Eye Opening First Time Home Buyer Facts: Buy Now Or Wait - 2024

#mikepatelgroup #buyacondonow #waittobuy
Here is the summary of this first time home buyer video:
Current Market Challenges: The video discusses the challenges in the current housing market, highlighting the highest interest rates since 2000 (8%), rising inflation, and unprecedented high home prices. It poses the question of whether first-time buyers should purchase a house now or wait, considering the unpredictable economy and record low housing inventory.

Affordability Issues: The first group discussed is those who can't afford to buy a house. With the median home price in the USA at around $430,000, a household income of about $115,000 is needed, whereas the average household income is less than $80,000. The video addresses the difficulty in saving for a down payment due to high living costs and suggests strategies like setting savings goals, reducing expenses, and improving job prospects.

Wait-and-See Buyers: The second group consists of potential buyers waiting for better interest rates, anticipating a future drop. The video discusses the impact of interest rate changes on buying power and the importance of being prepared to act quickly if the market changes, including researching neighborhoods and staying in touch with lenders.

Ready and Willing Buyers: The third group includes those ready to buy despite high rates and prices, driven by personal needs such as family changes or relocations. The video highlights their willingness to face current market conditions, like high rents, and emphasizes the advantages of buying now, such as less competition, tax benefits, and building equity.

Market Predictions and Advice: The video provides insights into future market trends, including predictions of a slight increase in home prices and possible interest rate cuts. It advises viewers on the importance of financial readiness, paying off debts, and maintaining a good credit score to take advantage of potential market opportunities.

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Mike Patel is a Full-Time REALTOR® and Broker Associate at First Team Real Estate in Anaheim Hills, Ca.
With Years of Experience and Track record, Mike works with Buyers, Sellers and Investors in Residential, Income and Investment Real Estate.

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