74 - The Bubble Bursting And A Market Crash And What To Do As A First Time Home Buyer
How to Buy a Home: The #1 First Time Home Buyer Podcast
David Sidoni
4.8 • 891 Ratings
🗓️ 11 February 2022
⏱️ 24 minutes
🧾️ Download transcript
Summary
The housing market is INSANE in 2021 and early 2022, so it HAS to be a bubble ready to burst, right? This can't keep going like this, so it's gotta crash, right? Well....I don't want to be pollyanna, rainbows and puppies kinda guy who sounds like they are trying to sell you something that will always be worth more than you paid for it, but there is some pretty compelling data that says this is NOT like the last time, and the bubble may be more of a slow rolling train that will keep on trucking for a little while, and only slow down later on down the line, not jump the tracks.
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David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with over 18 years of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.
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Transcript
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| 0:00.0 | So your rent sucks and you want to stop renting, but you're afraid. |
| 0:03.2 | Why? Where did that fear get planted in you? |
| 0:06.4 | Fears usually do to not knowing, wondering what that bump is in the night, |
| 0:10.6 | and imagining it to be way worse than just probably the stray cat that's outside your window. |
| 0:15.0 | Fear sells and people like it. |
| 0:17.7 | When it comes to buying a home, since things are going up in prices, I hear a lot of |
| 0:22.2 | this. What about the crash of 2008? You got to put 20% down because of the crash of 2008. |
| 0:28.5 | This is the same thing all over again. It's a great headline. It's a great scary talking |
| 0:34.6 | point, but it's totally wrong. Let's talk about it. |
| 0:52.9 | What is up my How to buy a homies? |
| 0:56.4 | I'm here. |
| 0:57.4 | I'm still David Sedoni and I'm still Captain Positivity working to bust all the naysayers |
| 1:03.1 | and let you know, yes, you can do this. |
| 1:06.2 | And in fact, for most of you out there if you're renting, you should do this. |
| 1:10.1 | Did you know that the average age for a first-time there if you're renting, you should do this. Did you know that the average |
| 1:11.9 | age for a first time home buyer in 2021 was 33 years old? And since 1991, the lowest average ever |
| 1:21.1 | all the way back 40 years, the lowest average ever was only one year when it dropped to 28 years old. |
| 1:29.7 | And the average over those 40 years has been 31 years old. |
| 1:34.3 | 31 years old has been the average for 40 years. |
| 1:37.6 | And get this, in the last five years, when interest rates have been dropping |
| 1:42.2 | and rents have been skyrocketing, it's gone up from 31 to 32 to 33 in 2021. |
| 1:51.6 | What the hell? |
... |
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