Should I Buy a House Now or Wait? | What Should First Time Home Buyers Do Now?
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- čas přidán 2. 08. 2024
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I'm lucky enough to be an "essential" worker & no kids to have to worry about. I've recently paid off most of my debt so now I'm trying to build my savings & credit back up then I'll start the approval process.
Great job! Sounds like you’re on the right tack to rebuilding
1:03 DO YOU HAVE ENOUGH SAVINGS
2:24 HOW LIKEY ARE YOU TO EXPERIENCE LAY OFF
5:11 GET ON A ZERO BASED BUDGET
7:05. SHOULD YOU BUY A HOUSE
10:29 HOW IS YOUR EMPLOYMENT IS IT STABLE
13:23 WILL THE PRICES DROP
THANK YOU!
Thank you bro
Thank you.
Great video!! I would tend to tell people to hold off on buying because millions have lost their jobs, therefore they may be forced to put their property on the market taking lower prices. The travel industry has collapsed, people owning multiple Airbnb properties may be forced to sell because they are unable to rent them
Yes, AirBNB properties have been hit really hard. When foreclosures begin those are likely to be the first to go. If they set their properties up as businesses they will qualify for stimulus funding to stay a float. It may be 3-6 months before we see the full impact, but I have seen some AirBNB properties already hit the market for sale.
I've seen many realtors with more subscribers making fantasy predictions that everything will be fine. I commend you on your honesty, and not telling people to keep buying no matter what.
Thank you!
Thank you for all of the advice!! Very much appreciated 💝
Thank you so much. You certainly explain it well and real!
Great video I'm a new agent with a youtube channel so I'm definitely taking notes...you are separating yourself from the rest by really knowing your stuff.
Great channel! Information! Thank you! Keep up the great work!
Another great video! I’m binging this info as I prepare to look for my first home. Thank you!! Officially a new subscriber here! 🙋🏻♀️
I'm sure you heard it frequently but I really appreciate how clearly you explain the topics in your videos. You make things very understandable and I always leave with a much better understanding of the topic. Thank you and God bless!
Great Info, sending prayers for your family.
Thank you so much for your great information... I just subscribed and can't wait to see what else I can learn on your channel
Thank you for the information! YOU need to be careful yourself not just your parents, this pandemic is affecting all ages, please be safe when giving these tours to home buyers!
You are correct, I have scaled back my showing significantly. Thank for you the feedback.
Thanks for providing this valuable service 🙌🏽
You are amazing 🙏🏾 you are keeping things real and honest. You truly sound like you want people to succeed in this world. I am tuned in and listening to video after video of you sharing knowledge.
Thank you so much. I really appreciate that!
Thank you so much your a beast when it comes to info!
Thank you!
Thank you, again.
Your advice is very clear.
Glad it was helpful!
I've been binge-watching all your videos all day. I love the way you explain everything. All your videos have been so great especially the high student loan debt video you gave me hope I can still own a home someday. You have a new subbie :)
Thanks and welcome!
This was right on time! You kept it real and gave us realistic expectations and tips.
Thank you for watching
@@ShaheedahHill hi thank you for all these positive well needed to know tips and encouragement. I would really like to talk to you and ask a couple questions am a mother of 4 renting and my kids are getting big I really would like to stop renting make them more comfortable. Finding myself Cant sleep at night thinking I really need to do something. But have no clue as to where to start which is why am on CZcams listening to educational advisors. thank you.
nickiesha lewis x
Thanks for this video! In the northern VA area but looking to buy in MD as a first time home buyer. Pls keep videos like this coming. The more educated we are the better we understand this whole process.
Thanks for watching!
If you want the first time home buyer deal in Maryland or throughout the DMV I have you covered..Plenty of grants at several different levels.. I'll show you how to stack them as well. ezeamadirealtor@gmail.com
Thank you for being so willing to share the knowledge many of us seek. Not knowing can be discouraging. Knowing ignites planning. You are lighting our fire🔥 🙏🏿
You are so welcome
Thank you you’re videos are so helpful
Subscribed. Thank you for the info. I agree with nearly everything you said....
Thanks for the sub!
Nice video. I watched another video that said, historically, when the fed cuts interest rates, it raises mortgage rates very temporarily and then they go lower.
Good point! And that is what has happened, now it really is a wait and see where we are with this virus, if Americans go back to work will companies be able to hire everyone back? Most are predicting no because they have lost so much revenue already and lots of people will still be practicing social distancing. Thanks for watching!
Great video. I have been considering buying and now wi5 everything happening it’s probably better to wait for a while.
While you are waiting continue to save and do what is needed to get your credit score as high as possible.
Great info sis, just subbed. 👍🏾💯
Thanks so much. Going to join your group.
Awesome! Thank you!
Nice Video. Great content.
Already bought. But liked and subscribed because you are so good and want to support
I’m still overwhelmed with terms I don’t here often, but I’m like okay you’re the expert, I’ll listen.
Thank you for the advice.
Glad it was helpful!
Very helpful! Stay safe! I’m in GA too xx
Thank you! You too!
Great video and exactly what I needed to hear! Thank you
Glad this was helpful and thank you for watching.
Very very very informative, thank you for sharing your knowledge.
My pleasure! Thank you for watching!
your content is so useful!!!!
I appreciate that!
Amazing Content ! Thanks for sharing !
Thank you for watching!
Just found your channel I love it so I subscribed great video
Thanks for subbing!
This was helpful 👏🏾💯
So glad!
Very helpful for me, a first time buyer.
Very informative. I appreciate this video.
Glad it was helpful!
Imagine having your own firm I’d love to work with you 💜💯 your so intelligent I love the way you educate people. You have high Aries / Sagittarius characteristics. Blessings from Cali your way stay safe everyone🎈
Thanks for the good vibes!
Yes you are saying what I have been thinking despite folks encouraging me to buy now.I have evaluated my situation and honestly I am worried about my job stability at this time. It makes sense for me to continue to rent for the remainder of this year and revaluate my situation next spring. I will continue to increase my savings until then.
Sounds good!
Reality content. Love the message
Thanks for watching!
OMG thank you so much
Love your channel! I just want to piggy pack on the last question regarding being a travel nurse because requirements are different for travel workers. Say you've been a nurse for 3 years but if you've only been a TRAVEL nurse for say 6 months and your assignments ends 6 months, you may run into issues because 1. you have not consistently worked as a travel nurse for 2 years despite being a nurse for 3 years and 2. working an assignment job is temporary work and lenders do not like to loan mortgage loans to people with temporary jobs regardless of your job being in high demand. I've been a speech therapist for almost 3 years and lenders did not want to give me a mortgage loan because I am currently working an assignment job and haven't been a travel speech therapist for 2 years. Lenders were hesitant to loan me any money despite having zero gaps in employment, a high credit score and making pretty good annually. They kept asking me, "well what are you going to do when your assignment is up?" My line sister ran into the same issue. She's been a physical therapist for 5 years and was working a 36 week assignment job and was not able to close on her home. So it doesn't matter if you've worked in your professional for 15 years, if you are a travel/work an assignment you have to have worked as a travel/assignment worker for at least 2 years before they consider it a stable employment. Hope this helps!
So glad I found your channel! Very current, valuable and up to date information. I'm catching up on all your videos so that I'll be prepared to buy my first home this year. Thank you for sharing!!=)
Thanks for watching! Yes...save, save, save, so you will be ready to take advantage of the market.
Great information thanks 👍
Thanks for watching!
Very informative thanks
Glad it was helpful!
I needed this
Thanks!
Been doing my own research when it comes to buying a house. I’m interested in working with you.
Thanks and I did receive you email.
Great videos. 😃
Thanks! 😃
Great advice
Thank you for watching!
Thanks for this video. I am living in Jamaica and this video as given me a life lesson.
Thanks for watching and for the feedback. I really appreciate it!
@@ShaheedahHill Your welcome.
Rise up sis. Wah gwaan
Someone is a Ramsey listener ;) Nice job!
Thank you for this informative video! I feel so much more prepared after finding your channel. Now that we are a few months later, do you have the same perspective on the potential for a recession leading to a dip in home values? I live in Columbus, OH where I understand housing had generally been in high demand prior to coronavirus. I have even heard forecasts that a recession caused by coronavirus may not affect value very much because of the housing shortages. Do you have any thoughts on that? And if so, do they change your 5 year recommendation? Or do you recommend planning to stay in the home 5 years even in stable times?
I'm going to wait
who’s here this year?! great vid love 💕
Thanks its about the recommendations this year but be prepared for heavy resale competition.
Wish you were my realtor, I like how you give buyers knowledge what to look for in making a big decision in life. You mentioned you are in Georgia. I’m in the Columbus area, are you near there? Very informative video, thanks.
Thank you, I am in metro Atlanta, so I don't serve Columbus but you can email me if you need a referral. Thank you you for watching!
Low and negative mortgage rates in Denmark only came about after the country’s central bank had kept interest rates near zero for many years. “It would take a lot of big changes for the U.S. to have negative interest rates,” Kate Warne, investment strategist and principal at Edward Jones, told MarketWatch in August.
Indeed, this is not the first time the Fed has dropped its benchmark rate to zero. Rates were held at that level between December 2008 and December 2015 to help the U.S. economy weather the Great Recession. Even through all of that, the median mortgage rate was 4.2% during that time period, Hale noted.
And even if Treasury yields were to fall to the same level as the federal funds rate, mortgage rates likely wouldn’t follow.
“Because mortgage bonds are considered riskier than government bonds, they tend to be slightly higher than 10-year rates,” Hale said. “Even if the market spread were to return to normal, given where 10-year rates have been in the last week or so, we’re looking at mortgage rates ar
It depends what area you are talking about. Where i work, price has not dropped (unless for those special circumstances of sellers who HAVE to sell) at all. What has dropped, instead of price, is volume.
Save in Georgia, inventory is low and keeping prices high
I live in CA and am a RN bought my home in February hope it doesn’t affect my loan
The Fed announced late Sunday that it was cutting its benchmark federal funds rate by 1% to a range of 0% to 0.25%, alongside other measures meant to stimulate the nation’s economy as it takes a major hit from the coronavirus pandemic. While economists cheered the move, it caused apprehension among investors, with the Dow Jones Industrial Average DJIA, -4.54% , the S&P 500 index SPX, -4.33% and the Nasdaq COMP, -3.79% all dropping upwards of 8% in trading Monday.
What would you recommend if your using va loan and both me and my husband are military? Thank you so much for this video
I plan on using my VA Home Loan Benefits. But I’m going to definitely wait after this whole Pandemic is over.
Keep saving and get ready if this pandemic becomes and opportunity in the real estate market. Thank you for watching!
👏 DONT DEPEND ON THE GOVT
I'm in California I wish you was here pretty straight on how everything go I like that
Thanks for watching
I wish she was in Cali as well. 😊
How you doing today how do you hold three lenders don't and they run all three run your credit
Hi I’m a new subbi. Just wondering what can I do to find a real realtor that will have my best interest? Your videos are very helpful by the way.
Good info
Thanks
My husband and I just started the GA dream program as first time home buyers. We're currently right at the pre-approved part, but covid-19 has brought us to a halt, and our lender hasn't given much guidance only requests for documents. We just need real guidance because we don't know exactly what to do next. Pleased with your video and we will continue to view.
Also can you pls do a video on the difference between your credit score and the FICO score? And talk about which one is more important when buying a house?
All companies use different models to generate your credit score and FICO is just a brand of score. I will do a video on this but it may not come out unitl later with all of the other things going on in the market right now. However, track your score using the free score they give you with your credit card.
Your FICO score is the one that's important. Mortgage lenders have a special mortgage FICO scoring system they use. Your FICO 8 scores are a great reflection of your mortgage scores. Get the free experian trial to access your reports and scores to have a good estimate of where you're at.
Thank you for this information, I am a registered nurse in North Carolina and I am looking to purchase my first home. I found a town under 150k but I am afraid of using my 9k emergency saving for the down payment due to what is going on right now. I am a nurse but my hours got cut as well because I work with children and some families are afraid to bring their children to the hospital due to the Coronavirus outbreak.
Yes, hold off for now. You don't want to risk your savings especially with your hours getting cut. Continue to save and work to get your credit score as high as possible.
Good afternoon
I'm a trucker and am in the process of getting pre qualified, I have 3 months savings but my job went from 5 to 4 days, I think I'm good. Ima buy in the next few months
Ok just take your time and don't rush it, things are changing in our economy daily.
Yea I changed my mind, I broke my foot at work yesterday so ima be on 60% income for a couple months. I'll be in a much better position next year. Good thing it happened when it did. Thanks for the advice
Great Video presentation. The FED will probably continue to cut rates,the Coronavirus infections rate will increase as testing becomes more available to health facilities.As a direct result, I think housing prices will drop dramatically in a couple of months with reduced interest rates creating a buyers market, hopefully.
I think that's what some people that are in the housing market are hoping for, their are a few reasons why that may not happen. In the stimulus package they are allowing home owners to defer mortgage payments, unemployment benefits have been extended to 26 weeks so less and inventory of homes is still really low. It really depends on how bad this pandemic gets and I don't think anyone knows that for sure right now. Thanks for the feedback and for watching!
@@ShaheedahHill Thanks for the information good points.
Thanks for sharing this information!
I was going to buy a house this week
Should I wait or buy it
What you should be asking yourself: Do you plan to live in the house for at least 5 years. 2. Will you be ok if prices drop during the likely recession. 3. Is your job stable or are you like to experience a layoff or furlough? Interest rates are also back up you need to quote with at least 3 lenders and watch what is coming out of Washington it is having a direct impact on Interest Rates. You need a place to live, real estate is a long-term investment....if you are in it for the long term you should be fine. Work with your local Realtor, they will give you the best advise for your area.
Thank you so much!!!
Love your channel. Where can area home builder list be found? Google seems to be guiding me everywhere but where I want to be.
Good question, you can ask around to Realtors. I don't know of a central place. Thank you for watching!
I am currently renting since selling my house last year. I have savings, excellent credit, little debt and a very stable job. My lease will end in Oct which will be just about the 6 month window to see how the pandemic should effect the house sale prices. When do you think I should start working with a realtor to buy a house if need to be out of my apt by October? Or would I need to extend my lease in order to wait after October and really seek the the benefits of lower house prices?
Would you be able to make a video on buying a mobile home and everything I need to know about it😊
Buying a mobile home is a more like buying a car because it is generally considered personal property unless it is permanently affixed to the land. I may do one, just because I see this question come up a lot. Thank you for watching!
Shaheedah Hill Real Estate thank you! ☺️
We are getting our house built when all this stuff started happening, we will close in May. Thank God for savings
If you have 1. Stable income, 2. Money Saved 3. Plan to live there for more than 5 years you will be fine. If the builder starts to discount homes or offers additional incentives for new buyers then have your agent see if you have get anything re-negotiated. Thanks for watching and congratulations!
The Real Realtor - Shaheedah Hill Real Estate thank you for the great advice.
We want to build also. How are they doing this now? Still building or on hold?
Elle Caramel they are still building, no reason to stop.
I’m in the same boat, but I’m not sure if I’m going to close...I’m working but my girl isn’t. The house was supposed to be finished in August but they are pushing it so now it’s going to be done in may. I’m honestly not sure if I want to close on this home due to everything.
Hi thank you for videos very helpful. Question how fast can I raise my credit score in three months with consistent payments and paying of debts. Right now I have a 580 credit score.
I like how you said if you were planning to stay in the house you purchase for 5 years, we won't need to worry about a recession and price decrease, Aka price correction. I spoke with my friend and he thinks it's 30 years then I'd be safe and not having to worry. Isn't 30 years a little much?
If you want to be more conservative, maybe 7-10 but 30 is overkill.
Hi, I would love to start the home buying process, do you offer one on one help thru the entire process and how can I sign up?
I have a first time buyers free Facebook group, a paid course and a free where to start checklist. Please check the description for all of the links. Thank you for watching!
Random (kind of) question! We are thinking of buying a house to own for ourselves that’s currently owned by someone else who was using the house as a rental for 9 years. For some people they take better care of things they own and not as good care as things they are renting, houses included I am sure. What things should we be looking out for?
Cosmetic items you can overlook but major systems: water heater, HVAC(furnace - air conditioner), plumbing, electrical,foundation, roof will cost you the most if they need to be repaired. Definitely have the home inspected by a licensed inspector so you will know what you are getting yourself into.
2 weeks ago I locked my rate with chase for a an fha and I'm waiting for the outcome
Best of luck, I know they recently increased new mortgage applications to 700+ credit scores and 20% down payment. If they numbers don't work, then just wait. Interest rates are expected to stay low in 2020.
I was able to lock the 3.5% rate. So that's pretty good
Yup, people should be saving their money.. we dont know if the gov. Is going to help. Better not relay on other ..💪
I recently came across this post and believe it helps very much so as to broader themes. I have seen other Real Estate agents post and find them very self-serving and optimistic. I like the fair approach but believe that a lot of people and especially Real Estate agents do not take into account that this current economic crisis is part of an underlying problem with the economy that predated the current pandemic.
The pandemic simply speeded up and most likely worsened the economic hard times to come. The issues I would request addressed are:
1. How Obama Era (Loan Mods) and other previous stop gap measures and how or will they now effect the housing market; especially if those who previously benefited from such programs may now lose their homes.
2. How investment in the real estate market by retires and corporations could mean a devaluation/divestment of the housing market.
3. If there are protentional or pent up home buyers- will they even qualify. That is will they have jobs to rely on in order to make mortgage payments. Remember in the 2006 recession even teachers were laid off. That is will many people simply chose not to buy and hold on to their down payment and use that as a financial safety net instead of a down payment and therein not enter the housing market.
4. The Rental Market collapse. The rapid rise of rents meant most construction was in the way of apartment (luxury) rentals, will the inability to rent these units out at the current market rate (if this happens)lead to more people choosing to rent and not buy. There is already a government policy as to eviction intervention. Will such policy not have an effect on home sales and mean substantially lower prices.
5. The current global issues to come: repercussions for trade with China and U.S., Oil issues currently underway and the state of worldwide credit to savings issues, and just a general global down turn- will it not affect the housing market?
By all estimations the housing market is crashing by no less than 20% but it is also forecasted to drop by 50%. This is exactly what happened in the mid 90's, why would it not happen now. Do you agree and if not how can the economy not have a chilling effect on buying and wouldn’t current owners also not be susceptible to job or income loss and foreclosure- further opening markets and dropping prices, possibly dramatically? Thoughts?
Thank you for watching, this is more than I can answer in one post, the right time will vary by person and their current financial and life situation. Although America has faced recessions in the past - this is different because it is primarily caused by one factor and it is uncertain. So in uncertainty some buyers will wait it out and see what happens and that is a strategy many are taking right now.
In contract period for another 6 days. We went into contract just before all the hysteria (15 day contract).
House is a good deal currently. We believe we have stable jobs (nurses), have a six months emergency fund (ASIDE from 10% down payment) and a 30 year fixed with a mortgage of 18% of gross income (approx. 28% of our take home pay). We plan to be in this home 5-7 years. We also personally and emotionally feel this is a good time to buy for us.
With that said,
1) Do we wait to buy, as a better deal may come along as prices drop?
2) Renegotiate with the seller for a lower price? (Given he is an elderly man living in NY (The property is in FL), he may have a hard time finding buyers in the near future, and the house has already been on the market for 4 months)
3) Take it as is?
First thanks for watching, 1. Did you get a good interest rate, were you able to lock in when interest rates were low? If so the interest rate may be more valuable than the reduced price. 2. I would have your agent talk to the sellers agent and see if there is some room in price since, with everything going the buyers are nervous. 3. If you feel you were getting a good deal and were able to lock in a good interest rate then talk to your agent about it the agent knows that market better than you or I, you need to rely on them. Homes are a unique assets so if you think you can find a similar home easily or if this home has unique features you may not be able to find again factor that into your decision as well. Nobody knows how long this upcoming recession will last so it difficult to give one blanket recommendation - best of luck and I hope everything works out. Here is a good article: www.bankrate.com/mortgages/buying-a-home-before-recession/
The Real Realtor - Shaheedah Hill Real Estate Hi Shaheeda! I really love your videos.
1. We locked in on the 16th at 3.5%.
2. I will talk to my agent today about it and explain in light of circumstances this is a riskier purchase than before and see if there is room in the price.
3. If I understand you correctly, then what you're saying is that if this home has particulars that we like, we should keep in mind the market will be limited even though prices will drop. Is that correct?
your channel rocks btw.
@@seidy19 Inventory is low in Georgia right now and with more people at home they are not listing as they normally would in a spring market, so check with you Realtor to see how inventory is in that area. Also, the National Association of Realtors have released some Covid-19 special stipulations that may protect you if you cannot close due to Covid-19 related events. Talk to your agent about that as well.
I have some cash my scores are exceptional I’ll be ready when another 2008 happens. The deficit is extremely high and the markets are not looking safe
I wish that was the case in Dallas. Went looking at new builds today and everything is literally sold out .
I work for Dollar General and my wife just started working at the VA Hospital in Atlanta. My questions are: What credit scores are are used to determine the interest rates? Since my scores are in the mid 500s, would it be best for me not to co-sign with her? Finally, is it best to work with a bank or realtor?
Thanks for watching, 1st point of clarification: Realtors or Real Estate Agents help buyers find houses, they do not do any financing. Banks/Credit Unions/Lenders provide and qualify you for financing. 2nd. Credit scores above 720 or so generally give you the best rates. It will be difficult for you to qualify with a 500 score. I hope this helps, subscribe and watch some of my other videos on the home buying process. Thank again for your comment!
debone 5000..lenders want BOTH in a marriage to sign for mortgage..its security for them
I want to become a first time home owner. Do you assist during the process? Like, being a counselor and walking me through the process with First Time Home Owner Programs?
Yes, you can schedule a consult using the link in description.
Do you have any recommended lenders?
What about buying a investment property to hold and rent? I’m a truck driver with my own business.
Right now prices are still high in my area and many investors are either selling or taking a wait and see approach. Get your financing approved and work with a Realtor in your area to see if there are any opportunities.
I'm looking into buying a home next year, so everything is new to me. You stated that people should be quoting with 3 different lenders. How do you do that? Can you get a home loan from a bank that you are not a member of?
If home values were to drop, how much could that be up too approximately?
The Federal Reserve’s decision to cut interest rates may indirectly push mortgage rates lower - but Americans aren’t likely to see 0% mortgages in the near future.
What are the best 1st time home buyers programs and if any can I apply for them now in LA county through this crisis
I have a video about the best down payment assistance in your state, the links for each state are in the description. You will want to reach out to them to see if they are still active in your area.
I'm in healthcare but even our hours have been cut. How does work out? I have consistent employment in a steady field but now less hours now due to the current situation.
Any tips regarding questions to ask an attorney as your'e searching around?
In Georgia we have to have a closing attorney facilitate closings but they work for the lender. I have a closing attorney video on my page, they main thing is the costs/fees typically since you are paying and you want someone familiar with your buying area and with experience.
@@ShaheedahHill Thank you!
Hi - is it 3-6 months of expenses or 3-6 months of income for savings?
I filed bankruptcy a year ago....how long should I wait to start the process of buying a house