93% of Americans REGRET Buying a HOME in 2023
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- čas přidán 10. 02. 2024
- It’s time to uncover the hidden pitfalls and unforeseen challenges that have left homeowners in regret across the nation. This is a wake up call for every prospective homeowner. Get ready to learn the critical insights so you can avoid making the same costly mistakes.
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I regret being a adult. This adulting mess is overrated. Whether you rent or buy, you are screwed! Good luck to us all!!! 😮😢
Well there’s no going back now! 🫣😂
😅😂
@@WendyPannellthat is so helpful
Well said don't matter if you rent or buy . You still have to pay something every month for the rest of your life . Rent , Mortgage, Property Taxes , Home Insurance , HOA , repairs and remodel .Lets add HVAC system it's a beast alone 😂
I use to tell my kids this. You are a kid shortly and an adult forever. Adulthood is not as exciting as you think.
I’m tired of greedy peeps.. this over priced housing needs to be investigated
Interesting thought! I’m not sure how that would work though I think we would all welcome a more affordable housing market!
That's funny. So should the government also investigate you if you get a raise that's more than you should have gotten at your job?
Don't even bother with South Florida, If you didn't buy 20 years ago, it's nang near impossible to stay below 25% of take home for housing. Association fees at $500, plus some want to keep 18 months in Escrow.😥
LOL the war on oil comes at a cost - the DEI movement comes at a cost - Bidenomics comes at a cost - bad timing comes at a cost - your vote comes with a cost. Save when times are good and buy what you can afford when times are bad while everyone is having a fire sale. Know history or suffer from ignorance.
-The End
Housing should be like food, water...as necessities for people. Now houses are luxury stuffs. What a joke!
My friends property taxes went up 50% this year! Oof.
Thank goodness she bought below her means and is just highly annoyed right now.
But to those who bought at or above their means are hurting.
Just keep in mind that as a new home owner , at least 300.00 a month needs to be put back for repairs, lawn maintenance, snkw maintenance, electirical and plumbing issues...etc.
It's so much more than renting, and people do not think about it.
You are your own landlord. Be prepared.
I hate hearing that about the property taxes and yet I know it happens all the time!
Yeah. So what. At least the ppl have. Choice. Rents ends up so high your argument is invalid
So don't buy a home and be homeless is your solution?
I doubt that's what that person means. Its more financially aventageous to buy a home that's below your means. It allows for greater flexibility when something causes your costs to go up, like a spike in county taxes. New home owners who are putting down less than 10% have to deal with MIP and the amount of that depends on the home's cost. It goes away after paying off 24% of the original loan. So buying a home over 300k is kinda pointless. But, buy what you want. There are alot of things that take the homes current or projected cost into consideration. Taxes being one of them. If your county assessment for your home is higher than the previous year then your taxes will be higher. So let's say your home was assessed at 400k last year and the tax rate was $2/$100 of assessed value. That means your taxes were $8k. Now this year your property is assessed at $500k but the tax rate went down to 1.75/100. That means your taxes for the current year is $8750. Up $750 from last year. So if your assessment for the current year exceeds 17.5% of the previous year's assessment your taxes will go up. It doesn't even matter if the tax rate goes down.
300 dollars a month for maintenance seems steep if your home is and you keep in good shape.
I certainly don't pay that much. I know we're talking averages here but still.
I am in contract on a home in the DFW metro. Bought below my means and even did a 20 year mortage since I got such a good price on the house. Went way below what I was pre approved for. I looked at a few new builds just didnt seem worth it. All the ones I saw in my price range were either on the outskirts of DFW when I needed to be closer to the airport or not in great neighborhoods. And IMO houses put up last few years my sense they arent as well made as houses even 20 years ago.
I’ve noticed a lot of people switching over to preowned lately for the sake of the commute!
I'm glad you avoided the new builds. I hear they are plagued with mold issues due to being insulated with thin cardboard.
The builders of the 1920s would be so ashamed of today's builders.
Fort Worth or Dallas?
I am also in the DFW area. Anytime someone heard me saying I don't want a new build they try their best to convince me otherwise. Nope, give landlocked established mature area with a great school district. Thanks
Property tax is just so wrong though, we never truly own our damn land. I can understand if it's a property that is being used as a business but for anyone living in it esp retirees just seems so wrong. We're being taxed to death.
There’s a lot of truth to that!
Stop going to grocery stores. Don’t turn on any of your lights, heating, don’t even run any of your water out of your faucets. Start digging a hole and look for water. Learn how to make candles and light flames without the use of a lighter or anything you can buy at a store. That’s what you’re asking for when you’re asking for a world without taxes.
@@MistahFennothing you mentioned has anything to do with property taxes. People are already paying interest that could buy another house. You're being taxed for EVERYTHING housing shouldn't be one of them. Especially after you pay the loans off. We know it's possible because they give exemptions.
@@bunchielove6893 if you critically thought for just 10 seconds you’ll realize it has everything to do with everything I mentioned. I don’t have the time right now or desire to explain it to you.
Property tax is funding for the Indians
You are a very honest person, we appreciate your videos.
Thank you!
I don't think I've ever seen anyone talking about new builders, taxes and the buyer dynamics. Subscribed
That’s awesome to hear! Welcome to the channel!
Saw this in the GFR; builders encouraged customers to add all the amenities to the house; buyer moves in to receive a property tax bill of 13K. Buyer puts house up for sale at UNDER value price; new buyers think they are getting a great deal, but the new buyer cannot keep the house unless the taxing authority agrees to a property tax cut (since the house sold for LESS than value) WORD OF CAUTION: IF BUILDING A NEW HOUSE, TAKE PLANS TO THE ASESSORS OFFICE AND ASK FOR AN ESTIMATED PROPERTY TAX! BUILDERS SHOULD BE REQUIRED TO DO THIS!
This is excellent advice. Thank you so much for sharing!
Change the title of the video nobody here in America cannot afford to buy a home you mean finance.This country isn’t about ownership that’s why anytime when it comes to big pitches such as land,house and car it always comes with interest and tied to credit so you will always be paying them you will never own anything in the United States 🇺🇸 everything in this county comes right along with a bill 💵.Thats not ownership.
OMG! Thank you for sharing this ....we are in the first step of our home build, our lot taxes are 4k but now we are worried of the increase once the home is build. Your comment is so valiable thank you very much
@@sophiavega1777 I'm so glad to hear it! The land + improvement taxes will almost certainly be more than 4k/year.
Caveat Emptor.....the builder doesn't care.
I knew this moment was coming as I watched people purchase homes and cars at the top of the market.
The thought that comes to mind is it’s more about people purchasing homes and cars when it’s not a great fit for a budget. That can happen whether the market is up or down.
@@WendyPannell You are absolutely right. I'm very grateful my parents taught me to live beneath my means at an early age. Keep up your great content 👏🏾
A very honest video.
This happened to me. Thank you for the direct and clear message.
Thank you! Direct and clear are what you’ll find around here!
Have a real estate attorney look ALL the paperwork before signing anything. Have that same real estate attorney go with you to the closing to look over ALL the paperwork again before signing ANYTHING!!!!
That’s great advice!
Except that attorney's cost money. And they are not cheap.
SO CORRECT evaluation at 9:00min ! The selling agent's job is to sell the property; THEY DO NOT NECEASSAIRLY PROVIDE YOU WITH EMPATHETIC ADVICE REGARDING YOUR FINANCIAL/LIFE SITUATION! Found this the hard way after dealing with a scoundrel realtor who advised us to sell family property at an estate sale. YOU make the decision, and you have to live with the long-term consequences, not the selling agent!
There is so much truth here! Great advice!
Yup, zero ethics in the industry. They claim oversight, but it’s an absolute joke
I fired a title company two weeks before closing because they were trying to incorrectly account for property taxes on our new build and I caught it. Builder went belligerent towards us but you can close with whomever you want. I chose a better title company that dealt with our type of new construction before and now we are safe. Yes our taxes are increasing just like everyone else but it won’t change drastically since we already knew to account for the improvement ahead of time.
That’s interesting because the title company generally orders the tax certificate so the amount isn’t so much in their hands. The lender sets up the escrow account and I’ve definitely seen them get it wrong!
If you go with sellers lender they won’t have your best interest in mind
Almost makes me want to buy a used house versus a new home
well like she said have them include the total real estate value ( vacant and house built) negotiate with them when market is tight they will do and go extra mile to sell their inventory many times include all the upgrades which doesnt cost them much as labor is same so negotiate higher a good real estate agent and dont go over what you can afford comfortably
Both have pros and cons for sure!
Yes! So many good points here!
Lol a used house... That just sounds funny
A used house, or formerly occupied house, has its share of problems too, it’s not all smooth sailing.
A lot depends on the age and condition of the house and how well or how poorly the former occupants took care of it. The electrical wiring and plumbing could be outdated or in need of repair, the roof could have leaks, the windows might need new screens, or you can have termites, or pest infestation from the former owners.
However, the bonuses with a used house, is that you most likely have landscaping in, saving you the cost of putting shrubs, bushes, trees, sprinklers, fencing, planters and walkways. Also, a used house usually has window blinds and major appliances included in the price, which can save you money.
Stop being a desperate buyer today and let housing prices come down, in my area they have been coming down, if you see them coming down let them continue, for as they continue to fall and as you save more money it becomes more affordable, don't pull the trigger until you are ready for a 30 year mortgage commitment. A house may be an asset, but the mortgage is a liability that has you obligated to pay it off, remember that before buying a house.
Sound advice! Thank you so much for sharing!
BRAVO, ENCORE, ENCORE! 👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻
Excellent information! Thank you for sharing your expertise with property taxes.
Anytime! I’m glad it was helpful!
Thank you for your transparent information. I have heard everything you warned about from realtors and lenders.
I’m so sorry you’ve had that experience!
Interesting, thank you for sharing.
Glad to do it! I hope it was helpful!
Thank you Wendy.
Anytime! I hope it was helpful!
So true ❤. Our builder gave out a ton of incentives to get people in homes they really couldn’t afford. They helped with closing and even prepaid the first 12 months of homeowners insurance to make the mortgage appear smaller. I thank God we had good friends who taught us how to put money in escrow to cover what our true tax bill would be. Our mortgage went up by $1,100 a month which covers our tax bill and the homeowners insurance that wasn’t included in our original payments. If you live in Texas, your mortgage is going to skyrocket on a new build, because the taxes are billed in the rear.
I hate hearing this and yet I know it is completely true. 😞
Great, informative video. Thank you.
You’re welcome! I hope it was helpful!
When you budget you should also have a housing budget. That number goes up everything else suffers. Renting ensures that on a yearly basis.
There’s a lot of truth to that!
I really enjoy your videos.
Thank you so much! That’s such a great thing to hear!
I don’t feel bad for people who bite off more than they can chew. As adults, We all understand what we can and can’t afford. The problem is people let their emotions blind their judgement, then cry after the sugar high wears off.
I do. It’s hectic and confusing and if you don’t have the professionals guiding you it’s easy to miss things. We were burned with our first two homes. We were young and tried our best but had lousy absentee Realtors. There was no internet. We got a faxed copy of foundation problems that was blurry and had ink lines across it.
Gosh I feel really old all of a sudden. 👀😂
What sucks is it’s not much to bite off now. I looked at my parents house on Zillow today. Bought for 69k in 1985. Zestimate is currently hovering around 400k. Life is unaffordable
Yes buyer's remorse can be a brutal life-lesson!
Young naive buyers are easily manipulated, the point of this video is they were not made aware of all the added expenses including the property tax
This is how I feel about my wife!
That’s not very nice!
Yeah and don’t get divorced. lol.
Not your wife 😂😂😂
Just put her on the market. 😂
That is funny 😆 😂
Rent. Contract with a fixed price..love it.
True, unless it’s month to month.
Great Content
Thanks!
we bought way below our means we bought a ranch walk out basement in june it’s only 2300 square feet and easy to maintain . i been updating things to my likings but we bought the home below what the house sold next door for 45,000 less . our house never went on the market .
Sounds like you got a great deal!
Thankyou, I hope you're doing well.
You’re welcome, and yes I sure am! ☺️
Oh!, good, from northwest CONNECTICUT, nice talking with ya, good night.
In AZ as a lender we have to go off of the estimated value so it calculates the escrow at above the future property taxes sometimes by 20% and that is the number we qualify a client at not the unimproved land tax amount. The builders finance companies are the issue on how they work with the builder to quality clients.
That's how it should be! I don't understand why it's not being done that way here in Dallas.
This was a very good video
Thanks so much! I hope it was helpful!
We told the couple buying our home it was too large for them (4,000 sq. ft.). They had to have a status home. Their income was less than half of ours and the HOA fees and property taxes shot up. I expect to see our old house up for sale real soon.
That’s sad to hear 🙁
Why does a government tax a house that has not been sold? The owner of the house is still living in the home and it’s not sold for cash, so why tax money that is not physically available?
I think this is an excellent question. You’re not being taxed on income nor on something you’ve purchased. You literally are being taxed based on the value of something if you had sold it and yet you haven’t sold it.
It’s called property tax at the state level. Another revenue stream for states. Property tax for homes fund schools. This is why wealthy neighborhoods have more money and better school districts than poor neighborhoods with cheaper housing. Car property tax funds the Department of Motor Vehicles typically.
This makes me understand why homessness is such a problem
@@onebridge7231great point. It’s also is suppose to fund police departments, parks and roads.
Back in the day if you didn’t pay your taxes the fire department wouldn’t put a fire out that was burning your house.
Paying realtors are even more of a rip off
I review numerous new home construction contract and most I see have disclosures about tax changes subsequent to completion of the properties. In some jurisdictions, taxes are paid in arrears which means you pay at the end of the tax period. Also assessments are frequently only done once per year which yes means that there will be a substantial change. Special assessments can add significantly to tax burden but these are frequently assessed to the lot and are present during the vacant lot stage. Would be naive to assume that taxes after completion would not be significantly higher that when assessment only includes vacant site value.
Lots of good info there! Thanks for sharing!
When we got outbid repeadly in 2020, we decided to wait. We just started looking around the past month and we were surprised at the price of the homes increased by 100K. Every house we looked at is overpriced plus the high interest rate and not much inventory around. We now stopped looking for a home.
When/if you do decide to re-enter the market fall and winter are the best times. We’ve been able to negotiate outstanding deals this year, especially in November through now. It’s not going to get you down to 2020 prices but it will definitely get you a deep discount. Our biggest successes this year were getting 105k off a property in Southlake and 75k off one in McKinney.
@@WendyPannell Thank you.. will do!!
Great advice, I m in similar situation missed big opportunities in 2020….. I m holding my search now… be back in Fall/winter
Me too (NJ)
I've only bought and sold 8 properties in my life. But word of advice, take you time read every agreement more than once.
If you have questions, buy a couple hours of a realtor attorney.
Last adventure, I purchased land and developed it myself.
That is the correct way to go.
Excellent advice! Thank you so much for sharing!
I’m pumped to be in the 7%, with my 5 purchases
I’m not a believer in the inherent pressure that comes with “marry the house, date the rate” but at the same time, high interest rates are more restrictive on prices which is a good thing.
🤑great video
Thanks!
It's true...yup...places the single buyers in a pinch...the property taxes are grossly underestimated
Yes! And wrong on so many levels!
800 increase a month is what my friend is looking at due to new taxes. Ouch! He went with new construction’s home buyer that didn’t educate them properly.
The sad thing is this happens all the time 🙁
Home owner for 17 years. I'm renting now and you can say all you want about equity built up when you own. Do the math, include taxes,hoa,interest etc etc. it's a scam.
Paying for a home 2.5 half times over thirty years is bullshit.
Boom and bust cycles are a real thing. Right now, we're starting a bust phase. Hopefully, it's not like 2008.
I was around in 2008 and it was wild. I saw brick 3-2-2’s selling in the 30k range. It seems surreal looking back on it! The cads certainly didn’t like tax protest season, that’s for sure. What do you see as triggers for a current bust?
Watching most of your posts, very informative. I live in Dallas, I want you help me buy a house. I paused my search now, planning to buy in Nov,Dec..
Thanks! November and December are when seasonality is at its best for buyers. It’s a great time!
The takeaway sale. 😂. Learned that in sales class.
Not sure what you mean by takeaway sale - do tell! 😊
The loan officers are not looking out for their clients! They should at minimum be required to share this caveat in the settlement statement. Thanks for sharing!
I agree!
I bought my 4th property in put 25% down for a 600k property. The area where i live in asheville is booming and i purchase 8 acres with a 2200 sq.ft home. I plan to build 4 to 6 houses. If your smart with your money you’ll multiply it.
This is such a healthy perspective! It's all about buying under the right set of circumstances with the right amount of research and the right support staff. Possibly the most important element is to think clearly and never be pressured!
I feel this applies to people purchasing new construction, right? As you mentioned, the taxes first shown to the buyer are solely on the land but once the bank?city? revisit the taxes they now consider the land + improvement and lead into a significant increase.
For me I bought a house built in 2016 (zip code 75233) on May 2023 and my payment went up about $200 for the escrow which surely both the insurance and property taxes went up.
I would say this happens to around 90% of new construction buyers, it’s really bad there. With preowned there will usually be an adjustment and many times it’s inconvenient but not as painful as it is with new construction. If you buy a preowned home from sellers who have the over-65 exemption, though, then it can be really bad.
I'm in contract on a house now. It was built in the 90s and the estimates for the escrow towards property tax have been all over the place. I was anticipating around $500 a month. The first estimate I saw was close to $600 and the one I saw today with my rate being locked in is around $270. How accurate were your estimates for escrow to the actual reality?
@@WendyPannell Thank you so much for sharing your knowledge and experience!! I really appreciate it!!!
@@mrt094The $270 is not going to be accurate unless it is a very low-priced home
I Rent..and i am doing great!!!😅😂😊😅
The key is keeping within your budget and it sounds like you’re doing that!
Renter over here! Best decision ever!
No house insurance, no house taxes, No House Repairs.! Just call my landlord to fix.
@@suziealexander9800 There is a lot of truth to that!
Can't wait to become a renter again..will not buy again. Biggest scam going
You are telling the truth
Thanks!
I bought my home in Dallas, Texas, it was 119k brand new in South Dallas, my mortgage is 870 with tax and insurance, no HOA. It was a small home builder.....my taxes now is 2500 per year along with 920 for home insurance, it was 504 for the first year for how home insurance......my property tax for the first years was 170 a year, so basically, I was not paying anything, the home builder bought a tax foreclosed lot, this was in 2018, in South Dallas back then, people could have bought a vacant lot for 3k, now they selling for 50k to 100k......
So no regrets at all......it a 3 beds , 2 bath house, it does not have a garage......but i am saving tons of money.....
That’s awesome to hear!
We are programmed to follow the follower. We don't think for ourselves. We usually react out of fear and look down on those who don't. Why else would you walk around in a pandemic trying to buy a house.
Interesting insight! Thanks for sharing!
My property tax in Poland is about 100$ per year for a 100m2 house with 200m2 garden.
Wow, that is crazy!
Don’t go looking until you know what you qualify for and what you are willing to pay.
Agreed! Excellent advice!
In the states that I lived in you don't pay taxes backwards but forwards. So you pay your 2024 taxes in January of 2024 and not November of 2024. So the developer would pay the taxes in January of 2024 on undeveloped land. And then you would pay back the developer the difference. Then in January of 2025 you would pay your 2025 taxes on the improved land.
No way! That would make such a difference for so many new homeowners.
Rule of thumb: Whatever amount bank qualifies a buyer, it means it’s the MAXIMUM buyer can afford & not a penny more. Too many 1st time buyers get in over their heads bc they buy a home for the (maximum) their bank qualified them and get in financial trouble if prop taxes go up and/or they overspend on new furniture & add-ons soon as they move in, incurring more debt. So whatever a lender qualifies a buyer, buyer should look to spend much less on a home purchase.
Excellent insight!
Yep you right they try to put that sale cach on us you need to be in the list our homes are selling fast but next week 10 homes are coming out we will email you as soon we get the go ahead to realiese those homes you must act fast I said to my sale this fox is gone so fast took my puff tail and run so fast and they did send the email never responded but they call and said you got the home really I never responded to your email lol😅 you are the best qualified we found another home how much are going to pay I said less then your we will you 25,000 off and more extras we went for a older home we love it they are predators they don't care but I really look for quality contruccion there homes was lacking that and I didn't have to wait 30 days I was in my home instead of 6 months buyer's be wear
Sounds like you found a great deal on preowned. I love hearing that!
??? I've been a lender for many years and worked for several firms. Exactly who is qualifying borrowers with the land assessed value (w/o improvements) for tax escrow payments?? That's NOT standard underwriting guidelines.
Wow, that is really sobering to hear because it is happening a lot. More often than not from what I can tell. I’d be very interested in exploring more about the underwriting guidelines that say this should not happen because it IS happening.
What you’re saying brings up an even more forboding topic. If what they are doing violates standard underwriting guidelines then we have concerns on the secondary market as well. We want to believe the secondary market would never buy loans that don’t adhere to standard underwriting guidelines. That double level of exposure is concerning. I definitely would like more information on underwriting standards for this.
Where you getting your info or polls? Inflation has devalued the dollar 💵. 2023 was the BEST time to buy. I know tons of people bought and now pay less in mortgage than they'd pay for rent with the rental increase. That's the whole payment ; mortgage. , insurance , property tax. Remember , you pay mortgage part of your payment is going towards your principle. Your paying towards your equity.
Here’s the source document:
listwithclever.com/research/homebuyer-report-2023/
What survey? I’m not seeing a link if you added it I am sorry. Great info!
The survey is in this article: listwithclever.com/research/homebuyer-report-2023/
thank you!@@WendyPannell
Anytime! I looked at your comment for a while before answering because I thought you were talking about a land survey. I was like I don't remember talking about a land survey in this video... 😂@@MelissaColoradoHomes
@@WendyPannell and I was not very clear because in my mind you knew what I meant 😂😂
I was put a large down on my home, and in a biding war era. Now I’m not sure if it is a good moment to sell or not.
As we move from winter into spring and summer it becomes a better time to sell. You’ll want to verify your buying power to see if a move makes sense with the higher rates.
If you feel a realtor/seller is being wrong, they can be reported to your local realtors association; these entities have an ethics committee to handle complaints; event has to be reported within 180 days of occurence. You can also report abberant behavior to your State Attorney General Office of Consumer affairs; believe me, a phone call from the AG Consumer Affairs office investigating a complaint will rattle any realtor!
Very true and excellent advice!
People need to know they do not have to be bullied into buying/selling; we need to report scoundrels so the realtors will be afraid to engage in these tactics
@@rayzimmerman2242 Amen to that! A Realtor should represent the buyer’s best interests, not their own.
I was rushed. Pressured. But only by my situation. But do I regret buying my home in 2023? Absolutely not.
Being pressured is no fun but I’m so glad it turned out great for you!
This issue is the tip of the iceberg. This isn't rocket science, demand goes up with no borders and when divorce multiplies the number of dwellings necessary. Also, 7% interest rates probably doesn't help. I hope all these buyers were named Karen.
Interesting insight! I hadn’t thought about the role divorce would play. Thanks for sharing!
This olso happens before the 2008 market crash 😢 is sad, but this will happen to most people in the coming months or years 😢
What do you think the trigger will be?
Are HOA prices going up in home subdivisions?
It differs by the neighborhood so it’s hard to say!
Buy within your budget and avoid HOAs by not buying new or other title encumbered homes where you have to pay fees and obey extra regulations and dont waste money paying rent making your landlord rich.
All very good advice. Thank you so much for sharing!
The advantage of being a 100% disabled veteran. Never having to pay property tax!
Yes! I love this for disabled vets. No property taxes at all!!
Banks approve you for X $$$$ using automated underwriting. These numbers end up being far too high. Debt to income rations at 40% are to high. Please please please find a lender who offers manual underwriting.
Keep your payments low at less than 25% of your budget.
Stop eating out
Stop buying coffee
Stop using credit cards
Stop buying new cars
Buying a home is expensive. Murphy’s law when you move in ‘something will break’
Use a budget! Use a budget! Use a budget!
If you can save $$ every month do not buy a house!
Insurance and taxes increase every year. Animals have emergencies and vets are expensive!
Be smart hire an experienced agent who will educate you and look out for your best interest and not theirs. If you are feeling pressure from an agent is not good. Dump a hire pressure agent
This is excellent advice! Thanks for sharing!
Great info, no music 💓
Long musical intros are such a waste of time!
As a first time buyer I will take a current older home owner to give me advice.
That’s a great idea!
You would be rich if you can afford $15,000 in property taxes
It definitely takes a bite out of the wallet. That’s for sure!
Isn’t it possible to get an estimate of the taxes due on “improved” property? How can anyone buy a house without knowing what the taxes will be? Maybe this is unique to Texas. I certainly hope so.
Absolutely! You go to the county tax estimator and enter your purchase price along with the city, school district and so on.
Yes or just go to the online tax records, it’s public info and see what the neighboring properties are assessed at and then look up the tax rate
If you listen to Social Media, Third World Silly Con Valley visaholders from India, and sketchy online types for real estate advice instead of doing your own research, naturally, you’ll lost money and end up with a crap home your unhappy with.😄
Doing your own research is definitely key to finding a home!
As they should. overpaid and forgot they have to heat, cool, landscape, maintain, repairs, etc. all so they could be YOLO!!
It’s so important to factor all those things in before buying!
Is the same sentiment for people who purchase previously owned homes?
Not necessarily, towards the end of the video I discussed that a bit. Many buyers who had equity, giving them a stronger negotiating position, and experience, hopefully preventing them from being pressured - they felt better about their purchases.
Theyre going to regret it more by 2025
What do you see as the triggers?
@WendyPannell banks, national debt, actual value or lack thereof of dollar and commercial real estate. A pending 3rd war. Take your pick.
@@WendyPannelljob layoffs, property taxes and insurance, election, crime up 10,000,000 illegals, our country is broke and most debt held by China.
Imagine the ones trying to buy right now. When interest rates are higher then Last year.
I think they’ve come down a bit but it’s still not pretty!
They actually aren't. Just locked in for 5.75 percent.
5.75 is great! Congrats!
I’m still sitting on my 3% rate I got during Covid.
Whenever I see such videos I become more confident that living in a rented property is far more peace of mind.
I think a lot of people feel that way. The risks with high property taxes, expensive repairs and so on. I think the really important addition here is to be saving for your future. Have a solid investment strategy. Your house isn’t building that wealth for you so you want to be building it in an alternative way.
Yeah but then you deal with rent going up along with those property taxes. The landlord isn’t going to foot the bill for that tax increase. I thank god I bought my house during Covid at a 3% interest rate. If I were to buy the same house today my mortgage would be almost another 1k a month.
Escrow resembles the French word ''escroc'' which means ''swindler''... and now I wonder if its really just a coincidence!
Interesting! Escrow is technically your money being held by someone else. The someone else needs to not be a swindler for sure!
That’s why l bought my home in 2021
That was a tough time to get an offer accepted. Great job!
I was going to buy a home. They are way too expensive. So I got a condo instead and my mortgage is $500 a month.! I wish I would’ve got a home but I’m glad I got a condo.
how much are your condo fees which can go up unlike a mortgage on a house
@@royharper2003 that’s why it’s your job as the buyer to do your research. I purchased my place for 80 grand. My association fees were 190. They’ve gone up over the years. I paid 240 bucks now. But my mortgage is still around 500. I pay around 800 a little less per month. Everything is done and I don’t have to worry about it.
That’s great insight into the condo market!
Whenever you go to an open house and you see a buyer with an agent you know they're a newbie buyer. LoL😂
Ok I don’t get it. Why does that make them a newbie? 🤔
Take responsibility for your decisions !!
Agreed! Taking time with the details is so important so a buyer is informed and knowledgable.
GEEZ, I only paid 89,000. And my payment went up only 75.00 $ after about 5 years.
Nice!
Not only that, but my insurance agent said that my renewal would be about 15 percent higher due to building material costs. But later on when I got the papers, it went down by 4 dollars, I have no idea why, but I'm not complaining!
@@christophermacbeth4034 That's awesome news!
I bought a townhome in September of 2023 and I don't regret it...yet. 😂
That’s great to hear!
Townhouses are ... the worst... at least in my city. We are looking to buy and can only afford townhouses. Looking at some on the market, they haven't appreciated much even during the last 5 year boom. If we buy one we will be paying close to 20k a year more than someone renting the same townhouse. Not sure if it's worth it, noting that they are not likely to appreciate, most of those selling now paid 50 to 100k less than the asking price. Meaning they will most likely sell for about 50k what they paid 5 years ago and after agent fees and closing costs and some renovation [one had a new carpet], I don't think the seller will pocket much. Now since interest rates were low back then, they definitely got it better in terms of low mortgage or rent coveting all costs, but now it makes no sense... hence most are selling btw.😢
Most of these new property owners simply dont have the skill to maintain a home. Paying other people to maintain your home is very costly.
I remember maintaining the first house we ever owned and you’re right! Great point!
Houses are too expensive, but millions of fools keep taking loans to buy overpriced houses that they really cant afford. The result of those foolish actions is thst it keeps the housing market way overpriced and keeps the foolish ones who borrow to buy in a finacial bind that drains their life and resources.
Many of our buyers buy well under their means and it’s wonderful to see!
Are buyers not told of anticipated tax ? I’m confused. This sounds illegal
My experience has been that when I explain this to my buyers they’re shocked to hear it. 🙁They had no idea.
@@WendyPannellbuying a house is the same as buying a thoroughbred race horse or a vehicle new or used; all of these things cost money to keep up with; the thoroughbred race horse(s) will cost the owner(s) a trainer’s fees and the cost of horse feed; and new horse shoes and horse bedding and then there’s the veterinary care; that’s expensive then there’s an equine dentist and other miscellaneous expenses; and owning a vehicle new or used will cost money for gas and flat tires and other maintenance costs; the same thing with owning a yacht and a jet; or helicopter; these things need maintenance done to them and it’s the owners responsibility to keep making the payments!
@@moa3008 Excellent insight!
Is this scenario for new homes?
It was a study for any kind of home (preowned or new)
Perhaps all these people suffering from “buyer’s remorse” should consider a class action lawsuit…
Interesting feedback Kevin!
Is there a housing shortage and mortgage crisis in the Amish County or migrant problem?
Great question! Can you give me a little more information on where this is located?
I am happy I sold all my property in 2022.😊
Free agent! On the one hand no home maintenance to deal with, on the other hand you have to be diligent about building wealth in ways unrelated to real estate ownership.
Yeah, you pay more than 10% on just interest. They still have pay insurance and othere bill.
Very true!
I'm bypassing the real estate circus and getting a van. Car dealerships are desperate for sales now, so I should get a good deal.
Well there ya go! The only thing about not owning a home is to be intentional about building wealth in another way. A well-purchased home (carefully, prudently and so on) gradually increases your wealth by going up in value over time. Emphasis on purchasing wisely there, because a poorly purchased home can do just the opposite.
The old FOMO mindset will get you every time.
Very true!
🔥 🔥 🔥 THEY SHOULD OF BROUGHT LAND INSTEAD ‼️ ‼️ ‼️ BUY LAND BUY LAND BUY LAND
Interesting viewpoint! I did a video on land on this channel and there was limited interest in it. It’s nice to hear of your interest!
Also maybe people should do research on their own, before signing your life over just because your realtor is pressuring you. Problem is they trust people.
Research is key, I agree 💯!
Who can I check or tell me I am homeowner got pay extra?
Great question! If you’ve just purchased your home the fastest way is to look online at the county’s tax estimator. For example, if you’re in Collin County, google Collin County tax estimator. Fill in each of the fields based on your home’s location, how much you paid for the home, and your exemptions (such as homestead exemption). The estimator will tell you the amount of taxes you will owe for the year. Divide that by 12 and see if it lines up with what you are paying towards taxes monthly.
The reason I say to go by what you paid for the home is that is the most powerful disputing tool you have in the first year of purchasing your home. If the appraisal district tries to raise your home above that amount you protest it and show them what you paid for it. If they come in lower than your purchase price then you’re golden.
@@WendyPannelli forgot to tell you I bought in 2023 and in ARKANSAS,72762. Thank you .
Here's an idea... How about we ban property taxes, and change to allodial titles??
🥺 Here is a powerful quote from Wikipedia:
“In the United States, the land is subject to eminent domain by federal, state and local government, and subject to the imposition of taxes by state and/or local governments, and there is thus no true allodial land.”
Buyers remorse? What a surprise. Everyone jumping on the FOMO thinking they need to buy and that renting vs buying is apples to apples.
Very true!
Sounds like the problem are the taxes. Maybe if taxes weren’t so high people could afford their houses.
In the new construction realm property taxes are where the highest risk is and where buyers are being scammed the most. It’s really sad and very wrong.