Episode-2658- House Hunting in a Buyers Market

The Survival Podcast show

Summary: I am gonna say it isn’t really a true buyer’s market right now, not based on the prices I see.  It is much more so than it was 18 months ago but super great deals are not everywhere, YET. Yet?  Yes yet!  They are coming and I am going to discuss why the market is always good for smart buyers all the time anyway.  That said, trust me, the recovery no matter how good it is, if it is the best one we can hope for will take time.  During that time people will need to sell, not want to, need to. When you get people that need to sell, (some always do) along with reluctant buyers (like during a recession no matter the cause) you get deals!  Additionally I have had a ton of home buying questions lately, many by email but also a lot on social media.  We have not covered this topic for a while so lets do that today. Join Me Today to Discuss… Finance options FHA VA Conventional Hybrids like 80/20 Let me be clear, don’t ever do an ARM loan, EVER!!!!!! The 1% Effect selling formula (houses that get top dollar) Using the reverse 1% effect as a buyer Identify the homes that Show 1% worse then most homes in the price window Find homes that are on the market for more than 90 days Find empty homes (already bought another or a failed flip) Be a smart and savvy negotiator Finding a home HOAs are the devil List your wants and rank them from 1-5 1 – I have to have it 2 – I really want it and likely won’t be totally happy without it right away 3 – I really want it, I don’t want to give it up, but I can do without it for a time 4 – I would like it, but I can live without it 5 – It would be nice, but I won’t really factor it into my decision for the right property As you find homes that don’t have what you want, rank them from 1-5 as well on the permanence scale 5 – There is no way I can ever have it in this home 4 – It is possible but very expensive or very difficult to do 3 – I can have this for a reasonable cost, at some point in time down the road 2 – I can have this for a reasonable cost, relatively quickly 1 – I can have this with simple sweat equity, it will just take work Making your decision on which house to make an offer on Communication with buyers and doing the agents work for them, you likely have to, most are morons Spirko’s 6 Laws of Buying a property Rule One – Never overpay for a property Rule Two – Never get emotionally invested in a property Rule Three – Never overpay for a property Rule Four – Be willing to walk away from any deal Rule Five – Never overpay for a property Rule Six – Always buy with thoughts about an exit strategy There is no magic, but there is being smart and 1% smarter then average is enough on either side of the deal They key is a clear but reasonable vision of what a property can be, vs. what it currently is   Resources for today’s show… Follow Life With Jack on Instagram TSP Facebook Group Join the Members Brigade Join Our Forum Walking To Freedom TspAz.com Carry on My Wayward Son – Anthrax Cover   Sponsors of the Day Butcher Box Backwoods Home   Remember to comment, chime in and tell us your thoughts, this podcast is one man’s opinion, not a lecture or sermon. Also please enter our listener appreciation contest and help spread the word about our show. Also remember you can call in your questions and comments to 866-65-THINK (866-658-4465) and you might hear yourself on the air. Join the MSB Today Want Every Episode of TSP Ever Produced? Remember in addition to discounts to over 40 vendors who supply stuff you are likely buying anyway, tons of free ebooks and video content, MSB Members also get every edition of The Survival Podcast ever produced in convenient zip files in blocks of 24. More info on the MSB can be found here.