All is good! Let the golden calf, melt!

First time to your channel, didn’t take me long to subscribe, you talk from your heart. No bs, or clickbait. Thank you from Alberta Canada

Once the Mortgage industry became a "market" it all went down hill fast.

AirBNB is what has been driving this market for the past 5-6 years, due to low interest rates. Now that interest rates are rising there is going to be a flood of people trying to unload them because at these rates the economics of purchasing a house for ABNB rental does not work.

Check out home in orange county California, buy for $400k and list again for $900k in a few months. Seller are crazy greedy

@@leonlovelife2109 same with the high desert in California the home flips are wild 😂

@@leonlovelife2109 400K? In OC? Where? I have a friend that lives a mile from the beach and everything is well over $1000 a square foot.

I'd love to be there when a sucker buys one of these homes and just laugh in their faces.

You did the right thing.

Excellent comment as always, Daniel.

@@j4513 Michael says for every comment I write that gets 100+ likes, he'll send me a nickel.

@@Falconlibrary 😂😂 hahaha. Even at just a nickel a time, you’ll be wealthy in no time! 😂

I’m thinking they missed their window. In AZ 2020 the prices were escalating so fast, a house near me got flipped twice in about 18 months.

Same case here in TN. People bought 3b 2b 2 car garage 2000sq ft homes in 2020 for 200k and are asking 400k right now and they are all sitting for 100 plus days on market. Some are pulling off market for 10 days and reposting at 395k. Absurd.

Sellers think it's 2021 and buyers think it's 2024

@@Falconlibrary indeed, but buyers can generally wait, sellers dont always have that option.

Depends on the area

@@worndown8280 Prices are declining and rates are rising. Any seller holding out for an improvement in the market will be waiting a long time. It's becoming a buyer's market--not quite yet but we're moving that way.

@@Falconlibrary yup I agree

Its a stupid trick that any half savvy buyer can figure out

Also notice how few homes for sale post a sign outside anymore.

Yeah they play games to make a house on market for 20 days now show “new listing” when I saw it on Zillow 3 weeks ago.

i see this all the time, very stupid.

Just saw so many listed in Austin Texas 😂😂😂 they think they are slick and some even higher priced than when they took it off

I’m sure they do tell the owners to leave….stubborn sellers that think they know better

Ugh that's really cringe. Talk about a major turnoff.

I dont see the problem if the owner is there really if anything you can ask them direct as many things as you want about the property which the agent wont know… if anything seller might give you a more honest answer than a slick agent giving a sales pitch and prettying everything up… ultimately its up to buyer to sift through all the chatter and decide with no pressure if they will buy or not

Politely point out all of the flaws within earshot of the owner, and then use them as part of your negotiating tactics.

We are listening and staying informed

People are only listening to their bottom line. And the bottom line is shifting. Wether they want it to or not.

Well. We have bidding wars here in California

Good point

they stopped buying because that was a money losing strategy

If you're gonna confuse the narrative with facts, I'm afraid we'll have to ask you leave, ma'am.

They stopped buying houses cuz property management is expensive, and nearly impossible on an industrial scale, forecasts be dammed.

Not here in Miami. Majority of new construction is luxury condos catered to the 55+ community.

Open your eyes and look around our country. The Bible says it all 🇺🇸✝️

Not true. Developers price their new builds based on the existing market in that area around the development, and may even add a premium on new builds.

New builds in las Vegas are smoking crack right now, still lot premiums little to no drop on prices.

I think anyone building now has to ask a lot due to the high cost of materials, labor, and other costs. How would they otherwise break even? That, coupled with artificial high prices, (cornering the market) I can't see prices coming down anytime soon. Here in Chicago area they are steady to slightly up.

I saw a house like that once. Sold eight times in five years. In the country in Kansas, on a couple of acres. Turns out there was an entire family of big time meth dealers in the area who kept running each new owner out. House finally burned down because of arson. No one arrested for the arson.

Absolutely

Yeah, I would wait for that buying opportunity. Unfortunately, I’ll be one of the dead ones.

I'm 62 and already my townhouse is too big for my needs. But I'll rent it out before I sell during these times.

Yes, apart from those who leave their properties for their families

​@@geraldcroft9020 😂😂😂

100%!

It’s called greed

It's sickening, because housing is a necessity. These people asking so much are displacing families and causing economic turmoil. In the end it will be a losing situation for everyone. Look what has happened in SF just to name one city.

Realitor greed also caused buyers to panic buy at the worst time possible!

@@junserafin5241 Where does it say that in the Constitution?? Foreigners somehow think we tax payers owe them a home??? AND a car??

I think that about Realtors....worst people in the world.

He who panics first, panics best 👍

If it was me I would have never sold it. I probably would’ve rent it out. Not only it cost you money to sell and all that money you made will go straight to rent. It will be more expensive to buy in the future because of higher interest rate. Good luck to you.

@@life_of_riley88 Huh?

@@Bekka241 It's just an old saying about how to recognize that you're selling at a good time. Sounds like you accomplished that!

First man in the life boat may not have all his possession, but he has the most important one, himself.

The ones who bought at the peak are the ones who enabled all this.

But keep in mind that even sellers selling at double price will buy their replacement home at double the price and with a Highest interest so really nobody is winning this crazy high price race

I bought early 2021 before the increases (studio apt in Downtown Miami) and just sold it, not happy with HOA and unffordavility of everything. Originally bought for $176k from an incestor who just wanted to get rid of it and just sold it of $290k, 42nd floor ocean view. Mine was the best I would say and cheapest out of the whole building, there's so many people asking over 330k 20 floors down without a good view, just sitting there, studios as well...

Thanks Mallen! Nice to hear from you all the way from Sweden!

You'll regret it

​@@pearlperlitavenegas2023 well i dont regret anything because my old house is worth 100k less today. Sold at the top because i saw it coming.

@@bananskillet you'll regret it from a purely financial perspective in 5 to 10 years when the value of the house or rental income potential is much higher if you're young If you're older it won't matter. But that's just my humble opinion which doesn't matter

Snow.😎

Cheap money creates asset bubbles. It's been that way since the days of the Roman Empire.

money printing

Cheap money plus a momentary demand spike, the two largest generations in American history, the boomers and the millennials, being in the housing market at the same time, this was bound to happen. As the boomers start to exit in mass, about 30% of them already have, real estate prices will begin a very long decline. There is only 1 zoomer for every 2 boomers. There just wont be enough demand. Not at least until Gen Alpha hits the stage, but that is about 25 years from now. And we dont know the size of their cohort yet.

@@Falconlibrary It's just Miami being Miami

@@drscopeify Yeah, parts of California are like that--they're an international real estate market, which distorts things.

It all seems planned…do you see it yet?

I’m neither looking to buy or sell, but am guaging rennos by current sales. I am shocked at carpet in the kitchen and bathroom, highwater curtains, puke paint colors, boob lights in 20 yr old homes, obvious roof issues, dirty pavement, mouthwash on the counter, raised toilet seats, 1/2 empty water bottles on dressers, builder grade appliances in 20 yr old homes, obvious DIY projects. . . I understand not having money to do rennos, but taking photos that are unflattering and point out problems?? This is the listing. I can’t imagine what the house looks like in person.

I agree. We've looked at a lot of houses and some of the photos are insane. I would be having a hard conversation with my agent if my homes listing had photos as bad as some of them I've seen. On the other hand a lot of sellers don't pick up anything, place is a disaster. Either way huge turnoff and they wonder why no one wants to buy it.

@@Fuzzmom903 Most people live like pigs and their homes reflect it.

Who wants house in NJ , fuck noooo, you just stay there.

@@dennynisevic7848 ? You don’t even know me! Anyway….

Same here, sold in 2021, taxes 6k, new owner 13k.

Thats what happens when your city or town is listed as a top 10 place to move to.... The Transplants destroy it....

Has the home sold? Update? I imagine it has…

@@ricksmith4736 Yup, my town is currently experiencing that.

CAn you go back to New York?

That's boomer logic though, while saving is needed for success, proper investing wins, what's going on now is crazy and I feel for the folks that have been waiting for years, everyone who "saved" has been punished severely including myself

Same:) the builder won’t budge. I’ll wait.

Bahahahaha

the fastest month over month declines i believe are 1% in during the 2008 crash

@@wormhole-r3l bought my house in 1987 for $190k. Two years later it was worth $140k. And that doesn't include the realtor commissions if I wanted to sell. Had a friend who bought his house in 2005 for a little over a million dollars. Sold it 14 years later for $835k. Again, that doesn't include commissions and all the money he put into it. Remember that when it comes to real estate national statistics are pretty much useless.

@@Corkfish1 yeah but if you just held through it, you could've still doubled your money. Although I realize that's a long time but that's what real estate is, a long game. But yeah anything is possible.

@@wormhole-r3l no doubt about it. But it does affect the annualized return. I owned the house for 32 years and eventually it did recover. But because the first 15 years it did nothing if you annualize the return it comes out to about 1% a year. Since I bought near the top it didn't even keep pace with inflation. That wasn't the worst part. The part that bothered me was that in the face of bidding wars I bought something I didn't even like. I settled and was then stuck there for over a decade while I saw nicer properties starting to sell for less than what I paid for mine!

Not true. 2007 and 2008 was a credit crunch where nobody wanted to lend money to invest, because the banks no longer trusted what they were being offered in collateral by the mortgage companies was worth what they were told. So they stopped lending money for mortgages. That's why interest rates went up, and that why it was called the Credit Crunch. You see, mortgage companies and banks actually sell on their mortgages by bundling them up in securities and sell them on to investors. In 2007, the investors were told that the bundled mortgages were low risk AAA, but in reality, subprime mortgages were inside those so called low risk securities. And when the economy slowed, the subprime mortgages defaulted, and only then did the investors find our that they were sold a pig in a poke. That meant they could no longer use those bundled mortgages as collateral for loans in the capital markets. There were so many poop sandwiches of bad loans wrapped in bundles with low risk loans, that the capital lenders stopped taking mortgage securities, and only wanted Treasury Bills. So basically investment banks stopped lending to each other. That meant a shortage of credit and higher interest rates, until the credit ran out. Basically Uncle Sam and every other central bank had to cosign the banking system, to persuade those with money to start lending again.

Mileage may vary. What I saw a lot of in 08-09 was the ARM meltdown. More specifically, banks were raising interest rates on people that couldn't afford it. Which lead to a mass number of foreclosures. Then came mass layoffs to finish off the survivors. Then came the snowball effect.

@@77jaycube69 ARMs and Flippers. Bank of America giving reverse ARM loans to illegals didnt help. After two to three years they just skipped back to Mexico with their buckets of cash they saved paying a 200 buck mortgage. My neighbors across the street from where I lived then did this in 2004. Hardest working people. Two brothers and a sister.

@Adventure West Why refinance an asset that is worth only half of what you bought it for? For most people it made financial sense to just walk away from it, considering some people but zero down. And thats what many did. Adding to jay cube's snowball effect.

​@@worndown8280 yes and you can't refinance in that case. refinance is a new mortgage that the bank actually has to want to take on

It's probably due to pain in the ass clients that are suffering from a mental problem...

Please tell me you did NOT move to Florida??

​@@ricksmith4736 🤣🤣🤣

😂 that’s funny!

FOMO

Dude please let it be so! I'm still concerned, however, something will derail this derailment. Fed cutting rates prematurely for example

My pleasure!

You'd love Beverly Hills. Lot of exotic supercars, vintage cars there. I once saw the car from Back to the Future (the prop car) as it was going to an event (the driver was dressed like Doc Brown).

Are you familiar with the HECM line of credit growth feature?

That's what makes it interesting for the bank - do people have that misconception.?

You might get to live out some of that equity and stay for a short time but they will take it if you default.

I thought that someone told me that you could miss a payment if you had made extra principal payments in the past. So I missed a month one time. The bank let me know quick that I owed a penalty fee and back interest. Doesn't matter how much you have in equity, they'll take it away first chance.

@@Chubbycat747 it's actually better for the bank if they know that they will get all their money + fees back than if they they can expect 80% on a 90% loan.

Nice to see you Johnny!

yep and no security or gated entry ways...there are apartment complexes more secure

😆😆

You sound like a motivated seller👍

These days, you would get more people interested if you wore the opposite gender's underwear...

@@RealCptHammonds 😂😂

O that's the definition of " motivated seller"​@@SithBladez

Exactly. You did it right. No need to move…

Exactly