1 00:00:00,160 --> 00:00:03,000 Speaker 1: Has there ever been a worse time to buy a 2 00:00:03,080 --> 00:00:06,840 Speaker 1: house in America? Rates are at their highest levels in 3 00:00:06,920 --> 00:00:11,320 Speaker 1: more than twenty years. Inventory is at record lows, Competition 4 00:00:11,400 --> 00:00:15,680 Speaker 1: has been intense. Home purchases are the most expensive they've 5 00:00:15,720 --> 00:00:20,440 Speaker 1: been relative to renting in a couple of generations. In 6 00:00:20,480 --> 00:00:24,320 Speaker 1: the face of this mess, what's a potential home buyer 7 00:00:24,360 --> 00:00:31,560 Speaker 1: to douse is a very very fine house. As it 8 00:00:31,600 --> 00:00:34,120 Speaker 1: turns out, there are some ways you can make the 9 00:00:34,159 --> 00:00:38,560 Speaker 1: process of buying a home better or at least less bad. 10 00:00:39,000 --> 00:00:42,440 Speaker 1: I'm Barry Riddelts and on today's edition of At the Money, 11 00:00:42,960 --> 00:00:46,680 Speaker 1: we're going to discuss how to buy a home in 12 00:00:46,720 --> 00:00:50,720 Speaker 1: today's market. To help us unpack all of this, let's 13 00:00:50,720 --> 00:00:54,320 Speaker 1: bring in Jonathan Miller of real estate appraisal and data 14 00:00:54,360 --> 00:00:58,800 Speaker 1: firm Miller Samuel. For the past thirty seven years, Jonathan 15 00:00:58,800 --> 00:01:03,200 Speaker 1: Miller's monthly and hortally housing sales, data and rental reports 16 00:01:03,960 --> 00:01:07,240 Speaker 1: must read in the industry and have made him the 17 00:01:07,280 --> 00:01:11,120 Speaker 1: most quoted man in real estate. Jonathan Miller, Welcome to 18 00:01:11,200 --> 00:01:15,160 Speaker 1: At the Money. Let's just jump in to the first question. 19 00:01:15,800 --> 00:01:20,200 Speaker 1: How challenging is it to buy a house today? In 20 00:01:20,280 --> 00:01:22,000 Speaker 1: twenty twenty three. 21 00:01:22,000 --> 00:01:27,440 Speaker 2: It's incredibly difficult home buyers. Not only prices haven't really 22 00:01:27,520 --> 00:01:32,119 Speaker 2: come down given the spike and mortgage rates, because inventory 23 00:01:32,880 --> 00:01:36,960 Speaker 2: is absent from the equation, buyers don't have a lot 24 00:01:37,040 --> 00:01:40,360 Speaker 2: of choices. So as a result, what we're seeing just 25 00:01:40,400 --> 00:01:43,200 Speaker 2: over the last year, as rates have been rising, bidding 26 00:01:43,240 --> 00:01:45,119 Speaker 2: wars have been rising. 27 00:01:44,920 --> 00:01:46,160 Speaker 1: Even as rates have gone up. 28 00:01:46,440 --> 00:01:50,680 Speaker 2: Yes, because the number one thing to look at really 29 00:01:50,720 --> 00:01:56,520 Speaker 2: as a metric is this supply inventory and inventory. The 30 00:01:56,600 --> 00:02:00,600 Speaker 2: rates began rising with the FED pivot a year and 31 00:02:00,640 --> 00:02:03,760 Speaker 2: a half ago, at one of the steepest climbs in 32 00:02:04,280 --> 00:02:08,639 Speaker 2: four decades. That it's really challenging the consumer. 33 00:02:08,880 --> 00:02:12,320 Speaker 1: So before we get into even more specific data and details, 34 00:02:12,680 --> 00:02:16,240 Speaker 1: let's just talk a little bit about psychology. If you're 35 00:02:16,280 --> 00:02:21,320 Speaker 1: a buyer, how should you approach the idea of purchasing 36 00:02:21,360 --> 00:02:25,160 Speaker 1: a house from a psychological perspective? Where should your head 37 00:02:25,200 --> 00:02:26,079 Speaker 1: be at? Well? 38 00:02:26,120 --> 00:02:28,680 Speaker 2: I think the most important thing is to look at 39 00:02:28,680 --> 00:02:31,680 Speaker 2: this as a long term transaction. I always look at 40 00:02:32,040 --> 00:02:35,720 Speaker 2: housing as a long term asset. There have been various 41 00:02:35,760 --> 00:02:38,840 Speaker 2: cycles where people were thinking of it as a stock 42 00:02:39,000 --> 00:02:42,880 Speaker 2: and it's just not that liquid. So you know, you 43 00:02:42,919 --> 00:02:46,360 Speaker 2: buy it, you hold it. The average person, you know, 44 00:02:46,360 --> 00:02:49,160 Speaker 2: the numbers are kind of ranging. The average person stays 45 00:02:49,560 --> 00:02:52,120 Speaker 2: in a home seven to ten years on average, so 46 00:02:52,480 --> 00:02:55,560 Speaker 2: you're really looking at it from a much longer window. 47 00:02:56,000 --> 00:02:59,680 Speaker 2: And within that window, you know, markets trend up and down. 48 00:03:00,280 --> 00:03:03,679 Speaker 2: You know, there's various cycles, various reasons. I think that's 49 00:03:03,720 --> 00:03:05,760 Speaker 2: one of the most important things to look at to 50 00:03:05,880 --> 00:03:08,720 Speaker 2: treat the asset as it actually is. 51 00:03:09,240 --> 00:03:12,000 Speaker 1: So you and I have discussed what a buyer should 52 00:03:12,040 --> 00:03:14,880 Speaker 1: pay for a home, and you say something that's kind 53 00:03:14,919 --> 00:03:18,720 Speaker 1: of counterintuitive, and I'm guessing it's based on that, Hey, 54 00:03:18,720 --> 00:03:20,760 Speaker 1: we're going to be here for ten years or longer. 55 00:03:21,360 --> 00:03:24,440 Speaker 1: If you pay a couple of percent over what you 56 00:03:24,520 --> 00:03:27,320 Speaker 1: think is a reasonable price. In the long run, it 57 00:03:27,320 --> 00:03:28,680 Speaker 1: doesn't matter, does it. 58 00:03:28,680 --> 00:03:31,280 Speaker 2: It really doesn't, because you have to remember what the 59 00:03:31,320 --> 00:03:34,239 Speaker 2: asset is. It is something that you're going to use 60 00:03:34,680 --> 00:03:37,480 Speaker 2: and live in and occupy every day as an owner 61 00:03:37,520 --> 00:03:42,200 Speaker 2: occupied house. In my circumstance a little over a year ago, 62 00:03:43,120 --> 00:03:47,200 Speaker 2: I actually bought a house for thirty six percent above 63 00:03:47,320 --> 00:03:49,800 Speaker 2: the list price, but when I do the details, I 64 00:03:49,880 --> 00:03:53,800 Speaker 2: probably only paid ten to fifteen percent above, and who cares. 65 00:03:53,800 --> 00:03:55,480 Speaker 2: So I'm going to be there for a long time. 66 00:03:55,640 --> 00:03:58,960 Speaker 2: It's exactly what we wanted. I don't look at it 67 00:03:59,000 --> 00:04:03,160 Speaker 2: as that kind of investment that you would track closely. 68 00:04:03,200 --> 00:04:05,520 Speaker 2: And we beat thirty people in a bidding war. 69 00:04:05,640 --> 00:04:09,440 Speaker 1: That's unbelievable. So let's talk a little bit about bidding war. 70 00:04:09,920 --> 00:04:12,360 Speaker 1: What sort of advice do you have if someone finds 71 00:04:12,400 --> 00:04:15,200 Speaker 1: a house they really love, you don't want to pay 72 00:04:15,400 --> 00:04:17,720 Speaker 1: double what it's worth. You'll never get your money out 73 00:04:17,760 --> 00:04:20,320 Speaker 1: of it, at least not in a reasonable time. But 74 00:04:20,720 --> 00:04:23,520 Speaker 1: what are the guidelines for when it's you against a 75 00:04:23,520 --> 00:04:27,160 Speaker 1: couple of dozen people and everybody wants this house on 76 00:04:27,240 --> 00:04:28,720 Speaker 1: this block, in this neighborhood. 77 00:04:28,920 --> 00:04:34,160 Speaker 2: Well, I think human beings need reinforcement. So you probably 78 00:04:34,240 --> 00:04:37,040 Speaker 2: are going to have to lose two or three bidding 79 00:04:37,080 --> 00:04:41,760 Speaker 2: wars before you realize the condition of the market. And 80 00:04:41,800 --> 00:04:43,719 Speaker 2: the condition of the market is that there is a 81 00:04:43,800 --> 00:04:47,279 Speaker 2: chronic inventory shortage in nearly every housing market in America. 82 00:04:47,560 --> 00:04:50,240 Speaker 1: Let's talk about that for a second. And again, you 83 00:04:50,279 --> 00:04:53,800 Speaker 1: and I have talked about we've underbuilt single family homes 84 00:04:53,839 --> 00:04:58,360 Speaker 1: in the United States for fifteen years following the financial crisis. 85 00:04:58,839 --> 00:05:02,200 Speaker 1: Then you had this ma massive surge of second and 86 00:05:02,279 --> 00:05:05,520 Speaker 1: third home buyers during the lockdown of the pandemic, and 87 00:05:05,560 --> 00:05:08,640 Speaker 1: now we have this the number I'm familiar with, sixty 88 00:05:08,640 --> 00:05:11,919 Speaker 1: percent of homeowners have a mortgage of four percent or less. 89 00:05:12,680 --> 00:05:15,279 Speaker 1: Eighty percent of homeowners with a mortgage have a mortgage 90 00:05:15,320 --> 00:05:18,919 Speaker 1: of five percent or less. That creates massive lock in. 91 00:05:19,080 --> 00:05:21,800 Speaker 1: No one wants to go right. How long can this 92 00:05:21,960 --> 00:05:23,559 Speaker 1: inventory shortfall last? 93 00:05:24,040 --> 00:05:27,560 Speaker 2: Well, I look at there's two solutions for inventory, and 94 00:05:27,640 --> 00:05:31,160 Speaker 2: they're not very one's not realistic, and one isn't good. 95 00:05:32,520 --> 00:05:37,320 Speaker 2: The first idea is that rates fall back down. And 96 00:05:37,600 --> 00:05:40,479 Speaker 2: when you're talking to many homeowners in our appraisal business, 97 00:05:41,040 --> 00:05:44,719 Speaker 2: there is a broad expectation that rates, after going from 98 00:05:45,640 --> 00:05:50,080 Speaker 2: just below three to almost eight percent, that they're going 99 00:05:50,160 --> 00:05:52,840 Speaker 2: to settle back down. And I don't disagree with that, 100 00:05:52,839 --> 00:05:55,680 Speaker 2: except they're not going to settle back down to three 101 00:05:55,760 --> 00:05:56,279 Speaker 2: or four. 102 00:05:56,160 --> 00:05:59,200 Speaker 1: Percent, five or six kondom be lucky. 103 00:05:59,400 --> 00:06:04,680 Speaker 2: If for lucky, it's probably high fives, low sixes. Given 104 00:06:04,760 --> 00:06:10,080 Speaker 2: that unemployment is still very low, the economy is still vibrant, 105 00:06:10,520 --> 00:06:13,960 Speaker 2: so I wouldn't expect a massive rate cut. It would 106 00:06:13,960 --> 00:06:18,120 Speaker 2: be my just using logic. No, I have no inside understanding. 107 00:06:18,240 --> 00:06:21,400 Speaker 2: So when you have rates drop, each time the rates 108 00:06:21,480 --> 00:06:25,599 Speaker 2: sort of incrementally drop, homeowners become sellers and that adds 109 00:06:25,640 --> 00:06:28,479 Speaker 2: a little bit of inventory, but not enough, but it 110 00:06:28,680 --> 00:06:32,400 Speaker 2: every little bit helps. The other thing to look at 111 00:06:32,480 --> 00:06:36,440 Speaker 2: would be some adverse negative event that would cause the 112 00:06:36,440 --> 00:06:40,080 Speaker 2: FED to cut rates more sharply, and that would be 113 00:06:40,120 --> 00:06:42,760 Speaker 2: a recession. Of course, we've been talking about a recession 114 00:06:42,800 --> 00:06:45,479 Speaker 2: coming in six months for the last two years, so 115 00:06:46,839 --> 00:06:50,680 Speaker 2: you know that seems uncertain. The problem is then you 116 00:06:50,720 --> 00:06:53,360 Speaker 2: get job loss, right, and we have job loss, that's 117 00:06:53,440 --> 00:06:54,880 Speaker 2: less people that will buy homes. 118 00:06:54,960 --> 00:06:56,600 Speaker 1: Right, it makes a lot of sense. So we've been 119 00:06:56,600 --> 00:07:00,480 Speaker 1: talking about mortgages and mortgage rates. I've always been shocked 120 00:07:00,480 --> 00:07:04,159 Speaker 1: whenever I looked at your reports at the rise of 121 00:07:04,240 --> 00:07:07,719 Speaker 1: the cash purchase. This used to be a mostly high 122 00:07:07,880 --> 00:07:10,280 Speaker 1: end sort of thing, and now it seems to be 123 00:07:10,360 --> 00:07:15,520 Speaker 1: working its way down the economic strata of homes tell 124 00:07:15,600 --> 00:07:18,600 Speaker 1: us about what's going on with all cash purchases. 125 00:07:19,000 --> 00:07:23,640 Speaker 2: So cash has been the method of purchase that's gotten 126 00:07:23,680 --> 00:07:27,280 Speaker 2: a lot more popular in the last couple of years. 127 00:07:28,040 --> 00:07:30,480 Speaker 2: I don't want to give the impression that hey, everybody's 128 00:07:30,520 --> 00:07:35,360 Speaker 2: just paying cash that need some mortgage, But what the 129 00:07:35,400 --> 00:07:38,200 Speaker 2: way to think of cash is the higher you go 130 00:07:38,280 --> 00:07:42,360 Speaker 2: in price, the higher the probability the purchase is a 131 00:07:42,360 --> 00:07:43,240 Speaker 2: cash transaction. 132 00:07:43,400 --> 00:07:46,160 Speaker 1: So ten million and up, those are all cash purchase. 133 00:07:45,920 --> 00:07:47,760 Speaker 2: Eighty to ninety percent cash. 134 00:07:47,840 --> 00:07:49,400 Speaker 1: What about five million and up? 135 00:07:50,480 --> 00:07:54,440 Speaker 2: Five million and up is about the same. It's way Yeah. 136 00:07:54,520 --> 00:07:58,160 Speaker 2: When the people that are at the high end, that 137 00:07:58,200 --> 00:08:03,000 Speaker 2: are more susceptible to higher rates are generally the two 138 00:08:03,040 --> 00:08:06,080 Speaker 2: to five million range because those people aren't paying cash, 139 00:08:06,120 --> 00:08:10,200 Speaker 2: they're getting financing, and that market has been much more challenged. 140 00:08:10,240 --> 00:08:12,720 Speaker 2: The lower you go in price, the more dependent you 141 00:08:12,800 --> 00:08:16,960 Speaker 2: are on a mortgage. One quick example is in Manhattan, 142 00:08:17,080 --> 00:08:19,960 Speaker 2: we had a situation this year where year every year 143 00:08:20,400 --> 00:08:24,760 Speaker 2: sales fell about thirty percent, but sales for cash buyers 144 00:08:24,760 --> 00:08:29,280 Speaker 2: fell twenty percent and for finance buyers fell forty or 145 00:08:29,360 --> 00:08:32,920 Speaker 2: higher percent. So it has more of an impact, but 146 00:08:33,080 --> 00:08:36,520 Speaker 2: cash doesn't bypass the challenge of high rates. 147 00:08:36,640 --> 00:08:39,000 Speaker 1: So I used to think of four or five million 148 00:08:39,040 --> 00:08:43,280 Speaker 1: dollars as like a big spectacular house on the water, 149 00:08:43,480 --> 00:08:47,760 Speaker 1: cash purchased by a very wealthy individual. You're implying that 150 00:08:47,880 --> 00:08:51,920 Speaker 1: two to five is now no longer the very rich. 151 00:08:52,040 --> 00:08:55,480 Speaker 1: That's the upper class, upper middle class. What is that 152 00:08:55,600 --> 00:08:56,360 Speaker 1: range of homes. 153 00:08:56,640 --> 00:09:00,480 Speaker 2: Yeah, so you know upper middle class are lower upper 154 00:09:00,480 --> 00:09:03,400 Speaker 2: class is really two to five and they tend to 155 00:09:03,440 --> 00:09:07,000 Speaker 2: be dependent on financing. We have a market in the 156 00:09:07,000 --> 00:09:09,920 Speaker 2: New York region known as the Hamptons, and we call 157 00:09:09,960 --> 00:09:13,559 Speaker 2: it the Hampton's Middle two to five million, five are 158 00:09:13,720 --> 00:09:17,600 Speaker 2: higher versus one million or two million or lower. The 159 00:09:17,640 --> 00:09:20,520 Speaker 2: Hampton's Middle is much the most challenged part of the 160 00:09:20,559 --> 00:09:25,520 Speaker 2: market because those buyers are much more impacted by the 161 00:09:25,559 --> 00:09:27,640 Speaker 2: spike in rates over the last year and a half 162 00:09:28,000 --> 00:09:31,800 Speaker 2: than the five and over, which are more cash. 163 00:09:30,800 --> 00:09:33,240 Speaker 1: What about working with the real estate if you're a buyer, 164 00:09:33,440 --> 00:09:35,520 Speaker 1: how useful are real estate agents? 165 00:09:36,000 --> 00:09:38,400 Speaker 2: So I think one of the things they don't get 166 00:09:38,440 --> 00:09:43,400 Speaker 2: credit for, and I know this from personal experience quite often, 167 00:09:44,559 --> 00:09:50,080 Speaker 2: is they provide a buffer between the parties. Because many people, 168 00:09:50,160 --> 00:09:55,040 Speaker 2: when confronted with the opposition, there's no buffer. They're intimidated, 169 00:09:55,080 --> 00:09:59,800 Speaker 2: they may end up not doing well in the negotiation. 170 00:10:00,400 --> 00:10:03,560 Speaker 2: That's not everybody, but at least in my experience, that's 171 00:10:03,920 --> 00:10:07,520 Speaker 2: that's the service that is provided to have a third 172 00:10:07,640 --> 00:10:11,920 Speaker 2: party to insulate you from direct negotiation. 173 00:10:12,840 --> 00:10:15,920 Speaker 1: What about those negotiated offers. What we need to know 174 00:10:16,040 --> 00:10:20,040 Speaker 1: about the way to make an offer that's most likely 175 00:10:20,120 --> 00:10:21,800 Speaker 1: to resonate with the seller. 176 00:10:22,320 --> 00:10:25,480 Speaker 2: So, you know, I think a lot of people would 177 00:10:25,760 --> 00:10:28,520 Speaker 2: ask this question. They think it's all about the price. Hey, 178 00:10:29,120 --> 00:10:30,840 Speaker 2: you know, the higher the price you are, you know, 179 00:10:30,920 --> 00:10:34,920 Speaker 2: you offer, But it really is the terms. So it's 180 00:10:35,160 --> 00:10:38,480 Speaker 2: how much finance? What does your financial situation look like? 181 00:10:38,559 --> 00:10:41,920 Speaker 2: How likely are you to be able to close at 182 00:10:41,960 --> 00:10:45,160 Speaker 2: this price? You know, is there going to be a problem. 183 00:10:45,280 --> 00:10:48,160 Speaker 2: And I'm not saying that that. You know, price isn't important, 184 00:10:48,160 --> 00:10:51,960 Speaker 2: but it's probably parallel to the terms of the deal itself. 185 00:10:52,320 --> 00:10:56,320 Speaker 2: You know, if someone comes in and makes an astronomical offer, 186 00:10:56,960 --> 00:10:59,920 Speaker 2: you know, the sellers, you know, if that doesn't close, 187 00:11:00,440 --> 00:11:03,640 Speaker 2: the momentum of the house on the market and it's 188 00:11:03,679 --> 00:11:07,439 Speaker 2: all lost because the transaction starts over. So really your 189 00:11:07,480 --> 00:11:11,120 Speaker 2: focus is presenting yourself as someone that can afford it, 190 00:11:11,720 --> 00:11:15,040 Speaker 2: and that brings in whether you're proved for financing. 191 00:11:15,280 --> 00:11:17,600 Speaker 1: So do that in advance and come with a clean 192 00:11:17,640 --> 00:11:20,360 Speaker 1: offer with a lot of not a lot of contingencies. 193 00:11:20,640 --> 00:11:23,439 Speaker 2: Right in this market, you know, it's pretty common now 194 00:11:23,440 --> 00:11:25,960 Speaker 2: to have financing contingencies. A year and a half ago 195 00:11:26,080 --> 00:11:29,440 Speaker 2: that was non existent. It was you know, there was 196 00:11:29,480 --> 00:11:32,360 Speaker 2: no hair on the deal, so to speak. But you know, 197 00:11:32,600 --> 00:11:35,880 Speaker 2: less is more always when you're negotiating. I think in 198 00:11:35,920 --> 00:11:41,040 Speaker 2: this market, buyers think that they have more leverage over 199 00:11:41,040 --> 00:11:45,160 Speaker 2: the seller than they actually have. So for example, in 200 00:11:45,200 --> 00:11:49,200 Speaker 2: the market the suburbs that surround Manhattan, the share of 201 00:11:49,360 --> 00:11:52,959 Speaker 2: closings just in the third quarter that we're bidding wars 202 00:11:53,720 --> 00:11:58,520 Speaker 2: was forty to fifty percent. Wow, So half the sales, 203 00:11:58,640 --> 00:12:02,600 Speaker 2: nearly half the sales are selling above the asking price. 204 00:12:02,960 --> 00:12:06,760 Speaker 2: So as a buyer you don't have a lot of 205 00:12:06,800 --> 00:12:11,679 Speaker 2: strength over the seller at this current time because nationally, 206 00:12:12,200 --> 00:12:18,720 Speaker 2: we're in this incredible inventory situation where inventory is devoid 207 00:12:18,960 --> 00:12:21,079 Speaker 2: of being president on the market. 208 00:12:21,360 --> 00:12:24,839 Speaker 1: So we've been talking about existing homes, what about new construction, 209 00:12:25,360 --> 00:12:27,840 Speaker 1: either buying a plot of land and building your own 210 00:12:27,880 --> 00:12:31,640 Speaker 1: house or working with a spec builder who's in the 211 00:12:31,679 --> 00:12:34,200 Speaker 1: midst of constructing a house. How do we navigate those 212 00:12:34,200 --> 00:12:35,600 Speaker 1: circumstances as buyers. 213 00:12:35,760 --> 00:12:40,480 Speaker 2: Well, it's interesting because existing inventory is so low that 214 00:12:40,600 --> 00:12:45,160 Speaker 2: many markets have a disproportionately high share of new construction, 215 00:12:45,520 --> 00:12:48,520 Speaker 2: even though it's still a small amount, but more typically 216 00:12:48,520 --> 00:12:52,320 Speaker 2: you expect ten to fifteen percent of most markets are 217 00:12:52,440 --> 00:12:57,079 Speaker 2: new construction. And one of the things that large national 218 00:12:57,120 --> 00:13:01,600 Speaker 2: builders have been doing is buying down and interest rates, 219 00:13:01,640 --> 00:13:03,400 Speaker 2: which has been very well received. 220 00:13:03,600 --> 00:13:05,720 Speaker 1: To find that what do you mean buying down interest rates? 221 00:13:05,800 --> 00:13:09,520 Speaker 2: So let's just say that prevailing thirty year fixed is 222 00:13:09,600 --> 00:13:12,320 Speaker 2: seven and a half percent. They'll buy down the rate. 223 00:13:12,480 --> 00:13:15,000 Speaker 2: So what that means is that the buyer, when they 224 00:13:15,000 --> 00:13:17,480 Speaker 2: buy the house, the mortgage rate is five and a 225 00:13:17,520 --> 00:13:22,040 Speaker 2: half percent. That's not amazing and that has been very successful. 226 00:13:22,080 --> 00:13:24,280 Speaker 2: But not all builders can afford to do that. They 227 00:13:24,280 --> 00:13:28,480 Speaker 2: need scale the financial wherewithal. But when you do that, 228 00:13:28,640 --> 00:13:31,360 Speaker 2: you're reducing the resistance to the purchase. 229 00:13:31,600 --> 00:13:36,200 Speaker 1: Huh. Really really fascinating stuff. So to sum up, it's 230 00:13:36,200 --> 00:13:40,800 Speaker 1: still a seller's market. However, as a buyer, you have 231 00:13:40,840 --> 00:13:44,640 Speaker 1: a lot of things you can do to improve your 232 00:13:44,720 --> 00:13:48,120 Speaker 1: chance of successfully purchasing a house. Come in with all 233 00:13:48,160 --> 00:13:51,040 Speaker 1: your ducks lined up, make sure your cash and financing 234 00:13:51,520 --> 00:13:55,360 Speaker 1: is in place, Try not to hang too many contingencies 235 00:13:55,480 --> 00:13:58,400 Speaker 1: on your offer, work with a good agent who knows 236 00:13:58,440 --> 00:14:02,240 Speaker 1: the area, and don't be surprised if you're going to 237 00:14:02,280 --> 00:14:06,000 Speaker 1: pay a little over the asking price for the house 238 00:14:06,040 --> 00:14:12,720 Speaker 1: of your dreams. You can listen to at the Money 239 00:14:12,960 --> 00:14:16,240 Speaker 1: every week, finding in our master's and business feed at 240 00:14:16,280 --> 00:14:19,400 Speaker 1: Apple Podcasts. Each week we'll be here to discuss the 241 00:14:19,520 --> 00:14:22,960 Speaker 1: issues that matter most to you as an investor. I'm 242 00:14:22,960 --> 00:14:26,120 Speaker 1: Barry Ritolts. You've been listening to At the Money on 243 00:14:26,240 --> 00:14:27,160 Speaker 1: Bloomberg Radio.