Risking Everything For Homeownership

#housingmarketcrash #realestate #housingmarket

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[maximedorion]

I'm so glad I bought my property in 2016. The housing market was so much more stable in my location, it was even boring! Paid 285k with a 2.45 interest rate, property is now worth 450. My interest rate today is even lower, too! But ppl really need to stop giving in to FOMO and be smart with their purchase.

[fitzrealestate]

I tell my clients we need to look at their specific goals and situation. Since we can’t time the market all we can do is see what the best deal is when they want to buy.

[craigshannon]

I agree to a certain extent. Don't over pay, look for a deal. If none is available, then be a little patient. I can't tell you how many times I wanted something so bad that I rushed into it only to find what would have been a better deal later. However, if it is a fair deal you might want to jump on it because it could change and cost more the longer you wait. I remember in the '80s mortgage rates were pretty high, but after renting for a while and seeing the rents continuously go up, I told my wife that's it. I'm not paying for somebody else's loan anymore. So we went and got our house at 10 and a half percent. Now for most of you people out there, you are saying that's crazy. I can tell you there was some people back then who said that's crazy. But I can tell you now I am the one laughing all the way to the bank. Because that house increased in value three times, over 300%, and I still own that house and rent it out today for $1, 900 a month. I'm saying don't think that those rates are going to go down to two and 3% anytime in the future because they were way too low for way too long and people got spoiled with that. If you could afford it, don't listen to these fools who think that they know something about housing, go get your house. Even at 7%, I can show you how to bring that interest rate down to it and effective 2% to 3% and pay that house off in 7 years versus 30 years.

[zion]

This people is the reason why I’m still renting. I’m tired of renting

[GraphicSolutions]

I’ve learned people will never learn no matter how much you tell them. It’s literally the worst time to buy a home and people are still running out and purchasing. It’s ridiculous.

[marilynfrett-idqe]

Awesome information Orlando. Keep up the good work of opening people's eyes on what is really happening in our economy. Thanks.

[EagleyeDT]

Talk about insurance company pulling out of markets. Hurricane gulf/coast, Forest fire areas and tornadoes Alley. Making buying a house for living or rent expensive as hell

[Miles-wyzr]

We got our house last year at a 5.25% interest rate. I had put in 12 offers 5-15k above asking price for homes and none of them accepted. We felt like the walls were closing in fast due to interest rates going every month. I offered 15k below asking price and our offer got accepted surprisingly. We lucked out big time. That being said that house was still overpriced but we love it. I wish you all well on your journey looking for a house. Things are not looking good out there rn. No inventory and interest rates are still going up.

[mida]

The fact that I'm living with people and just about everyone is on the same boat as me helps numb the "negative" stigma of not having my own place. The cheapest home in my area is still $750k. I have no choice but to wait and dream. Good luck everybody else!

[raeblair]

I love Cook Unity! I have been eating their meals for almost a year. I stopped cooking. They are the best.

[pablo]

Good heart to heart talk. I feel the same way. It just doesn't make sense to be so obsessive to buy an overpriced house now. Especially that mortgage payments are basically double from what they were 2 years ago. Not to mention that when you buy, the property tax man will want more money since the home will be reassessed to a much higher value. Only the principal and rate are fixed, not he expenses like upkeep, taxes and insurance.

[trylottie]

They laid off 7 people at my job in Accounts Payable. Got a new platform/portal so eliminated their jobs. Also let me mention our corporate off in Brazil also took some of the responsibility. It was a surprise to those people.

[patrickhawkins]

Great video!!! Love the McDonalds analogy!! Lol sooo funny… keep it up Orlando… hopefully people will get it!!!

[tese]

I see my boi orlando got some sponsorship !!! Congrats my boi!!!

[ritad]

Some people are allowing their agent to convince them by telling them as long as the interest rate is stable, they can always refinance. Then again, some people are just dumb.

[sharlettbryant]

I had a closing date, the HOA was shady and the deal fell through! I gave up my apartment and now I'm living with my parents and have been looking all over again. It's brutal out here! And by the way the condo I was supposed to close on sold for $174thousand....way over what it was worth!

[elviramiyahira]

Hi Orlando, when giving content of the housing market, which cities or states are you referring to?

[waxabi]

I feel this all varies to someone’s specific situation. Yea don’t buy if it doesn’t make sense for you but if you can comfortably pay it and build equity in a great area for the long term, otherwise don’t go out and spend your life earnings just to get a home with a very high mortgage payment that exceeds your 25% gross income cause it might bite you in the bottoms. Like I said it depends everybody’s situation is different

[ryukirito]

I’m so happy I don’t have student loans lol

[Heyuher]

Orlando, could you do a video about what stuff to use a credit union for and what stuff to use a bank for? I know I should keep my bank account if I get a credit union account, but I'm not sure best practices with using these accounts. Thanks!