How to Avoid Common Home Buying Mistakes | WSJ Your Money Briefing

[@HectorSnipes]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[@BateserJoanne]

The high prices have affected my retirement plan to retire at 62, work part-time, and build my savings. The stock market's volatility, combined with a reduced income, makes me anxious about having enough for retirement.

[@VictorBiggerstaff]

If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.

[@crystalcassandra5597]

I’ve been worried sick about the current state of my portfolio, who is your advisor?

[@VictorBiggerstaff]

Finding financial advisors like Rebecca Nassar Dunne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@lolitashaniel2342]

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

[@donnaallgaier-lamberti3933]

The home buying mistake I made was this: -I made an emotional decision AND I neglected to ask for the age of the furnace, water heater and kitchen appliances. In our third year Iin our condo I had to put out $10,000 to replace all of the above. Our home inspector DID catch the age of the a/c unit (30 years old) and I was able to get the seller to replace that unit and that saved me close to $4,000. I learned that mechanicals all have serial numbers on them and the age can be tracked using those. IF I had known that I would have negotiated a lower price for my condo unit based on the age of those units. I made a mistake due to my own lack of experience and no one to ask for advice. I was preapproved and I stayed within my budget, I also went to the condo communities annual meeting and reviewed two years of their financials. I share this so that other might not make this same mistake!

[@TomNook.]

What's extremely difficult to predict is whether your neighbours are decent or destructive. It can completely change your perception of your property.

[@grecia2art]

This is very true

[@dogedude9537]

I have a neighbor who always hits me with a butterfly net and digs holes around me to trap me, so I understand what you're talking about.

[@robertjamesonmusic]

This example is ridiculous. Who would buy a home with existing problems and end up being disappointed because of those problems?

[@Flipflop437]

I thought the same thing haha. Also, I don’t understand why she’s so concerned that asbestos and black mold used to be in her house after it was certified safe. It’s not like it was Jeffery Dahmer’s old murder house, but the blood and guts got thrown away. It was just asbestos and black mold. Nbd

[@KomicKing]

Exactly. This was not a general example. The issues she described were mostly in her head. They could have found a better story. She might as well not buy any home built before 1978.

[@TomNook.]

Agreed, was funny

[@Habadacus405]

Agreed

[@dhruvmalik5927]

The agenda of the video is clear. Make buying real estate sound even more challenging to millennials, so that they stay in financial instruments and keep listening to WSJ! He never gave any advice on what to do, just kept saying over and over that it's the biggest decision!

[@CharlesReinmuth]

I was thinking the same thing! "Make sure you know where you are in the real estate cycle" is at best giving a false sense of confidence (can always be a black swan) and at worse its just useless advice. No one "understands" where we are. You can speculate. But thats just gambling. Better advice would be to "understand the real estate cycle, so you can financially and mentally prepare for the different possible future outcomes." Then TEACH it to us. And focus more on personal finance and length of time in the home. Because if it's in your budget, and it's the perfect house for you, and all the lending and inspection stars align, and you're gonna be there for a decade or more, nothing else really matters about the market. It's the right choice for you, and only you can know that! On the flip side, if it's not in your budget, things aren't working out yet with the banks or you're getting a bad feeling, it's full of compromises, and you have near-term major life changes coming up, it might be prudent to wait. Again, market doesn't really matter. Just because it's a "great time" to buy, doesn't mean if all of that is going on, that it's the right time for YOU. Felt like he was implying he has all the answers to everything he was throwing out about markets and timing but he does not, in fact, have a crystal ball. Just making it sound scarier than it is.

[@GameFuMaster]

8:20 best advice. Any home you just buy, is going to end up feeling normal after a while. If you really want a home you love, you'll need to customize it. Remember, you just live in your home, you don't sit around staring at it, like you would at photos during house hunting

[@thecakeladyzh]

I'm loving this series. I would love to know about the second home market and separately the future of multifamily rental properties in opportunity zones: are they really opportunities and what are the keys to ensuring success?

[@NavidKafi]

Could someone please summarise the key takeaway of this video in a sentence; Perhaps 'you will be screwed over, no matter what you do'?

[@stephaniehernandez7209]

i don't have monies :(((

[@Seanpfree]

First time homebuyers are a thing of the past. Middle class moving forward will only consist of people that bought during the time of low interest rates and their numbers will dwindle. We are 33 in middle TN trying to buy a home for 3 years. 77 bids all outbid most to cash. Now we expect to be priced out for 4-5 years which puts us at 38 before we start a family. Realistically, I don't see kids in our future. That's becoming more and more common.

[@acaicadunkley792]

Why must you buy before having the kid?

[@doubleaa658]

Right now the cost of 400k home with 20% is 2600$ A month that’s nearly double From few years ago

[@ncprealty3844]

The first mistake was suffering through the up talkers, always a sign of an uneducated person.

[@peternorthrup6274]

I own my home. Not in a million years would I ever use a real-estate agent to sell my home. In today's environment. No way. Of course I will use a lawyer. If the buyers want to throw there money away. Fine. Here in Charlotte NC my home would sell in 1 day. 6%??? For what?

[@MPK1881]

Realtors made a loot by asking buyers to overbid and making a competition amongst all the buyers. Those who bought in 2022 are repenting.

[@drmode]

The only housing mistake you can make is buying in todays overpriced market

[@stachowi]

bingo... either you're stupid or have stupid money.

[@NadiaSeesIt]

Still better than renting in many places

[@stachowi]

@@NadiaSeesIt not unless you're guaranteed to stay there for at least 10 years.

[@auro1986]

how? do not buy instead seize a house and claim it is yours

[@PG-tc6os]

Stella next time, don’t buy a home 😂😂😂

[@CHMichael]

That was a lot of bla bla bla . On both sides. Examples are ridiculous. ( I bet she also has a giant student loan) Remember - the only reason why buyers would give more than list price is because the realtor failed to price the property correctly. You can always get a little more than someone is willing to give you freely.

[@Nucpower677]

Chandan.. Chan-dahn or Shandon ?

[@Utuber8282]

FOMO = Greed 😂

[@PG-tc6os]

The first 5 minutes of this video is useless info 😂😂😂

[@Nucpower677]

Only only 32 comments?