7 Reasons NOT TO Buy A House In This ECONOMY!

There are seven very important reasons you should not be buying a home in this economy, especially going into 2025. There is a lot of uncertainty surrounding the future of the US economy and you have to ask yourself if you really want to be a new homeowner saddled with a whole new set of bills in such times. Most people are making it abundantly clear that they are not interested in taking on that extra responsibility with home sales currently at 30 year lows. Maybe they're onto something.

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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[MargaretWest-mu]

The challenge is that whether you rent or own, there are unavoidable costs associated with maintaining a permanent residence—property taxes, insurance, and utilities like electricity, gas, and water. In places like California, where I currently live, the high cost of living has pushed many people to opt for alternatives. It’s not uncommon to see individuals living in tents to avoid property-related expenses, and the number of people I encounter who reside in their cars is truly surprising. It’s a sign of how extreme the situation has become.

[viviancarolgioao]

I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[imxploring]

A $900/Month increase in HOA fees over a couple of years and a surprise $54k assessment in not something MOST people can absorb. No matter how well they're doing!

[tonysilke]

It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.

[SonnyL]

We bought a house straight cash, its an older home. We made a move to save money and allow some freedoms, the house owns us now. Needs so much work and we didn't have enough in savings. We thought we owned a home, the home now owns us. And property taxes on top of that.

[turboredcart]

MY HOA fee will not go up. Why? Because there is none.

[sonnylatchstring]

Houses in general get more expensive by the year. Not because they are worth more but simply because our currency is worth less.

[andrewgleason]

Homes are too high, interest rates too high, taxes, insurance,

[QRCodesU]

I live in a small town in California and it is 50% cheaper to rent. No one can sell their homes around here. Well over $1 million for a piece of junk old house, crazy!

[christopherjohn]

I'm putting away $400 a month. Thank you for your show.

[fredk]

Just trying to be productive. One way to save is to dine in and avoid restaurant costs. Additionally, you eat more responsibly. I’m living proof. I lost weight and have kept it off

[jamesrobinson]

I've been a home owner since 1983. I plan to sell my current house this spring and become a renter for retirement.

[tatianastarcic]

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighbourhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighbourhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

[MikeAnderson-jdrw]

Do what is best for you. Know your financial situation. Only you can decide what is best for you.

[IheartJMJ]

I don't think I want to be a homeowner anymore.
We nearly bought a house in October, but thankfully the seller backed out. We dodged a bullet.

[Brian-klzu]

Sunshine; warmth; warm blue skies; palm trees. A nice thirty minute tonic for "Seasonal Affective Disorder." Not really; but it's nice to mentally project myself into Michael's walks.

[VroodenTheGreat]

Interest only loan = you will never own it and you will still be responsible for the maintenance, ins, property taxes, etc. Banks LOVE this deal.

[chs]

Thank you man, I had put $10, 000 down on a new house to be closer to family. I have a nice house right now. I found the new house total (after lot price, house options, and base price) of $645, 000!! Monthly payment would be $3000 a month! I just can't do it, I am just going to wait and see if these crazy high prices normalize sometime in 2025. I will cancel the contract of this new home tomorrow and get my earnest money back. I was buying a single family home that I cancelled, and I own a single family home now. I will never own a condo or townhome with monthly fees! Never! and I was an emotional buyer to get closer to my family! My credit is 790 or higher, makes no difference with these high prices!

[gary]

The older I get the less I want to own things.
A 50 some thousand assessment and accidental pregnancy in the same year is disastrous!

[Dan-ojiq]

One thing I keep learning from Michael's videos (other than financial advice) is that to be a landscaper in Florida means to never run out of business. In fact you probably couldn't even get one to come to your house for an estimate because they are booked into 2030 and beyond.