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Would I buy a home after October 2024 by a First Responder Realtor · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: If somebody were to ask me as a first responder realtor what would be my advice about if somebody were to ask should I buy a house now or not?
• 0:09
  SPEAKER_00: What would I say?
• 0:10
  SPEAKER_00: I would say absolutely not.
• 0:11
  SPEAKER_00: Worst worst idea on the planet.
• 0:13
  SPEAKER_00: Actually, that's not not the case.
• 0:15
  SPEAKER_00: This is what I would say.
• 0:17
  SPEAKER_00: You need to explore what your reasoning is for purchasing real estate.
• 0:22
  SPEAKER_00: Why do you want to buy a house?
• 0:23
  SPEAKER_00: Do you want to get a footprint, start a family?
• 0:26
  SPEAKER_00: Are you tired of paying rent?
• 0:28
  SPEAKER_00: Is your rent increasingly is it being increased too frequently?
• 0:33
  SPEAKER_00: Are you not in some kind of rent-controlled area?
• 0:35
  SPEAKER_00: Are you needed to be closer and you figure, well, if you're going to be giving your money to a landlord, you might as well purchase something and have some of that interest be deductible and then also be able to build equity and those sorts of things.
• 0:48
  SPEAKER_00: Then really timing is important, but probably not the biggest part of that equation.
• 0:55
  SPEAKER_00: You just have to look at the real estate market.
• 0:57
  SPEAKER_00: Right now, everybody would say we're at a very high point in the real estate market, the highest prices have ever been.
• 1:04
  SPEAKER_00: And that's true.
• 1:05
  SPEAKER_00: But in history, there's always been that point when it's always been higher than prices has ever been.
• 1:10
  SPEAKER_00: It's always been all the way through history, from the beginning of real estate when the first cave was sold, I suppose, to now.
• 1:18
  SPEAKER_00: People have had that thought process.
• 1:21
  SPEAKER_00: So if you think that makes good sense, then the next thing would be to find out how much of a home you can buy, or should you buy.
• 1:31
  SPEAKER_00: And the reason why I say should you buy, you might be pre-qualified at a particular amount.
• 1:36
  SPEAKER_00: And let's say that amount has your payments at a particular place.
• 1:39
  SPEAKER_00: Just because the lender says that's what you're qualified for doesn't necessarily mean you should be spending that much money on a residence.
• 1:50
  SPEAKER_00: Back away from it and look at those numbers and then sit and be quiet with yourself.
• 1:56
  SPEAKER_00: Sit in that quiet place, or maybe around somebody that you know and love that's going to be part of this process or somebody you trust, and pose that question.
• 2:05
  SPEAKER_00: What does$4,700 a month look like for a mortgage payment?
• 2:10
  SPEAKER_00: Plus the other things that maybe weren't included when you were a renter.
• 2:15
  SPEAKER_00: Maybe there's a homeowner's association.
• 2:18
  SPEAKER_00: Maybe there's an extra Melaruz tax.
• 2:20
  SPEAKER_00: Typically on a rental, as you know, or maybe you don't, usually you just have that one payment plus maybe utilities.
• 2:27
  SPEAKER_00: And in some rentals, they include utilities.
• 2:29
  SPEAKER_00: But when you buy a house, you have to pay all this other stuff.
• 2:32
  SPEAKER_00: You have the house, the mortgage payment.
• 2:35
  SPEAKER_00: You also have potentially a homeowner's association fee.
• 2:38
  SPEAKER_00: You could have a Melaruz tax fee.
• 2:41
  SPEAKER_00: And then, of course, you're going to want to keep it up from the outside.
• 2:45
  SPEAKER_00: So maybe gardening, landscape, if it has a pool, maybe swimming pool maintenance.
• 2:49
  SPEAKER_00: And of course, all those things you can take on your own and learn about it, get that pride of ownership, feel good about owning a house.
• 2:55
  SPEAKER_00: But these are things I would think about.
• 2:56
  SPEAKER_00: And then if that number works, great.
• 2:58
  SPEAKER_00: And if that number is too high, then go back and find out what those different payments amount would be at different borrowing amounts.
• 3:08
  SPEAKER_00: And then they'll be able to give you that information.
• 3:10
  SPEAKER_00: Then look into the areas.
• 3:12
  SPEAKER_00: There's different areas, do some exploring, but find that local agent that's going to be able to give you the best information possible related to answering that question.
• 3:22
  SPEAKER_00: It really is person dependent.
• 3:24
  SPEAKER_00: The last real estate cycle that fell, it was going up hand over fist.
• 3:29
  SPEAKER_00: Everybody thought it was going to continue forever.
• 3:32
  SPEAKER_00: So now here we are at another cycle.
• 3:35
  SPEAKER_00: And it's not going up hand over fist.
• 3:37
  SPEAKER_00: There is a lot of stability in this real estate market.
• 3:39
  SPEAKER_00: That's also something that's relatively different.
• 3:42
  SPEAKER_00: Although our prices, at least now, or within the last several months, have been the highest they've ever been.
• 3:48
  SPEAKER_00: We are watching, as a real estate market, paying strict attention to the leveling of the market.
• 3:55
  SPEAKER_00: It is not, here we are closing out October 2024, date of the video, but we're not seeing listings completely start to go up in price month and month in the same neighborhoods for the same residences.
• 4:10
  SPEAKER_00: We're not seeing that at all.
• 4:11
  SPEAKER_00: In fact, we're watching is we're seeing a lot of price changes where sellers potentially are trying to catch the market at about 30 days in the future, whatever that value is.
• 4:22
  SPEAKER_00: They're pricing their property today at that value, and they're not getting any hits on it.
• 4:27
  SPEAKER_00: So maybe two, three weeks later, then they're reducing their listing price.
• 4:31
  SPEAKER_00: So as of even today, when I did my daily show at Santa Clito Openhouses.com, there was an excess when I ran the numbers today on the listings.
• 4:43
  SPEAKER_00: It was giving me information showing that these listings are not increasing that much month after month.
• 4:50
  SPEAKER_00: In fact, 70 price reductions as of this last week.
• 4:54
  SPEAKER_00: So these are properties that are overpriced and now need to come back.
• 4:59
  SPEAKER_00: I hope everybody has enjoyed this.
• 5:01
  SPEAKER_00: This is what I would say, or what I do say when somebody says, should I be buying a house?
• 5:07
  SPEAKER_00: And then some other considerations.
• 5:08
  SPEAKER_00: You know, what's what commute look like?
• 5:10
  SPEAKER_00: Are you working from home?
• 5:11
  SPEAKER_00: You know, have kids in your future, are schools important?
• 5:15
  SPEAKER_00: What's the proximity to things?
• 5:17
  SPEAKER_00: Uh freeway on ramps, off-ramps, gas stations, shopping mall, uh places to buy groceries.
• 5:24
  SPEAKER_00: These are little things.
• 5:25
  SPEAKER_00: And if you like, let's say you're a walker or you like to cycle, you know, to have an infrastructure built for that.
• 5:30
  SPEAKER_00: Maybe you have children with special needs.
• 5:33
  SPEAKER_00: Does it friendly in that regard?
• 5:36
  SPEAKER_00: And again, special needs can run the gamut.
• 5:39
  SPEAKER_00: If you have a child, and I was blessed to have clients, uh, fantastic people, they had a child that had uh a rare disorder that caused them to have issues with uh radio frequencies and different vibrations and areas.
• 5:55
  SPEAKER_00: So they brought this little meter with them, and every property we went into, they would measure the radio frequency and those levels and those residences.
• 6:04
  SPEAKER_00: And in a lot of cases, those levels were higher than their son's disease would allow for to keep him safe.
• 6:11
  SPEAKER_00: So we went around, and that was a very interesting thing.
• 6:14
  SPEAKER_00: But again, if that's something that you are concerned about, you need to find an agent that's going to push you into something, but's gonna try to help you find what you want.
• 6:26
  SPEAKER_00: Isn't that a miracle?
• 6:27
  SPEAKER_00: Anyway, I'm Connor with Honor.
• 6:29
  SPEAKER_00: I really do believe in my mission of saving the world one house sale, honest home sale at a time.
• 6:36
  SPEAKER_00: Be well, we'll talk to you soon.
• 6:38
  SPEAKER_00: Thank you for watching.