Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone wants to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
The commute is key to me. Retired now, thankfully! A realtor once told us “don’t buy for your job. Buy for where you want to live”. So we actually bought where we could afford. The commute was a nightmare. I wouldn’t buy for a job I might lose, but if your employment is pretty secure, go close to work.
Appreciate your continued dedication to helping average folks try to build wealth and not get rekt in the process, I love your confidence so keep shrugging off the naysayers. Your experience is clear and I look forward to your pragmatic and bullish viewpoints in a world that’s increasingly easy to get caught up in the constant negativity and bearish sentiment.... Long & short-term trading is generally safer, allowing investors to weather market volatility. I have managed to grow a nest egg of around 100k to a decent 432k in the space of a few months... I'm especially grateful to Evelyn Infurna, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.
A recession as bad 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 advise but get buying, cash isn’t king at all in this time!
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Buying without actually visiting the construction site. Yes this has been done. SMH. I also drive by the house, at all times of the day, see what type of activity you get at night or are there really noisy neighbors.
The drive to your job advice is super spot on. When we were looking for a house, I would check the commute at the morning and evening rush hours to determine how long the drive was. Though this indicated a remarkable time difference (an additional 15 to 20 minutes), the drive there during rush hour made us decide against it.
Very good advice about proximity to job. In this area people often have to drive long distance for a dream job. Jobs can be scarce in certain professions. You go where you can support your family. Pay can be lower than other areas, this is South Florida.
Guy from Denmark, EU here. My daughter and son-in-law has moved to USA, and are looking for a house in the NY area, max 45 minutes by train from NY city. They have a budget around the 900.000$ mark. So old grand dad here, far away, is of course anxious about them getting cheated - or cheat themselves. Though my daughter is good at seeing through stuff, your channel is a great help. Thanks very much!
One of your best videos, well spent $$$ on who edits your videos, Over the past 10 years I have averaged 1.5% closing cost as buyer and 7% as seller includes all the hoa resale and demands fees.
There has never been a riskier/ horrible time to buy a house, just be patient guys, were 6months to a year out from 10-30% price decreases, it will be a slow bleed not overnight
Look at the property history of the home to also determine resale. Is there a pattern of the home sitting listed for months before selling? Does the history show that home goes under contract with a few days? 2 homeowners before buying my home, last sale went pending in 2 days...we went pending in 3 days when we bought.
as informative and educational as your videos are....your videos scare me into thinking I'll never find a good home lol. So many red flags and headaches to watch out for, so overwhelming.
We eliminated a home due to cost of getting to work / gas , wear in auto / . That gave us more real Cash for house cost for both of us working FT jobs in a better location .
I am about to close on my house! The first buyer realtor lie to me about the va appraisal to buy my house 20k less than my asking price, wanted to charge me more commission bc I didn't have seller agent, also she want to force me to make ridiculous repair report in the home inspection and said the VA loan required to do those repairs in order to give the loan. Lies!!!! I got new buyer with va loan. No repairs required by va loan and the appraisal came 20k higher than the other one buyer realtor stated. She never show me the appraisal and have very nasty attitude! I am glad I walk away even though she try to intimidated me and she said that I didn't know anything about sale house! Funny because this is my 3rd house selling without agent.
great videos.. one note to add on the commute.. do the commute test (back _and_ forth) at the time you'd be doing the commute... traffic patterns can really change depending on the time of day. :)
I used my bank for my last two mortgages...their rates were good and I got a huge reduction in closing costs ($1200 on the last one, other than titles fees, etc). Definitely check those closing fees.
doing the commute is a great idea - also try going over there on a saturday morning (to suss out the, ahem, "wood workers") then cruise by later at night and take a good look around. in my old neighborhood there was some guy who would be using super loud wood equipment with his garage open for hours and hours on the weekend. totally disruptive and there's nothing legal you can do about it. imagine buying a jumbo house and discover that awful nugget after the fact.
I am realtor in the DFW area. What I 've seen is within the past thee years new home purchased in the Sunnyvale TX area for a client of mine for 550K in 2021 the same floor plan was sold in 2022 and 2023 for 750 - 880 with a interest rate of 6 - 7.1% which was ridiculous. Interest rates assume to be dropping in September of this year. Buyers may focused on to the rated drop and refinance for a lower rate.
I still say if I am going to stay there for 15 years, it is still better for me to buy 100k less than 100k More and then have to wait for that 100k to come back up 5 or 10 years later. Also at 100k less I have a lower mortgage as well. So buying now and having a higher mortgage and not having to worry about losing 100k is kind of like a suckers deal I say wait it out. Let's not forget when your losing 100k you are also paying interest on that 100k, No Bueno Jackie. I had a friend of mine that had to wait 10 years. He paid 330k, then the crash came, he said banks were selling the exact same homes on his block for 100k. Also had another friend who bought a home for 270k His house also dropped to under 100k, He had his brother buy him a home under his brothers name down the block, same house with a pool and new windows and roof for 89k from the bank. He said it was worth letting his house foreclosed on and buying the 89k home under his brothers name. Love your videos, it's like watching big Sis give us some Advice🤗
Very true. Buy a decent house in a very good neighborhood. Then if you need to sell because your job moves, you will be able to easily sell and probably for a profit. Jackie is right: Location, location, location!
I wish I had found your content sooner! Me and my wife are in a frustrating situation. I purchased a 1.5 story house in 2023 for sticker price a year before we got married. It was built in 1902, so of course there have been a handful of costly repairs. The bathroom is on the main level separate from the bedrooms. Now we have a baby on the way and would really like to purchase a larger home. However we are stuck in this one because we don't have enough equity to cover closing costs AND have a downpayment for a different house. Luckily my income has more than doubled from when I purchased this home. My next home purchase will be a much more educated process thanks to your advice.
I hate that CZcams is set up in such a way that creators are forced to advertise their videos in such click bait ways to get views. I am a prospective home buyer who is in such a terror and panic over the process of finding a home and being able to afford it in the long run. Every time I see one of your videos posted I have such great anxiety about what is happening now. I have animals I have a small family and losing everything in this country and ending up in the street or beholden to greedy landlords is an existential threat that many live today. I don’t need to open my CZcams and see titles of doom and creators faces in shock and horror. Your information is valuable but I will most likely unsubscribe because of this.
You’re smart and I think you will find a way and yes, we are all tired of constant uncertainty and what’s happening to our country. We must remember that we ultimately, have the power, not the government .
One big regret I would add is home buyers who don't do enough research on the HOA of the community (where applicable). Corrupt HOAs can make the lives of the people in the community a living hell.
I currently rent an apt in hasbrouck Heights. I absolutely love this area. My mother lives in moonachie, and my job is only a 45-minute walk. I also have a part-time in mannhattan, so have the train in wood-ridge is a plus. I have been doing that walk for 3 yrs now. There is no overnight parking allowed in this area, but that's ok because I do not own a car at the moment. I am looking to bit my first home in the area.
@Elizabeth-yg2mg lol, I'm guessing we know each other, lol. I moved into the apt in 2021. At the time I was 234-lbs, I now weigh 209. That walking has really helped.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone wants to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.
The commute is key to me. Retired now, thankfully! A realtor once told us “don’t buy for your job. Buy for where you want to live”. So we actually bought where we could afford. The commute was a nightmare. I wouldn’t buy for a job I might lose, but if your employment is pretty secure, go close to work.
Appreciate your continued dedication to helping average folks try to build wealth and not get rekt in the process, I love your confidence so keep shrugging off the naysayers. Your experience is clear and I look forward to your pragmatic and bullish viewpoints in a world that’s increasingly easy to get caught up in the constant negativity and bearish sentiment.... Long & short-term trading is generally safer, allowing investors to weather market volatility. I have managed to grow a nest egg of around 100k to a decent 432k in the space of a few months... I'm especially grateful to Evelyn Infurna, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
Use her name to quickly conduct an internet search.
SHE’S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME.
@Infurnaevely1
The market has gone berserk! whether you're a newbie or a veteran trader, everyone needs a sort of coach at some point to thrive forward.
I appreciate the professionalism and dedication of the team behind Francine's trade signal service.
Terrible to live with regrets. Thank you for helping us avoid that negative emotion.
I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.
A recession as bad 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 advise but get buying, cash isn’t king at all in this time!
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Buying without actually visiting the construction site. Yes this has been done. SMH. I also drive by the house, at all times of the day, see what type of activity you get at night or are there really noisy neighbors.
The drive to your job advice is super spot on.
When we were looking for a house, I would check the commute at the morning and evening rush hours to determine how long the drive was. Though this indicated a remarkable time difference (an additional 15 to 20 minutes), the drive there during rush hour made us decide against it.
Very good advice about proximity to job. In this area people often have to drive long distance for a dream job. Jobs can be scarce in certain professions. You go where you can support your family. Pay can be lower than other areas, this is South Florida.
Guy from Denmark, EU here. My daughter and son-in-law has moved to USA, and are looking for a house in the NY area, max 45 minutes by train from NY city. They have a budget around the 900.000$ mark. So old grand dad here, far away, is of course anxious about them getting cheated - or cheat themselves. Though my daughter is good at seeing through stuff, your channel is a great help. Thanks very much!
Zillow estimates are way better than some of the agents’ estimate lol
I’m paying off my land first then I’ll be saving up for a down payment for the next 2 years so hopefully the market corrects itself during this period
I’ve learned so much from your channel and really appreciate your generous sharing of the knowledge.
Love your channel shopping around your market and this is info is really helpful
One of your best videos, well spent $$$ on who edits your videos, Over the past 10 years I have averaged 1.5% closing cost as buyer and 7% as seller includes all the hoa resale and demands fees.
Here ( Denver), jobs have changed locations a lot, lots of layoffs, so commutes change.
Pretty solid advice
There has never been a riskier/ horrible time to buy a house, just be patient guys, were 6months to a year out from 10-30% price decreases, it will be a slow bleed not overnight
Thank you for Montgomery, Al ❤
Look at the property history of the home to also determine resale. Is there a pattern of the home sitting listed for months before selling? Does the history show that home goes under contract with a few days? 2 homeowners before buying my home, last sale went pending in 2 days...we went pending in 3 days when we bought.
as informative and educational as your videos are....your videos scare me into thinking I'll never find a good home lol. So many red flags and headaches to watch out for, so overwhelming.
A Zillow ad popped up as you were talking about them! 😂👂
😂
We eliminated a home due to cost of getting to work / gas , wear in auto / . That gave us more real
Cash for house cost for both of us working FT jobs in a better location .
I am about to close on my house! The first buyer realtor lie to me about the va appraisal to buy my house 20k less than my asking price, wanted to charge me more commission bc I didn't have seller agent, also she want to force me to make ridiculous repair report in the home inspection and said the VA loan required to do those repairs in order to give the loan. Lies!!!! I got new buyer with va loan. No repairs required by va loan and the appraisal came 20k higher than the other one buyer realtor stated. She never show me the appraisal and have very nasty attitude! I am glad I walk away even though she try to intimidated me and she said that I didn't know anything about sale house! Funny because this is my 3rd house selling without agent.
great videos.. one note to add on the commute.. do the commute test (back _and_ forth) at the time you'd be doing the commute... traffic patterns can really change depending on the time of day. :)
I used my bank for my last two mortgages...their rates were good and I got a huge reduction in closing costs ($1200 on the last one, other than titles fees, etc). Definitely check those closing fees.
Great intro!😂
doing the commute is a great idea - also try going over there on a saturday morning (to suss out the, ahem, "wood workers") then cruise by later at night and take a good look around. in my old neighborhood there was some guy who would be using super loud wood equipment with his garage open for hours and hours on the weekend. totally disruptive and there's nothing legal you can do about it. imagine buying a jumbo house and discover that awful nugget after the fact.
I am realtor in the DFW area. What I 've seen is within the past thee years new home purchased in the Sunnyvale TX area for a client of mine for 550K in 2021 the same floor plan was sold in 2022 and 2023 for 750 - 880 with a interest rate of 6 - 7.1% which was ridiculous. Interest rates assume to be dropping in September of this year. Buyers may focused on to the rated drop and refinance for a lower rate.
I had to buy what I could afford
When prices come down 50%--you'll know the bubble has burst.
I don't think prices will come down 50 %--unless there's a depression!
Wait 10k for a 500k house!? I needed 36k for a 200k house!?
I still say if I am going to stay there for 15 years, it is still better for me to buy 100k less than 100k More and then have to wait for that 100k to come back up 5 or 10 years later. Also at 100k less I have a lower mortgage as well. So buying now and having a higher mortgage and not having to worry about losing 100k is kind of like a suckers deal I say wait it out. Let's not forget when your losing 100k you are also paying interest on that 100k, No Bueno Jackie. I had a friend of mine that had to wait 10 years. He paid 330k, then the crash came, he said banks were selling the exact same homes on his block for 100k. Also had another friend who bought a home for 270k His house also dropped to under 100k, He had his brother buy him a home under his brothers name down the block, same house with a pool and new windows and roof for 89k from the bank. He said it was worth letting his house foreclosed on and buying the 89k home under his brothers name.
Love your videos, it's like watching big Sis give us some Advice🤗
Jobs can move to a different location so I wouldn’t base the biggest debt in life on how close my home is to a job💯
Very true. Buy a decent house in a very good neighborhood. Then if you need to sell because your job moves, you will be able to easily sell and probably for a profit.
Jackie is right: Location, location, location!
@@CMBBmc-jd6ur the job market is not stable enough to base where I purchase a home at all
Redfin gives best home estimates
Keep up the great work, Jackie!
Thank you!
I love your videos.
Thank you so much!!!
How do you feel about the rent to own programs?
I wish I had found your content sooner! Me and my wife are in a frustrating situation. I purchased a 1.5 story house in 2023 for sticker price a year before we got married. It was built in 1902, so of course there have been a handful of costly repairs. The bathroom is on the main level separate from the bedrooms. Now we have a baby on the way and would really like to purchase a larger home. However we are stuck in this one because we don't have enough equity to cover closing costs AND have a downpayment for a different house. Luckily my income has more than doubled from when I purchased this home. My next home purchase will be a much more educated process thanks to your advice.
Why not put a bathroom upstairs.
@@Elizabeth-yg2mg It’s just a small landing at the top of the stairs with 2 small bedrooms. No way to add a bathroom
I hate that CZcams is set up in such a way that creators are forced to advertise their videos in such click bait ways to get views. I am a prospective home buyer who is in such a terror and panic over the process of finding a home and being able to afford it in the long run. Every time I see one of your videos posted I have such great anxiety about what is happening now. I have animals I have a small family and losing everything in this country and ending up in the street or beholden to greedy landlords is an existential threat that many live today. I don’t need to open my CZcams and see titles of doom and creators faces in shock and horror. Your information is valuable but I will most likely unsubscribe because of this.
It's a free country you can unsubscribe. Sorry you feel that way. My intention is not to cause more stress.
You're not wrong. They take the same approach as newscasters if it bleeds it leads. Exactly why I don't watch the news ever.
I just unsubbed too. Snarky-ish response to you. I agree with you in your thinking.🙏🏻
I’m subscribing then just to even it out
You’re smart and I think you will find a way and yes, we are all tired of constant uncertainty and what’s happening to our country. We must remember that we ultimately, have the power, not the government .
Those are some great tips on avoiding a very large mistake in life.
Glad you think so!
Beware of any clickbait youtubers.
Thanks for the advice 😂
'The Money Pit' is a movie classic.
My favorite!
@@JackieBaker My favorite part of the movie is when the bathtub falls through the upper floor and shatters below, as Tom laughs uncontrollably.
Doubling your monthly for the myth of the American dream from renting, is it disaster for most?. Mortgaging the house you and is a lousy investment
Thanks
Thank you for your positive energy
You are so welcome. Gotta stay positive in this crazy market!
One big regret I would add is home buyers who don't do enough research on the HOA of the community (where applicable). Corrupt HOAs can make the lives of the people in the community a living hell.
It’s like a job.
So why are you leaving the neighborhood 🤷🏻♂️
Nobody asks that. 😅
Don't buy in an HOA at all
What if the location is insanely good for the price and commute, but the house is the smallest, oldest, and cheapest in the neighborhood?
Smallest cheapest is best. You don't want to be most expensive.
Excellent video 👍
Thank you very much!
Thanks!
No problem!
2:13 "real estate always rebounds"
>population is collapsing.
Choose one.
I currently rent an apt in hasbrouck Heights. I absolutely love this area. My mother lives in moonachie, and my job is only a 45-minute walk. I also have a part-time in mannhattan, so have the train in wood-ridge is a plus. I have been doing that walk for 3 yrs now. There is no overnight parking allowed in this area, but that's ok because I do not own a car at the moment. I am looking to bit my first home in the area.
And you're not fat!
@Elizabeth-yg2mg lol, I'm guessing we know each other, lol. I moved into the apt in 2021. At the time I was 234-lbs, I now weigh 209. That walking has really helped.
I think that last regret mentioned about the commute was a filler to complete the video lol
No really it's a regret. I've had this happen quite a bit with clients. Thanks ofr watching!
That’s a huge factor…… how could it not be….. strange take there Jack
Kevin Spacey not leaving his Baltimore mansion , Location , location lol
😂
Homeowners, enjoy your OVERPRICED Home
Yes😅😊😂😢
🥰🥰🥰🥰🥰
Don’t feel bad for people making dumb decisions, I don’t feel bad for meth addicts doing meth
No one have any REGRETS! Stop scaring people about buying and continue renting from YOU!!!!
Oh for the love of God.🙄. Just trying to educate people and what NOT to do when buying a house. Have the day you deserve.