INSANE Insurance Hikes LEAVING PEOPLE IN THE DUST kzfaq.info/get/bejne/b8Vpi6ei17OsdH0.html

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

The boomers are holding onto their houses because THE RENT IS TOO DAMN HIGH!!

I’m 60 and never selling. I am going to be remodeling home to accommodate any and all needs I may have until I turn to 100. Im a contractor for elder care facilities. Forget that plan… all they (senior care living) want is to do is take all your money and assets and provide minimum care so either owners or shareholders get rich. Protect assets through trusts and etc before it’s too late…

I’m a boomer and I have no intention of selling my home. Most of our friends are the same. Where do you expect ‘boomers’ to go? Buying another home right now would be stupid in my 60’s.

Im so tired of realtors calling to ask to sell my house. Its paid for. Im fixing it up & buying new appliances and no, i ain't selling nothing! Im 67

It is a shame when the seniors can't stay in their homes due to the cost of the expenses. It is also a shame when the children who inherit the homes can't stay in them for the same reason. Everyone is being pushed out of housing, owners and renters alike. Will they all be rounded up into FEMA camps eventually? There are acres of homeless people all over waiting to die off from exposure and violence and stress. This really is a national crisis. Instead of addressing it, the federal government is ushering foreigners and giving them money to establish themselves instead of Americans. This is a war against America and people don't see it because it is coming from within. I don't know if it is just imploding from the weight of its own evil, or if it is a planned take-over or both. Causing human displacement is an act of war.

81 years old, healthy as an ox, have not been to a quack in over 20 years. Family history says I probably have another 15 years to live. Sold the house when I retired, got an RV and travel full time. Much less expensive than owning or renting sticks and bricks.

I'm a boomer, 63 and holding onto my house so adult kids know where to find us, we never close!

I am 2 years older than the oldest baby boomer. In the last few years I sold my 3 rental houses since at this stage of my life I rather have the money than the houses. The money is now sitting in 5% CD's, Going forward a lot of baby boomer will be dumping their rental houses.

It's a lack of affordable of housing not a lack of inventory..

It is heartbreaking to see some of the homes many of the elder generation loved and cherished in beautiful condition torn down for new expensive junk.

I am 67, married, own my home outright. My next move will be to the graveyard. Not selling.

I'm a boomer. My house is a SHELTER - in FL - it's not an "investment". It's a necessity - like food, clothing and water. That's how we have always looked at our houses. NEVER as an "investment". It was always "just" shelter. It's fully paid for - like all of my necessities are - including transportation. BTW: I NEVER ever been to Starbucks, sometimes YEARS passed between going to any fast food place. It's all about decisions. Easy ones and hard ones. The easy ones never ever work out. The hard ones do a lot better...

Hey Michael, I really appreciate you keeping the language family friendly on your channel. It's a real gem to find a good channel I can watch with the kids in the room.

This already happened in Japan which used to have the most expensive real estate. Now houses go for 50k and thousands are sitting empty and free to take. Same in Italy.

I sold my house three years ago to family and opened a new book of my life. I live in a modest 1,266 square foot Condo with no mortgage. It’s not an investment, it’s my home hopefully until “ they carry me out”. I live on a budgeted fixed income in a cute little beach town where people surf for relaxation and sometimes even competition.

My Mortgage is 575 a month and the avg apt near me is 1800 a month. I cant afford to move.

I'm at the tail end of the baby boom and I would love to sell by house; however, I also don't want to buy a smaller place at these prices. Like you said, I would be in a position where I would be living in a smaller place at a higher price. It doesn't make sense to me.

I've watched recessions for 50 years now and I have a bad feeling about the next crash. It seems the money supply is crazy now, the debt ceiling was put in place for a reason.

I'm 74, live in Phoenix, own my home free and clear, No HOA, property tax is $750/year, insurance is $550/ year. I could not live any cheaper. House is worth $340K. I live fine and when I need money I will sell off one of my 7 classic cars.

I am a 60 year old baby boomer. My husband turns 65 soon. We have owned our home for the past 17 years. We plan to stay in it until we can no longer climb the stairs :) ...I don't understand why people get so bent out of shape over the way in which you present the data of what homes will become available in the next 10 years or so. It is the cycle of life...That is just the way it is. Not offended at all. Me and my 3 older siblings helped prepare our childhood home for sale when my dad passed away in 2003. The house and property were sold and she moved into a smaller one story home. We had no interest in keeping the place. I enjoy seeing the homes as you walk through neighborhoods in the Miami area as you discuss the real estate markets, etc. Keep up the great work.

Was 24 years old in 2020, first year out on my own, so I missed my first chance. Not gonna miss the next one. Gonna save up my money, and bide my time. Another window will open up

🎉🎉🎉 Every-time I watch your videos I just feel like I’m taking a nice walk with you and talking with a friend. I better get some champagne 🍾 in the fridge to celebrate your 150,K SUBSCRIBERS 🎉🎉🎉🎉 Blessings,Carlos ✝️🙏❤️😊🇺🇸

People think a house is only mortgage No grass Boilers Ac unit Roof Mold Renovations Termite damage Windows Storms flooding It’s a lot of money to maintain a house

in 2020 I sold in California and bought a much nicer rural house in the middle of nowhere and put the difference in the bank. Not one bit of remorse!

I have no plans to sell unless something unforeseen comes up. I just retired and I'm planning to live for at least another 20 years.

Michael, you are excellent, so easy to hear, and so right with your message.

Hey Michael, You're a regular with me, I live in a house valued at $350,000 in Phoenix Arizona that I bought for $130,000 in 2004 and right now my homeowners insurance is $700 and my property tax is $1,300. Not bad for living in a fifth largest city in the country

Boomer here. My condo is a comfortable place to live. Not an investment.

Here we go now! Inventories are rising already, and properties are staying in the market much longer at least here in South FL.

One teeny little issue......if mom and dad get sick and have to go to assisted living or move to a nice "cottage" in independent living, all that money from the house sell will be sucked away. ..so not sure kids will get the house.

Michael, I just realized why I enjoy listening to your descriptions and explanations of what is happening in Florida RE and economy....No profanity! That's pretty refreshing and enjoyable to listen to and I like the content and background noise too! Good job, Mike! It came to me after reading TysTaxBreaks comment, so true!

Only 20% of the population can afford to be homeowners. All of this will end badly.

68 and house paid off. Moving/selling is never gonna be a consideration.

Some of us GenX'ers are at the point of downsizing as well. Don't need all the space and taxes now that the kids are gone...

I'm 74, married for 53 years, no debt, no paper or digital "assets", only tangible assets. I will not sell my rentals, but transfer them to my adult children. The tax benefits are awesome. I have minimized my income tax liabilities, fed and state. I am not alone in my thinking.

I am very lucky, I own my home. But if I was renting right now, I definitely would not be looking for a house to buy. I think you're right, give it 3 to 5 years and there's going to be a lot of houses on the market. Maybe even before that. so if I was renting, I would be trying, repeat, trying, even though it may be difficult to save money to get a house eventually but right now just is not the time. Interest rates are high but that's not the big issue. The big issue is the cost of the house itself.

My son, his wife, two BIG dogs, and two cats have been living with me in my 1600sf house for 13months. We can’t wait 12 years to live apart. Lol

12 Years!!!!!????? Most of us don't know what's going to happen in the next 12 weeks but, keep talking...

Did I hear this right? There is going to be a lot of inventory coming up in the next 12 YEARS! Wow so imagine somebody 30, waiting until 42 to finally buy a house in the location they want to be in. Nothing like waiting 25% of your life...smh.

Add 10-15 years on a house thats already 20 years old meaning renovations and rebuilding will have to happen driving up prices ever more. You don't pay for the house, you pay for the location.

My mother is a boomer. The goal was to buy her home but I just can't right now. The bigger problem is that she has been diagnosed with dementia. If we don't at least get the house in a trust now, we are truly screwed.

Nothing is sadder than a senior in the suburbs.Who can't drive anymore

It’s a shame some seniors have to sell. A lot of seniors sell because of they can’t afford taxes or even the basics snd they can’t just make more money.

Foreclosures are increasing!!

Hey Michael, a house I was interested in buying back in September, just dropped $73K. They didn’t take my offer of $380K, and after 5 price drops, it’s now at $330K.

At 58 I downsized to a one bedroom apartment with utilities included in the rent. I was very lucky to have the opportunity. I worry that there is not enough affordable housing for any age.

Yep I rented a room from a firefighter and bought two duplexes when I was 24 years old and rented both of them out before I bought my first house. It was probably one of the best decisions I've ever made in my life.

The problem is not the inventory , it is inflation . The house values along with everything else have gone up due to inflation but yet the wages have not kept up with inflation . How people can save money with high inflation ? Majority of Americans live paycheck to paycheck . There will be many foreclosures because of many people bought overpriced houses and now they can't afford the payments . America is finished , All empires fall .

Problem with this theory is cost of materials ,and labor to build, remodel, and upkeep, keeps going up.. which will always drive prices higher.. As a contractor I can give you a example.. 1 angle stop ,used to cost around $2.50 in 2020, now as high as $14.50 this week .. last month they were around $9.85.. that’s insane I don’t see slowing? Inflation is out of control.. Home Depot and Lowe’s have basically run the small home improvement companies out of business and now they have a monopoly on supplies . They are setting market prices at whatever they want.

I own several rental properties and plan on giving them to my family when I pass on. They get it as a business that they have to share and take care of together so that it doesn't get sold off. This will be their income stream. I'm also including some notes on how to take care of it and what I wish them to do with it and how I would wish them to handle it all so the chances of them screwing up are very limited. It will be a group effort so that they have to consult with one another on every aspect. They also get a map with X marks the spot where all the silver is located. I'm continually updating the notes so that they can be successful.

The FED Jerome Powell said quote, “ there will be bank failures “ . I heard it with my own two ears, today . You can listen to him speak on CNBC . Federal reserve is now admitting that banks are taking a hard hit in the commercial sector. Specifically, office and retail spaces. And that the Fed has been in discussions ( quote “ for years “ ) with banks about it , and especially ones heavily invested in these sectors

Some seniors may be forced to sell to pay for a private pay assisted living or nursing home because Medicare beds are rare. By the way, five years ago when my parents were in a a retirement home it cost $12,500 A MONTH. When it was down to Dad it was $9,000. What the hell will it be 10 years from now?

My inlaws are nearing 80 and 2 years ago they were solicited by a realtor and sold their house in Port Charlotte for a profit. Now they live in a high rise in Clearwater and pay $2K a month. It's mind staggering to think how quickly things can change, but I remember that 2008 was a lot like this when I was working in mortgages. Banks back then were happy to close on mortgages so long as they got their closing fees. Then they'd sell their mortgage portfolios off and let somebody else deal with the inevitable defaults. That's how several banks went under.

Florida real estate prices are insane, along with home owners insurance.

I live in Ogden New York suburb of Rochester. Just got my tax reassessment in the mail went from 125k to 254k. I'm 71 years old and have been in that house for 45 years. I am retired and not a fixed income so it's not just Florida it's everywhere

Remodeling/ updating an older home can get real expensive in a hurry. Personally, if I was getting ready to inherit a house from an elderly or deceased relative I'd probably just sell it and put the money away for a rainy day.

I think you are giving very good advice: don’t buy right now if you can delay and don’t borrow against your home. Very sound advice, people should listen to you.

The rent is too damn high!

I live in the Phillppines in an upscale gated housing division with guards. It's cheaper to rent to buy. Many houses set empty because they cost too much. The land house lot cost over 100k. The house cost 300k plus. I rent and pay on 215 a month. So many people hate the fact I live here on the cheap while they spent their life savings to buy.

Its always nice going for a walk with you. I learn along the way. Great channel here.

We gotta get back to pre pandemic pricing. Sellers are still thinking they should get the moon and the stars.

I have to credit my brilliant wife, who convinced me to sell our family home at the peak of the sellers market at the same moment we bought our "empty nest/retirement home" at 3.5% despite me being just 61 in 2022. Now I'm WFH permanent with money in the bank in a home we can manage on pension and SocSec. I could work past 70 if I want to, but it's not a "have to" situation. Clever girl.

But, will corporations scoop up all the houses like what they have done in years?

Thanks Michael 😊Love your honesty 👍🏻

We are passing our home to our son than grand daughter and than great grand children…A paid off home in NY is a blessing 🙏🏽🤩

I'm 79 and have lived in my house since it was 2 years old 50 years ago. I am getting ready to sell and live in a nice condo.

As soon as I get my parents house it's going up for sale and I'm moving to Thailand

I’m one of those boomers. I have decided to stay in my home as long as I can continue to take care of myself. I am leaving the house to my son & grand daughter for tax reasons. I was talking with my son about it & was shocked when he said he was going to try & keep it. I’m not sure if he will be able to come up with his half or be able to afford the upkeep & taxes on it when I’m gone. I’m in a small town next to Naples, Fl. So whether it will be kept or sold I don’t know. My home is in an area that is mostly retired ppl & many of them pay cash for the homes. Even though most of the homes are valued at 1m & over. I have had this home for 20yrs. & certainly couldn’t afford to buy it today but really can’t afford to sell it at this point bcuz to replace it with something half its size would cost me the same in taxes & likely insurance too so why bother to move. I bought my 1st house at 17 & have rolled every house (9 of them )into this one. That was a totally different way of living 57yrs ago. We didn’t eat out or take vacations. We both worked 2 jobs most of our lives.I brought my 1st baby home from the hospital in a 1932 Studebaker we paid $35. thirty - five dollars ( not a misprint) the year was 1967. Seems like today young ppl want to start out in the same house their parents took their lifetime to achieve. Not to mention today they live a totally different lifestyle.

Palm Coast, Fl is beautiful. Just visited there. They even have an ex-pat Portuguese community with some nice Portuguese restaurants and bakeries and beautiful state parks.

We bought the house where we are currently living in February 2021. We got a 2.55% mortgage and it was before prices really started to skyrocket. If we were to sell our current house and buy a similar house locally, our mortgage would be over 2.5x what it is right now.

Thanks!

Late 50s and own homes no debt, placed in Trusts and will be left to family. It has acreage, extremely renovated 1800s era brick farmhouse and will hopefully never be sold, as per my wishes to the sucessor-as taxes are low and no rise in tax basis due to never being sold again.

We are seniors who are healthy still working. Have 30 yrs of equity in our home. Our kids are grown and we could downsize BUT will sit tight for now. Will rethink when we retire in 3.5 years unless things dramatically change, (which can happen in a moment).

Whahoooo made an offer today on a farm. Selling our suburban home and if about doubled in the past 5 years. Realtor want us to ask 75k more than we even planned as nothing else is even for sake around here. I'm loving this economy. Sweet county living on acreage heading my way. And my money keeps earning in the market!!

But immigration is rampant… we have to consider how that’s going to affect things if it doesn’t get addressed.

Forget about buying a house in the U.S. unless you absolutely have to. There's a whole world out there where you can buy or rent so much cheaper. Vietnam, Albania, Portugal, Columbia, Mexico, the list goes on and on.

Thank you to our host for these walking outdoor sessions. Yes, true for The Villages and other select markets. Where I reside, for example, beach Broward, is not over-55 by requirement, but in reality over-70

My husband and I have been planning for both ourselves and our children. I'm not in the age demographic that you are talking about but we do have our home paid off. We were deciding on which type of trust we wanted to put it in. We have 4 kids and we don't want them screwed over by taxes and all the rest of it. If it's in a living trust and anything happens to us, they can do what they want with it without the penalties. We mostly just wanted to make sure they have shelter taken care of. I'm going to suggest Toby Mathis Esq | Tax Planning & Asset Protection channel to anyone needing to know what direction to go for planning. There's a lot to think about. Also, the tax rules depend on the state the person lives in not necessarily the state everything was written up. If you have any kind of assets you want to leave your children, I can't recommend enough this guys channel to help you know the direction to go for proper planning.

I just saw your Palm Coast drive-through video, where you said you would NOT be considering it because it is too isolated from stores and restaurants. What, if anything, has changed?

We have three homes. Hanging on to all three. We are 75. One home is occupied by my son. We live in one and the third is a get away.

Even if the price of the houses were low, taxes are up, Insurance up, interest rates up, maintenance up, utility bills up! Dont buy a house!

As always the best content,thanks

Rent prices might go down as boomers pass down real estate to heirs, but residential real estate shouldn't take much of a hit.

Since you asked: I'm 78 (one of the last of the Boomers). I live alone in a small house I've owned since the 70s. It is paid for, and I have no mortgage. I live on retirement and SS. Inflation tightens my budget. I hope I stay healthy enough to die here, not go to a "home." Actuarial tables say I will most likely live 11 more years. The house will be inherited by my older sister or her kids. They will sell it. It will be torn down. Somebody will build a $1M house on the lot, which is in a desired area. The taxes are high, but I no longer have to pay school taxes, which are 60%.

I enjoy your vlogs, I like looking at people’s landscapes. The house with the flower garden out front was gorgeous.

Boomer here. Boomers are 60-78, not 90. I already sold my house in 2021 when the market was on fire. Bought a condo that’s in a trust for my son. My brother is 73, super healthy, and will die in his house. His son will keep it. He loves owning property. But it always fun to hear people want me dead. And the area I used to live in has thousands of houses for sale. All overpriced, sitting there, taking little bitty price cuts. 2021 is gone folks.

Michel to continue from yesterdays video …..I live in the Washington DC area - 20 minutes north on the Potomac river Palisades. It is inland with a very high elevation. There are no chances of hurricanes or floods or forest fires here. My home insurance was $2800 and I just got my new bill for $4400. I wasn’t surprised because I listen to you nightly. However, there was absolutely no justification for this increase. I will be dropping my home insurance and become another “self insured” homeowner. Good luck to us all.

I wanted to leave for my kids..But taxes and insurance is so crazy..I will maybe sell and go travel and live a peaceful life ...Its not worth the stress we are suffering against these bullies..raising taxes and home insurance is crazy...not to mention the up keep of property is way up also.

Thanks, Michael!

I am a Boomer and old as dirt; the farm gets passed on!

Not much principal and mostly interest is paid the first 10 years of a mortgage. Only buy if you plan on living there for a few decades.

Our parents never taught us to wait till somebody dies and then get their house they taught us to go work for it and now look what you're doing you're waiting for people to die how morbid is that

I have been married for 28 years. Purchased my first home in 1996 (when I married my wife), purchased my second home in the 2008 short sale market - paid cash and still no mortgage. Those are my only 2 homes in 28 years of marriage. I am 51.

You have sure given me a lot to think about. I’m 63 living in a 4 bedroom 3 bath house myself. I have a pretty decent amount of equity and was considering downsizing. I think I’ll stick with my $1400 a month mortgage with no HOA.

the best laid plans often go awry. when my grandmother passed, she planned on leaving her house to my mom and uncle. unfortunately, she had to live in inpatient hospice care for the last 11 months of her life, at a cost of 8000 a month (and this was nearly 10 years ago now, probably double that now) and they had to sell the house to pay the bills, as there was already a huge mortgage on it and medical bills piling up. All the boomers making plans to give their heirs houses need to realize that a couple years of intensive healthcare costs can totally wipe out your "nest egg".

I would love to relocate and downsize, but everywhere that I would like to move to is unaffordable. The real estate speculators and AirBnB crowd have turned every culturally vibrant city into an expensive vacation destination.

In general it is better to regret not doing something that you wanted to do as opposed to regretting doing something that you shouldn't have done.

You do good interesting and informative posts so thank you.