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You Are Buying A Home Not A Rate · Military Real Estate Rookie Show

• 0:00
  SPEAKER_00: Hello everyone.
• 0:02
  SPEAKER_00: Welcome to the Military Real Estate Ricky Show.
• 0:05
  SPEAKER_00: I'm Rina.
• 0:06
  SPEAKER_00: The show is designed to help first-time homebuyers, military members, and everyday people understand the world of real estate.
• 0:15
  SPEAKER_00: I'm your host, Rena, and whether you're preparing for your first home, purchase, getting ready to sell, relocating because of military orders, or simply trying to find or understand what's happening in today's market, this podcast is for you.
• 0:30
  SPEAKER_00: It's here to break down all the information you need and that makes sense.
• 0:34
  SPEAKER_00: Real estate can be overwhelming.
• 0:36
  SPEAKER_00: You hear headlines saying one thing, you hear your friends saying another.
• 0:40
  SPEAKER_00: One person says, buy now before prices go up, and another say, wait until the interest rate drop.
• 0:46
  SPEAKER_00: So who do you listen to?
• 0:48
  SPEAKER_00: The truth is real estate decisions are personable.
• 0:51
  SPEAKER_00: There is no one size fits all.
• 0:53
  SPEAKER_00: On today's episode, we are talking about one of the biggest questions I hear from buyers.
• 0:58
  SPEAKER_00: Should I buy a home in today's market?
• 1:00
  SPEAKER_00: We're going to talk about mortgage rates and inventory competition.
• 1:03
  SPEAKER_00: So grab your coffee, settle in, and let's talk about real estate.
• 1:08
  SPEAKER_00: Okay, so one of the biggest challenges buyers and sellers face today is information overload.
• 1:14
  SPEAKER_00: Every day we see headlines about housing market, we hear about interest rates, etc.
• 1:20
  SPEAKER_00: The real estate market is not one single market.
• 1:22
  SPEAKER_00: The market in California may differ from Georgia.
• 1:25
  SPEAKER_00: The market in Atlanta may differ from Savannah.
• 1:28
  SPEAKER_00: The market from Alaska may be different from Hawaii.
• 1:32
  SPEAKER_00: Real estate is local.
• 1:33
  SPEAKER_00: Here in Georgia, especially in an area connected to military communities, we see continued growth, relocating local movements for housing opportunities.
• 1:42
  SPEAKER_00: Do you rent?
• 1:43
  SPEAKER_00: Do you buy?
• 1:44
  SPEAKER_00: Do you sell?
• 1:45
  SPEAKER_00: Do you keep it as a rental?
• 1:46
  SPEAKER_00: This is why education matters.
• 1:49
  SPEAKER_00: My goal, military real estate rookies, is not to tell you what decisions to make.
• 1:53
  SPEAKER_00: My goal is to give you information you need so you can make a confident decision.
• 1:58
  SPEAKER_00: Because the biggest mistake I see people making in real estate is based on fear.
• 2:03
  SPEAKER_00: Fear says, what if I can't buy it?
• 2:05
  SPEAKER_00: What if the prices drop?
• 2:07
  SPEAKER_00: What if I can break my rates go lower?
• 2:10
  SPEAKER_00: What if I wait too long?
• 2:11
  SPEAKER_00: Those are valid questions.
• 2:13
  SPEAKER_00: But the better question is, does this decision make sense for my personal situation?
• 2:18
  SPEAKER_00: Because the best time to buy a home is not necessarily when interest rates are lowest.
• 2:23
  SPEAKER_00: The best time is to buy when you are financially prepared.
• 2:26
  SPEAKER_00: You understand the market.
• 2:27
  SPEAKER_00: Your home fits your goals.
• 2:29
  SPEAKER_00: A home is not just an interest rate person of a property.
• 2:33
  SPEAKER_00: A home is a place to live and a financial asset and to enjoy while building wealth.
• 2:38
  SPEAKER_00: You know?
• 2:39
  SPEAKER_00: So let's talk about the questions that come up more than anyone else that I've heard than almost any other.
• 2:45
  SPEAKER_00: Rena, should I wait until interest rates come down before I buy?
• 2:49
  SPEAKER_00: This is one of the biggest decisions buyers are wrestling with right now.
• 2:54
  SPEAKER_00: And I understand why.
• 2:56
  SPEAKER_00: A mortgage is usually the largest financial commitment most people will ever make when you see higher interest rates, and it can feel overwhelming.
• 3:04
  SPEAKER_00: But there's something important to understand.
• 3:06
  SPEAKER_00: You are not buying interest rate.
• 3:08
  SPEAKER_00: You're buying a home.
• 3:09
  SPEAKER_00: Your interest rate is one of the most important things of buying a home, but it's not the entire equation.
• 3:15
  SPEAKER_00: When people focus on only interest rates, they sometimes overlook other important factors.
• 3:21
  SPEAKER_00: What is happening with the home prices?
• 3:23
  SPEAKER_00: How much competition will you face?
• 3:25
  SPEAKER_00: How much inventory is available?
• 3:27
  SPEAKER_00: What opportunity is this right now?
• 3:29
  SPEAKER_00: Let's imagine two different scenarios.
• 3:32
  SPEAKER_00: Scenario one, a buyer waits because they believe the rates will drop.
• 3:36
  SPEAKER_00: A year later, the rates go down, but thousands of buyers are waiting to enter the market.
• 3:42
  SPEAKER_00: More buyers create more competition.
• 3:44
  SPEAKER_00: More competition can lead to multiple offers, higher prices, and less negotiation power.
• 3:50
  SPEAKER_00: Scenario two, a buyer purchase a home when the market has less competition, they negotiate at a better price, and they find the right home.
• 3:59
  SPEAKER_00: And later, if rights and if rates improve, they explore refinancing options.
• 4:04
  SPEAKER_00: Now I want to be very clear.
• 4:06
  SPEAKER_00: I'm not saying everyone should rush out and buy a home today.
• 4:10
  SPEAKER_00: That is not the responsible advice.
• 4:12
  SPEAKER_00: But I buying a home requires preparations, and you need to understand your home, your income, your expenses, your credit, your savings, your future plans, your goals.
• 4:23
  SPEAKER_00: But I do want buyers to understand that waiting has a cost too.
• 4:28
  SPEAKER_00: The cost of waiting can include continue rent payments, rising home prices, loss of opportunity, missing out on building equity.
• 4:36
  SPEAKER_00: That right, the right question is not when will the rates be perfect.
• 4:41
  SPEAKER_00: The better question is does buying make sense for me based on where I am today?
• 4:47
  SPEAKER_00: You know, so if you're a first-time home buyer, listen today.
• 4:51
  SPEAKER_00: I want to talk directly to you.
• 4:54
  SPEAKER_00: Buying your first home can feel intimidated.
• 4:56
  SPEAKER_00: Many people think they need a perfect credit score, a huge down payment, and to understand every real estate term before they start.
• 5:05
  SPEAKER_00: But the truth is, the first step is education.
• 5:08
  SPEAKER_00: Start with understanding your numbers before you walk into any open house, before you scroll on Zero or any of those platforms.
• 5:17
  SPEAKER_00: What payments am I comfortable with?
• 5:19
  SPEAKER_00: Not just what payment will the bank approve.
• 5:22
  SPEAKER_00: Those are two different questions.
• 5:24
  SPEAKER_00: And Linda may tell you that you qualify for a certain amount, but your lifestyle matters.
• 5:29
  SPEAKER_00: Do you want room for travel, emergencies, you know, retirement, family expenses, future goals?
• 5:35
  SPEAKER_00: Your home should support your life, not make your life revolve around your mortgage.
• 5:40
  SPEAKER_00: For my military listeners, this is very important.
• 5:43
  SPEAKER_00: A PCS move creates unique decisions.
• 5:46
  SPEAKER_00: You may be asking yourself, should I buy a new at a new duty station?
• 5:51
  SPEAKER_00: Should I rent it out?
• 5:52
  SPEAKER_00: Should I keep my current home?
• 5:54
  SPEAKER_00: Should I use my VA loan benefits?
• 5:56
  SPEAKER_00: These are some not so simple decisions and they deserve careful planning.
• 6:01
  SPEAKER_00: The VA loan is an incredible benefit, but understanding how to use this is strategic is important.
• 6:08
  SPEAKER_00: A home purchase should not only solve today's housing needs, it should fit into a bigger financial picture.
• 6:16
  SPEAKER_00: Now let's switch gears.
• 6:17
  SPEAKER_00: Let's talk about the sellers.
• 6:19
  SPEAKER_00: Many homeowners are asking, is now a good time to sell?
• 6:24
  SPEAKER_00: The answer depends on the situation.
• 6:26
  SPEAKER_00: But one thing matters: buyers today are educated.
• 6:30
  SPEAKER_00: They have more information than ever before.
• 6:34
  SPEAKER_00: They are looking, comparable weights, neighborhood trends, days on a market, condition of home, prices, all the things.
• 6:42
  SPEAKER_00: These days are putting any price on a property, especially, especially buyers to compete, are not the same in many markets.
• 6:50
  SPEAKER_00: Pricing strategy matters.
• 6:53
  SPEAKER_00: One of the biggest mistakes sellers make is overpricing their homes because they remember what their neighbor sold for because they wanted to test the market.
• 7:02
  SPEAKER_00: The problem is the first few weeks on the market are often the most important.
• 7:07
  SPEAKER_00: If a buyer sees your home sitting there too long, they may wonder what's wrong with that?
• 7:12
  SPEAKER_00: That property.
• 7:13
  SPEAKER_00: Sometimes the best strategy is not starting high and chasing down market down.
• 7:18
  SPEAKER_00: Sometimes the best strategy is creating excitement from day one.
• 7:22
  SPEAKER_00: Preparation matter too.
• 7:24
  SPEAKER_00: Small improvements can make a big difference.
• 7:27
  SPEAKER_00: Fresh paint, declutter, better lighting, curb appeal, professional photography.
• 7:32
  SPEAKER_00: Selling a home is not just putting a sign in the yard, it's creating a market strategy.
• 7:39
  SPEAKER_00: So let's switch gears again.
• 7:42
  SPEAKER_00: I want to talk about the myths and the reality of real estate.
• 7:46
  SPEAKER_00: Because sometimes the hardest part of making a real estate decision is separating facts from fear.
• 7:53
  SPEAKER_00: Myth number one, I have to wait until interest rates go down before I buy.
• 7:59
  SPEAKER_00: And reality is, interest rates are important, but there are only one part of the decision.
• 8:05
  SPEAKER_00: Your personal situation matters more.
• 8:08
  SPEAKER_00: Your income, your goal, your timeline, and your financial preparation should guide your decision.
• 8:14
  SPEAKER_00: Myth number two, I need 20% to buy a home.
• 8:18
  SPEAKER_00: Reality is, many buyers purchase home with less than 20%.
• 8:22
  SPEAKER_00: There are different loan programs and strategies available depending on your situation.
• 8:27
  SPEAKER_00: For military families, VA loan benefits can be powerful to when used correctly.
• 8:32
  SPEAKER_00: The important thing is not comparing yourself to someone else's purchase.
• 8:37
  SPEAKER_00: Your journey is your journey.
• 8:39
  SPEAKER_00: Myth number three, the market is either good or the market is bad.
• 8:43
  SPEAKER_00: Reality is real estate is more complicated than that.
• 8:47
  SPEAKER_00: A market can be challenging for buyers but favorable for sellers.
• 8:52
  SPEAKER_00: A market can have opportunities when headlines should be negative.
• 8:56
  SPEAKER_00: You know, the key is understanding what is happening in your particular area.
• 9:00
  SPEAKER_00: And now, the question of the week, uh one of my listeners asked me, Rena, if I'm thinking about buying a home in the next year, what should I do?
• 9:12
  SPEAKER_00: What should I be doing right now?
• 9:14
  SPEAKER_00: That's a great question.
• 9:16
  SPEAKER_00: Well, if you're planning to buy a home within the next six to 12 months, here are some three things you can do today.
• 9:23
  SPEAKER_00: Number one, check your credit.
• 9:25
  SPEAKER_00: Your credit score can impact your financing options.
• 9:29
  SPEAKER_00: Review your credit score, look for errors, pay attention to your payment history and debt level.
• 9:35
  SPEAKER_00: And number two, talk with a trusted lender.
• 9:38
  SPEAKER_00: Do not wait until they find a perfect home.
• 9:41
  SPEAKER_00: Instead, your buyer power ahead of time puts you in a stronger position.
• 9:46
  SPEAKER_00: Understanding your buyer power ahead of time makes you strong.
• 9:50
  SPEAKER_00: You want to know what payments fit your budget, what loans programs are available, what costs should you expect.
• 9:57
  SPEAKER_00: Number three, start learning your market.
• 9:59
  SPEAKER_00: Pay attention to the neighborhoods you like, home prices, property taxes, and insurance costs, commute times, future growth, any of your goals, the more educated you become before you buy, the more confident your decision will be.
• 10:15
  SPEAKER_00: Now, as I close today, I want you to remember this.
• 10:19
  SPEAKER_00: Real estate is not about making the perfect decision.
• 10:22
  SPEAKER_00: It's about making an informed decision.
• 10:26
  SPEAKER_00: There is always going to be uncertainty.
• 10:28
  SPEAKER_00: There's always going to be headlines.
• 10:30
  SPEAKER_00: There will always be someone calling you and telling you why you should or should not make a move.
• 10:35
  SPEAKER_00: But when you have the right information and right profession around you, you can make a difference and a decision with confidence.
• 10:43
  SPEAKER_00: Whether you're buying your first home, selling a property, relocating because military orders, or just trying to understand the market, education is your greatest advantage.
• 10:53
  SPEAKER_00: This is why I created Military Real Estate Ricky.
• 10:56
  SPEAKER_00: My mission is to help people find, prepare, more informed, and more confident.
• 11:02
  SPEAKER_00: Now, before you go, I have a few quick requests.
• 11:06
  SPEAKER_00: If you enjoyed today's episode, the best way you can support me and my show is first subscribe to the podcast so you'll never miss an episode.
• 11:14
  SPEAKER_00: Second, leave a review and share the episode with someone who could benefit.
• 11:18
  SPEAKER_00: Third, follow me on Instagram at Rena Baron Real Estate.
• 11:22
  SPEAKER_00: And that's where I share all my real estate tips, my market updates, all behind the scenes, the sellers and families and military.
• 11:28
  SPEAKER_00: And if you have questions, topics, send it to Rena Barron Real Estate, arena baron real estate at gmail.com.
• 11:35
  SPEAKER_00: And you can become a supporter of the show through donations.
• 11:39
  SPEAKER_00: Check out my website and also every every share share review referrals.
• 11:44
  SPEAKER_00: Thank you for spending the time.
• 11:46
  SPEAKER_00: I'm Rennie Barron, and this has been Military Real Estate Rookie.
• 11:50
  SPEAKER_00: And remember, real estate is a journey.
• 11:53
  SPEAKER_00: Education is your advantage.
• 11:55
  SPEAKER_00: And I'll see you on the next episode of Military Real Estate Rookie.
• 12:00
  SPEAKER_00: Goodbye.