Can’t Afford to Buy?

Priced out of Housing Market?

Do you think you are priced out of the current housing market?

Don't worry, there are plenty of options to get approved to buy a home. In this episode, we address common misconceptions about buying a home in 2021.

Bryce: What's up guys, Bryce Gonser or Jesse Taff Buying in 208 back with another video. And this is a super important video, especially if you think you're priced out of the current real estate market, make sure you watch the whole video before you exclude yourself.

Jesse: So are you priced out of the market, is the question? We see, hear, and honestly, even have to think about all the time and for one, yes, of course, there's going to be people that are priced out of this market right now, or they'll be here soon because prices do continue to go up. The one thing that I always advise people and even have to consider myself is, none of us have control over what the market is going to do, up, down, sideways, but we do control our own personal finances and the situation that we're in. 

So if you are priced out of this market, that doesn't mean you should give up completely because maybe in one year, two years, or five years down the road, you won't be priced out. So our advice to you is to continue to control and think about how you can improve your situation. So when the market comes back around to where you are priced in, you're ready to go and not trying to play catch up. 

Bryce: Exactly.

Bryce: And a lot of time, I hear time after time after time, I have too much, too much student loan debt. I have too much debt. You know, guys, for example, if you have, let's say a hundred K in student loan debt, we don't really look at the whole total balance. We look at a percentage and depending on what loan program, it could be half a percent. It could be a 1% balance off of that total debt. So a lot of times with student loans, not as big of a deal, as you would think. Same thing with a credit score. A lot of times people think, oh, my credit score is too bad. I always advise people to let's get in. Let's take an application. Let me pull credit. We're good for 90 days, right? You have 30 days to go mortgage to mortgage and it won't re-ding and it won't do another hard inquiry on there. 

But if I can see it, there are simulators that we can run as the bank to get that score up. I'm talking 30, 40, 50 point swings by simply paying off a card or being removed as an authorized user, all these different things that come into play. And all of a sudden we jumped from a 650 to a 720 and we're back in a conventional type product. So there's a lot of just bad misinformed information out there that would make you think you aren't available. Let's check it out. Let's contact me or Jesse, let's sit down and just talk numbers and you might be surprised at, wow, I thought I was in this much debt or I didn't have a good credit score. And now you're back in his hands out shopping.

Bryce: Yep. So don't automatically assume you're priced out, let a professional look into it, and again, help advise on your financial situation. One, you might be ready to go now, if you want it to, or two, you can at least help direct them into a plan to get there in the future.

So again, one, if you feel like you're priced out, continue to work on your current situation in finances, and then two, reach out and see if you really are priced out because you might not be. There are a lot of other options, a lot of tools to adjust and. 

Relatively quick. 

Exactly. And don't let you know down payment or credit score. 

Keep from getting into a home and you know, fulfilling the American dreams.

Can't afford to buy a home?

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