Happy to report I'm closing on our first home this Friday in Loudoun county. Waived inspection on minor things and Appraisal. Also added escalation clause which beat two other offers by only $1k. My advice to new buyers: a-)Make a Needs/Want list. b-)Prepare a budget and research a comfortable price/downpayment that works within it without being house poor. c-)Follow the market and see as many properties in your criteria as you can to understand what options your budget opens. d-)Work with your realtor to make competitive offers, but remember your budget. Houses come and go, another option will appear. Thank you for your videos Matt, helped us be much more informed.
@@TheMattLeightonHello Matt, I have a special question. Is which one better to pay cash or do financing for a small condo $90,000. ? I would love to hear form yourself opinions ? Thanks Matt
My realtor was a bad-ass. I was the first offer on a huge condo on a high floor in Skyline Plaza. I paid asking price and she got my closing costs cut in half. I did it because my rental apartment sent me my 5th rent increase in 4 years and common sense and basic math finally prevailed. My (admittedly 70s fabulous) condo costs me less than what I was paying in rent, and I only put 5% down. IMHO, if you are renting go find a condo that looks like your current apartment. You will be much better off there than in a rental, even if you’re looking to eventually move to a single-family home. This lesson took me way too long to learn.
On the topic of how many homes to see in person, it's also worth noting the newfound challenges of house hunting in a pandemic. I'm assuming it's similar elsewhere, but here in the Boston area (which is a crazy market with low supply/high demand) "open houses" are a 1.5 - 2 hours window, but you need your agent to arrange a 15 minute tour "slot" to see the home alone (with the seller and buyer agents) due to social distancing. It definitely makes getting in to see a home more difficult, if you don't act really quickly i.e. as soon as the house is listed. If you miss open house weekend, that house is typically gone and under agreement by the following Monday or Tuesday. Maybe we were being a little picky, but because of this added logistical layer, we found ourselves vetting a lot more homes online before we decided whether it was worth going through the extra hoops for a home that maybe/kind of/sorta fit the bill. Over the course of approx a 4 month search, we only physically toured 5-6 homes, and made offers on two (the second one being successful - closing in 3 weeks!). Ultimately it seems to be a numbers game, and I imagine everyone's mileage may vary. Really have enjoyed watching your videos as we've gone through the first time homebuyer process!
We found Matt on CZcams and after working with three other agents I’m so happy I found him. He is incredibly professional and will not let you down. I’m so happy with our choice to sell and buy our home with him. Lets just say he spent the entire morning delivering holiday cards and gift bags to homes that we loved in a special area we can only imagine raising our children. *small disclosure we purchased the cards and gifts and he dropped them off.
The Boston area is crazy at the moment, inventory is very limited and listings are regularly off the market in 48 hours. In 9 months we toured 7 houses, made offers on 4, there were an additional 4 we missed touring as they were gone same or next day, and we backed out of touring another when it had a bid for over asking sight-unseen before showings even started. We finally close this week, and only by a stroke of luck - the seller originally took a lesser offer that was willing to skip inspections but ended up falling through when the buyer's own house, which they had to sell to purchase this one, ironically failed inspection. Your videos were a great resource for these first time home buyers, thanks Matt.
Wow, what a crazy market you experienced! And even some similarties to the article! Thank you so much for watching and congratulations on your purchase!
We actually bought a house because we have a senior dog. We want him to enjoy his golden years with a yard of his own. We know how stressful the moves have been on him. He gets to relax now and he has a true forever home.
This was super helpful! I'm currently living in California and planning to buy in another state in a year or two. I would be very interested if you made a video about how to understand/compare the real estate markets in different cities :)
I am a new estate. Currently I have made 2 sales on land, I want to go full in on selling a house. Creating a landing page for it, but I don't know if it's a wise idea running Google Ads and directing it directly to a 1 listing landing page.. Though its 20X more in price than other listings I advertise, but I'm just confused if I should use my whole marketing budget on advertising it or if I should use it for multiple listings with lower prices.
Im a fthb and just saw my first house and put an offer in immediately bc 3 other ppl were viewing the home at the same time i offered 14k more than listing cut all contingencies now im waiting crossing fingers I have major anxiety over this I didnt realize how competitive the market is rn. It dosent help that the inventory is so low in CA
I mainly wanted to buy a house simply because I strongly despise moving. You're gonna have to drag me out by my hair, kicking and screaming to get me to move again. Nope! And I really wanted to personalize my own space. Turn it into my own sanctuary and safe haven. Ahhh.
We were thinking about buying a house i was gonna put down 10%. Out of blue we got a house as gift which was quite a relief for us by a close friend of ours. We were still considering investing in a house and perhaps renting it out and have the payments help pay it off and i put the rest until fully paid and have constant income coming in once it was paid. Is that a good plan?
Too bad the 63% of those millennials that regret buying can’t easily put the house back on market. Inventory is too low and prices kept going up even when interest rates didn’t drop much.
Happy to report I'm closing on our first home this Friday in Loudoun county. Waived inspection on minor things and Appraisal. Also added escalation clause which beat two other offers by only $1k. My advice to new buyers: a-)Make a Needs/Want list. b-)Prepare a budget and research a comfortable price/downpayment that works within it without being house poor. c-)Follow the market and see as many properties in your criteria as you can to understand what options your budget opens. d-)Work with your realtor to make competitive offers, but remember your budget. Houses come and go, another option will appear. Thank you for your videos Matt, helped us be much more informed.
Congratulations and great tips!
@@TheMattLeightonHello Matt,
I have a special question.
Is which one better to pay cash or do financing for a small condo $90,000. ? I would love to hear form yourself opinions ?
Thanks Matt
Probably finance so you can use that cash for other investments that return a higher % on your money. I could see arguments for both sides
My realtor was a bad-ass. I was the first offer on a huge condo on a high floor in Skyline Plaza. I paid asking price and she got my closing costs cut in half. I did it because my rental apartment sent me my 5th rent increase in 4 years and common sense and basic math finally prevailed. My (admittedly 70s fabulous) condo costs me less than what I was paying in rent, and I only put 5% down. IMHO, if you are renting go find a condo that looks like your current apartment. You will be much better off there than in a rental, even if you’re looking to eventually move to a single-family home. This lesson took me way too long to learn.
Sounds like you got a great deal! And yeah the rental increases are all too common unfortunately
On the topic of how many homes to see in person, it's also worth noting the newfound challenges of house hunting in a pandemic. I'm assuming it's similar elsewhere, but here in the Boston area (which is a crazy market with low supply/high demand) "open houses" are a 1.5 - 2 hours window, but you need your agent to arrange a 15 minute tour "slot" to see the home alone (with the seller and buyer agents) due to social distancing. It definitely makes getting in to see a home more difficult, if you don't act really quickly i.e. as soon as the house is listed. If you miss open house weekend, that house is typically gone and under agreement by the following Monday or Tuesday. Maybe we were being a little picky, but because of this added logistical layer, we found ourselves vetting a lot more homes online before we decided whether it was worth going through the extra hoops for a home that maybe/kind of/sorta fit the bill. Over the course of approx a 4 month search, we only physically toured 5-6 homes, and made offers on two (the second one being successful - closing in 3 weeks!). Ultimately it seems to be a numbers game, and I imagine everyone's mileage may vary. Really have enjoyed watching your videos as we've gone through the first time homebuyer process!
This is really good insight. Thanks for sharing and thanks for watching!
Matt, please boost your microphone next time. Sound was low. Great vid!
Thank you for the feedback! I was trying out a new microphone and had the gain too low. I'll increase it next time
We found Matt on CZcams and after working with three other agents I’m so happy I found him. He is incredibly professional and will not let you down. I’m so happy with our choice to sell and buy our home with him. Lets just say he spent the entire morning delivering holiday cards and gift bags to homes that we loved in a special area we can only imagine raising our children.
*small disclosure we purchased the cards and gifts and he dropped them off.
The Boston area is crazy at the moment, inventory is very limited and listings are regularly off the market in 48 hours. In 9 months we toured 7 houses, made offers on 4, there were an additional 4 we missed touring as they were gone same or next day, and we backed out of touring another when it had a bid for over asking sight-unseen before showings even started.
We finally close this week, and only by a stroke of luck - the seller originally took a lesser offer that was willing to skip inspections but ended up falling through when the buyer's own house, which they had to sell to purchase this one, ironically failed inspection.
Your videos were a great resource for these first time home buyers, thanks Matt.
Wow, what a crazy market you experienced! And even some similarties to the article! Thank you so much for watching and congratulations on your purchase!
We actually bought a house because we have a senior dog. We want him to enjoy his golden years with a yard of his own. We know how stressful the moves have been on him. He gets to relax now and he has a true forever home.
That's amazing! Well done 🐶
Thank you Matt I watch your videos and I’m learning sooo much.
Video looks good man 👍🏻
Thank you! 🙌
This was super helpful! I'm currently living in California and planning to buy in another state in a year or two. I would be very interested if you made a video about how to understand/compare the real estate markets in different cities :)
Thank you! That's a good idea!
Should you go with a discount realtor or full service agent?
You get what you pay for 😉
I am a new estate. Currently I have made 2 sales on land, I want to go full in on selling a house. Creating a landing page for it, but I don't know if it's a wise idea running Google Ads and directing it directly to a 1 listing landing page.. Though its 20X more in price than other listings I advertise, but I'm just confused if I should use my whole marketing budget on advertising it or if I should use it for multiple listings with lower prices.
im sorry but just have to say love that suittt
Thanks!
Great content 👌
I have shared a couple of tips too. Thanks for sharing.
Im a fthb and just saw my first house and put an offer in immediately bc 3 other ppl were viewing the home at the same time i offered 14k more than listing cut all contingencies now im waiting crossing fingers I have major anxiety over this I didnt realize how competitive the market is rn. It dosent help that the inventory is so low in CA
Good luck! Sounds like a strong offer! 🙏
Love the RG3 reference
😂😂
Oh, also, she got me a 45-day closing!
I mainly wanted to buy a house simply because I strongly despise moving. You're gonna have to drag me out by my hair, kicking and screaming to get me to move again. Nope! And I really wanted to personalize my own space. Turn it into my own sanctuary and safe haven. Ahhh.
We were thinking about buying a house i was gonna put down 10%. Out of blue we got a house as gift which was quite a relief for us by a close friend of ours. We were still considering investing in a house and perhaps renting it out and have the payments help pay it off and i put the rest until fully paid and have constant income coming in once it was paid. Is that a good plan?
Yes! Rental properties are a great way to diversify your portfolio and to create long-term wealth!
@@TheMattLeighton do you think itll be best to first buy an small apartment complex (four apartments) and rent those out or rent a house out
Start small and go from there!
Too bad the 63% of those millennials that regret buying can’t easily put the house back on market. Inventory is too low and prices kept going up even when interest rates didn’t drop much.
Shots fired at Bobby Griff instead of the organization, typical.
p