Nice!

True. When you come out ahead Uncle Sam always wants his piece!

Car insurance is no joke these days!

Hard to beat the safety and the yields on funding hard money loans!

100% West coast residents are leaving in the masses. We are seeing a huge jump in multi generational new construction lately. What about the average size of the homes being built in WA? Less than 8% of new homes in CA are 1,400 sq/ft or less!

@@ClintBottoms not really sure of the square footage. Depends on what area. Seattle and Kings county is extremely expensive. But Tacoma and Puyallup is not much cheaper. You would be lucky to find a decent 1400sq ft home even in Tacoma and Puyallup for less than 500k. There are some older homes that seemed to be built for two families with a master suite on the first floor and another on the second floor with a good sized open space for a second living area. The further south the cheaper it becomes. But the downside is finding work. Most people travel roughly 2 hours each way to work to Seattle. Even the tents are extremely high! I'm entertaining the idea of moving to Knoxville.

That’s a pretty serious commute! That would definitely make you want to consider other states.. 😬

Check out multi-family units as an option. You can use the rental income to increase your income and purchasing power.

NYC is crazy expensive!

Absolutely agree

I agree. Like the old saying goes just because you can doesn’t mean you should!

Good thing that isn't actually the average income then huh?

Maybe not in California…

@@ClintBottoms Not even here in Arizona.

Probably why multi-generational living is gaining popularity. Specially with new construction!

Its tough out there, but you can find deals for sure! What is the local market like where you are?

Bought my house for $245k in Maine in 2021.

@@ClintBottoms A house in Bowie, Arizona was selling for nearly $200 thousand my guy. I bet you can't even find this town on a map it so far out there. There ain't no deals my guy.

@@michaelwillman5342 and how much would you sell it for today? We lived in a little 800 square foot hovel in Denver. In 1994 bought it for $45,000. It is now on sale for $430,000.

I’m buying one this month for $290k 2,110 square feet, 2 car garage, 1 acre of land. 15 minutes from work.

Vane - What Market are you located in?

😂 Not a fan I take it?

That’s not the point. California may be a beautiful place, but not a synonym of affordable. It’s like saying, here’s the most affordable Bugattis you can get.

​@@Ot-Man TThere are definitely cheaper places to live in the US. The cost of living in CA has gotten pretty crazy lately.

It’s getting like that all over. California is already famously there but the rest of the country is moving up as well. I live near DC and prices are high all over the areas surrounding the city. The advantage is there’s always jobs and a healthy variety of them.

@@Ot-Man Good to hear first hand what’s going on in other states. Thanks for the info! 👊🏻

No doubt, prices are high all over. There some great hacks you can use to increase your purchasing capability if you are priced out of your market.

@ClintBottoms wife and I make just shy of 100000 a year we can't afford rent and utilities let alone a mortgage. How people can save 60 grand for downs is baffling.

@@WilsonRA.2 60k is a lot to sock away with the cost of living today. There are down payment assistance programs you can potentially qualify for or negotiate seller paid closing cost as part of the deal. Where are you located?

American Dream is still within reach!

No scams here

@@ClintBottoms Ok, shut up and take my money...

@@mw-cf5dr For you, it's Free!

Haha, When you need proper housing counsel!

Prices are crazy no doubt. We are seeing a lot of people partner up on purchasing a duplex. Depending on where you are located there are some good options out there.

Rates makes a huge difference if home prices aren’t declining. Definitely agree with you home prices have increased at a pretty insane rate. Whats really needed is a large increase in available inventory.

It makes a $400/month difference on a $225K loan, $250K house. That's the difference between buying a house and not buying a house. On a home worth half a million, the difference between 3% and 6% is $800 a month. More than that, over the life of a 30 year loan, you will pay more to the mortgage company in interest than you paid for your house if you pay 6%. Because it's compound interest, it's far less than half that if you have a loan with 3% interest. TL;DR In my city, you can still buy a home for $250K. There aren't many, and they're older and smaller, but they do exist, even in decent areas and in decent repair. Assuming a 10% down of $25K, you need a loan of $225K. With first time homebuyers options, you might able to buy with only 3% down, but let's suppose you've been saving every penny since the interest rates shot up. At 3% interest, your monthly payment (not including taxes and insurance) would be $949/month. At 6% interest, your monthly payment (still no taxes or insurance) would be $1349/month. Either way, you'd probably have another $350 (give or take) in property tax, homeowner's insurance, and mortgage insurance. If you can put together 20% down, you can skip the mortgage insurance and save around $100/month. If you can't (and not many first time home buyers can) you can remove the mortgage insurance once you've got 20% equity (meaning you've paid off 20% of the home) Now do you understand? $1300/month total compares favorably with renting a 2 bedroom apartment in my city. You'd only need to earn around $3900/month gross (just over $23/hr) to be able to comfortably afford it. $1700/month is a lot harder, you'd need to earn $5100/month gross (over $30/hr) to comfortably afford it. Now, if you live in a city that has nothing livable under half a million, and you earn less than $100K/year, I understand your frustration. My advice would be to start job hunting in a city with affordable housing. They do still exist. Possibly even within your state. Either that, or get some additional education and increase your earning potential. But that will only work if you can do it without additional loans, or you'll be worse off than you are now, with home ownership even further away.

This years going to be interesting for sure. Most are projecting rates will decrease. Each market is different depending on the local economic factors. If rates continue to decrease, the demand will continue increase which is happening here in Kern County now. If you can comfortably afford what you guys want nows a good time to beat the crowd.

Congratulations! You’ve got your hands full with 3. That’s a great idea if don’t need to pull the equity from your current house. Easy way to build wealth over time. Let me know if there is anything I can do to help.

Interest rates will always be a huge factor for first time home buyers making the jump to home ownership from renting. Great points and insight… it’s been interesting to see why listings slowed down. Lack of inventory for the replacement property is my biggest guess as to why more are selling. But as I always tell my clients… be ready! Meaning get it listed, and under contract to find your next home. Don’t wait to find your home and then list, chances are you’ll miss out and the be left with a sour taste for trying but too late. Good stuff