How to Time a Home Purchase
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 29 March 2021
⏱️ 5 minutes
🧾️ Download transcript
Summary
Buying a house is a stressful experience, especially in the current market where low supply and high demand have pushed prices up and up. Naturally, house shoppers worry about overpaying for a house, or whether they've overpaid for a house they've already bought. We'd all like to perfectly time the market and buy at the lowest possible point, but it's very difficult to do.
Jesse reminds house shoppers to check in with their reasons for owning a house before they worry. Is your house a real estate investment that you are buying with an exit strategy? Then purchase price is very important, and you should be worried about overpaying!
But are you buying a house to be your home? In that case, it's not an investment, it's the place where you live, and the purchase price only matters insofar as it fits your budget. If you value the lifestyle that a house offers, and that house fits your budget, then don't sweat whether you have overpaid or not. You are giving your house dollars the job of securing housing that fits your needs.
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Transcript
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| 0:00.0 | Hello Wine Ebbers, my name is Jesse Meakum, and this is podcast number 479 for Wine |
| 0:09.4 | Ebbers. |
| 0:10.4 | We teach you four rules to help you stop if you paycheck to paycheck, get out of debt |
| 0:13.2 | and save more money. |
| 0:15.3 | And where can you save more money but perhaps timing your home purchase? |
| 0:19.4 | You save money when you expert fully. |
| 0:22.9 | Read the market, read the tea leaves, put your finger in the wind, read an article in the |
| 0:27.5 | Wall Street Journal, check out something on Yahoo Finance, and realize, honey, it's time |
| 0:33.8 | to move. |
| 0:34.8 | I just know it. |
| 0:36.4 | And you just know that the market's going to go up, or rather, maybe it's going to go |
| 0:39.6 | down and you're going to time it then. |
| 0:42.0 | The beautiful thing about knowing how to time things perfectly is you can just make so |
| 0:46.6 | much money. |
| 0:48.8 | Or maybe you said another way, at least you know you didn't overspend. |
| 0:52.2 | I mean, who wants to overspend on just about anything? |
| 0:54.9 | You ever bought something and you're super excited about it and you felt like you got |
| 0:58.2 | a good value and then you find out, you know, your best friend, the one upper, actually, |
| 1:03.2 | I know someone that was way worse, but they, you know, they tell you, oh, I actually got |
| 1:06.9 | a little bit better deal on that. |
| 1:09.0 | I mean, come on, you know, hey, we just got back from our Disneyland trip. |
| 1:13.0 | Oh, man, there was this one time where we went to Disneyland and we want to draw. |
... |
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