3 Things I Wish I Would Have Known Before Buying My Home 

Did RU-vid censor it🧐

Yea I lost sound too. Wack.

Had me thinking my Bluetooth dropped 😅

I thought my phone speaker died and was panicking 😂

I kept rewinding the video and restarting YT thinking it was my connection😭

That’s a misguided stance though. There’s no guarantee that these two scenarios will happen especially at the same time. Timing the market is a bad time. Time in the market will forever be king. Start building the equity now, refinance the interest rate later. Most people with a 2.25% interest rate already owned their home by the time rates dropped.

@@Ty.88 Unfurtuantely inflation has eaten at whatever equity one would have attained during this time. The housing market will pull back and folks will be left holding the bag for property they paid too much for. Sure you can refinace, but you've already spent a good chunk of money on the appreciated interest. I suggest renting and spending that money in the market.

@@shoalins55 This just isn’t true. On my property I have over 300k in equity. Inflation just feeds the equity more. And sure, even if it crashes a 100k I’m still up significantly. What you are describing is not actually happening. While everyone is sitting on the sidelines all these corporations and investors and buying up these properties. I know this because I represent them. You also have to remember that you aren’t paying the entire purchase price up front. So for the 100k I’ve spent over 4 years of mortgage payments and the closing costs I will net around 200k and that’s without doing simple renovations. Buying a home is spending money in the market as long as you’re not buying in a bad neighborhood no one wants to live in.

@@Ty.88 It’s great that you’re doing well, and it might even lead you to believe what you’re saying is entirely true, but that’s not the reality for the majority of people. Many new home owners are buying property at inflated prices, and they will not get an investment on their return for a very long time. Also, some areas will show slower pull backs and that’s mainly because they are in highly sort after areas. A lot of people FOMO’ed, and will be left holding the bag as the equity in their house slows to a crawl for the next 10 years because they spent $450k on a house worth 300k.

@@shoalins55 The problem with what you are saying is that the statistic show something completely different. If you look at a graph from the last century you will see that property values have almost entirely increased. You’ll also see the period with the largest drop off was a time when a baby could come out of the womb and get 3 mortgages at a variable interest rate. There will never be a time where that happens again unless our current laws completely change. And so what if the equity slows? You have a fixed rate and a fixed payment. Unless you plan on refinancing or selling it really doesn’t matter. You pay the same amount every month for your mortgage. No one will be left holding the bag except for the realtors that won’t have nearly enough inventory to keep their business going.

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone wants to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

Jessica Lee Horst is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

thank you for sharing, I ran a Google search for her name and came across her website.

Wire fraud? Are you buying without a loan?

@@xephael3485 no

We paid lender fees directly to the lender as we went along. We got money back at closing and from the post closing audit.

No, for some reason, Adobe continues to mute that little section, even though I’ve exported a different ways.

@@JavyVidana Time to switch to Davinci Resolve lol

@@chriswhitaker9720 that was my comment exactly but I failed to post... It has some learning but it's also free so....

This is what I can’t stand about his advice. People who were “irresponsible” and bought a house at their means 5 years ago are now sitting on a $1,500/mo mortgage on a house now worth $400k. In my area used homes are just as much as new construction with a 10 year warranty, and our mortgage is practically the same is the rent we’re already paying. No brainer for us.

@@palomaquerida You are not a dreamer and if you ever fall on hard times remember to contact your mortgage company. It’s not like renting where they will just evict you. There are programs for you to be able to stay in your home like forbearance and loan modification etc. It is a lot easier to keep a home than lose one.

Good luck I wish you the best

Cuz the prices are outrageous for the avg salary of SD

Great comment, we just bought and we are going to be very financially conservative…seems like everyone goes crazy and finances new furniture etc without watching for repairs instead!

@@andil.1309 absolutely make sure you have cash set aside for repairs. You can ask the owners to come down on the price, too if something does come up during inspection. We had to rip out all of the carpet right away when we moved in and have the whole house painted and that is surprisingly expensive. Homeowners insurance actually covered the expense of the bat problem somehow but it would have cost us thousands. Luckily we keep an emergency fund and do not spend a lot at once on furniture and things like that so we didn’t have to put anything on credit cards or anything.

You mommy must be so proud.

@@Omar_Zazzle haha good comment

Thats pretty terrible advice

Buy when you're ready...

@@skippyskipala When was it bad advice? Do you think the cost of living will be cheaper in 5 -10 years?

@@ykdavid if rates drop even 1-2% that would save a person 10s of thousands so Its better to simply save buy when you are ready financially and within means

@@chriswhitaker9720 If rates drop you can refinance and get the lower rate. The reason the rates are so high right now is because the fed knows if they lower the interest the price of the houses will absolutely go up.