This Is Why Housing Prices Aren’t Dropping!
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- เผยแพร่เมื่อ 11 ก.ย. 2024
- Learn why the housing market isn't improving - sellers aren't lowering prices! Find out more in this video on the current state of the housing market.
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The problem is that in order to have "permanent roof" with amenities like electricity, gas and water, either the tenant or the owner must somehow pay insurance and property taxes. As a result, a lot of people live in tents, at least in California, where I presently dwell. Not a single mortgage, tax, rent, or insurance. It amazes me how many folks I meet who tell me they live in their cars. This place is insane!
It's becoming more and more insane by the day. Mortgage rates have been rising steadily (already over 7%). I often wonder if I should put my extra money into the stock market and wait for a housing crash, or if I should just buy a house regardless.
Such concerns also come to me. After 50, I'm retiring early. I'm already concerned about the direction the future is taking, particularly with regard to finances and making ends meet. I'm thinking about investing in the stock market for the first time as well, but how can I accomplish so considering that the market has been in disarray for much of the year?
For my part, I can relate to that. My benefits were clear when I started working with a fiduciary financial counsellor. I would always suggest seeking expert assistance in these situations so they can guide you through bumpy markets and simply provide you with indicators and tactics for knowing when to enter and exit the market.
That's really interesting. My portfolio is getting smaller; how can I get in touch with your asset-coach?
Her name is “Jessica Lee Horst” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
Would you mind providing details on the advisor who helped you? saving for a pension through a corporate program since the age of 18. I hit greater tax along the road, so I increased my company pension with a SIPP (tax benefits). I'm now 50 and would love to expand my finances more aggressively; there are a few automobiles I still want to drive and a few mega-vacations that I still want to take.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
Doesn't make sense to sell when rent is higher than my mortgage.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. 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.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes..
@@johnawara9719 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@LiamOlivia-4 My advisor is VICTORIA CARMEN SANTAELLA
Victoria Carmen Santaella , lookup with her name online.
@@johnawara9719 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Zillow needs a comment section. I’d love to let sellers (and out of state buyers) know how delusional they are.
No need, the market will speak for itself. If or when things become mathematically unsustainable it gets adjusted. But as long as there’s enough money in people’s hands the musical chairs game of real estate continues
There is no natural market anymore. There are people or things pulling the strings that control the market. The market can't work itself out because these people or things can do or change anything they want about it and we will sit here saying, "oh this just happened in the market all on its own because xyz happened" no no, it's all manipulated
I be wishing the same thing, i would be low balling. Old timers with pink and purple bathrooms and no renovation’s around the house think there house is 400k
LOL, in my market the majority of buyers are cash buyers. We don't care about what you have to say.
As i am a seller I have been posting my house for sale by owner FSBO and i only get calls from agents bagging me to list it in MLS i keep saying no for commission no for MLS . But the question is why the buyer won't look at themselves to buy houses directly from the owner and save them money why i have to pay buyer agent since i am doing my self open house and i am trying to do good business like reducing pricing for the buyer i don't understand this . I am going to take it off the market very soon since the seller only likes to use agents to buy .
i bought my house 8 years ago directly from the owner we went to the Title company and got an inspection done then my bank and the Title company worked together and after 28 days I became the owner of the house saved a lot of money bought new furniture and went for a trip i can't ask for more than that
The seller is insulted? GOOD! Most sellers had their home appreciate 45% over the past 5 years doing nothing. It costs a buyer $3000/mo mortgage to buy a median home. I could care less what sellers think in this market.
Probably vice versa
sellers don't care about you either.
Either you make a fair offer or stay out of the market
Yep, I agree, when their homes almost doubled in 4-5 years, with little improvements, I could care less about their feelings! made an offer and the listing agent was so insulted! Lol I don't even think he even told the seller about my offer
@cpK054L well let that delusional seller keep the home on the market without offers, how about that? They need to sell the house, a smart buyer will wait for better conditions
@@John1908-vo1iv I must not be delusionall then, sold the house in 3 days.
I have no intentions of selling my next house since it's pretty much out of reach for a majority of Americans anyways
Just had the same thing happen. My husband and I made an offer 10% below list because of the comps that had sold on the street in the last year and both of those homes were actually more move in ready. The person was super offended, so we have moved on. I wish them the best with selling their house, but I don’t want to overpay.
Yep....let them stay super offended. Delusional sellers and agents. If we buy at these prices, we can be underwater soon....plus they are still getting a lot more for their homes comparing to the normal annual increase in value
Don't apologize for making an honest offer backed by data. THAT is not lowballing, that is making a "shrewd" offer. 450 was a good offer.
Sellers need to have their houses sit unsold for a while before they break. Patience.
Not really i own two house since 2012 renting them out
Why would I sell with these high interest rates
@@johndoe-by4up if the layoffs hit home owners, they need to access the equity in their house by selling.
Not really, at 3% I can afford to let it sit vacant.
@@Ultrajamz If layoffs happens I cant rent it out and still make 1K a month on passive income. I just don't want to deal with tenants.
Yeap, that is 100% fact! Agent will think about the commission before you!
I dumped my agent real quick as soon as I found that out.
Now I have a new agent that is putting my interest first and doesn’t push me to rush the purchase at all.
If anybody else is dealing with the same situation, just ditch that agent and find a new agent.
Also if the client had NOT trusted his gut and made a full price offer and it was accepted right away- he would spend the next 30 years second guessing his own and the agents advice. Make an offer -all they can say is no and you can come back with another offer. Shame on that agent too for not backing his clients play.
Most likely the agent just called the listing agent and asked them what offer they would take.
they probably won't take your offer unless desperate at that point - because if you've already shown your cards, you don't think the house is worth that much, they'll just be waiting for you to come back with a bunch of credit and repair requests after the inspection. if you disagree, just disagree and move along. not the house for you.
I'm guessing you've never sold a house before
100%!
Seller and agent being insulted for an offer 5k-10k below listing price when house listed at almost half million, need to wake up to a changing reality.
@dan-qe1tb I agree, valid comment, but this is a business transaction. No one should be offended, and both parties should move on. In most cases. I see sellers are offended because they can't get the same price their neighbor sold in 2022. In current overpriced market, I am on the buyers side, because an average house that 4 years ago had an average monthly payment of $1400 now requires 2,800-3,000. Most buyers cannot afford that. And there are not enough flippers, investors, foreign buyers and REIs to buy all the houses on the market.
@dan-qe1tb I think the sellers need the money, otherwise won't go through the trouble of putting house on the market. They are either greedy or delusional, or they know they messed up and overpayed and are not in position to list at lower price.
@@John1908-vo1iv You genius, if the seller need the money they would have taken the offer and that would have offset their mortgage that would otherwise be sitting on the market for the next month or two. You seem to know what goes through every sellers mind, just like how you accused me of overpaying for my home and possibly going through foreclosure. I can tell you are so bitter because you can't afford a home.
@@John1908-vo1iv
As i am a seller I have been posting my house for sale by owner FSBO and i only get calls from agents bagging me to list it in MLS i keep saying no for commission no for MLS . But the question is why the buyer won't look at themselves to buy houses directly from the owner and save them money why i have to pay buyer agent since i am doing my self open house and i am trying to do good business like reducing pricing for the seller i don't understand this . I am going to take it off the market very soon since the seller only likes to use agents to buy .
i bought my house 8 years ago directly from the owner we went to the Title company and got an inspection done then my bank and the Title company worked together and after 28 days I became the owner of the house saved a lot of money bought new furniture and went for a trip i can't ask for more than that
It’s gonna be almost impossible to sustain these prices…
Being insulted is immature. When I sold in 2021 I got lowball offers. I expected them. You either accept it or you don’t. It’s a financial transaction. Can’t get all feels about it.
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.
The stock market is no different, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite a while now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you.
Iynne Marie Stella is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.
There's a home in my subdivision for $430k and most homes around me are $320k. Pre pandemic they were like $240k. I've been passing by it for months and I wish MLS didn't control everything and there was something open where people can comment on the listing. I'd grill that seller.
This is super common! Once one neighbor does it others within a 5-10 mile radius follow suit! It's pure greed/they want different type of people moving there. This is how you control cities
i mean, if its really not worth that much, it will sit on the market...and sit...and sit.. and eventually they'll have to drop their price. doesn't matter what they list it at, matters where things sell -- and if it *does* sell at 430, well then...that's what it's worth, according to the market.
@@bitterswtmocha149 No that's just greed, not what it's worth. Anyone can sell anything over it's actual worth if there's someone dumb enough to pay for it. That doesn't mean it's worth that
@@starsick7It does mean it’s worth that because that is what someone is willing to pay for it. Price is and has always been controlled by what a buyer is willing to pay. It’s not greed.
@@starsick7 What you just described is called fair market value. The price a buyer and seller agree to is what a property is worth. Recent sales of similar properties are what appraisers use to develop opinions of value.
If you are not having any offers after 4-5 months, you clearly overpriced your home.
Not true . Zillow wont show my house to the public because i chose the option for sale by owner FSBO and it sat there for 50 days
As i am a seller I have been posting my house for sale by owner FSBO and i only get calls from agents bagging me to list it in MLS i keep saying no for commission no for MLS . But the question is why the buyer won't look at themselves to buy houses directly from the owner and save them money why i have to pay buyer agent since i am doing my self open house and i am trying to do good business like reducing pricing for the seller i don't understand this . I am going to take it off the market very soon since the seller only likes to use agents to buy .
i bought my house 8 years ago directly from the owner we went to the Title company and got an inspection done then my bank and the Title company worked together and after 28 days I became the owner of the house saved a lot of money bought new furniture and went for a trip i can't ask for more than that
@Nournourhayati409 that is not Zillow's fault. It is a known fact that realtors steer their clients away from FSBO homes because they think there will be no commission for them so FSBO homes stay a lot longer on the market. Plus, not every buyer feels comfortable dealing with the seller directly. My comment about offers was in regard to overpriced listings posted by agents, so your scenario is different.
@Nournourhayati409 I would love to work with a FSBO, but in 99% cases, they severely overprice their houses. I mean by 100k for a 300k house, they list it at 400k. I see that most give up, hire an agent and list for lower price, even if they have to pay the commission.
@@John1908-vo1iv just call the owner go for a tour go home then text the owner with the offer you feel its best for you , believe me you will get what you want since no agent will be involved the owner will feel good to reduce the price and make you happy .
good luck
How can the average working person afford a $400,000 + house. Throw in insurance, taxes, car payments etc. I don't see it. Who wants to live in debt up their eyeballs?
Because the homeowners make more money than the average working person. Let's say $90k to $95k a year in income. My place was more than $400k. I'm not in debt up to my eyeballs. I've just been in the market, for a long time. Insurance: $3400, and affordable to me. Taxes, $6500, and affordable to me. Both of those things are more than I would pay in most other states. But, work for professionals isn't evenly distributed throughout the country. Sometimes people have to put up with these things, if there's work available in their field in a given place. I'd rather pay property tax than income tax. At least, compared to other states where there's work in my field, it's a better deal. Power bills can be pricey in the southern states, to run the air conditioner.
@@dan-qe1tb , yeah, I guess that why 60% of Americans are $400 away from disaster. I see it every day in my business. I own an insurance agency, and all I have to do is look at my late and cancel list to see how tight it is for a lot of people.
As long as institutional buyers are still overpaying with cash, sellers have zero reason to lower prices for families and individuals.
Yeah, if that home is really overpriced, best to not worry about it.
When we were first looking in this area, we saw a house that a bit over our budget, but we (with our realtor) put in a lower offer at the top of our range...
They said no way, they would not accept anything lower than what they were asking...
We asked our realtor and she said she was pretty sure his asking price was too high...
So we kept looking. Two weeks later (or so), we found our current house that was a bank owned property that just had a price drop and was under our range. We offered, they accepted and we've been here 16 years. Love this house...
The other one, I know it didn't sell for at least another six months when I stopped checking up on it (I was just wondering). Apparently that owner was just really stubborn. "I know what I've got" type of thing...
If it's not meant to be, it's not meant to be. Just keep looking....
Last year I was helping a friend buy a house. There were a few I was interested in but passed on because my inner Bob the Builder was too interested. These homes had serious issues. Last week I was feeling the itch to own again and jumped onto the apps to see several of those homes on the market again with "amazing new renovations" for 100k more than I had seen them last year.
Immediately thought of you and your recent video on this subject. Sir thank you for your work, you help so many of us!❤ these companies and sellers think they're giving us gold, more like a gold leaf covered turd in some cases.
Just sold my condo. Listed a bit below and got bid up to previous comps. The units that are at or above market are sitting. Sellers forget that carrying costs, HOA and mortgage, add up.
You pay the mortgage as you own and it becomes equity. The HOA is a whole different story
Mine is paid annually.
Seller need to realize that its no longer 2020 to 2022 Covid Low Rates over 50k bidding of asking price.
Once the stock market gets corrected and companies shed more jobs, people will run out of equity and/or plain cashflow. THEN, They'll flip their feat/greed switch for real and become "reasonable".
In alot of the cases the home "owner " has no choice. If they have no equity in the home they can't sell it for less, the lender will be the end seller.
@@V1K1NGSBLOOD you’re right and a good realtor can check on that for you as well up to a point. Dates of recent mortgages/refinancing is there for them to see. I usually send this along with comps to clients so they can see if there is room for the seller to move in the price and we look at any upgrades that have been done since the time of the mortgage and try and factor that in as well into the offer.
I’ve done 4 CASH OFFERS with $10k over asking on each one in the past month. No luck. I’m in Chicago. Still searching unfortunately. there’s alot of people with money out there
Most people store majority of wealth in a home. It’s not shocking most people want to keep values up.
if the seller bought 5 years ago precovid then their homes value is up 30-45% like he said. Not to mention a pretty decent interest rate sometimes as low as 2%. Now inflation is out of hand & interest rates are sky high. There aren’t any incentives to sell right now. You’d literally create more debt selling, then buying in these market conditions. So buyers, don’t hold your breath. It’s gonna be a longgggg ride. 😊
Not to mention millions of illegal immigrants that are in need of homes, causing more of a housing crisis.
Thanks for the video! I live in the Phx area/east valley and these overpriced homes are not selling but prices stay high and sellers stay firm. It is stagnant.
we don't know that those comps were in any way accurate. the agent, if a good agent (that is an "if"...) should have also done comps and known what the appropriate price range for the house is. we don't know if the "comps" this buyer found are in fact comparable - did the other houses start at a higher offer and then drop during inspection because there was a roof issue? foundation issue? we don't know.
idea - pay list price and ask for seller to pay closing...
Trust me that doesn't work anymore. It use to but not now. @bitterswtmocha149
great advice as per usual Javier. Buying a house isn't easy. If they were going to live in the house forever and loved it, They could have listened to their agent. Otherwise, the buyer should move on and just know the next deal and house will be better. That wasn't their house and I would probably fire their agent as well. It will work out for them at some point, even if they have to spend more. The sellers could have counter offered too. They can pound sound.
There's also a lot of investors offering over asking, especially in my area. I know a lot of families in my area getting outbid because of it. My seller had some nice offers, but chose my wife and I cause he didn't wanna sell to an investor and give a family an opportunity.
As i am a seller I have been posting my house for sale by owner FSBO and i only get calls from agents bagging me to list it in MLS i keep saying no for commission no for MLS . But the question is why the buyer won't look at themselves to buy houses directly from the owner and save them money why i have to pay buyer agent since i am doing my self open house and i am trying to do good business like reducing pricing for the seller i don't understand this . I am going to take it off the market very soon since the seller only likes to use agents to buy .
i bought my house 8 years ago directly from the owner we went to the Title company and got an inspection done then my bank and the Title company worked together and after 28 days I became the owner of the house saved a lot of money bought new furniture and went for a trip i can't ask for more than that
We were looking at an older home for $325K however, it would need the bathroom and the closets redone as they are very small. The home was on the market for 6.5 months and we offered $315K the seller refused. We refused to budge as well, because the home was on the market half a year so no way were we offering full price. Now the home has been on the market for 8 months and counting still asking for the same price and STILL NOT SOLD. People are delusional. We found a newer home and offered $325K which also was 10K less than what they wanted, they accepted. Follow your gut and keep looking, the right one will come. Good luck guys!!!
It really is by market alot of areas are seeing price cuts I'm in Texas there are alot of price cuts not just on the undesirable homes. Alot of sellers though are listing high and than refusing to come down its delusional and they just end up sitting and sitting. I put in an offer for full price with 3k towards closing 5 day option period no contingencies they rejected the offer and said thst was a low ball in a neighborhood where houses are selling 3% or more below asking. Theyre still on the market.......contacted my realtor 2 weeks later to see if i was still interested smh.
Don't wave contingencies, big mistake!
I saw a house listed on August 15th that was purhased in June 2023. They're list price is $20K less than what they paid last year! People have severely overpaid for homes and it's starting to show!
Insulted…oh no
They did exactly the right thing, look for what similar houses sell for. I still see houses come on the market way too high and then they cut $10-20k every two weeks for months 😂
Well, this sounds amazing but I’m curious if the comps were done properly. Radius? Recently sold?
This is important content. Thank you sir
If overpriced can stay emotionally unattached and wait. When it has a couple price reductions then make an offer.
Is buyers market. I will offer 400 expecting to close at 430 in 2 months
Def not a buyers market at all!
Stubborn sellers do not need to sell. What they see is a chance to make money not the need to sell. A real seller has a need to sell for various reasons.
Good video. All I'll add is that I couldn't care less about the details of why a comp sold at a particular price (seller concessions, etc.). I pay no attention to that. Sale price is sale price.
I’m currently in escrow, I offered 5k above asking price here in the golden state, and now I’m trying to get 5k credit to replace a 32 year old A/C and furnace. Do you think it’s worth it to loose a house because they might not want to. Haven’t heard back since they are waiting on the appraisal report to respond. I believe home prices are starting to come down as well
A message to home buyers. Offer equal to or less than 3 years pay for one person at minimum wage. Do that and don't bend over ever. Live within your means and don't submit to financial gross indecency. If you get stonewalled walk away from the situation.
Looking slimmer Javier. 👍
This makes me more grateful for my realtor. Seller asked for 20k over asking(my offer). Realtor did some research and noticed similar townhomes was going for 420k. I seen the same and compared to most mine was nicer IMO. We settled for 413k with 4k subsidy. Several months later now n it's around $430k.
You can see those 420k listing by yourself. You are giving your realtor too much credit. Anyone with internet access can see the comps.
@@John1908-vo1iv I said I saw the same. I'm just glad he was honest about it and told me unlike how this gentleman was done.
@@John1908-vo1iv I said I saw the same. I'm just glad he was honest about it and not did how the gentleman in the video was by his realtor
As i am a seller I have been posting my house for sale by owner FSBO and i only get calls from agents bagging me to list it in MLS i keep saying no for commission no for MLS . But the question is why the buyer won't look at themselves to buy houses directly from the owner and save them money why i have to pay buyer agent since i am doing my self open house and i am trying to do good business like reducing pricing for the seller i don't understand this . I am going to take it off the market very soon since the seller only likes to use agents to buy .
i bought my house 8 years ago directly from the owner we went to the Title company and got an inspection done then my bank and the Title company worked together and after 28 days I became the owner of the house saved a lot of money bought new furniture and went for a trip i can't ask for more than that
I wish anything in my area sold below market value. Southern NH and 90% of homes still selling over asking price
Same here in CT. Crash bros are laughably wrong in the north east.
@@jer1776yup. They were wrong across the whole country. Some people are still renting because of them
Lol, we bought a new build that's larger and cheaper than the pre- owns in our area.
How do most of you guys still make profit, even with the downturn of the economy and ever increasing life standards
I suggest Miss Stephanie Aaron Trentham is extremely good on that. She is really good on what she does, Now I can pay so many bills because of her help.
This is correct, Stephanie strategy has normalized winning trades for me also, and it's a huge milestone for me looking back to how it all started..
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
Yes, I agree with you. Her platform is wonderful, and her strategies are exceptional
Please educate me. I've come across this name before. Now I am interested. How can I reach her?
yeah the asset holder needs to accommodate the one who needs the asset. 😂
these sellers are delulu
Hey, do you need any help regarding your video editing and thumbnails, if so we can help
How much does someone have to make to afford a 450k home ?
$150,000 per year or more. 25% down payment with the balance financed at a fixed rate for the next 25 years. Or equal to or less than 3 years pay for one person and 25% down payment with the balance financed at a fixed rate for the next 25 years. My preferred version of the 3 years pay rule is equal to or less than 3 years pay at minimum wage for one person and 25% down payment with the balance financed at a fixed rate for the next 25 years. One has to look at the worst case scenario and act responsibly. Pandering to other peoples money itches isn't responsible and harms society through escalating costs of living.
Real estate is just a place to live and or do business. It should never be an investment.
@@stevenrowlandson9650 wow great breakdown, thank you
I AM INSULTED ...HURT MY FEELINGS 😂😂😂 nobody say that 😂😂😂😂 when i was selli g i got a few low offers abd i just ignored it ...till i got my buyer .. you making tha lady cry ???😂😂😂😂😂😂😂😂😂 realtor was the one insulted 😂😂😂😂
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450k price was way too low. Only lowball if you don’t care to lose the house and the house has been listed for longer then 30 days. Some sellers will not entertain other offers from you after.
Lowball at 60.
I sold my house in 3 days because I was listing just below comps, but the first offer I got was over asking...but they wanted almost 12k in concessions. Still above asking
450 was not a low ball offer. Why is 5k below a low ball offer? Maybe 50-75k below, but not 5k. Prior to Covid, offering 5-10% below listing price was the usual custom. Sellers always list higher for this reason, and they still got the fair price they wanted.
1st
Many buyers are liars. They will lie that the home is for them to raise a family but after the home is sold to them, it's on Zillow for rent. Sellers should always try to get the highest price possible.
@lalalalalalalala4264 -> and why would you care what are they doing with the house if you get what you want for the house?
@@John1908-vo1iv I don't care, but I find it funny that buyers complain about investors buying up homes driving up the RE market, but they are shady as hell too. You sound bitter, I see you're one of those doom and gloom hoping the RE market crash so you can finally afford to buy? Keep wishing, not everyone is broke like you.
@lalalalalalalala4264 - I actually have plenty of savings and I own my home free and clear, while you have a mortgage. You obviously have buyers' remorse because you are selling your home. Is not cheap to list a home. I will be one of those smart buyers who will scoop up my next house from distressed buyers like you, you bought at the height of the bubble. I don't care if you bought at 3%, you overpaid and now you are underwater. At the end, patient buyers will win.
@@John1908-vo1iv I guess you can't read, I bought my home in 2008 after the crash. It was a short sale. I own two home free and clear that I'm renting out. YOU DEFINITELY DON'T OWN A HOME, because you sound like a broke and desperate person hoping for the market to crash so you can afford to buy. If you're truly a homeowner, you wouldn't be that desperate to wish for a foreclosure. You obviously think every sellers are in the same situation, desperate to sell and bought at the height of the market. You're a loser, therefore you want everyone else to be losers too so you can feel better about yourself. What a shame.
@@John1908-vo1iv FYI, not everyone want to pay off their mortgage when they have a 3% interest rate. That extra money, I was able to purchase more homes. Again, you're not a homeowner, you can stop trying to convince me that you own your home free and clear. You sound like a broke desperate person hoping for the market to crash so you can finally be able to buy one. Doom and gloom like you will never be a homeowner. So why didn't you buy in 2008? Even if the market crash, you still couldn't afford it, because you're broke.
My house is on the market now, I can care less if it doesn't sell because at 3% interest rate, I can afford to let it sit vacant. Don't bother writing a low ball offer, I won't waste my time responding.
@lalalalalalalala4264 - then don't put it on a market you genius and waste buyers' and agent's time. You clearly cannot afford to let it sit vacant. That's why you are selling it! I can smell dishonesty from a mile away. You overstretched yourself and overpaid for a house at 3% but hey, you won the bidding wars and waived inspection and appraisal! Plus most likely your prop tax and insurance doubled at least. So stop lying, you are forced to sell. Hope it will work out for you and hope you can avoid foreclosure!
@@John1908-vo1iv LOL, I bought my house after the market crash in 2008 and 20% down. Now that I'm married with two dogs living with my husband 5 states away, it's an inconvenience traveling with two golden retrievers between states. I left it vacant for over a year, and more concern about squatters. Has nothing to do with not being able to afford it. My husband is an engineer, my in-laws are retired medical doctors. We're not broke like you think. Just because YOU can't afford to buy a home, doesn't mean the rest of us are broke.
Stop lying :) @@lalalalalalalala4264
@@User122-qi6md Another bitter person who can't afford to buy a home hoping for a RE market crash.
Why are you on this channel? You are very arrogant. And for your information, many people can afford to buy, but are wise waiting. Go get a life.@@lalalalalalalala4264
Buyers are lowballing. Realtors know more than you.
Wrong
No, they don't. Most think they do. But there are plenty of great realtors, I like Javier and Kristina, there is another guy Wayne Turner
I can understand someone making a low ball offer 4-5 months later but 1-2 weeks, and they wonder why the seller doesn't give a f*ck. These delusional buyers think all sellers bought at the height of the market and are desperate to sell. I wonder how many of these buyers are willing to accept low ball offers once they become sellers? But then again, buyers like these will likely never be homeowners.
As i am a seller I have been posting my house for sale by owner FSBO and i only get calls from agents bagging me to list it in MLS i keep saying no for commission no for MLS . But the question is why the buyer won't look at themselves to buy houses directly from the owner and save them money why i have to pay buyer agent since i am doing my self open house and i am trying to do good business like reducing pricing for the seller i don't understand this . I am going to take it off the market very soon since the seller only likes to use agents to buy .
i bought my house 8 years ago directly from the owner we went to the Title company and got an inspection done then my bank and the Title company worked together and after 28 days I became the owner of the house saved a lot of money bought new furniture and went for a trip i can't ask for more than that
Why do I have to pay the buyer agent ??? not fair for me at all
We had been looking for a house for a couple months when we found the house we bought in Spring 21, AS SOON as it listed, I emailed the agent and told her DONT SELL THAT HOUSE! She replied back with CALL ME! So I did, we did a contract over the phone, we gave the seller their asking price, they accepted our contract, and gave their tenants a 30 notice to move, they were in the process of buying their own home anyway since both hubby and wife were cops, they got first responder discounts etc etc, ALL. WITH. IN. 4. HOURS! We paid for appraisal, came in great and this is rural USA, No 2 homes are the same, so zero comps, we paid for inspection, seller fixed or replaced the small things the inspection found, seller paid closing costs, Been her ever since, 2nd best thing was buying our e-bike.