I'm gonna be a seller and I agree with all this. My residential home isn't my only "investment" and I'm not buying right after selling so I'm glad I can afford to keep a cool head about accepting offers. Ultimately, I want to keep this home out of the hands of large investment firms, at least when I sell it.
Congratulations! I’m trying to get approved for a home. Almost there! I wish you could do videos, on buying tips and strategies with new construction. I’m in the process of gaining an approval for new townhome. But I don’t know if any of the things you teach on your channel can be applied to the builder. Soo confused! Lol
This is a sign that I was meant to come by your channel! 🙌🏾 I recently subscribed and I’ve been binge watching your videos bc my husband and I are looking to buy our first home in our hometown SACRAMENTO! 😫🎉 Then you put out this video! So happy to have found you and thank you for all of your amazing tips! 🙌🏾💕
Purchased back in 11/21 and I don’t second guess anything we did on our closing. One might say we were extremely luckyduring closing process but I like to think we were well informed thanks to channels like yours.
Question: when I look at the tax assessments for houses in my area, most were assessed in 2021 for around half of the price they are now being sold. (Ex: assessed in 2021 at 340,000, now selling for 650,000) Do you have advice or thoughts on this as a prospective buyer?
In most areas the tax assessed value is much lower than the market value. Depending on how often your tax assessor reviews assessed property values (most every year, but I’ve heard of some up to every 5 years) it will likely change some. As a buyer I would ignore the tax assessed value except for specifically property tax reasons as the market value is a completely separate calculation.
Definitely. I'm looking for a home in Riverside County. I have up to 100k to put down+closing costs, over 800 credit score, but my gross income as a single mm is 58,000...so hard to find anything.
What would you say qualifies as low balling? Would 10-11% on a home between $500-$700 low balling? Also what if my agent doesn’t seem to want to make offers at a lower than asking price?
I hate lowballing as both a buyer and a seller. If you can't afford the home move on. You can sometimes get deals but the home had to be sitting for a while and comps may justify bidding lower. But don't expect a home that is 100k over your budget to accept a significantly lower offer. Also, DO NOT skip the inspection. You can't anyway with most conventional, VA, and FHA loans. And get a great mortgage expense app. I use My Mortgage on iPad.
Thanks for commenting! To see if you can qualify for a loan, you'll want to reach out to a loan officer who can help. You can click Apply on my website www.winthehouseyoulove.com/ to be connected with a loan officer I trust.
what if the rate is reduced next year to 3% after purchase, we can refinance, right? do you still think lender incentive money should be used for reducing rates?
Yes, you can refinance to a lower rate if rates lower. Definitely can be used to lower the rate through points or it can just offset closing costs. Whichever helps you stay in a smart financial situation (e.g. having adequate money in the bank) is best.
You have to know that the average mortgage is 8 to 10 years. Most people sell or refi in that time. If you can afford the rate, think about the seller concession as saving you actual money in real time. There are rate break even charts about buying the rate down. Most are break even at year 15-20 from my knowledge.
Are all conventional loans 3.0% right now? I just had my lender run a house for me under a conventional loan and I believe he told me the rate was 4.875 but I’m a first time home buyer..
If you can get a 4.875 rate that’s a great rate. I haven’t seen below 5% for months. First time home buyer doesn’t affect the rate, just income and LTV.
I'm alittle salty about my recent experience. My wife and I found a home we loved. Put an offer in for 15k over asking with 5k earnest and another 5k over apprisal if needed. We were passed over for a conventional loan instead of our VA even though ours was higher/better.
Great video, however, I think it is important to mention that the buyout is only good if you’re planning to stay in the house for life, but not if you’re planning to sell in a few years.
I'm gonna be a seller and I agree with all this. My residential home isn't my only "investment" and I'm not buying right after selling so I'm glad I can afford to keep a cool head about accepting offers. Ultimately, I want to keep this home out of the hands of large investment firms, at least when I sell it.
Awesome, that's a great mentality!
Thanks for thinking of the first time buyers💕
Just got my first home, signed papers last week! I’ve been watching your videos over the last year, thank you for all your knowledge and videos!
Congrats, Cody!!
@@WinTheHouseYouLove Thank you! I will continue to watch your content so I myself can continue to learn!
Congratulations! I’m trying to get approved for a home. Almost there! I wish you could do videos, on buying tips and strategies with new construction. I’m in the process of gaining an approval for new townhome. But I don’t know if any of the things you teach on your channel can be applied to the builder. Soo confused! Lol
This is a sign that I was meant to come by your channel! 🙌🏾 I recently subscribed and I’ve been binge watching your videos bc my husband and I are looking to buy our first home in our hometown SACRAMENTO! 😫🎉 Then you put out this video! So happy to have found you and thank you for all of your amazing tips! 🙌🏾💕
Hahah welcome! Thank you for watching!! Happy to help if needed kyle@winthehouseyoulove.com
Purchased back in 11/21 and I don’t second guess anything we did on our closing. One might say we were extremely luckyduring closing process but I like to think we were well informed thanks to channels like yours.
That's great to hear! Thanks for watching, Ben!
Bro................you look like my dad with that mustache. You're so sophisticated now.
LOL
closing next Monday, your channel helped a ton when I started researching 1-2 months ago. thanks man!
Glad I could help!
Being patient is difficult but I’m holding on 😭 hopefully 2023 will be the year for me
Best of luck!
Bro! I’m from sac. Been watching your videos for a long time now. Cool to see some love for our city!
Incredible!!
Question: when I look at the tax assessments for houses in my area, most were assessed in 2021 for around half of the price they are now being sold. (Ex: assessed in 2021 at 340,000, now selling for 650,000) Do you have advice or thoughts on this as a prospective buyer?
In most areas the tax assessed value is much lower than the market value. Depending on how often your tax assessor reviews assessed property values (most every year, but I’ve heard of some up to every 5 years) it will likely change some. As a buyer I would ignore the tax assessed value except for specifically property tax reasons as the market value is a completely separate calculation.
What’s the pros and cons of credits? I don’t understand them
Closing day tomorrow for my wife and I!
Wow!!!!! Congratulations!
Please do a video on the Southern California Orange County area. Thanks You got great info.
Thanks for commenting. I will add this topic to my to-do list. Thanks for watching.
Definitely. I'm looking for a home in Riverside County. I have up to 100k to put down+closing costs, over 800 credit score, but my gross income as a single mm is 58,000...so hard to find anything.
Thank you for discussing the temporary buydown which have become pretty popular in my area.
Sure thing, I just don't see how they're a smart move
How soon do I start the process if I plan to buy in April hopefully with a usda loan
Very interesting, helpful, & insightful thank you for the video 🙏🏾
Glad you enjoyed it!
What would you say qualifies as low balling? Would 10-11% on a home between $500-$700 low balling? Also what if my agent doesn’t seem to want to make offers at a lower than asking price?
You are the boss. The agent works for you.
I hate lowballing as both a buyer and a seller. If you can't afford the home move on. You can sometimes get deals but the home had to be sitting for a while and comps may justify bidding lower. But don't expect a home that is 100k over your budget to accept a significantly lower offer.
Also, DO NOT skip the inspection. You can't anyway with most conventional, VA, and FHA loans.
And get a great mortgage expense app. I use My Mortgage on iPad.
Great tips
Do you have a video on where prices will go for the East Bay?
I don't at the moment
Great video! Thank you!!
Thanks for watching. :)
@@WinTheHouseYouLove always! A fan of your work! Stay 😎 cool!
What's your advise with increasing selling price by 10k and asking for closing costs of 8k. Selling price is 440k FHA , down payment is 3.5%
A very common strategy to help pay for closing costs!
Thank You 🙏
My pleasure! :)
Are there any mortgage brokers in Texas you can recommend? Near Houston and Galveston area! Thank you
Thanks for commenting! To see if you can qualify for a loan, you'll want to reach out to a loan officer who can help. You can click Apply on my website www.winthehouseyoulove.com/ to be connected with a loan officer I trust.
Can you do video on 4,3,2,1 method?
Thanks for the information!
Thank you so much for watching!! :)
Are you referring to a Home Possible loan with 3% down ? Aren’t there income limits for that loan ?
Nope, just a first time buyer 97 Conventional
Great help. Thank you
Glad it helped!
what if the rate is reduced next year to 3% after purchase, we can refinance, right? do you still think lender incentive money should be used for reducing rates?
You can refi whenever you want but it's hard to say where rates are going next year
Yes, you can refinance to a lower rate if rates lower.
Definitely can be used to lower the rate through points or it can just offset closing costs. Whichever helps you stay in a smart financial situation (e.g. having adequate money in the bank) is best.
You have to know that the average mortgage is 8 to 10 years. Most people sell or refi in that time. If you can afford the rate, think about the seller concession as saving you actual money in real time. There are rate break even charts about buying the rate down. Most are break even at year 15-20 from my knowledge.
Thank you your the best
Thanks for watching. :)
Are all conventional loans 3.0% right now? I just had my lender run a house for me under a conventional loan and I believe he told me the rate was 4.875 but I’m a first time home buyer..
If you can get a 4.875 rate that’s a great rate. I haven’t seen below 5% for months. First time home buyer doesn’t affect the rate, just income and LTV.
Haven't seen 3% in quite a while! Here are average rates → www.winthehouseyoulove.com/rates
They most likely added in some points already. I have the same but with over 10k worth of point buy downs
He was talking about the money down on a conventional loan, not the interest rate. Down payment can be 3%.
@@olfab1 thank you for clarifying!
I'm alittle salty about my recent experience. My wife and I found a home we loved. Put an offer in for 15k over asking with 5k earnest and another 5k over apprisal if needed. We were passed over for a conventional loan instead of our VA even though ours was higher/better.
Ugh that sucks, I'm so sorry. VA is a fantastic loan!
Button up is fyre
🍻
Missing the glasses from the older videos
Lasik 👌
Why buy now? Taxes will be higher like the 2007- 2013 My taxes went up from $500 to $7000
Taxes are a location specific issue
lowball these nonsense inflated Orlando homes. Dudes out here wanting like 200%+ over value. Time to cut this behavior out
In those crazy inflated markets I totally get it!
Great video, however, I think it is important to mention that the buyout is only good if you’re planning to stay in the house for life, but not if you’re planning to sell in a few years.
Great point!
Your voice😊 sorry i got distracted lol
LOL 😵 Thanks for watching. 🙂