💰Jackie, it's difficult timing the market but I agree that the risk of buying in an overvalued market is a concern, especially with the current shortage of inventory and high competition among buyers.💸Spending on inspections can save a lot of money in the long run.
...thank you @JackieBaker....you hit the points I needed to hear AGAIN...if you rent now keep renting, even if the rent may go up a little bit. Question is if I am renting and the house is being sold, (and we're staying) can the new owner increase the rent AGAIN. "Again" I mean by that that the selling owner increased rent by $300 in March 2024 and a new owner may do it again (?). I 99.9% believe Sussex county NJ is not rent controlled and landlords have a free range on rent increase. Am I right!?
and those stunned people who sold their home for 242 over list are now buyers and they too will face all of this...its not even worth selling unless you are moving to Iowa with the cash
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want 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.
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 definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
Gertrude Margaret Quinto is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Purchasing a home is already a very difficult thing to do, unless you pay cash or don’t get a loan from the government. If only my minimum monthly house payment, over the course of 30 years I’ll pay more than double what my home is worth. I purchased before things got crazy so I got a good interest rate. I couldn’t imagine trying to rent or buy right now.
I hope to own a home some day, not quite long I started investing. I'm very curious already and need help on how to enhance and increase my returns. Any good investment tips will be appreciated.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
I’m in Ohio 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 quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods 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.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.
I'm pleased I found this conversation. If you're comfortable with it, could you share how I can get in touch with the advisor you rely on for your investments?
Vivian Carol Gioia is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short-time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all at this time!
That's awesome! Diversifying your 350K portfolio with the help of an investment coach has really paid off. Making over $730k in net profit from high dividend yield stocks, ETFs, and bonds is quite impressive. Your investment strategy seems to be working wonders for you!
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
Finding financial advisors like Annette Christine Conte who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Housing prices are unlikely to significantly decrease until there's a substantial increase in housing supply. In the USA , there's a shortage of millions of housing units, and construction isn't keeping pace. The constant demand for housing, coupled with population growth, means that even a slight price drop attracts numerous buyers who quickly absorb the available supply. I'm considering purchasing affordable houses in 2024 and possibly venturing into stock investments. When is the best time to enter the stock market? Some people say it is profitable , but others say it's risky. Any advice?
Consider investing in stocks especially during a recession . While recessions can be tough, they can also offer good chances to buy low and sell high in the markets if you're cautious. Just remember, this is not financial advice, but it's a good time to think about buying stocks since having cash on hand isn't always the best option.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Finding financial advisors like Sharon Lee Peoples who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
It is such a foolish argument when someone says an 8% mortgage interest is reasonable.....it is NOT reasonable given the AVERAGE price of a home today vs. the average price of a home in the 1980s. I so feel for young people trying to live the American dream.
Big factor is inflation. Home costs much more to build now due to inflation. Salary is catching up at much slower pace which is adding more problem. Unless we have serious deflation, which is extremely unlikely with current govt spending- house crash is hard to come. Just demand-supply formula. Supply will be low in the next many years as everyone knows. Demand is still high. The only way to boost supply is new build(will be expensive and low), and crash of economy. If blackswan happens somehow to crash economy, you will be even harder to buy home. Usually rich is the one who benefit from crash not the poor.
I agree until i realized that there are more ways to make money now than in the 1980s...i mean if you are investing in the stock market you should be making a crap ton of money right now
You're right. Interest rates are not the problem. House prices are. With inflated prices your payment is going up due to increased insurance prices, property taxes, etc. Not just your interest payments.
@@LVH100 Yet we shouldn't pretend that if we just wait it out, prices for a basic 3bd 2ba house are going to suddenly become "normal" again. Too much money printing/inflation, too many corporate buyers, too few homes. This is the new normal, and it will keep going up, more slowly, but up.
If you are paying a lot in rent and CAN comfortably buy a house, buy a house and refi later. However do not pay over list price ….buy aggressively. Do NOT waive inspections. If you can live with mom and dad or live with friends and split rent for a year to save money for a down payment, DO IT. But don’t overextend …buy within your budget.
@starfish2145, I won't sugarcoat this real-world observation. When I sell, I will discard your "buy aggressive" offer in favor of other realistic offers. Other sellers will do the same. The end result will be that you (in your opinion) will not overpay for a home. You also will not be a homeowner; you'll continue to be an asset to your landlord.
My daughter sold her house 2 offers got asking price but we're asking her to pay a percentage of the closing cost which was a substantial reduction in profit.. one of those offers were $5000 over asking . The third offer and the one she took was $10k over asking no contingencies except for home inspection and wave appraisal . The house that replaced the existing she offered asking price and accepted
The majority of home inspections are not necessary if they are less than 30 years old. If the home's issue isn't blatantly within view of the inspector, it will not be found. People think the inspector is an expert in all home issues and will sniff them out like a hound dog. Just simply not true.
I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
‘Amber Dawn Brummit’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
They are not gonna go down. Do you have any idea how many of us are waiting for interest rates to come down? The demand will drive prices up more then interest drops the mortgage.
@@thomaskim5008even if the recession comes or doesn't come. The prices are still high. The high prices are from the techies with the money to keep over bidding everyone pre covid. Nowadays, those techies are gone but the prices are up and stayed.
The data from 2006-2008 doesn’t support your assertion. Hell breaks loose when the FFR is reduced and prices coming down become “catch a falling knife”
I just want my own f****** house man. I’m so sick of living with my parents and everyone treating housing like an investment above a basic living necessity. They just built a house down my street and they want $750k for it….HOW CAN ANYONE AFFORD THAT?!?!?
Here's my comment I just posted above. Don't give up, just get creative and maybe need to put the house on hold for a bit, but there's other options to build towards that and start getting out on your own. People need to start thinking outside of the box if they really want to own a home. Lot of land for sale around me(I"m rural) but it's also gone way up in price. Buy some land, rural areas usually have less restrictions. Live in an RV for awhile on your land. Or get one of those Amish built sheds(tiny homes) and remodel it inside and live in that. It's not that difficult to do the basics yourself. Look into houseboats. Or worst case, even an RV and living at an RV park. To me that would be better than paying overpriced rent at an apartment or house. At least you'd own the land and rv, and both are valuable to some extent, though rv's generally don't hold their value. Look into different types of loans. USDA rural development ag loans will finance on homes that need repairs. Those are for lower income, but check your income levels, it's higher than you think. Look to state programs as well. Having the woe is me, there's no hope mentality will get you nowhere.
Got the mother of all fixer uppers in a area we love, no issues but 5 years not cleaned, we call it grime mannor . We saved for a down-payment worked a miserable job and do not eat out . My husband has a special rate due to his job. We bought a home 150k bellow what we are approved for and are doing all renos ourselves. No regrets. We stuck to our budget and absolutely do not keep up with the joneses and will not tell the world we bought. I was raised by my grandparents, who taught me to think long term.
That’s what I did too back in the 1980’s. Unfortunately too many people don’t know which end of a hammer or paint brush to hold. The schools took shop and home economics out of the classroom. They want everything finished for them. They want to go out for dinner and the $15 martini every week end then complain they can’t afford a house.
I was very fortunate to buy my home in 2020 and not only did I get a great price, in a great neighborhood but I was locked in at 2.9% I did have an inspection done by a competent and professional company and they went over everything with a fine tooth comb - I am thrilled with my purchase!
So we bought in the winter. We bought on the PA/NJ border an hour from NYC. Our home appraised for 80k over what we offered. We got inspections as well. The home sat on the market at $460k we bought for 295k our interest rate is 6.5%. We got really lucky and we are in a GOOD neighborhood. It was a flip there are a bunch of things we have to fix but it has good bones. Since we’ve moved in the value of the home went up to $432k. I agree with everything you are saying. Take your time. Don’t wave inspections don’t over extend yourself don’t save appraisal. It took us 2 years to find out home. We took our time and when someone didn’t accept our offer we moved on. Don’t be afraid to walk away and use your local bank or bank you bank at for a mortgage they offer better deals.
As a young millennial home owner, I think the best we can do is pass our fortune to the next family when it's time to sell. Instead of being greedy to squeeze every dollar, I look to sell my house to a family instead of investors just because they are making it little easier and little more lucrative
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?
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.
)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.
I HATE the financial chicanery that is comparing interest rates to the 1980s. 1980: Home costs $30,000. 18% of $30,000 is $5400/year = $450/month. Minimum wage is $3.10/hr x 160 hr work month = $496/month, clear by $46. 2024: Home costs $1,500,000. 5% of $1.5 million = $75,000/year = $6,250/month. Minimum wage is $15/hr x 160 work month = $2400/month, shortfall of $3850/month. NOT EVEN CLOSE TO THE SAME THING.
A $30,000 house in 1980 would have been some little house in some little town. You're comparing that to a 1.5m home which if the comp is SQFT and land alone must be in a beach city. Sorry you can't afford that, most people can't. But, that same $30,000 house in the same location might be $150,000 now.
My first home in 1985 was $65,000 fixer upper at 10.5% . Our combined weekly income before taxes was $450. Guess you didn’t live in the 1980’s? Where do you live that all the homes are $1.5 million. Little or A Lot of exaggeration to get a comment!
I am in the process of selling a home in northern NJ right now - closing is in 10 days. This is my childhood home, in Madison, where my mother still lived until her death last October. The house was built in the 1940s and my parents lived in it since around 1956, the point being it was not modern and updated. But it's location and neighborhood are very sought after. It was listed for one week and we got 13 offers. We ended up taking the very first offer which was 28% over asking price, no inspection, no need to clear out the house, cash offer. Of course it's a builder and he'll tear it down, but it just speaks to the point you are making about a lack of inventory right now.
@@JuniperTreeee I think because it really wasn't updated, my brother assumed it would be a tear down so asked quite a bit less than the zillow value, for example. I'm very happy about the price we got, but my mother had reverse mortgaged, so it's the bank that's making out.
So your childhood home, you voluntarily let fall in the hands of a sleezeball flipper.. when millions of hopeless families out there would kill to have a home. Congrats on selling your soul, hope it was worth it.
I’m so grateful that I purchased my home in 2015 with a 3.75% interest rate. I’m working to pay off my mortgage as soon as possible! I want to be debt free! I’m not even considering selling my beautiful home. Current prices and rates are just way too high!
Why would you ever want to pay off a 3.75% mortgage early? Take that cash and invest it, even if in a CD for now. Money market rates are paying 4%, so that would cover your interest on your 3.75% loan.
I bought my house in 2008 in a very nice area of San Bernardino CA. The interest rate then was 6% (FHA) I refi'd to 5 % (FHA) a year later and stayed there until 2015, then refi'd again at 3.25 % (Conventional). What I pay in mortgage, you can't rent a room here in CA, I'm glad my friends pushed me into buying my house (I didn't want to) these are true friends. I love real estate topic videos like this.. I eat it up like candy.. I like to watch The Artist of Real Estate in CA with "CB".. he's super sharp!! "Kudos Jackie"
Here in Texas, farms,ranches & acreage are by devoured by cash buyer over asking price. Most are by out of the country buyers, China, Japan, Mexico, Arab countries. It's ridiculous!
Haven't seen that here in TN yet, thankfully. But I"m sure it's coming. I have watched rural land go from about 1K an acre to now 10-20K an acre. Farms, they selling guessing to companies, who are then dividing it up into 1-5 acre tracts to sell. Also seeing a lot of new small cookie cutter houses, like 900 sqft, being built on an acre, and them asking 300K for it. It's ridiculous here. My quiet rural county is going to hell.
Wow 😮 THIS lady just got an instant subscribe. She is so honest and straight to the point! She was not boring to listen to and she was so gracious and sounded intelligent. Her voice was also soothing and the perfect podcast voice. Not too long of a video too!
I bought my house in December 2023. I bought it from an investor who, thankfully, he wasn't trying to screw me over, and also, I had a really good realtor. The interest rate in Houston, Texas, was 6%. I wish it was lower, but it took me 8 months to find something I could afford. It was brutal, but apartments want 3 times the rent.
I agree. Waiting to buy is silly. There will always be uncertainties in the market and you can’t put your life on hold for the housing market. I feel this is some fear-mongering going on for the sake of RU-vid views.
@bunyhill7485 - It's both, inventory and prices. One of the luxuries in most parts of the US people want are homes with at least a single car garage. They might not put a car in it, but they will use it as a storage unit. Those a majority of new homes are coming with a garage, you still have the older homes that are in good shape, at a price that could fit in a person's budget, that doesn't have a garage. Then you have location/school districts. The homebuyer might be living in a city like NYC where garages are nearly unheard of, but the home is in a bad/sketchy neighborhood, substandard school district or was in a zone that was a part of a gentrification effort, and the city/county change their minds, then abandoned the idea long before completion. Then you add distance from work, the interstate, and road traffic to the interstate or shopping areas. Builders in many parts of the US are attempting to take on projects, or complete projects that were abandoned years prior, but they are distant away from the interstate or major highway that requires multiple major intersections that just add multiples of major intersections that adds time and headaches to getting to work, getting to shopping areas, getting children to or from school/daycare and getting to and from work.
There may be pullbacks in the markets this year, which are normal. But the overall market will go up throughout the year. I think we'll see more market diversification. Already looking to invest about $430k of my savings in stocks this year. 2024 is the year I make millions
Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 6years, I’ve had a financial advisor consistently restructure and diversify my portfolio and I’ve made over $3 million in gains… might not be a lot but i'm financially secure and that's fine by me.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
'vivian jean wilhelm' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Here in Atlanta houses are staying on market for 60+ days. Some even taking off market. Not competitive at all. You can pretty much take your pick and take your time. Pricing isn’t crazy and is constantly dropping. Houses dropping in price by tens of thousands every couple weeks.
Our house sold in just 3 days on market. Buyer went over asking and waived inspections. No contingencies. Which in return when we went to find new home, everything snatched in 1 day and already under contract. It was so exhausting after looking at houses they all were already under contract by the time we got back home. This was October 2023. We finally found one and waived inspections too we had no time to wait. We signed that contract so fast. Thankfully we got really blessed and God was truly looking out for us. I love my new home and prob won’t ever sell or buy again…but it worked for us. You will be surprised how many did this too. My realtor was even surprised all her clients waived inspections and she said no one was accepting contingencies. ❤️
I love how people always approach home buying from an investment point of view. It's so privileged and shows the greediness mindset. What about the sheltering point of view? All this talk about making and losing money is inhibiting people from just being safe and sheltered. Wages aren't keeping up with inflation, rent prices are also going up, companies are continuously allowed to buy property so people are cornered into renting for a lifetime without being able to save for a home.. All this just screams potential wave of homelessness in 12 years unless there's aggressive change.
@@littlebitmckee8234 oh I'm mad at them too. Literally mentioned that wages aren't keeping up with inflation. But I can still be upset at the underlying greediness of some people while others barely scrape by. With the scarcity that this very knowledgeable realtor mentioned, I hardly think it's the time for people to be hoarding housing for the sake of profit.
That's like asking people to be bad with money because you cannot benefit. I watched the market for 8 years and purchased when interest rates were low and home prices dipped. You have to be smart and patient and wise to make a good deal. Don't hate the player, hate the game.
@@teri03 you are proving my point but sure. Glad you have your home though, because that's what's important anyway. That people are comfortably housed.
I've been telling my wife - let's get a house when the Fed rate was at 2% and at one brief point in time, it was at zero percentage., and that was about eight years ago. When the pandemic happened and house prices started to run up wards, now she wants to get one. One main issue we didn't get one as yet is the commute. Her job commute is 20 - 25 minutes away and we kept facturing that in the "new" home location. However, I would never go above 10K over asking price. Meanwhile, I keep building the down payment for a smaller mortgage.
Never at this time believe you can refi (not for years), never buy any where without a appraisal, inspection or attorney. Walk away or get burn at any price.
My wife and I are gen Z. We are not confident about the prospects of buying a home or even having children for that matter with how expensive everything is…
Millennial here.... As a single guy I can confidently say It makes very little sense for me to buy a house even with over 20 percent down available. If you're a young couple and want to get babies started I can see diving into this market but either way it's brutal
The problem isn’t solely interest rates. For example, my house ten years ago was 300,000 at 7%, today it would be 425,000 at 7%. Drastic difference in mortgage payment. 425,000 at 3% sounds and looks a lot better.
This year of all years I think is the most challenging. But if you have the means and need a home, definitely jump in. Just be aware of what's going on.
You're so right!! All this media hype. Buy when you're ready - be an informed consumer and be confident in your purchase. Remember, part of being a You Tuber is to get views. I bought in the height of the market 17 years ago. Do I regret not negotiating with the seller to get a lower price and not relying on my real estate agent to guide me better: yes (I told her I'd pay full price but she never showed me comps to what market value actually was in the area). But I've owned my dream home for 17 years - no regrets there.
Jumping in 😩 It feels like all these people here to help but in reality we had to steer this ship & educate ourselves. These people don’t offer upfront info which is funny to me. So anywho Had to walk away from preferred lender option for new build home. The incentives offered are not great deals… Our 2 credit unions had better upfront info / guidance. These RU-vid also provide much needed information. We are done renting, it’s not worth it anymore long term.
Washington area. We offered on four houses. These are the buyer outcomes: 1st house 100k over -11 offers. 2nd house 90k over - 8 offers. 3rd house 40k over (flipper). 4th house - we won with 10k over. We bought in January at the end of winter. Small interest rate dip and before the realtor settlement. Our house needed work and wasn’t turn key. Guy we bought from had a heart for us. Our house went up 120k in “value” (Redfin) with spring market prices. After new flooring and paint. Thoughts: foreign investors are back ( they stopped holding their breath timing interest rates), house flippers are back (people are buying), most people with cash in hand are downsizing. Lots of mommy/ daddy money. Seattle has high paying jobs with tech/ Boeing/ Amazon/ google. We got stupid lucky.
If the house appraises for much less than the asking price, don't buy it. Never waive an inspection. Generally something is wrong with every pre-owned home and it well could be very expensive. Having the house appraised gives you the opportunity to negotiate.
My sister is a real estate agent. She’s been talking with her sellers about the settlement. Basically she’s telling them that if they choose not to compensate the buyers agent, there won’t be any buyer traffic coming to their property. Agents won’t work for free.
@littlebluefish6606. I'm selling a property within the next few months and I'm definitely doing that. Why should the buyers have to pay? If I'm getting a decent amount for my home, why wouldn't I want the buyers to be happy?
@@maketheconstitutiongreatag5038 The Seller is paying the Buyer's Broker to bring the Buyer to the home and to help the Buyer facilitate the purchase. They are in effect working for the Seller to get the Seller's home sold. So paying the Buyer's Broker is just a part of the sales cost. Brokers are not going to show homes that have no payment for the Buyer's Broker as most Buyers are tight on money and and most won't be able to pay the additional Buyer's Broker fee unless it can be rolled into the loan. I see this hurting both Buyers and Sellers in the long run and home prices will not come down. I am not a fan of NAR but government meddling in the fee market typically hurts the consumer.
I live in the PHX area, and our house was being blackballed by buyer's agents because we were not paying a full 3% to the buyer's agents. We pulled it off the market and decided not to sell in this upside down market. This new law is already implemented by most agents nationwide, and here, agents are already asking buyers to sign agreements and pay them a full 3%. And if the buyer refuses, they are telling the buyers that they will only show them homes where the seller is paying the full 3%. This is stalling home sales here even more. Buyers in our area do not make the income to afford the cost of homes, and they cannot afford to pay commission on top of overvalued homes. Our area is now experiencing a huge drop in sales while inventory piles up. There are very few cash buyers, as they are nervous and waiting. The majority of buyers are FHA or VA loans, and they are lowballing the homes they view. And so, many sellers homes are not being shown and buyers are limited at what they can view since they cannot afford to pay commissions.
Unless something drastic happens, the housing market won’t change much. Best thing to do is save, save, save until interest rates drop. Buyer’s agent contact sucks. No way Jose 😮
We are in Texas DFW. There are a ton of quick move ins popping up everywhere and available lots. However, prices are still high even with the mortgage rates being sky high.
Will this market ever shift🤔 we have 3 children and r really need our own home. But we can’t afford anything more right now. It’s so depressing at moments but I also try to give gratitude to the Lord for what we do have and I pray he will bless us before long with a bigger space.
I bought a house in March. I waived inspections and appraisal and thank god the house appraised 9k more. I did do my own inspections which was $700. If I didn’t waived those two contingencies, I don’t think the seller would’ve choosed my offer.
I’ve been seeing videos like this to not buy a house for years now even before 2020 when Covid hit. Homes are a lot more unaffordable now with prices being high and increasing interest rate. I’m so glad that my husband and I did not listen and we bought a house in 2022 that we could afford. It’s $1,700 a month on a 4 bdrm with an inground pool but we couldn’t get the interest rate lower than 5% even after putting 20% down. We married the price on the home but dated the interest rate. IF the rate ever goes lower again then we’ll refinance. If you keep waiting and waiting, you may not be able to ever own. But you have to be smart and make sure that you’ll take account all the expenses that goes with homeownership like rising property tax and home insurance.
Another thing that you can do if waiting to buy is to live on the budget now that would be your budget when owning a home. Yea on paper it can be done, but live that life for awhile, is it worth it? Put that extra mortgage cost into savings no matter what....can you live like that for the next 5+ years?
I can't buy this year, but I'm planning to get a shell of a tiny home and finish the inside to make sure it has an electric stove and some more naturey colours.
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
The housing market in 2024 poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
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In S.CA. beach area I just sold mine for 40K over. I then bought one for 20K under. But the roof underlayment needed changing so it brought it to maket value. From experience I have no respect for home inspections. I hire roofers, plumbers, electricians to do my home inspections. I hated paying the buyer's agent. I when I had to I pay over 1%. You hired them, you pay them.
Just closed this month. Illinois Elgin area. Passed inspection. Lender said I didn't need appraisal. Paid less than asking price. I think I got pretty lucky on this find. But only time will tell
Last fall was a great time for us to downsize and move closer to grandchildren - - yep, we were cash buyers and were very aggressive in our offers. Got the size/layout/age of home here in South Carolina (Upstate area) we were looking for.
The craziest part is that there are sooooo many empty houses out there just sitting. Despite what a lot of people claim, there are enough homes to house everyone and they're all just sitting there because of the greed of the sellers and banks. In my town for example, there are literal _shacks_ listed for a quarter million dollars.
@@dougherendeen3241 you can build a $150000 house for $150000. Interest on $150000 to buy the same house is what, about $100000 over 30 years? Which one is really cheaper?
We are in the process of buying a 3 bedroom, 2 bath, 1968 house on a little less than an acre lot. We live in rural Kentucky. We are buying it for 175k which is about 20k below it's appraisal. I guess no one wants to live in rural Kentucky. We got 6.22 interest rate, I believe. We are getting the house inspected in a couple days! We shall see if its as good of a deal as we think!
We’re in MO. We’re trying to sell our house in order to get a house with some land. Our issue has just been that no one is buying houses. There’s houses to buy, but no one is buying them. We took ours off the market a few days ago and will try again later.
We had same problem here in AZ, near PHX, we could not sell our home and removed it from the market. And our home had tons of interest and was priced very well. Buyers just got cold feet and walked away.
We were able to buy our first house in 2020 luckily enough we got in on a 3.4% rate, we're in the exploration phase of just seeing what the markets like right now and it doesn't look good to us, we're waiting for now, we don't care if it's the interest rate that goes down or if it's the home prices that go down but one of those two has to happen before we're going to do anything.
Wait until you see an house with 925K asking and someone paid 1.6 million. I just feel poor when my agent told me if I don’t pay at least 300k over asking then there would be no chance for me. I wonder if these people work for drug cartel🤣🤣
@@KiraBKADestroyerOfWorlds Well "what it's worth" should be 100% dependent on what people are willing to pay, ie, "asking price". So Zillow should be estimating the "asking price" if you want to call it that instead.
Since we’re retiring this year, we don’t really have a choice when to buy. We are moving from Los Angeles to Palm Springs area, and while it was challenging to find the right home, we found two homes that were amazing. It took over a year to find the perfect home, but it was worth the effort. As for the interest, you can recap your loan when your home sells, and refinance when the rates go down.
We took an inspector to the open house. We had a huge down payment so we could waive the appraisal. We actually managed to pay fair market value. But in Boston, all cash offers with no contingencies are back. We just had our second child and really needed to move.
Southeast VA here. Generally, things aren't as dire as in NJ. Yes, the homes are overpriced, but I see very few bidding wars going on simply because people aren't buying as often in this age of increased interest rates (plus expensive home prices). What ends up happening is that sellers are getting their asking prices with few to no issues (inspections, but "for information only", appraisals being close to or matching the listed price). Several years ago, in a market more friendly to the buyer, sellers were having to slash their prices and buyers were finding reasons, often via inspection, to get a lower price. Thankfully, it doesn't seem as though paying a ton over asking is common here at all.
I’m in Orange County, NY. I just bought a house a month ago in response to a 90 day notice on my apt and decided I didn’t want to pay +$2K rent. I had to settle for an older home over 100 years old that got a landlord-special renovation (lots of corners cut) just to secure a house under $300K that didn’t need a full renovation. Got in at 6.99% interest. Appraisal was on the nose at $250K (exact selling price).
We are so stuck. We have a home in Florida and our mortgage is only 2% BUT our HOA is AWFUL. We’ve paid 30k in 3 years on projects they’ve pushed in home owners. Now they’re proposing making us a gated community and saying each homeowner will have to pay 10-15k for an assessment AND increased dues. An 8% interest rate might be better than dealing with this bs. I have a chronic illness and the increased stress they’re causing us is going to end up killing me.
The top 85th percentile of income earners cant afford a entry level home at these prices and rates. Talking about 30% of 10k a month, thats 3k on a 400k house which is entry level
If you only have one job, you're not even trying. Also, steal your groceries and clothing if you're in a state that allows it. Why spend if you don't have to?
We finally sold our house a bit under asking and the buyers wanted us to pay their buyer"s agent's fees. We told them that wasnt going to happen Or we can up the price to make up for the difference. We felt we shouldn't have to pay for something they signed up for. They agreed. Dont be afraid to advocate for yourself. I dont see why you can't work it into the price regardless of what the laws are. If someone really wants your house, they will cooperate with you.
Very good advice. I live in the edge of Virginia on the North Carolina border and I'm getting ready to put my house in the market and move to North Carolina where I'll be renting a home I don't know what the housing market is like now here I guess I will be investigating it I am enjoying your videos. Thank you so much
I read that NJ has the highest property tax rates of all fifty states bar none. We in Texas have the highest in the South and Southwest 😡. But we have no state income tax, and every state has to get its money somewhere. That's Texas' excuse. But I wonder what NJ's excuse is. They have state income tax, don't they?
When my mom bought her house 30 years ago at a double digit interest rate, her house was, at most, 200% of her yearly salary. You’re right Jackie, these are different times. An 8% on a house that costs 500%-800% of the average salary is way more impactful. Great advice. 🙏🏾👍🏾👏🏾
My sister bought a house late 2019, at 174,000 with a 1700 month mortgage payment. That was tight for her even then, as they are on one income of 60k a year. But as we all know, keeping up with the Jones’s is where it’s at. She and her husband put their home up for sale at 100K over what they bought it for, with no upgrades or anything. It was a run down home when she bought it, and it still is. The house is nowhere worth 275k. The land isn’t even worth a developer tearing it down as the neighborhood is not so amazing. So while her OLD house SITS vacant waiting for a buyer….she somehow found an agent who sold them a home for 410k that was bought in 2020 for 218k, so almost 200k over value, with 40k in closing costs. So now she has a 5k mortgage payment a month and a house that is still sitting for sale. I rent a town house for 1800 a month, and have the same sq footage as her house. I mean, if you couldn’t afford the OLD 1700 mortgage house, who creatively finances you into a 5k monthly mortgage? Make it make sense. And no, I never claimed my sister had an ounce of sense. 😭
You need income of 150k per year with no debt to qualify for a 5k mortgage payment. No bank will give a mortgage of a 5k payment to a 60k income customer
I bought my house 3 years ago. Best decision of my life to not wait. Instead of wasting 20K each year on rent, I used them to pay back my mortgage. I had to offer 10% over the asking price to make sure I win the bid war, but I'm locked in an excellent 3.3% rate. The house was in excellent condition, no surprises there.
only a TINY portion of those 20K go towards the principal of your mortgage. The vast majority of that money goes towards the interest of the mortgage. So you are not "using them to pay back your mortgage"
@@Thisismeofcourselol They said their rate is 3.3%. With that rate, putting extra money they would have been spending on renting towards principal curtailment means they are certainly NOT putting the “vast majority” of their money towards interest, quite the opposite. Keep coping.
For most, its not a long term investment, its going home broke. Your better off renting in some cases and invest the extra money and you will have 3xs what house is worth, but some don't want to wait 30-40 years to buy a home and I get that.
The higher the mortgage rates the lower the inventory and the higher the home prices. Because, more and more sellers will be reluctant to put their homes in the market thinking that it would be hard to sell with these sticky high mortgage rates.
Many of us homeowners have locked in interest rates of 3% If we sell our house, we then have to buy a new house with over double the interest rate. Why would we want to pay twice as much interest on mortgage.
I think there are a few exceptions to waiving inspections. My dad just bought a house all cash in L.A. County and the owners were celebrities who put so much money and thought into the house. They are very particular about not having any “quirks” on their property and was very, very thorough on not only the cosmetics but functionality and safety of the home. My dad was also a building inspector for years so that helped 😂. We will see after he closes but so far there have been zero red flags (unlike every single house we toured prior).
10 years ago, I was looking to buy a house here in SoCal but felt prices were way too high. Boy was I wrong! I could’ve purchased a house then at $800k and since then, prices have gone up and now that $800k house is now $1.5. My advice is, do t wait, jump in now and refinance when rates drop.
In East Central FL. Over building going on like crazy. I see what happened in Vegas in 2006-2008, now here. Prices almost doubled since 2020. Now, starting to see on-market much longer, small decreases happening, but not as much as they should be. Insurance costs doubling, too. And, insurance companies forcing roof replacements, at 10 years. I see nothing getting better here any time soon. The dollar becoming more worthless every month. I don't know how anyone is able to do it.
