You'll REGRET Buying a House This Year
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- Опубліковано 22 кві 2024
- I hate to say it, but you might regret buying a house this year. So many variables are playing a roll in this housing market that could become too costly for you. I’m going to take a deep dive into them and tell you why you may regret buying a house now. Bet you never thought you’d hear a realtor tell you you shouldn’t buy a house, yet here you are.
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Jacqueline "Jackie" Baker
NJ License 1541448
Coldwell Banker Realty
Allendale/Saddle River
#realestate #jackiebakerrealtor #jackiebakersellsnj #homebuyingtips #homesellingtips #realestateinvesting
Check out why 90% of Homebuyers REGRET Buying Their Home ➡ua-cam.com/video/ofkBssr6iUU/v-deo.html
💰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!?
Everyone I know who bought in last year and this are happy. (First home, not investment). Why time the market?
what if you're paying cash in an area where people don't want to live
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
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.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you
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.
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!
I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with?
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.
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.
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 7% to 9% were typical. People will have to accept the possibility that we won't ever return to 5%. 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.
I sold a property in Q4 of 2022 and I'm waiting for a house crash to happen so I buy cheap. In the meanwhile, I've been looking at dividend stocks as an alternative., any idea if it's a good time to buy? I hear people say it's a madhouse right now
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. 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 a pro who knows about the financial markets.
Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?
The decision on when to pick an Adviser is a very personal one. I take guidance from Sharon Ann Meny to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
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.
Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
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.
Thank you for this amazing tip. I verified her and booked a call session with her. She seems Proficient.
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.
It’s usually only the people selling Homes like real estate agents saying it’s a good time to buy.. bad advice
@@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.
waving an inspection to buy these over priced nightmares is just a disaster waiting.
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.
Always get inspection! Extremely necessary
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.
it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little.
well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.
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.
this is all new to me, where do I find a fiduciary, can you recommend any?
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.
I'm buying an RV and putting it on an acre of land here in Canada....desperate times call for creative measures!!
Nothing to do with housing.
@@ScientistPrepper everything to do with housing. think outside the brainwash parameters
Wish I could do this as well, however, areas around me do not allow that.
@@nimrod275 that really sucks!! people need options these days lol. good luck
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.
Sucks man... i am 35 and still renting. We got screwed big time, its so depressing and frustrating.
answer your own question..then go figure it out..
@@Christy.1 Best comment I've read in a LONG time!!
@@sakurakos88 I’m 22 with my own house. Just gotta learn how to invest.
The best time to buy a house, is as soon as you can afford one. You’ll never time the market
And when you find a home that you like in an area that you like!
Yes I bought in the early 80's & my rate was 13.5%. But the cost of the house was very low! Not like today with home prices being so high.
💯, we should see house prices come down. I am shocked that it has not started yet.
Exactly, interest rates are not high, home prices are
@diesel104 I have in TX. That's why I am a bit confused 😕 I don't mind waiting though.
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.
Yeah, and food and gas were more affordable in the 80s.
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.
This 👆🏻
@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
@@stevencole7331you sold to either an investor or for cash then
I think that is assuming that rates will drop, I don’t think rates are dropping. They should have never been as low as they were
As soon as rates go down housing prices will rise. So good luck for anyone who is looking to buy. That ship has sailed for the majority of families.
Even the rates go down, who can afford the high prices if the economy turns to the recession?
@@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”
This is market top kind of talk. FOMO and despair from people on the sidelines.
@@michellerahn if this is true then why doesn't the Fed drop rates now so prices would fall. Unless we go to war, rates need to be higher
Never waive inspections. We were looking at a home this year. The previous owner added a room onto a deck. the wood was dry rotting.
😆
Thank you for being honest in a world of lies
You're welcome!
So telling a buyer to wait because they may not have a job the next year to the rest of their working lives, is honesty?
@@bauttiet.h.u.g.5900 it is when it’s a possibility. After all Tesla just laid off over 3k jobs in California.
@bauttiet.h.u.g.5900 yes I'm being honest. What part do you not understand?
Yes, Sherlock, you shouldn't buy a house if you might lose your job next year.
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.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Just fyi yes, hahaha this is a scam
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
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!
Real estate agent: Buy property now...
Real estate agent if you own property: SELL IT NOW!
It's just comical.
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.
you two are badasses, congrats on your grime mannor labor of love
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.
Lack of inventory is old news. It’s the prices
Yup. High prices for pure dog shit.
It’s true though. Inventory takes a long time to rebound. Many places are changing zoning laws but it’ll still take time for inventory to increase
Correct.. there is no lack of inventory? What state are we referring to …
It's not even the inventory. Plenty everywhere. However they are all sticking with high prices even if it's not selling.
@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.
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.
My first house was a first home buyers loan at 8%. My house was 60,000.00 . That was the difference. These houses are 40% over valued.
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!
We sold our rate was 2.5 I wanna kick my self in the a** now!
This is a very good time for you to sell. You'll make lots of cash.
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.
@@veeoby3364 sure it is… it u better have a place to go cause interest rates right now are wayyyy high so r taxes and insurance!
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
will advice you get yourself a financial advisor that can provide you with entry and exit points on the share/etf you focus on.
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
They said in 2020 don’t buy a house, then in 2021,2022,2023, and now 2024 they’re still saying don’t buy a house.
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.
It’s like fishing. Don’t go where they say to go. Go where they go.
They say don’t buy but they’re buying. 🤔
you'll never buy if you watch these channels😂
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 UA-cam also provide much needed information.
We are done renting, it’s not worth it anymore long term.
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!
Yes, I agree. It's so sad to see our once affordable state turn this way. I'm buying now before prices skyrocket. 😢
Don't allow those cash buyers to buy it! I refuse to sell to investors.
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.
I agree with you it’s not a good time for buyers. It’s a sellers market now.
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 home is $1,500,000?? Where do you live?? San Francisco? One word: MOVE!
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 $1.5 million. Little or A Lot of exaggeration to get a comment!
Lmao. Who would buy a 1.5m house when they are barely making minimum wage 15$/hr?
Thanks for doing all the math on this. You're right!
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!
Ty for your honesty! ❤ my family apreciate you. Have a great day! And I hope the high rates flushes out certain people. =] 😊
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.
Crazy. Maybe you should have asked for a lot more.
@@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.
Whattttt!!! Almost 30% above. Thats crazy.
Did anybody die in the house
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 in the Maryland suburbs of DC and it's like this here, too. Thanks for this intelligent explanation of the new realtor commission structure.
As 26 year Army combat veteran I am appalled by the disorganization in this society always confusion always a oops always a excuse
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.
Our government and the Fed did this to us. Be mad at them, not people who are trying to make money with the changes they created for us.
@@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.
...not only that, you have to factor in FOREIGN investors purchasing LAND and HOUSES in "bulk"!
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 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"
God bless you for being honest!
Integrity over money I love you
Thanks for your honest advice once again you are on point!we are waiting till next year to buy for sure…
Excellent video Jackie!!
Thank you for being so honest!
Of course!
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.
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.
Thanks for your honesty
and confirmation that this is not a good time to buy
We bought two homes, both with 3.73 APR. Makes me feel happy about that. Thank you.. This is some very useful info.
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.
Same circumstance here in Michigan. Great channel!
I really appreciate this video. Very informative!!
Save cash, buy land, build. Takes longer. Worth the wait.
Except building is more costly. Look at the prices of building materials
@@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?
You can not build a house today for $150,000
@@Jfratzthen build a smaller house. It's the land which is going to appreciate.
@@Mythicalniceguy huh?🤔
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. ❤️
Thank you for sharing the Lord's blessings! We purchased our home right before COVID hit and that was such a blessing as well!
Thank you Jackie.
I'm glad I found your channel.
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
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 😮
Amazing advise!! Thank you, Jacky!!
You're so welcome!
Thanks for keeping it real!
Always!
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.
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.
Thank you for being honest .
Great info, can u do a vid analyzing multi unit homes with new interests rates?
I just sold my house for 30k more than asking and it sold in 6 days ! Upstate NY buyers waved inspections too !
whoever bought it will be crying one day.
Isn't this part of the, "you will own nothing (rent everything) and be happy" thing?
Thanks jackie. This is why i promise myself to only by rentals and rent myself!
Same thing in SF bay area. Average listing still going 50 to 100k over asking, in some cases even higher than that. Getting insurance has become very very hard.
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.
Doubt. Buyers can pay their agents. It's not the seller's job.
We definitely need good for sale by owner sites. Zillow turned into a proxy for agents. I would happily go directly to a buyer.
@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.
Oklahoma is spacious, clean, family oriented,. CHEAP!! many many homes under $100,000.
great advice!, Thank you
Glad it was helpful!
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.
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.
Cash is king every time💯.
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.
I like you…, I tell my clients the same, if you can hold off, please do so.
I’m originally from northern NJ, Morris County born and raised, now in northern Virginia outside of DC for past 28 years. My family is still living in northern NJ.
You/Me very similar in the way we converse with our Clients.
GREAT channel!
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.
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.
As soon as the tech bubble bursts the state will regress to what it was in the late 1980s Washington is one of the biggest shitholes in the country
I live in south Jersey and the home prices are crazy high and the house are in horrible conditions🤦🏻♀️
Seeing that in North Jersey too
That's everywhere
Again, GREAT advice.👍🏼
Glad you think so!
Thank you for the content. There are very good insights that you mentioned.
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?
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.
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
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.
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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I am looking to buy cash but these places are 100K overpriced!!!
People still buy...
Keep saving
Forever... @@FloridaGirl-
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.
Nice video the way you eliminate bad neighbors is to get a house with some room (not on top of each other).
Hi Jackie. Yes It is crazy market and I'm really curious what this summer rate will bring us.
I'm curious too! It's gonna be interesting!
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🤣🤣
When you say "asking" do you mean like on Zillow? I heard Zillow comes very close to the correct price at close.
@@dialecticalmonist3405asking price just simply means sellers listing price on the mls.
No most likely they work for the government or government contractors. They’re abusing our tax payer money
The Zillow Zestimate isn't the asking price, it's what Zillow is estimating the property is worth.
@@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.
I want to move from a fL to NC or TN. I will wait to see what happens in Nov. before making any moves.
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.
Avoid the market at all costs in 2024.
I purchased a home with a 7.5% interest rate. It sucks, but if I can hold out I can hopefully refinance. I just need to be optimistic.
Just got our mortgage last march with interest rate of 4.5%
Mine will be 7%
Here in Mississippi it’s a buyers market!! Homes are actually sitting for months! We have a lot of inventory so I think that’s why homes are sitting now. It seems like every day around here houses are popping up for sale every day and no one is buying hardly!
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.
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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.
Especially here in NJ. The market is so overvalued! Lack of inventory. High taxes. Just ouch all around.
In Dallas, we are seeing inventory numbers beginning to rise. We’re currently at 4 months of inventory right now.
Yes, news and numbers show TX, FL, TN, and AZ having jumps in inventory, while sales are flat.
Real estate agents remind me of that guy from office space who brings the specs from the customers to the engineers.
I'm good with PEOPLE! DON'T YOU UNDERSTAND?? GIVE ME 2.5%!
It never made sense to me that you pay a real estate lawyer $1500 to do some actual work on a deal and you have to pay a real estate agent tens of thousands of dollars to show your house to potential buyers.
There should be a common RE sliding commission scale as the housing prices increase.
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.
Happy I found this channel 🎉 Im all about making money off my home.