Canada here: Just shake my head at the buyers that did high-fives with their buying agents when they won highest (way over list) bid to buy a home. Many of these homes 2-3 years later are selling for less that what they paid. No pity at all. They once again are messing up the market.
@@dan-qe1tb When was the mortgage rate 23%? Not in the U.S. In the U.S right now most credit cards are around 25-29% With a $40 late fee. I agree, the sooner people get into a house early in life, the better off many are latter in life. Inflation makes your money lose purchasing power. For me I have a 3% mortgage, so every month I pay the mortgage, I am keeping my money's purchasing power higher than its worth today. My cost for my mortgage is cheaper than rent for several years.
The question we should be asking ourselves is how strong of an economy do we have when it cannot tolerate Historically normal interest rate of 5 to 7%… this tells me all I need to know as a registered nurse. The patient is on life-support, prognosis doesn’t look good. Travis people keep spending money because their memories are short and they think the credit card will continue to be extended, hours will never be cut and they will never lose their job. Next year is going to be very interesting.
I just closed on a house after my area prices softened and then 5 percent off list with a 5.99 FHA, nothing for loan admin or origination, and a credit back to cover a portion of third party processing. It was all due to shopping both the house and the loan. So glad we went through the extra work. And the supply in my area is tight still. There are lenders willing to compete for your business. Don't assume they won't.
Well, one thing that happened that doesnt get mentioned much....the union workers all got HUGE pay increase while the rest of us flatlined..25% in some cases...that is insane...
I retired seven years ago at the age of sixty-two, paid off my mortgage, and haven't touched our retirement funds since. I have 1.5 million dollars in my portfolio, and it took me ten years to reach this goal. I started with a respectable amount through my CFA claire Roberts Durand At the moment, my dividends are supplementing my retirement, which takes time. I make sure I never keep money in the bank, and I never sell the chicken that lays the egg (dividends). I just eat the egg.
FHA has the lowest interest rate, but all FHA loans require mortgage insurance. Some have a standard of 11 or so years, because of the low down payment qualifications, PMI can be with you for many years. Also the upfront mortgage insurance premium is equal to 1.75% of the base loan amount.
Strictly speaking, the Sahm rule has not yet been triggered. The 3-month average unemployment needs to be +0.5% off the bottom, which will happen if UE stays at 4.0% or higher in July data.
Aye brotha, love the videos! I know you stick to Texas, mainly Houston area for your real estate insight. I’ve been lately enticed to research and visit West Virginia for the low property cost. Any chance you can maybe make a video just checking it out for a sec. Would like to hear your perspective.
Is it time to buy a home yet? Are u sure this crash will happen? General prices will not go down, what makes you think homes will? Maybe it will go up in value nominally but underperform other assets? Maybe you being hurt from 08 makes you a bit bias?
I think the next big thing will be A.l. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
Thank you for commenting. I mean no offense but can you tell me and be honest, how old are you and what responsibilities do you have? I try not to act like a fool by making assumptions. You know what I mean?
@realestatemindset- I think I will unsubscribe this time for good. Where are you seeing the mortgage rates plummeting? My credit union who has the best rates has dropped by 0.125%, wow, that is such a big reduction!!! Tired of your clickbait and I bet you will delete my comment.
Amortization schedule on renting will always be worse than owning..... You pay 100% to someone else and 0% to principal. You are guaranteed to gain zero equity. You have a landlord up your ass about what you can and cant do in the house you are paying to live in. You also forfeit cleaning deposits, pet deposits, etc.
Owning a home bought at bubble price may end up with negative equity and a loan balance greater than what the home can sell for. There is zero risk of that for the renter. If you do not believe negative equity is possible, you do not understand the US housing market 2004-2012. Those who do not learn from the past are condemned to repeat it.
@@tobyk51492004-2012 What’s your point? I bought my 1st property in June 2009 with 8 months remaining for tenant to pay it off. I’ll add that to another source of retirement income. I bought my 2nd house in August 2022. So let’s say the market crash and my house plunged down to a dollar value 😂. Who cares don’t sell. I’ll never sell anyway. It will get pass down to next generation. there is no LAW if the market crash I’m forced to sell. I’m not trying to create FOMO buy when you’re ready.
I retired seven years ago at the age of sixty-two, paid off my mortgage, and haven't touched our retirement funds since. I have 1.5 million dollars in my portfolio, and it took me ten years to reach this goal. I started with a respectable amount through my CFA claire Roberts Durand At the moment, my dividends are supplementing my retirement, which takes time. I make sure I never keep money in the bank, and I never sell the chicken that lays the egg (dividends). I just eat the egg.
