Why Would a Seller NEED to Sell NOW? 

Residential Mortgage Rates Are Set To SKYROCKET! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-wQrWlW2w0Ps.html

Thank you for telling everyone that not everyone can be a landlord. That has needed to be said for years. Good job Michael

We talked a year ago about remote workers having to go back to the office and having to move back to their home state. Commenters back then said this will never happen and this is complete insanity. Also you said a very long time ago there wasn't a shortage of homes but a hyper buyers market created by second home and investor buyers. Everything you been saying over a year is in the process of playing out right now. Wished you sold houses in South Alabama. I am about 30 minutes north of Florida. I plan on buying about this time next year if there is still an America that exist. As always you have the very best videos!

When my fiancee and I were looking to buy our first home in the beginning of 2021, my lender pre-approved me for 410K based on my salary alone. That seemed like too much for what only my salary was at the time. if I had bought even close to the max of that we'd be over-leveraging ourselves. Instead, we bought a home half the amount of what the lender offered us. A year later, it sounds like we made the right decision. With inflation rising and uncertainty in the economy, I'm glad that our mortgage is extremely affordable. I think people who've bought too much house will be in trouble when the economy worsens

You will never be able to stop these walking videos. I dont know why… but it works. Great content helps. Keep going.

I was a landlord for several years and i gotta tell you its an absolute pain in the ass...you pay all the upkeep the taxes and the mortgage lets not forget the insurance...and all the people who dont give a shit about your property and think your rich....think long and hard before you think about doing this.....good video

Make sure if you buy in an HOA, it has plenty of $ in reserves. Could end up with a large increase in Hoa fees for years, if community has unexpected repairs.

Buyer's Remorse is real. People from city don't know the first thing of taking care a house. Someone of them never mow a lawn, do small house maintenance (roofing replacement, siding replacement, sidewalk or driveway re-pavement, or plow snow from driveway or sidewalk. Of course they can pay for someone to take care of all these things, but that is on top of regular payments.

Don't go under a tree when it's raining... watch out for lightning... Fl #1 for lightning strikes!

Also ,if You purchased a house in the last two years at top Price and house declines 20% or more , this might start effecting Your thought process.

Ridiculous what’s happening in the Seattle area where I live. My realtor is the devil! I see many houses with price reductions and he’s insisting it’s still a hot market and I should waive appraisals to get above the bidding wars. Dude! IF THERE ARE BIDDING WARS, THEN WHY HAS THAT HOUSE THAT WE VIEWED LAST WEEK GONE DOWN $80K SINCE YOUR SUCKY ADVICE? Mama ain’t raised no fool!!!!

Its nice you actually get rain. We are in a massive drought in CA

Florida central-west (ie. Orlando, Tampa) houses prices are going down… but at a pretty low pace. Right now on the middles 400k, but toward 300k range by the end of the year. My guess.

I enjoyed the walk in the rain and hearing all of the sounds…cars driving through puddles, the birds! I could practically smell the rain in Miami! I hope the family who moved from California and then back again, could afford that move! Not cheap! I have heard of a few people doing that though. Thanks for another great video, Michael!

I commend you for filming outdoors with the soggy week we've been having! Now that's dedication!

HI Michael well said, that is where people do not understand real estate. They all forget about fees, Commissions, etc. that must be deducted from the sale price of the property. They also forget that they have been paying interest for years which is not profit.

All your reasons are absolutely spot on! There's so many reasons why people have to sell their property even when they don't want to. Thanks for getting out in the rain today!

I do the same thing taking advantage of the balance transfers to roll over credit card debts. Also, certain purchases like furniture and home appliances offer interest free financing. Anytime you can get 0% interest take it as long ad you know you can make the monthly payments and clear the debt before the interest becomes due.

On the buyers remorse, Many times buyers were pushed or mislead by their agent.

I was overleveraged back in the last housing crises. Sold my home around 2007 and paid off all credit cards. People have to be responsible when buying homes. Thx for this good one Mike!

I hope all the remote workers from out of state who manipulated the markets from the locals get hit hard when it comes time to sell and they have to go home

When I lived in Margate Florida I associate the rain with like someone turning on a faucet and I used to use Rain-X on my car windows which did a great jobs of repelling the water off of the windshield. it was so good that a person could drive their car without using your windshield wipers when it rained. And I would not rent unless I knew that the person renting my place was someone like me who I knew would take care of my place like it was their own. You look good without the Sun glasses.

Many Florida builders are still trying to extract that last buck...

I got 2.25% 30 year fixed and got the home for under asking in Dec 2020. I'm keeping it as I'll never see those interest rates again.

IF YOU USE A CREDIT CARD...PAY IT OFF EVERY MONTH...AS MUCH AS YOU CAN

Not only are the key words in Real Estate are Location Location Location. The other is Motivation

I'm chomping at the bit for the big sales. Going to be a huge windfall for some of us.

I appreciate your calm and kind demeanor.

You were discussing the home market storms ahead in a rain storm…poetic truth

Everyone needs to remember that falling home prices are really not a big deal. If you purchased a house for $400k and now it is worth $300k... yeah, it sucks. But you are going to buy another house for $300k - not $400k. Interest rates are up, but we did not lose $100,000. Its okay to move in down markets. While our current home is worth less, so is every other house we are looking at.

Spot on. People are really underestimating the biblical wave of strategic defaults that could easily show up once equity drops 20-25%. Everyone knows somebody who got two-three years of free rent (and often still bought again in less than a decade). I personally think the wave of defaults will extend the bottom into about 2025.

I commend your dedication and the effort you insert to make all this informative content, man! Even not minding filming outside in the rain. Your point about why sellers need to sell amidst this worsening situation is also spot on! Thanks for pointing this all out! Keep up!

I have neighbor who sold after 14 months. He's going to get hit with a capital gains tax since he was not living there for 24 months 2yrs. He had an exemption last year because he sold his previous house after 3yrs. He just sells, doesn't even rent. He has a nomadic spirit, I guess. ETA: He's 29 yrs old and just wants to move into a larger house. He lives with his brother and father. 5k ft. house.

On buyers remorse: 30 years ago my brother in law built a 350K house on spec & sold it to a couple who was retiring. They really wanted a house in a river, but bought the house because they couldn't find one on a river. Before they moved in, they did find a house on a river & sold their just bought property, taking a financial hit, but getting that they wanted.

You hit a lot of very pertinent points about situations and possible increases to carrying costs. It’s all very real. Good job.

This is a great video. I watch you all the time and learned so much from you. Keep up the good work!

with all due respect,in 4 months EVERYBODY will be panicking and trying to sell,don't confuse this calm before the storm as if the market is just going to go FLAT,the market is going to crash BIG time 30 to 40% correction in 1 year, we all are going to have to PAY for the FREE money the FED printed, save this message!!

Thanks as always for showing us around Florida 😁

Primary residence appears to be an expense rather than an asset unless one gets lucky to buy it low and the area appreciates

You are a really good stand up guy for just telling it like it is...its not always rainbows and fairy tales

All good and sound advice for everyone to take note off. Very good content on this video. Thank you, Michael!

I live in a very low turnover area as far as real estate goes. Many properties stay in families for generations. Recently saw an elderly person die and their grown children moved in. So the house won’t go on the market for another 30 years.

Sick background 👏👏 love it brother

7:20 I noticed a beautiful townhouse condo for sale on the marina in my town. Place is gorgeous, 2bd 3bath, 2060 sf, has its own 2.5 car garage. I fell in love with it and went to look. $289k, which isn't in my budget but compare that with the $1.5 mil for the ones you mentioned, Michael. The rub is this: I'm in Wisconsin. If it weren't for the brutal winters.....

I love this video, Michael. Thank you for it. I started to smile when you mentioned home buyer's remorse due to the true nature of the neighborhood and thought yeah, that's me. I am avoiding making any rash decisions about my property by watching you and Travis, so I don't end up in a worse situation. I keep paying off my credit card debt and use my card only when I have too. Have a really good credit score going for me right now. I tried running the air conditioning only at night a couple times, unfortunately couldn't make it last long because my house seems to get really warm in the afternoon. I try to let it run long enough to cool off the house and then shut it off and turn it on when my house starts to feel warm. Oh, thank you for mentioning house flipping. Saw this around the time I first found your channel and thought about trying it someday, although definitely not now after watching this video. You have really nice eyes by the way.

I agree with the majority of what you said Michael. Unfortunately for me in southern cal, If you weren't one of the ppl who already left... you're a Cali lifer.They only thing i realistically see pushing ppl out if their cush low fixes rate is job loss. Still no inventory in my buy box and elevated prices. Basically a waiting game for me...STILL... 😂😭

No sunglasses!!!! Great video, and great point also great advice on getting our of CC debt

They bought for $700K and sold for $725K it’s guaranteed they lost $25K instead of making it. Moving from California to Utah and back is not cheap. They most likely sold for $725K but commissions and fees aren’t disclosed. Then let’s hope they aren’t being changed for capital gain. And if they had a mortgage, it’s possible they got hit for the early payoff. Awesome video. 25 million people should be listening to you. Thank you for sharing.

Credit card debt is the worst. if I had credit card debt i would get a side Hustle to get rid of it.

Thanks Mich!! Love the rain :D

All terrific information . Thank you .😊

Unless people start loosing jobs, I don't see many people selling. This is not a repeat of 2008. Sure SOME small amount of people will sell for reasons you gave, but I just don't see it happening in mass or enough to start a crash. I was going to sell but now the market is changing so I'm just going to wait it out until things settle.

Great content, as usual. Good that you aren't walking Tampa in storm with all the lightning.

Excellent video, great advice on credit card debt, there are still a few credit card companies offering zero percent so people are still maintaining or concerned about their credit score in great shape can use your advice. The key to your video is maintaining you credit scores in decent shape especially in troubled times.

Enjoyed the rain…Fresh

7%..holy high..price drops but payment goes way up..the barons pay in cash..they don't care about loan %..shit..they like less buyers to fight with

I would never want to get a home equity loan. A real good way to lose your home is by borrowing to much and if you lose your home the mortgage company makes out especially if you took the money out to do renovations and then lost your home after the renovations were completed. I agree with not selling if you do not have to unless you want to. Again I agree with your wisdom shared in this video.

Bruh. Great video. Again. I'm taking all of your examples and looking at how I might find the numbers and locations on these folks.

Excellent! Excellent!!! Video very good explanation of who needs to sell. Thanks

Love your videos. Another scenario: We purchased in Orlando in 11/20. We are under contract as of last week and set to earn over $500k. We are paying debts, investing and renting for a while. No one in my area is losing money. They are just stuck trying to gain 100-150% in profit.

First time I saw Michael without sunglasses lol. Very cool!

No umbrella?

@Michael Bordenaro Hey it’s me again, haven’t commented in a while. I graduated in May and I currently work a full time job as a teacher assistant. Another 2 more years of my master program and I will be getting my own place. I’ve been a bit busy working while doing online classes. I still have Florida in my slight for moving sometime in the future. Though with our current volatile economy, I think I’ll put off the search for a home right now. But you’re keeping me posted with your superb videos.

Great podcast , just listen to it for entertainment , but learn so much , I also enjoy seeing the Florida land scape .. thanks 🙏

Don't run under a tree if it starts raining, whatever you do!

Another reason that wealthy and or middle to upper middle income people might sell shadow inventory i.e. second and third homes, is a function of a "wealth effect" factor. Many, if not most people in this category have a significant portion of their net worth in stocks. The stock market is experiencing an historic fall. Those with 401(k)s or for example people like myself, that have money in the stock market, are down in my case over $200,000 in the last eight months alone. The market is down as an aggregate approximately 25% if you include the NASDAQ, so the overall market is off by about 25%. Someone with $1 million in the stock market is now $250,000 poorer. This is certainly motivation psychologically to sell those assets in your life that are "unnecessary". In my own case this paper loss so far at least, has caused me to disengage from even considering purchasing a primary residence at this point, no less a second or third property.

I sold a house because it was hunted plus it was built on an Indian burial ground. I let my hunting dog loose in the canal and he came back with a human hip bone. House was built in 1957 we stay there the longest out of all the previous owners, 18 years. Beautiful house I remodeled it completely with a pool, canal that would take you to the Biscayne Bay, 10,000 SQF lot plus the canal. But it was way too much to take.

Lol it's the time of the year....we always forget about this here in Florida when the Summer comes in or gets out.☔🌦🌩🌫🌬😂

Being a small landlord for cashflow purposes is a losing proposition. Damage, rental moratorium laws, failure to pay. Not worth it.

Good video and you right on point on what you saying

Always love watching you walk and talk and muse about all these topics that I think about too! LOL. Any chance buyer's remorse in Florida will be in the form of newcomers who moved there in the last 2 years realizing they can't stand the hot humid summers, leading to a large migration outward? Have you ever heard of this being a reason for a significant number of people wanting to leave, or is it too uncommon to make a significant difference?

If live in Texas avoid avoid coastal areas and anywhere near. Live far north above The Woodlands, west out past Waller, or central Texas, DFW metroplex, further west San Angelo etc...

Great reports - thank you Michael

Great points Michael, 100% agree with everything you said. I wanted to quickly share my experience: after getting a 25% rent increase, we got "mad" and I convinced my husband it was time to purchase before things got even worse, I thought we were following on the steps of Canada, Australia etc. with 1 million dollar entry level houses. Plus we are young Gen X who missed the train many times in life. Never expected the feds would be manipulating the housing market the way they are now. After a couple of weeks of search, we ended up closing on a house in Phoenix in April 2022, paid $6000 over appraisal. I'm now scared we will be soon be under water and afraid to make any improvements to the house. I doubt we will be selling any time soon though. Not the ideal house but could very well be our forever home.

Enjoy your videos. I got turned onto your channel from the other RU-vidr Nick with Venture Consulting. One other group of folks needing to sell are the ones that took out ARM loans. Why would they do that when rates were at historic lows is beyond me. Those were probably the flippers.

thanks for ur time an great video brother ! i bought my home in 08 for $190k cash missed the boat for top $ but im selling now still about a $500k but im disabled an 2 of the 3 kids are grown an i dont need 5,000sqft an all this land its just me an my youngest whos 10 , so my thought is downsize an put some $ up an hopefully i can snag something cheap soon like i did back in 08 ! btw northern Indiana here but i grew up between here an lakeland Florida

Retired and live in a paid off home for over 25 years. Will never move.

Another Great Video Michael. Lots of reasons to need to sell. Like fighting with your neighbors. LOL. Good to see your eyes today.

Hi Michael. Can you talk about the people that offered well above asking price and waived the appraisal. These people went into a home with negative equity.

Thanks Michael.

Great info thanks!

You look good with or without your shades I would like to see you, and Reventure Consulting, do another one together, thank you for your video's I try not to miss a one, they are very educational.

I see lots of owners of single family homes in my area, not list for sale but rather list for rent. It's actually causing the single family home rental market to start deflating so much so where it's far cheaper to rent a single family home now than borrow. Interestingly though, apartment rent prices are soaring.

Great video 💯.

Insurance agent here - Rates are up at about 50% in Florida since last summer, tri county FL up to 70%. Your renewal rates will be insane.

I knew these people running to Florida and Idaho and other states would have to go back. Why they bought and didn’t rent is beyond me. So many that left NYC to run to mommy and daddy or some cheap state now can’t find apartments. I laughed when all the idiots said NY was dead. It’s as insane as ever and still the best city in the world.

Love your videos!

Can't make the payment for bank or taxes or utilities

I'm amazed that many remote workers wouldn't have planned and/or tried to understand the risks and possibility that they would be required to return to their offices.

Is possible to do a video in Weston Fort Lauderdale? I really loved this area when I lived there however did not buy because seller would not come down $5000 from $210K to $205K for a villa/townhome on Andromeda Drive. Sure now worth much more however things are changing rapidly insurance one of the scariest.

Min 1;32 people bought homes at 2,3 3.5% but at peak prices. Yes cheap intrest rates, but at very high home prices, meaning the total amount of the monthly payment is still, still very high, plus tack on the new furniture that was purchased, the patio set and so on. With that said, now they're barley hanging on by a thread. Here comes Jerome's "PAIN" news, the media showing a totaly different realestate tune compared to only a few months ago, accompanied with lay-off news.... I can see forced sellers in the forecast, yeah I can see why people are concerned, very concerned. And its happening fast. I'll set the alarm and just hang out till 2008 arrives.

Man you could sell in Florida right now and buy a beautiful home outright in another state with your equity. I’m looking outside Florida at this point since I have a bunch of cash, it’s my plan b. It just buys so much more in other places. Florida is so overvalued.

We are not selling or moving. We are in our hometown that we grew up in. We own our home and it is all paid for. Great location and a retiree tax friendly state and No HOA, fairly low cost of living. Another cost to consider. Many goods and services are going up. Plus new regulation to replace newer appliances with more energy efficient ones. More effienct and lower monthly bills does not mean you will get the extra money back down the road. We need a new Central air unit(ours is 35 years old). Up North here they will still allow you to buy the SEER 13 units until inventory is used up(down South you need 14 or higher). Starting in 2023 they will no longer build the 13 SEER. What difference does it make in energy savings to move from a 13 to a 14? You save maybe $100.00 a year. So it would take around 12-13 years to re-coup your extra cost(unless electricity costs go up). If you go to purchase a 14 it will cost you at least $1,000(more likely $1,400) more to purchase that unit. So for example a 13 SEER unit with install(existing ductwork in place) may cost $5,500.00. In a 14 SEER that unit can jump in price to $6,500-$7,000 or more. (Think other appliance cost increases too) So you add costs like this and property taxes increasing, goods and services, HOA's, etc. You can see people in the future having more and more trouble affording to pay their bills let alone a mortgage payment. I doubt wages will keep up with cost increases. They historically have not...

If there’s any lightning ⚡️ you really shouldn’t duck under a tree for shelter .

Summary: Remote Workers going back Don’t want to be a landlord and more / not cut out for it Borrowed too much against their home / HELOC Low down payment / negative equity People with a second home who are stupid with their money Increases in property taxes / HOA fees / insurance Divorce / death (especially in Florida) Lost job Buyer’s remorse Some people just like to move every few years House flippers HAVE to sell People who are stupid with their money in general

Hi Mike, CREA, Canadian Real Estate Assoc, announced today a 22% drop in home prices in the major markets, Toronto, Montreal, Vancouver and a few others. 22% is a crash for all the nay sayers out there, IMO, this is the beginning and will have a trickle down effect on smaller markets, also we are seeing layoffs at some of the major banks in capital market divisions. This is REAL As interest rates are also rising here and will continue to do so.

Moving to Jacksonville and I have quit because the company I work for declined to bring my job to Jacksonville. Good bye to California...

So I was thinking about doing the debt consolidation you mentioned. What debt consolidation services did you use?

Not to be weird or anything, but what kind of gel do you use on your hair?? Can't seem to find anything that looks like that. And also love your content!

I luckily had an offer to transfer to a credit card at a 4.99% life time rate, then a couple months later the new offers were 6.99, now it’s 8.99%. Thank goodness I locked it in low