Masters in Business At the Money: The Best Way to Buy a House
Sep 4, 2024
Jonathan Miller, President of Miller Samuel, brings insights from the forefront of real estate. He discusses the high-interest rates and low inventory that today's buyers face, highlighting the need for a strategic approach. Miller emphasizes the psychological aspects of buying a home, advocating for a long-term investment perspective. He also shares tips on navigating bidding wars, advocating for attractive offers beyond just price. Finally, he provides strategies for dealing with new constructions in this challenging market.
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Long-Term Perspective
- Approach home buying as a long-term transaction, not a short-term investment.
- The average person stays in a home for 7-10 years, so view it as a long-term asset.
Slight Overpayment
- Overpaying slightly (a couple of percent) is insignificant in the long run.
- Focus on finding a home you love and will live in for years, not short-term market fluctuations.
Personal Bidding War
- Jonathan Miller bought a house 36% over list price (but estimates only 10-15% over actual value).
- He doesn't view it as a short-term investment and beat 30 people in a bidding war.