3 Simple Rules to Determine if You're Ready to Buy a Home
ฝัง
- เผยแพร่เมื่อ 6 ก.ค. 2024
- In this video, you'll learn:
✔️ My personal experience buying a home in the current market and why I decided to make the move
✔️ The three crucial rules to follow when it comes to purchasing a home, no matter what the market looks like
✔️ How to confidently navigate the homebuying process and make a smart investment in your future
Join me as I share my insights and tips for buying a home in 2023. Whether you're a first-time homebuyer or an experienced investor, this video has something for everyone. Don't miss out on the valuable information I'll be sharing.
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0:00 I Bought A Home In One Of The Worst Housing Markets
2:46 I Bought A Home In One Of The Worst Housing Markets
4:42 Buying vs. Renting
7:58 #CalmMoment
9:31 Home Prices Worries
11:57 You CAN'T Time the Market
12:44 The 3 Rules I Followed
15:22 Talk to us!
- DISCLAIMER -
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.
Hi! I’ve been following for the last year and your videos helped me be prepared to buy my house in this horrible market. I close on 12/30 and I’m so excited!!! I’m so grateful for all your great information! I bought your tools too which helped even more. Your channel provided the most comprehensive information I could find and it’s FREE! I went through the FreddieMac homeowner prep course and I knew pretty much everything already because of your videos. All that to say you are an amazing valuable resource and I’m grateful for the work you put into your videos, channel and tools. THANK YOU!!! 🎉
I close on 12/30 tooo. Congratulations 🎊 👏🏾
I paid more in rent this past 2 years
I just recorded a personal video reply for you: share.descript.com/view/3x7AKWyZKVB
@@wanji14 congratulations to you too! I thought I was the only crazy one going through this process during the holidays 🤣🤣🤣
@@WinTheHouseYouLove thanks Kyle. Congratulations on your house too!
This is fantastic, thank you. I have to move next year due to a military assignment, and while it's not keeping me up at night, the eventual decision of "buying or renting" has been on my mind a ton lately.
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Feel free to email me at kyle@winthehouseyoulove.com
Thanks for the reality check at 0:36! It just doesn't make sense to buy in my area the mortgage payment is $1K+ more a month than rent even with 20% down on the exact same house/townhouse. Congrats on your new house!
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My same thought.
Congratulations on your new home. I wondered why there hasn't been a video from you in a while.
Thank you!
Congratulations!! Very happy for you & I’m sure you are ecstatic!! Keep making these videos and I enjoy your “calm moments”.
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Thank you, I really needed this. People keep trying to scare me into either buying before spring or not buying at all right now because of rates.
💪 Best of luck!
I needed this! Thank you for reassuring some of us on buying in today's market
My pleasure!
Should people be afraid to buy? So many out there saying don’t buy a home , banks are closing. Could you do a video about these fears?
Thank you so much. I have been following you before I purchased my house summer of 2021. Your video helped me so much. Keep up the good work. :)
Awesome! Thank you!
These videos are soo good!!
Thanks Mike!
Just saw the vid, congrats!!! Welcome to home ownership. Good to see someone practicing what they preach, & ya did it in this crazy market time no less. Super excited for ya. Still on the fence on the ‘stache though, 😂
The 'stache stays!! Good to see you here Erik, thanks for your support as always!
@@WinTheHouseYouLove 😆, I may take the goatee off again meself, we’ll see. It does help with the Midwest winter wind! Keep helping folk. Glad my story along with others have helped along the way.
Great video!
Thanks! Happy Holidays!
Congratulations!!! So happy for you! Are you going to show us your new place?
Thanks!! Maybe once it's fully decorated haha. Still have A LOT to set up
Oh im definitely buying as soon as I'm able, renting is making the decision very easy.
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Feel free to email me at kyle@winthehouseyoulove.com
Schedule a call with my team: www.winthehouseyoulove.com/lender
@@WinTheHouseYouLove omg this was so special! (I don't care if you did for everyone else lol) video message response!? Oh you are changing the game with this one🤗 but I am going to email you because I need to give you the whooooooole breakdown of my current home buying situation🙏🏾
Literally the best video for this current market! Thank you!!!
Wow! Thanks!
Follow your own path. I love this. Thanks, Kyle.
Thank you!
Congratulations Kyle on your new house so awesome to hear that thanks so much for the video
Thank you!
Great video! Your rules are helpful to make my finial decision if I’ll purchase or wait.
As low as you can get! Look at builders specials and FHA Usda, most of all it's a buyers market so go for reduction in price. If and if we get sain financial leadership you can refinance then. Dont sit out the spring market it is great on south west most everywhere its slowing sales. Good luck.
I second that advice. I got a new build and they bought down my interest rate by paying for the points through incentives they were offering.
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Congratulations!
Thank you!
Congrats !
Thanks!
Congratulations Kyle🎉
Thank you!
I am surprised you bought your home now, however your criteria for doing this as you mentioned in the video makes sense!
Congratulations Kyle!!
Yes! Thank you!
Higher interest rates and inflation will effect sales and slowing everything... I got very lucky and purchased a fixer upper in 2020 low rate FHA. Ty great service show❤🎄🌴
For sure! Congrats on your purchase!!
Just got did our inspection!!!
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Man your my hero. Just wanted to let you know.
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Feel free to email me at kyle@winthehouseyoulove.com
Congratulations Kyle!
I just recorded a personal video reply for you: share.descript.com/view/cA6VKMrDOlf
Feel free to email me at kyle@winthehouseyoulove.com
Super cool personal video. Thanks
? Would love your knowledge
Feel free to email me kyle@winthehouseyoulove.com
Hi Kyle…your videos are helpful and much appreciated. My spouse and I are considering purchasing land and a new modular home due to low resale inventory. We’re interested in using a USDA single close home loan for the purchase. Although it sounds like a fantastic program, we’re having difficulty finding a modular dealer that’s willing to work with USDA. Would you consider doing a video on this topic? Thanks for all your wonderful insights and tips!
I'll add it to my to-do list. :) Thanks for watching my videos. :)
This is exactly what I want to do. I hope he does make a video on this :)
Thank you for this! I agree I’m losing a lot renting over 22k… ridiculous!
Congratulations on purchasing your home!! 🎊
Thank you!! 😊
I realized last year that between rent and a storage unit I paid out 134k over 8 years. What a wake up call that was!
is it okay to buy a house if I'm comfortable with the monthly payment when I factor in that I plan to rent out one of the bedrooms and have a roommate? Or is rule #1 comfortable with the monthly payment on your own?
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@@WinTheHouseYouLove thank you for the video response! Your the first TH-camr to respond to comment with a video!
👋🏾 would you work on your credit first or contact a lender and go from there?
I'm currently still saving and can't wait to buy a home 🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻 one of my biggest goals in life is to own a home. i get paid really good but i wonder if ill be accepted for the loan if im part time (as i wait for a full time position to open up) does it matter whether i'm part time or full time or do they just look at my income total?
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Congrats on buying a house! 🎉
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I have the credit, the job, down payment, the closing but dang i can't find a good person to help me out. Last time went the real estate agent had no idea how to deal with someone thats self employed which I can prove my income WTH. I have to reach out to your team. Hopefully you guys can help me out in the State of Connecticut thanks.
I'm sorry to hear you've run into that! I'd love if our team can take a lead. Dan Frio on our team is super skilled with self employed. Email me kyle@winthehouseyoulove.com
What about interests on top of principal? If you sell at 5 years sometimes you are just breaking even or even paying out more compared to rent over 5 years especially if you put down less than 10% down payment. I guess compared to rent, you would get a lot more space, a better location and a yard or some amenities with owning. Can you make a video regarding this as well? Thx!
My calculations in the video include the interest costs :)
Great video and great advice.
Average people just CANNOT PERFORM BASIC MATH when it comes to owning vs. paying rent, refinancing, buying down points, etc. Buying a home is almost always a good decision.
People who bought at the height of the market in 2008 and held...on average their house is now worth more than double what the paid in 2008. So, a "crash" is only affecting the shortsighted, undisciplined and uneducated pawns.
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What’s a reasonable interest rate for a 30 yr conventional loan ????
Reasonable is subjective LOL depends on the market and what you can afford. The higher the interest rate the less house you can afford. For example, with a 5% interest rate you may be able to afford a $300k house but with a 7% you may only be able to afford $250k. His affordability calculator is awesome for helping you to figure this out.
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What about the property taxes, HOA's? How do you get those back? Property tax where i am is 1.95% due to mello roos and hoa $360. Total $1340 a month. I just feel like its a waste. My rent is $2350. Mortgage i was prequalified for is 4k a month . Do you think its worth for me getting a house? From $2350 rent to 4k mortgage?
Hi Yeye!!! Cool name we have! 😊
It's worth it if you purchase a home that's less than what you qualify for and mortgage less than $2350 per month.
No
@@mslady3094 in orange county california theres no mortgage thats less than 4k.. even last year when i wanted to buy a house my mortgage was gonna be $3300 with 2.5% interest. That 4k is included everything, solar, taxes, home insurance, hoa 4.3 % interest. You cant find homes here for less than 600k. Take home pay $10,079 a month net. Only debt is car.
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So in California, my rent is $2315 for a 3 bedroom apartment. Average home in my area is $650k. I have enough for a 5% down payment with some reserves left over. My monthly payment would be close to $5k. I’m screwed lol.
Yeah that is not sustainable..if your rent is going up 10 percent each year ..your 5k mortgage will match your rent in about in about 7 to 8 years ..yeah it seems hard to pay 5000k per month for almost 8 years
@@robertnguyen2025 It goes up about 5% each year. It started at $1550 back in 2015.
Can you do a video on hire to buy a home when self employed?
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I'm a real estate agent so how can I partner with you?
kyle@winthehouseyoulove.com
Your choices your life.I am opposite of you I am wating to purchase a new home.My home is paid off so I can be patient.I will buy another home or two and rent this home out for the cashflow.Good luck in your new home.Happy investing/stacking.
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Even it cost 50% less to own, the upkeep of it prob will make it go up to 123000$ within 10 years. So much expenses to maintain a house.
Can a person get pre-approved without actually knowing which state they want to live in?
Yes! I replied to your email :)
What city did you buy?
Dayton, OH
@@WinTheHouseYouLove nice !@ congratulations 🎊 👏 💐 🥳
You can also make money using your home such as running a daycare, or some other in-home business.
Yep!
OMG - where do you live? Our one bedroom rental is $2400 and that's considered cheap here :(
I'm in Ohio, very low cost of living
You were paying $900/month in rent?? 😳
I don’t know how you were able to get a house that cost half of $900 monthly…
It's not half the monthly cost. But a home appreciates which offsets the cost of the house long-term.
Your opening statement is factually untrue. If you buy at the worst time in the market (right now) your taxes are higher, your monthly payment is higher, and you're at higher risk for foreclosure in an economic downturn.
That is YOU feeling the economic benefit or downside of when you buy your home.
Foreclosure only happens if you can't make payments. If you can't afford the things you mentioned, don't buy.
Although that's true, the benefit you list out as only coming after you sell or rent, isn't true. There's more than that which you gloss over to justify buying at an all time high.
We certainly have differing opinions and that's ok.
Problems is the bank and the realtor has us hard working people locked in place..we all want a house but the bank..the seller of the house and the realtor is looking for those profit to come to them ..the bank will make about 700k over 30 years with a 500k loans..than the seller of the house will make about 35 percent profit over the value of the house than on top of that the realtor gets a 2 to 7 percent commission on a minimum of 500k..everyone wants to make a profit off hard working families...all of them are as greedy and taking advantages os people who they knows wants a houses of their own
Wow I wouldn’t buy anything right now… NOWAY
I certainly was not interested in renting for any longer
@@WinTheHouseYouLove completely understand. I’m hoping you don’t live here by me in California? If mortgage is cheaper or the same as a rental then yes. Otherwise I would definitely stay on the sidelines for a good 6-12 months