Millionaire to Millennials: The Costly Mistake of Not Buying Now

On his personal website, self-made millionaire David Bach makes a striking statement:

“Not prioritizing homeownership is the single biggest mistake millennials are making.”

He further stated, “Buying a home is an escalator to wealth.”

Bach explains:

“Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none.”

He then elaborates on the game of homeownership:

“Start by crunching the numbers…actually do the math…This way, you’re really clear on your goals and you won’t just say to yourself, ‘I’ll never afford this!’

A good rule of thumb is to make sure your total monthly housing payment doesn’t consume more than 30 percent of your take-home pay.”

Bach concludes by saying,

“Oftentimes, buying your first home means you’re not buying your dream home…You’re just getting into the market.”

Bottom Line

Whenever a well-respected millionaire gives investment advice, listeners usually clamor to hear it. This millionaire shares some simple and straightforward insights: “The fact is, you aren’t really in the game of building wealth until you own some real estate.”

Looking to Buy, Sell, or Invest? Contact:

David Demangos - Keller Williams Realty
Cell: 858.232.8410 | Realtor® DRE# 01905183
www.AwesomeSanDiegoRealEstate.com
Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!

San Diego Real Estate Expert | Global Property Specialist
Certified Luxury Marketing Specialist | CLHMS Million Dollar Guild Agent
Green Specialist | Certified International Property Specialist
2016, 2017 & 2018 Recognition of Excellence Award Winner SDAR

What a Difference a Year Makes for Sellers

Over the last few years, many sellers have been hesitant to put their houses on the market because they feared not being able to find another home to buy.

We’ve reported on inventory shortages in the past, and it’s been a constant concern for potential buyers throughout recent years. New research shows the inventory concern is starting to decrease among potential buyers.

According to First American, the two leading obstacles to homeownership that buyers feel today are Affordability and Limited Inventory. This means the feeling that homes are less affordable has risen, while the fear of limited inventory has decreased, delivering a wealth of good news for sellers.

At the same time, over the past 12 months, we’ve seen a steady month-over-month increase in the number of homes coming to market for purchase. In the past, the lack of listings and available inventory slowed down the real estate market. This recent increase in current inventory has many buyers and sellers now thinking it is time to make their move – and rightfully so! For the last two months, we’ve seen over 4 months of inventory become available for sale, a promising number that’s been slowly increasing this year and creating more buying opportunities.

To further support the idea of an improving real estate market, Sam Khater, the Chief Economist at Freddie Mac says

“…In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.”

Many experts, like Sam, believe the second half of 2019 will drive a stronger market than we saw at the beginning of the year. This is great news for homeowners who have put off getting their houses on the market and are now ready to make a move.

Bottom Line
What a difference we’ve seen over the course of this year! If you’re thinking of selling, now is the time as inventory is on the rise.

Looking to Buy, Sell, or Invest? Contact:

David Demangos - Keller Williams Realty
Cell: 858.232.8410 | Realtor® BRE# 01905183
www.AwesomeSanDiegoRealEstate.com
Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!

San Diego Real Estate Expert | Global Property Specialist
Certified Luxury Marketing Specialist | CLHMS Million Dollar Guild Agent
Green Specialist | Certified International Property Specialist
2016, 2017 & 2018 Recognition of Excellence Award Winner SDAR

Looking to Sell Your Home in San Diego? Be Careful not to Overprice Your Home

Sellers beware of the challenges when you overprice your home.

“We can always come down in price later.” Every Realtor has heard this phrase many times before when talking with clients about selling their home. While it’s true, yes you can always come down later, it’s not going to save you money…or time.

San Diego is one of the top real estate markets in the country. When your home hits the market, all eyes are open, ears are listening, and decisions are being made. You have one opportunity to set the stage to get the most interest in your home and the most offers at your table. Overprice your home and run the high risk of these common situations.

Those ready, willing, and able buyers, will move on instead of moving in. The serious buyers are the ones that are qualified and on a time crunch. They may be paying rent at a property they’re ready to get out of and each month hurts their down payment on the new home. Or, they currently have their home in escrow and the accepted offer is contingent on them locating and finding a new home. These are the buyers that would have paid much more for your property in a multiple offer situation by pricing it correctly. When this type of buyer comes across an overpriced home, their agent gives them the exact line that we began with…”they are probably testing the market and going to come down in price later.”

Biggest Home Seller Mistakes

Every home seller wants to receive the most amount of money when selling their homes. The picture shown here are some of the biggest mistakes sellers often make.

Let's look at a few of these:

• Showing Availibility: Some sellers only allow showings during the day or on weekends, which limits the number of buyers who may only have time at lunch to view properites. Or, the buyer may have to work on weekends. Bad idea, Mr. Seller! Sellers want to make showing a home convenient, so the buyer has the best experience...
• Overpriced Homes: As a buyer you want to pay the lowest price, right? Overpriced homes just sell their competition. A savvy buyer will look at an overpriced home, then stroll on to the next home in the area that is priced competitively and submit offers on those homes.