We close on 4/29 . We got a awesome rate 3.125% and the bank basically paid us to buy the house. It's been unbelievable. Couldn't be happier with the timing
We started our home buying process before covid took over and we are due to close by the end of the month. A little nerve wracking not going to lie but we plan on living there for 10+ years at least. We are in our early twenties & this will be a great starter home. I appreciate your videos, thanks to your content I was able to prepare to buy a home.
I'm a family 👪 of 5 and I'm in contract with a new build in casa grande 🙌 wish me luck! My job is secure 🙌 Credit is 👍 good 👍 and my lease is gonna be up! I work at Frito Lay! Wish me luck 🙏
We built our dream home over 3 years ago and then we had to make some financial changes and it was too much house for us. We just sold a month ago without using a realtor for a great price (we got lucky selling to a neighbor’s sibling). We were set to close on our new house and my husband’s job laid him off due to COVID19, 3 weeks before closing. We are in a month to month apartment now as my husband looks for a new job and we figure out if we should buy once he does, or wait it out for a year to see where the market is at. Great video.
Still plan on buying first home this summer (slight fixer upper with future rental potential) 1. Apt lease ends in August (Dallas,TX 1 bed rent=$1300) 2. Worked on increasing credit & savings over the past 2 years 3.Have secure jobs in healthcare & food distribution. We are not looking for a 'forever home' so we're buying WAY below what we can afford with mortage ~$1000
Good advice with honesty always sounds bad for some people... yes interest rates are low, yes your purchase could be overvalued (DO your homework and FIND a good deal) and YES nobody knows what will happen with the real state market! he's no fortune teller! common sense people! thank you Javier!
In my area new home construction have started to reduce the prices on new homes and they are offering up to 10,000 in closing costs and some lenders are allowing you to have a 620 credit score
Not was I was expecting to hear from a real estate agent. I’m pleasantly surprised Javier. Thanks for the practical advice. Our lease ends in November. We will see where the market is at that point.
I’m in the San Francisco Bay Area, and we’re seeing a slow down here just like everywhere else... Unlike other recessions, we now have 26,000,000 million Americans unemployed. This has never been experienced in history, so the negative impacts are unknown. I’m guessing this will be far worse than any depression we’ve ever gone through.
Thank you for your advice, I spoke to you and your lender (Ms.Monjaraz) a while ago and the plan that you guys gave us was good,don't rush into buying a home. We live in Los Angeles and we still plan to move out to Phoenix, see you guys soon🤗
Go to Vegas instead. No state taxes and their property values are going to crash. You'll be able to make a ton of money if you buy something there. My friend is a realtor there and they are SCARED.
Man I feel like I'm constantly being effed by the world. Graduated college in the crash of 2008. Wanted to buy a house FINALLY, and now shit. ughhhh. And I missed the whole I'm a 20 yr old making millions on YT because I'm too old to be that blase about things lol. Halp.
Great video! I’m buying now due to the interest rate I bought it out to 3.25%. I did my math after talking to my general manager I came to the conclusion of buying once again. I have job security, great savings, and don’t like living in an apartment after a year. This is my second home purchase in the last 5 years. Do math the numbers don’t lie, 1% interested equals $200-$400 more on mortgage payment.
@@jjmaster2939 , yep thats right... my interest rate was for 4.01 on 27 of a 30 year note now refinancing to a 2.67 on 15 yrs (i bough downt 1 point) its about a 105k interest savings
Javier I heard that there is a program called NACA housing program. I was wondering if you had any advice or information regarding this project Thank you.
Yeah we are a high sense of urgency. We have a mold infestation in our apartment. Wish we could’ve saved a little more and waited for the market to crash a little, but everything will work out! Thank you for this video!!
Just closed on a home! Such an up and down and stressful ride of purchasing our home during this pandemic. Long story short... after being told our down payment assistance program was no longer funded and a lot of other pandemic related not good news (also with a prego wife and toddler ina Home that we needed to get out of... we Locked in a 2.85% interest rate and finally closed today. Thank you Javier for sharing your insight and knowledge! Much appreciated! Be safe! Bay Area california.
I live in SoCal and I’m SICK of renting I’m ready to BUY! Nothing saved just yet😬 but My credit is 725 and I’m looking at a new community/new builds in my area they start in the 300ks should I try to buy now or wait for the possible market crash in 2021???
Hey Javier, I live in AZ. The east valley area. I wanted to buy before the new school year starts for my kids but I was planning on the first time home buyer programs. I’m completely lost in the real estate worlD... Do you think theres any possibility the programs will be available this summer? Or is it looking like it could be a lot longer? Thanks. Your videos have been SO helpful
Javier great information. I want to second what Javier said about rents going up. If more people are renting then rents tend to rise as they are more competitive. People are either buying or renting houses. As an agent in MD, I second what Javier is saying about lender requirements going up, I have seen this also. This will likely mean fewer buyers and less competition. Which flatten or drive prices down fore home sales.
Good information. Both sides are very careful. I have a listing, where i work, has been on the market for 60 days now, because both the seller and potential buyers are scared.
Javier Vidana Toronto Canada, which by all metrics, is generally one of the hottest and overpriced (in 80% of the areas I would say) real estate markets in the world. Prior to covid my listings would get multiple offers and stay on the market for 7 days max. Now, it’s a much different story.
Me too. I was just about to put an offer on a condo last week and my cousin told me to hold off for a few months because it will be a buyers market according to his friend who works in real estate. Holding out to see what the market does.
Honestly if you buy it right which is below market price you’ll be ok if the market dip. Another thing to keep in mind is to make sure your mortgage payment is as low as possible. I’ll give you one example on one of my property. I’m in Houston Texas. One of my property got appraised at $225k and I got it at $210k. I currently owe $155k on it. Let’s say the market drop it to $180k-$200k or even lower. Who cares. I’m holding it long term. My mortgage is under $1500 regardless and I’m getting $1750 a month rent. In a nutshell Just buy it right and hold on to it long enough for the market to rebound once recession hit.
what about USDA loans I do understand the credit limits, and down payment as well. Is it better for us to go ahead a get that house in the boons. What do you think??
Buying a new vehicle is usually a terrible deal. You lose about 20% of the value as soon as you sign the papers and take it off the lot. Buying a just built new home can also have headaches. It hasnt settled yet and you dont know what will happen when it does. Newer homes also tend to be built with lower quality materials. Lumber cut from old trees are more dense but due to wood being such a popular building material most newer homes use lumber cut from younger trees. You can get a house built with better modern materials but itll likely cost a premium.
Thank you for this informative and honest video. I was contemplating buying my first home in a condo because that's all I could afford in order to move out of my parents home. But due to the unreasonably high prices in Vancouver I couldnt afford an area I loved and would have to settle in an area not ideal and I probably wouldn't enjoy in the long term :/
I find that owning a home is like owning a car...value only goes up in rare circumstances and you have to put in a lot of money for upkeep and also renovation if you want the value to stay up. Dont buy a house to make money, buy a house because you love it.
We started our process before and covid just pushed things back 😭 but we’re still moving forward so far! We vlogged our whole house building process so we have videos on my channel!
Couldn't get what I wanted at price I wanted. So purchased lot in my preferred area and now going to build. Will have instant equity, because developers building like crazy in area. Selling high some homes 100,00 plus more than what it's costing me to build.
Love your videos great content always. I been in the home searching (buying) process since February, but of course covid-19 slowed things down for me. It’s been a competitive market here in NY (Longisland) luckily I have a secure job my wife as well, so we been looking still and putting in offers. We hoping to take advantage of the low interest rates and hope we have the upper hand now since a lot of buyers backed out. The only bad thing is prices haven’t dropped yet, only on a few houses. I’m ok with that as long as I don’t have to get into bidding wars and offer 10K plus on homes like we was before this crisis happen and still lose. That’s how competitive it’s been, so that’s why we are choosing to buy now matter what and also continue to save until we land our home.
Javier Vidana thanks for the reply! We def waiting it out since we can’t do anything anyways, lock down until may 15th. Hoping it all works eventually!
I’m in Los Angeles, CA and I have noticed prices are kind of going up and not as much inventory and people are still putting in offers on homes, including myself. I am a first time home buyer, with a high credit score and 20% down. My agent & lender are saying it’s a sellers market. I thought I would be at an advantage for looking right now cus of the pandemic thinking it won’t be competitive. Do you think once the lockdown is over a lot more homes will go in the market and interest rates will still stay low? Thanks!
I live outside of Seattle, WA the area I live the houses are still selling. From my understanding when the recession hit out here it never affected them out here. I have only live here almost 2 years and I can see what they are talking about. These homes are anywhere from 200,000 to way over in the 2 million dollars range. Some will sit but for the most part they all sell.
Aquarius nelson where are you seeing any for 200k around Seattle lol? We are looking to buy an hour north of Seattle and grew up in this area, we expect to pay 400-500k. Anything we’ve found cheaper has severe issues
I think it is stupid to purchase house now when price is highest in the past 10 years and we are getting into recession or depression. It does not matter if you can afford monthly payment etc.. You will save money by waiting which I will.
@Traveler86 Love In general speaking, It is not good idea to purchase house right before recession with highest price of past nearly 10 years... That is what I am saying. Sure, everyone's situation is different for anything.. I am not a risk taker I guess..
Javier, I want to buy an income property soon. Do you know if we HAVE to put down 20% for an income property? Or can we buy with like 10%? I’m looking to invest and get cash flow. What would you recommend?
That's what we thought. Bought our house in upscale Chicago suburb 15 years ago. We're still 100,000 in the hole. We learned our lesson. Buy as cheap as you can.
@@DD-ee2nv Sorry to hear that, but we are not buying our house in a upscale neighborhood. Plus we have a large down payment and we are doing a 15 year mortgage, not 30 year.
Nobody know & if they claim they do, they are lying. Some experts think the drop could be at least 30% & even lower than 50%. Also dependent on what part of the country.
@@InvestorsRealEstateWinterPark they are dropping in Socal and foreclosures are rising. Even worse in parts of Nevada and Florida. Maybe in some areas it's not affected.
Market revolves around affordability of the home buyer. So if what he's saying is true - the banks are making it harder to get loans or raising interest rates then the home affordability goes straight down. To keep the balance, home prices will take a hit to keep the balance and let the home affordability rule the market. This is the opposite of 2008-2009 where too much of affordability crashed the market. Here too little of affordability can crash unless the balance is restored either by housing prices or from the bank's side.
My husband and I were hoping to get the process of buying a house started this Spring when COVID-19 hit. My husband who it the sole provider for our household of 5 was furloughed and I ended up taking out a loan for my undergrad this coming academic year. I still have 1 year of undergrad and 2 years of grad school that are going to be very expensive. What is your advice to students who are looking to buy their first home? Before loans, after loans? I looked for student specific videos on your channel but didn't see any or did I miss it?
This is a nice video: however I encouraged both my children to buy NOW! My son started buying 6 months ago his first house 780 credit score YES I said 780- he had all his money saved up deposit- closing, etc due to this house need a septic- it took longer then it should have, my son was immediately approved that was not the problem. Then this VIRUS hit my son got laid off in the middle of the transaction. No house, my Son is now suffering from severe depression. My daughter School teacher closing any day. My daughter didn’t want a house. I forced her to buy now. My son did everything correct- now I spend my days checking on him. My daughter credit score 670...
I can't say it applies to everywhere, but a simple home search in your neighborhood can give you an indication of what is going on. If you area is beginning to be saturated with more listing and are staying on the market longer, then what I am saying applies to you.
Hi Javier, I am looking for a home in the NJ area. Do you know if there are any first time home buyer programs for median income individuals? Love your videos, they’ve been very helpful during this time.
Agree totally. I was going to buy in June but when this happened I decided to put it off till end of year or next year ... grateful for the opportunity that’s coming!
i bought a house in feb, only if i had known the whole stuff will be like this i would have waited, but it is what it is...lol i will be looking into the market to see how crash its will be in few months to years from now, maybe i can get something special to invest on.... such is life.
We just closed on a home last month here in Tx. Priced at 202,000,interest 3% with a payment of 1200. House is just getting built . Is that a good deal ?
Buy if your mortgage will be the same rate as a comparable rental or slightly above ... if people leave their homes due to foreclosures than there will be a high demand for rentals .. maybe rent cost will go up?
I just bought my house in February for 410k in Temecula CA new construction new community. Do you think it wil drop off significantly, I plan to live there forever lol but still will it affect my loan and payment?
I’m in the east valley and have been doing the NACA program since December 2019 with the goal to buy this year. Have you seen any change yet in home prices? I’m praying that all of this will finally make living in a good school district affordable for the middle class. Even with down payment programs I don’t understand how most could afford a 3 bedroom over 300k
Hey Javier can you make a video of preferred lenders . I’m trying to buy a house its new homes so there is a seller who makes the house I can go with or I can look around and go with a credit union . I just don’t know witch one would be better for me. Wish you were in Colorado!
Technically not the medical field, I work in the hotel industry and nurses are paying for weeks out because there are no jobs in their towns, bringing their entire families to stay while they work in a bigger city to make ends meet
Builders are notoriously stubborn price, they know someone will eventually give them the price they want, maybe if the market continues to shift the buyers will get some more power there. Watch my video on new builds on the realtor question. ruclips.net/video/g8ZQI5mGktU/видео.html
You can do 5% down but if you do less than 20% you have to get PMI (Private mortgage insurance) not sure how its priced. I know on our 183,000 home its around $108 a month. Once you reach 20% equity in the home it goes away.
Would being temporarily laid off affect a bank’s decision a lot? I’m trying to move next year, but with not working during this time I feel like the time frame might need to be adjusted.
Thank you for this video. Could you talk about planning to buy a “new construction” home? We started the process and then Covid-19 took over. Is new construction same as buying a regular home? By new construction we would not be building it would be in a new development area
What if I have a 750 credit score but not a lot of cash for a down payment? I make $150k but had a mountain of student loans I’ve been working at paying off. What options do I have if I want to buy in 2021?
I also live i ln Phoenix! My situation is I am 25 years old and currently renting. I have great credit and more than enough for a down payment. I have a decent job and even amid all this my job is secure. However, I do want to go back to school in the next year or so. I plan on living with housemates to help with cost also. Do you think it’s Smart to buy a house and also get a loan for Going back to school? I know the wise choice is school first , however the fact that home buying will change it makes me want to buy a house now so I am able to take advantage of the programs that still exist. Any tips will be appreciated! Thank you!
What if I’m already prequalified and the house is ready to move in next month May and lock in rate at 2.99 before all this COVID-19 in California. Will the houses drop?
Girl, if your that far into the process and tour rate is locked in at 2.99 which is AMAZING you better fall through ! That’s your house lol don’t gamble like that, the market is volatile, just continue and close and love the house u bought
Home values will always go up and down buy a house because you want to live in it not because you're trying to get a great deal. Even if the market does go down who knows what the interest rates are going to be.
Pre-qualified does mean anything, because your information hasnt been reviewed by the underwrier, just a verbal approval based on what you told the loan officer. I hope you have been approved, meaning the underwriter has reviewed your file and has given final sign off.
I missed where you said prequalified... for some reason I thought you meant approved because you said your rate was locked in... but like @M T said prequal means very little, that’s just getting ur feet wet
@@salvadorzavala8678 20 million unemployment should give you a big clue. When less people qualify, demand and price goes down. Also, the people like myself who can buy are waiting it out because I'd rather wait and get a better deal.
i need HELP . so i am trying to buy a home and get a fha loan from bank of America ( my bank ) i have a good down payment however they didnt accept because i have no history of home payment and idk what to do! i have been living with my parents and obviously pay rent however i have no proof of rent. what is my other option the house is under 3000K
I’ve been in my house for 13 years. Low taxes. Perfect payment. I’m 8 miles from my job. I’m staying here fir ever. ♥️
Ruby Bradenton Florida
Forget about sarasota. Its really expensive houses here now. 🙄
***for
Trese Love depends where you live. There’s a lot of open spaces. In central Florida. Do your research. Best move I have made. 17 years ago
Griselle Isara @ruby asked how
Much?? People like you do not help pull others up at all.... beating around the bush😩
We close on 4/29 . We got a awesome rate 3.125% and the bank basically paid us to buy the house. It's been unbelievable. Couldn't be happier with the timing
We started our home buying process before covid took over and we are due to close by the end of the month. A little nerve wracking not going to lie but we plan on living there for 10+ years at least. We are in our early twenties & this will be a great starter home. I appreciate your videos, thanks to your content I was able to prepare to buy a home.
Paul D agree but irrelevant to the topic
I'm a family 👪 of 5 and I'm in contract with a new build in casa grande 🙌 wish me luck! My job is secure 🙌 Credit is 👍 good 👍 and my lease is gonna be up! I work at Frito Lay! Wish me luck 🙏
We built our dream home over 3 years ago and then we had to make some financial changes and it was too much house for us. We just sold a month ago without using a realtor for a great price (we got lucky selling to a neighbor’s sibling). We were set to close on our new house and my husband’s job laid him off due to COVID19, 3 weeks before closing. We are in a month to month apartment now as my husband looks for a new job and we figure out if we should buy once he does, or wait it out for a year to see where the market is at. Great video.
I'm so glad I found your channel. You speak directly to the questions that I've wanted answered. Thank you for the great and truly useful content!
You are so welcome! Hope all is well!
Still plan on buying first home this summer (slight fixer upper with future rental potential) 1. Apt lease ends in August (Dallas,TX 1 bed rent=$1300) 2. Worked on increasing credit & savings over the past 2 years 3.Have secure jobs in healthcare & food distribution. We are not looking for a 'forever home' so we're buying WAY below what we can afford with mortage ~$1000
Yesenia Mz literally my scenario but I’m in CA. God bless you in this process!
Good advice with honesty always sounds bad for some people... yes interest rates are low, yes your purchase could be overvalued (DO your homework and FIND a good deal) and YES nobody knows what will happen with the real state market! he's no fortune teller! common sense people! thank you Javier!
In my area new home construction have started to reduce the prices on new homes and they are offering up to 10,000 in closing costs and some lenders are allowing you to have a 620 credit score
Good stuff.
probably going to wait till the market loosens up a bit before dipping my toes as a first time home buyer.
Not was I was expecting to hear from a real estate agent. I’m pleasantly surprised Javier. Thanks for the practical advice. Our lease ends in November. We will see where the market is at that point.
Thank you! Sounds like a good plan, hope you guys stay safe
I’m in the San Francisco Bay Area, and we’re seeing a slow down here just like everywhere else...
Unlike other recessions, we now have 26,000,000 million Americans unemployed. This has never been experienced in history, so the negative impacts are unknown.
I’m guessing this will be far worse than any depression we’ve ever gone through.
Thank you for your advice, I spoke to you and your lender (Ms.Monjaraz) a while ago and the plan that you guys gave us was good,don't rush into buying a home. We live in Los Angeles and we still plan to move out to Phoenix, see you guys soon🤗
Hey David! It must of been a while ago! Good hearing from you.
Go to Vegas instead. No state taxes and their property values are going to crash. You'll be able to make a ton of money if you buy something there. My friend is a realtor there and they are SCARED.
I ❤️ your videos & I,m planning on buying my 1st 🏡 next year...🙏🏿,Keep the Great videos coming..🎥🔥
Curtis Jackson that’s awesome. You can use this upcoming year to make yourself the most informed and best buyer possible.
Can I move with u
Man I feel like I'm constantly being effed by the world. Graduated college in the crash of 2008. Wanted to buy a house FINALLY, and now shit. ughhhh. And I missed the whole I'm a 20 yr old making millions on YT because I'm too old to be that blase about things lol. Halp.
Great video! I’m buying now due to the interest rate I bought it out to 3.25%. I did my math after talking to my general manager I came to the conclusion of buying once again. I have job security, great savings, and don’t like living in an apartment after a year. This is my second home purchase in the last 5 years. Do math the numbers don’t lie, 1% interested equals $200-$400 more on mortgage payment.
Remember u can also buy points to lower your interest rate. Some lenders give u that option. We bought some points now our interest rate is 2.75
Heloo
@@jjmaster2939 , yep thats right... my interest rate was for 4.01 on 27 of a 30 year note now refinancing to a 2.67 on 15 yrs
(i bough downt 1 point) its about a 105k interest savings
@@SD70ACE- Damm not bad good stuff.
Tristian, I am glad you agree with me on the interest rate! Just know this home you will be buying will be a longer term one so choose wisely.
Javier I heard that there is a program called NACA housing program. I was wondering if you had any advice or information regarding this project
Thank you.
Yeah we are a high sense of urgency. We have a mold infestation in our apartment. Wish we could’ve saved a little more and waited for the market to crash a little, but everything will work out! Thank you for this video!!
Do you have renter's insurance?
Just closed on a home! Such an up and down and stressful ride of purchasing our home during this pandemic. Long story short... after being told our down payment assistance program was no longer funded and a lot of other pandemic related not good news (also with a prego wife and toddler ina Home that we needed to get out of... we Locked in a 2.85% interest rate and finally closed today. Thank you Javier for sharing your insight and knowledge! Much appreciated! Be safe! Bay Area california.
David Medina congratulations
Congrats! Where did you buy in the Bay Area? I am also looking there.
I would like to see a video on how you got into the real estate business and how you grew. Thank You !
I live in SoCal and I’m SICK of renting I’m ready to BUY! Nothing saved just yet😬 but My credit is 725 and I’m looking at a new community/new builds in my area they start in the 300ks should I try to buy now or wait for the possible market crash in 2021???
Hey Javier, I live in AZ. The east valley area. I wanted to buy before the new school year starts for my kids but I was planning on the first time home buyer programs. I’m completely lost in the real estate worlD... Do you think theres any possibility the programs will be available this summer? Or is it looking like it could be a lot longer? Thanks. Your videos have been SO helpful
Maybe, send me an email and I can update you if anything changes. contact@javiervidana.com
Mortgage companies have really tightened up the qualifications. They want more money down also.
Javier great information. I want to second what Javier said about rents going up. If more people are renting then rents tend to rise as they are more competitive. People are either buying or renting houses. As an agent in MD, I second what Javier is saying about lender requirements going up, I have seen this also. This will likely mean fewer buyers and less competition. Which flatten or drive prices down fore home sales.
The value of your house could go down in the next year or two? Try 1-4 year if we (likely) see a flood of foreclosures!
Good information. Both sides are very careful. I have a listing, where i work, has been on the market for 60 days now, because both the seller and potential buyers are scared.
What city/state?
Javier Vidana Toronto Canada, which by all metrics, is generally one of the hottest and overpriced (in 80% of the areas I would say) real estate markets in the world. Prior to covid my listings would get multiple offers and stay on the market for 7 days max. Now, it’s a much different story.
Can either of you tell me if now is a good time to refinance?
I hope houses/condos are still somewhat down by February of next year
Me too. I was just about to put an offer on a condo last week and my cousin told me to hold off for a few months because it will be a buyers market according to his friend who works in real estate. Holding out to see what the market does.
Honestly if you buy it right which is below market price you’ll be ok if the market dip. Another thing to keep in mind is to make sure your mortgage payment is as low as possible. I’ll give you one example on one of my property. I’m in Houston Texas. One of my property got appraised at $225k and I got it at $210k. I currently owe $155k on it. Let’s say the market drop it to $180k-$200k or even lower. Who cares. I’m holding it long term. My mortgage is under $1500 regardless and I’m getting $1750 a month rent. In a nutshell Just buy it right and hold on to it long enough for the market to rebound once recession hit.
Yes, if you have to buy then try and keep your payment as cheap as possible!
Good advice man. Be ready to move, and if it makes sense move forward!
what about USDA loans I do understand the credit limits, and down payment as well. Is it better for us to go ahead a get that house in the boons. What do you think??
Housing is a lot like vehicles. To old and to high mileage for the price. Buying new is not much more.
Buying a new vehicle is usually a terrible deal. You lose about 20% of the value as soon as you sign the papers and take it off the lot. Buying a just built new home can also have headaches. It hasnt settled yet and you dont know what will happen when it does. Newer homes also tend to be built with lower quality materials. Lumber cut from old trees are more dense but due to wood being such a popular building material most newer homes use lumber cut from younger trees. You can get a house built with better modern materials but itll likely cost a premium.
Appreciate the advice my man. Great content
Thanks!
Hi Javier! I subscribed to you a while back! We purchased our first home and your videos helped a lot!!!!!! We were so clueless lol. Thank you!!!
Hi. I’m planning on buying a house to have it rented, do you think it’s the right time?
Super Javier as always. Thank you so much you are the best there is.
Thank you for this informative and honest video. I was contemplating buying my first home in a condo because that's all I could afford in order to move out of my parents home. But due to the unreasonably high prices in Vancouver I couldnt afford an area I loved and would have to settle in an area not ideal and I probably wouldn't enjoy in the long term :/
Can you talk about a builders loan and how that works when trying to build or custom build your own home.
Hey Carolina! I don't have very much experience with that so unfortunately I am not able :(
Thank you Javier, your videos are very helpful
Hey man. THANKS. That urgency tip is a game changer with my thinking. Keep sharing man. If I didnt say it before thanks a million from Brooklyn NY.
Great video, very informative and honest.
I find that owning a home is like owning a car...value only goes up in rare circumstances and you have to put in a lot of money for upkeep and also renovation if you want the value to stay up. Dont buy a house to make money, buy a house because you love it.
I was gonna close last Friday, had everything ready, but sellers filed bankruptcy a week before close, closing now delayed till May 8
Sorry to hear that.
Gracias por tus videos. Valuable information as always.
We started our process before and covid just pushed things back 😭 but we’re still moving forward so far! We vlogged our whole house building process so we have videos on my channel!
Couldn't get what I wanted at price I wanted. So purchased lot in my preferred area and now going to build. Will have instant equity, because developers building like crazy in area. Selling high some homes 100,00 plus more than what it's costing me to build.
TRUE TALK!
HOWEVER, I DONT KNOW IF WE'LL BE HERE THE NEXT 30 YEARS YO!
Love your videos great content always. I been in the home searching (buying) process since February, but of course covid-19 slowed things down for me. It’s been a competitive market here in NY (Longisland) luckily I have a secure job my wife as well, so we been looking still and putting in offers. We hoping to take advantage of the low interest rates and hope we have the upper hand now since a lot of buyers backed out. The only bad thing is prices haven’t dropped yet, only on a few houses. I’m ok with that as long as I don’t have to get into bidding wars and offer 10K plus on homes like we was before this crisis happen and still lose. That’s how competitive it’s been, so that’s why we are choosing to buy now matter what and also continue to save until we land our home.
Wait a little longer, prices drop when sellers start feeling the sting of being on the market for a bit.
Javier Vidana thanks for the reply! We def waiting it out since we can’t do anything anyways, lock down until may 15th. Hoping it all works eventually!
Sarah Cunningham I feel you it’s been tough but eventually it will work out for us!
I’m in Los Angeles, CA and I have noticed prices are kind of going up and not as much inventory and people are still putting in offers on homes, including myself. I am a first time home buyer, with a high credit score and 20% down. My agent & lender are saying it’s a sellers market. I thought I would be at an advantage for looking right now cus of the pandemic thinking it won’t be competitive. Do you think once the lockdown is over a lot more homes will go in the market and interest rates will still stay low? Thanks!
I thank you for your earnest help! I plan to be buying soon and ... Thank you !
I live outside of Seattle, WA the area I live the houses are still selling. From my understanding when the recession hit out here it never affected them out here. I have only live here almost 2 years and I can see what they are talking about. These homes are anywhere from 200,000 to way over in the 2 million dollars range. Some will sit but for the most part they all sell.
Aquarius nelson where are you seeing any for 200k around Seattle lol? We are looking to buy an hour north of Seattle and grew up in this area, we expect to pay 400-500k. Anything we’ve found cheaper has severe issues
I think it is stupid to purchase house now when price is highest in the past 10 years and we are getting into recession or depression. It does not matter if you can afford monthly payment etc.. You will save money by waiting which I will.
Javier is a real estate agent. He will never recommend to not buy a house now. That’s like a barber recommending people to not get a haircut.
@@David-fw4ly Facts!
@Traveler86 Love In general speaking, It is not good idea to purchase house right before recession with highest price of past nearly 10 years... That is what I am saying. Sure, everyone's situation is different for anything.. I am not a risk taker I guess..
What is your advice on moving out of state in the Corona times?
Javier, I want to buy an income property soon. Do you know if we HAVE to put down 20% for an income property? Or can we buy with like 10%? I’m looking to invest and get cash flow. What would you recommend?
Ps, just subscribed 😁
Hello Javier I'm a frst time home buyer will it affect me buying a home a if I have a apartment lease ? Please advise. Your videos are so helpful!
The market will dump. I’ll wait for a while to see what happens. If you own hold it for the future
it's worth? Is the current interest rate right now?
We just closed on our home interest rate at 2.75 fixed for 30 years. I think it's worth it my mortgage is less than what we paid in rent
We were planning on buying and selling and our house is for sale now. It’s not a good time t buy but it’s a great time to sell. What should we do?!
We plan to stay in our home for 5yrs plus. So we are good to buy now.
Might be extended to closer to 10
@@JavyVidana Even better, we are in a great neighborhood.
@Javier Vidana 👍🏻 good to know
That's what we thought. Bought our house in upscale Chicago suburb 15 years ago. We're still 100,000 in the hole. We learned our lesson. Buy as cheap as you can.
@@DD-ee2nv Sorry to hear that, but we are not buying our house in a upscale neighborhood. Plus we have a large down payment and we are doing a 15 year mortgage, not 30 year.
When do you expect the value of the house to drop?
Nobody know & if they claim they do, they are lying. Some experts think the drop could be at least 30% & even lower than 50%. Also dependent on what part of the country.
@@InvestorsRealEstateWinterPark they are dropping in Socal and foreclosures are rising. Even worse in parts of Nevada and Florida. Maybe in some areas it's not affected.
@@InvestorsRealEstateWinterPark I depends what area you are looking at. Every place is different.
Hi javi
Make video for 1st time home buyers
With 35% down credit score low as 640
Please thank you so much
Thank you so much Javier!
You are very welcome Ivan!
Should you refinance now ?
Market revolves around affordability of the home buyer. So if what he's saying is true - the banks are making it harder to get loans or raising interest rates then the home affordability goes straight down. To keep the balance, home prices will take a hit to keep the balance and let the home affordability rule the market. This is the opposite of 2008-2009 where too much of affordability crashed the market. Here too little of affordability can crash unless the balance is restored either by housing prices or from the bank's side.
I was thinking of selling but not anymore. Bankers will bundle foreclosures and sell to investors. Individuals, will have to rent.
My husband and I were hoping to get the process of buying a house started this Spring when COVID-19 hit. My husband who it the sole provider for our household of 5 was furloughed and I ended up taking out a loan for my undergrad this coming academic year. I still have 1 year of undergrad and 2 years of grad school that are going to be very expensive. What is your advice to students who are looking to buy their first home? Before loans, after loans? I looked for student specific videos on your channel but didn't see any or did I miss it?
This is a nice video: however I encouraged both my children to buy NOW! My son started buying 6 months ago his first house 780 credit score YES I said 780- he had all his money saved up deposit- closing, etc due to this house need a septic- it took longer then it should have, my son was immediately approved that was not the problem. Then this VIRUS hit my son got laid off in the middle of the transaction. No house, my Son is now suffering from severe depression. My daughter School teacher closing any day. My daughter didn’t want a house. I forced her to buy now. My son did everything correct- now I spend my days checking on him. My daughter credit score 670...
Sorry to hear about your son. I hope he bounces back really quick!
What about someone buying under VA loan? No down payment/funding fee, builders offering $15k in closing and interest relatively low.
yeah if you have a job and have income right now
I bought 2018, cheap low payments... and unless I need bigger, I'm staying long term.
Would you say that everything in this video applies across the US? Or just in the Southwest?
I can't say it applies to everywhere, but a simple home search in your neighborhood can give you an indication of what is going on. If you area is beginning to be saturated with more listing and are staying on the market longer, then what I am saying applies to you.
Hi Javier, I am looking for a home in the NJ area. Do you know if there are any first time home buyer programs for median income individuals? Love your videos, they’ve been very helpful during this time.
How about building a home right now? Thoughts on that ?
I got 1 pre-approval out of 4 lenders I applied too. Im alittle concerned if my pre-approval is real or not, if you know what I mean ...
genuine advice thank you, Javier.
Buying? I`d give it another 6 to 10 months when prices drop by 30-40%
More like drop of 100% I’m gonna Adverse posses ( steal/squat) a home. Take that boomers
Agree totally. I was going to buy in June but when this happened I decided to put it off till end of year or next year ... grateful for the opportunity that’s coming!
He I love the video! do you have a mortgage of choice?
i bought a house in feb, only if i had known the whole stuff will be like this i would have waited, but it is what it is...lol i will be looking into the market to see how crash its will be in few months to years from now, maybe i can get something special to invest on.... such is life.
We just closed on a home last month here in Tx. Priced at 202,000,interest 3% with a payment of 1200. House is just getting built . Is that a good deal ?
How many sq ft, and what are the schools rated in the area?
@@prncessbaby16 I believe it is 1,436 sq. ft. and schools are rated 9/10.
@KARLOZ LOPEZ Eeeeh, Im in it already ! Hay que ch%ngarle! No hay mas!
Buy if your mortgage will be the same rate as a comparable rental or slightly above ... if people leave their homes due to foreclosures than there will be a high demand for rentals .. maybe rent cost will go up?
Well said.
How do I start building credit before looking at the possibility of buying a home?
I just bought my house in February for 410k in Temecula CA new construction new community. Do you think it wil drop off significantly, I plan to live there forever lol but still will it affect my loan and payment?
I’m in the east valley and have been doing the NACA program since December 2019 with the goal to buy this year. Have you seen any change yet in home prices? I’m praying that all of this will finally make living in a good school district affordable for the middle class. Even with down payment programs I don’t understand how most could afford a 3 bedroom over 300k
Slight dip??? Wait 3 to 4 months and see that dip gonna be 30 to 40 percent
Great content!
We are now looking in Phoenix. It still seems like a hot market.
Go to Vegas. They will be dumping and you'll be able to make a ton of money on the house you buy. Plus Nevada has no sales tax on income.
Hey Javier can you make a video of preferred lenders . I’m trying to buy a house its new homes so there is a seller who makes the house I can go with or I can look around and go with a credit union . I just don’t know witch one would be better for me. Wish you were in Colorado!
Technically not the medical field, I work in the hotel industry and nurses are paying for weeks out because there are no jobs in their towns, bringing their entire families to stay while they work in a bigger city to make ends meet
Hello Javier, is there a difference when you buy a brand new construction house? Do I still need a realtor? Is the price still negotiable?
Builders are notoriously stubborn price, they know someone will eventually give them the price they want, maybe if the market continues to shift the buyers will get some more power there. Watch my video on new builds on the realtor question. ruclips.net/video/g8ZQI5mGktU/видео.html
How much money "down" do you need to have to even consider thinking about buying a house ?
Miriam Camacho 20% or more depending on your debt vs your income. More debt more down.
You can do 5% down but if you do less than 20% you have to get PMI (Private mortgage insurance) not sure how its priced. I know on our 183,000 home its around $108 a month. Once you reach 20% equity in the home it goes away.
Would being temporarily laid off affect a bank’s decision a lot? I’m trying to move next year, but with not working during this time I feel like the time frame might need to be adjusted.
It absolutely would. I don't seem them accepting your loan in this position.
Thank you for this video. Could you talk about planning to buy a “new construction” home? We started the process and then Covid-19 took over. Is new construction same as buying a regular home? By new construction we would not be building it would be in a new development area
ruclips.net/video/g8ZQI5mGktU/видео.html
Thank you 😊
Great advice!
If you don’t have at least six months in savings you are not living you are existing.
What if I have a 750 credit score but not a lot of cash for a down payment? I make $150k but had a mountain of student loans I’ve been working at paying off. What options do I have if I want to buy in 2021?
you're set dude. but you're lying your ass off if you make 150k and don't have anything saved for a down payment. get outa here.
I also live i ln Phoenix! My situation is I am 25 years old and currently renting. I have great credit and more than enough for a down payment. I have a decent job and even amid all this my job is secure. However, I do want to go back to school in the next year or so. I plan on living with housemates to help with cost also. Do you think it’s Smart to buy a house and also get a loan for Going back to school? I know the wise choice is school first , however the fact that home buying will change it makes me want to buy a house now so I am able to take advantage of the programs that still exist. Any tips will be appreciated! Thank you!
Can I get fix rate with a FHA loan based on good credit?
What if I’m already prequalified and the house is ready to move in next month May and lock in rate at 2.99 before all this COVID-19 in California. Will the houses drop?
Girl, if your that far into the process and tour rate is locked in at 2.99 which is AMAZING you better fall through ! That’s your house lol don’t gamble like that, the market is volatile, just continue and close and love the house u bought
First off how long do you plan on staying in the house? If you answer is 5 or more year purchase at that rate. That FREE money.
Home values will always go up and down buy a house because you want to live in it not because you're trying to get a great deal. Even if the market does go down who knows what the interest rates are going to be.
Pre-qualified does mean anything, because your information hasnt been reviewed by the underwrier, just a verbal approval based on what you told the loan officer. I hope you have been approved, meaning the underwriter has reviewed your file and has given final sign off.
I missed where you said prequalified... for some reason I thought you meant approved because you said your rate was locked in... but like @M T said prequal means very little, that’s just getting ur feet wet
Thx for the info 👌🏼👍🏻😊
NO, don't buy a house for at least the next 12 months, prices are going down, but by how much and how fast, nobody knows.
How are you so sure??
@@salvadorzavala8678 20 million unemployment should give you a big clue. When less people qualify, demand and price goes down. Also, the people like myself who can buy are waiting it out because I'd rather wait and get a better deal.
When the stock market crashed in 2008, the bottom of the housing market was in 2012?
@Irishman everyone has an opinion right now, but one thing that is a fact is that there is people who will have to buy this year.
If I wanted to buy and had the ability to wait I would also do what you are doing.
Do you know anything on programs on buying land, like a 13 acre lot
I do not sorry. They are not very common out here, or at least I haven't done one.
"To buy or not to buy" that is the question.
😂
i need HELP . so i am trying to buy a home and get a fha loan from bank of America ( my bank )
i have a good down payment however they didnt accept because i have no history of home payment and idk what to do! i have been living with my parents and obviously pay rent however i have no proof of rent.
what is my other option the house is under 3000K