Our generation needs to understand the power of delayed gratification. We live in an era where we can get anything we want almost instantly and so having to put off purchasing decisions is a sacrifice we just aren't used to. Moral of the story, don't buy until you are 100% ready regardless of the market.
@@samuelscalise9686 I just got the usual "The world has changed and everything's gotten worse" from my boomer parent regarding some killing on TV. 9/11, war on drugs, war on terrorism, Israeli/Palestine conflict, violent race riots, Patriot Act, school shootings, over-medication, the destruction of family and marriages... Yeah, no, that's pretty much everything I grew up with. The world might've gotten worse, but really they haven't noticed any of the new and sometimes frankly worse turn of events yet. Even many of the "new" things are a decade old now.
Good advice! My son is a millenial. Him and his fiance live above my garage. They definitely not ready to buy a home. They need to work on delaying gratification and save money.
@@TheInsomniaddict this is exactly what I was thinking… there’s so much trauma and fear-instilling by the media that has been going on since we were kids. It’s permeated our psychology and people are saying “shame on you for not being patient and doing your due diligence. Why should I wait till I’m “100% ready to buy a home” when I could be shot or crushed just going to a music festival? My parents have not helped make me feel more safe in this world I couldn’t even talk to strangers when I was little! I was taken to martial arts classes instead and I’m told to take pepper spray wherever I go and if I didn’t shame on me. How can you think clearly and diligently when there’s a constant media stream of fear being pumped into you and you can’t even trust your neighbors to help in an emergency?
Planning is so important, at some point you just have to make a decision and move forward. Paralysis of analysis kills more opportunity than making the wrong decision.
@@user-mi3rr9tc4f Love Love love you - you make things you are telling us about, so simple and easy to understand. Plus you are always so upbeat, and smiling. Thanks for all you do and keep up the great job! You and Brian from ClearValue Tax are my absolute favorite guys - you give us the FACTS straight.. no bs. Thanks to you guys, you are the BEST on RUclips. Grace from Atlanta~👍🏼👏🤗💟
My tax preparer said to me “do not buy a house, a market like this is not normal. Wait a year or two and in that time get a better credit score and save money to make a good down payment.”
that's what I'm doing right now. Waiting for a couple of years and while waiting, I'm remodeling my current house. When I turn this into rental property I can generate more money monthly.
@@abigailp.1252 Nof hard proof but this inflation will probably be good for people who cannot afford the current market as not many people will have the money necessary for a home. I'm not any type of person that studied this but sounds right lol
As a home inspector I approve of this message. It's crazy to me that people are investing in a first time home 'as is' without getting a better picture of what you are getting into is crazy. I understand that the market is competitive but you will regret not getting it inspected. I know I'm biased but I can't tell you how many times I come across something that is a complete game changer for someone's budget. At the very least it gives a first time home buyer the knowledge of what owning a home entails and what to expect. I personally go over all this information as a home inspector with the potential buyers. Find a good inspector you won't regret it.
Graham, I've been watching you for years now, I have to say you make all of this talk so entertaining, easy to digest, and engaging. You rock man. I smash the like button every single time.
@@kkp4297 that's the goal, still saving every month into a sinking fund. Currently living in a house hack but my family is growing so we for sure need more space lol
I’m 23 and just bought my first house! And I’m househacking after getting inspiration from Graham :) renting out a room and the upstairs unit and it covers my entire housing payment!
Bought in 2021 but locked in build price in February 2020 (pre Covid). The house value increased almost 100k from what we paid vs value in April 2021. Was also able to lock in interest rate in Feb 2021 at 2.5%. I do NOT regret my purchase 😊
Same!!! Mine appraised for 90k over what I bought it for. 25k of that from the time it took to close. Lower interest rate than I had from my first home purchase and I’m super happy with the equity.
I was a real estate paralegal for years, and I can tell you, most millennials bought homes that were too far out of their budget. They look to continue the lifestyle they lived under their parents, without the income needed to support it.
@@RonaldRaiden Banks see their habits and say sweet, we can make interest on a 500k loan over 30 years off these people. It's about them making money off those who can't keep up with their habits. I've been altering my finances on a biweekly basis for two years now (I'm 24) and I keep pushing back my home goal because of this. I don't want to be lumped in with the bad statistic
To be fair, it used to be that you could do exactly that upon being hired for your first job out of college. Millennials are the first generation in history that can’t. Just goes to show that employers have refused to raise pay relative to inflation for so long that industries are suffering and everybody blames it on is when the fault lies with employers. Even with respect to real estate, the fault has historically laid with banks rather than the homebuyers, particularly after the 2008 market crash, which is why mortgage lending got such a huge face lift since then to discontinue the predatory tactics banks were using to trap people in loans they couldn’t afford. Also, please consider that financial education is not something that is taught in schools. People grow up learning most of what they know about finances and budgeting from their parents, who generally can’t give good financial advice because the way things worked when they were young is not the way things work today. I feel like homebuyers caught in this situation are predominantly victims of bad advice.
many buyers are over paying right now.. i know a guy that had to pay 200k over asking price in huntington beach to get his house. its either overpaying for a house OR waiting 1+ years and settle for one, at least here in CA..
Agreed! Patience is key. My wife and I almost gave up out search because we didn't want to pay $20k over the asking price. We needed up finding our perfect home at out perfect price and jumped on it.
My parents used to tell me to just rent to avoid a number of hassles with house buying lol. But now at age 30, mostly for my fam, we're eventually gonna be first time home buyers. So advice like this is helpful, thanks!
@@A.P.C.GROOVES That was fast. I hope you build some equity & will sell at a profit. I believe these home prices are going to deflate like a balloon as they are overpriced.
setting a budget is so important! our agent made sure that before we went into the offer stage, we had an upper limit already in mind so we knew that if we got to a counter offer we wouldn't make rash emotional decisions. I think a lot of ppl are getting caught up in the bidding wars and not doing the due diligence of ensuring that they have enough "cushion" even after all of the closing costs too.
Buying a house with a rental property lens is so important when you don't have a ton of other investments already. Having the ability to rent it out and at least come close to breaking even is a big added layer of safety if you decide you want to move somewhere else.
Yeah everybody can just unfairly make other people pay their mortgages, that's healthy for society and totally won't end up being an unsustainable Ponzi scheme (sarcasm)
@@xraceboyex it is totally legal to buy a home and rent it out to exit the 9-5 job and that is why people need to buy a home and not rent if they think ent is overpriced
@@aftech7268 The interest you pay wipes that advantage right out. Im saving until I can buy one in cash, under market value. I refuse to take out loans or have a credit card A.K.A. spending money i dont have. Ill be damned if I'm going to let a bank profit off of me from making money appear out of thin air
@@xraceboyex I'm quite late to the discussion, but that's going to be all but impossible for you. It's an unpleasant and unfortunate truth, but a truth none the less.
@@xraceboyex you’re foolish for not borrowing money from a bank when they were loaning it out at 2.5% , annual inflation is greater than 2.5% which means they are essentially lending out money for free. Buying a house with cash is not a good idea and removes one of the greatest benefits of investing in a house - leverage.
I love my purchase of my house. Sure it’s only 1100 sq ft and I don’t have a bunch of room, but it works. And my neighborhood may not be the absolute best but it’s a standard HOA neighborhood. But it’s by far the best investment decision I’ve ever made. I was worried when I bought at 20 years old that I was making a wrong decision, but since I bought, my house has gone from $197k to $312k in a couple years. Graham was a big factor in me trying to buy a house so early.
As a millennial, buying a house has been great for me and my wife. We live in a somewhat rural area where rentals that allow pets are extremely rare (to the point you can’t really do it unless your dog is a service animal). We would have had to contend with at least an an hour commute (ours is 15 now) to find a place like resulting in the need for a second vehicle much sooner (additional cost). In the end, that alone made the house a good investment. Not to mention the location is good, schools do well, and it is in a prime area where grad students consistently rent (when we decide it’s time to upgrade, we plan on renting this place)
Rural areas almost always are the opposite of metropolitan which makes everything different from price to whose looking or sometimes even being in a closed market essentially where what's happening across the rest of the country doesn't hold true for that area. We are a military and college town (second home owners are very high specifically for the college and football season) with the addition of a very pricey new government facility so nothing here is typical of say LA, especially prices. 🤣 You can still get houses here for under 100k. 🤷🏻♀️
We bought just before the pandemic started, being grateful and remembering that definitely helped us through all the possible 'regrets' we could have fallen into this past year. Enjoy your new home!
Closing this week on a duplex deal in the Los Angeles county area. My second property. Excited. I’ll keep buying every two years regardless of the market house. No one is changing my mind. Not you, not anyone.
Just bought my first house , I'm in my mid 40s , got it lower than the seller wanted apprised above what I offered after. It's not a dream house but I had reasonable idea of what I wanted to pay what I could afford. I didn't shop around I found the house I wanted knowing that I will over the next 10 years upgrade it. Renting almost all my life looking back that's so much lost money but it worked for my life then.
@@PylotGuyThere were rent appliances in the house not disclosed by the seller and the lawyer failed to validate the deed. I handed up having to pay huge penalty on late rent when the companies came to them pick up. There were also major electrical issues in the house (electrical not up to code which required major immediate repair ) ... etc
@@actnowordreamon6774 why would you have to pay off the iems that were rented, and not a signed agreement by you and the company? A home sale with rented appliances, isn't even in the contract... or shouldn't be. So why would that be your problem is basically what I'm asking?
All of my friends thought I was insane buying my first house in 2007. The bubble burst but hadn’t fully deflated, lending was still easy to get, and the stocks I cashed out for the down payment hadn’t really taken a hit. I moved in 2019 to an amazing place that in all honesty stretches the budget, but is everything I ever wanted and more. Today, what I spent would get me into my starter home in a slightly better city.
I bought a home because my wife, children and I need to live somewhere. I’m not an investor so I don’t sweat the small details. Didn’t buy emotionally, stayed within our budget and decided the non negotiables and what we could leave out. We’re happy.
Right now it's usually better if you're a good tenant and got a good deal. Some of my friend's tenants pay 400 a month and have done so for years but because they're good tenants my friend doesn't want them to move away due to higher rent
I have owned several houses and maintenance was never over $500.00 a year. I stayed 12 years in a brand new house and spent 300.00 dollars on the heat pump, that was it in 12 years.
When is it going to happen? Two years from now, or three, 5, 7, 10, .......... . Meanwhile I am my very hard earned money into the toilet by paying rent, which is much higher than a decent mortgage would be.
@@jmobs7524 our realtor/family friend even told us not to buy now, his exact words were "wait a year, prices are stupid high" and "foreclosures are coming." bc of covid you couldnt evict anyone but thats ending and this is from someone who stands to make money if we were to buy now and pay more. theres never a guarantee but he has been doing it for 40 years been in this area forever he sold my parents their house 20 years ago. its alot better to be wrong and ~possibly~ pay a little more or have to get a smaller house than pay too much and be in financial ruin bc you paid 450 and you could only sell it for 280 now. ask anyone whos ever bought a townhouse/condo brand new the first owner always overpays and let them tell you how shitty it is to be stuck somewhere bc you cant afford to leave.
@@mine1685 rent is not throwing money away if you cant afford a house in this ridiculous market. we "waste" 30k a year in rent right now but were also not 300k-400k in debt. we WERE looking to buy bc the condo we are currently renting, is up for sale and we have the money to buy a house but im not overpaying so ill glady rent again.
We just sold ours. Had 12% over asking price that was already over priced for the neighborhood. Looking forward to renting for a year or so and then see how things go...
@@EmilGhiurau sad part it my buddy did that at the end of 2019.. now really regrets it. Think about it when the US prints over 12 Trillion dollars worth of $$$ Inflation is inevitable 👁👄👁
Agreed, no regrets about buying recently, I just wished I could have found a good resource with the A-Z steps to buying a home, the process felt so secretive!
As a realtor I 100% agree with your closing statement!!!!! And this is exactly what I tell my clients who ask if it’s a good time to buy. I say “depends on your situation” and go from there
Yep, we were preparing to move next year. Do some last renovations, save for moving costs and sell this house. But with the housing craze, bidding 40k over rediculous high asking prices, and not being able to properly look at a house and think it over, because most houses are sold before they even enter the market, we decided to stay here longer and focus on investing instead
Houses are gonna just keep going up, so unless you’re planning on staying for another decade, Watch the trading fraternity’s latest real estate video posted Saturday.
not gonna lie, I thought this video was pretty dumb. he gets you with that clickbait title but then talks about how you should get home inspections, etc. etc. seems a little disconnected from reality when homes are getting tons of offers and over asking and unconditional.
I would think about selling and then renting for a year or two until it calms down. Then you can take that profit from selling and go invest it to make more money! 🤑
@@sneakytacos773 Saw that video he is WRONG only gives a narrow view of the whole housing situation. Supply and Demand is not the only aspect of the supply bubble. oversaturation of mortgage loans, Record high default rates and of course the pandemic etc... To claim everything is normal is disingenuous.
@@TheIcedCoffeeHour graham you have truly changed my way of thinking ( about finance ) since i have started watching you. in my opinion every single video of yours that i watched was a good investment of my time. i am sure that you have inspired alot more people than just me. so in the end i should be the one to thank you
“So none of this happens to you” Well all of it has already happened to me so I’ll just go ahead and apply at McDonald’s to be their new mascot because I’ve been being a clown for free all this time, might as well get paid for it.
It’s not nearly as bad but it’s like clapping for not having an illness around others that do.🥲 Currently struggling with my home buying process out of necessity🙋🏻♀️... don’t mind me.
If you can not maintain your own home, like real maintenance DIY, not just cutting the grass or pulling the weeds, better to rent and invest in the stock /financial markets.
buy a duplex for your first place, you will never regret it. renters help or cover the bills. its an easy way to cut your bills while upping your income. its a win win.
@@Ieatsouls8787 My property tax and insurance are included in my escrow. I prepaid my PMI. As for maintenance that's not apart of my mortgage and my original statement was I'm paying the same in mortgage as I was in rent. Also maintenaining your house protects your equity and is also tax deductible if the maintenance affects the house overall. Painting, roofing, furnace and water heater repair are just a few examples. On top of that I have a home warranty that only charges 75$ deductible for any approved work that needs to be done.
Bought in February and it's the same payment as rent..minus everything breaking in the first couple months. But I had planned for it. Fixer upper which is fine for now!
My wife and I closed in the beginning of March 2020 right before the pandemic hit. Got for 237,000 from 247,000 with a 3.1 apr. Went to every major bank, online loam agency and got the best apr from Nevada state bank. So I had two inspections, have th check the air conditioning, or check the cable lines for your garage. Negotiate a 1 year home warranty and paint your house yourself. I have vaulted ceilings (20 feet) and I painted the whole inside by myself. FYI I have never painted a wall in a house ever. All my friends love the job I did. The only time anyone notices small mistakes it because I point them out... lol
We bought our Colorado cabin in Aug 2018 for 320k and now it’s worth 490k. I have never seen such a good ROI. We could sell our home and make out like bandits by moving out to the boonies but that would severely limit career prospects and educational opportunities (I don’t have a college degree and would like to obtain one eventually). We like where we live, are just going to wait it out and rent out spare rooms to supplement our income in the meantime.
just bought a home... however, 80k undervalued. purchased with 100% cash in an estate sale. "fixer upper" with great location. I'm hoping this pays off.
I am 1000000% grateful I jumped and got a house in 2018. It was on market for 12 hours and I was in a bidding war for it, ended up paying 2.5k over asking, and I thought THAT scenario was crazy.
Unless you live in Canada. In which case, if you bought a home it seems like you're always winning. And if you are trying to get into the market....well... good luck.
Yeah, we were trying to buy a house with my girlfriend but we would basically have to settle for a shoe box. Prices went crazy high and on top of that, people overbid. Got a friend who just sold their house 150K over the asked price and that was a 500K house 1h30m away from downtown Montreal (not the easiest commute to work)...so I'll let you imagine the state of the market at reasonable distances.
@@Mike-yz6oo If they turn down your offer because you wanna do a home inspection, you probably dodged a bullet. Because they obviously are hiding something.
I appreciate everything you post definitely helped me get my finances on track and life In order I will forever smash the like button for the RUclips algorithm!
Our generation needs to understand the power of delayed gratification. We live in an era where we can get anything we want almost instantly and so having to put off purchasing decisions is a sacrifice we just aren't used to. Moral of the story, don't buy until you are 100% ready regardless of the market.
Part of our generation is also being screwed over by "sure things" that our parents told us to do.
Our generation earns less than every generation in history, did you just spit on the screen and ignore the entire video?
@@samuelscalise9686 I just got the usual "The world has changed and everything's gotten worse" from my boomer parent regarding some killing on TV. 9/11, war on drugs, war on terrorism, Israeli/Palestine conflict, violent race riots, Patriot Act, school shootings, over-medication, the destruction of family and marriages... Yeah, no, that's pretty much everything I grew up with.
The world might've gotten worse, but really they haven't noticed any of the new and sometimes frankly worse turn of events yet. Even many of the "new" things are a decade old now.
Good advice! My son is a millenial. Him and his fiance live above my garage. They definitely not ready to buy a home. They need to work on delaying gratification and save money.
@@TheInsomniaddict this is exactly what I was thinking… there’s so much trauma and fear-instilling by the media that has been going on since we were kids. It’s permeated our psychology and people are saying “shame on you for not being patient and doing your due diligence. Why should I wait till I’m “100% ready to buy a home” when I could be shot or crushed just going to a music festival? My parents have not helped make me feel more safe in this world I couldn’t even talk to strangers when I was little! I was taken to martial arts classes instead and I’m told to take pepper spray wherever I go and if I didn’t shame on me. How can you think clearly and diligently when there’s a constant media stream of fear being pumped into you and you can’t even trust your neighbors to help in an emergency?
i regret every decision of my life so yeah i’ll probably buy a house this year
Hahahah same here
Ever thought of joining the military?
🤣🤣🤣🤣🤣🤣🤣 SAME!!!!
Hahaha thank you! Misery loves company!! 🤣😂🤣
😂😂🤣😂🤣😂😂😂🤣‼️
Planning is so important, at some point you just have to make a decision and move forward. Paralysis of analysis kills more opportunity than making the wrong decision.
Me in personal finance class and literally the first term I learned 😂
@@user-mi3rr9tc4f Love Love love you - you make things you are telling us about, so simple and easy to understand. Plus you are always so upbeat, and smiling. Thanks for all you do and keep up the great job!
You and Brian from ClearValue Tax are my absolute favorite guys - you give us the FACTS straight.. no bs. Thanks to you guys, you are the BEST on RUclips. Grace from Atlanta~👍🏼👏🤗💟
Facts
Going through exactly that right now!!
Says the guy who bought the rip in prices
Sometimes analysis is a just an annoying things that keeps you from doing stupid buying
Question: How do you weigh a Millennial?
Answer: In Instagrams
This gets a heart
😂 YES
@@GrahamStephan Thank you, I'll be here all week!
best comment today!
Yes
My tax preparer said to me “do not buy a house, a market like this is not normal. Wait a year or two and in that time get a better credit score and save money to make a good down payment.”
Yes he’s right,Wait for real infatuation to kick in and then go back to your tax preparer to thank him 😂
That’s always good advice no mater normal market or not lol
that's what I'm doing right now. Waiting for a couple of years and while waiting, I'm remodeling my current house. When I turn this into rental property I can generate more money monthly.
Does she have any evidence that the market will be better in a year or two, or that there will be enough home inventory?
@@abigailp.1252 Nof hard proof but this inflation will probably be good for people who cannot afford the current market as not many people will have the money necessary for a home. I'm not any type of person that studied this but sounds right lol
As a home inspector I approve of this message. It's crazy to me that people are investing in a first time home 'as is' without getting a better picture of what you are getting into is crazy. I understand that the market is competitive but you will regret not getting it inspected. I know I'm biased but I can't tell you how many times I come across something that is a complete game changer for someone's budget. At the very least it gives a first time home buyer the knowledge of what owning a home entails and what to expect. I personally go over all this information as a home inspector with the potential buyers. Find a good inspector you won't regret it.
By the time I go look at the property in the morning, afternoon, and evening - the property is sold.
Facts🤔😣
Straight facts 100%
By the time, I blink, the house is sold.
@@Hooper-DrivesTheBoat yo, where is your home because ill friggin buy it.
Same with here in Toronto - crazy market. Has been for a long time.
Me after buying a house in 2021: 👁️👄👁️
😭
👁👄👁
You didn’t buy a house... you got a warehouse
Sorry Andrei 😂😂
Andrei!!! Love ur videos
Graham, I've been watching you for years now, I have to say you make all of this talk so entertaining, easy to digest, and engaging. You rock man. I smash the like button every single time.
My primary home buying goal is postponed until further notice...
good luck!
smartest move. Wait till supply comes back and covid is completely over
@@kkp4297 so 2030.
Yep same. Holding out until I either make it big on RUclips or My glamping business takes off.
@@kkp4297 that's the goal, still saving every month into a sinking fund. Currently living in a house hack but my family is growing so we for sure need more space lol
I’m 23 and just bought my first house! And I’m househacking after getting inspiration from Graham :) renting out a room and the upstairs unit and it covers my entire housing payment!
Explain housetracking please
@@tuilleri buying a multi family house (a duplex, etc.) and renting out the other unit(s) to cover your mortgage
Househacking is where it’s at 🤙🏾
No thanks dont want random people in my home
Smart
Bought in 2021 but locked in build price in February 2020 (pre Covid). The house value increased almost 100k from what we paid vs value in April 2021. Was also able to lock in interest rate in Feb 2021 at 2.5%. I do NOT regret my purchase 😊
Well done , that’s awesome
Same!!! Mine appraised for 90k over what I bought it for. 25k of that from the time it took to close. Lower interest rate than I had from my first home purchase and I’m super happy with the equity.
@@naturelover2292 That is fair, a lot can change quickly. Still happy for now.
Lucky!!!
I was a real estate paralegal for years, and I can tell you, most millennials bought homes that were too far out of their budget. They look to continue the lifestyle they lived under their parents, without the income needed to support it.
@@RonaldRaiden down payments from mama and papa
@@RonaldRaiden Banks see their habits and say sweet, we can make interest on a 500k loan over 30 years off these people. It's about them making money off those who can't keep up with their habits. I've been altering my finances on a biweekly basis for two years now (I'm 24) and I keep pushing back my home goal because of this. I don't want to be lumped in with the bad statistic
If that is true then what do you suggest?
Do we buy homes made in 1900 to 1980 make sense for a price of $450,000 to $600,000?
@@Akuma_Raou excuses excuses, go rent if you cant afford
To be fair, it used to be that you could do exactly that upon being hired for your first job out of college. Millennials are the first generation in history that can’t. Just goes to show that employers have refused to raise pay relative to inflation for so long that industries are suffering and everybody blames it on is when the fault lies with employers. Even with respect to real estate, the fault has historically laid with banks rather than the homebuyers, particularly after the 2008 market crash, which is why mortgage lending got such a huge face lift since then to discontinue the predatory tactics banks were using to trap people in loans they couldn’t afford.
Also, please consider that financial education is not something that is taught in schools. People grow up learning most of what they know about finances and budgeting from their parents, who generally can’t give good financial advice because the way things worked when they were young is not the way things work today. I feel like homebuyers caught in this situation are predominantly victims of bad advice.
The hardest but most important thing to do is not overpaying for the property at the start
agreed!
Goodluck doing that in this post-pandemic market.
many buyers are over paying right now.. i know a guy that had to pay 200k over asking price in huntington beach to get his house. its either overpaying for a house OR waiting 1+ years and settle for one, at least here in CA..
wtf is this advice?... literally everything is at the highest prices.... you are overpaying for everything now or you wont buy anything
Agreed! Patience is key. My wife and I almost gave up out search because we didn't want to pay $20k over the asking price. We needed up finding our perfect home at out perfect price and jumped on it.
You talk so enthusiastically, so happily and energeticly. I like it!
My parents used to tell me to just rent to avoid a number of hassles with house buying lol. But now at age 30, mostly for my fam, we're eventually gonna be first time home buyers. So advice like this is helpful, thanks!
If RUclips had a shiny animation and confetti when you smash the like button, that would be so satisfying.
YOUTUBBEEEEEE
@RUclips add confetti
@@stefamily Definitely. Just like when you like a RUclips short
Then it would be like Dough and Robinhood lol
Golden like button?
I bought a house in 2005 for $70k, sold it for $170k in 2021, paid cash for a new one. No regrets.
Well no sh*t lol
Congrats. Surprised it didn’t sell for more
Bought one this year for 286k worth 420k now
@@A.P.C.GROOVES That was fast. I hope you build some equity & will sell at a profit. I believe these home prices are going to deflate like a balloon as they are overpriced.
Where I live , a parking stall costs 70k
*Me, who isn't looking to buy a home soon* "You have my attention!"
@Graham Stephàn . are you the French version of graham
Same
@@sergiofacchinetti2954 No, he's not French version, he's the spam version
There you are
Depends on what area you move.
I'll never regret smashing the like button though
NEITHER WILL I
@@GrahamStephan SO WHEN DO I BUY A HOUSE THEN IF THE PRICES ARE JUST GONNA KEEP GOING UP. Like how do I win at this
@tiona now your getting lol you don’t. Graham won’t pitch buying a home for residential purposes. He’s gonna say move to the hood and buy a duplex lol
Lol
Smashing the like button has no risk because you can always unsmash if it was a bad investment.
setting a budget is so important! our agent made sure that before we went into the offer stage, we had an upper limit already in mind so we knew that if we got to a counter offer we wouldn't make rash emotional decisions. I think a lot of ppl are getting caught up in the bidding wars and not doing the due diligence of ensuring that they have enough "cushion" even after all of the closing costs too.
You've made two RE videos in a row after I cry about being priced out of RE in your Discord. I feel so cared for!
I've been putting off real estate videos for too long!
Buying a house with a rental property lens is so important when you don't have a ton of other investments already. Having the ability to rent it out and at least come close to breaking even is a big added layer of safety if you decide you want to move somewhere else.
Yeah everybody can just unfairly make other people pay their mortgages, that's healthy for society and totally won't end up being an unsustainable Ponzi scheme (sarcasm)
@@xraceboyex it is totally legal to buy a home and rent it out to exit the 9-5 job and that is why people need to buy a home and not rent if they think ent is overpriced
@@aftech7268 The interest you pay wipes that advantage right out. Im saving until I can buy one in cash, under market value. I refuse to take out loans or have a credit card A.K.A. spending money i dont have. Ill be damned if I'm going to let a bank profit off of me from making money appear out of thin air
@@xraceboyex I'm quite late to the discussion, but that's going to be all but impossible for you. It's an unpleasant and unfortunate truth, but a truth none the less.
@@xraceboyex you’re foolish for not borrowing money from a bank when they were loaning it out at 2.5% , annual inflation is greater than 2.5% which means they are essentially lending out money for free. Buying a house with cash is not a good idea and removes one of the greatest benefits of investing in a house - leverage.
I love my purchase of my house. Sure it’s only 1100 sq ft and I don’t have a bunch of room, but it works. And my neighborhood may not be the absolute best but it’s a standard HOA neighborhood. But it’s by far the best investment decision I’ve ever made. I was worried when I bought at 20 years old that I was making a wrong decision, but since I bought, my house has gone from $197k to $312k in a couple years. Graham was a big factor in me trying to buy a house so early.
As a millennial, buying a house has been great for me and my wife. We live in a somewhat rural area where rentals that allow pets are extremely rare (to the point you can’t really do it unless your dog is a service animal). We would have had to contend with at least an an hour commute (ours is 15 now) to find a place like resulting in the need for a second vehicle much sooner (additional cost). In the end, that alone made the house a good investment. Not to mention the location is good, schools do well, and it is in a prime area where grad students consistently rent (when we decide it’s time to upgrade, we plan on renting this place)
nice bro!
Sign the prenup. Take to a divorce lawyer before she takes your house
“and my wife” oh noooo, well, hope you enjoy her taking it in the divorce 🤣
you wrote all this explanation when you could have just written "we had money so we bought house"
Rural areas almost always are the opposite of metropolitan which makes everything different from price to whose looking or sometimes even being in a closed market essentially where what's happening across the rest of the country doesn't hold true for that area. We are a military and college town (second home owners are very high specifically for the college and football season) with the addition of a very pricey new government facility so nothing here is typical of say LA, especially prices. 🤣 You can still get houses here for under 100k. 🤷🏻♀️
I just closed on my house today!!! I was able to negotiate for 10 000$ less, yes in this crazy market!! I'm so excited, but most of all grateful 🙏🏾
Congrats!🎉
Congratulations!
How?
Nice!!!!!!
We bought just before the pandemic started, being grateful and remembering that definitely helped us through all the possible 'regrets' we could have fallen into this past year. Enjoy your new home!
Closing this week on a duplex deal in the Los Angeles county area. My second property. Excited. I’ll keep buying every two years regardless of the market house. No one is changing my mind. Not you, not anyone.
Just bought my first house , I'm in my mid 40s , got it lower than the seller wanted apprised above what I offered after. It's not a dream house but I had reasonable idea of what I wanted to pay what I could afford. I didn't shop around I found the house I wanted knowing that I will over the next 10 years upgrade it. Renting almost all my life looking back that's so much lost money but it worked for my life then.
A place to live isn’t money lost! But I understand where you’re coming from
Bought a house Nov. 2019. Refinanced at 2.3% in 2020.. best decision ever
What type of mortgage did you refi with? Which bank?
Congrats man!
VA Home loan to IRRRL refinance. Only for soldiers
When you refinanced did you have to pay closing costs again?
@@LostMySauce yeah but not out of pocket, i put it on my refinance loan.. so i paid $0 from beginning to end of refinance
Homeownership is tough but totally worth it. Do your due diligence and still prepare for stuff to go wrong because it will.
"What's up Graham, it's guys here." So adorable.
When we started looking at our house the homeowner put that it had a "newer" furnace, the inspection told us it was 1996.
@@actnowordreamon6774 you got a video on what to look out for? Would help a lot :)
@@lililililililil9132 Not yet but I will certainly consider ...
@@actnowordreamon6774
Why did it cost you 30k? Did you pay 30k more or did the house need repairs
@@PylotGuyThere were rent appliances in the house not disclosed by the seller and the lawyer failed to validate the deed. I handed up having to pay huge penalty on late rent when the companies came to them pick up. There were also major electrical issues in the house (electrical not up to code which required major immediate repair ) ... etc
@@actnowordreamon6774 why would you have to pay off the iems that were rented, and not a signed agreement by you and the company? A home sale with rented appliances, isn't even in the contract... or shouldn't be. So why would that be your problem is basically what I'm asking?
*The biggest challenge after success is shutting up about it!!*
All of my friends thought I was insane buying my first house in 2007. The bubble burst but hadn’t fully deflated, lending was still easy to get, and the stocks I cashed out for the down payment hadn’t really taken a hit. I moved in 2019 to an amazing place that in all honesty stretches the budget, but is everything I ever wanted and more. Today, what I spent would get me into my starter home in a slightly better city.
I don’t like the video title because I want to buy a house 😂 hoping things relax soon!
I'm not optimistic.
At this rate home prices won't drop until 2026.
Buy now
Where are you looking to buy? Do you already have a realtor?
It's M&R can't believe you watch Graham Stephan too
@@jaredwilliams6853 whats why shouldnt you buy a house in 2021? I have no time to watch the video van you tell me why basically? Thank you
I bought a home because my wife, children and I need to live somewhere. I’m not an investor so I don’t sweat the small details. Didn’t buy emotionally, stayed within our budget and decided the non negotiables and what we could leave out. We’re happy.
Right now it's usually better if you're a good tenant and got a good deal. Some of my friend's tenants pay 400 a month and have done so for years but because they're good tenants my friend doesn't want them to move away due to higher rent
Thanks so much for this video! I needed this right now! You are my favorite source for financial news and entertainment. SUBBED!
SUBBED!!
nice
Hey! Some one forgot to smash that like button and that someone wasn't me. Just sayin! lol!
@@grahamfan is this another account grahm?🤓
@@GrahamStephan hola
I have owned several houses and maintenance was never over $500.00 a year. I stayed 12 years in a brand new house and spent 300.00 dollars on the heat pump, that was it in 12 years.
You will regret buying a home because the housing market will eventually flip and house prices will plummet like they did in the recession.
Really fortune teller. And tell us your evidence. Anything different between now and 2008?
When is it going to happen? Two years from now, or three, 5, 7, 10, .......... . Meanwhile I am my very hard earned money into the toilet by paying rent, which is much higher than a decent mortgage would be.
@@mine1685 THANK YOU! when is the right time 😓
@@jmobs7524 our realtor/family friend even told us not to buy now, his exact words were "wait a year, prices are stupid high" and "foreclosures are coming." bc of covid you couldnt evict anyone but thats ending and this is from someone who stands to make money if we were to buy now and pay more. theres never a guarantee but he has been doing it for 40 years been in this area forever he sold my parents their house 20 years ago. its alot better to be wrong and ~possibly~ pay a little more or have to get a smaller house than pay too much and be in financial ruin bc you paid 450 and you could only sell it for 280 now. ask anyone whos ever bought a townhouse/condo brand new the first owner always overpays and let them tell you how shitty it is to be stuck somewhere bc you cant afford to leave.
@@mine1685 rent is not throwing money away if you cant afford a house in this ridiculous market. we "waste" 30k a year in rent right now but were also not 300k-400k in debt. we WERE looking to buy bc the condo we are currently renting, is up for sale and we have the money to buy a house but im not overpaying so ill glady rent again.
I hear all this going on, makes me glad I bought a good house, low interest rate. Right as covid hit the US, last year.
Yea that's some great timing there!
@Graham Stephàn fraud
We just sold ours.
Had 12% over asking price that was already over priced for the neighborhood.
Looking forward to renting for a year or so and then see how things go...
Me too! Went up over $100k in value in the year I’ve owned it.
@@EmilGhiurau sad part it my buddy did that at the end of 2019.. now really regrets it.
Think about it when the US prints over 12 Trillion dollars worth of $$$
Inflation is inevitable 👁👄👁
What’s up Gram it’s guys here
Just realized one of the books says “Double Tap” 🤫
That definitely earned a like.
Bought my first house in Feb & regret absolutely NOTHING! 💰🏡
NICE!
WELL DONE
What’s up Graeme, guy here
I bought my house in March and I literally did ever step you mentioned in the video. I can say I’m a millennial that doesn’t regret buying a home
Same bought mines a March too! No regrets
@@rodolfoaguilar9195congrats! Got mine last week!
Agreed, no regrets about buying recently, I just wished I could have found a good resource with the A-Z steps to buying a home, the process felt so secretive!
This guy is an idiot and it's just clickbait. He probably said "don't buy a home on 2019 or 2020" as well
Just wait until things start breaking......it always does. No sarcasm
I’m the 1/3 who doesn’t regret it. My equity has gone up 50% in a year lol
NICE!
well done!
People enjoyed that in 2005 too - not so much by 2010 when they couldn’t sell
It without losing big time.
Check if you can get rid of your PMI due to your increased equity, if you had it
Same. Up about 50% in about 15 months.
As a realtor I 100% agree with your closing statement!!!!! And this is exactly what I tell my clients who ask if it’s a good time to buy. I say “depends on your situation” and go from there
What about now given the European conflict?
That intro was sneaky and well played. I had to rewatch to make sure I heard it right 😂
E
Same!
lol! Me to.
I replayed it several times. I caught it immediately. 🤣🤣🤣
Yep, we were preparing to move next year. Do some last renovations, save for moving costs and sell this house. But with the housing craze, bidding 40k over rediculous high asking prices, and not being able to properly look at a house and think it over, because most houses are sold before they even enter the market, we decided to stay here longer and focus on investing instead
Houses are gonna just keep going up, so unless you’re planning on staying for another decade, Watch the trading fraternity’s latest real estate video posted Saturday.
not gonna lie, I thought this video was pretty dumb. he gets you with that clickbait title but then talks about how you should get home inspections, etc. etc. seems a little disconnected from reality when homes are getting tons of offers and over asking and unconditional.
Why not sell while it’s hot, rent for a year, and then get a place a year from now once things cool down?
I would think about selling and then renting for a year or two until it calms down. Then you can take that profit from selling and go invest it to make more money! 🤑
@@sneakytacos773
Saw that video he is WRONG only gives a narrow view of the whole housing situation. Supply and Demand is not the only aspect of the supply bubble. oversaturation of mortgage loans, Record high default rates and of course the pandemic etc... To claim everything is normal is disingenuous.
the more information the better, good info
"Salaries didn't recover until ten years after graduation"
Me: *Cries in 35k*
@Suction Cup Man most?!
Right because… WHEN TF DID IT RECOVER
@@keyshia6909 should have went to trade school lol
graham is one of the few youtubers i have respect for, he is always truthfull and is giving real good advice
Thank you so much 🙏
@@TheIcedCoffeeHour graham you have truly changed my way of thinking ( about finance ) since i have started watching you. in my opinion every single video of yours that i watched was a good investment of my time.
i am sure that you have inspired alot more people than just me.
so in the end i should be the one to thank you
I sold and purchased in 2021 and I do not regret my purchase.
I think you have an awesome personality and are so enjoyable to watch
The baby boomers are like locusts sucking up the american dream and leaving a decimated country behind.
I don’t regret not buying a house because I spent all of my money on avocado toast.
“So none of this happens to you”
Well all of it has already happened to me so I’ll just go ahead and apply at McDonald’s to be their new mascot because I’ve been being a clown for free all this time, might as well get paid for it.
Lmao this needs to be at the top
Damn I wanna laugh but I feel for you
Oh god, the garbage disposal comment really hit home lol. "...last a few weeks"
It sucks because it's true
:/
@@GrahamStephan Good thing they're easy to replace and even easier to learn how to do it.
Don't use it.
Every time I watch a video, “What’s up Graham, It’s Guys here.” Oh hi 👋
Id rather buy with a higher rate than a higher purchase price. You can always refinance later to lower the rate and let the house pay for it.
What do you mean let the house pay for it?
That’s assuming rates will drop again. Also, don’t forget you still need to bring money to the table to refinance.
Glad I bought from a builder early in the pandemic when everyone else didn't want to buy.
@Big Smoke holt homes?
Your so smart you should of told everyone to buy
It’s not nearly as bad but it’s like clapping for not having an illness around others that do.🥲 Currently struggling with my home buying process out of necessity🙋🏻♀️... don’t mind me.
Same
@@taniasotini61 but... that's life..some are sick, some are healthy, some have food some don't...being grateful is always a must.
If you can not maintain your own home, like real maintenance DIY, not just cutting the grass or pulling the weeds, better to rent and invest in the stock /financial markets.
Buying a home is a huge decision so it requires a huge amount of research. Good luck to anyone trying to buy a home right now!
@jack
AGREED!
If rich people are driving up home prices, let's get rid of them. Violence is always the answer.
When you said "garbage disposables, a few week" it hit different 😂
😂 that was hilarious.
buy a duplex for your first place, you will never regret it. renters help or cover the bills. its an easy way to cut your bills while upping your income. its a win win.
Happy getting my house pre-pandemic. Appreciate the advice and can't argue my satisfaction from having a garage 👍🏾
Bought in September 2020, I'm paying the same for my mortgage that I was paying for rent
WELL DONE!
@@GrahamStephan oh, wow, hey thanks Graham. I've been watching your videos for years now and you were definitely a huge help along the way.
I guess property taxes and maintenance don’t exist also insurance
@@Ieatsouls8787 My property tax and insurance are included in my escrow. I prepaid my PMI. As for maintenance that's not apart of my mortgage and my original statement was I'm paying the same in mortgage as I was in rent. Also maintenaining your house protects your equity and is also tax deductible if the maintenance affects the house overall. Painting, roofing, furnace and water heater repair are just a few examples. On top of that I have a home warranty that only charges 75$ deductible for any approved work that needs to be done.
That’s my goal 🙌🏾👍🏾
Hey graham, guys here🤣🤣🤣
@GRAHAM STÉPHAN omg fake graham never responded to me before, to everyone seeing this, that’s a scam FYI
Thank you Graham! I got $49 of TSLA 🤑
no way!! congrats!!
CONGRATS!
Buy a house when prices were falling for a while, near the end of the next downcycle.
Save your USD now in ETFs, gold and BTC
That’s right 💪
House adds headaches, bills and maintenance, but if it's in a good location, bought when on sale, it might be a good long term investment
Is GLD a good way to pretend you own gold? To clarify, it is an ETF tracking gold price.
Wouldnt an etfgo down with housing?
@@KristaldeauCityLights it's a correction now, good time to buy. Long term it goes up on average 200% per year.
Just closed on my house yesterday and I got recommended this video🙃
Bought in February and it's the same payment as rent..minus everything breaking in the first couple months. But I had planned for it. Fixer upper which is fine for now!
Thats how life works. At least you can call it yours.
The credit grantors did NOT SMASH THE LIKE BUTTON
Purchased a house in 2020 pre-pandemic rush 🤘
My wife and I closed in the beginning of March 2020 right before the pandemic hit. Got for 237,000 from 247,000 with a 3.1 apr. Went to every major bank, online loam agency and got the best apr from Nevada state bank. So I had two inspections, have th check the air conditioning, or check the cable lines for your garage. Negotiate a 1 year home warranty and paint your house yourself. I have vaulted ceilings (20 feet) and I painted the whole inside by myself. FYI I have never painted a wall in a house ever. All my friends love the job I did. The only time anyone notices small mistakes it because I point them out... lol
“What’s up Graham, it’s guy here!” Haha!
;)
What’s up!
It’s not the first video he’s done that either haha
🤣🤣🤣
@@duck-fil-a3606 I caught it the first time. Not sure it is on purpose
What up Graham it's guys here! Love that lol
Here’s a passive income idea: manage Airbnb rentals without owning them
That’s been my side hustle since 2016 😃
That way you know when they go bankrupt and you can slide into a good deal with someone you already have a business relationship with!
@@DK-mc7mp that’s not how it works
@@DK-mc7mp you manage people Airbnb for them
Getting a airbnb isn't that easy tho
im 23, working remote and living with my parents trying to save. 2022 will be the year to buy a house when this market crashes.
🙏
Why won't it crash this year?
@@PatNeedhamUSA very well could but I dont see the demand or supply changing that quickly.
Home prices are not going up the value of the dollar is going down. So highly unlikely that prices will go down in value with the sick dollar.
That's the best way for sure
Garbage disposals- a few weeks 😂😂😂 truer words were never spoken
My man Graham with that signature intro 🙌🏻
😉
;)
"What's up Graham it's guys here." first sentence.
Bought my house in 2015 right as the housing craze started. Glad I bought when I did. Houses in my area have jumped 100k+ in the last year.
Lol not the title I want to read considering I just bought my first house two weeks ago..
haha just watch!
"What's up Graham, it's guys here!" Lol 😆
HEY ADRIAN!
HEY
keep saving!
Found Adrian 😂😂
@@notkarengt3109 My kickback was lit!
We bought our Colorado cabin in Aug 2018 for 320k and now it’s worth 490k. I have never seen such a good ROI. We could sell our home and make out like bandits by moving out to the boonies but that would severely limit career prospects and educational opportunities (I don’t have a college degree and would like to obtain one eventually). We like where we live, are just going to wait it out and rent out spare rooms to supplement our income in the meantime.
The housing market is quite literally on fire
Indeed.
@@TheIcedCoffeeHour explain how
it is!
It's a real knife fight out there!
@@K0sm1cKid 😂
just bought a home... however, 80k undervalued. purchased with 100% cash in an estate sale. "fixer upper" with great location. I'm hoping this pays off.
Nice work!
money printer goes brrrrrrr
the garbage disposal lifespan joke got me
LMAO @GRAHAM YOU REALIZE YOU STARTED YOUR VIDEO WITH "WHATS UP GRAHAM ITS GUYS HERE"
Lmao
It’s to get more comments like this one to help the algorithm.
He does that all the time🤣
Giving away the trade secrets, but it's to get the reaction. Looks like he succeeded.
Graham never makes mistakes, at least ones that make it through to a video.
I’m waiting for the housing crash then I’ll buy. I’ll use my VA benefits and get that ZERO down purchase.
NICE!
thats the best way to do it tbh
I am 1000000% grateful I jumped and got a house in 2018. It was on market for 12 hours and I was in a bidding war for it, ended up paying 2.5k over asking, and I thought THAT scenario was crazy.
Unless you live in Canada. In which case, if you bought a home it seems like you're always winning. And if you are trying to get into the market....well... good luck.
In canada just bought a house was thinking maybe this fellah was just way off the mark. Turns out i was just on the other side of the mark.
I bought my house in Canada just before the pandemic started. I'm so grateful we're not looking at buying just a year later though!
i love how he mentions get a home inspection. You cant buy a house in canada with a house inspection, theyll turn you down.
Yeah, we were trying to buy a house with my girlfriend but we would basically have to settle for a shoe box.
Prices went crazy high and on top of that, people overbid.
Got a friend who just sold their house 150K over the asked price and that was a 500K house 1h30m away from downtown Montreal (not the easiest commute to work)...so I'll let you imagine the state of the market at reasonable distances.
@@Mike-yz6oo If they turn down your offer because you wanna do a home inspection, you probably dodged a bullet.
Because they obviously are hiding something.
Lots of
People are going to be underwater in overpriced Realestate just like 2008.
No they're not. Prices are still rising and there's no signs of slowing down
@@bretroberts950 There weren't signs in 2007 either
“What’s up Graham, it’s guys here” lol something I would totally do 😆 love u Graham!! Thank you for all the amazing content 💪
I appreciate everything you post definitely helped me get my finances on track and life In order I will forever smash the like button for the RUclips algorithm!
Thanks for the info Graham I'm indebted to you. Unfortunately, that put me in too much in debt and now I can't afford a home :(
nooooo
haha now that's good!
Also remember to factor in huge HOA costs if you live in a condo or townhouse. They can get as high as several hundred dollars a month.
Biggest thing I learnt was, you can get as many mortgage quotes as you want within a short amount of time without negatively affecting your credit.