Top 12 Florida Real Estate Markets Crashing Fast! (Real Estate Agent Reacts)

There's some very inconvenient truths about the real estate market here in the state of Florida. I've been saying it for a while, and this video really kind of puts it in its place. We're going to talk about it. I'm going to break it down. As a real estate expert, I guess you could say I've sold enough houses, I've done enough stuff in real estate. I'm going to break it down for you, give you my opinion on what some of this is saying, and we're going to review it and see if it's actually real or not. So let's get right to it. Bubble isn't just leaking, it's experiencing a catastrophic rupture that's sending shockwaves through the entire Sunshine State. What we're witnessing in these 12 markets isn't merely a correction or a temporary dip. It's a fundamental collapse that's already outpacing the devastating crash of 2008. In the last six months alone, property values in these critical areas have plummeted by up to 28%, with some luxury segments seeing drops as steep as 35%. Expert projections suggest potential declines of up to 40% by year's end, with some areas potentially facing even steeper drops when factoring in insurance costs and climate risk assessments. Let's understand the macro factors at play. Florida's property insurance rates have increased by an average of 238% across high-risk zones in the past 18 months. Over 15 major insurance carriers have either left the state or declared insolvency since 2022. So the first thing I want to do is let's define what a crash is. Every market has to be defined as what are we talking about when the market's going down. I'm going to put what Google's AI says right here for a stock market crash, and then what for a real estate crash. Usually, it's about 20% caused by some issue, something that makes it do it in a short amount of time. I've said from the beginning of this entire market creep up that Goldman Sachs, all these big mutual funds, hedge funds, all these big money managers said 10 to 15%. And that's just shy of saying, hey, 20% crash, and if it happens over a short amount of time, we got to start asking questions. A lot of these areas, they saw some huge run-ups in price point. Some doubled. And when you look at the market, look at Case and Shiller, it's going to do an average between everything. And you can't really look at the market like that. You got to go into an area and say, okay, the price did this, now the price is doing that. Some of these big cities, especially in the state of Florida, California, we saw a mass exodus to California. Some of these big states coming into these other states like Florida, and the price point just going through the roof. We saw it double in some areas. Case and Shiller would say, oh, it's only up 6, 10, 15%. No, some of these areas, it doubled. Like in my little neighborhood, it doubled. And now we got to say, well, what is the correction and how's that going to happen? And I think that's what we're starting to see in some of these areas. One investment, which previously accounted for 21% of all luxury purchases, has plummeted by 60% year over year. And perhaps most tellingly, new mortgage applications in these 12 markets have dropped by a staggering 43% compared to last year. Let's start our journey in Jacksonville's South Side, our number 12 market of concern. The numbers here are stark. Median home prices have dropped 12% since January, but that's just the surface story. Inventory levels have skyrocketed by 178% year over year, creating a massive oversupply that's putting downward pressure on every segment of the market. Properties that once sold in an average of 22 days are now sitting stagnant for 89 days or more. New construction projects, which once dotted the landscape, are now frozen at 63% completion rates as developers grapple with financing issues and dwindling buyer interest. The tech sector layoffs have hit particularly hard. There's a few things that you look at when you see what a market's doing. It's what is mortgage applications? What's the inventory on market? And how long are they staying on market? And I like to track how many of these deals were for cash. Because what you see in the luxury market is sometimes you've got guys that have got multi-millions of dollars. They're not wanting to keep it in the bank because FDIC reasons and security reasons. They want illiquidity in some situations and they'll just make a large purchase of a large house that they can hold and use or whatever they may do. And you'll see them grab properties on the beach for two, three, five million dollars and just hold them. Or you'll see things like that. A lot of these deals are foreign buyers on the beach sometimes too. Pensacola's a lot of foreign buyers. So you see that and you got to really break down like some of these numbers. You can't just dive right into them as saying a blanket 43% or a blanket 20%. Well you got to be like, well what's going on there? Are we prep factoring in commercial and residential? Are we factoring in residential with condos versus single family? Because the condo market as you'll see in this video is getting destroyed. I made multiple videos on why it's getting destroyed and the legislature has got to figure the condo market out in the state of Florida. Insurance, HOAs, all these CCRs are a complete mess. And if you're buying a condo in the state of Florida, better watch out. Hire a good agent. Know what you're doing. Outside our number 12 market of concern. Once heralded as Florida's emerging tech hub, this area is now telling a cautionary tale that every investor needs to hear. Walking through these streets today, you'll notice something that would have been unthinkable just a year ago. Rows of forced sale signs lingering in front of properties that would have been snapped up in days during the market peak. The numbers here are stark. Median home prices have dropped 12% since January, but that's just the surface story. Inventory levels have skyrocketed by 178% year over year, creating a massive oversupply that's putting downward pressure on every segment of the market. Properties that once sold in an average... So a lot of the houses get built. We saw a lot of houses get built fast and a lot of them weren't built very well. And then some of them, they threw together and the price to build these houses just kept going up. Because remember we had a real supply constraint for PVC pipe, Romex, all these things during COVID. And we're starting to see all that froth come to the top. The market tried to digest it. We had a lot of people move here, and now we're seeing these numbers do some really interesting things, really weird stuff going on. Of 22 days are now sitting stagnant for 89 days or more. New construction projects, which once dotted the landscape are now frozen at 63% completion rates as developers grapple with financing issues and dwindling buyer interest. The tech sector layoffs have hit... Builders loans are a whole different cookie. It is really hard for some of these smaller builders to finance the building of these things. And you got to ask yourself, well, if you're building right now and we're seeing all this time on market, should we complete these houses? Should we keep building or should we slow things down and hopefully the market recovers by the time we finish building? I saw that here. One of them took like a year and a half to build. As soon as they saw the market starting to go down and their builders financing started going straight up as interest rates were going up. And they just slowed it down because they're like, well, why catch a falling knife? Let's just hold on to it, not have to have so many holding costs or not take out that next loan until we feel like the completion can be done with a market at a higher price point. It happens. Particularly hard here. Major employers have reduced their footprint by an average of 34% leading to a ripple effect through the entire market. Young professionals who once flocked to the area are now leaving in droves with rental vacancy rates jumping from 4% to 17% in just six months. When you combine this with insurance rates that have spiked by 44% in coastal zones, you're looking at a market that's experiencing a fundamental restructuring. Restructuring is correct because a lot of tech companies are like, well, we can just do this all work from home. We don't really need a commercial sector. And I've seen a lot of people even from our town get hired from New York companies to work from home for a corporation in New York. So they don't have to actually move there. And if you're seeing the same thing in Jacksonville, why I got to move to Jacksonville? I can do it from home here in Pensacola. Why do I need to physically be there and go there and rent? Some of them are just hiring out from abroad. And you're seeing the ripple effect in real estate, in my opinion. Moving down the coast to Daytona Beach, this once vibrant vacation destination tells a tale of tourism decline and market oversaturation that sending shockwaves through both the residential and commercial sectors. Property values haven't just dipped, they've fallen off a cliff with luxury segments seeing declines of 15% or more. 15% is not falling off a cliff. But like I said, 10-15% pullback on a lot of different sectors. Believe it or not, the economic numbers we've seen flashing on CNBC and all that stuff is not correct. The cost of doing business crept up really fast. It just went straight up. And then everything else had to catch up. Everything as far as making a profit had to catch up. And we're seeing now that the market was hard for people. Inflation got people. They said, you know what, things are more expensive. Maybe I shouldn't go out as much. Maybe I shouldn't do these things. And now you're seeing it in some of the numbers. And people are shocked by it. Look, when I went out to dinner and it was $200 for me and Samantha just to have a nice dinner and a couple glasses of water, you know what, I stopped going to these luxury places too. And believe it or not, rich people do it too. They're not stupid and they see the price of things and they're like, wait a minute, that $200 dinner is now $400. Maybe I don't want to do that anymore. And luxury, believe it or not, is the first one to go from the top into the next bracket. Because believe it or not, not everybody is as rich as you think they are. And when credit cards and the price of everything goes up, okay, credit card interest rates go up. A lot of this money's floating on credit cards. It gets more expensive for people. But the real story here is in the vacation rental market. Occupancy rates have plummeted by 32% turning what were once profitable investment properties into cashflow negative albatrosses. Taxes, insurance, that's what's really getting people. Insurance is going to keep a lot of these luxury properties from cashflowing. It is absolute insanity. And it's like one of those costs in real estate right now that you can't fix. So the cost of rent has to keep going up. Your attorney kept going up. Your insurance kept going up. Your maintenance guy kept going up. The construction worker or the maintenance guy's insurance for his worker comp, all this stuff kept going up. So the cost of everything kept going up. And these large luxury houses and luxury condos aren't going to cashflow. They're just not. And then now you have these condo issues with these assessments. And you catch a $200,000 assessment or $100,000 assessment, and all of a sudden you're not going to cashflow anymore for a very long time. And if you bought it recently and you weren't tracking if there was about to be assessment, like I've said in many of my videos, we're going to catch a falling knife. And that's what's happening in some of these areas. Florida's got a condo nightmare going on. Property owners who previously enjoyed healthy 7.2% returns are now struggling to break even at 3.8%. And many are operating at a loss when factoring in the doubled insurance costs since 2023. Speaking of insurance, let's break down these numbers in detail. The average property insurance premium in Daytona Beach has increased from $2,800 annually to $5,900 in just 18 months. That's true. And if you got citizens, get prepared to get depopulated. I just got depopulated. All my friends here got depopulated. They're trying to kick you out as fast as you can. It's basically like, oh yeah, we'll close that property on you with citizens because it's the only one you can get. And then a couple months later, oh, by the way, we've handed you off to somebody else that is going to raise your premium very quickly. So the next time you re-up, it might go from $2,000 to $8,000. It might go from $10,000 to $15,000. It's going to go up if it's not with citizens. And citizens depopulate. And I heard all the way up to 600,000 people. I did a video on that. There's been a lot of really good videos out there on this. With some owners seeing their total insurance costs approaching $12,000. And they're expanding these flood zones. Watch the map. It's creeped over the years. And they reclassify this stuff all at $1,000 annually. This insurance crisis has led to an 89% increase in foreclosure rates. Oh, by the way, citizens is tiered now. So the price point of your house, whether it's like 400, 500, 600, 700, they're tiered to whether you need flood insurance. So by I think 2027 or 2026, everybody will have to have flood insurance with citizens. Even if you're not in a flood zone, comment down below if you know more about this than me. Compared to last quarter, with many owners simply unable to keep up with the mounting costs. Yeah. If you thought your house was $1,000 a month and you escrow it with your mortgage payment, taxes, insurance, et cetera, and insurance doubles, well, your payment's going up. And then if you weren't prepared for what the property taxes were going to be on your house the next year and the next year, especially in new builds, well, that's going up too. So you go from having $1,000 a month mortgage, now $2,000 a month. Underwriters are really going to have to start taking this into account when they're doing this, when they're writing their mortgages and see if people are qualified. Naples, our number 10 market presents perhaps the most dramatic example of luxury market collapse we've seen in Florida since the 2008 financial crisis. This coastal region, which once attracted wealthy buyers from around the globe, is experiencing what local real estate veterans are calling the great luxury exodus. Let's dive into the numbers. Properties in the $1 million plus segment have seen average price reductions of 28%, but some ultra luxury properties are seeing cuts as deep as 40%. When you're seeing price reductions, think of it like this. Sometimes you're seeing profit taking, sometimes you're seeing profit reduction. If the house is worth a million bucks and it's now worth two on the comps and it was worth a million bucks two or three years ago and they bought it for $800,000 and they got it listed for $2 million and now it's listed for $1.8 million, you're not seeing a great slash in prices. You're seeing a smaller profit taking. Never confuse those things. Now, if they bought it for $800,000 and they sold it for $700,000, okay. But when you're seeing the price point on the MLS going down by $100,000, $200,000, but they still got a million dollar profit, that's still a profit. Okay, so don't confuse those things and that's what a lot of these videos like to do. I'm the first one to try to call a spade a spade, but sometimes you get overzealous real estate agents or overzealous sellers that don't listen to their real estate agents and then they wind up getting hemmed up on the market for 80, 90, 100 days because they've too high to begin with. It wasn't worth it. It was worth 10, 15% below that and they wanted to test the market and then all of a sudden they're stuck on the market because people after a while think a house is tainted if it's been on the market for a very long time. New listings are flooding the market at an unprecedented rate, up 156% year over year, indicating what many analysts believe is the beginning of panic selling. Investment property vacancies have surged by 47% and rental rates in luxury condos have fallen by 23% as demand evaporates. The driving forces behind... About a month ago, it was like every agent in our brokerage was getting five, six listings. It was like this mad rush to list and you wanted to tell them, hey man, you waited too long. The time to sell was three months ago, four months ago, before the time I'm talking about. But when you try to get them to do it, they didn't want us to. And then the election had a lot to do with it. Nobody wanted to do anything because elections, rightfully so, you've got two different tax policies. You got two different ideas with capital gains or with 1031 exchanges and they're afraid of which one they get hemmed up in. So now that it's known, people are trying to get on the market to actually make a move. And then when the spring comes around, we'll see what happens there too. Naples decline go beyond simple market dynamics. Recent environmental risk assessments have downgraded significant portions of the coastline, leading to insurance complications and lending restrictions. Property insurance rates have nearly tripled in some zones and several major carriers have completely withdrawn from the market. Perhaps most tellingly, foreign investor participation, which once accounted for 35% of luxury purchases in Naples, has dropped to just 12% in the past quarter. So Zillow recently put the flood map overlay onto their map. And you can see instantaneously if the house is in a major flood zone or will catch water between zero and three feet. Now, this is a real question on whether this is a derogatory statement on your property. They're making a claim that it's received water based upon their data sometime in the past. Well, if you own that property previously, before this map comes out, and now all of a sudden, the main thing people search properties on, they see that it's in a flood zone and they ask yourself, well, what happens to my car when it floods? What happens to my stuff when it floods? Yeah, it might not get in the house, but what about my car? And then that's just going to be a major sore thumb on the property that all of a sudden people are like, you know what? I don't want that house. I can tell right now it's in a flood zone where before they might've been okay just looking at it and be like, I'll just get some flood insurance. But we know now that it's been flooded four times, five times, every two years. Well, there's a real problem with that property now. And you've got to raise the question, is it even worth what they're asking for, what comps are saying? Because we know it's going to flood. You know you're going to be pulling everything out of your house when it floods, even if it's insured, and it's probably going to destroy most of your stuff and your car. Is that worth it to you? And I think some people are going to say no, and that house is just going to sit there. Don't sue me. I'm just saying that's my opinion. Orlando's tourism corridor. Our number nine market presents a troubling picture of what happens when a region becomes over-dependent on a single industry. The areas surrounding... That's true. Disney's going through some hard times because they like to be some really, they like to do some real political stuff with some of their stuff, okay? And I think the market is like, ah, I don't know what to do with that. But everybody around Orlando is dependent on, you know, Disney World and Universal Studios and everything that's going on around there. I like to go to Disney World too, but I think we're seeing the numbers are just starting to show what they show. Major theme parks, once considered bulletproof investments, are experiencing unprecedented market deterioration. Property values have dropped 19% since their peak, but the real story lies in the commercial sector's collapse and its ripple effect through residential markets. Let's break down the numbers. Commercial vacancy rates have skyrocketed to 24%, up from just 7% 18 months ago. Major hotel adjacent properties, which once commanded premium prices, are now selling at discounts of up to 30%. The data shows that 43% of vacation rental properties in the corridor are operating at a loss, with average daily rates dropping from $289 to $179, barely covering operational costs. Wow. I didn't know Foreclosure rates have surged 112% year over year, with investment properties leading the wave. New construction has ground to a halt, with permit applications down 82% from last year. Perhaps most tellingly, major developers have canceled or indefinitely postponed over $2.8 billion in planned projects, citing market uncertainties and financing challenges. See, builder's loans are expensive. You know, when you see, you know, some of these capital is like 15%, 10%, 18%, 20%, and they hope that once they build the thing, they can refinance it. And a lot of these builders, they rely on revolving refinancing. And when you're seeing the money stop, that's, that ripples into the economy. And then, you know, you've got to think 20 years down the road with maintenance and how many construction workers are going to be hiring in this area, plumbers, you know, pipe fitters, gas guys, like service stations, the economy in general. And this is a big deal. $2.8 billion. That's a lot. Tampa Bay's waterfront, our eighth market of concern, is fighting a multi-front battle that's reshaping its real estate landscape. Once considered a relatively safe harbor in Florida's property market, Tampa Bay is now grappling with insurance costs that have risen an astronomical 215% in flood zones. That's wild. But they got hit with water about every hurricane that came through this year. What, three, four hurricanes? Even when the surge was going up in a different direction, it still flooded a lot of Tampa. Go look at Zillow, overlay it with the flood map, and you're just going to be like, wow. Like, a lot of these houses that were not built up to code and they get caught up in this FEMA 50% rule, they're going to be in a real hurt. And FEMA is just going to, they're just going to say, you've got to build this up to flood code. And I said, it's going to be one of the largest land grabs of all times when these hedge funds come in, buy these properties up as is, crush them, build them up, you know, higher price point, elevate it on stilts to the new codes. And it's going to be very sad that a lot of these owners of these properties are not going to be able to afford to build the property back to flood code. And these flood codes are going to be so expensive and almost unattainable for a lot of these properties that they're just going to have to blow out of them. And people are going to take massive losses on these properties. They bought in a flood zone, they depended on flood insurance, they got flooded over and over and over again. And as a real estate agent, if I had a client, we were looking at a house and I know it'll flood and it's flooded three or four times, I would say don't buy that house, my opinion. And that has to make you think, okay, well, if Jack as a real estate agent says that that house that I own is flooded four times and he and his buyer wouldn't want that property, does that throw a question mark on you as is that property worth what the number on that appraised value say it is? Because in the future, I would not pay that for that. You got to see a correction on the horizon. If these agents, these people that do real estate all the time say, you know what, insurance is going to be a real problem. It's going to keep creeping up on you every year. And you're going into this property at an elevated price because of all the indicators around it, insurance, taxes, maintenance, flood, your car could get flooded and your insurance on your car might go up because all this stuff is geographically specific. You got to ask yourself some real questions here. Forcing many longtime residents to sell and deterring new buyers. The numbers here are startling. New construction permits are down 68% with several major developers abandoning projects mid-construction. You also got to ask yourself right here, abandoning mid-construction. They're going to change the code again. They're going to change the building code again and you're going to be left with a house that might be behind the times with the codes again. This is a revolving door with insurance companies and building codes constantly changing. The median home price has dropped 17% since the market peak, but in flood prone areas, the decline approached 25%. Infrastructure upgrade costs are proving to be the final straw for many property owners with recent assessments suggesting needed improvements could cost upwards of $4 billion over the next decade. Recent environmental studies have painted a grim picture for Tampa Bay's waterfront properties. Sea level rise projections have led to revised flood maps with 28% more properties now falling into high-risk zones compared to just two years ago. Boca Raton, our seventh market of concern, exemplifies the perfect storm hitting Florida's luxury communities. The once stable market has seen luxury condo values drop by 22%, but that's just the beginning of the story. HOA fees have surged by an unprecedented 89% due to insurance costs creating a monthly expense burden that's Let's dive deeper into the numbers. Property tax reassessments have shocked owners with some seeing increases of up to 40% based on peak market valuations. The aging demographic shift is accelerating with 34% of luxury properties now listed by owners aged 65 or older who are looking to exit the market. Infrastructure maintenance costs have soared with some communities facing special assessments exceeding $50,000 per year. Fort Myers, our sixth market, continues to struggle with post-hurricane recovery, but the challenges run much deeper than natural disaster aftermath. Property values have plunged 25% year over year, with some areas seeing even steeper declines. Insurance claims from recent storms have created a ripple effect through the market, with many properties becoming effectively uninsurable. The data here is particularly concerning. 47% of rebuilt properties are struggling to sell, often listing at 30-40% below pre-storm values. Insurance availability has reached crisis levels, with only three carriers still writing new policies in the area. Environmental risk assessments have led to lending restrictions in 38% of the market, effectively freezing many potential transactions. Miami's downtown and Brickell area, our fifth market of concern, tells a story of oversupply and market correction that's sending shockwaves through the entire region. Condo prices have dropped an average of 20%, but some luxury towers are seeing declines of up to 35%. Foreign investor pullback has accelerated, with new development cancellations up an astronomical 234%. The numbers paint a stark picture. Luxury condo inventory has swelled to 42 months of supply, up from just eight months a year ago. Insurance costs are crushing each of these, with average monthly fees increasing by 127% in some buildings. New assessment data shows that 31% of recently constructed high-rises face significant maintenance issues related to their floor-to-ceiling glass designs, adding another layer of concern for potential buyers. Palm Beach County's coastal region, our fourth market of concern, exemplifies the challenges facing Florida's luxury coastal communities. Price reductions averaging 24% in the luxury market understate the true impact of the current crisis. Flood insurance costs have exploded by 312% in some zones, making properties effectively unsellable at any price point. The data is overwhelming. Property tax appeals have surged 189%, with success rates approaching 73%, a clear indication of rapidly declining values. Foreign buyer retreat has left a vacuum in the market, with international purchases down 82% from their peak. Climate risk assessments have led to lending restrictions in 42% of the coastal zone. Property appraisers are really hard to argue with because they go on their own little set of rules, and their comps are always all over the place, and it's kind of like fighting a bank appraiser too. They just think whatever they say goes. They don't sell. They just, you know, do their own thing and take it or leave it. Property appraisers at the property appraiser's office, about the same thing. They just do what they're going to do, and you're just like, how did you come up with that? So Petersburg's downtown area, our third most concerning market, presents a case study in how quickly market conditions can deteriorate when multiple risk factors converge. The condo market hasn't just corrected, it's collapsed, with values down 26% and still falling. Insurance costs have forced a wave of listings, creating a supply glut that's overwhelming buyer demand. The numbers tell the story. New development projects, valued at over $1.2 billion, have been halted at 42% completion. Storm surge risk reassessments have led to insurance premium increases averaging 275% in affected zones. Infrastructure upgrade requirements are estimated to cost property owners an additional $83 per square foot over the next five years, making many properties financially untenable. These risk assessments are all over the place. It's like good idea, Fort Lauderdale's beach area, our second most concerning market, has become ground zero for Florida's real estate crisis. Property values haven't just declined, they've plummeted by 27% since their peak, with some submarkets experiencing even steeper drops. But the raw price decline doesn't tell the full story of what's happening in this once-thriving coastal market. Let's break down the insurance crisis that's crippling this market. Average property insurance premiums have skyrocketed from $4,800 to $18,500 annually. In an unprecedented turn of events, 42% of property owners are now paying more in insurance than in mortgage payments. The data shows that 28% of properties in the area have been denied insurance renewal altogether, forcing... There's going to be a breaking point with this stuff somewhere. Either the insurance companies or people are just not going to... They're not going to be able to sell them, and nobody's going to buy them. But it depends on what inflation does, because some of these properties might continue to go up if the dollar keeps getting debased. That's another argument for another day. King tide flooding has become more than an occasional inconvenience. It's now a market-defining feature. Recent studies show that 64% of beach area properties experience some form of tidal flooding in the past year, up from 23% just five years ago. The city's $1.8 billion flood mitigation plan has sparked heated debate, with property owners facing special assessments that could reach $45,000 per unit over the next decade. The foreclosure rate tells an equally troubling story up and... So I don't know if you can break down King floods in a three to five year span, because it seems like every time there's a new hurricane, they're like, oh this is a thousand-year storm. This is a hundred-year storm. This is a 150-year storm. The definition of some of this stuff is very loose. Now I like to press it on here in Navy Point. Have I seen the tide come up over, let's say, the bike path recently? And usually once a year, yeah, you see these king tides come up over the bike path. They wash them out, etc, etc. And it's a very interesting conversation. A lot of it has to do with everything's concrete now, and there's nowhere for the water to go. That's another question, but... Astronomical 267% year-over-year. But here's what's different from 2008. These aren't primarily subprime mortgages. There's just a lot of things you got to look at between insurance, exodus of people going out, exodus of people coming in, the demographics are changing, the population dynamics are all over the place, and then we don't have any set costs. And it seems like every time we turn around a politician or somebody is changing the rules of the game. I think short-term rentals right now at these elevated prices are not a good idea. If you're going to try to buy one to make money, you better steal it, or the price or the cost of operating is going to eat up all your cash flow. You really got to decide, are you holding it? Are you trying to cash flow it? And we're seeing a situation where a lot of municipalities are coming in and trying to get rid of short-term rentals. The rules of the game are all over the place, and you really got to ask yourself, okay, I've defined these areas where there's a lot of risk in the real estate market, and you've got to really ask a lot of questions before you buy any of these properties. One, get a good real estate agent. Do they know what they're doing? Are you buying the property at the right price? Before you make an offer, say, hey agent, can you give me three comps for the price that you got to? Or if you think the property is going to fall 10, 15, 20 percent, defining what you think is a crash, just offer that. If a property has been sitting on the market for a very long time, it's obviously not worth the asking price. So don't be afraid to go in 10, 15, 20 percent under, factor in all these variables, and buy the property right. Buy a good property with a good four-point inspection, with a good home inspection that follows all the rules of getting good insurance. Talk to an insurance agent before you go into some of these properties or during the inspection process, and you'll probably be fine. Know what you're doing. Don't go in, see the sign, offer a price, and think you're not going to get caught with some of these landmines. There are landmines all over real estate right now. Have a good real estate agent. Have a good attorney. Have a good financial advisor. Go into the deal right, and you'll be fine. And if you happen to be looking for a piece of property here on the Gulf Coast of Florida or Alabama, my email is down below. I'd be happy to help you with the things that we've talked about in this video. Go check out the video that I was talking about here. I'll link it down below. They did a detailed analysis on it. Do I agree with all of it? No. Do I agree with some of it? Kinda. And every video needs to be reviewed. Comment down below if you agree with me, disagree with me, and I'll see you guys on the next video. See you later.