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.
14:30
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Quick takeaways
- The current housing market presents challenges due to high interest rates and low inventory, creating a competitive environment for buyers.
- Approaching home buying with a long-term perspective helps buyers make informed decisions rather than getting swayed by short-term market fluctuations.
Deep dives
Current Housing Market Challenges
The housing market is experiencing significant challenges, including record-low inventory and rising mortgage rates, resulting in a highly competitive environment for potential buyers. Many buyers are facing bidding wars, even with increased rates, due to a chronic shortage of available homes. This lack of options means that homebuyers often have to make quick decisions in a heated market, leading to higher prices and increased pressure. The current landscape is marked by a stark imbalance between demand and supply, complicating the purchasing process for buyers looking for a home.
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