It's Now or Never for Many Homebuyer

05/16/22 • 30 min

So the next thing is, let's not just talk about finances, let's talk about emotions. I don't know how many times Rick probably got it and it'll hit home. As soon as somebody closes on their first house, and they've never owned a home. I've gotten several calls afterward because I do the follow-up call and all that. And they'll be like I can't, my wife, as soon as she got in the car, she just started crying. And when you first hear that, you're like, Oh, my goodness, that's not good. But it's the cry of joy, that they never thought they could have homeownership, that they're no longer paying their landlord to live in a place. I mean, it's so I don't care how long you've been doing this, it always hits you in the right spot, you're like, Oh, that's nice to hear that we were able to help them.

Yes, it makes a huge difference. It's a driver, of why we're in the business. Correct. And it doesn't matter doesn't even have to be the first time the first time is very exciting for people. But that second home, you know, five, six years later, 10 years later, 20 years later, or a year and a half later, whenever it happens to be has a very similar effect. It's something that people care about. Correct. You know,

I mean, it's not just that I mean, usually, the first home you sacrifice some of your on your wish list, your second home, your third home, you get a lot more of your wish list. And that even hits an indifferent spot. I mean, the things that you always dreamed of, but we're not able to get until now. So that's the nice thing and the emotional for me it's just the whole emotional thing of it is yours. And I think is the biggest thing is it's especially in this type of society we live in today it's more emotion-based and stuff like that. And I mean back in Rick's day people try to not show as much emotion now it's more people show a little bit more so by thinking about it that way, there's a huge emotional aspect to owning a home and living in your own home.

Connect with Us:
For more episodes of Indy's Real Estate Gurus, visit IndysRealEstateGurus.com. Join our community for more insightful real estate discussions, tips, and expert advice. Don’t forget to subscribe to stay updated on the latest episodes!

Follow Us on Social Media:

Facebook: Indy's Real Estate Gurus
Twitter: @IndysREgurus
Instagram: @indysrealestategurus

Contact Us:
Have questions or want to get in touch? Email us at [email protected] or call or text us at 463-223-9592. We love hearing from our listeners!

Support the Show:
If you enjoy the podcast, please leave us a review on your favorite streaming platform. Your support helps us grow and reach more real estate enthusiasts like you!

Follow Us on Social Media:

Facebook: Indy's Real Estate Gurus
Twitter: @IndysREgurus
Instagram: @indysrealestategurus

Contact Us:
Have questions or want to get in touch? Email us at [email protected] or call or text us at 463-223-9592. We love hearing from our listeners!

Support the Show:
If you enjoy the podcast, please leave us a review on your favorite streaming platform. Your support helps us grow and reach more real estate enthusiasts like you!

Previous Episode

S1 E13 Inflation, Mortgage Rates Raising and Home Appreciation, OH MY! What might this mean for you?

Along with that now, interest rates have gone up. But interest rates are tied to the federal funds rate. And the federal funds rate is what when you hear the Feds raise the raise interest rates, that's what they raised. Now they raised a quarter at their last meeting, the first raise they had had in over three years. The expectation for May is raising it again, and half a percentage point. And then, there's another meeting in June and they're expecting to raise the expectations are another half a percent. And then there's another meeting in September, maybe August or September. It's right in that timeframe. And that one is still up in the air, it's either a quarter or half a percent expectation.
So the feds are raising the federal funds rate and by raising the federal funds rate, the biggest negative to interest to mortgage rates, long term rates, not these short term rates that the feds are raising, but the long term rates, the biggest negative is inflation. And by raising the federal funds rate, what happens? No, what happens is that inflation is going to come under control. Okay, I probably didn't state it, right, I apologize. Inflation is going to drop due to the raising the federal funds rate, if you look back in the early 70s, middle, early 80s, early 90s 2019 99 to 2000. Again, in 2008, when all these recessions that we had, again, in like 2016, all these recessions that we hit, were due to inflation. And when the Feds if you look with it, they always say the inflation is transitory just like they did, that's the first thing they always say, the second then after they realize it's not then they start raising then it okay, it's not. And they start raising the federal funds rate. If you look at when they raise the federal funds rate back in the late 70s, and early 80s, they raise the federal funds rate to like 17%. And then three or four years later, it went to 20%. But it got inflation under control of the interest rates, the federal funds rate went up.

Follow Us on Social Media:

Facebook: Indy's Real Estate Gurus
Twitter: @IndysREgurus
Instagram: @indysrealestategurus

Contact Us:
Have questions or want to get in touch? Email us at [email protected] or call or text us at 463-223-9592. We love hearing from our listeners!

Support the Show:
If you enjoy the podcast, please leave us a review on your favorite streaming platform. Your support helps us grow and reach more real estate enthusiasts like you!

Next Episode

How is this economy affecting mortgages and housing?

It's right in that timeframe. That's about two and a half months that they're off. And so many people want to start there. They want to start the school year, they don't want to move their kids during the year they want to move them at the start of having started with the rest of the kids.
We have the year-to-date sales, we have 10,318 year-to-date sales for the four months, and we had 12,520 year-to-date residential listings. So that gives us a current inventory active inventory of 1979 homes. Now that sounds like a lot of homes. But when you start splitting it up by price range and areas, there really aren't that many homes out there. No, not even close. I remember seeing back when I was a new home sales, there would be 12,000 homes available. And even new homes under construction, it was a much bigger number. This number is incredible to me. It was already low. But the average number of days on market for April was 15 days.

Yeah. And when you look at that 15 days, we dropped in one month, it dropped four days. That is crazy. So like we said even last month if you're not ready if you're not jumping in soon as that house is listed on the market and jumping in there to see that day that not the next day, you're probably going to be out of luck.

Yeah, all these numbers, every single one of these numbers is saying that if you're going to go looking at homes, you have to be ready to make an offer. And it's exactly what we're seeing when we talk to the real estate agents, you know, in the pre-approvals that we're doing in the purchase agreements that we're getting, they say that if you see a home you want, you better send an offer in right away. Do not hesitate. And there's it's really tough on people who are just starting because that's a hard thing to do when you're spending that much money to just go and say, okay, I like this house, I want to buy this house. Because you don't want buyer's remorse. You don't want all those other issues. And it's a tough situation for people. But it is the reality. If you don't, you're not going to get the house.

No, I mean, to say, oh, let's think about it tonight. Yeah, that doesn't work that might work in the car business, and we're gonna go buy a car. But right now, in the housing market, that is not working,

Follow Us on Social Media:

Facebook: Indy's Real Estate Gurus
Twitter: @IndysREgurus
Instagram: @indysrealestategurus

Contact Us:
Have questions or want to get in touch? Email us at [email protected] or call or text us at 463-223-9592. We love hearing from our listeners!

Support the Show:
If you enjoy the podcast, please leave us a review on your favorite streaming platform. Your support helps us grow and reach more real estate enthusiasts like you!

Indy's Real Estate Gurus - It's Now or Never for Many Homebuyer

Transcript

Branch NMLS number 33041 requirements NMLS number 664589 equal housing lender some restrictions apply

Advisors Mortgage Group is proud to present in these real estate gurus hosted by Rick Ripma, the Hard Working Mortgage Guy, please contact Rick for all of your mortgage needs at hardworking mortgage guy.com That's hard working mortgage guy.com. Now, here's the hard working mortgage guy, Rick Ripma.

Rick Ripma 0:37

Good afternoon, and thank you for joining us. I'm Rick Ripm