Today’s mortgage rate (as of the writing of this post) is 6.80%. In this podcast episode, you can grab information about assumable mortgages and use them to your advantage in buying (or selling) a home.
Home Buying Tips
5 Questions To Help You Buy A Home
Here’s the 20 minute podcast that dives into 5 great questions to help you get a better understanding of where you’re at and what you need to consider when you prepare to buy a home.
Here are the resources I mentioned in the podcast:
E45 – Home Buying 2022 Vs 2023
This episode of the Housing Expert’s Podcast focuses on the major differences between what the market was like vs what home buyers (and sellers) will experience in 2023.
We are not in a buyers market just yet. Listen in to the latest on the market.
E42 – Homebuyer Advantages In 2023
This podcast episode will help you if you are buying a home in 2023 or if you’re scared to (but you really want to buy your own place).
2020 through Spring of 2022 are gone and it’s time the homebuyer starts getting some wins – big ones!
What This Podcast Info Means To You
Home Buyers
Here’s the most important bullet points:
- FHA (low down payment) is BACK!
- Sellers generally will be more flexible
- Listings will sit longer on the market (price adjustments) – I actually didn’t mention this in the podcast but I’m putting it here (bonus material for my buyer clients!)
- Less competition from other buyers
- You – a qualified buyer – are going to be like GOLD in 2023 (not a dime a dozen like in 2020-2021)
This is what I live for in my profession. Giving incredible information and insight to folks. I’m super energized to help anyone out who wants to buy a home in 2023. Text me right now the word Energized to (631)831-9048 and let’s start your home search together!
The link I mentioned for the basic information on mortgage financing is – The Mortgage Center.
Homeowners
The window of the historic sellers market of the last 2 years is gone. That doesn’t mean you’re going to have to give your home away.
However, you will need to shift focus – listen to the last podcast where I talk about selling in this changed market.
Investors
You have to roll with the times. FHA buyers will be out and you better do your renovations to code and make sure you have all the certificates of occupancy and everything else – completely squared away.
Do not ask too much for the houses you’re trying to sell.
Lastly, make sure you do not cut corners. Do not listen to the contractor who tells you not to replace the old crappy windows or the burner because “they still work”. If it’s a rehab, it’s a rehab – do not use the motto “if it ain’t broke…”
It’s a rehab. Everything is “broke” – you don’t want to be broke so fix stuff right.
Thanks for listening to this podcast and reading the blog post. Here’s the link to the 1 minute updates on the housing and financing market on Youtube that I mentioned in the podcast.
If you’d like – book an appointment online with me or call/text me at (631)831-9048.
Follow me at Linktr.ee/TomMcGiveron – Thanks.
Buying A Fixer Upper Or Distressed Property
In this 15 minute episode of The Housing Expert’s Podcast, Tom McGiveron introduces the third installment of Homebuyer Strategies in the New Market.
This podcast series features strategies for home buyers to get into the market, regardless of high mortgage rates and fear of buying a home because of home price volatility. This episode covers the opportunities, financing, and estimate tools for fixer uppers and distressed properties.
Links:
https://linktr.ee/tommcgiveron
https://www.nerdwallet.com/article/mortgages/estimate-the-cost-of-your-home-renovation
If you’d like – book an appointment online with me or call/text me at (631)831-9048.
Follow me at Linktr.ee/TomMcGiveron – Thanks.
Is The Housing Market Going To Crash?
I google-searched, “is the housing market going to crash” and I was left with a lot of information-overload.
However, this piece of information from Lawrence Yun, posted on his LinkedIn, shared some great insight into the comparisons of the current housing market and the last actual housing crash.
I think so many homebuyers are waiting for “the market to go down”. I hear it when I speak with folks and I cringe, literally.
Let’s look at a few things.
In 2008-2009, home prices went down 30%. The foundation of that market was built on weak “pilings” of absolute crappy mortgages and a very shaky national employment rate.
If you haven’t seen the movie, The Big Short, I highly recommend.
During that period and run-up to 2008, prices had previously skyrocketed from 2003 to 2007 with repeated year-over-year home price increases of as much as 20+%.
During that time, subprime mortgage (mortgages that allowed folks with poor credit, low (or no) down payment and low income/assets) were very common.
Millions of people got mortgage loans that ultimately, should not have gotten them.
Mr. Yun’s article on LinkedIn, does a great comparison of these different markets.
Housing inventory, which is the number of homes/condos for sale, was astronomically high and rose quickly throughout 2008-2012.
We are in the exact opposite situation, where inventory levels still remain low here on Long Island.
Mortgage delinquencies remain much lower than in 2008. So people aren’t losing their homes to foreclosure nearly as much as they were back then.
We do not have the same pressures on the housing market, that we do now.
However, the pressure on the market today is different, coming from the Federal Reserve, raising rates. This may have a very adverse effect on new houses/condos coming to the market in the future – check out my Youtube video on this (especially if you’re “waiting for the market to go down.”)
Now if you’re not following me on Youtube or Instagram, please subcribe/follow as I’m doing a ton of updates every week on both of these platforms.
To get the latest update on the housing market and strategies for buying the new market, listen to the Housing Expert’s Podcast on Apple or Spotify.
Call or text if you want to buy or sell a house (631)831-9048.
