minds...We are enjoying the ez life and having so much fun watching this freak show circus. Thanks for the show! J&M

@michaelthompson7570 Год назад

Can you address the new biden rules for real estate coming in May? Relating to finance rates….

@MichaelBordenaro Год назад

Yes, absolutely I will. I'm looking into it.

@sunshineretired2582 Год назад

my first home back in the 70's was $5,000. yes and live in it for 20 years. raised 4 kids and have great memories.

@chiragmehta8212 Год назад

I wish I was adult in that time. Life must have been so wholesome.

@MustbeTheBassest Год назад

Must be nice, I'm 38 and will probably never own a home. Wheee

@MustbeTheBassest Год назад

@jimbofischa da fuck?

@MustbeTheBassest Год назад

@jimbofischa da fuck?

@548vikings Год назад

2:15, that property is beautiful 😍

@frankrusso2093 Год назад

Don’t panic would be home buyers!! This ship is going down by the numbers!!! Don’t believe me? I fill up my pickup for about $80. Look around at the pump sales and 9 out of 10 times you will see $20!! That wouldn’t fill a Datsun B210!!! For you old timers out there! There's no extra money.

@utpharmboy2006 Год назад

yep....i went to walmart yesterday and they had a parking lot full of garden soil, mulch and all the spring planting stuff and every bit of it was 33-50% off.(they had the rollback next to the price tags. first time ive seen those in years) clues are everywhere, nice research at the pump.

@frankrusso2093 Год назад

Thx. Your right the clues are everywhere!!! People wait on those Costco gas lines to save 5 cents with their huge suvs. I blame common core 2+2=5 I coined this the Common Core Economy!

@adrianabernea4989 Год назад

That was my first car. 😅

@utpharmboy2006 Год назад

@@adrianabernea4989 that was my brothers first car or maybe it was a datsun b2200...pretty much the same thing i think....i got a 1990 toyota 4x2 5 years later for my first car which was bare bones like his datsun but he was a little jealous mine had power steering and ac. lol🤣 man, times sure have changed....and while im thinking of no ac my freshman college dorm at a major university didn't have ac only a window but we did have heating for the winter....can you imagine the tantrum kids would throw today if they didn't have ac!?

@utpharmboy2006 Год назад

@@frankrusso2093 common core economy. I'm gonna use that but i promise ill give you credit

@edmundmcgrath213 Год назад

I don't see prices coming down in The Northeast at all over the last year... In fact up... Looking in coastal California too as an alternative and same thing up, not down.

@MichaelBordenaro Год назад

That's because in areas that are extremely desirable or still affordable compared to the locals wages are still going up

@tamjeanell Год назад

I'd like to say you are soothing to listen to....not all the 'ummms' most RU-vidrs have on their videos when speaking.

@MichaelBordenaro Год назад

Thank you!

@CashKingMarcus Год назад

Credit score for insurance purposes is more about your risk of having a loss. If you are reckless with your credit, you are more likely to be reckless with your car.

@rubenpicallo62 Год назад

Sir I live in south florida and lots of ppl still buying. I'm house hunting now and I got a 4.8 rate

@rubenpicallo62 Год назад

@njerseydavid yeah 30 year loan with 10/1 arm at 4.8. Within 10 years ill either have it paid off or sold so ill take it. Homes aren't dropping here least for now

@kohnfutner9637 Год назад

Chit ain't slowing down in NC on my neck of the woods. People buying everything like it's do or die. 🙄

@jamesgardner6499 Год назад

My niece lives in the Tampa area. Her family is likely going to move to NC from Tampa. The prices have gone too high for the natives.

@kohnfutner9637 Год назад

@@njerseydavid if it's slowing down in my neck of the woods then it's by an imperceptible fraction of a %. When I look at houses in my area including the ones pending, they are still selling at such a high price and so quickly that it seems clear to me that fomo is still alive and well. However, I'm sure with every sell the number of people who jump in blindly without behaving wisely will eventually level off OR these people will end up getting foreclosed on because they are behaving irrationally. I'm not advocating anyone to jump in I'm only saying there are a build up of scared people wanting to buy a house. It may take a while for reality to come and settle the panic buyers with responsible buyers.

@MichaelBordenaro Год назад

I think the Carolina's are in a similar way as Florida right now with so many people moving in keeping prices and the market, hot

@kohnfutner9637 Год назад

@@njerseydavid I could see low inventory for a while. I can always get a manufactured home or get one built if I must. Not gonna fomo and cave in on too high prices.

@ericmechelhoff9814 Год назад

The days of 3% rates are long gone, but so will these high prices soon enough. Until we hit that equilibrium, where prices fall enough to align with the rates, ill be on the sidelines

@hvaball150 Год назад

It's always nice to go to the game and sit on the sidelines or ride the bench. Really great. Enjoy it. Not for me though.

@selaconte Год назад

My Interest rate fixed is 2.25😊

@alanmcclelland5245 Год назад

Masterworks performance numbers look similar to Bernie Madoff's, curious.

@jeffkline9191 Год назад

Dave Ramsey says credit score doesn’t matter but what you said shows it does and is important. Great info!

@MichaelBordenaro Год назад

Maybe in his world it doesn't if you can afford to pay cash for everything

@alanmcclelland5245 Год назад

Its obviously both, for many the total cost of carrying a house is not affordable as real incomes have declined since the seventies.

@7razjaz Год назад

Prices are outrageous right now. I bought my house for $324k April of 2020. One of my neighbors that has the exact same floor plans as I do is under contract to sale their house for $460k. I absolutely don’t think my house is anywhere near half a million dollars quality. And I’ve actually done upgrades to my house that they have not done. Unfortunately prices in my area won’t be dropping much at all because of a military base. It’s sad.

@wickedgraphicstudio Год назад

I have a a mortgage on a home for the the past 8 years! Low fixed interest rate and own next to nothing. We live in the north and thinking about selling and moving down to Fl where we have family. We would have to rent for a while to settle into the area and get enough time on our new jobs to buy. We would have a nice chunk of change to invest when the time is right. My question to you is where we are with everything in this country should we just be sitting still and hunkering down or be a real estate ninja and go for it because it could pay off massive? Thank you for you’re thoughts

@MichaelBordenaro Год назад

That is a tough decision and I definitely think renting at first is the better bet especially getting used to a new area. And I would also advise watch my video that I'm putting out later today. I'm going in depth with the insurance crisis. We're having here in Florida and how it's affecting people and you might wanna listen to that before deciding to buy something here.

@LilyWillow22 Год назад

The deposit for the electric is refundable after 1 year of on-time payments, typically.

@jonimitchell5646 Год назад

I’m feeling so blessed that I moved from Seattle and 5:29 bought in Kentucky - very low home prices - and a fixed rate of 2.25% Managed to pull that off in August of 2021!! 😊😅😮🎉😂😊😅😮

@johnyvik7242 Год назад

Michael, you have that smile on your face in the beginning for a second or two...is that because of the success/ popularity of the channel or because you know whats coming? 😊✌️💯

@MichaelBordenaro Год назад

Ha ha maybe a little bit of both! It's also not too bad being out on a pleasant day doing a walk making these videos 👌

@AlexanderRodriguez-ni4kt Год назад

LOL, the first house my mom bought was at 12%, she just wanted a home, she knew nothing, now she owns 34 homes 12 apartments, wow. The answer is, it’s better to own assets, then not to own any assets. Know the numbers.

@hvaball150 Год назад

3:10. 40 grand a year? What is it with realtors and math! 10x the assessed value. 10x the taxes. 180 grand a year! 😮

@j.s.friedman9649 Год назад

No credit is total BS, some people just take the money from credit cards because it's so easy to fix their house, but pay all the bills they have to.

@gccheryl4038 Год назад

Yes Michael the majority of buyers look at the payment and not the price, it is just like vehicles and not very smart IMPO. We bought a new mobile home in Texas 4 years ago (800 credit score) & put it in a park due to the astronomical property taxes here (near Houston). Rental shortages & regentrification of our apartment of 4 years pushed up our rent by over $400. Glad we did our buy before all THIS craziness! Love your videos!

@bobdobb9017 Год назад

What do these rich cities do with the property tax money? They should have LESS taxes since crime is not high and infrastructure cost is low due to lower pop density, right? I only pay $2500 here in the Midwest and that funds trash, fire, police etc.

@Juliet875 Год назад

Morgan Stanley just said lending is drying up because of the bank crises and will tighten at an accelerated rate worse than 2008. Yes, good credit is important. Thank You Michael, Happy Wednesday!

@theobserver2920 Год назад

I just heard that Joe Biden wants to hike payments for good credit homebuyers to subsidize high-risk mortgages! Those with scores above 680 will have to pay more!

@wednesdayschild3627 Год назад

Something is happening in my state. Rents dropped. I see a bunch of homes for sale. Slashing prices? Interest rates were too low for too long.

@karomancia Год назад

Bricks and Gold is what the nonna said and we’re following this advice. It has never failed us.

@TheOtherNEO Год назад

I was actually just looking at historical rates in my home country. The lowest the rates were was 4.5% in 1948 which is also the start of the document I was looking at. It just went up from there and fluctuated around the 20% mark until 2000's when it dropped into the teens.

@carsandwhisky2002 Год назад

I’m waiting to buy in Miami too. Just signed another lease. I absolutely refuse to pay double what homes went for in 2020 when rates were 3 and now they are likely 6.5-7%. Cash buyer but I’m not about to lose 25% when these homes revert to where they should be simply due to mortgage rate math.

@shanerogers9386 Год назад

Lots are triple now. Flippers and investors still hoarding and manipulating the market. 50 percent off is 2021 prices and 2022 prices In some cases. The empty rental inventory is steadily building

@blessedgraceindeed Год назад

We need houses same price as 70s 😊

@ld9044 Год назад

I agree. However, I doubt people would still be happy with 70's houses. Everyone thinks they need more than they really do. I think that is part of the problem

@blessedgraceindeed Год назад

@@ld9044 True....30-55k for a home sounds perfect to me 🐝

@shawnbruce6934 Год назад

Never Happen.

@ld9044 Год назад

@Blessed Indeed me too. I don't think people understand that 70's houses were actually much better than the stuff being built today. I mean larger bed rooms, better construction, better price. They just can't get past counter tops and appliances and amout of rooms. Never mind, the rooms nowadays were considered closets back then.

@ld9044 Год назад

@@shawnbruce6934 unfortunately not. Inflation has taken quality and affordability away.

@mikebeats3281 Год назад

Capital one is the worst for credit, avoid them like the plague !!!!

@lyceum4177 Год назад

Just because a biz makes 1 m. in sales doesn't mean the owners make a million. What's their markup? Their costs of doing business, etc? They certainly MAY need the loan.

@tonyrappa4611 Год назад

All you can do is prepare for what's coming there's going to be job layoffs then chaos

@lyceum4177 Год назад

That order out of chaos Freemasonic thang, eh?

@timboc105 Год назад

Ruckus coming

@computron5824 Год назад

$18k property taxes on a "$10 million dollar" house 😆. Looks like Florida and California are not that different after all. Property tax caps create these inflated valuations that are disconnected from reality, and offload all the tax costs to the future buyer. This house literally went from 4 million to 10 million in 8 years, and then from 10 million to 8.5 million in a month. These are closer to modern art estimates than house price estimates.

@barryon8706 Год назад

The current regime has decided that a good credit score doesn't matter that much any more, in order to let riskier borrowers get loans.

@pinkladybikermamma3603 Год назад

YES WE ARE NOW IN THE BIG R.

@WA-de3gf Год назад

620??? Wholly crap. That's low

@shawnbruce6934 Год назад

Another Sane video Michael.

@MichaelBordenaro Год назад

Thanks! I try to keep it that way

@rogerpatterson7106 Год назад

My first home i was at 12% 30 year fixed financed 98000.00 dollars and thats the point im trying to make these prices are not realistic

@bindokam7499 Год назад

The monthly income to payment ratio was already getting bad, and that rate push flushed a lot of people right out of the market entirely. It's going to be a graveyard until general pay moves upward or prices come down, and with the economic future we're seeing, the chances of the pay going up seem slimmer every day.

@hvaball150 Год назад

One of the credit companies was dumb enough to give me a 520 credit score so I could qualify for refinancing. 500 seems to be the minimum. Why do you say you can't qualify with a 500 credit score?

@yankeedoodle6293 Год назад

The way things are going, we may never see house prices come down from their current prices. NO 💥 so far

@TravelwithRichardandJudy Год назад

Love all your videos Michael. You are so insightful and dead on

@tsniebeling Год назад

The housing market is so great right now we just renewed our lease!

@hanselduran Год назад

Would love to hear your take on Morgan Stanley’s study about the future SHEconomy

@MichaelBordenaro Год назад

Haven't heard about this. Send me an email with some info if you can.

@hanselduran Год назад

@@MichaelBordenaro Sent message from your website! Hopefully you receive it there

@pamelascottAZrealtor Год назад

Annnnd another one!!! Good info as always!!💯💯

@youmarc11 Год назад

Buyers are buying less and there's less inventory but the prices aren't dropping, that much. Wish they would!

@bennys4951 Год назад

Doesn't matter when all homes are almost 1 million

@MustbeTheBassest Год назад

The average interest rate isn't a problem. But when the cost doubles in a year and then interest rates double the year after that is NOT normal. I'm so sick and tired of having to explain this.

@daywzy Год назад

lol interest rates got doubled to stop the prices from increasing further. The interest rates are normal for what the market has been doing, otherwise, the price will just exponentially increase further.

@theobserver2920 Год назад

I just heard that Joe Biden wants to hike payments for good credit homebuyers to subsidize high-risk mortgages! Those with scores above 680 will have to pay more!

@dereckc9469 Год назад

jeez buy with a price drop because higher rates deal with it for a few years then refinance later on

@carsandwhisky2002 Год назад

I’m seeing some interesting divergences in southeast Florida. It’s really only prime Miami areas holding up while nearby areas like Aventura, Lauderdale , Doral are correcting more. Prime Miami homes seem to be holding up simply due to a lack of supply not sure what changes that but I’m going to buy where I see the best relative value.

@chargermopar Год назад

Was thinking of you the last two days. Since my truck broke down I have had to walk 3 miles to the auto parts and the post office. Also saw a HUGE iguana near Westwood Lake but with no truck had nothing to shoot it with and catch so I can carry it home.

@timboc105 Год назад

Lol. Funny...love it! Truth 😂

@glennbeadshaw727 Год назад

A real man would have grappled with his hands and choke the Iguana