Should You Buy a House in 2024? Tips to Navigate this Housing Market
ฝัง
- เผยแพร่เมื่อ 25 ก.พ. 2024
- Buying a home these days is no easy task. This weeks livestream I want to get real with you and share with you some tips on how to navigate this crazy housing market we're in. I'm going to discuss tips on interviewing realtors, lenders, lawyers. How to start your home search. Red flags to look for in a home, etc.
I hope you enjoy this and learn something from it!
Thanks for being here to get your dose of real estate reality! 🏡
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This is incredible information! I am very glad that I found your channel! Thank you for what you do.
I’m so glad! Thank you for watching!
Don't forget that the VA has a Funding Fee that, much like the FHA "PMI", is financed in with the loan. Even if refinanced (with another VA loan) the Funding Fee always applies.
Thanks for sharing that!
We’ve got historical data on what happens to interest rates after a bout of inflation. Rates drop, inflation immediately soars again, and the Fed is forced to hike rates again even higher. That’s how we got 20% in the early 80’s.
I remember those years. We rented for 8 years when we could have bought a house if rates had been lower. I remember when they fell to 10.5%~felt like a miracle!
Very helpful. We’re First time homebuyers. Saved up 20% for a home. And now we have to keep scaling and up our budget because prices have almost doubled in town. We’d have to commute if we look out of our town 😢
Glad to have stumbled on your channel. Learning a lot from you. Thank you for creating and sharing. God bless!
I have a question: What are your thoughts on DSCR loans to purchase investment properties?
I got info that building a is super expensive right now actually. I contacted one builder and it was a psycho price.
Clearly you aren’t in touch with how much building materials have exploded in price and how in demand skilled trade labor is. I work in construction management for a large union contractor in Boston. Plumbers, electricians, pipe fitters, masons , carpenters are all making between 130k-170k a year. Millennials and Gen z soft af men all wanted to go to college and work in an AC office with some over saturated field that doesn’t pay much so older millennials and gen x guys are cleaning up in the trades. Sorry many degrees are pretty much useless today and tradesman are in very high demand. I’m grateful. As trades people make more I make more as a jobsite super.
Thank you sharing that information to make the offer more attractive. Been eyeing houses in Montclair, NJ for a while now. It seems like regardless of interest rates, Montclair is in its own little bubble with insane bidding wars, and could get worse when rates drop Thoughs on how to navigate that town? Seems like the general appreciation on properties there is 8-10% yoy and there is lack of inventory, but is a good town to buy into.
Montclair has been that bubble since 2020. It’s one of the most competitive markets in NJ. Very challenging to get a home there. I would look at surrounding towns that are less competitive if you want to own a house in that area. Thanks for watching!
How can you negotiate the sell price if I have a cash offer?
How do we know if we quality for any programs for First time home buyers
How to safely buy an estate sale house?
What is considered structural and environmental?
I think its ridiculous about the love note. I think a seller should be able to choose who to sell to with or without a love note for whatever reason they see fit. It's their home! It's amazimg to me others would sue instead of just finding a better place.
Based upon the "love letters" scenario...Isnt most of what you talked about (cash offers, contingencies, waiving inspections/appraisals, etc) violating the FHA? Every bit of this is creating a bias towards the buyers for the seller to decide which offer to go with?
No contingencies? My goodness. Is this happening again even at 7% mortgage or an outdated video? In the south, it’s a cooling market. Most buyers are able to get below list plus concessions and keep all contingencies.
That is great! Not here in the north! Still bidding wars! It's insane and very frustrating!
Hello, we are new to NJ. We are renting now but it’s an absolutely awful place. We really got taken for a ride on this rental. That being said we are trying to buy a home. We’ve been pre approved and our max is 700k. I’m not sure how that is our max because to me that is an extremely high number and makes me nervous to take that much on. However we have children and need to get settled. We have a down payment in the bank, but how much will we need to pay our realtor and closing costs? We are in the Fanwood/Scotch Plains area. There are literally homes that are falling apart selling for 600k. Our realtor told me if we don’t waive the led inspection we most likely won’t get the home. This home search isn’t fun it’s daunting and depressing.
Hi, thanks for watching! Even though you were approved for a large amount, does not mean that's what you actually borrow. I always tell my clients this. You borrow the amount that meets your budget. As far as your closing costs, your lender should be able to tell you that number so ask him/her. Yes, people are waiving home inspections unfortunately. I don't advise that unless you consult with a builder/contractor that can tell you the condition of the home. Or just limit the inspections to just look for structural and environmental issues. It is very daunting right now but hang in there. The right house will come along. Good luck!
If I put down a lot, can I get assistance in closing? And where and who would help with closing cost?
Buyer typically pays closing costs. If you get a desperate seller you could negotiate but it’s a sellers market. Probably not going to get closing costs paid.
I want to sell but my house is old.
but I am not looking forward to upgrading the house! But I am thinking I won’t get a good price if I don’t!
@edithmarjoriemartin-rf2vl Hi! Thanks for your question! I have an answer for that and I'm going to share it on my Live Stream tomorrow night at 7:30 pm EST. Please hop on if you can!
@@JackieBaker great, I will.
As I am trying to decide what to upgrade and what to leave for the next owner 🤔
When you buy a house today. It comes with a clown outfit with a discounted rate of $999.99 with a 25% interest rate.
Says you
@@JackieBaker just not interested in spending 350k for a shoe box in Nashville.
@@kylerooney89so you are interested in paying record high rent and paying your landlords mortgage taxes insurance and putting prophet in their pocket? Why did you not buy during Covid? Convinced a crash was right around the corner and it never happened
Hello @jackiebaker are you available to help buy a home? I live in Middlesex NJ
Hi, email me jackiebakersellsnj@gmail.com so we can set up a call. Thanks!
What happens it you put a down payment and change your mind?
Please answer me. Thank
Depends on the state you're in so I can't speak to everyone. Here in New Jersey, which tends to be a buyer friendly state, you can get it back say if the deal falls apart because of inspection issues - meaning that the buyer and seller can't agree on repairs. The only other way to get it back is if you end up getting denied for the mortgage. If you live in another state, speak with a local realtor there.
Depending on the contract dates and wording , you can lose that down payment to the seller , so you have an amount of time ! The only way that you may not lose it could be some other factors like if it does not pass inspection ( VA / FHA ) or something comes up about the home that was really standout !
Lady, anybody paying over asking, or paying the difference if it appraises low needs their head examined! Also, foregoing inspections is insane. Shame on you for doing business this way!
Hey Lady, I never said to completely waive inspections. I said to limit them. Only time you should consider waiving them is when you bring a contractor with you to check the house out. That's what people are doing to get their offer accepted in this market. It is what it is. I always tell my clients to keep inspections to structural and environmental issues only. Thanks for watching though!
I did pay 5,000.00over asking , did NOT see inside the home and NEVER regretted doing it!!! I’ve been in my home 2 years now!!
@@rvandoom I think you lucked out. Lots of homes that have no photos are a nightmare inside.
@@redphoenix1740 yes I did!
Broke people love to give financial advice. If you want the house and can afford it do what you have to do
If the price is 450 k why I am going to offer 500k
Because someone else will