You ever realize that the american real estate market is always an action market. When it’s a sellers market, someone is buying or refinancing because rates are down, when its buyers market someone is selling, even though rates are up and prices are down.
My point is the Market is always seeking some action from individuals, beucase the market makes money via action not via inaction.
So that’s why this video is for everyone, its for you as invidual and what you should be looking out for right now fi you are in the market to a buy home.
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First what Type of Market is this right now ( Buyers Market sort of )
Buyer Markets are usually caused by increase in interest rates
Lower demand and decrease in real estate prices because of those factors
Which give people the chance to buy at a lower price
However though
because of lack of inventory
because the market is flooded with a bunch of money
And because of inflation, home prices are not going down
So its like: a perfect storm, high rates, and steady demand because of lack of inventory thus, expensive
Location Matters ( not every single real estate Market is the Same )
And remember not to judge a market based only on price
But also based on Job Market, education and Safety ( all of these are important factors )
Here are Some examples: Austin Texas
So many new Builds and slowed down in demand, is set to cause potential double digit declines In home prices
But don’t let this fool you, because if the prices was inflated and the price goes back to normal, that’s not a discount
Its just normal
Advice:
Look up Best metro areas to buy homes right now
Use Zillow to check and see what makes the most sense in accordance to your budget
Link according to zillow: https://www.zillow.com/research/10-best-metros-first-time-home-buyers-31855/
Here is my advice.
I remember 3 years back you could find a home in Austin Texas for 200-300k
And now they are like 400-500k a lot of them ( and you cant even buy a condo for less than 200k almost
Never buy real estate based on economic factors you cant control, unless it to take advantage of disasters, instead buy based on your pocket
Advice: Buy a Property you Afford to Own as fast as possible
Use the 33% rule on a 15-year mortgage
Basically don’t spend more than 33% of your monthly income after taxes on a home, and make sure its set to 15 years
And only buy after you’re are debt free and have an emergency account
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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