Season 2 E10 STEP TEN - You Must Know the CURRENT Market

Congratulations! You’ve made it to STEP TEN in David’s How to Buy a Home series. If anyone knows that you’re buying a home, it’s likely that they’re going to offer you all kinds of advice. Unfortunately, most of it is just dead wrong. This episode is all about learning the market so you can cut through the bull crap advice and feel confident in what you’re doing. 

Here are some key topics from today’s conversation:

• Why knowing the market is key
• Timing is everything
• Not everyone gives good advice
• More resources to prepare yourself for buying a home

Episode Highlights:

[02:06] Location, Timing, Timing

The most important step to buying a home is understanding the timing. Does this mean that you should “buy low and sell high?” Absolutely not. As David always says, there is no better time than right now to buy a home. But, having a good understanding of the market means that you can get the best deal based on how the current market is going. While buying a home is different every single time, David’s rule is to buy your first house based on the current market conditions when you are ready to buy. 

[10:44] What You Need to Know

There are certain market changes that you should be aware of that can affect when you buy a home. David makes it simple by distilling it down into a list:

• New down payment assistance programs
• New loan programs
• Your credit score
• Your DTI ratio
• How sellers are selling

This is just the tip of the housing market iceberg. There are so, so many market factors that will affect your ability to buy a home or what homes are available to you. 

[17:16] More Resources to Check Out

There’s a lot to buying a home, but it’s a very doable process. This whole series is just a snapshot of the information available. Check out the “How to Buy a Home” podcast library for more informational episodes like this one, or get plugged in with a unicorn realtor and lender if you’re ready to take those next steps.