Do NOT Buy a Home in 2024
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- เผยแพร่เมื่อ 30 ก.ย. 2024
- Do NOT Buy a Home in 2024
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Thanks again for letting me come on your platform. It was blast as always!
I always appreciate you, my friend. Thank you for your time.
Why is my mind in the gutter with your comment, Orlando? 😂😂😂 … But, seriously, you’re both great!!!
It is so nice having him always come with fresh perspective and great personality
Great Collaboration guys, Orlando, Travis, just don't laugh at me when I need to use you and I got 2025 BMW on my credit!😂😂😂😂
Loved this conversation, thank you!! It's hard not to FOMO into a house right now, but I'm going to wait!!
Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 2.1BTC to a decent 15B TC in the space of a few weeks... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
Productivity is never accidental; it is always the result of careful planning, dedication, and consistency.
My job is already been letting people go in 2nd shift and currently talking about cutting hours, their is definitely a crash coming
With the unemployment crisis coming, you might not be able to get another job BEFORE you are so far behind. Some people are putting in hundreds of resumes and not one call/email for an interview. Caution is needed.😒
@kathleenepugh9495 Well, it depends. I'm feeling blessed in my current situation myself, but i pray for those who have lost their jobs and are able to make it thru this storm we are bernly getting in.
@@Thegeekwhotookurgirl
I agree! 👍
Orlando made FACTS, I still see so many people buying homes right now and I know that they are getting SCREWED! Educating yourselfs is important. Thank you both to helping spread this important info.
There not getting screwed, the people om the sideline is. How long have they been preaching crash?
Orlando and his hellcat refences always get me 😂
I like Orlando, but these collaborations are useless. Next time you have him in the platform, you guys better present some data because it's getting boring to hear the same thing over and over again.
Finally, someone says truth, "DON'T BUY."
Don't buy! rent! prices went up too fast it wasn't fair! the prices have to crash so the people who bought lose there homes, so we can get them! its only a matter of time... plus lots of youtubers are making crash videos...they all cant be wrong... can they?
@@CreditCrusader LOL
Clear Tax Value guy made a video a couple of days ago
Idk, he showed clear facts that makes it clear that there is an affordability crisis and a potential for a slight correction but there is no way there will be a crash, based on a national average.
Clearly you guys aren't making enough crash videos. How on earth are we going to get pre pandemic prices?! more crash videos... its the only way! we are almost half though 2025 and prices are going up in some areas. this is all your fault!
Excellent pairing.
I’m moving my family to a more friendly state. I have all the boxes checked, zero debt, great credit, savings, not as much as I want of course and a paid off property to put on the market. If any of these were not in line I wouldn’t do it. I’m still being very very picky looking for the best deal. Thanks for all the info that you provide I take it all in and I am using it to make an educated decision.
ORLANDO!!! Love that guy. So cool that both the you are working together in the same video because I watch you separately all the time
There are still people buying. I have healthcare colleagues(nurses and doctors )who have purchased in this market. There are cash buyers and high income earners who are still in this market. I guess everyone has to do whats best for them. No one knows what direction housing is going in!
Yes I could buy now but I think I want to make more money at my job, pay off small debt, save up for a 6 month of salary emergency fund, and save up a larger down payment, before I buy. I am also still getting to know which area I really want to buy in over the next 4 years.
Orlando and Travis are bonkers! Thanks 🙏 Guys!!
It's going to crash up (meaning inflation). We'll need to wait for wages to catch up with home prices. This happened in the 1980s. As did foreclosures, lots of them. Don't buy market price, look for foreclosures.
If you don't have a steady well paying job, I would advise against to buy a home right now.
Foreclosures will come at the end of the year, with layoffs and nobody buying, check then. And if the Fed raise rates again (possible), there's going to be a HUGE JACKPOT. And really, at this point you should be buying to RENT OUT. Multi unit, if possible - and make sure you rent the top floor out, so you can write roof repairs off as tenant unit depreciation. It'll give you tens of thousands back.
AND BUY REDFIN STOCK. Once the selling starts, profit goes up.
Plz crash. I don’t want to pay higher taxes
We are seeing that as we look, people trying to exit at much higher prices and offload their problem houses roofs/foundation/hvac, all the large dollar items.
I'm looking at buying in the next month in Cedar City Utah bc I'm hearing that the market here is still hot and still highly competitive but I'm just really feeling anxious about- worried I'm going to miss out but afraid I may regret decision and being stuck with a $2k a month mortgage - can't get clear info.
Wow, that's awesome that you guys will be working together!❤
Absolutely bonkers!
No job = mortgage payments are no longer paid. Lose house.
Really? My buddy & his wife both lost their jobs. Rented out their home about a week for about double the mortgage & moved in with family LOL.
Someone tell Orlando his laugh on his site is over the top annoying. His knowledge may be valuable but that laugh makes me feel ill.
A Crash in my opinion would be 75% Across the Board all Properties.
Budgeting equals peace of mind. No guilt when you spend as allocated to each category.
A crash is 50 % or more. Thats a crash. learn it
not 20 %. example 200k minus 20 %. that still 160. That is not no crash. 200k drop to 80k being 60 %. Now thats a crash. learn
Agree. 20% isn't even a correction rn
So if your 401k went down 20% in a day, you wouldnt consider that a Stock Market crash?
FYI - REOs up for auction are a joke. The starting bids are set WAYYY below what banks are actually willing to accept, I’m talking well below half of what you can actually expect to pay just to hopefully win the bid. Investors have no interest in REOs because they’re really not deals at all. Plus they’re sold as is, have mostly been neglected, are generally cash only and you can’t even walk through the houses to inspect. This market is bonkers 🤪
Clear Tax Value guy made a video a couple of days ago
Idk, he showed clear facts that makes it clear that there is an affordability crisis and a potential for a slight correction but there is no way there will be a crash, based on a national average.
Hi, $100k off is ONLY off the school tax...appraisal 150% increase raised school tax for me- and had to remove my child due to dangers and poor education...= need to get out of TX, ASAP
Where are you in Texas?
When I got laid off from my job at Hewlett Packard back in 2005 the career consultation company that they paid for to help us look for work and career coach us said that the future of work in the U.S.A was going to be contract work and not being an employee for a company. The primary reason so they wouldn't have to pay benefits to employees. And this was way back in 2005. So yes, I agree that 1099 contract work is the future with no benefits.
It's so true !!
My 2 favs on this crazy housing market 😊
Winning is not buying in 2024
I love my buy now, pay later Travis! BUT I use it sparingly. Don't judge me 😅
😮
For the algorithm.
Orlando is the real deal.
Buying home is expensive but renting house is also expensive, so you are on a lose lose situation. Who is winning in this game? Government!
no buying compared to renting. a win. learn. own you gain equity. resell later. rent nothing back. need education
90 days? house gone next day
Don't forget wall street is also winning big and even more so when they will buy up all our housing for cheap
Two groups that are winning this game. There is a large percentage of people who own their homes. Then you have another large group who have 2-4% mortgage loans. Their most important asset, the house is beating inflation, beating the rising cost of rent, while their equity is rising. Even if it falls a bit, they are still ahead, why, because there's a housing shortage. If you live where there are no major natural disasters then insurance is not even an issue. If you have owned for years, your property taxes are also not an issue. If you are in an established sought after city, and neighborhood, with no new builders close to you, it's sit tight and watch from the sidelines. Yes, many people will sell, life situations come up, but not enough to fill the housing shortage.
Many people don't fit the mold of the typical consumer.
This will not be another 2008. Remember there was several years where buying was way cheaper then renting. Will that window ever come back again? Who knows if we will ever see 2-3% again.
When we were getting those COVID checks, many saw it has an opportunity to pay bills, while others stopped paying rent, and went on shopping sprees. When inflation, and interest started climbing, many doubled down and paid more bills.
The gov. gave us pennies, the corporations and fraudsters got thousands, and then gave us high inflation. It was their policies that is devaluing our dollar, and hiding it all with lie, after lie. Now all of their lies are being exposed, and people are really suffering.
The most important thing people need to understand is that they don't care about us. They don't care if we are suffering or homeless. They want people to lose their jobs, to try to fix the mess that they created. Their 2% inflation goal has always been made up number. I bet they will change it to 3 or 4 percent, and say that's a healthy balanced economy. They don't care that the SS trust fund is running out either. We got to take care of ourselves, and our families, and be less dependent on the gov.
@@nicholasmcvety9644 It depends. If your interest + property tax + insurance + mortgage insurance costs more than what your rent would, why buy? Equity only means something if it exceeds what you can save/invest while renting. Homes arent really appreciating right now in this market and renting tends to be 50% cheaper.
It all depends on your market area
2008 was a crash
Shoutout to Orlando!!!
Congrats! On 100K subscribers
********🔥🔥🔥******* 30% savings on a house is not good enough. Remember in 2008 many places had 50% discounts... Sooooo 30% is not good enough to purchse that house... But I will say that Orlando speaks at a more common man terms.... Because even though Melody knows a lot about what she talks about she uses terms that the average person doesn't know and that's very disturbing when you're listening and you're trying to get educated on something
I’ve been working since early 2006 and faced a significant setback when I lost my job. Despite this, I managed to grow my investment portfolio to about 700k Unfortunately, recent market fluctuations have caused my portfolio to lose nearly 48% of its value, which has left me feeling panicked about the future. With my retirement approaching, I am looking to mitigate risks and create a steady growth path for my portfolio. Additionally, I am planning to buy a new home, Given these circumstances, I would appreciate any advice.
This best advice I can give people is to learn how to do general repairs and troubleshooting on your own. Yes owning a house is expensive but it doesn’t have to be. Most repairs I do on my own. I only bring in contractors when I don’t have the time, or it actually needs a specialist. Also about saving and making changes in your finances. It’s a slow grind. You just have to set small goals and have long term goals. Every penny adds up. One day I decided I no longer wanted to pay for haircuts, I cut back on my subscriptions, made double payments on my debt, stopped eating out as often. I went from owing 30k on credit cards, two personal loans totaling around 20k and several car notes to basically only having 8k on credit and down to one car note(the bike should be done before the year is out). It took multiple jobs and weekends for several years but I made it out. You can too. Now I’m 32 and on my second house. I bought the first one at 23 before I met y wife. It’s possible it just takes hard work.
The drops after the GFC were around 50% on average in the hardest hit sunbelt areas.
That is exacty what we need.
Hey bud I'm trying to get a home equity line of credit on my paid off property in los Angeles to build a new construction starting in 6-9 months with 5% interest from 80% of the value only for one year and of course it will fluctuate after one year it will cost me $250-$280 per square feet, right now I'm a renter living not far from that location.I'm a little bit worried about the recession which I sense from far away regarding significant decline in home values could cause lenders to reduce your line or freeze it - as I learned during the last Recession. I just would like to know if this is a solid deal,thanks.
NO CHRISTMAS FOR ME HIT THE OPT OUT BUTTON 🎉❤
I’m always curious when people talk about repairs but as a renter my entire life I have rented plenty of homes for years and nothing happened to the home and sometimes it did but it was minor issues they cost money but not a super large amount.
Murphy's Law means that once you actually buy a home, your roof, HVAC, and Water Heater last no more than 6 months after closing. :D
I'm a Realtor who sells little because I slow down the buyer to make the process logical, less emotional. How will you be affected if your wife is unemployed a year? What if the taxes double? What if the utilities double? If you want to sell, let's go look at actual properties like you want to downsize to and look at that home and its payments at 7%. Some of the folks in a mess now are those who purchased in past 10 years w/little down, high life $tyle, who now sees the market as Vegas and us ready to cash out.
You lost me at WELLS FARGO. . THEY ARE EVIL.... why sell out like that?
I believe the bottom is falling out, the only difference is now people are getting part time and gig work so the fall is just happening slower. That’s why we see debt and delinquency sky rocket. Instead of instant death it’s just a slow and more painful one that is just dragging on.
I agree everyone around me is seem to gone completely broke but I have lived completely below my means. Thanks to Travis's advice stack and live below your means.
Try 20k FOR ONLY TAXES for 1M house in Parkland, FL
The true numbers are not being reported correctly!!!!
Definitely the commercial properties are collapsing. Luckily I own my commercial building. Paid in full. Leased out beginning of this year for three years total. Tenant express possible purchase, but we’ll talk about that in three years.
Austin is in a complete disaster mode. One of the builders has cut the price by 25k on a 650k home. Earlier he was giving 25k as incentive. Buyers are recognizing these games being played by builders and their sales folk
Which builder?
Will you do Greenville South Carolina?
I’m buying this month actually got two kids now cant be in apartment until the market crashes not waitin around any more
I love when you guys do a TH-cam together! Great information! Thank you!
Great show Guys do more Congrats on Colab!!
Fabulous upload with both of you.
It's always good to see you both. You always have good information about the housing market.
Bad consumer behavior simply people spend more than they make
Houses in my target area in Pennsylvania are going under contract in a matter of days. Final sale prices are still 20,000 to 50,000 over list. Bidding wars have been going on for 3 yrs and show no signs of slowing down. Bonkers up here. Dreaming of moving to NE Harris County but SO won't leave PA. BONKERS
Isn't Pennsylvania still pretty cheap? Saw homes for under 200k.
@@wayward03 It depends on where the house is. There are a lot of small towns with limited services, under-performing schools, no police departments, insular people, etc. In a normal market, its a perfect example of you get what you pay for. Now, new construction in s town with good municipal services and schools in over $500,000. A resale in good condition, again in a desirable area, can be over $225 per sq ft. Shoeboxes with less than 900 sq ft and no basement or garage, and in some cases no off street parking, can hit $275,000.
PA is a different animal the market is still affordable in many areas it’s just everyone doesn’t want to live in the areas they can afford. PA I doubt will have the prices go down we shall see!
@@momof4121 Very true about affordable areas not being desirable to a lot of people. Time goes by quickly and it would be hard to imagine how it would feel to buy based on low price, only to realize you don't like the town at all.
This is awkward, I just closed on another property yesterday
Where?
@@fayejordan175 Vegas baby!
Government spending is why 😢 jobs are still high ?
unless you buy in a good affordable decent area of the USA. They do exist.
Awesome collaboration. Well done
great depression in 1920s. bread lines. You think that was just 20 % back then? 😅. That was a crash. people lose homes. cant even eat. bread lines all over
30s
20s were "roaring". 30s was depression.
It feels like we are an ATM to the cities or landlords!!
Keep at it guys, keep predicting the "crash" and at some point you'll be right... It'll probably after prices appreciate another 20-30% from current levels but when the market "crashes" 12% in 2028 you'll have called it, and you two boobs will no doubt be soiling yourselves in delight putting out dozens of "I told you so" posts. Just goes to show, those who can do, those who cant' produce content telling others they can't either.
Business slow bro?
@@realestatemindset you tell me homie, how's that shady mortgage business you used to run? You still pushing manual writings for borrowers fresh out of bankruptcy or have no business taking on a mortgage funny how short the memory is, kinda like your "crash" predictions, where are you on Year 3? Year 4 of your "crash" predictions.
No disrespect homie, I get the game, you make content people want and enjoy and you monetize from it... RESPECT, capitalism at it's finest, you've achieved literally the pinnacle of success relative to the millions of aspiring content creators, but that's it, your expertise and track record or correctly predicting the market is purely laughable, but you're not in the market of being right, you're in the market of giving your audience what they want to hear and affirming their negative view of the economy and personal finances (not that there aren't real problems like record income inequality and high housing prices), but come on brother, your content is basically the financial equivalent of The Onion, pure satire with no real expertise, but hey, I watch it, you're winning at the content game, kudos... Just don't try to sell me you actually have real market insight because your track record doesn't back it up.
Orlando has one of the best laughs I've ever heard.
Orlando I thought you lived in San Antonio
Does Orlando have more than 1 blue polo?😂
😂😂
Nope...lol
Buying more than 1 shirt is wasteful. He needs to keep his funds for a sweet RE deal.
A lot of condos are being offered for sale right now in so cal....I think people are trying to unload at the high...trouble brewing
Crap, I just bought one...
Every market is different. If you are planning on purchasing a house in this market, do some calculations and make sure you can comfortably afford the payments. If youre planning on staying in the same household for the entirety of the loan, housing price fluctuations shouldn't affect you.
Think I might buy a home.
@46:37 Orlando: "they are over bidding by 100 thousand dollars"
bro, there was a home back in 2019 that was on sale for 650k, and i put a bid for 700k and lost it to a 1 million dollar bid.
all i can do to console myself is by saying they will have high property tax and insurance payments. it was such a nice home, but 1 million! gah!
Why are you guys not talking about medical collections coming back? I planned on paying mine off a few years ago and it disappeared till last month. I assumed it disappeared due to the covid situation but they supposably didn't losen credit standards🤷♀️
HUH..HUH..HUH..!!! Love the laugh man ! But I'm sure there are others annoyed by it. LOL
The doom loop is coming , I agree with the professionals saying it’s going to be worse than the aftermath of 2008. I’m remembering back in the day when lawyers were counseling people to max everything out and just file bankruptcy to wipe it all out. Now the bankruptcy resolution is no longer there. Huge individual debt will be detrimental to many families in the near future. If you have bad credit, rates are 30% and higher. 😮😮😮
Here for the algorithm
Amazing ❤️❤️❤️
Nobody should buy a house unless you have a 20% DP. If you do.....buy
I have he 20% for the DP and I still won’t buy. I will continue to stack more money and I might buy the house cash when they crash…
Nope, you should never put 20%.
@Dorian_Gray83 if it doesn't crash, or interest rates drop, your 20% DP becomes less impactful. All those people with 5% or 10% DP's are just waiting to jump in.
@@Ostro1980it depends. I used my VA “zero” down payment to buy my 2nd property in San Diego last August 2022 for 685k with rate of 4.375. My house came with 2 ADU studio a granny’s flat and garage converted studio. Both ADUs are rented which pays my full monthly mortgage. The current value of the house is 895k. I’m already up over 30% and I already made over 80k on rental cash flow just on this property. Thank god I didn’t wait.
@@Ostro1980now if I buy my 3rd property. I can rent out the main house 3br and 2ba for 3500-4k and that’s my cash flow
Great to hear Orlando talking slower. LOL. Travis, nice 80s throwback t-shirt.
Orlando is one of my favorites to monitor the market cause his ass be funny and he just be telling the TRUTH.
Hell of a pair here!
Would be interested to see your analysis of the Ogden, UT market. Inventory is up 97% YoY and I'm trying to make sense of it as it doesn't seem like your traditional COVID market
If more and more people are losing their jobs, emptying their savings accounts. How is possible that they’d still be able to get into real estate when the interest rates come down?
Waiting on our pre-approval letter now should be next week looking in rural areas definitely seeing price cuts
That's hilarious Orlando - $20k in fast food credit card debt!!
I saw your headline and honestly I wouldn’t buy a house till 2030. It will take that long for this trough to reach its bottom.
Great to see you together 👍👍👍
making more money in last 2 years?😂😂😂😂😂😂. no orlando. not happening. just the poor rich people spend.
Brining together all the top TH-camrs. REM FTW
Hell Austin and Dallas are. At the bottom of the best. Cash flowing metros in Texas. Also Houston and San Antonio. Aren't even in the top ten of Texas.
wow great video things are nuts right now. people are lost. I have been up all day finding deal. nothing is out there.
Great platform fellas. Very informative. Appreciate the work.
If you buy a house today, 20 year from now will it be worth more that what it is now?
Great show guys. Appreciate how you both ended on a positive note.
I wouldn't even think of buying a home right now, but I've noticed more foreclosures on the market. Why do some people say don't buy a foreclosure because it's a long, hard process. I know it's a buy as is (that's what inspections are for), but what's so different to the process of a foreclosure? Do you have to pay cash for a foreclosure?
I know you aren’t asking me, but you don’t get to do any inspections before you buy it. At least when we looked at foreclosures awhile back, you didn’t get to even go inside. No photos, you can only look around the outside. So it’s like buying an expensive mystery box. 😁