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for hanging in there tonight.

We're discussing the housing

market and depending on where

you stand, you could call it a

crisis. Recent reports point to

only 200. And 50,000 affordable

homes are available in the

United States across this

country. 250,000 That's it with

that said. And that sorry, stat.

Floating around out there and us

telling you about the super high

demand for homes. I wanted to

know if buying a home was even

attainable for Americans

anymore. Well it depends on who

you are financially and what

you're ready to do to purchase a

home. It can be out of reach

depending on how much money you

have, how much you're willing to

spend. So one of the things you

really need to take into account

is what you look like

financially because it very well

might be out of reach for you.

And since she mentioned COVID,

there are a lot of families that

might have had dual incomes that

may now be down to one income,

so those kinds of things really

will impact whether or not What

you're able to get in this

market and play. Yeah. And Noel

when we take a look at the

numbers, and that report also

indicated more homes are on the

country are now at a million

dollars. That is very true. So I

just closed on a $1.2 million

home yesterday. This particular

cup. A couple has been building

this home for over two years, so

they walked into this home with

over $400,000 of equity. And so

that means now their home is

actually worth $1.6 million On

the day of closing. That is a

telltale sign. In the true

indicator of the way that the

prices are increasing in the

current market, so it does make

it a little bit out of reach for

those first time Homebuyers. For

those who are trying to buy

affordable housing around the

country. What should they do at

this point, Miche? There's a few

things you need to do again.

Know who you are financially.

What do you look like? On paper

at the bank? Who are you? Is

this a conventional loan We're

using isn't a cash thing. Are we

using gift funds from family

members? You kind of need to

know what you look like. Because

what you look like on paper is

how you're presenting yourself

to a seller. Some of the other

things that some of our

colleagues will do is get their

clients pre underwritten. What

that means is this Get what the

lender before you start shopping

. Get into your credit report

and let's go ahead and

researched, reveal and remedy

credit problems before we put in

the offer. It may allow you to

close sooner. So instead of

asking for 45 60 days to close,

maybe we can get it done in a

shorter period of time. There

are other things that we can

also do. Which is lean a little

less on the seller. Let's not

ask for a few 1000 seller

contribution to closing costs.

I'll go ahead and pay for the

title policy or the documents.

There are few things you can do

to make this a little more

what would be your suggestions

for buyer out there and this

tough market. So my suggestion

for any buyer that's looking to

purpose a home Whether it's for

your first time 2nd and 3rd time

is to make sure that you have

money saved, Um, to piggyback

off of what Misha said. We want

to make sure that we are not

going in as a fire, asking for

things like clothes and cars,

asking for home warranties,

asking for the seller. It paid

for survey things of that

nature. We want to submit

something that we refer to as a

clean offer. That means straight

at offer, not asking for

anything at all and being able

to do things to get creative

little bit more eye catching,

like double earnest money

deposit What we're doing the

double earnest money deposit.

That means that that virus going

to have to have a little bit

more money. At him when we first

begin that the home buying

journey if you will. And let me

ask both of you this. How can

you avoid getting into one of

these bidding wars because we're

hearing more and more about

bidding wars here, um, in the

city of Houston Rama country

where people are paying well

over the asking price in order

to get them home. Yes I say. I

just literally before our

segment just had a call where we

were outbid my buyers and I on a

home that was $650,000. They had

an all cash offer for $750,000.

My suggestion to avoid bidding

wars is to go new construction.

Now that does not necessarily

mean that you will not have any

bidding war, but it does lessen

the chance of having a bidding

war. You're also able to do

things like customized Your home

as well. If you go new

construction, But if you go new

construction as the buyer, make

sure that you have a real estate

professional to represent you

because the cells wrap it. The

at the new construction

community represents the

represents the builder and not

you. Makes you look. Go ahead.

Yeah I absolutely agree and a

bidding war is not going to be

avoided. I think that's just the

true answer to your question.

We're not in a place where we

can avoid them. The competition

is fierce in Houston. Inventory

has dropped by nearly 20% in

January as compared to January

of last year. It's about the

home prices have gone up.

Tremendously I think by almost

is it, um 19 almost 20% It's

absolutely unreal. So we're not

going to get away from the war.

One of the first things you need

to do, however, is ask yourself

. What did you waiting for? If

you actually have an answer to

that question, what do you

waiting for? In terms of buying

your home? You're not ready. If

there's something that you're

waiting for to happen, you're

not ready to do this. So to know

Wells Point Get your money

together again. Know who you are

financially consider new

construction so that you don't

have to fight for the home but

be ready. All right. Well, we

want to thank you both for