It’s hard to nail down specific predictions for the housing market because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
A lot of folks have been going on about the bull rally and said stocks that would be experiencing significant growth, any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumors and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of a broker, before I started seeing any significant results in my portfolio, been using the same Adviser and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
True, we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides yo help?
Slight adjustment: "Contratulations. You own a home." should say, "Congratulations. The bank has decided to let you move into its home while you pay them back".
I don't know anbout NA, but that is technically wrong here in Italy. The bank does not own your house and depending on what kind of collateral you set up to get your loan, at worst there's a mortgage which means that even if you don't pay it is a long judicial process to strip your house from you.
@@vicepresidentmikepence889 pay some punk rent for 30 years and have your kids go through the same shit or pay your bank for 30 years and leave something substantial for your kids to live off of so they don't have to repeat that shit?? wake up bub
I’m in Kentucky and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
This is precisely why I like having an asset manager look over my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a manager for more than two years, and I've made over 85% of my initial amount.
Rebecca Noblett Roberts, is respected in her field. I suggest delving deeper into her credentials, as she possesses experience and serves as a valuable resource
Yes, good point. A basic guideline that I've often read is no more than 33% of your take home pay for the home loan, no more than 39% for all debt payments. I personally was never comfortable anywhere near that, so for us it was closer to 20% when we bought our current house 10 years ago. (That's for a 30-year mortgage... obviously, also consider the total price of the house, since a adjustable rate mortgage can make things seem more advantageous than they actually are.)
Yeah I would really be interested in renting Vs buying. I mean, if i instead use the money I would use to buy a house to I cleverly invest in the market, wouldn't I be able to pay my rent+ even more money? I know most buildings just don't have the rent option, but it still a cool way to live I think, and when you'll be older and will just want to rest just buy long term obbligations and pay the rent with that
@@TwoCentsPBS apartments, or condos are actually a terrible financial choice, at least here in Washington DC. Some people did make money from early to mid 2000's but after that few broke even. The HOA costs and one off major repairs that the association didn't save for and had to be paid out of pocket, outpace valuation increase and stagnating rents.
Alex Dimov In the USA it’s a long process that involves many parts. Only getting clear from the bank took 2 months of uncertainty where anything could have happened.
Make sure you loan officer is a broker not one associated with a specific bank. The can negotiate with more lenders for you for the best rate based on your information.
Where do you find a loan officer? I feel like this part of the equation is not expanded in the video. I'm a first-time home buyer with zero experience, doing research. I was thinking about going to my credit union but wouldn't the person working there be a loan officer that is not a broker? Where do I look for a broker as you mentioned?
@@michtig don't be overwhelmed with the experience. It will be fine as long as you are patient enough and ask questions. Getting a broker is usually by a good Google search or word of mouth referral. If you don't mind sharing your zip code, I can see if I can help with a good search.
I just wanted to write to tell you guys that my husband and I just purchased our first home in one of the most difficult markets to buy (Austin TX). I don't think we would have been able to do so without your video as a guide. Just wanted to say thanks for the content, as it has actually helped me and my new family considerably!
As someone who has owned a couple of homes I'd say one big piece of advice is knowing what you want to own...example if you hate yard work then buy a condo or townhouse...an older home doesn't necessarily have "better bones" than a newer home...and for my fellow Veterans out there VA loan is the way to go and if you've already used it once then a 5% down payment brings the fees down as if you're on your first time using it. And lastly even if you don't have kids, look at the rating of the school district as this can have an impact on the value and future value of your home
Krista Really?? I don't think you understand the buying process at all. There is so much wrong with this video, I don't know where to start. Could it be your state has different laws? What happened to the Escrow Company? You don't contact the Title Company; Escrow will contact the Title Company The Title company only prepares the Title, makes sure there are no leans on the property and gives you an insurance policy to protect you in case something pots up against the title. It is the Escrow Company that does all the work. They are the people who coordinate all activity. They gather all the paperwork, along with the approved loan and submit it to the Underwriter. Option period? what is that? I have never heard of an option period. Once you sign the offer and put down your deposit you have contracted to buy. You can only back out (assume there is nothing wrong with the Inspection) IF the seller is ok with that. (sellers mostly do) The Earnest Fee (deposit money) does not go to the buyer, it goes into your escrow account, and becomes part of the fees needed to close the purchase. It is the escrow company that pays out all the fees, Including all the cash you have paid to escrow. In fact, you don't need a realtor. You only need Loan officer & Escrow company. If you are paying cash? The Escrow company is all you need.
@@gumerzambrano Probably drowning in money from people who desperately try to get a roof under their head. You can't trust realtors, just like bankers and politicians.
Pro tip: find your own home inspector, versus having your agent recommend one. I know, it’s easier that way, but the person your agent recommends is interested more in getting repeat business from your agent... so they’re going to downplay any issues they spot so you’re more likely to buy the house. And your agent is happy because they know every time they recommend said inspector they end up selling a house.
Danny Padilla Well in a place that forces attendance for the sake of learning, they should actually teach teach real life applications. They don’t teach investing, purchasing homes, filing taxes, etc. and they should.
And if they do teach this in school do you think a 14-18 year old is going to retain any of this information when they are ready to buy a house? Or even pay attention to this information? You must not know anything about teenagers. They think they know everything. Try to get them to stay focused during this 5 min video. And give them a test on it. But not just your own teenager, 25 teenagers that are not related to you. That is what a teacher deals with but for 60 mins + four times a day, 5 days a week.
Don't forget to leave a lot of money on hand for painting walls, or what I had to do, replacing sinks. There is always something you don't think of, so just have a cushion of money for it!
Your home inspector should point those things out and you can negotiate based on the inspection. Yes that is true you should always have at least $1000 in savings :)
@@saucytabasco I tend to disagree...if you have enough money to afford 800+ rent, you can def afford a home. I key is to not overspend...there is always good 1st time home buyer areas to look into... continuing to pay rent is insane
@@jasonharris765 whether you can "afford" it is not the point of whether you should in that case. If you only have enough in savings to cover one months mortgage, that is a huge problem. You are one small error away from financial ruin. What if your car breaks down? Or the roof starts leaking? The heat or AC unit goes out? That's not even considering losing your job or getting injured to where you can't do your job. You should have multiple months of savings before you even think of purchasing a home, 3 to 6 months minimum, including all expenses beyond just your mortgage. $1000 is in no way adequate in today's market. Multiply that by 10, that MIGHT be enough for a starting point. Anyone purchasing their home with less than $10k in savings needs their head checked.
@@saucytabasco ha there is always "what if" scenarios you can come up with. I'm speaking from experience and no here say...you don't need that much in savings to buy a house. I save more money than I ever have owning a house than paying high rent.
I used to live in Riverside, California. My dad bought our house @ $250,000. It was a 4 bedroom, 2 1/2 bathroom house with a 3/4 acre land, but after the great recession, we had to foreclose. The house price went down to $70,000 by 2012. I wish I was old enough back then to buy a house. 😭
I would love to see more on the real cost of a home before choosing a house to buy. It's fairly easy to calculate a monthly mortgage payment, but adding in things like PMI, homeowners insurance, taxes, higher utilities, repairs needed just to keep the house in shape, etc. Basically things that most renters haven't dealt with or might not take into account. A $2000 mortgage payment may sound do-able with your budget, but there are many other costs that can increase that total monthly amount.
Coming here to say that my husband and I just closed on our first time home (September 2024)! Never thought this day would come but I'm so happy we waited until we were much more financially stable. This video is a great guide that summarizes the house buying process. We had a fantastic realtor and loan officer that guided us through what seems like an endless amount of paperwork and tasks. I highly recommend going with a realtor that is recommended to you by someone you trust. Ours was recommended to us from a work friend who bought and sold with our realtor before and they knew each other for decades as friends. We are over the moon happy with our new home!
I REALLY wish we saw this BEFORE we bought a house! We did a lot of things wrong first in the beginning that kind of culminated into those mistakes kicking our butts towards the end, but thank goodness it still ended up working out to the best case scenario! Seeing this beforehand would’ve saved us A LOT of heartache and stress!!
I'm closing on a home soon and came back to this video multiple times to clarify some of the process. It was supremely helpful and I'm grateful for the info. Thanks so much! It's a stressful process, now I'm honestly lost for what to do after closing...I would LOVE a video explaining how to determine what to do with your home once you own it: how much of it to renovate, what will add value to the home, how to source a good contractor, etc.
Yep, though you can take a loan for the down payment with very bad security and high rates. (though that is not advised, if you can't afford the down payment, you probably shouldn't by a house/apartment anyway) There are also rules that you are required to pay back the loan at least 2% every year from 85-70% and then 1% per year down to 50%. If you are interested you can Google "Swedish House loan regulation" and you should find some links from "fi" or "finansinspektionen" in English.
I’m buying my first home by myself at the moment and I have been here constantly to remind myself of where I am... “Appraisal” is coming up... I’m nervous & anxious afu guys!, this video simplifies the steps for me and helps me feel at least somewhat better lol.
I bought my home in 2003 for $135,000. Major expenses have been: $10K - new siding, windows, front and back door (this was done immediately) New Driveway $3K. New upstairs bathroom $6-7K, new deck and garage siding $6K, new roof $6K, chimney fixed and exhaust fan added $1,500. Carpeting downstairs - $1K, new kitchen countertops $4K. Those are just the major expenses, I probably have another $5K for new snowblower/lawn mower/new flooring/paint/trim/etc. That adds up to about $2,700/ year in upkeep. Don't forget about that when you figure out what you *want* to afford. Our family has spent about $30K on vacations over the same period of time. (2003-2019)
@@Sooopersteve It's worth it, just don't get too crazy with how expensive of a house you choose. Having a big emergency fund provides tremendous peace of mind.
Honestly, houses around where I live are about twice the cost, maybe a bit less, without factoring in upkeep, of what you paid for yours. It's ridiculous.
As a real estate agent, it's much different to this video. What many buyers don't know is that 90% of an agent's job is looking after the seller - convincing them to sell to build up stock. And by law our obligations are only to the seller.
@@cds162 yeah but the agents make a percentage of the cost of the house. What incentives does the buyer's agent have to keep the cost down? The more the buyer spends the more money they will make.
when you start to buy a home? you will realize almost all of this is wrong. There is so much wrong with this video, I don't know where to start. Could it be your state has different laws? What happened to the Escrow Company? You don't contact the Title Company; Escrow will contact the Title Company The Title company only prepares the Title, makes sure there are no leans on the property and gives you an insurance policy to protect you in case something pots up against the title. It is the Escrow Company that does all the work. They are the people who coordinate all activity. They gather all the paperwork, along with the approved loan and submit it to the Underwriter. Option period? what is that? I have never heard of an option period. Once you sign the offer and put down your deposit you have contracted to buy. You can only back out (assume there is nothing wrong with the Inspection) IF the seller is ok with that. (sellers mostly do) The Earnest Fee (deposit money) does not go to the buyer, it goes into your escrow account, and becomes part of the fees needed to close the purchase. It is the escrow company that pays out all the fees, Including all the cash you have paid to escrow. In fact, you don't need a realtor. You only need Loan officer & Escrow company. If you are paying cash? The Escrow company is all you need.
i'm a graphic designer in a national mortgage company. I've made these kinds of illustrated paths to home ownership a bajillion times. This is the first time i've had someone clearly state what the underwriter does. Way to gloss over the major jargon that goes along when loan officers try to dumb down the process but still manage insert a lot of their job-related slang and nomenclature. NOICE!
Having searching for this topic on YT, I was overwhelmed with al the results. Thankfully the PBS logo on your thumbnail stood out and communicate “trustworthy”. This was video really broke down how simple the process can be! Thanks for creating great videos!
I am a millennial Real Estate agent in Utah and can answer this for you. Typically if you are a cash buyer you 1. Find a Realtor 2. Select your home 3. Have the Realtor send in the offer with your signature on the home and once an agreed offer (seller signs the offer) is accepted the home is now under contract 4. Negotiations of the deal (are you wanting to keep something in the home, home inspection, home warranty, and other needs) 5. Once everything had been agreed on paper and signed the realtor sends the paperwork to the Title company to change the Deed/Title into your name and to properly transfer the funds into the sellers account. 6. Once the sellers get their money and you have the deed to the home it gets recorded in the county and Congratulations you have a new home.
Always remember that everything is negotiable as well. The seller helped with closing cost and escrow as well for my home. And leave room in your monthly budget for mortgage payment increases. Tax levies, etc can pass which increases your payment so think ahead of time before the ink drys...love you guys :)
this is important! even with a fixed rate motage, your monthly payments can go up with taxes, like when your property is assessed every year. if your home value goes up, so will your taxes. at least this is the way it is in Texas. if the city over values your house, you can contest it and get it lowered though.
Very true, when I bought my apartment 10 yrs ago, the mostly cost include other cost of living is 1900, now it's like 2700. Everything goes up just like inflation.
Make sure you find a home inspector that is certified. Most states don’t have any requirements to become a home inspector and many will just have a check list they printed off from the internet (not really knowing how to review the items or not fully checking everything). Also a good home inspector will walk around the house with you going over all the things they reviewed. One of the main things to think about when buying your first house is not to think about finding your dream home. You can always upgrade later and after three years of living in your home any profit from the sale of the home is tax free. So, use that money to get a better house.
I love this channel! You two are great hosts and make topics easier to understand. Can you do a video on the steps to buy a non traditional home please? Like a manufactured, modular, or tiny homes?
I would love to see a video on buying your second house. What is the process of selling one house while purchasing another house look like. How does it work with downpayments, etc.
I bought my first home at 19 years old and I’m going to make a video on how I did it. I’m also a professional licensed real estate agent so I am qualified to explain how. Love you guys!! I’ll finish the video editing soon.
As a European l've always wondered how this whole process works. I've heard people saying they're closing on their new house etc. but never knew what that meant. This was explained perfectly in this video. Thank you!
Thank you guys so much!!! Your “two cents” makes it easier for me to understand on this and the other videos. I watch everyone to gain the knowledge because it is truly important when I finally get out in the “real world.”
Simple and effective guide, thank you. Although most millennials can't afford this route. There are other options out there this video does not cover. So it is not the ultimate guide the title suggests. Hence, there are multiple ways to buy a house. Don't feel pressured into doing it this way!
I have to say, as someone in the process of buying a house, having this outline of the process has been helpful. Also helpful have been my realtor and loan officer, who have both been transparent and helped keep my feet on the ground.
Even though I'm not an American but this channel is worth subscribing. And ya ! don't forget to hit that bell icon. Edit : I'm a real estate developer based in Central India and most of these processes are kind of similar here.
I bought a cheap mobile home, a cheap 1/2 acre land, andcheap vehicles, and paid it all off in like in 10 years. You don't have to buy the most expensive things.
Awesome advice! Exactly what I went through as a first time home buyer. One thing I would add is to make sure to read all the disclosure documents, and the HOA rules if it's a condo. Again, awesome video!
Thanks for the concise information. Have been gathering my information for a visit to my loan officer for a pre-approval tomorrow. So far, finding the right home has been the toughest part - still searching.
Loan officer could ruined your application. As a first time home buyers @ 28 years old I had to go to a private mortgage company.795 credit score , 25% saved for down and steady job for 5 years. since TD banks loan officer didn’t do right paper work. So make sure the bank do right documentation.just for heads up . Great video though.
It is even worse if you're a business owner for 5 years. They give us the 3rd degree on income calculations as though your W-2 is stability, you could get fired or your company go under. We show income by tax returns, and the goal is to not show income there taking legal deductions. So you pay less tax (we get double taxed anyway) but then aren't perceived to qualify for as much as we should. Same credit and stable job. I even had to put down 42%.
Chris Invests , My loan couldn’t go through because my income was $500. Less than the house I could afford. If I would have told , I would have put that money towards the principal amount. But my application screwed up by the bank loan officer. I was surprised when I got the letter that my loan application is denied because I can not afford that house, the income difference is $500 only . Can you imagine! Now ! Its been two years since I bought my house through a private mortgage lender and I don’t have to rent anymore.
Even before going to loan officer: talk about it, go to a first time homeowner seminar, your loan officer is not your best friend, plan ahead and fall in love with your numbers first, not the house!!!
We bought our first house last year, and this is super helpful and would have been an awesome overview before buying. I wish I'd found your channel sooner!
I used to think this for a super long time, then a few years ago I realized that I could use my immaculate credit to load up on cheap debt and use the money to fund investments with a higher rate of return.
My husband and I are going to talk to a loan officer about first time homebuyers loans tomorrow, the kind you don't need a big down payment for. This video was a huge help. Thanks.
Oky u live in most expensive town in world , so what? Most important its how much salary u get and how much u pay at end of month. You left whit not much , then its shit to live there. Simple as that.
@@bassam_salim was the elites who coused that . They knew very good that will happend. Many people are smart and die poor. And many are stupid but they born in rich familys . Whats ur point ?
This video was amazing! I have been working to get things in order to make the move and buy a house. Showing to my spouse so they can better understand what all goes into buying a house. Thank you for this valuable content!
@@darhi_yis9175 In other countries you can just get a deal right with the person without agents, pay up, and go to the civil registry for the house's papers transfer of property stuff
I confirm that's the case in France ! I really had no idea how complicated it is in the US... Glad I didn't come there last year, I wasn't ready for this 😅
Getting a pre-approved loan is NOT the end of the financing discussion. I understood there would be closing costs and inspection fees but I didn't know about earnest money where an arbitrary amount in the thousands is paid on the house upfront. I was not told that you had to buy a year's worth of home insurance upfront. And a lot of people do not factor in a lawyer fee (which is optional but should be recommended). All in all I paid over $5,500 out of pocket besides my down payment on $150k house.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
Well, I suggest you make a diversification plan because it's been harder to build a good portfolio that stays afloat since COVID. Personally, I garner knowledge from a brokerage Adviser whom I work with, and I've actually made over $350K with their help since February. Very effective defensive strategies are used to protect my portfolio and make profits despite the ups and downs.
I encountered Natalie Lynn Fisk through my wife, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested in. You can hunt her up online if you require care supervision.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Natalie up and send her a message. You've truly motivated me. God's blessings on you.
You’re estimates on the eagerness of a Realtor is an understatement. Once you enter into a contact with the agent, they no longer have your best interests in mind. Still, overall a good overview here. Thank you.
no they did not. There is so much wrong with this video, I don't know where to start. Could it be your state has different laws? What happened to the Escrow Company? You don't contact the Title Company; Escrow will contact the Title Company The Title company only prepares the Title, makes sure there are no leans on the property and gives you an insurance policy to protect you in case something pots up against the title. It is the Escrow Company that does all the work. They are the people who coordinate all activity. They gather all the paperwork, along with the approved loan and submit it to the Underwriter. Option period? what is that? I have never heard of an option period. Once you sign the offer and put down your deposit you have contracted to buy. You can only back out (assume there is nothing wrong with the Inspection) IF the seller is ok with that. (sellers mostly do) The Earnest Fee (deposit money) does not go to the buyer, it goes into your escrow account, and becomes part of the fees needed to close the purchase. It is the escrow company that pays out all the fees, Including all the cash you have paid to escrow. In fact, you don't need a realtor. You only need Loan officer & Escrow company. If you are paying cash? The Escrow company is all you need.
My husband and I used the website/real estate agency Redfin to find our home. The person that gives you tours may not even be your real estate agent! They close with less costs to you. We liked searching the website ourselves and finding the houses we liked that way, as we knew exactly what we wanted. We ended up loving the first home we toured, and put in an offer only a few days later (the market is really fast where we are, And we really didn't see anything else we liked). We were able to move in in just only two months!
Wow, of all the videos and articles I’ve come across, this is the clearest and best one so far!! For a first time buyer (like I wish to be soon), I know nothing about any of this, the terms that people throw around meant nothing to me, but after this video, I understand what everything means. Thanks for being clear communicators 😃
@@jasonharris765 Actually VA loans are terrible. They are specifically designed for veterans who don't have 20% down payment. You can get a conventional loan for less fees and typically better interest rates.
FHA is expensive, but it isn't always a bad idea. I bought my home 6y ago and FHA is all I could get cause I was not a resident yet. I refinanced to a conventional load as soon as I got my green card. The house has since appreciated 150000, so I am very glad I bought it when I did
@K O This is why most people live paycheck to paycheck. Most people in the world are one paycheck away from not being able to make their monthly payment. This is why I love my six month emergency fund. I never worry.
It genuinely irks me that you guys dont have more views and subs. This is good stuff, and I took all the accounting/personal finance classes in HS, and I'm still learning a whole heckin lot! RU-vid meeds to recommend less Shitposts, and more educational content. If they did they might get more advertising from related companies
You don't actually need all the middle men, if you're buying cash and know what you're doing and can properly inspect homes, you can just buy a house person to person. But if you aren't good at those things, all those middlemen *do* actually serve a valuable purpose. But they aren't 100% necessary
Can you guys do a video on how to rent out a home? I don’t want to be anyone’s landlord and have to struggle with their rent payments. Isn’t there a more efficient way to deal with that kind of stuff?
In most cases - it actually is but its a tedious, time consuming and an extremely taxing process. I survived just barely. Then we got a fixer-upper .. that was not tough and much easier than building.
It will be pretty tough if you have a full time job, and need lots of expertise to build a proper house. A fix upper like the other comment would be good, as long you like the base layout. Essentially, you are your own contractor, and manage that well, it can save a chunk of cash for sure.
Buying a house can be STRESSFULL so get ready. I just bought my first house at 27, put 10% down with a 770 credit score and it took nearly 2 months to get the keys, alot of back and forth, and at closing you sign like literally 100 pages of documents. Your hand it tired at the end of it. Edit: But it is so worth it. To come home everyday knowing I own the house. Being proud of it. Perfecting my lawn etc. It's super rewarding.
