BiggerPockets Real Estate Podcast

869: Why NOW is The Time to Buy a House (BEFORE Rates Go Down) w/Avery Carl and Caeli Ridge

Jan 8, 2024

Real estate expert Avery Carl joins the podcast to discuss why NOW is the time to buy a house. They touch on topics like the current state of the real estate market, factors influencing investor activity, the impact of interest rates on the market, and strategies for getting an offer accepted in a competitive market.

48:39

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Avery Carl

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Quick takeaways

Working with your own agent may not give you a competitive advantage as agents prioritize their clients' interests.

To stand out in a competitive market, it is important to go beyond just offering more money and explore properties with longer days on the market or properties that have been overlooked.

Deep dives

The challenge of buying in a competitive market

In a market with low inventory and high competition, buying property can be challenging. Working with your own agent may not give you a competitive advantage as agents prioritize their clients' interests. It is crucial to write strong offers that stand out from the crowd. This may involve offering a higher price than the asking price or being open to negotiation. However, caution should be exercised to avoid overpaying for a property. Additionally, considering properties with longer days on the market or properties that have been sitting for a while may offer opportunities for less competition.

Leverage as a Buyer with Listing Agents

00:31

Introduction

2min

Current State of the Real Estate Market and Investor Activity

8min

Factors Influencing Recent Rate Reductions

5min

Analyzing the Impact of Interest Rates on the Real Estate Market

9min

The Impact of Seasonal Changes in the Real Estate Market

4min

Evaluating Mortgage Rates and Property Prices

14min

Strategies for Getting an Offer Accepted in a Competitive Real Estate Market

4min

Tips for Getting Your Offer Accepted and the Importance of Persistence

4min

If you’ve been thinking about buying a house in 2024, you already may be too late. With mortgage rates dropping, listings increasing, and spring buying season only a short couple of months away, NOW is the time to act before bidding wars start up again. With so much pent-up buyer demand, agents and lenders are already seeing a spike in activity, and we haven’t even gotten to spring. So, if you want to know how to buy a house in 2024, even with fierce competition, we’re here to help.

Avery Carl, short-term rental expert and agent, and Caeli Ridge, President at Ridge Lending Group, join us to talk about what they’re seeing in the market NOW, what their housing market predictions are as buying season heats back up, and whether or not now is even the time to buy. Both Avery and Caeli work heavily with investors, so they know what does and doesn’t work when buying a rental property, NOT just a primary residence.

We’ll touch on the hottest markets that could see the most competition, why rookie investors need to snap out of analysis paralysis to win in 2024, and why this buying season could become red-hot in just a few months. Plus, David and Rob will answer a listener’s question about how to win in a competitive market without having the highest bid.

In This Episode We Cover:

“Buying season” and why spring 2024 could bring back the hot housing market

Most active real estate markets that are seeing inventory fly off the MLS

Why mortgage rates are NOT as important as you think they are

The “great stalemate” and what could cause homeowners to finally list their houses

Whether to buy or wait and the risk of holding out for lower mortgage rates

How to beat other buyers when bidding for investment properties

And So Much More!

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