The Expert Podcast

So it was now the time to get a piece of real estate. For many years. Buying a primary residence has been fraught with peril prices have been high bidding wars interest rates, but now according to some experts, The housing market may be in a recession and buyers might have what's called a small window. To get a good deal. And that deal may not only have to do with price. It may have to do with other terms of the purchase for example. In 2021. The prices of real estate were actually less than they are now for the same house. So why is it better to buy a house now Well the reason is because for that same price, You now have multiple options to buy a house in 2021 or 2020, you basically have to take whatever you could get. And many buyers. Purchased the repeats of real estate. That wasn't their dream home It wasn't their first choice. They bought a house just because it was available and they needed a place to live, or they want it to be an owner not a renter. So if you only have one. or two houses available and there's bidding wars you have to take whatever's available at that time in that window. Of opportunity Now you can sit back and maybe look at multiple properties. There's a lot more inventory available Number two is this is probably even more important. You now have the ability to have contingencies. On your contract meaning that you can have a mortgage contingency you don't have to pay cash or waive your mortgage contingency. You can also do inspections on a property. Look there's a lot of…surveys coming out where buyers have. real estate in the last. Let's say year and a half two years or having buyers remorse because they found out there's problems with their house or they don't like it as much as they thought because they didn't have time to think about it. See how it matched their family Usually when you buy a house you might have days or weeks to kind of think about that house Look at the yard look at the neighborhood. look at the condition and pick something out that matches exactly what you want. Buying a house and not like buying a shirt. At the store where if you don't like it just buy another one or, you know, not wear it as much a house. is something you live in for many many years maybe 10, 15, 20 years. So if it's something you don't love, you're going to have a problem because you have to deal with it every day. And that's something you can replace easily. This current market with more inventory might be a great opportunity. To look around and find exactly what you want The floor plan the neighborhood the yard. The view whatever it is that you're looking for. And be able to…perform due diligence on that property. Having an inspection have an appraisal…Look at. Comparison properties Even if you don't buy another house you can compare it to other houses…The price is still going to be relatively high prices are not going to crash down below what they were in 2020 or 21 or maybe 19. They're going to stay in that same level They may not jump up as much and maybe. The high end of the day. Market Mike kind of back off a little bit, but the price is not going to go down too much in the interest rate is higher too but don't worry about the interest rate because interest rate is something that can change. If the rates go down in the next 2, 3, 5, 6 years, you can refinance. If the rates go up your rate won't go up because you're already locked into a fixed rate. So…the interest rate. Is not as much of an issue is the price because the price is something that you'd live with forever and the house is something you live with forever. In fact the house is probably more important than the price. Because you can make more money you can change your budget. But you can't change the house unless you rebuild it. So according to this article and many other examples, there may be an opportunity in the housing market…To buy a house. Where in the future rates might go up more which they probably will this slight pause in the price. Appreciation of houses might also change right now Prices are kind of stagnant They're not going up. Some people are reducing prices. but that might change to. The next you know year or two the prices might start to climb again. As people get used to this new market. So some experts are saying this might be an opportunity to get into the market buy a house. And get something that you love because you can look at other options besides just the one take it or leave it house that people have to do for a long.