Will the Market Crash in 2024?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 31 January 2024
⏱️ 28 minutes
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Summary
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| 0:17.0 | Next question is from Peter. He says, we bought a house at the height of the market but were able to snag a sub 5% mortgage rate. It doesn't feel like our quote-unquote forever home. |
| 0:21.0 | What should we do next? |
| 0:26.0 | Honey, we're missing some variables. |
| 0:28.0 | What? |
| 0:29.0 | I wanted to see what you would say. |
| 0:31.0 | I think, let me, let me tell you how I thought about this. He's got this |
| 0:36.5 | low interest rate he knows he wants to buy another house and it's hard to give up |
| 0:40.9 | that interest rate. How does he know when it's the right time to do that? |
| 0:44.3 | And is it worth it because the interest rates are now higher? |
| 0:47.0 | What do you think about that? |
| 0:48.0 | Here, I think Peter said, I bought at the height of the market. |
| 0:50.4 | So what that tells me is that this has been a recent purchase likely in the last three years. |
| 0:55.0 | But he said he got a sub five, so I'm thinking this is probably like two years ago if I'm using my sort of mental math here. |
| 1:02.0 | So he's in this home for two years. |
| 1:03.4 | I think the first thing that you should think about |
| 1:05.1 | is, okay, when it comes to buying a home, |
| 1:07.3 | we actually have an entire checklist. |
| 1:09.3 | You can go to moneyguide.com, slash resource, |
| 1:11.0 | check out our home buying checklist. |
| 1:13.2 | One of the things that's on our home buying checklist is when you make a real estate |
| 1:16.7 | purchase it needs to be a longer term decision so you need to say okay when I buy |
| 1:20.9 | this home I need to commit that I can be here for seven |
... |
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