Is THIS The Time To (FINALLY) Buy A House?

"And then the third part to supply, which is building new homes. And this one is interesting because new economic policies and government policies could change this. But we haven't seen a huge influx of building until just recently because a lot of builders were not sure about what's going to happen with mortgage rates or the economy. And now that Trump is entering the White House, we have a whole new economic plan on how to stimulate the housing market."

"Number one, economists are saying that Trump's economic plan to remove millions of illegal immigrants will hurt the building process. Why? Because you have a lot of undocumented or illegal immigrants that are working to build houses. So, if construction companies lose those workers, it could take longer to potentially build homes."

"Then number two, Trump has also promised to remove some red tape and regulations to make it easier for builders to go out and build new homes, build new properties, and have more land to potentially build these properties to hopefully increase the supply of homes."

"And then the third part to Trump's plan here is he also has been promising lower mortgage rates. Now, Trump can't set mortgage rates directly. The Federal Reserve Bank sets the Federal Funds rate. The bank sets the actual mortgage rate. So, we'll see what ends up happening with mortgage rate where Trump has been promising lower mortgage rate, which could make it easier or more favorable for somebody who owns a home to sell because they don't have to go up to a 7% mortgage."

"So, we're going to see what ends up happening with the economy. But you want to pay attention to this because if people feel strong in the economy, people feel more confident to buy a house. Same with mortgage rates. ... And we're not going to know for sure what happens with mortgage rates until after Trump comes into office and we see what happens with the Federal Reserve Bank. So, I'm not going to go too deep into that, but just understand the lower mortgage rates can increase demand. Higher mortgage rates generally decrease demand."

"For example, and this is going to offend a lot of people, but that's okay. Come to Michigan. Our office is in downtown Detroit. Michigan is beautiful. There's a lot of amazing things happening. But do you know what else? If you can afford a $250,000 house, you can buy a nice house, threebedroom, maybe fourbedroom, two bath in a growing neighborhood where businesses are moving into with a nice downtown."

"Meaning if you move out of a high cost of living state and you move into a lower cost of living state, you might take a little bit of a pay cut, but your cost of living might have a huge pay cut, which means you could build more wealth faster, own your house faster, and have more money to invest."

"Number two that I always want to highlight because I've noticed a lot of people talk about this recently is when you're getting a mortgage shop around. Don't just go to your banker. Shop around. Go online. see what different mortgage lenders are charging because guess what? Some mortgage lenders are going to charge you less money, less interest on the exact same loan, which means you could save a 100red or $200 or $300 a month just by going to a different lender."

"And tip number three is consider buying what other people are scared to buy. Meaning, a fixer upper, a house that doesn't look very beautiful. Because sometimes these homes that don't look very nice, you can get at a big discount. And sometimes that discount is going to be big enough for you to do a whole renovation to make this home look beautiful and still have a discount on the fair market value of the home."