I can put down 40%, have excellent credit scores, can afford all maintenance costs and I still would NOT buy a house until home prices correct. It is a wise financial decision.

@AudraLambert

7 ай бұрын

Great job by the way! Sounds like you have a good handle on "things." Always good to be financially wise. Let me know when you purchase a home. Patience is the name of the game in investing. You'll know when its the right time:)

@specialk2514

7 ай бұрын

@@AudraLambert My home buying and selling would be so much better if you were representing these transactions. I'm across the country in FL and have seen so much change in the housing market throughout the past 2 years and my patience is wearing thin. So grateful to have learned how to navigate it all from your videos. Thank you.

@maryspangler4557

7 ай бұрын

I think you advise people correctly. I hope you get clients because you are honest. I appreciate it.

@candelariaw1668

7 ай бұрын

That’s not for everyone, what’s not for you don’t mean it’s not for someone else.

@NeoSoulCrew

6 ай бұрын

And in the mean time keep paying off my mortgage

I would never do a variable rate ever. That rate could go sky high and the mortgage will go go up. paying more on your principal is the best thing you can do. Even one hundred extra a month will help you pay the house off fast.

@AudraLambert

5 ай бұрын

Great point. Thanks for your comment. Have a great rest of your weekend.

Everyone is different. One reason why one might want to buy is because the buyer pool is smaller and IF you can find a deal or motivated seller, why not? You can always refi down later.

@AudraLambert

7 ай бұрын

Yes, of course. I am a huge advocate of purchasing real estate...but I would make sure you can afford it. I purchase a. an investment property the beginning of this year with the intent of refinancing when rates drop. Well, they haven't dropped...still waiting. The real estate market is difficult to predict...so many factors effecting it. If you have the finances and find the right property, go for it. Always a good idea to invest in real estate. thanks for your comment.

Best Realtor bar none on my youtube circle!

@AudraLambert

7 ай бұрын

Ahhh...thanks so much!! Really appreciate your continued support. Means a lot!

Audra...I wish to thank you so much for sharing your incomparable knowledge with regards to real estate. I miss having my own home but realize the repair costs, upkeep, etc. are beyond my Husband's and my means. I see so many younger folks looking at property without having the knowledge of a buildings quality, inherent problems etc. So, I direct them, when I can to your vlogs on youtube. Thank you again, and, who knows, I may win the lottery!!

@AudraLambert

6 ай бұрын

Ahhh...that is so nice. I wish a home for you someday. I play the lottery too. Home ownership is expensive. A lot of younger buyers don't realize the cost of maintaining a home and what could potentially go wrong. Really appreciate your support. Best of luck to you and your husband. I truly do value your feedback..thank you.

Loved this video 🎉 All true and teaching my younger ones to WAIT and not strap yourself is a good point. Plus maintaining a house is an eye opener. Especially w/ security, gates, lawn care, HVAC, plumbing, drainage issues yikes!! Get your self a Realtor will go VOICE for you and not strap on all those inspection TO DO’s plus more to do’s when you move in because rhen it’s TOO LATE😅. Thank you! Watched all your videos. Perfectly taught!!

@AudraLambert

7 ай бұрын

Thank you so much! Yes, I think most new buyers think they buy a house and make a lot of money. As you pointed out, it costs a lot of money to maintain. Good t have these conversatoins with the younger generation. Thanks so much for you kind words. Means a lot!

Thank you for sharing this information 🌸

@AudraLambert

7 ай бұрын

Yes, of course! Glad you got some value and thanks for watching!

TY for your astute advice.

@AudraLambert

7 ай бұрын

Of course...thanks so much for watching!

Once again Thank you!

@AudraLambert

3 ай бұрын

ahhh...you are so very welcome!! Happy to help!!

Thanks for the great information. Always useful information.

@AudraLambert

4 ай бұрын

Glad it was helpful! Thanks for watching.

I love your honesty! It says a lot about you. Great points. 😊

@AudraLambert

5 ай бұрын

Thanks so much! Your comment means a lot to me. Really😀

wow -- I really appreciate your information and your genuine openness and care for others.

@AudraLambert

5 ай бұрын

I really appreciate your kind comment. Means a lot!!

Thank you so much for the valuable information

@AudraLambert

4 ай бұрын

So nice of you...happy to help.

I am so glad I found your videos! I have learned so much and have become addicted to watching your videos.

@AudraLambert

3 ай бұрын

I'm so glad! Thanks so much for watching. Glad I could help!

Thank so much for all of your professional opinions! ✨👍

@AudraLambert

3 ай бұрын

You are so very welcome! I am glad that I can help!

You hit your 5k goal! 🎉🎉🎉

@AudraLambert

7 ай бұрын

🎉so exciting! Thanks for noticing!!

i really love your videos Audra

@AudraLambert

3 ай бұрын

Ahh..thanks so much! Means the world to me.

Gee whiz... what a sage, you should not buy because you cannot afford it. Who knew?

Audra you are fantastic ! I learned a lot from this video. Thank you so much 👏🏻💖

@AudraLambert

7 ай бұрын

I am so happy you found some value. Glad you learned some "things." Appreciate you watching my video 😀

can you please put up a video on how to sell your house and move into a different state on the other side of the country.? what to watch out for...how to choose an agent...any insight is greatly appreciated ... thank you.

@AudraLambert

4 ай бұрын

Yes, of course. Moving across the country is a big job. Hiring the right agent is essential. I would always interview 3 agents minimum for selling or buying. Sounds exciting.

Audra im in a divorce right now .what do you suggest about selling the house in this situation or get a equity loan out ?

Nothing could be further from the truth. Today’s home prices will more than double in the next 10 years. Buying a home has always been and always will be the best investment you can make. The tax benefits are also a reason to own instead of renting. So, unless your income also doubles in ten years you won’t be able to afford buying a house then either. Yes, there are a lot of very overpriced homes on the market but in a couple of years they won’t be overpriced because we are in and always will be in a hyperinflation era and it’s on an exponential scale. The US government will continue increased spending because there is no other way to pay for all the wars and disasters and increased benefits. I guess I should also disclose that I am a CA and NV real estate broker.

@AudraLambert

7 ай бұрын

Robert, the broker, I think you are missing the entire theme of the video: Don't purchase if you can't afford real estate. There is a time and place for potential home buyers to purchase with the proper savings and understanding as to what the financial commitments are when purchasing. If homebuyers are over leveraged and can barely skimp by...not a good idea (I think you can agree). I think purchasing a home in a good location, in a good neighborhood, and putting a reasonable amount down when it makes sense to do so is sage advice. I don't think you are advocating purchasing a home if you can barely make the mortgage the payment. I am seeing a lot of first time home buyers qualifying with two incomes who can barely afford their monthly payment...if one looses their job...Trouble. That is all the video is warning against. I do agree that home ownership is a tremendous investment...especially if you hold for 10 years or more (another recommendation I made in the video). Homes may seem over priced today...but I am confident in 10 years the prices of home today will seem like a deal. Appreciate your comment...I do think we are closer in our perspectives than you think:)

What's your experience about mobile homes? Do they usually increase or decrease in value with time just like an RV? In my opinion, they go down in value because they're like a movable personal property.

@AudraLambert

7 ай бұрын

Yes, I agree. Mobile homes typically depreciate over time. Mobile home park owners are the ones making the profit.

Great vid! Audra. Really informative, well done! You’re sophisticated, honest & knowledgeable. Thats a few thoughts that came across watching this vid.👏🏼👏🏼👏🏼

@AudraLambert

7 ай бұрын

Ahhh...thanks!! Appreciate the support!

Another creative financing is assumable mortgages. I have a VA loan at 2.625% (assumable by non veterans). Purchased with zero money down. Home is gorgeous but if I were to try to sell it to unassuming buyers they would be shopping for a 7.5% - 8% mortgage with 5-20% down, plus closing costs and be unable to afford it. I sold my previous home and instead of paying off my 440k home, I’m putting that in Treasury mutual fund not state taxed or 5.5% CDs , writing off my mortgage interest and property taxes on my federal tax forms. I also have a very marketable home I could get rid of any day of the week if I ever need to sell it right away because I have an assumable mortgage with an excellent APR% 2.625 with little to no money down. Just take over mortgage and pay me the difference in equity since Feb 2021. Do you have any buyer agent experience with FHA/VA assumable mortgages for your clients? Maybe assumable mortgages could be a topic when mortgage rates are so cost prohibitive now.

@AudraLambert

7 ай бұрын

Hi Jennifer, where do you live? I love the idea of assumable loan...super cool for you and the buyer. What I don't like is the "Subject to the existing Mortgage" deals. I will do a video on it soon. Very risky for the seller. You are in a good place. Your home will go quickly because I am sure its amazing...but more importantly the financing is very attractive to buyers. Well done!! Very happy for you!!

Hi Audra. What would your recommendation be to a senior who is retiring this year and moving to another state? Should they purchase a condo/house or rent an apartment? Thank you.

@AudraLambert

4 ай бұрын

Hello there! Everyone's situation is different. Depends on your financial strength, the area you want to live, your health etc. Obviously keeping costs lower is important. Some rents are outrageous making buying a house more desirable...and visa versa. I honestly would see the advice from a trusted advisor. Wish I could be of more help...there are just too many variables. Best of luck either way.

@dr123hall

4 ай бұрын

Maybe none of the above. Buy land. Build a cabin or have help building or have it built. Location remote? Trade car or sell, buy a truck. All of planning is regarding affordability. Rent is ballistic, buying at these prices is twisted, condo / HOA is horrific! I have seen people just keep a small home, very small, and pack up an RV (just purchased in great shape?) and explore - more! Live by your new rules, life is short, Live it! Don’t just get through it!

NEVER BELOW 20% DOWNPAYMENT DON'T PAY PMI. DON'T BE SILLY. SELL ANYTHING TO MAKE THE DIFFERENCE UP.

@AudraLambert

5 ай бұрын

Not bad advice. Thanks for commenting.

You did bring up a good point about buyers remorse, in that maybe they didn't check out the neighborhood first, before falling in love with the granite countertops. Drive the neighborhood on different days and times. Better yet, walk it. Go to the local banks and grocery stores. Do you feel comfortable with your potential new neighborhood? Check crime stats on the web. Once you buy a house, and then find out your nextdoor neighbor has loud motorcycle parties every weekend, it's too late. 😁

@AudraLambert

3 ай бұрын

Hi Jimmy, all those are very good points to consider when purchasing a home. Regarding neighbors with loud motorcycles, that should be disclosed. Its called neighborhood nuisances. I wouldn't trust any seller, though...I would be checking out the area regularly before closing on it. Great points.

I think the home buyers in the villages where I'm going to go, need to watch this as they buy and sell within 1 to 2 years on many of them!

@AudraLambert

7 ай бұрын

I agree...homeowners don't realize how expensive it is t sell their home. Thanks for your comment.

Being the King of your Castle....................is great , although renting an apt has its benefits too , except the rent keeps going up! Who can retire renting????

@AudraLambert

2 ай бұрын

I completely agree with you. The positive to home ownership is at least your costs are fixed (if you're not on a variable mortgage). I hear ya about retiring!!

I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2024. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?

@hersdera

7 ай бұрын

You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.

@hersdera

7 ай бұрын

There are true professionals at the top of their game; I had the pleasure of dealing with one, and it turned out to be really helpful as they assisted me in restructuring my complete portfolio. Margaret Johnson Arndt, a well-known professional in her field who you may be familiar with, is none other than my advisor.

@SandraDave.

7 ай бұрын

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

@AudraLambert

7 ай бұрын

Hello there! I think a lot of people out there want a housing correction so they can afford t jump back in the market. No one really knows. The biggest issues we have in housing is the low inventory situation we are in right now. So many homeowners have low mortgage rates and are not going to sell...they are hunkering down...creating more inventory shortages. The 2008 market correction was due to an oversupply of housing inventory. I just don't see that happing. There are always market shifts and volatility...however, we are more aware of it because its definitely heightened over the last 3 years. I thinks its always a good idea to diversify and make investment with the long term in sight. I honestly don't research stocks...I have a financial advisor who invest for me. I let the experts do what they do best.

Interest-only mortgages appear to be a gimmick to keep monthly payments low. Just paying interest means that the homeowner is not building up any equity in the property.

@AudraLambert

7 ай бұрын

Yes, but that is why you pay down your principle every month. Whatever your 30 year fixed payment would have been, pay that same amount towards your interest only payment. You will pay off your house quicker...have more control over your mortgage payment, and won't have to pay recast fees or hassle. You will have to be responsible with paying your principle every month to have it work. Works for me...its not for everyone. The key is, you HAVE TO pay down your principle. The good news, you actually can pay down your principle directly and get a lower payment the next month...giving you even more money to apply to your principle. The downfall to interest only mortgages is most aren't award of the downsides. You gotta be responsible with this type of mortgage.

Your mic is messed up

Owning a house isn't what it used to be - just getting contractors seems horrible , world is shit these days

@AudraLambert

2 ай бұрын

Well, I do agree a lot has changed...and a lot of that change is not so good.

I like your advice except regarding using an ARM for financing. The buyer cannot be certain that a refinance will be possible down the road. If the home value drops, which can happen, then the loan to value might not work for a refinance. The buyer would be in a pickle.

@AudraLambert

3 ай бұрын

Yes, I agree...That is something you, as the buyers should consider. You cannot predict what is going to happen in 7-10 years down the road. However, I do think its a good idea to plan for the worst. Don't get too leveraged where you are just skimping to get by. After 5,7,10 years of using an ARM product, I would be saving, buying down the mortgage and/or investing in money markets that yield a higher return if possible. There is risk in any investment you make, you just have to evaluate and understand the downsides.

Another reason not to buy a home is, if you don't want the responsibility of maintaining a yard, tree trimming, weed pulling, furnace and A/C care, washing windows, (and that's the EASY stuff), then think twice about buying a home. I'm sorry, most millennials were never required by their parents to help with yard chores. And if you think hiring all of that stuff out, kiss your vacation savings goodbye.

sometimes you dont until you move in,,,thats to easy to say.

@AudraLambert

5 ай бұрын

Everyone's situation is different. Moving in general isn't easy.

Audra, Why don’t you retitle this video to say it’s about understanding loans and mortgages and finances etc. I think people want that but your title doesn’t indicate that! Just saying! I even learned something and I’m old and actually sort of savvy! Good video!( Unclear title!)

Americans are so ingrained to buy a house that there’s nothing you can say to them to stop. They will bend facts to make it sound like a good idea. To me, it’s simple, just enter all the numbers into a mortgage calculator (make sure it’s all filled out), and it will show me that i will end up paying over 1.2 M on a 400k house over a 30 year old period. (Btw, this includes expected maintenance cost on the low end). Even if I subtract the money I “could have paid” for rent from it (which will be about 900k) I would spend an extra 300k on the house. So subtract that from the price I would expect to sell your house for in 30 years (let’s say 1M). That equals to ONLY 700k in profit. Ok let’s say instead, i rent an apartment of even a bigger square footage and pay about 3k a month. And since I will have about $1300 extra a month I don’t have to spend on maintenance or taxes, I’d invest that into my 401k. (In this calculation, I won’t have any left to put in my 401k if I got a mortgage). According to fidelity, I will have 1.9 M by the end of 30 years. Sooooo…… I will make 1.2 M more by renting than buying a 400k house. Not to say I can’t even find a 400k house around me. (Houses around me are 650k and above). Also, I’d rather “invest” my money on my kids education , health , and experience than live miserably now and pay money on medical bills or my kids’ behavior later.

@AudraLambert

2 ай бұрын

Hello there! Home ownership isn't for everyone. My math works differently out here in California. Heck, people out here have made over $1.2m in just holding their homes for a few years. It really depends on where you purchasing your home. In any investment, there are risk. Even renting is a royal pain in the neck and has its downsides. You were basing your calculations on renting over a 30 year period and not calculating rent increase (I am assuming) or moving costs....and dealing with horrible landlords that don't come out to fix the property. In my area, rents have doubled in the last two years. Hard to predict that! I am not sure you are calculating increased rent payments in there...nor having to move multiple times over 30 years (moving is very inconvenient and expensive). What I do like about a 30 year mortgage is that your payments are fixed (unlike rents)...and you do get some write offs...and I love the $250/$500K capital gains exclusion that you get when selling. You pay no gains on your property if you are singe ($250k deduction) or file jointly ($500K deduction). 401Ks you are paying tax...I hate that. Can't say Fidelity has the best track record for predicting the value of your portfolio in 30 years...this is very hypothetical...no one can predict the value of your investments accurately...so I would be careful with vague predictions. I think its lovely that you would like to invest on your kid's education, health and experiences. Best of luck to you! Thanks for your comment.

Don't buy homes with lake thaho trees around I pay 10,000 for 3 pine trees so only on homes that have 15 ft high is ok 20 ok too no more we need the trees for cleaning the air we breathe so don't cut tree we don't live in desert

@AudraLambert

4 ай бұрын

Thanks for commenting!!

5 year fixed rate is ok

@AudraLambert

4 ай бұрын

Everyone's situation is different. Just remember that after 5 years, the rates will change to variable unless you refinance...which also costs money.

Put only 3% only 😮

@AudraLambert

4 ай бұрын

If you can do it:)

WHY. rather. inform this person....that when one rents our property....most maintenance expenses are TAX deductible. This way this POOR home owner can get out of.....from under....stress for all the extra expenses of home ownership....a tenant pays monthly rent and one, home owner fix the home deficiencies (when one can $$$) WHY are we SsOOO judgemental.. ..by saying a person cannot own a home if one does NOT have LARGE DOWNPAYMENT!!! Yes. one can buy a home, yet one RENTS IT OUT!!! we cannot live in it. until. we acquire large equity and the home issues are solved or we sell and buy another home w/less challenges. and THUS. moving up the property ladder. WHY IS IT Real Estate Agents are NOT problem solvers. ir offer alternative solutions. and help one better our lives???? There are SOLUTIONS!!! THERE ARE ALTERNATIVES!!!

@AudraLambert

7 ай бұрын

Yes, I hear you. There is a time and place for everything. I am just trying to give some caution out to home buyers who are being taken advantage of (getting them to purchase a home they cannot afford). Currently, we are top of the market, with the highest mortgage rates in over 20 years. If you can barely afford the property and/or struggle to cover repairs and the market turns or one losses their job they could potentially loose their investment. Lending institution will charge you a much higher mortgage rate if you put less down...they will charge you a higher mortgage rate for their risk. In my opinion, everyone should own a home but jumping into the market too soon or when those reserves aren't in place is very risky. Just trying to help out. Not trying to be judgmental...heck I've been there! There are programs out to help those who have a lower down payment...but these types of loans have additional fees..its a racket.

Don't buy rate down you will regret it later you will foreclose too much later

@AudraLambert

4 ай бұрын

I am not a big fan of buying down rates....just saying. Its expensive.

Audra - I like your videos and I learn a lot from them BUT, were you not told by your mom or dad that it is in poor taste to be tooting your own horn. In other words, do you ALWAYS have to end your videos with "I'm one of the top producers in Orange county CA". I'm sure anyone wanting to use your services will be referred to you and can look you up online to see how many listings you have and what properties you have sold recently. I'm just saying, a little modesty goes a long way.

Reality Check--Landlords do not pay expenses on their rental units--their tenants do ! Always best to be an owner.

@AudraLambert

7 ай бұрын

I do agree that owning real estate is a good idea for most. My concern is that a lot of buyers shouldn't be buying. I am on the ground selling real estate and these buyers are not getting good direction regarding their finances. Not having well qualified homeowners in a property who are over leveraged or are barely able to make their mortgage payment, is not good for anyone in the housing market. The last three years in real estate have been glorious for home ownership. I just want to caution against the housing hipe for newer homeowners...this market will probably not continue like it has. Regarding landlords not pay expenses on their rental units, in. my area we do. The tenant pays for utilities, but landlords pay for landscaping, maintenance of the home, property taxes, HOA dues, pest control, and any repairs. Thanks for commenting!

@paulbrungardt9823

7 ай бұрын

​@@AudraLambert Greeting Audra- Thank you for the comment--I agree except, that as a landlord, when HOA, Insurance & property taxes are increased, the rents get increased to cover these expenses. Secondarily, advise to Young Americans; --Be careful ( thorough consideration) with commitments--Marriage, bearing children & major purchases (real estate).

@AudraLambert

7 ай бұрын

@@paulbrungardt9823 Yes, I agree with you. Very good points!!

@janityy

11 күн бұрын

Rent is only based on market value what the market can bear . So all ure comments about we as tenants pay for it are not true I study real estate every day so blanket untrue comments are ridiculous . If u as a landlord have a 20 000 dollar roof bill you cannot go to ure renters and say oh the rent is now 2,000 dollars more . Rent is based on the market NOT on the fact u have an expensive repair u don't have the money for . Also ,leases are signed u are not raising anything until that lease is up and if u raise it too much u will have no renters as u will have gone above market rate Next I as a renter don't get a bill for property taxes, homeowners insurance or repairs . The landlord gets that bill the renter does not Landlords make money over time many operate At a negative and make money over time Again, I don't get a 5k property tax bill as a renter . I don't get a 20k roof bill . I don't pay 12k for a HVAC . I don't have to pay for sewage breaks or water main breaks either . I also don't have to pay closing costs on a home or come up with 20% down I spent 15 years paying 300 a month including on a rental and put that in an emergency fund But the book Renters win homeowners lose . I will stay renting an invest and not be tied to a money pit that costs a lot in repairs and maintence and constant property tax and homeowners insurance rising costs

@janityy

11 күн бұрын

It is a straight lie that owners always win and a comment for the masses who don't do research don't read books and don't read the cons of homeownership on forums like redditt and city data forum . Owners can make money but it isn't always the best move depends on a long list of variables which neither of you mentioned in ure comments

Next video 5 reasons why u shouldn't eat food. Meanwhile she be like how many homes do u own?? Guy "4 all paid off" She "can we go out for dinner"😅😅

@AudraLambert

5 ай бұрын

Happy New year to you!