😂 I am with you on this. First-time buyer here working through the process. I am not scared of purchasing, I am scared of paying high rents and being told to pack up ‘cause the landlord could decide to sell tomorrow, or up rent again.
@conroeliving
Жыл бұрын
Congratulations! It sounds like this won’t be a factor now, but if you have a signed lease you can’t be made to leave until that lease is up, even if the property is sold. This is of course only if you’ve not done something that is in violation of that lease. They also can’t legally have a rent increase until that lease’s term is up. Fingers crossed you have a smooth closing on your new house!
@Coffeendonuts
Жыл бұрын
Yup. Just got my lease renewal and my rent is going from 2700 to 3800.
@_Renee2
Жыл бұрын
@@Coffeendonuts yikes! That's insane.
@Coffeendonuts
Жыл бұрын
@@_Renee2 Boston surpassed Sam Francisco as the second most expensive city to rent in. We just signed a p and s for a 2 family home in great condition in a great neighborhood for 765k. Market rents for each unit is around 3k
@_Renee2
Жыл бұрын
@@Coffeendonuts congratulations!
@noy6184
Жыл бұрын
He explained it very well. Thank you so much
@tisha3831
Жыл бұрын
The builder I’m dealing with is paying all of my closing plus buying down the rate and I watched the builder until the price dropped significantly. I’m getting my home floor plan at a lower price than it was in 2021 and it’s a low tax rate community. For me it’s a great time and I’m a medical professional with a good income and everyone’s situation is different. I’m paying $2100 in a 1 bedroom Apt. In addition, I’m getting 2.5% in commission and will pay off my car with that rebate. As well as interest rate and price, also consider your tax rate and Hoa fees.
@conroeliving
Жыл бұрын
Just curious, where is this?
@besthomesdfw5391
Жыл бұрын
Congratulations! Yes I just brought my client to the new builder in Ennis, TX and she's getting $15k towards closing cost 🙂
@kevinford3820
Жыл бұрын
Nice content of value, Jeff! As you know, we will soon be buying at Lake Conroe, using the strategy you suggest with a new vice existing home. We feel very confident that late 2023/early 2024 will continue to develop into a buyers market e.g., if a seller wants to move their products, they need to yield and incentivize the sale. We are buying to live long term in the unit without considering of resale value (retirement) and, using data to drive our decision-making, Lake Conroe area offers a lot of GOOD reasons to be chosen as a “right place”. Again, thanks for your time staffing these informational offerings which build our knowledge on Living in Conroe.
@Brownwaffles
Жыл бұрын
For the price I pay for my 2 bedroom apartment here in Arlington Tx I’m better off getting a home 🏡 if I can find a decent one at the right price
@conroeliving
Жыл бұрын
In certain circumstances it is necessary to rent, but rents only go up over time and you've got nothing to show for it but a temporary roof over your head. I believe home ownership should be everyone's goal unless you' are a savvy investor that can get higher returns on your money factoring in what you are paying in rent on top of it.
@byronhaley5947
Жыл бұрын
Fantastic video educational and funny 😄
@conroeliving
Жыл бұрын
Thank you! Hope it’s helpful
@charlenemeltzer9028
Жыл бұрын
You are correct!! Thank you so much for this information
@conroeliving
Жыл бұрын
You are so welcome
@kenwarger7431
Жыл бұрын
Well thought out ...big picture vide.
@Splenda2021
Жыл бұрын
Great info
@conroeliving
Жыл бұрын
Thank You! Hope it helps
@zacharyives139
Жыл бұрын
Always a great day when a Conroe living channel has a new video out!
@conroeliving
Жыл бұрын
I was falling down on the job during Thanksgiving!
@ricdynasty
Жыл бұрын
Wages aren’t keeping up with inflation. Prices will 100 percent correct in the near future as buyers aren’t willing to overextend themselves financially just to say they’re homeowners. My best guess is a 15%-30% correction from today’s prices.
@wacio
Жыл бұрын
Its not sky falling! Its earth rocketing upwards!!!
@raymondtsang1635
Жыл бұрын
I am actually looking into buying a home soon at Harper Preserve. Thank you for the great insight.
@conroeliving
Жыл бұрын
Awesome! Check out my top 5 neighborhoods video. Harper’s is first on the list. And of course if you don’t already have a realtor, give me a call. If you are looking at a new build it is just as important to have representation as in resale and it doesn’t cost you anything.
@HoustonMortgageLender
Жыл бұрын
Great Video Jeff!! Thank you so much for sharing!! New Subscriber here :)
@conroeliving
Жыл бұрын
Thank you Peter, both for the compliment and the subscribe!
@HoustonMortgageLender
Жыл бұрын
@@conroeliving My pleasure!
@barbaranigon2403
Жыл бұрын
Hey Jeff, appreciate the content. I think you have a very good take on what's going on in the market. The only thing I disagree with are the Fannie Mae Freddie Mac estimates for home price declines. I think we're going to see much larger declines nationwide due to various factors, primarily affordability as it relates to average earnings in most areas. With hedges and investors backing off, I think we can expect more than a one or two percent correction
@barbaranigon2403
Жыл бұрын
I recommend taking a look at a channel called Reventure Consulting with Nick Gerly. His videos provide a very thorough and well thought out explanation of the specific data sets that point towards the more drastic downturn I'm preparing for.
@k.williamelliott7969
Жыл бұрын
OK, I am one of those that a "correction", then "crash" is coming. We currently rent in Frisco, TX with a desire to relocate to Pottsboro, TX. A reconning is coming to real-estate, auto and (just found this) boating markets. Price drops are becoming a regular practice. When a seller's property has been on the market for 30+ days with no offers, I believe that is a sign. When a property is under contract and then comes back on the market, that is a sign. I am a buyer on the fence, FYI. Time will tell. I am also VERY concerned with the construction quality of new homes. Builders were scrambling to capture the hot market that they were convinced was going to continue to go up. Now, with interest rates through the roof, the market has turned to crickets. At least you did not say, "Marry the house, date the rate..."
@conroeliving
Жыл бұрын
I try not to throw out too many clichés, but the principle of marry the home date the rate is usually pretty sound advice. People who refinanced from the back half of 2020 to spring of 22 will tell you they are thrilled to have the mortgage of whatever price it was when they bought it with the rate they locked in at for a refi. Homes sitting for 30 days or falling out of escrow has always been a part of a normal healthy market. When you compare it to the last two years, it may look like a crash, but if you compare everything happening right now to the trends of the last 10 years, it doesn’t look nearly as dire. For instance, the amount of new mortgage applications is at a 10 year low which sounds bad. However, it is just very slightly below the number of mortgage applications in 2014, which was a healthy market. Also, take into consideration that as the mortgage rates dropped slightly in the last month, there was an uptick in mortgage applications, showing that the buyers are still there, and it won’t take much for them to continue. I wish I could say with 100% certainty that a crash won’t happen, but as I read the data in context, I feel pretty confident.
@k.williamelliott7969
Жыл бұрын
@@conroeliving Not to be disrespectful but what you just typed goes against your statement in your video!?!? Investment buyers paying over value for homes, driving the prices up ARTIFICALLY, now, the market is at a virtual standstill, especially in Texas when you combine high rates, high prices and PROPERTY TAXES. $600K home will be $700/month in taxes. Now., roll in insurance premiums. If recent buyers aren't upside down in equity, they will be in taxes and insurance. The prices have to come down for buyers on the fence to engage. Anyway, best of luck with your channel and selling homes in Conroe.
@conroeliving
Жыл бұрын
@@k.williamelliott7969 I take it as no disrespect at all and appreciate the pushback, as it’s an important topic to understand as much as is possible. I’m not sure I understand where you see a contradiction though. Are you talking about investors driving up the market? You used the word artificial, but that was never an intended definition of the housing growth. Hedge funds bought houses by the thousands to position themselves in the single family rental market. If someone buys a property for well over the value of the other properties in the area, it is an outlier. But if tens or hundreds of houses are bought in a neighborhood at the same price, that is setting the new price. Since they are holding the properties as rentals instead of selling them off and flooding the market with inventory, the same scarcity will continue. Think of it like Manhattan or San Francisco but on a larger scale. Prices are substantially higher than National average because of demand and scarcity. Prices haven’t come down in those markets. People have just adapted to the reality. Forgive the long ramble if that’s not what you were referring to. Btw on your point of builders sacrificing quality to meet demand, that is a very good point as it is a real concern. I always suggest that my clients get an inspection contingency and their own inspections. The city has to sign off on some things to make sure they pass code, but smaller corner cutting may not be noticed, so it’s always good to have a professional who only works for the buyer in the mix to make sure the build is done correctly.
@besthomesdfw5391
Жыл бұрын
Great job for sharing this information, what do you think of Dallas/Fort Worth, TX?
@conroeliving
Жыл бұрын
I don’t have local mls data for the Dallas metro so I can’t really deep dive, but from what I have seen (and talking to my local new home sales friends) it seems in line with what Houston is experiencing.
@DualEnduro
Жыл бұрын
Just got back from Conroe/ Magnolia / The Woodlands areas. Spent 7 days there. Prices are out of control. 500k with a 2.8+ tax rate ????? I saw people buying that with 6% interest????? Do you really think the future of housing in good hands with 4-5k monthly payments?????
@conroeliving
Жыл бұрын
Taxes in some new communities are up to 3.4% so yeah it’s expensive. Main difference with mortgages today is that qualifications are much stricter, so people are well qualified to get the loans. The biggest victims of current conditions are the people who are not qualified and will continue to have to rent from the institutional investors for the next decade.
@cristalcrystal2487
Жыл бұрын
Texas property taxes are completely ridiculous plus the insurance. I decided not to buy .
@noy6184
Жыл бұрын
I subscribe to your channel
@leothalion3983
Жыл бұрын
Thank you so much
@conroeliving
Жыл бұрын
You are very welcome!
@noy6184
Жыл бұрын
Hi Jeff. When Some of the builder offer under 5% interest rate and help with some closing in TX. Is that typically happen in Houston suburbs? And what is the theory behind that?
@conroeliving
Жыл бұрын
Hi. To answer your question, the incentives are going to vary from neighborhood to neighborhood based on demand, as builders try to maximize their profit. I have two clients in one particular neighborhood who are receiving no incentives to build, because that neighborhood is in high demand. However, the incentives are not limited to just the suburbs. They are found anywhere builders are needing to offer incentives. The main reason they are doing this is because it is the only way to draw in buyers who have put their home search on hold while the interest rates are so high. Builders are not in the business of holding on to houses, so they have to do something to entice people to purchase. In some cases builders are sitting on 9 months of unsold inventory.
@noy6184
Жыл бұрын
@@conroeliving wow. I wish we see this promotion in WASHINGTON state. Can I get get your email to contact you?
@conroeliving
Жыл бұрын
@@noy6184 jeff@jeffwestproperties.com
@noy6184
Жыл бұрын
@@conroeliving sent you email
@Ascending4111
Жыл бұрын
Future housing numbers are rooted in demographics, Millennials will want small homes with low overhead. Baby boomers with big houses dropping are like flies. Keep it simple and tread lightly.
@kristymanes
Жыл бұрын
Best video yet! I learned Soo much about how this all works, AND you answered every question that came up up, as it arose in my mind. Also, it WAS a fun drinking game! 😅 Thank you, Jeff, your frank approach is Much appreciated! 💙
@conroeliving
Жыл бұрын
Thank you Kristy!
@junebarnett7350
Жыл бұрын
Interest rates are double. House prices increased at a crazy pace. Homes are falling in price as people sadly lost jobs prices were will fall. Investors are going away. I would stay away From buy downs it's a big gamble.
@onezero9512
Жыл бұрын
The jobs are going away, best to wait and see if you will even have a job in 1-2 years; there's a better than not chance that you will be downsized or laid off altogether. The LAST thing I will be doing is buying a house UNLESS I could pay cash.
@reneegoncalves6256
Жыл бұрын
I would personally would wait on unemployment numbers many companies continue to layoff. Builders will still have incentives in 2023 not everyone is buying in 2022 due to interest rates. You should be a great leveraged buyer money down, steady employment and great credit.
@conroeliving
Жыл бұрын
I get the unemployment hesitation. The same thing happened during Covid and there was fear of a housing crash because of unemployment then. I did a video in May 20 20 to address it and try to alleviate peoples fears. This is a little different because if the unemployment numbers rise it would for different reasons, though most likely would effect the same sectors. 100% agree that anyone wanting to buy should be well qualified and job secure.
@stormchaser419
Жыл бұрын
7% interest rate!!! Over a 20 to 30 year loan just figure that. Ok you can refinance and it will probably be lower in the future but think about all the interest. That home goes from $325,000 to $600,000+ paid out over that time with the interest. That is one expensive house plus all the property taxes you have to pay in Texas. You are not a home owner until that mortgage is paid off. The bank is your landlord. Why people call themselves homeowners while still paying on a mortgage is beyond me.
@conroeliving
Жыл бұрын
I don't know of anyone who is paying 7%. That is the primary reason so few people are buying. However, 75% of my business this year is from people buying inventory homes (the number 1 takeaway from the video) and the interest rates have ranged from 3.9%-5.5%
@Fanimik
Жыл бұрын
❤❤
@chiadams4967
Жыл бұрын
I'm a retired vet. And I'm interested in buying a home. We have a cola increase coming in January, should I contact a broker now or wait until after January?
@conroeliving
Жыл бұрын
There’s nothing wrong with reaching out to a broker now just to get the ball rolling. You’ll want to be preapproved prior to submitting an offer, but you can start talking about what you’re needs are, areas you want to look, etc. I have clients who aren’t buying for nine months, but I’ve got them set up on an email campaign that shows them the types of houses they are looking for, and allows them to track the process to help with their own expectations. Where are you looking to buy?
@chiadams4967
Жыл бұрын
@@conroeliving Im interested in buying a home in Pittsburgh, P. A.
@conroeliving
Жыл бұрын
@@chiadams4967 Let me know if you need a realtor recommendation. I have someone in mind.
@adrianbradshaw4956
Жыл бұрын
Native Texans are begging you… please stop migrating here.
@MrLeviticusthesexy
Жыл бұрын
I'm a freedom lover, my current state is doomed, I want to migrate to Texas to help Save Texas From Californians, and MN cidiots. My Wife is originally Texan as well.
@hrothgar6832
Жыл бұрын
Ummm... What part of the fact that the last five years was flush with stimulus, speculation and cheap money and the next five won't is escaping you? Is that because ya only make money if people buy and make more when they buy high. 🤔
@mightyea
Жыл бұрын
I see builders are offering great deals!
@unknowndriver6652
Жыл бұрын
How do you contact them?
@yalaberhanu4901
Жыл бұрын
you are crazy indeed ! prices are clearly going down not as fast but they are ! i have two colleagues you bought beautifully houses south of houston 6 months ago needless to say after prices cuts they are struggling to offload them! the worst is the fact that they have only one interested visitor in 2.5 months !
@conroeliving
Жыл бұрын
There’s no question now that they bought at the peak of the market. If it was six months ago, that is exactly when the interest rate started, going up aggressively and all the buyers jumped out. There’s no way they’re not going to lose money if they need to sell now, but if they bought a house in any year and had to sell six months later, they would lose money. The good news is interest rates are going down and buyers are starting to pick up.
@apragsvlogs
Жыл бұрын
Good infos
@MrKhangsar88
Жыл бұрын
Too many houeses for sale ritnow but price must go down and it will go down
@yeuemxuatdoi
Жыл бұрын
It's not a good time to buy. No way. In terms of shelter as a necessity, we can always rent (for the time being). Sure, the remt may be high, but so is the housing market and interest rate. DO NOT BUY until late 23 or even 24.... Mark my word
@Augustin54
Жыл бұрын
You sound like everyone in early 2020. What happened to them?
@vamg5254
Жыл бұрын
Very good points. So2-1 but down, we buy down interest rates means, so we put more down payment? Or we simply paying extra to reduce interest rate?
@conroeliving
Жыл бұрын
So technically, the interest rate is never lowered. Instead, a pre-payment is made at closing that covers 2% of the loan in the first year and 1% in the second year. It’s not a down payment, in that it doesn’t go towards your principle. It’s similar to buying discount points. The real value in it is negotiating the seller to pay it on the buyers behalf, so it doesn’t cost to buy her anything. Builders are doing it a lot and sellers on the resale market who need to sell are much more willing to do it.
@vamg5254
Жыл бұрын
@@conroeliving thank you for the reply. So instead of asking sellers to pay for the closing costs, buyer asking seller to pay for the these discounts.?
@conroeliving
Жыл бұрын
@@vamg5254 the short answer is we ask the seller for everything we can get!
@unknowndriver6652
Жыл бұрын
How do you find builder's deals?
@conroeliving
Жыл бұрын
Right now builders are advertising there deals, but the short answer is get a local realtor who works with new home construction. They will not only know the builders incentives, but will also negotiate on your behalf and help you protect yourself in the new build process.
@hrothgar6832
Жыл бұрын
The problem with "marry the house; date the rate" is that the "rate" is like Glenn Close in Fatal Attraction. Good luck getting rid of THAT psycho girlfriend when the rate keeps going up.
@hrothgar6832
Жыл бұрын
Hey! What's that smell? 🤔 Is anyone else getting a scent of boiling rabbit wafting in the air? 😳 🤣
@eddyeroyal6024
Жыл бұрын
I bought in that environment, I lost out to investors, 100K more than was ask.😊
@conroeliving
Жыл бұрын
Crazy isn’t it? I started competing against hedge funds in Los Angeles in 2014 when I was buying auction properties. They were always willing to pay more than us small investors and initially I couldn’t understand it. It seems like the person who pays more is the biggest loser. But when you have billions of dollars and can manipulate the market, it changes the rules. Buy up everything, create scarcity, sit back and wait, watch property values skyrocket because of scarcity.
@MrKhangsar88
Жыл бұрын
Rong Rong Rong dont lai to peaple we all know whats gonna hapen
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