The Best Time To Buy A House According To Dave Ramsey

Dave Ramsey said "Right Now Is The Best Time To Buy A House" as housing affordability is at the lowest level in history and interest rates are hitting 23 year highs. Following Dave Ramsey's advice might make you broke when it comes to homeownership especially in this housing market. In this video, we discuss why Dave Ramsey believe's right now is a great time to become a homeowner in addition to discussiing his principles on becoming a first time home buyer from The Dave Ramsey Show.

🎙- The Educated Home Buyer Podcast -

Dave Ramsey believes your ready to buy a home if:

1. You’re debt-free with a full emergency fund.
2. You have a good down payment.
3. You can afford monthly house payments and home maintenance.
4. You can pay your own closing costs.
5. You can cash flow moving expenses.
6. You plan on staying put for a while.
7. You have an expert real estate agent you can trust.

Dave Ramsey's 25% House Rule - To calculate how much house you can afford, use the 25% rule: Never spend more than 25% of your monthly take-home pay (after tax) on monthly mortgage payments.

Connect with me 👇
Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty

#housingmarket #housing #daveramsey

[highvibrational]

Dave Ramsey is not a genius! Every first-time homebuyer in the market for the last 2 years knows it's not the interest rate. It is the price of the home! They are inflated! You can always refinance the rate. You cannot refinance the price of the home!....lmao

[jasonbower]

Realtors are desperate all over at this point...Don't buy folks. Sorry Jeb

[rcarloz]

For those folks living in places like CA.

The number of people in California that can afford a median priced home currently stands at only 16%. Back 10 years ago 56% of people in California could afford the median priced home. One of two things has to happen going forward, either the income of people living in California has to increase (inflationary) or the price of homes needs to come down (correction/crash?). What do you think is more likely?

Be very careful about buying a home right now. If you get qualified for a loan make sure you are not stretching yourself. Take under consideration maintenance, increases in insurance premiums and employment. Right now the FED is trying to cause a resesion and many more people could lose their jobs. Be aware of predatory lending as well. Some loans are asking for 1% down!!!!

[aminahilton]

If you bought a 400k house right now with a payment of 3k, taxes and insurance go up the next year ( like they always do! ) your escrow becomes short and your payments skyrocket to 4k! The cherry on top is that house prices go down and you’re still on the hook for 400k, with no equity to refinance if and when interest rates go down! The icing on the cake is no one will pay what you paid for it if you needed to sell it, because of job loss, or any other major event! Lose lose situation for the average family if you ask me!

[jayc]

Best time to buy is when prices and rates are at the highest. Buy high sell low

[patchworxbrewing]

I moved into my new home 1.5 years ago, I put 37% down on it. It's my only bill outside of living cost. I bring home about 7500 a month and my mortgage including taxes and insurance is 2300, I remember I almost backed away from the house when I seen that payment 😂 yet here in Colorado that's cheaper than a two bedroom apartment. Needless to say things are relative you need to get into situations where you need to look at things realistically. I remember my realtor and her loan officers telling me I could comfortably afford a 3600 dollar a month payment. Luckily I'm grown enough and I know what I can afford. Housing is extremely important but so is investing for retirement and having money to go out for dinner or some beers.

[ChristopherWard-fsru]

Forget the overpriced home and elevated interest rate it is time to buy, come on get with the program people.

[orvillebryan]

We are going to buy a house but we waiting to see because this market is crazy. We don’t want to buy we don’t want and regret it .

[zeekflash]

Yeah, go buy a house that you can accord & hope that rates go back down .. but what if rates stay at 7-8 % for 2-3 yrs and u lose your job & have to, let your house go .. cuz u can’t afford it .. great advice Ramsey

[lukem]

Small down payment is still losing money. That is the same BS that realtors are spinning in my local market.. always change your interest rates. You can change a lot of things, but what you can’t change is once you sign on the price of the home. Prices need to come down for 1 million reasons and I don’t need to go up for practically any reason.

[TheRealTommyBear]

because prices keep going up and wages are still crap. lol

[Seanpfree]

We're seeing the end of first time home buying. As a 34 yr old native Tennesseean no one I know can afford the $3800 per month unless both people are making 6 figures a year.

[LandaverdeJR]

Dave Ramsey presumes you have complete following:
- debt free - no 💳
- 6 months emergency fund
- saved 20% down payment
- mortgage payment <= 25% take home pay
- 15yr mortgage only
But in California that look 👀 like a $400, 000 income.

[georgejohns]

Just wasted 9 min/40 sec. Ugh! Why go into debt when you essentially have no or little debt? Just another realtor trying to push people into debt by paying the highest rate for the mortgage and the price of the home. It’s as simple as when you know that there will be a sale coming-up and one says to themself “No, I have no debt. Let me foolishly pay full cost before the sale comes”. Absolutely There should be rules/regulations in place to stop the sharing of inadequate information.

[adollylawson]

Those who have the money to buy don’t need someone to tell them to do so…if u found yourself thinking “should I or shouldn’t I please don’t buy”….you can’t buy a home where 80% of your mortgage goes to interest and less than 20% goes to your principal….work on your down payment for now..goal 40-50% and don’t make anyone make you buy now

[nisslerc]

No one can afford these home prices at these interest rates, except people with significant home equity, and why would they want to throw away tons of their money on interest payments. Why would anyone think buying right now makes sense.

[keithredsox]

25% of take home pay is correct. Get a 30 and pay it like a 15. The problems most people don’t see is retirement, when you have a payment that’s 35-45% of take home pay you won’t have enough money to retire.. save to buy cars in cash.. upgrades to the house in cash.. that’s why so many people are in so much credit card debt because they buy to much home.

[micperez]

Its the inflated home prices that piss me off more than the interest rates

[lukem]

Renting is way more affordable than buying right now. Fact interest rates will come down when we are in an economic turmoil or recession back.

[economicdevelopmentplannin]

Don't be homeless - buy what you NEED - everyone NEEDS housing. The question is where: The ratio of high income jobs to the cost of a bedroom bathroom suite is HIGHEST in the DC metro area. Do a search for a quarter acre, within 16 miles of the White House, 4 bedroom 3 bathroom, with 5+ great schools score.
Buy whatever you see renovated at the lowest costs. Don't even think about it.