Home Buyer REGRETS: 43% of Homeowners Can't Afford Their Home

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Recent homebuyers are facing their biggest regret. 43% of new homeowners are struggling to pay their mortgage. This video I dive in to what is happening with our new homeowners and why they are struggling. I'll also share some tips for what to do to avoid running into this problem.
Note all information shared in this video is from Clever Real Estate, Zillow and Core Logic. The data given is NOT my own.
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Jacqueline "Jackie" Baker
NJ License 1541448
Coldwell Banker Realty
Allendale/Saddle River
#realestate #jackiebakerrealtor #jackiebakersellsnj #homebuyingtips #homesellingtips #realestateinvesting
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Опубликовано:

20 май 2024

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Комментарии : 589

@JackieBaker 2 месяца назад

CHECK OUT THIS VIDEO ABOUT WHY 90% OF HOMEBUYERS REGRET BUYING THEIR HOME ➡ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ofkBssr6iUU.html

@bobsacamano7653 2 месяца назад

It must get better or it defies supply and demand.

@he7is7at7hand 2 месяца назад

You said that if the home prices would have kept Pace with inflation a home should only cost $177,000. That cannot be right . That cannot be right . I am in the process of building a house and we are not finished yet and have already put in over 150,000. We still have to pay the bricklayers and we have nearly all of the inside left . This house is going to cost over $175,000 just to build it. Your analysis is incorrect and I must say I live in West Texas the cost of homes here is not nearly as high as other places. This house should be put on the market at around 250,000 or so.

@bobsacamano7653 2 месяца назад

@@he7is7at7hand You have contractors. You would save so much money if you built it yourself. You're paying your contractors too much

@Beatricegove733 27 дней назад

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

@PatrickFitzgerald-cx6io 27 дней назад

Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.

@Justinmeyer1000 27 дней назад

You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.

@foden700 27 дней назад

Would you mind providing details on the advisor who helped you?

@Justinmeyer1000 27 дней назад

‘’Aileen Gertrude Tippy’’ is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.

@foden700 27 дней назад

Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.

@Aaronduckstein49 25 дней назад

This is a really interesting take on the housing market. People are being impacted by the long-term decline in property prices and the housing market. I recently sold my house in the Sacramento area, and I want to invest my lump-sum profit in the stock market before prices start to rise again. Is now the right moment to buy or not?

@maiadazz 25 дней назад

Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert

@ChadRoberts-x6i 25 дней назад

Based on personal experience working with an investment advisor, I currently have $1m in a well-diversified portfolio that has experienced exponential growth. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.

@richardhudson1243 25 дней назад

I'd love to work with the same advisor you invested with. How do i align with the person?

@ChadRoberts-x6i 25 дней назад

Annette Marie Holt 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.

@oliviaHill-w4e 25 дней назад

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

@Lifesurfer001-iq7nf 2 месяца назад

People are in love with the fantasy of buying a home. The reality is often very different.

@Prophezora 2 месяца назад

True.

@nogames8982 2 месяца назад

I bought my house 20 years ago. Thank God. But I still remember the first time something broke, and I realized I couldn’t call the landlord. It was my problem. And it was coming out of my bank account. that was two weeks after I moved in.

@DefinitelyNotRin 2 месяца назад

Sounding a lot like the Thanos quote lol

@BillySBC 2 месяца назад

Yes, the key to life is the reduction of expenses combined with maximum saving of money, if you can train yourself to do that you will have life beat, if you cannot do that then life will pin you to the mat and never let you up. Nobody wants to live below their means... and everybody pays for it in the end.

@alphaomega1351 2 месяца назад

The fantasy is those with mortgages thinking 🤔 they actually own something. I don't make payments on things I actually own. 😳

@alphaomega1351 2 месяца назад

You don't own a home 🏡 if you have a mortgage. The bank 🏦 does. 😳

@DeportillegalAliens 2 месяца назад

And the tax man always owns it no matter what!

@kingdingaling9756 2 месяца назад

You don't own your home even without a mortgage...stop paying property taxes and see how quickly your paid off and owned home is taken away from you. True home / land ownership is a scam

@alphaomega1351 2 месяца назад

@@kingdingaling9756 Only in a few states can failure to pay property taxes result in home loss. 😳

@American-Motors-Corporation 2 месяца назад

Lol nope that's everywhere and it's nothing to do with the state government it's the local government! @@alphaomega1351

@thatguybill34 2 месяца назад

*ALLODIAL LAND TITLE to own home.*

@_chex 2 месяца назад

I was laid off 4 days after my first mortgage payment of the first home my wife and I bought. Exhausting all of our savings on the down payment, I was mortified of losing everything. So we finally budgeted for the first time and we tracked every penny of what we spent. 8 years later we now are debt free and have just another year until our house is paid off. This will never happen again, but the biggest takeaway Jackie states is the 3-6 month of emergency fund. Don’t rush into a house. Save save save and buy a house you know you can easily afford. It may not be the one you always dreamed of but an owned roof over your head is better than a dream home drowning you.

@johnomahony7364 2 месяца назад

I live in NJ. What ive seen go on here is insane. Here in NJ we have the HIGHEST PROPERTY TAXES in the country. During the pandemic people fled the city and came out here and went into bidding wars and paid over asking sometimes by 100s of thousands of dollars..which INCREASES THE PROPERTY TAXES!! Not only did these buyers screw themsrlves but they screwed their new neighbors because they raise the value of the whole neighborhood..which INCREASES EVERYONES PROPERTY TAXES!! I live in a middle class neighborhood and all of a sudden a regular 3 -4 bed split level on a 75×100 is going for $1mil..my towns property tax rate has gone up to 2.7% ..so that house property tax rate is $17,000 a yr now!! My town is not a million dollar $17k property tax town..IT IS COMPLETELY OUT OF CONTROL!!

@CraftEccentricity 2 месяца назад

Joe Biden's Fascist plan. You will own nothing and be happy!

@nesq4104 2 месяца назад

Jersey and Long Island are horrible

@BillySBC 2 месяца назад

Sell your home, move to Europe and buy a home for 40% of the money and bank the other 60%. This is what is going to happen, mass migration out of America. It WILL happen.

@scoobie8amg 2 месяца назад

We just bought in Delran in Feb. Its expensive but my husband needs to live in county for his job. I remind him all the time we wont be here forever.

@nesq4104 2 месяца назад

@@scoobie8amg NYC .Ames people live in the city too. They take all your wages back

@nickimillennium 2 месяца назад

If you have limited income but are insistent on buying a home: avoid houses with: basements, attics, septic, well water, very-large homes, very old homes. Check that all of the windows and doors work YOURSELF. Don't hire an inspector recommended by the realtor. Stay away from condo fees and HOAs. Buy the smallest, least expensive house you can get away with that's at least two bedroom. Buy into a decent working class neighborhood with low crime.

@rsuriyop 2 месяца назад

I've heard that very old homes are actually better than newer homes because they used to be built much better - and thus longer lasting.

@AbstractMindsThinkAlike 2 месяца назад

Look into the plumbing, electrical and asbestos of old homes. @@rsuriyop

@Wisdom-Nuggets-Tid-Bits 2 месяца назад

LOL you are funny. Getting ALL that is like winning tyhe lottery.

@CDHPLAYLIST-uq7cg 2 месяца назад

Good luck with finding any homes that meet this criteria

@ritap4385 2 месяца назад

Sounds good. In dfw homes that are older in a good location w no HOA, 3 beds will cost you roughly $500000. Real estate is very localized. Might be possible in a small city but not an affluent city. Good luck to all though.

@jackreston8188 2 месяца назад

One main problem is that peopl are bidding WAY TOO HIGH to win a home bid.

@user-eg2sj8lw1p 2 месяца назад

My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?

@DanielA.Slayton 2 месяца назад

Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.

@JermaineW.Hoskins 2 месяца назад

Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.

@DanielA.Slayton 2 месяца назад

How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.

@JermaineW.Hoskins 2 месяца назад

Leicia Zavala Perkins is the licensed advisor I use.Just research the name. You'd find necessary details to work with to set up an appointment

@JoshuaAltom 2 месяца назад

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

@FireSilver25 2 месяца назад

I got one of the last foreclosures in 2013 and I’m so grateful for that. I lived in a storage unit for two years so I could afford it. And it was pretty new and an Energy Star home. I hope prices level out and incomes go up so young people can actually afford a home. Plus Air BnB and corporate buy ups need to curtailed.

@jaylewis5035 2 месяца назад

My brother had to help me financially so I would not lose my new home. When you buy a home the Federal Disclosure form called the HUD-1 is supposed to protect you from surprises. Sellers, appraisers and lenders must comply with HUD-1 regulations and tell the truth. Not so with local taxing authorities. Counties, municipalities and school districts routinely violate the HUD-1 every single time when they immediately file an assessment appeal based upon the price paid at closing. New homeowners get blindsided with a huge tax bill that was never disclosed and it's government corruption to the max.

@BillySBC 2 месяца назад

You didn't think it was just the real estate industry behind the scam of home ownership did you? Once you sign that Deed the government owns you.

@rathelmmc3194 2 месяца назад

In all fairness though people should accept that they're going to have to pay the tax rate on the property at the price they paid for the property. It seems insane to think that you would get taxes at half value even though you paid 100% more than the last owner.

@ErnieBert-eg8kd 2 месяца назад

Mortgages with down payments under 20% and without a 5% reserve should never be issued. Government corruption is fha loans back stopping unqualified buyers who don’t have a 20% down payment

@peacefreedom4930 2 месяца назад

The whole thing is a scam. The appraisers receive a copy of your offer before they do the appraisal. Then surprise surprise the house appraises for a price that works. The listing agents are adding sq ft and bedrooms that don’t exist to get the online mls sites to give inflated “ zestimates”. So, they artificially inflated the price of the house. Then that comp inflates the price of the rest of the houses in a half mile radius. Then they get the appraiser to say “ yep” this house is worth it. The inspector can’t really be held liable. So now they duped you into an overpriced house with issues, and your taxes and insurance will increase because the house is “ worth “ more. It’s one enormous trap. You better hope an economic rug pull isn’t coming. But I think it’s at the doorstep. That’s when the economy is so bad, mass layoffs skyrocket and people start losing their jobs, cars, houses. The houses lose value because foreclosures are everywhere and no one can afford to buy because they are struggling to maintain their current situation. Then you’ll be paying those high payments on a house that’s now worth half of what you paid. You can’t refinance because you’re under water on the mortgage. You owe more than what it’s worth. Some people just give up and walk away from the house. Then surprise surprise all your money is gone, your house is gone, and some wealthy investors picks it up from the bank for half off and rents it out for a profit. The bank, loan officer, appraiser, inspector, title company, seller, investor all made money off of you and you’re financially destroyed and starting from scratch.

@sadie9527 2 месяца назад

You are an uninformed buyer, the tax information is pretty much in your face when you buy its your fault

@deborahmaehs7604 2 месяца назад

Home renovation shows have changed the view of what constitutes a starter home. We tried to sell a 3 bedroom, 1 1/2 bathroom house with a 1 car garage (1,184 square feet) totally renovated in 2015 but most buyers were not interested because it was not large enough and did not have two garages.

@jburch1544 2 месяца назад

People should add, taxes, insurance, maintenance, mortgage interest over 20 to 30 years. They would be shocked how much it cost. Yes equity but not what they think

@bartsullivan4866 2 месяца назад

Yep big picture it is the long game after all.

@luisa_4120 2 месяца назад

I am a small business owner, i bought a home in the first quarter of 2020, interest rate well below 3% and the home at a great price. Maintenance, ever increasing taxes and insurance that seems to double every yr are killing me! I do not know how those with high interest rates are doing it, it will for sure end BADLY

@ac3084 Месяц назад

They pay less for the property!

@zeke5491 2 месяца назад

Buy within your means. Always remember insurance and taxes will go up,not to mention utilities and maintenance

@rickybobby6605 2 месяца назад

$420,000 avg house, $75K avg income, 7-8% rates, down payment, closing costs, emergency fund…tough out here for first time buyers…especially singles.

@ricovelas 2 месяца назад

I'm a millennial (37) and was looking to buy a home before the pandemic but couldn't decide where I wanted to live. The pandemic hit and I wasn't feeling up for it then, and now that I'm "ready" the prices and rates seem a bit out of reach. The more research I'm doing with vids like these, and its relief knowing it's nothing like going and buying a car, and it's better to have a safe bet (and some extra cash in savings) before I pull the trigger. Maybe in a few more years 😄🤞 I appreciate the work you do here!

@JackieBaker 2 месяца назад

Glad you find the videos helpful!

@michaelaubrey1978 2 месяца назад

Same here. We are close in age. Wanted to buy before pandemic, market was too hot, pandemic hit, I lost my job (whole team got laid off due to pandemic). Didn’t have a W2 for a year while houses exploded. Now doing a bit better, but everything is out of control. For every person that saw their net worth explode from COVID money printing, someone else like me exists that got crushed by the pandemic due to no fault of our own. Priced out now, but becoming oddly okay with it. I’d rather rent and invest a couple extra thousand dollars each month in S&P.

@StormyMonday0896 2 месяца назад

Wait for a market crash

@parkerbohnn 2 месяца назад

Buy a house while the prices are still cheap.

@sheh.9163 2 месяца назад

I think the best time to buy was during the pandemic

@mattbauer1234 2 месяца назад

Items are only worth what people are willing to pay. Until people stop buying cars, houses, and other items at a ridiculous price. They will continue to go up.

@GonzoT38 2 месяца назад

But in America the only reason they do so is because of access to credit. Kill the credit access, you solve the "lack of true price discovery" problem. If the economy was forced to buy/sell on the fundamentals, aka the prevailing real wage, prices would adjust.

@mattbauer1234 2 месяца назад

@@GonzoT38 I agree with you 90%, but the only thing I don’t agree with is killing the credit. It is an option for us to use it. It’s not their fault that everybody chooses to do it.

@Pikwhip 2 месяца назад

This guy gets it. If people keep buying it, they’ll keep selling it. It’s that simple.

@Wisdom-Nuggets-Tid-Bits 2 месяца назад

@@GonzoT38 Come down to earth away from your arrogance!!!

@TheeRighteousOnee 2 месяца назад

Those are necessities so it'll never stop.

@johnnybq2 2 месяца назад

They have minimized the tax advantages of owning your home for a reason… they are pushing people to rent from corporate landlords and institutional investors now driving home price appreciation, ironically using our own money to compete against us in the market.

@marianmorgan2156 2 месяца назад

Socialism

@marianmorgan2156 2 месяца назад

Socialism

@theRetainer 2 месяца назад

I believe what Johnny is describing here is capitalism, not socialism.

@livethedarma 2 месяца назад

What johnnybq2 is describing is definitely not socialism but predatory capitalism at its best. Don't blame this on Democrats and certainly not progressives.

@JohnJohn-co9yz 2 месяца назад

Keep voting for biden🤷🏾‍♂️

@marklow2339 2 месяца назад

Price is the biggest problem. The media keeps saying that interest rates are the problem but if prices are back at a realistic level interest rates are NO problem.

@sebastiaanthijn7982 2 месяца назад

Real estate and stock investments may be good decisions, especially if you have a solid trading strategy that can see you through prosperous days.

@collettejacqueline4160 2 месяца назад

You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.

@finnnagner1755 2 месяца назад

Recently, l've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but l'm not sure if their services would be all that helpful.

@georgeearling905 2 месяца назад

Well, there are a few out there who know what they are doing. I tried a few in the past years, but l've been with Eric Paul Elmer for the last five years or so, and his returns have been pretty much amazing.

@georgeearling905 2 месяца назад

One option could be setting up a trust. It can help reduce the taxable value of your estate and pass on assets to your heirs more efficiently.

@andrefontaine3058 2 месяца назад

Another strategy is gifting. By gifting assets to your beneficiaries while you're still alive, you can reduce the size of your estate and potentially lower estate tax liabilities.

@randymanchester6993 2 месяца назад

Thanks for the free information. I have bought and sold 3 homes over the years in South Florida. I just recently sold and am now renting. People tend to underestimate these costs. This is great information!

@JackieBaker 2 месяца назад

You're so welcome!

@Eshabee 2 месяца назад

Most people believe that owning a home is way better than renting is this really true ? Oh I forgot to mention that I always rented I’ve never bought a home before but I like to watch real estate shows I’m learning a lot so far 😊

@randymanchester6993 2 месяца назад

@@Eshabee Crunch the numbers. Don't forget closing costs, insurance, property taxes, HOA fees (if applicable), home maintenance, repairs (ac, roof), upgrades, etc. Also, consider your neighbors and neighborhood, schools, location, and the overall market in your area. Also, consider how easily or difficult it would be to sell your home if you ever wanted to. Do you want to 'stay put' for a while and make it your dream home (and possibly build wealth)? Or do you want to have the freedom to move after a lease expires? It's a big decision. Take your time to decide.

@anarr7411 2 месяца назад

One of the main issues, home prices have risen but salaries have not kept pace. Sadly, young people cannot afford to buy their dream home, of R it will take longer to be able to. Sad

@BillySBC 2 месяца назад

Why is it "sad" that they cannot buy a home? Can't you see the mess of greed and Machiavellian intrigue the real estate world has become? A person would be crazy to want to get involved with it.

@Wordwidecurls 2 месяца назад

@@BillySBCwhat’s the alternative? Grossly overpaying rent or living with parents

@JackieBaker 2 месяца назад

I really worry about the next generation. I don't know how they are going to do it.

@kp8972 2 месяца назад

Dream home? Are you kidding? I wish I could afford a shit box

@solice8844 2 месяца назад

@@BillySBC What do you do for housing?

@haywood4299 2 месяца назад

Bought my house in 2019 and felt like I overpaid a bit, now it looks like I stole it. The down side is going to be my property tax bill next year lol.

@theRetainer 2 месяца назад

Be sure to file a homestead exemption to ensure you receive a discount on your property taxes

@solice8844 2 месяца назад

Your property taxes only go up 2% each year. Why would that be a large issue?

@haywood4299 2 месяца назад

@@solice8844 Not in my state, it can go up a lot more.

@GenXzer78 2 месяца назад

@@solice8844that is state to state..... every state is different.

@elizabethlangheim7214 2 месяца назад

Remember the median house price includes a lot of McMansions and high cost city housing. Before getting discouraged look at the housing in your area. Don’t trust your bank on what you can afford. Take their estimate and cut that somewhere between 1/2 and 2/3rds unless you don’t need a car and like Mac and cheese for every meal. For example when I purchased my first house the bank said I could afford a $220,000 house. I looked at my budget and what extra money I had above all my expenses and rent. I purchased an $82,000 house and was happy and not stressed over money.

@Wisdom-Nuggets-Tid-Bits 2 месяца назад

Mac n Cheese dinners??? What a gen y!!! OK then you can save for the heart surgery after a few years down the road or the breast cancer!!! Case closed.

@elizabethlangheim7214 2 месяца назад

@@Wisdom-Nuggets-Tid-Bits I didn’t say I only ate Mac and cheese, I said to cut down what the bank says you can afford unless you only want to eat Mac and cheese because that is a cheap box meal. Boomer here by the way.

@matthewbutkonen4075 2 месяца назад

simply just insane interest rates and property taxes

@chrisgreene9745 2 месяца назад

Rates are " normal ". 16% during Carter days.

@arthurl.9985 2 месяца назад

@chrisgreene9745 Then the problem is the home prices.16% with a home that cost 50k at the time sounds pretty good right now compared to 7% on a 600k home today.

@JohnJohn-co9yz 2 месяца назад

@@chrisgreene9745 dumb dumb houses was like 25k to around 60k high end back then lol

@bartsullivan4866 2 месяца назад

I had a house in WA state and the school district never stopped taxing the living crap out the local residents. Bought a home for 275 they appraise it at 510 oh look your in another higher tax bracket lucky you!!!!!

@nickyfurlano8531 2 месяца назад

@@arthurl.9985 Not when you pay cash for the home it isn't and more than half of buyers today are paying cash.

@nogames8982 2 месяца назад

People are not willing to give up their lifestyle. Or to even adjust it a little bit. With some minor adjustments in spending habits, more people could afford a home more easily.

@lobacotable 2 месяца назад

Correct. This is exactly what I was thinking. Homes ARE more expensive. I think RE agents are also to blame for the price of homes to an extent too. HOWEVER, the lifestyle choices most people are making these days is ridiculous. New cars every few years, brand new clothing, goodie bags for kids birthdays, buying new sh*t for their kids constantly, getting new furniture every few years, Target trips every week, Starbucks. It's all so ridiculous. If Americans cut out most of that garbage they would probably be okay.

@bartsullivan4866 2 месяца назад

Very true but inflation making it much harder as well and the price of gas. Living within your means isn't easy when everyone seems to be keeping up with the Jones's. But even for those of us not in a ton of debt without a double income this seems damn near impossible.

@marcelrodriguez2067 2 месяца назад

Thats a lie, i make 65k a year as a union job and there is no way i can afford a house in nyc or within a 40 mile radius so im able to drive incase it came to be. And im not making the mistake ive seen others do and be house poor since more then 50% of their income goes towards their house.

@lisatowe778 2 месяца назад

I’ve said this before but, homes come with a price. It’s a commitment. You may not get to buy the stuff you did before. You need to save for things that need fixing. It isn’t instant gratification but it’s an investment. All investments take time and require effort. Start small and when you get equity done the road sell for bigger if you need to. Families used to squeeze two adults and 5 kids into 2-3 bedrooms. But I have rented before and they raised the rent every 6 months by $100s

@cjc2 2 месяца назад

So true. Many first time buyers are buying large 4 bedroom homes and want to keep the same lifestyle they had before and not prioritizing saving.

@lisatowe778 2 месяца назад

@@cjc2 I was born right after the boomers so I learned a lot from their sacrifices. And most of them made a lot of sacrifices to end up with something When I was a kid many of us in Florida didn’t have AC or had one window unit for the whole house. What’s really ugly are the boomers or gen X who never made that commitment and now have no one and nothing

@petebusch9069 2 месяца назад

I'm a home inspector, add a minimum of 50k to the price of every single family home sold to bring the house up to what you expect it should be. I find most buyers are completely strapped and cant even afford a new dishwasher based on their comments when I tell them the issues found. They freak out and most end up buying the home regardless. Grow up people, buy that small ugly affordable house and deal with it.

@ChristianLove7 2 месяца назад

Jackie, I wanted to just take the time and thank you for your sound council! I wish I could hire you, but your channel is just as good! You are a no nonsense realtor that has the buyers best interests at heart. I have already encountered a realtor that only cared about their commission. Your honesty and integrity comes through to your audience and I am so ever grateful!

@JackieBaker 2 месяца назад

Wow, thank you! That means a LOT!!! Appreciate you watching!

@bernaclischurchill4463 Месяц назад

As a long time homeowner. I have a 'house' account just for repairs, and maintenance. This account is separate from my ER fund that everyone advises people to have. Some people have an account that is called a 'sinking' fund, rightfully so, for home repairs. A new AC & heating unit can cost $15 K in states like Arizona. A heating unit in Northern states starts at $10. For my house repair account I put from 2 to 4% of my homes value in this account and keep it there always. I add to it regularly. If I have to use it for said repairs, once they are done. I immediately start by replenishing it. I know new home buyers are broke, but if they want to stay in the homeowners game, they are going to have to have one of these accounts which has been a LIFESAVER.

@damarcusgates6818 2 месяца назад

Another great and informative video. Thanks Jackie

@JackieBaker 2 месяца назад

You're welcome!

@johnguild8850 2 месяца назад

Wow, I am impressed. You have put together an interesting channel of interest to many. Thanks

@TheMechanic204 2 месяца назад

Jackie, you are crushing it. Thanks for the data 👍

@JackieBaker 2 месяца назад

Thank you!! Glad you find it helpful!

@matthewronson5218 2 месяца назад

These are some of the critical facts. Apart from these facts and figures, Imagine the cost, the impact these manipulations in the markets have on people's lives and well being. It is absolutely tragic and it is intentional.

@bartsullivan4866 2 месяца назад

It kind of goes without saying that you will be paying taxes on the home even after you pay off the mortgage and maintenance costs that you didn't expect. "The Money Pit" is so spot on :). In WA state where I live the county and state never saw a tax that didn't approve EVER!!!!!.

@joseCalderon1976 2 месяца назад

It's all bad news across the board for for people that bought a home 2 to 3 years ago. I know for sure that I would not be able to afford to get into a mortgage in my local area right now like I did back in 2012. My mortgage was $170k at 3.5% interest for a 1556sq ft new construction home back in 2012. So my $72k per year salary is OK for a $1200 per month payment (everything included). Now a similar new home home in my area (San Antonio, far west side) is $340k or more! Same size house! That is just insane. There's no way I could pay for that mortgage. Heck, two bedroom apartments are now $1200 per month in my area, which is my current mortgage payment. Something has to give!

@jaylewis5035 2 месяца назад

Congrats. You obviously picked the right neighborhood.

@joseCalderon1976 2 месяца назад

@@jaylewis5035 I'm very blessed and humble to get into my home with my wife and daughter at that time. Now we have a son, so it's just us 4. We have about $97k left in our mortgage since we pay bi weekly and pay an extra $145 every month towards the principal. We'll should be done in about 10 years, and I'll be about 58 years old if everything works out well. I hope that one day we can fix this housing situation for current and future generations. It's tough out there.

@theRetainer 2 месяца назад

In Tampa, a 2-bdrm apartment goes for $2300 a month. Consider yourself lucky to live in San Antonio.

@joseCalderon1976 2 месяца назад

@@theRetainer Yeah that's insane. Even back early 2003 I knew that I didn't want to keep living in Miami south FL. The houses were already very expensive even then. Now they are astronomical. That's why I left California too 😅

@MW-no8vq 2 месяца назад

@@theRetainera 1b/1bt is 2200 in DC Metro.

@commonsense5741 2 месяца назад

If you move into a development you also have HOA fees that increase in costs.

@lien-chinwei4815 2 месяца назад

Thank you for your sobering notes to home buyers nowadays.

@livinginoklahomacityofficial 2 месяца назад

To be fair, 60% of people don't use a budget, so this statistic shouldn't be surprising regardless of the market cycle.

@bartsullivan4866 2 месяца назад

Tis true also have to figure in college debt, car payments and streaming services where is the money going to. Kids or no kids all those things come into play.

@gabriellegwen7365 2 месяца назад

THANK YOU THANK YOU THANK YOU!!!! For having a NJ real estate channel. Every real estate channel I find only talks about Texas and California.. meanwhile, the real estate market is SO different here in the NE.

@JackieBaker 2 месяца назад

OMG you are so welcome!!!

@jesurunblends 2 месяца назад

love your way of looking out for buyers

@JackieBaker 2 месяца назад

Thanks. I really am an advocate for my clients.

@yavrum22 2 месяца назад

Thank you Jackie 🙏👍🙋‍♀️as always very helpful and informative. I appreciate your dedication and the research you do to help keep us in the loop.

@JackieBaker 2 месяца назад

You are so welcome! Glad you find it helpful!

@Zimnicki1127 2 месяца назад

I just bought a new home in Southern CA and the 2 laws i love are 1 was what Jackie brought up was the 2 percent tax increase and any New property must have solar. I don't pay for electricity and i make money during the summer months.

@Fedko3037 2 месяца назад

Mortgage interest rates in the 80’s were 11-14%. No one ever mentions that.

@spcysos 2 месяца назад

Yes, but compared to salary they were still more affordable! I moved across the country to be comfortable and secure with the financials of home ownership. I understand most people do not want to do this, but it is still possible, keep your options open!

@nokateno 2 месяца назад

Houses also cost like $2 and a bag of corn.

@davidwilliams4498 2 месяца назад

True. Though everything wasn't insanely over priced an big then

@farshadkhademi7812 2 месяца назад

Great video! Very informative video about Real Estate, the related tax, hidden costs and urgent costs.

@1138prometheus 2 месяца назад

Well the important thing to remember is that when low interest rates cause a wide gap to grow between the median income and the median home price, it always corrects sooner or later. Unfortunately it never corrects by sharply increasing incomes. Historically it usually corrects the other way.

@JackieBaker 2 месяца назад

You are right about that. Hopefully a correction will happen soon!

@billm4212 2 месяца назад

I felt like I overpaid for my home in 1990. In the first few years of owning it, home prices were down a bit, then up. Now is it worth 4 times what I paid in 1990. I believe real estate statistics are best looked at over the long run, not the short term .

@supercrazydesi 2 месяца назад

Agreed. Homes are way more expensive than ever in history compared to the salaries. This is the least affordable market ever.

@CapPointer2.0 2 месяца назад

Correct, real estate is a long-term investment. Natural inflation will make you investment worth it!

@matthewphillips5483 2 месяца назад

"Long term strategy" only works if you survive until then. People aren't just choosing not to stay in their home. They are being priced out of affordability so they either 1) resolve themselves to never buying a home or 2) go for it and then end up in financial turmoil.

@CapPointer2.0 2 месяца назад

@dotcom721 haha right

@CapPointer2.0 2 месяца назад

@@matthewphillips5483 can you please tell me what is the counter. Just a base $1500/month in rent is $540,000 in 30 years. That’s not even including inflation.

@Cellybeans 2 месяца назад

Thank you for this

@JackieBaker 2 месяца назад

You're welcome

@beekind6267 2 месяца назад

What a blessing to hv found this channel!

@JackieBaker 2 месяца назад

Glad you’re here!

@beekind6267 2 месяца назад

@@JackieBaker so am I miss Jackie!! Thank you! 😊

@nathanielcarreon5634 2 месяца назад

Almost every home buyer regrets buying their home initially.

@nogames8982 2 месяца назад

I’m not sure about that. Yes, the people that have not planned and are not willing to give a little and are unrealistic. Probably will regret it. And even the people that plan sometimes do get some surprises. But if everything goes relatively right, I think people enjoy the house. But sometimes you have to make some sacrifices and if they’re not willing to do that, then they probably won’t like the maintenance responsibilities of a house.

@TheFatesLieutenant 2 месяца назад

We thought (and still do after almost 30 years) the house we bought was great! We planned and bought what we could AFFORD.

@CraftEccentricity 2 месяца назад

Its wonderful if you buy what you can really afford. Those who keep up with the Jones's deserve everything they get, because the Jones's live on credit.

@1motomanic 2 месяца назад

Not me, I bought during the housing crash and I'd be paying twice as much as my mortgage is now if I was renting.

@bartsullivan4866 2 месяца назад

Depends when you buy and how your deal is. Did you overpay for what the home was worth or did you get a fair deal.

@rudy9050 2 месяца назад

Also needed to include HOA fees and that they also increase at times. In Florida we have HOA fees and in many subdivisions also a CDD fee (community development fee) and that is a assessment added to your property taxes in the thousands per year.

@spacecat1974 2 месяца назад

It definitely pinched at first but then I looked at local rental costs and breathed a huge sigh of relief because it would be more to rent a smaller apartment with no yard. And then I got a promotion. Then my spouse got a couple of promotions. And we bought when interest was low. No regrets.

@charlesreimler962 2 месяца назад

Excellent Insightful Video

@JackieBaker 2 месяца назад

Glad you enjoyed it!

@parler8698 2 месяца назад

Real estate prices are out of control.

@ElessarofGondor 19 часов назад

I was concerned about this back in 2021. So many people got into bidding wars blindly because they "could afford it" and were being egged on. Now inflation has caused all other expenses like groceries and insurance to skyrocket.

@mikemosier2579 2 месяца назад

Great advice!!!

@JackieBaker 2 месяца назад

Glad you think so!

@winniethepoohandeeyore2 2 месяца назад

I always haggle with home owner's insurance as well as raise deductibles, We also have the double homestead exemption, Got a refund from the lender when we went to the tax assessor's office and claimed the exemption. Once we turn 65 property tax freezes as does with 100% disabled vets, current military. We've overpaid the principal ever since the first payment was due so we've knocked many years off the life of the mortgage. They also assess on purchase price NOT appreciation, tax is also capped at like 2.5%

@Thorny_Misanthrope 2 месяца назад

Considering the growth of subscription services for almost everything along with the ability to buy everything with 0% down payment credit for every kind of purchase,I can’t imagine how you can qualify for a home without making sacrifices.

@StormyMonday0896 2 месяца назад

One of the fortunate, bought a home that needed work for cash. Still, the taxes and insurance are crazy

@Rew123 Месяц назад

I think people forget about ALL the expenses involved in home ownership: Principal Interest Insurance HOA Specials Lawn/landscaping Maids Routines maintenance (est. 1% of home value annually) All utilities

@Lourdes-A. 25 дней назад

@@Rew123 You can do without the maids if you’re willing to do the work yourself. Property taxes are another big expense.

@Rew123 25 дней назад

@@Lourdes-A. Oof, of course, forgot about that huge one.

@chuchiyang7031 2 месяца назад

Ty ❤.

@Hoiza_Kiwi 2 месяца назад

Jackie, I live in Fort Lee/Palisades Park. A small starter home here in my neighborhood is easily above 700K, which I find ridiculous. I am already commuting 1.5 hours one way to downtown and I don’t see myself ever owning a home here in Jersey.

@priola7587 2 месяца назад

Jackie, when people compare median homes during the 60s - 80s, I always wonder if they are looking at comparable houses. Back in the day, we had Formica countertops, linoleum floors, 1 bathroom, 2-3 bedrooms. The lots were relatively large, but the houses were small by today’s standards. Now houses take up most of the lots, have multiple bathrooms, great rooms, granite countertops, wiring to support modern electronics, etc. May it is the equivalent, but I sometimes think we had beer tastes back then, but new houses today are much more champagne. Just curious about your thoughts.

@danieldylan1273 2 месяца назад

Buying a home in today's market is like buying stocks at their peak price. They are going to go down not up! You will owe more than it's worth. People never learn this though!

@JMM3289 2 месяца назад

Great video thanks for the great information. Buyer be ware before purchasing..Love your videos 😊

@JackieBaker 2 месяца назад

Thanks for watching! Really appreciate that!

@joeylodes 2 месяца назад

4 weeks after closing on a dream home for my family … I was injured and deemed disabled by social security 2 years later. Dream turned into a nightmare and it’s been an absolute miracle that we’re still even living here … we still have a $330K mortgage … it’s just a matter of time till we lose this home / are forced to sell. 😢

@JackieBaker 2 месяца назад

I'm so sorry to hear that!

@livethedarma 2 месяца назад

So, the advice is great. Do a lot of homework on the house you want to buy. Only problem is that in many markets THERE IS NO TIME OR WAY TO DO THIS BECAUSE YOU ARE COMPETING WITH MULTIPLE OFFERS AND HAVE TO ENGAGE IN BIDDING WARS IF YOU WANT A HOUSE. HOUSES ARE SELLING RIGHT AWAY. THIS IS STILL GOING ON. AND NOW ALL CASH INVESTORS ARE PILING BACK IN AND CREATING MORE COMPETITION IN ALREADY OVERHEATED MARKETS. I don't get it. It is insane. I guess too many people are okay with it because it keeps getting worse.

@CosmicLab167 2 месяца назад

People have increasingly turned to leasing cars instead of buying them, and a similar trend is about to unfold in the housing market.

@scottlavoie5405 2 месяца назад

They wanted 220k for my house and I got it for 178k, locked in at 2.9% interest in a great neighborhood - suddenly I feel so lucky watching your videos! My homeowner's insurance went down, I switched to an insurance company that only insures PA residents, which has saved me a lot of money!

@annoyed-b3y 2 месяца назад

i had a bad leak had to rip off all the roof put new boards and singles over my garage and the garage door broke do to the damage. 6k gone. so upset.

@benjaminwilson4558 2 месяца назад

I would say :many people are in love with the thought of purchasing a palatial estate! Unfortunately...going "back"(?) to the GHETTO may be the affordable answer(s),and suffering as one buys !! You want to eliminate the (for-profit) Housing Authority from Section 8(ing),vouchering ,and transform neighborhoods BACK to GLORY? This is it! You can purchase at a fraction! Getting in on the "ground floor" so to speak! This would eventually force or Tax -out the riff raff,but it will take "Terra Forming Colonies" and the fruition of time to muster the initial-torrential storms... Plant those Flags!😊

@yainalozano6900 2 месяца назад

How do you feel about the "tiny home" movement? If you've had experience with that. I am sure it comes with a set of other issues but it may be more affordable for those who want to buy.

@JackieBaker 2 месяца назад

I don't have experience with that but I recommend watching Kristina Smallhorn's channel. She talks all about that.

@ufohead1 2 месяца назад

Jackie Knows... I share these to my friends

@semperfi-1918 Месяц назад

Glad my payments are not huge. Since being disabled... luckily my VA is enough to help with payments. Floating not sinking.

@newjerseefemale 2 месяца назад

I had loved ones - pressuring me to buy a home and I wish I did it before, however for now I'm content with seeing how situation are playing out.

@JackieBaker 2 месяца назад

Always go with your gut!

@iankear736 2 месяца назад

The tax and insurance is the killer. I bought my house ten years ago before the housing market exploded, I pay 200 dollars more now and that’s with my PMI being taken off like 3 years ago.

@MARLON1211 2 месяца назад

Hi Jackie. Yes very scary

@7SideWays 2 месяца назад

Surprised it's only 43%. It was obviously time to sell, not buy. FOMO has consequences!

@pazuzuxx 2 месяца назад

The other day some VERY competitive buyers paid $70k over asking price!

@JackieBaker 2 месяца назад

It amazes me that this is still going on.

@nickyfurlano8531 2 месяца назад

Astute buyers who understand getting in before the prices skyrocket.

@takemetothelakes788 2 месяца назад

@@nickyfurlano8531 they already did skyrocket

@mikimikemike1 2 месяца назад

great show . they shoul not have been able to get a home on small household budget

@Linda-mv8oz 2 месяца назад

Texas just lowered property taxes because of a budget surplus. Still high but not higher than NJ. The rate my house has gone up in the 5 years since I moved to TX is outrageous. I don’t really think anyone would pay that much. Seriously, where are all these people coming from that can afford these homes. I live in Dallas, not one of the towns outside of the city so it is convenient. But still?

@stevenpike7857 2 месяца назад

And the rubber is going to hit the road and at least 30% of these will end in foreclosure as the housing bubble starts to pop. In four years, houses in my ghetto were going for 30 to 40k pre-COVID. Post Covid, four years later, they're selling for 250-350k. It's absolutely ridiculous.

@DeportillegalAliens 2 месяца назад

They selling sheds.now for 150k lol

@maddison891 2 месяца назад

Worst part is you can’t sell right now either bc of interest rates so your stuck with it or let it go

@zespano3236 2 месяца назад

i recommend some builders having new house offers as low as interest rate as low as 5.75% , and actually my daughter with her husband's salary of 200,000+ annually is just and some of their friends, so my son can still afford, so I recommend before getting a house you should enough money to pay it here in California

@infiniterecursion9550 2 месяца назад

Apparently SC has a 15% cap on property taxes increase, yikes that's too high!

@kw8501 2 месяца назад

I’m so glad I don’t have a mortgage. OTOH, my son will not be able to move out into his own home for a while. Home prices are outrageous.

@kimberlylepine5115 2 месяца назад

It scares me that some of these loans are being underwritten. It's like 2007 all over again (almost). Hopefully these overburdened recent homebuyers can sell or get their incomes up.

@mikedc 2 месяца назад

Report just came out and said 1000$ mortgage increase in Adjustable mortgages...wow

@gregberry9122 2 месяца назад

Local Taxes: The value of your house goes up, so the taxes you pay increase. So the local tax man gets a windfall. But that's not enough for them, they will raise rates on top of that.

@NeoSoulCrew 2 месяца назад

Bought in 2023. Dont regret switching from a renter to an owner. No more dealing with surprise inspections and a nosy landlord. They never polled me.

@AJfromLA818 2 месяца назад

Same. I’m a year into my first property after renting my entire life. Watching this video makes me realize how I dodged a major bullet to have even made it this far!

@bartsullivan4866 2 месяца назад

Congrats

@solice8844 2 месяца назад

This is why people want to own instead of renting. Congratulations.

@FeedScrn 2 месяца назад

They need to bring back Land Contract buying... That helps to minimize any unforeseen interest charges, and is easier on both the seller and the buyer.

@Rob_G716 2 месяца назад

Not shocked! I’m a large lender, can’t begin to tell you how many loans are approved under DU/LPA at nearly 50% gross income. Think about that, you make 10k gross a month, your mortgage payment including taxes& insurance is 4,999 a month when your net income bring home is probably about 7k. These real estate agents have no idea but the loan person does. I do!

@jimshoe402 2 месяца назад

Fine Lady I have Been to 11 Closing . Take Care😍😍😍😍

@phillipbintner1846 2 месяца назад

North Texas house insurance went up 41% car insurance 32 % In the last year.From 2017 to 2022 my house appreciated 214%. The price keeps going up eveey month.

@JackieBaker 2 месяца назад

Wow! That's crazy!

@soneshengg 2 месяца назад

I am planning to look at some Bergen county towns. Does this apply to those nicer towns ? I see houses in markets like Ridgewood, Glen Rock, Oradell still being sold more than 150K above asking. Do you operate there ?

@JackieBaker 2 месяца назад

Yes Bergen County is my primary market. If you would like to discuss the market some more, please email me at jackiebakersellsnj@gmail.com.