6 Reasons to WAIT on Buying a House in 2021

are you trying to buy a house right now is it really frustrating for you is it really hard to find a house or get an offer accepted well today i'm going to talk about why you should wait to buy a house all right hi i'm jim fong with the jim fong group at urban nest realty in las vegas and if you like real estate videos or market updates or just videos about las vegas please like share and subscribe to my channel and hit the bell icon and you'll be notified when new videos like this are released but let's get back to this video here today we're going to be talking about why you should wait to buy a house all right let me see what new listings have hit the market today huh um it's a pretty nice one under contract all right under contract again under contract again oh my gosh what's the point of doing this even there's nothing for sale the market is crazy right now everyone's trying to buy there's hardly anything for sale but yet everyone's still trying to buy and today i'm just going to give you some reasons why maybe you should wait maybe you should not buy a house right now first reason is the record low inventory there's hardly any homes for sale right now and the good listings are sold immediately right away they come on the market under contract hit the market pending already so hard to find a house right now and with the lack of choices out there you know maybe if you were to buy something that's just available now you could be compromising on what your true needs are or you're just settling for something that's available now and not exactly what you want you might want to just wait till the summer months because most homes go up for sale during the summer months so you might just wait till summer to see if there's more options second reason of why you might want to wait on buying a house is the high demand i mean where a lot of people are moving to las vegas right now people are moving to las vegas mostly for the affordability and low cost of living nevada is a no state income tax state a lot of people are moving here for the sunny retirement weather people love las vegas because it's a great city to travel in and out from and of course you know all the entertainment food everything that vegas has to offer it's just creating a very high demand for people to move here because of all these reasons the demand is very high so every listing is pretty much sure to have multiple offers on it so if you want to buy a house you know you're going to be involved in a bidding war for sure and to win a bidding war you're going to have to agree to very favorable seller terms like you'll probably have to waive some contingencies like appraisals if sellers are not doing repairs right now sellers are not even giving home warranties right now okay or you might even have to agree to let the seller of the property live in the house for a couple months after you've closed even for free and then on top of all that you could still be outbid by a cash buyer from california or something another reason why you might want to wait is the government is currently proposing many programs that are going to help home buyers or first-time home buyers later this year hopefully i'm not a big fan of this reason to wait and if you want to know why leave me a comment or contact me and i'll be glad to discuss that with you all right another reason why you might want to wait is because of last year during the pandemic many people had a decrease in their income whether they were laid off maybe they were furloughed or something like that either way their income did decrease and banks or lenders that are doing mortgages for people they use the lower income to calculate what someone qualifies for so in many ways if you were to wait for your income to normalize you can probably qualify for more than what you can right now if that is your situation another reason why you might want to wait is because in the current market right now sellers are not paying closing costs builders are not giving incentives to people it's just really really competitive right now and it might not just be smart for anyone to drain all of their savings to just get into a house because buying and moving into a house it comes with a lot of costs involved with it and just you know maxing out and draining your whole savings might not be a good idea maybe you just you know save so you have a little more cushion before you actually pull the trigger on buying something and finally another reason why you might want to consider on waiting to buy a house is the pandemic cause supply chain issues everywhere so what does that mean basically it's hard to get products and goods right now gas has gone up in price lumber has gone up in price and other construction materials all have gone up in price or actually delayed and not available to people so it's causing delays on construction and also home appliances and furniture those items are on back order with a lot of main retailers right now so you might want to just wait just because you won't be able to get the furniture or appliances that you need or it might cost you more for your construction costs or if you do any upgrades to your home too all right guys so that's the video and those are my reasons why you should wait to buy a house and if you like videos like this please like comment and share or hit the notification icon so you know when new videos are released this is jim fong with the jim fong group at urbanest realty thanks for watching i'll see you next [Music] time [Music] you

Channel: The Jim Fong Group - Las Vegas Real Estate

Views: 32,218

Rating: 4.8622174 out of 5

Keywords: Jim Fong Group, Urban Nest Realty, best realtors in las vegas 2021, buying a home in las vegas 2021, selling a home in las vegas 2021, costs of buying a home 2021, buying a property in las vegas, real estate market 2021, property investment, properties for sale in las vegas 2021, living in las vegas, things to do in las vegas 2021, las vegas real estate market, housing bubble 2021, real estate housing bubble, housing bubble explained, 6 Reasons Not to Buy a House in 2021

Id: Ihn1rrwt7QA

Length: 5min 41sec (341 seconds)

Published: Fri May 14 2021