TRAP Why You Should Move to a More Affordable House Right Now!
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- Опубликовано: 16 окт 2023
- Minimalism? In this eye-opening video, we'll explore the compelling reasons why moving to a more affordable house could be the best decision you make this year. Housing costs are on the rise, and the financial benefits of downsizing or finding a more budget-friendly home are substantial. Join us as we break down the key advantages of making this strategic move, from saving money to reducing stress, and achieving financial freedom.
🏡💰 Here's what you'll discover:
🔹 How to slash your monthly housing expenses
🔹 Tips for finding a more affordable home without sacrificing quality
🔹 The impact of housing costs on your overall financial well-being
🔹 Real-life success stories of people who made the switch
🔹 Expert insights and advice on making a smooth transition
Don't miss out on this opportunity to take control of your financial future. Hit the "Subscribe" button, give this video a thumbs up, and share it with anyone you know who could benefit from this valuable information. It's time to take that crucial step toward a more affordable and stress-free housing situation. #AffordableHousing #FinancialFreedom #realestatetips
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Brought to you by:
Jerry Pinkas Real Estate Experts
604 N 27th Ave
Myrtle Beach, SC 29577
843-839-9870
🟢 Start Here! - www.HomeGuideMyrtleBeach.com
Disclaimer: All information given in my videos is meant to be educational. This video is not intended to replace your research, nor to provide legal, investment, or financial advice. For legal advice consult a lawyer.
With interest rates where they are now, if you sold your house and bought a lower priced home your current home payment might be lower than a new home
I'm locked in to a 3%. Ain't going nowhere anytime soon!
Is your percentage only for a certain amount of years though?
Same, plus I’m $15,000 from paying off.
Sounds like you are winning! Thanks for watching and commenting
@@quantumquestions5849 fixed 30 with 14 years remaining
Their plan to push us low interest rate mortgage holders out is to increase taxes and insurance and inflate the currency to a point we still can't afford that 3% payment.
It will cost most people who have owned their home for 2-5 years more to move and purchase a new home than staying put. Interest rates at 8.6% Fixed. No thank you.
Completely agree!!
My wife and I just looked at a house 600k here in California. After doing the math with a 30yr mortgage the interest the insurance and the taxes for that home came out to 1.2 million dollars. We absolutely walked away!
You could pay it off faster, and in 30 years the property is probably worth 1.2mill
True, but I’d be spending all my time working to pay it off only to be 65 years old and have worked a lot of my life to pay the house off… for me not a life well spent.
An affordable home is easier to sell, especially in down times and they hold their value. When the crash is really felt more expensive homes will feel the pinch more.
Your right! An affordable home is easier to sell, in good times and in bad. Thanks for taking the time to comment and watch
This is 100% the right answer.
This is precisely what we did last year. We sold our 3300 sqft house, got rid of our junk, and moved into a 2000 sqft house in a town with lower property taxes and cost of living. By doing so, we banked substantial funds, augmenting our retirement accounts. Getting rid of all the junk was the most challenging part, but once you're done, it is liberating. Great video; thanks for sharing!
Sounds like you are winning! Thanks for watching and sharing your story
You might end up spending more money at 7% interest rather than keeping a home that you might be slightly over extended on.
Every scenario can be different. Even with a higher interest rate, a lower cost home can still be more affordable than an expensive large home in a place that has a high cost of living. Thanks for watching and commenting
Lol someone read the flyer from the loan officer
@@JerryPinkas , another thing to consider is selling a person's current house that has doubled in the last 10 years and taking that equity and buying a downsized home with cash. No more mortgage payments!
Where are the Affordable Houses? Everything Everywhere is going though the Roof!
Have you considered other states? Other towns? If it's not affordable where you currently live, maybe it's time to make a move. Thanks for watching and commenting
"Affordable housing" is not the same for the rich, as it is for middle class, as it is for the poor.
Old people in Florida get burned by downsizing. The taxes are much higher on the new downsized property than the older bigger property.
Homestead exemption should also be adjusted for inflation. Then if you sell your homesteaded property and buy another property as your homestead you could take the inflation adjusted homestead exemption amount to your new homestead. There is a homestead portability that allows the difference between the market value and assessed value of the house you are selling to reduce the assessed value of the home you purchase.
@@clagueb3686,
California have those same exemptions. Thank you for enlightening these commenters
I'm having really hard time finding a "more affordable house." Everything below $100,000 in NYS is a trailer parked on a rental lot, or has tens of thousands of back taxes, or needs tens of thousands in repairs.
That's what we did 2 years ago. Empty nest, a 3 bedroom house is more than enough. One bedroom, one home office room, one guest room.
People in around Denver are freaking out because their property taxes went up (by 30-40%) because their houses appreciated and now the state government is proposing dipping into the excess sales tax revenue to subsidize them.
You’re right, but first you need to sell the house you have now, not so easy right now….
That can be true , depending on what type of house you are selling and where it is located. Thanks for watching and commenting
Great Vid Jerry! 2 thumbs up! We live in our current house of 29yrs (long Island) and we are empty nesters (62yrs old). Our house is worth high 7's, taxes 8k. We owe 75k on a Heloc and that's it. We are looking to downsize and move closer to family in NJ or upstate. The thing is housing around where we want to go is also high in price. So, it's hard to downsize to a lesser value property. Jeff in NY
Jerry, are you finding any people that are buying a tract of raw land and working on clearing out, drilling a well, and septic over a couple of years, then getting an affordable trailer, then possibly replacing with a modular? Being 52, and not wanting a 300k plus mortgage at these rates, I believe in smaller and affordable, but working on projects as I work towards the move. I have had to change my plans due to the economy, but I enjoy South Carolina and consider you at the pulse of these issues. Trailers, interesting modern small homes, or modest Modular’s are much more affordable, and give me the peace and solitude. Thank you
I’m slighter older then you so I want to know that too!
100% yes, that is happening! But land cost have gone up...like everything has. With that being said, you can still find some tracts of land as a bargain, depending on area, and gettin g a deal with a motivated seller. We just helped a buyer last week! He bought a 17 acre tract and he is doing exactly what you mentioned. Thanks for watching and commenting.
Typically the nicer neighborhoods with more expensive houses come with lower crime, better schools, nicer commerce nearby, better roads and more educated, altruistic neighbors.
Sure, find a good deal and leave below your means, but also keep in mind where you choose to live is going to impact the type of environment and people your kids will be influenced by!
We live in So Cal-what’s this “affordable housing” you speak of??
But seriously, we bought an 1800 sf single story ranch house in 2000 and stayed put. We hate CA, but our families are all here, so here we stay. We couldn’t rent a decent studio apartment for what we pay in mortgage.
I own a 6 unit apartment property (two 3 family houses on one lot) and live in one of the apartments. Not only do I have zero housing expense, when all my units are full I am up $1,600/month on top of it. Best thing I ever did!
I know the challenges of getting that property look like a piece of cake now.
Thats america the rich get richer, poor get poorer.
Not only are interest rates up, but homes are no longer affordable! They’re very expensive as are taxes!
Sometimes I think I’d like a little more room, maybe a bonus room or another bedroom. Then I’m like wait, I like having a mortgage under $1000. Now is not the time for change. Good luck everyone 🍻
So if you're living in, let's say, a 500k home that 2 years ago you paid 300k for at 3 percent. If I understand right, I should take, let's say, 200k equity, go buy less house, at the higher price and pay the same effective tax rate and finance at 7 percent, but I'll be moving to a better neighborhood for less money? If you consider moving cost, loan fees, and higher rax rate due to current taxable values, perhaps you can clarify how one benefits. With all due respect to your presentation, I can not get the total everything considered numbers to work. I'd rather be "trapped" in a nice home than trying to downsize in a market like this. Within this "trap," they can only raise taxes 3 percent a year. If, for example, you're paying 7k a year in property tax, but the guy who just bought the home a few houses down is paying 20k, the trap has some benefits. I'm not trying to be argumentative, but the knife cuts both ways. Florida will probably never be the bargain that it once was, and some are leaving because of that, I get it. Funny how when New York, California, Massachusetts became expensive to live in, it was worth it, but Fla is somehow not worth it?
I agree 100%. An excellent and wise video.
Sure sure, I’ll just take my equity aka part of my retirement plan, uproot my wife and kid, buy a house in a small town in NC. It’s just that 980 mile daily commute back to West Palm Beach is gonna be tough. Please be practical! Most of us in the middle class are stuck where we are. We have families and jobs and 3.25% internet mortgages. We ain’t going nowhere!!!
YU ARE ALWAYS SO THOUGHTFUL OF PEOPLE!!!!! YU ARE A GREAT HELPL.....PEOPLE NEED MEN LIKE YOU THAT ALWAYS ALWAYS GIVES THE RIGHT ADVICE....GOD BLESS YOU ..
Thank you so much! I truly apprecite your comments. Thank you for watching!
PLEASE FIND AND PUSH YOUR CAPS LOCK.
I Have TROUBLE SEEING...THAT IS WHY I USE THE BIG LETTERS.
@@bubbajones4522
I don’t think I could move back to a 10K sq. ft. home again!😂 I live by myself too! I use to a 20K sq. ft. home.
You the man sir. When it's time I'll let you know. Great job all.
Thank you! I truly appreciate you're comments. Thanks for watching!
@@JerryPinkas your the only one I watch sir. I trust you and your team. God bless you all sir.
Been trying to do exactly that. I have 1 3% mortgage which will go to 8 if I can find a different living arrangement. I could move to a smaller place.
This video is very key in my circumstances, but everything is so expensive 😮
Affordable house? What’s that? Now you get half the house at the same price of a big house; thanks FED!
Affordable homes are a super hot segment in our local housing market - Sam Miller
It's happening! I think affordable homes will remain a popular choice for years to come. Everyone needs a place to call home.
Hi Jerry, we want to move to SC from Florida. How does it work as far as jobs until the new build is getting built. Can we buy a house elsewhere and still work down here?
If all you want to do with your day is watch tv, a smaller home with no room for hobbies, interests, pets or family is just the ticket.
Can you make a video about best places to rent in myrtle beach and how to go about doing it to avoid getting scammed?
this doesn't work in my area. Moving from and expensive house to a different expensive house is not feasible. There is zero affordable housing in my area (either renting or buying)...zero.
Have you considered other states? Other towns? If it's not affordable where you currently live, maybe it's time to make a move. Thanks for watching and commenting
Yep, you must live in the NY /NJ area like me, lol
@@JerryPinkasJob is here...and not remote.
@@jeffsaba7602 Seattle
Who do you recommend for a Attorney that understands South Carolina HOA and not being to informed Bylaws, because that didn't have a Attorney draw these up.I bought after reviewing by laws and can't get bylaw enforcement in S Carolina Lancaster
Same goes for cars, vacations, kids college etc.
I live in NH. Just waiting bc Massachusetts has no more space and I’m in a growing neighborhood & yahoo..
Has anyone considered downsizing and living in a yurt?
I hope no one is bothering with purchasing homes.
Why would you care what others are doing?😄 Spend that valueable time on yourself.🥰
My hubby and his sibs have a 400k house in PA to sell.
With all the money you make downsizing,you could eventually buy a bigger house in a nicer area..
There's no affordable house's out there 😢😢 if so where at😮
None????
@thebastardgift none ?! ..If so where are they located
More affordable Jerry? 7% interest??
Even with a higher interest rate, a lower cost home can still be more affordable than an expensive large home in a place that has a high cost of living. Thanks for watching and commenting
Lots of foreclosures hitting the market right now, so....
What state and area do you live in? Our entire county only has 7 foreclosures out of the 9,100 properties on the market. Thanks for watching and commenting
I see this also. Pre-foreclosures are all over the place in my area. The main driver of these is ever increasing taxes and insurance coupled with inflation. People are seeing their mortgage payments almost double while their purchasing power cut in half.
I like huge homes.
Can you help sell our home?
Wait just a minute! Are you telling me that if I pay less for something, I will be able to keep more of my money??? That is mind boggling. I had no idea! Thanks for your brilliant analysis......
Your welcome
Affordable homes are in Warren Ohio
Where is an affordable place
Nice try. I'm not giving up my 1.9%.
Sounds like you are winning! Thanks for watching and commenting
Where are the affordable houses ???????
Have you considered other states? Other towns? If it's not affordable where you currently live, maybe it's time to make a move. Thanks for watching and commenting
What have you been smoking?
Affordable LOL
Have you considered other states? Other towns? If it's not affordable where you currently live, maybe it's time to make a move. Thanks for watching and commenting
Simple solution, get elected to Congress and with lobbyist/money laundering you can pay cash for that home in the Hamptons.