ilmscore | Why You’ll Regret Buying A Home In 2023

Why You’ll Regret Buying A Home In 2023

Predictions from this Video

Total: 9
Correct: 0
Incorrect: 0
Pending: 9
Unrated: 0
Prediction
Topic
Status
Barclays predicts a further 10% decline in national real estate values.
"Barclays believes that National values still have another 10 sell-off to go"
Real Estate Market
Pending
The optimal time to buy real estate for profit is at purchase, by acquiring undervalued properties that immediately gain 5-15% in value upon closing.
"The best opportunity always comes at the time of purchase because there are deals to be had where you could buy an undervalued property that's worth five to fifteen percent more the moment you close on it"
Real Estate Investment Strategy
Pending
Expect all renovation projects to exceed their planned budget by approximately 25%.
"Expect that every repair you do is probably going to go over budget. Just assume you're going to spend 25 percent more than you plan to."
Renovation Budgets
Pending
The Federal Reserve is expected to pivot and lower interest rates in Q4 2024.
"the FED is going to U-turn in lower interest rates in Q4 of 2024 because they'll have to do"
Interest Rates
Pending
It is advisable to purchase real estate with the intention of holding it for at least seven to ten years.
"I always recommend to only buy a property that you intend on keeping for the next seven to ten years"
Real Estate Investment Horizon
Pending
Real estate investors should maintain savings for planned renovations (plus a 25% buffer for overruns) and to cover property expenses for 3-6 months.
"it is so important that you have enough money saved up for all all planned Renovations plus 25 because you know it's going over budget and have enough to pay for all property expenses for at least three to six months"
Real Estate Investor Preparedness
Pending
Be aware of 'professional tenants' who may intentionally delay rent payments knowing eviction can take 3-12 months.
"I've also witnessed other tenants who I like to call Professional tenants who simply put up the bare minimum to move in and then they stopped paying and they know that it's going to take them anywhere between 3 to 12 months to actually get evicted"
Tenant Selection
Pending
Prioritize long-term, cooperative tenants who pay on time and respect the property over the highest rent offer.
"I typically do not take the highest offer I just want somebody who stays there long term is really nice to work with pays on time and treats the place as it's their own"
Tenant Selection Strategy
Pending
Despite potential market declines, opportunities to buy or invest in real estate will remain strong in the coming years.
"I truly believe you're going to be in a much stronger position to buy or invest in real estate throughout these next few years even if the market continues to decline"
Real Estate Market Outlook
Pending