I miss the post Pandemic Mortgage rates, those were good times ! The market correction has been massive and with the impending recession it seems like things are only going to get worse.

In other words, don't buy any of the homes that are for sale right now.

Give me a” grandma house” any day! They may not be aesthetically up to date , but they tend to keep up with all their maintenance!

My house is 124 years old. It’s a very small house and a mediocre neighborhood. But hey, it’s what I could afford when I bought it. When I got it inspected, the guy told me that my house would still be standing in 100 years. He told me the new construction that he was inspecting would literally not be standing in 50 years. So don’t automatically give up on the old houses. They were built back when people had pride in workmanship and they are built to last. New construction is mostly cheap. Crap. I personally would never buy a home in an HOA either, but that’s just me.

I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?

Couple of things you didn't mention. 1) Certain vintages of homes (pre-1980) may be chock full of lead paint and asbestos. If they have been updated they may have simply covered these things up or were not remediated properly. Asbestos floor tiles were very popular. If they haven't then it is a massive expense and PITA to renovate. 2) homes with buried oil or propane tanks on the premises . They leak and you are responsible for very expensive soil remediation. If they are leased then you may be locked into very expensive exclusive contracts with providers.

suggestion, try to tour the home during rainy season/after several heavy rains.

When I was in the market to buy some 30 years ago, one of the first things I did during showings was go down into the basements. I looked for water damage, foundation (poured concrete or block) condition, water heater, furnace, pipes, ductwork, electrical panel, insect damage, windows, doors, humidity levels, and any stained ceilings. Only a few homes basements passed my muster. I bought one of them. Not bad for a girl!

One to add to your list is a house that was a rental for years. The owners don't take care of anything. When I bought this place I knew I had to do some expensive work. There was nothing on the market. I had to put a new hvac in, breaker box, sewage backed up the second day, patio, updated the bathroom, big trees cut down, painting, flooring, landscaping, still need a roof along with plywood , bow window needs replaced, needs new fence and concrete work needs done. I am 64 year old female and have worked my butt off.

If the house has repair issues that come up during the inspection, always ask for the seller to discount the home by the amount the repairs will cost to be done correctly. Do not ever let the seller get the problems "fixed" as this will always be cheap and/or substandard work.

Can u make a video about what to look for in new developments-which are quality builders vs cheapo builders?

Home flipping shows are the reason why real estate is now unaffordable. What were once sleepy investments are now get-rich schemes.

Yes, i would never buy a flipped house, putting lipsticks on a pig

Not wanting sloped yards or properties that are high risk of flooding.

bought and live in 160 yo home next to railroad tracks. its perfect. LOVE IT! im also a contractor and autistic. Trains, baby!

Always looked fot the large electrical towers close to the house.

I am a flooring contractor and most definitely no flippers when to buy a property!!!! You even got to be careful with the builders nowadays!!!!

I’m a tile contractor and DO NOT buy a flipped home , it’s a disaster!

Check the water pipe coming into the house, if it's lead or galvanized - no chance. Don't buy it unless you have the budget to pull in new pipe. Don't buy a property that shares a driveway with a neighbor. Make sure you know what easements are on your property.

Neighbors house sold for $25k after a flood (only the basement flooded), to a house flipper. They hired low budget contractors to "fix" it up, putting *at most* $40k into it and sold it to the current owner for $140k. Asbestos siding....leaking basement....poorly renovated.... When the market crashes he's going to be sorry he ever bought it....

I would say don't be in a hurry to buy and don't have that dream house concept. Buy what you can afford that does not make you house poor, e.g., less than 30% of your income for monthly mortgage payments. Never waive inspection. Check for water and foundation issues. Check gutters and downspouts, grading around the foundation, standing water outside the house, etc. Check for asbestos in older homes. Set realistic goals. You many need to renovate over time, but it is worth it. I bought a fixer upper, but I could visually see any issues. I spent 10 years cash flowing renovations and it is really nice now. The value is double what I paid. I just renovated one room at a time with kitchen last. I got all of the features I wanted and saw how the contractors did their job. I removed a wall and got proper permits. I started with a new roof and painted the entire house inside. Then, I renovated one bathroom to have a nice bathroom. Later, I renovated another bathroom and the kitchen. I also encapsulated and conditioned an old crawlspace.

You left out HOAs... That can be (a lot) worse than a bad roof or a flip. FYI: Here in FL assessments of over $100K are propping up. Doubling to tripling of monthly HOA fees are getting commonplace. You should include, that the property tax be figured out - based on the new purchase price - BEFORE the buyer is committed to purchase. Many-many areas the new tax is based on the purchase price and it can double without the buyer being aware, because he/she is shown the old tax amount in the listing.

Personally, I'd rather buy a fixer upper than buy a flipped home because I'd rather design it in a way that would work for me

Don’t buy a mid century flat roof house in a rainy city. Good luck!

Been in the market to buy a house for 6 month i saw nightmares from new fast built construction to old neglect homes the good home get sold in 1 day

Hi, Jeb. I think you covered most of the issues. This was a really good refresher for me. Two items come to mind: 1) check whether the home is in a flood zone. Flood insurance is expensive and I would avoid that trap. 2) Find out what the insurance premiums are like for comparable homes in the area. Some large insurers have moved out of neighborhoods and entire states for various reasons, making insurance rates less competitive or just plain unaffordable.

I bought a split level home once ( raised ranch) and had trouble selling it. Always steps to get into house and people were afraid they could not age in place.

Flipper’s also paint pools with house paint. 6 months later your pool is milky. Shame on them.

I have a saying about flat roofs. It's not if they leak, it's when they leak.

*I'm 50 years old and living in Germany Berlin🇩🇪 I'm willing to retire at 55 if things keep going the way I planned bought my first house last week I'm glad I made a productive decision that has changed my life forever can't be more proud that I'm right now*

Having dealt with roof issues, I'd recommend getting a single story home, if you can. Also, avoid roofs with steep pitches. If the home was recently painted, I'd also recommend looking at all the neighbor homes from all sides to see which side gets beaten the most by the weather (you can tell by looking at a 5+ year paint job) because that's the side you'll have all the issues with like leaky windows and rotted window frames.

As someone that owned a flipped house, I agree 100% with what you said. No permits, older house that was previously condemned. Overall no major structural issues, just sloppy work. Like the drywall contractor put mud down the drain in the basement. A week after moving in, had to pay to have the sewer main line snaked. The dishwasher drain line punch out on the garbage disposal was not removed, causing the dirty water to circulate in the dishwasher.

As a first time buyer and single parent buying a starter home in the late 90’s, I learned a lot of things the hard way. Got burned again with the purchase of my 2nd home because there was still so much more I hadn’t learned. One thing that stuck with me was to never trust a realtor who recommends using an inspector that they know. Sometimes they work together to close the deal since I had already been pre approved. It’s like buying a car from the dealership and allowing them to finance the loan and using them to insure the car 🤪! I was later advised to use a state inspector rather than a city inspector. It may cost a bit more, but well worth it.

Take some of it with a grain of salt. Firstly, if you don't ever want to do any maintenance, just rent an apartment. I had to put about an extra 100k in the house I bought in 2020 and I have the roof to do soon. And the fence. Here is the thing : at the end of the day, the value increase in the housing market alone already outweigh what I've invested in.

Trying to buy a house in Greater Boston in 2024, sellers don't even look at your offer if you ask any questions, and God forbid you ask for an Inspection. You still need 7-10% over asking, wave the inspection, and somehow convince your bank to wave the Appraisal. I haven't gotten far enough down the Purchase and Sale process to see if you are allowed to use K-Y, but I'll update you when I find out.

As someone getting older, I think about how my mobility might change. I would stay away from properties with lots of stairs or steep driveways. In addition to all of the things you mentioned. We also stay away from lots of overhead wires and properties near oil refineries.

We put an offer on a house with condition of an inspection. Good thing. Major foundation issues. It would have cost us almost $300k to fix and likely had already caused hidden damage elsewhere. Phew!

I bought a flip house and it turned into a nightmare! This is all very true information

I would never buy a home that have a HOA!!!!!! No thank you.

We bought a house not on a major street, but a through street. I didn’t realize it when he bought it that it was a preferred access street because it skirts the school zone on the other street. it’s not a big deal, and it’s the best we could find at the time, but I do wish we lived on a quiet cul-de-sac. We had always lived on cul-de-sacs before.

I'm a former real estate agent, like you I've purchased and helped others purchase homes. You are 100% correct in this video! You asked for additional feedback... 1) You alluded to it, but a big risk are steep hills, specifically retaining walls and steep driveways. 2) Speaking of driveways, another risk is any property with a long driveway or on a private road - these are not deal-breakers but consider this. 3) Hazards like radon, asbestos, lead, etc. - indeed I would generally advise any inexperienced home buyer not to buy a home older than 30 years. Well, that's my two cents, thank you for your great videos and sound advice.

Did everything you advised against. Bought a home by train tracks, backing onto a Laneway that leads to a somewhat busy street, needed all major systems replaced. I saw it as a blank slate and have customized it into my dream home. Key in the decision: having a good contract and getting a thorough home inspection.

My brand new house … relatively new … has all the same problems as the house flips.

You mostly just have to buy whatever is in your price range at the time you are available to buy. That's how I ended up with 2 mid 1970, ranch style tinker homes that were NOT updated in any way. 😊

Our entire neighborhood is built on steep hillsides and guess what. The views are awesome! It's just a matter of having qualified Geotechnical and structural engineers to design the building pad and foundation.

Great video!!❤

Nice video!

First time viewer--the "gods" of algorithm put your podcast onto my screen thread. Thank you for the excellent information. I am currently interested in a property on a hill... and will make sure I understand (through a pro) the foundation issues.

Just passed during option period on a million dollar plus home in an ideal neighborhood because it was on the side of a (beautiful) hill but our structural engineer said it needed 14 piers immediately. We were already nervous about the cost to maintain the extensive retaining walls over time but that was definitely the deal killer. We had won the property in a multi-bid scenario in a major seller’s market so it was hard to let it go on one hand and of course, they had a new deal by the next day and have closed with someone else. Thankfully a week later we did manage to find another property a neighborhood over, not on a hill, that our structural engineer gave a green light for after another seller’s market fight - they only took offers for the first 24 hours of listing. It’s hard to know what to be flexible about when inventory is extremely low but we decided structural issues were not a point of flexibility.

We had a hard time selling our home, it took years. It was on a busy corner and had a built-in swimming pool and those two things were very undesirable for most.

Thanks for the information 😊

So True! Im glad you made this video topic! Its just like buying a car. The minute they are off the lot the value decreases! ❤😊 Happy Home buying! God Bless

The age of all the systems: plumbing, electric, etc. after that if you’re not going to remodel you need good windows. Good windows make an insane amount of difference in your enjoyment of a room. Double and triple pane control heat and sound. If the windows are old,I immediately add in $30,000 to upgrade all of the windows. I’m on a major street. I sound proofed the front of the house. It’s really nice inside. The front yard is for appearances only, you aren’t going to spend time there.

Never own or loan in HOA. NEVER EVER.

I just bought Jeb! And my property does not meet any of these issues or shortcomings. Had to pay over asking but I'm in the best neighborhood of city so I'll live with it

I'd avoid water and structural issues. Plus HOA--no nosy Karen is going to watch my every move. Wouldn't mind being near a railroad track, if it's not a 24 hour route. As long as the numbers make sense, a new roof, HVAC, and plumbing are doable. We've been our 1913 house since 1989. We've done the roof twice. Replaced almost all the plumbing and electrical, windows, stripped and repainted. It's got all the original charm with lots of 'mod cons.' Hubs is very handy. I'd love to find a one storey on some land and start all over.

This is the summary of the rent vs buy decision I’ve been trying to figure out for years. The rental income vs mortgage payment calculation never made sense to me. But this is much more logical and makes far more sense. Thank you for simplifying this!

Love this. I am a first time buyer and I did an inspection and roden test and the report was terrible. So many issues. The inspector warned me about buying it. The realtor tried to convince me to negotiate with the seller. I have no repairs in my life now now so why would I buy just to own a list of repairs? I walked away.

Sagging ceilings combined with ragged cracks aren’t always a bad thing. I have a sagging ceiling with ragged cracks in my garage from when I was climbing in the attic and I slipped and fell onto the top of the ceiling. It looks terrible and I should fix it, but it’s not a problem. It’s a $150-$250 repair.

Agreed about the home inspection. Don't dismiss it because maybe you don't want to know what may come up or you feel you have no options. Get the inspection, then get some pricing for whatever will need repairs. Realtors can and do say "that is an easy fix". To be fair I have heard that more about cosmetic changes but if you cannot stand some sort of cosmetic issue, price that out too. I bought a home with some damage to cabinet doors and was told it was an easy fix. It wasn't. Found matching stained cabinet repairs is really hard.

A good pre-buy home inspection would help protect buyers from properties with many of the issues mentioned in this video.

This is common sense things to know. Awesome video.

My co-worker bought a home at the peak of the market in 2021 or so. He waived inspection and contingencies despite my warnings. So far, he has spent about 30k on foundation and plumbing repairs and he is not done yet. There was a pipe broken under ground and it caused part of the foundation to wash away and shift. He has also done a lot of electrical work on old wiring and he needs to work on mold in a crawlspace.

We rent in a two family part of which is over 200 years old. The landlords who also live in the house rent out partly in order to afford the upkeep.

Yeo so correct on flippers

Personally I love the sounds of trains going by. I’ll take a railroad over a street any day

Just saw a house that was at the bottom of a long driveway, basically in a hole. Beautiful property with grass and big trees, but all I could think was what happens when we have those heavy rains we’ve had for several months in So. Ca.? It also had a strange deep area in the backyard and when I asked about it, the agent said there is no real property line there. Everyone’s ok with not defining it. What? Also if you have a dog or kids, every time you would need to hike up that steep driveway. No thanks! Ran away quickly.

I bought a flipped property ONCE. Never again. They did unpermitted work that the city dinged me on. They also did a poor job on the electeical, and I had to pay big $$ to correct it. It was really cute, but I was glad to cut it loose.

Personally, I avoid anything with a massive foundation issue. even if you get a quote for a foundation, that project is going to snowball and be way more expensive than you expected

Many well known house builders are also putting out inferior brand new houses. The best thing to do is to get it inspected by an experienced reputable inspector...

I met a neighbor who rewired the house worth dollar store extension cords. Wow and sold it. The buyer has no clue.

We had an older home probably MC most likely single owner sitting on almost an acre lot in the city for sale, the flipper who bought truly did NOTHING but remove wallpaper, and repaint. He didn’t touch the kitchen or bathrooms. They were still the original to the house, but when he put it on the market he listed at 20,000 over the original list of 265,000(and 70,00 over what he actually paid). We’re are not far from the largest city in the state so maybe he was looking for buyers in that pool but dang, reto is fine in furniture but I think most people would prefer the amenities of modern bathroom design.

Definitely noises, like a busy road, or backed up to a freeway. Also, houses that are too close together. I figure if you can get a good location, the other issues you mentioned, although they can be costly; it’s still something you can fix, maybe? You can’t fix location, or if you buy in a homeowner association, you are stuck. The saying “location, location, location stands true.

Licensed contractors cost an arm and leg… x3 the price of non-licensed, x4 or x5 of DIY. I have gotten way too many outrageous quotes. Like $15k for a 8x8 patio, $23k for 3 showers refresh. 😂

I would do your due diligence on any property even ones that were flipped because homeowners can do shotty work too so do your inspections and have professionals look at the house to see if there’s work.

We call that the Long Island Spec…..

One of the local radio show hosts bought a condo last year. Now he has to get a new HVAC system for $21,000. :)

Honestly … any contractor should have the same kind of insurance that doctors have - MALPRACTICE. A house will be our most expensive purchase in our lives yet contractors just do shoddy work and run. It’s horrible.

wall heat. (or any kind of inefficient types of heating) You've budgeted for your expenses but your heating bill is going to destroy you and you'll still be cold. Bring back radiators lol! Also, while I'm on this subject - underground oil tanks (oil tanks in general but underground? forget it). Ugh. I'm about to sell my house soon because I have to and I really wish I could buy my ex out instead. Not looking forward to re entering this market.

Definitely true, in Florida for flipping homes. A place where natural disasters are evident. Old homes are definitely over priced.

My two cents: we purchased our second home in 2016 and it’s on a busy road in a city. However, it’s a very well built (1942) home and we really don’t hear the traffic. So yes, the resale someday may not be as great as other areas, but I know there’s a market. Plus it has a mother in law attached apartment which allows extra income! So don’t be afraid to go look at homes in busy roads…you never know. We never dreamed the home would make us thousands of extra dollars yearly when we bought it - we weren’t looking for that - it was just a bonus! 😂🎉

The " Mold " @ 12:30 Can Be Fixed by Laundry Bleach & Water ( a 50 / 50 mix ) . However for the mold I see in This Picture I would ask for some advice !

My first house had been rented out for several years before I purchased it, and I have no plans on purchasing one like that again. I was regularly running into “the landlord special,” even though I was the owner! Never again.

Great video Jeb, what about nearby cell towers? And what would be the minimum distance recommended away from a freeway to avoid that annoying freeway sound

I try to avoid homes with weird easements.

Hello I like to find a job as real estate Do you know what courses should I take for that? And could you please tell me how can I find a job as a real estate?

Important to get a termite inspection had to walk away from a home because it was infested with termites which the buyer tried to hide

Many owners fix up their property before sale, so treat every property like it could have shotty work

The current trend is to buy a run down chateau in France. Tempting.

Houston TX is filled with horrible flips..... poorly done is an understatement

New built or less than 5 year old homes only. Otherwise I’ll continue to rent until one becomes available

If I were in the market for a house, I'd use a lot of those issues as a price negotiation tool because I can do the repairs myself. I'd never buy a house on the side of a hill - bedrock or no bedrock. There were homes in my area that suffered from long rains where their homes slid off the hill.

I would stay away from New Construction.

LOL. the house I am currently in was bought by the person for $20K and who sold it to me for $39K after putting in a decent amount of work, including shoring up the (raised) foundation. It's been 14 years, and it's still standing, although it definitely fails the "marble test".

My god, @1:14 is that the conjuring house

Never buy a house at the bottom of a hill especially in an area with average/above average rainfall and/or snowfall. Ask me how I know.

Every house I bought in a crusty neighborhood, and distressed, only cost me money. But I fixed structure. the buyers, whom were flippers, did the cosmetic work, and made money. Once, I saw them do some work, which was subpar. But they made money, because you could smell the fresh paint.

I prefer older houses from the 60’s/70’s-they were made with better material and stand the test of time. We live in a 1979 model and just bought a 1975 model-new houses are built too quick for me to trust them.

We bought a decent sized ranch, on a corner lot. There aren't any stairs to worry about as we get old, and there's room to add in to. The house was built in the 1950's at a time when house construction was at its best. The house itself is solid, with a great foundation. Besides us, the house had two other owners. They each had renovations done that are of excellent construction. The family who we bought the house from, were very abusive to the home. The house was priced well under our budget. We paid in cash. No mortgage with minor repairs was a deal. The repairs they left us were, needing a new roof, a few windows and a front door. There were minor things, like a broken kitchen cabinet, bent door handles, and a broken central ac unit. We got a new roof, from plywood to soffits, but we would need to do that regardless, because we are putting up solar panels and needed a reinforced roof. This would happen to any home we purchased in the area. We are changing out a window for a door, and replacing most of the windows to fit our needs. I love bay windows, and windows that open out for other rooms. So on a mildly rainy summer day, the window can still be opened without the rain coming in. These things we would do in any house we bought. We took out the oil tank and put in a partial mini split with a duct system. No need to repair the central ac. Now we're saving a ton of money in heating/cooling. My husband wants a high security reinforced front door (just for fun). So again, we would do this for any house, regardless. The small repairs we faced didn't mean much to us. We will be renovating the kitchen just because, and redoing other rooms to fit our need. I think everyone has to balance the pros and cons of buying a house. Figure out what the deal breakers are and stick to those. Prices can be brought down if repairs are that much. In our case, we were looking to underbuy so we had money left for repairs. We also save money by not having a mortgage and changing from oil to solar. The house

You can luck up and get a solid house in new construction I luv shea homes in San Diego Meridian builders in San Diego And surprisingly lennar build pretty solid homes in San Diego not the best but doable Baldwin and Sons out here All houses were new at one point in time