[Music] It's a good World good World it's starting to become clear and Clear that recent home buyers Across the Nation are having overwhelming buyers Regret and today we're going to look at And I'm going to remind you guys why They have buyers regret to begin with And I want to remind you guys we can't Trust the professionals to find us a Deal of our Dream remember guys no one's Going to care about our investment like We care about our investment welcome Back to real estate mindset today's Video is going to be absolutely Bonkers Now the data is in guys and you may Remember us covering multiple surveys Multiple reports stating that over 90% of recent home buyers have Overwhelming regret now the majority of That is because these people rushed they Used their emotions to purchase real Estate this is the biggest financial Transaction of people's lives and Unfortunately here's what happens guys You care about having a roof over your Head and starting your family but a lot Of other people in America want to Profit off of you and that dream so Overall the real estate market is Incredibly toxic there's a lack of help There's a lack of transparency and what I would strongly encourage people to do
Is you know listen to the people that Have recently purchased because they are Walk walking out the action right they May they probably jumped the gun Purchased based on emotions and now they Have regret and I believe looking at Those people will help give us Additional insights on what's really Going on because you have bulls and you Have Bears so now let's look at what the Actual homeowners the recent homeowners And I want to make this point the Housing market you guys is incredibly Divided there are people that purchased Before 2022 that have probably over $100,000 in equity and a super low Interest rate now most people that Purchased after 2022 have higher Interest rates and very little of any Equity and remember this okay it costs Roughly eight% to sell your house 6% Roughly to realtor commission plus 2% For other closing costs like taxes and Insurance in other words what I'm saying You guys you got to treat this Transaction like it's deserved to be Treated the biggest financial Transaction of your life so don't cut Corners on due diligence all right Seriously don't do that and as always if You guys like this video shoot me a Bonkers below but if you learn something Hit a like below that's how I'm going to Gauge whether or not you guys are
Learning by the likes but if you enjoy The video content give me a Bonkers you Guys know I love that anyways let me Show you the Articles so before I jump Into the reasons let me just remind Everyone of the article headlines Majority of homeowners say they have Regrets survey majority of Americans Regret buying a home 93% again you guys I say 93% of people Regret buying their homes new survey Fines here's why this goes into the same Thing 93% of Americans roughly have Buyers regret so at this point we know That like pretty much almost everyone Almost not everyone Jeff I'm talking to You not everyone has buyers regret now The majority of people that don't have Buyers regret probably can comfortably Afford their property or made a Constructive decision to move forward Using data but think about that guys 93% How many millions of people is that I Mean 93% now obviously understand this Is just a survey but there's many Surveys they're coming back with this Similar results but the important thing Is is I don't want to just be sitting Here just screaming and yelling caution Be careful let's go into a report that's Going to break down the six top reasons Almost everyone has buyers regret but Again that's recent home buyers if you Purchased before 2022 your only issue is
Skyrocketing property taxes and Skyrocketing homeowners insurance Because I guarantee if you own before 2022 your mortgage payment skyrocketed Even if you have a fixed rate all right So we'll read this guys six reasons 93% Of homeowners have regrets about Purchasing a home and this was in 20123 I can't wait to start getting the 2024 Reports now the number one reason here You guys my home requires too much Maintenance at one of the most expensive Times to purchase real estate in our History from both a price and a payment Standpoint and and they still and they Still have additional expenses you guys That's just the maintenance that's not Talking about property taxes and Insurance let's read this according to The survey third of recent home buyers 33% feel remorse about the upkeep their Home needs compared to 25% in 2022 so They're filling the quantita of Tightening in the inflation the Overwhelming una affordability home Ownership is typically way more Expensive than people anticipate and They're not anticipating this because They're so stuck in that fear of missing Out they can't compute the future and What that looks like without them having To get the home right away there's too Much maintenance and buyers often have To compromise too much for their home
Having little money left over to do any Repairs and that is a huge thing people Go broke buying Homes not everyone but a majority of People use all of their money to move Into that house that's why I'm always Telling you guys at least have the Seller pay the closing cost so that you Have money left over all right number Two reason okay I bought too quickly duh So again I always remind myself that I've been on the sideline for a little Over two years saving my money investing In t bills increasing my purchasing Power and becoming an expert in my local Market so I feel great you know I feel Good I'm finding deal de I'm putting in Offers um but again I'm taking my time And it's hard I just want to acknowledge Patience does suck right patience sucks I have a family I have children I have a Wife I want to move on with my life and I want to move into a house that I own Okay but I'm not going to rush that Process and what I believe is is neither Should you we should not rush now if you Want to compromise a tad on certain Things fine but right now you guys again Price payment completely out of whack Okay so I bought too quickly means fear Of missing out okay clever found that 28% of buyers are waiting to enter the Current challenging real estate market Until rates and prices drop because
They're priced out it's not like some of These people are like making a decision Like us to stay on the sideline most People are forced and I want you guys to Understand that we are making a decision Most people are forced don't forget that Because debts income ratio Qualifications but many waiting for Market dynamics to change are getting Impatient raise raise your hand you guys Comment if you're getting impatient I'll Be the first person to say I am Definitely getting impatient I have to Constantly pray and have selft talks and Meditate like chill you know it's coming Right just stay the course stay patient And be strong burdened by years of Underbuilding inventory has been stuck At record low levels which has increased Competition and prices while compelling Home buyers to to close the deal too Early and honestly we should throw Agents on top of that because the agents Are just they're cheerleading Cheerleading fear of missing out number Three this one's a big one I spent too Much like why is that 100% I mean if you Buy a house right now more than likely You're spending too much but anyways According to Statia the average sales Price of a new home in 2022 I believe That is was 391,000 okay that must be 2020 they're missing maybe a zero in 2022 it reached 540,000 while the
Average house price has dropped in 2023 To 76,000 as a April that's interesting That that's not Nation average buying a Home can seem like an impossible task Roughly 38% of home buyers said they Paid over the asking price in 2023 including 42% of firsttime home Buyers according to clever now I'm going To tell you guys if you pay over Appraisal value what you just did is is You basically you put yourself in a Situation to where you have to have Massive Equity growth just to recoup for Which you paid over for what the house Is worth so say for example it takes Five years to get 10% in equity well if You over paid by 10% it may take you 15 Years to get that type of equity so very Bad idea this is how negative equity Happens that's why a lot of things are Not sustainable the appraisal gaps Paying over is insane and the fact that 38% 38% PID over asking price in 2023 in my opinion is a huge huge Mistake honestly I want no part of that When I purchase a house I am not going To be part of a bidding war I'll tell You that I will walk away so fast and Get back to work and find another house Guaranteed now number four a lot of this Is kind of like the same thing but Number four is my interest rate was too High right duh right that was 28% of People a series of interest rate hikes
Initiated by the Federal Reserve has led To higher housing prices the banks Interest rate affects the cost of Borrowing for many loans including Mortgages and mortgage rates aren't Dropping as Forbes noted rates Rose to 6.96 by mid July and many experts Predict they will remain over 6% for the Rest of the year and don't forget you Guys right now interest rates are well Over 7% even though as the making this Video the tenure is actually down nine Basis points but it was up it's up it's Over 4.5 right now the tenure is let's Move on again you guys this is to me This is all rushing this is all fear of Missing out because number five 26% of People said I bought a fixer upper and Again they're they're going broke a lot Not all but many people are going broke Moving into their house so they don't Even have money to fix things like the AC the foundation the roof but number Five I bought a fixer upper 26% of Respondents said a fixer upper was their Biggest regret and honestly I feel like Investors are learning the hard way on That as well properties that need Repairs appeal to first-time home buyers Because they usually come at a lower Price point but the time and the money Needed to make the repairs aren't always Easy to estimate accurately and what I Do with my clients guys is we take a
General contractor to a property if they Want to refurbish it or rehab it or Whatever and we start getting quotes During the option period in Texas we Have an option period where we can just Walk away way and get our earnest money Back and generally at 7 to nine days so During that 7 to n days that's when We're doing all of that due diligence on The properties condition and honestly Everyone should do that if it's a fixer Upper especially if it's a fixer upper But also on top of that guys inspections You always want to get inspections and I'm talking multiple inspections even a Hydrostatic inspection that checks the Sewage lines the plumbing under the House all very very important stuff now Number six I was persuaded to make an Off offer 23% okay so again this is why I keep Saying agents are partially responsible They are I mean it's a fact now whether They did it intentionally or they're Evil that's another thing I don't think People are evil necessarily but I Definitely think that the majority of Agents were 100% partially at fault for This insane housing market we're in I Mean honestly guys we're supposed to Trust them we want to As Americans to to Trust the professionals because they're Getting paid crazy amounts of money to Be trustworthy right wrong they're just
Getting paid crazy amounts of money the Trustworthiness is not there number six Again with prospective homeowners being Priced out of the market like never Before dealing with increased house Prices and mortgage rates plus a Volatile Market has forced many to jump Before they're ready and that right There is the next wave of foreclosures I Don't know if it's going to happen in 2025 or 2026 but those are the people The biggest at risk of losing their House and having their financial credit And purchasing power destroyed now Buyers typically purchase their homes For 100% of the asking price with 28% Paying more than the asking price According to Nar this goes on rounding Out the regrets buyers had about their Home buying experience had more to do With preferences and pressures to buy Than prices and rates because they have It reversed okay so it's preference and Pressure so people are buying based on Preference and pressure not prices and Rate and my friends that is a huge huge Mistake so the question is is how do you Buy a house and not have regret well one Thing one thing that I believe there's Still millions of people buying real Estate okay so be it all right I hope You guys do well I don't want anything Bad to happen to you but here's the Thing number one I think we should
Probably wait till after the Presidential election and like I've been Saying after we go into recession we Need to go through those things we need To have the unemployment phenomena start And the important thing guys is we need To make sure we're pre-qualified right Now because odds are that when we do go Into recession it will be harder to Maintain our purchasing power so if we Don't have purchasing power right now we Go into recession it's possible that we Won't have purchasing power even during The recession now the other thing okay What can we do about this well if you It's how you wait that matters okay you Should well I am working on my Purchasing power which is my credit my Income and my assets and I went even Further and as a thank you to the Community of real estate mindset I have Made a free very value packed home Buying course I'm telling you guys I'm Walking away from $200,000 at least by Offering this for free but again there Needs to be someone that offers Consumers a way to empower themselves Without having to charge them hundreds Or thousands of dollars you guys that's This channel so if you want to learn how To buy how to not have regret spend two To three hours and take that home buyer Course it's in the description and you Will become a better buyer I mean
Seriously I don't care I don't care if You're a realtor of 20 years you're Going to learn something in that course All right it's for you guys I hope You're taking advantage of that now Other than that guys don't forget if you Learn something hit like if you enjoy The video give me a Bonkers below and if You're out there investing in real Estate you guys already know I wish you Luck and I hope you win
