Should I Wait Until This Housing Market Cools Down to Buy?
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- เผยแพร่เมื่อ 31 พ.ค. 2021
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Being from Massachusetts, when he calls Orlando “up north” I died laughing.
@@theramseyshowhig2241 you're scamming. Leave.
Yup! Our up north is like Maine, Vermont lol 😂
Right!
...south of NOLA here...same here when y'all call Georgia "the deep south"...
Lol. Funnier when you are watching from Canada!
He's moving "up north" to Orlando lol
😂
😂
Maybe living in habana, Cuba. 🤭
So glad I wasn’t the only one thinking about that lol
I’m from Orlando originally. The only people that moved from Miami-Dade to Orlando were the people who couldn’t find good employment for their lack of Spanish language skills.
When I lived in Miami 40 years ago, several church friends talked wistfully about moving "up north." Thinking they meant New England or even possibly the Carolinas, I asked where - and they said "Broward County" (Fort Lauderdale)!
Housing in Raleigh... people are paying 20k+ more than asking price right now. It is ridiculous. Houses of 2021 are the toilet paper of 2020...
I'm guessing it's because the low interest rates
I'm in Raleigh too. 20k+ more is nothing compared to other states/metro areas. People are moving away from high COL/Metro areas and to the Triangle and NC in general. Google and Apple are coming with thousands of jobs. Prices will only go up faster. Buy a house if you don't have one already
That’s pretty much everywhere. It was the same in here in Maryland when I bought my home in Oct 2020.
In Colorado people are paying 100k more than asking price.
@@ericabarron01 why? Its cheaper to build and Colorado has plenty of land.
Maaaan I would have really preferred an answer to his actual question haha
He answered it at the end. Pretty much just don't overpay and wait for a deal.
Like even if a crash happens, with inflation, values are not going to be that much better than right now. I recommend buying a good property now. Just make sure that you don’t buy until you find a really good deal on the *right* property for rental cashflow
@@charlesg7926 I disagree. I think demand will fall so fast because people are unwilling/unable to keep up with these inflated prices. This is just something people who overpaid in this bubble like to tell themselves. Sorry brother. You overpaid for your home by 100k. 🤷🏻♂️
Caller: buy house now or later.
Response: here’s my book.
They’re always pushing their books 📚 😂
My thoughts exactly lol
😂😂😂🤣🤣🤣
I was thinking the EXACT same thing!
Yeah what a joke. Only advice was doing pay over the odds, talk more about that than a book about networking with guys a couple of miles away.
Rent is beyond ridiculous. I'm being priced right out of the area I'm in and the homes are far too expensive. Looking to get out of NY with things like this.
All about choices.
Me too, that's why I'm moving from NYC to CT 😣🤦🏻♀️a mortgage right now will be right around the same I'm spending on rent
Lamb of the YHWH Tribe where in CT if I can ask?
Yeah come to tennessee 200-300k average house but average salary is like 35000$ a year so it’s not really any better here
@@TheMechanicj
Don’t be average.
I’m not.
The housing prices are going up faster than any working person could save, very soon majority of the working class won't be able to afford one.
I've been getting higher and higher offers on my house every couple months for the past year. It's insane. I wouldn't even buy my house for what people are offering.
it's cause we have high demand and low inventory. I feel hedge funds and investing corporations should be banned from owning single family homes, as we can't build new housing fast enough to keep up with demand.
I think real estate agents and appraisers are also trying to keep the housing prices high because they make more from commission percentage. Anyways I'm hoping for the housing crash so I can get in.
@@michaeleverett4416 I found her website and was impressed with her accomplishments. she has quite a great resume, left her a message and she was quite welcoming with her reply.
@@josepetere9248 not really. They’ve always operated on a 2-6% commission. The high housing costs are due to very low inventory, skyrocketing cost of new building materials (thanks to companies like Georgia Pacific), and release of pandemic-pented up buyers.
Right now seems like a horrible time to buy a home, even if you have cash. It just makes no sense to pay for such overpriced real estate. I mean it's ok to buy a home but why get robbed in the process?
And if enough people feel this way, pricing and demand will stabilize. Its a cycle.
Not only are the prices high, but you're bidding against idiots who will buy without an inspection contingency. If that's not a sure sign of a bubble, I don't know what is.
I recently retired early and am looking to cash out of my California house and move across the country. But I don't want to participate in this frenzy, so I'm thinking of staying put until next year when hopefully things will have calmed down.
@@OurBelovedBungo and they will become home poor, selling again the house for dirt cheap
It’s a good time to buy certain run down houses, fix up to resell. A lot of that going on in Phoenix. I don’t know what the profits look like for everyone doing this... I’m sure people are losing money on deals... but it’s a sweet spot right now... you can get run down houses for 300k (if you can actually get them to take your offer) and in many areas, resell them for five or six hundred thousand after you fix them up... a lot of builders tear down the house and start over from scratch.
@@OfftoShambala and sell them to high prices that looks like rip off
I also live in Fort Lauderdale and I fully support the moving elsewhere in Florida plan. This place is fun and all but the cost of living is getting out of control for most people. If you can afford a decent house here, you can afford a decent house AND a boat in other parts of the state.
Ft Lauderdale is awful and I didn’t know what to do so I’m glad I got to speak to Dave. Looking at housing prices down here makes my head spin for what you’re getting
Imma just live in an RV/Van and park it on the road. Laugh all the way to the bank
On god😹
That can be an option for some.
That’s what me and my wife are doing. Bought a fifth wheel trailer. Living on my parents property. Cut expenses in half doing that.
Have fun being woken up to banging on your RV at 4am, screaming noise of someone forcing you to move your spot, and being called homeless.
@@kookietherapy9398 Or ya park it on raw land you own.... Or a family members property
My guess is the house prices won't come down as quickly as interest rates will be going up.
This guy knows his economics.
Well higher interest rates usually means lower house prices, which does benefit those who are making large down-payment or paying with cash. As with everything, one group loses & another group wins.
Yeah, it will take awhile for the supply to result in just a leveling off of the prices. Who knows what will happen to interest rates in the meantime? Lots of people are throwing the idea of inflation around.
Alot of people guessed that the interest rates already should have went up months ago. They tried bringing up rates mid April and they are already bringing rates down again at the end of May. I’m going against the grain and say they will not go up for the rest of the year and could decline more.
Quite the opposite my guy, interest rates going up will make prices fall as less people will be buying houses.
With so much inflation I’m not sure if it’s even possible for houses to go down
That’s the dilemma!
That's what was happening besides banks authorizing mortgages to those who shouldn't have qualified back between 06-08 and boom the housing bubble burst and prices got pulled back down with it. Between the pandemic and the mortgage/ eviction mortmuauim. Im predicting but hoping it doesn't happen to see a wave of foreclosures over the next 12-18 months.
Take it one step further beyond the hyper inflation that is around the corner.....
we all know the next shoe is about to drop....
What exactly it is and when...
We can only speculate.
My thinking is, unless it’s an emergency to move, or a great deal comes along...
Give it some time and continue to save.
@@Joseph-ub5wh Look at the delinquency rates. The rates are lower than they were back in 1995. We have also not seen a significant increase over the past few years. Since 2014 the delinquency rate has only decreased...
Said by many since the late 60s.
It’s your turn.
I wouldn't touch real estate right now.
Definitely not the time to buy.
Yup!
Wheres the supply coming from to pop the bubble? Are we seeing defaults? Increased production? Reduced regulation? Intrest rates going up?
@@shawn2789 inflation
@@Fullmetalseagul they’re just keep pushing it back
Thank you for taking the time to answer my question. Can’t wait to read your book Ken!
"I'm retiring and moving up North," said no Southerner ever.
Moving from Fort Lauderdale to Orlando is "up north" for him lol
@@jakesandstorm8329 from ft lauderdale to west palm beach is up north for me 😂
He could be from the north in the first place
"I want to Secede from the union", said no Northerner ever
Not true. I'm a Texan moving to North Dakota. There's no absolutes.
Parents did a excellent job teaching him to save and be smart with money
this kid's got a good head on his shoulders. congrats to his parents. he's going to do great
Thank you! My parents taught me well and my dad has been in financial industry all his life so I grew up being taught the value of money/saving
@@dangerdavis3613 good job man I hope to be where u r when I’m 25. I’m 21 and have 31-32k about. Hope to have 100k by 25
@@dangerdavis3613 nice job on the saving. But you need to learn how to invest. Bank money is losing value every year due to inflation.
Caller: Dave I’m looking to buy a house.
Dave: Sell it!
Z ZB
Some friends of ours are selling their house close to 150K over the reg. price. If it was me, I'd wait to buy.
What do you mean ‘regular’ price? Over asking or what sold previously. Asking since over time real estate prices always increase. Over TIME.
@@cynthiagraham4046 Similar houses (sq footage, land) go for 150K less. That's all I am saying. The attitude now is take it or leave it.
@@QwikAdDotCom My question pertains to time other houses bought. You cannot compare to years ago or even months. Friends our ours bought 2000 sq ft house in 2011 for $300k and just sold for $750k. Which is regular price?
A buyer will come and pay 20k over that.
wait until it's 250 over?
Ever since Dave started having a co-hosts, I haven’t listened as much
Thanks to Dave for finally answering the question at the end lol 🤦🏻♂️
Yep--I skipped way ahead and landed right on his answer toward the end.
only he didnt for the most important part of his question which is whether to invest the money in the short term or let it stagnate in the savings account.
Lol lol
Dave can be such a class act. You can tell, he wasn’t crazy about his sidekick’s answer, but waited like a champ. When he jumped in, he said he’d take “the back end” of that advice, and gave the caller the answer he called to get. Now, on to Mister Blah blah blah. Why, unless you had a book to push, would you give the caller, an answer to a question that they didn’t ask? That was just, awkward, but sure enough, Dave pulled it out from the fire.
Is it me, or do they seem to be dancing around the question? His question was straight forward. Should I buy a house now, yes or no? And the answer is simple... no. You never buy a house during a bubble.
The question is. Is waiting worth it. The answer is. No one can say for sure.
If you find a good deal is always a good time
@@shawn2789 couldn’t agree more but man the anxiety is killing me! I’m not sure how long I will have to wait.
He's not an financial advisory, so giving advise on national radio TV would put him in some liability.
Take your time. I love it.
I would wait personally, its a nightmare in FL right now.
Utah: hold my Dr. Pepper.
Nightmare. Florida. But you repeat yourself.
Houses in my area are $100K more expensive across the board since 2010. So even if I managed to save $100K in 10 years I'm no better off. Even the wrecks are selling for $40K more than when they were sold intact.
Exactly. People are literally punished for waiting and saving these days. Frustrating.
I look at Zillow a lot, and I have seen at least one real estate company in my area that essentially buys a home then relists it the next month for +$80K - $100K. They don't even claim any improvement whatsoever. When you have that time of opportunism being leveraged by the wealthy then the lower and middle income families cannot legitimately buy their first home.
@Charles Brown I’ve noticed that as well, so sad
Kurt is always talking when I just want to listen to Dave’s answers.. lol
Who's Kurt?
@@SerErryk I’m not sure if you’re trolling here… but if you’re not: kurts the caller, dawg.
Miami to Jacksonville is a 350 mile ride. I guess that could qualify as "moving up north".
He's in Fort Lauderdale..unless he's going to Miami or Key West, then everything else in America is "up North"!!😁🤣
I’m in toronto, an average house is about 1.4 mill, and it’s been sold somewhere between 100k to 400k over asking , not exaggerating
I also needed to hear this. Thanks yall!!
Caller: I’m thinking about moving up north
Me; ok New York Minnesota maybe Washington
Caller Jacksonville Florida
Me huh 🤔 which way Is north again
A block north lol.
I mean Jacksonville is about 300 Miles north of Ft. Lauderdale
Lol it's still in the right direction. You may ask how far north would be considered. He could have stated it better, but he will indeed move further up north.
As a central Floridian, Jacksonville is the North.
@@RedGottie yes you’re right but don’t call someone in another state and say I’m moving up north where do you live now south Jacksonville thinking about moving to north Jacksonville
I'm so proud of this young man. Great job, keep it up.
No. Don't wait. Buy now. And don't forget to offer tens of thousands over asking price and include your love letter to the seller describing your beautiful family and how much they will love living in their house. It's a great time to buy!
Yes, that love letter could save you tens of thousands.
@@johnSmith-uz8nl Lol. That what they say. I tell what though. It wouldn't influence me if I was selling. And I could never write one if I was buying. Seems kind of ridiculous to me.
Eh, people have been claiming bubbles for a while now. Remember how long people been saying University Tuition is a bubble, yet, people continue to borrow and tuitions continue to rise.
I predict the same with housing. The demand is just that high. Even if a bubble burst, most people who buy now will just break even at worst.
Are my eyes deceiving me? A person who actually has savings to buy a home and won't be house poor
90k in savings is not much when a house price is 600k. He might not be close to getting a 510k mortgage
Houses in Washington that were 400k in 2016 are going for 900k right now
Watch the video again. He sidestepped the question when Dave asked if part of that money had been gifted to him or he had saved it all by himself. Which means that part of that money had been gifted to him and he had not saved it all by himself.
@@philipmcgee8425 So, he still has the money
@@philipmcgee8425 No he didn't he said he got a little less than half and saved the rest himself. 1:00
I can't even buy a house with approval if I wanted to. The Appraisal to Value gap that people are paying cash makes it impossible. I'll rent forever.
Nothing wrong with that.
@@Lexethan2011 When rent keeps going up and you can never build any equity it makes it difficult
Naw, a very temporary condition. Save and wait.
It feels that way. I feel that way sometimes. Hang in there! All in God's timing!
@Lexethan2011
There totally is something wrong with that if one has a choice.
Why should OP have to pay off their landlords mortgage?
They need to figure out specifically what is stopping them from saving up the money.
is it an income issue or a spending issue? The latter is usually much easier to fix.
I’m 100% waiting!
It’s a hard decision because rents are almost as high as a mortgage 😩😕
Because of the economic crisis and the rate of unemployment now is the best time to invest and make money
@@scottderek1368 I want to move out of my parents' house at some point though...
That why you need too make money..
Interest rates will rise, but inventory will be crazy low. Wishful thinking isn’t factual.
I come to hear Dave. I didn’t get much. :(
This guy has done an amazing job with saving his money its sad that its just getting destroyed with this massive inflation we are witnessing and about to witness even more.
Yeah, crazy
Wow, was this the first time they didn't have an answer for a caller? They didn't answer the question, at all.
I hope he didn't wait for that "crash" because it only got more crazy!! Best time to but is now.
Great question. Something I’ve been thinking about as well.
"I'm going to move North...to Orlando or Jacksonville." You East coasters are an odd bunch.
I heard that when it was broadcasted on the radio. I laughed my a$$ off when I heard ‘where’ up North. 🤣😂🤣😂🤣😂🤣
Lol that's what most people do from the miami area.
That is the direction. I thought Michigan or New York at first but here in California there is plenty of area north of us.
😂😂
I was born and raised in the southeast and I've never once heard anyone say "up north" and not actually be referring to the northern part of the COUNTRY lol I think that threw all of us off
Not sure why someone would but now unless they have so much money that losing equity doesn’t matter. Even if housing prices don’t dip in the next few years, unless you are going to stay in your house forever , would it be wise to buy a house that’s 100k overpriced and significantly lose that value?
If housing prices do drop and that guy buys a house now. Ouch! That's gonna hurt.
Home prices are insane on the Ft Lauderdale area now.. Sellers are getting way over asking with multiple offers due to bidding wars. There is no chance I'm buying a house here if I just wanted to buy one.
The book sales pitch casually thrown in there 🤣🤣
Great job of not answering the question
Did you not watch the video, that was a perfect response for the guys question. Title does not match the video.
I feel like I'm watching a politician sing or a boxer dance.
Great advise!
Great advice Dave💯
Im looking to relocate as well and it’s idiotic what people are wanting for houses. 100-200% increase in price from may 2020.
I love how they both absolutely beat around the bush on this one.
They do it every video lol
Right!
Good advice
Gonna be waiting and renting a long long time if he follows Dave's advice.
Some people rent all their lives.
No big deal.
Agreed
His advice was to move to the area and play it by ear haha… not to be impulsive on a house buy
@@floridaman6982 Well I think his ears are going to tell him that if he wants a house he's going to have to just bite the bullet and pay through the nose. I know Dave is hardwired never to tell someone to overpay for anything ever, but that's just the reality of it. And there's no signs of those fundamentals changing anytime soon. He can keep renting, but his rent is just going to keep being raised to pay for his landlords overpriced mortgage.
@@jrcrash4644 I agree with you, and while prices are insane these days I think each generation has had to face this dilemma on their own terms. My parents are flush these days and they were never really poor but they barely qualified for their first home back in the late 70s. Other people who are their age now are still renting because they never “bit the bullet” and it just kept getting tougher. It’s definitely a quagmire though, I can’t fault anybody for feeling uneasy about buying in a bubble, but at the same time everybody thought it was a bubble in 2016 before prices skyrocketed.
When he said North i thought he meant like up north away from Florida. lol
Houses will absolutely positively go down in price. The forbearance of foreclosures and evictions will end soon and the number of foreclosures will drastically increase. Also, stimulus money will run out. The combination of these events will result in an increase in the number of houses for sale and an increase in the number of foreclosures.
There is still a housing shortage. Ever since 2009, we have been trying to catch up with the number of houses available.
Agreed. It’s a matter of time it will crash.
@@Lexethan2011 Not exactly a bold prediction. There are always booms and busts. Good luck timing it properly.
I agree. I also think you will see a lot of "casual" landlords deciding that investment properties are not worth the risk anymore.
@@lkj0822g It’s not worth it. I invest in stocks. They’re easier to sell and more liquid, no staging, no commission, etc.
Great video and good info Dave.
Awesome info as always! :)
This kid has done a great job with his financials! Great advice by Ken and Dave. Definitely establish his base home, rent until he is situated then think about buying a home when its time. Wish all the young bloods followed this kid’s discipline. Well done, Kurt.
Meanwhile they can print money faster (inflation) faster than you can earn it and pay taxes and save… it’s a rigged game you can’t win.
@@stachowi working hard and saving money is not working anymore. Investing is the way to go.
@@premiumknowledge6775 what kind of investment best for beginners?
I'm in the same boat as far as being ready to buy, but in California where things are even crazier at the moment. It's a wild time to buy, but will prices really ever go down?
We live in southern Cali, basic three bedrooms are going to $800k😩😠 we want to buy, but that’s too high for us.
Yes! I'm waiting til things cool off before I buy
I love how he plugged his book in
I’m not sure why Dave always has the co hosts. This guy seems nice but it feels like he’s always trying to sell you kn something.
Yes!
His co host is a charlatan. He tries to be a motivational speaker persona and trick the callers into really telling him some secret desire in the 45 seconds they talk on the phone. His ego is big even sitting next to Dave.
He is! They are always pushing their stupid books 📚 😂
well done young man, I thought moving north meant like moving to New England.
That would be better than Orlando 🤮
Moving “up north” for a west coaster means Alaska.....Not the one of the northern cities in a southern state. 🤣
I'm in Alaska and can't tell you how many people have moved up here this year
@@tonydombovy5207 I’ve heard the same! I’m out in Kodiak. It’s still quiet and peaceful.
Dude's 25 and has 130k saved up. Gotta respect that ❤️🙏🏽
half inheritance. not impressive
Half self made . Glass half full :)
So I'm basically never getting a house😫
How do I not overpay when everything is 2x expensive
Time to squat!
What kind of headsets do you guys use? They’re crystal clear!?
Your my boy Dave!
“Up north” is Jacksonville? 😀😀😀
I’m sitting here thinking Boston, Chicago etc. lol
Its a Florida thing. 🤣🤣🤣
My thoughts exactly 😂😂
At least Florida Man isn't leaving Florida.
The north of the south!!!!
The answer is no. Free advice, Dave.
Duplex it if you can buddy. I wish I went that route to start
even finding a place to rent is hard again smh
I live near Orlando. Housing here is nuts--some of the most expensive housing in the state is in Orange County. Even rent is crazy.
South Florida is More expensive than central florida
@@dimediamond Not surprised!
I'm in arizona and we have people from California buying everything. Can't get anything unless you offer atleast 20-30k over asking price
@@franciscorojas274 That's our problem here in Florida. People are coming from New York and they are used to high prices so they are outbidding Florida natives by a lot.
X2. Orlando rents are getting ridiculous, at this point it's almost better just to buy. 🙄
inheritance, plus saved half since 16, good job, good mindset
Props to man for doing so well in saving
Wow! I want to be like this 25 year old when I grow up (and I’m 38) lol!
Young millenials grew up with the internet. They know what we didn't know at their age.
The housing plummet will be hilarious with so many people upside down 😂
i almost fell out of my chair when this young man said he wanted to move " UP NORTH " to ORLANDO, FL., i would have guessed CHICAGO or some other place like it,, they sure took the long way around to answer his question,, as far as him saving money, that is super great, people 3X his age havent been able to save like that!
Let's not forget the inheritance portion. Still impressive, but that certainly helps
Nobody in their right mind would move from South Florida to Chicago!!! He'd end up being murdered!
For some of us moving north is moving to tuscon ... it is funny. I laughed too.
Never realized orlando was “Up north”
Works in risk management. Rings to discuss whether he should buy a house.
Because this a personal and emotional decision, for him. Risk management and emotions don't coalesce well.
Yall get off your high horse. This guy is reaching out for help and you p1$$ on him.
@Jason Smith how many graduates critical thinking skills have you reviewed?
I think he already knows what his goals are. If he'z saving that much it's because he wants to have a great financial future. Therefore he just wanted DR opinion on buying a house to reinforce his plans.
Nothing wrong with getting someone else’s advice. Why are there consultants for every industry?
He doesn't have enough money to "buy" a house. "Buy" = cash. Mortgage = finance.
It’s almost impossible to stay ahead of inflation and housing prices… 20% per year is impossible to catch
@@stachowi That doesn't matter when paying cash.
wow, wish I was that set at that age
Checking in for a daily dose of Dave Ramsey.
I feel like it’s super hard for Dave Ramsey to let other people talk 🤣🤣🤣
Don’t pay these prices... period
I could be wrong but I think I remember a Pew research finding that a lot of young people plan to wait out these rarefied home prices
Well yeah, because a lot of us can't afford it.
Don’t get the fever!! well said Dave !!!
Well done you saving all that money! Oh I inherited half of it.
@@dangerdavis3613 🤣
Probably one of the best decisions he has made is to call Dave and ask him first 👍
Very smart guy
No its not. He doesnt need Daves advice ,The caller was well on his way to getting a great start on life.Daves advice is needed for those who dont know how to control their spending.
Dave didnt even bother to answer half his question which was more pertinent about what to do with the 90k in the meantime than whether he should buy a house in the first place.
@@jacobmarley2417 oh look a person who would complain no matter what Dave said.
@Dana Parker
Oh look , a person who disregards facts and worships Dave as the financial youtube deity then psycho analyzes those on youtube who point out his inconsistencies!
@@jacobmarley2417 Hi Jacob! Hope all is well🤗 If I may ask. What brings you to Mr. Ramsey's channel? I mean I partially get where your coming from, the other half you sound like there's a strong dislike for the guy. I mean your response was cocked and ready.
@Mafia Mckinley
Full disclosure ,i def dislike his cohost. Cant stand the guy , and generally feel he brings nothing to the discussion.
Great
I love the way he has a career. WIth a good job and a house he does it all wrong and can still end up really ok.
cant even find a decent single wide for under $300k
I’m from San Jose but I’d never say I’m moving up North if I move to Sacramento 😂
Literally in this same situation (I’m 24). I think I’ll take Dave’s advice, see what happens in about 6-8 months.
Save, Save,, Save
@@adrianaalcala9693 a great interest rate beats rate of savings
@@billmoyer3254 Saving is A PRE-REQUISITE to any future advantage