Beret (Bourree) Lam
speaker
435 appearances
6 recordings
1 series
first heard Apr 2020
last heard Jan 2024
Beret (Bourree) Lam’s voice in public audio — every appearance, attributed to the second.
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Appearances
It has really been like the...
were that people haven't really focused on the last couple of years.
We had a period of low interest rates, which made housing theoretically more affordable.
But during that time, because of the low inventory and the high competition, prices were actually driven up quite a bit.
So even if you have a low interest rate and you can borrow money for cheaply,
you were still paying like a big sticker price for these homes.
And now, you know, we're in a period of higher interest rates.
People are expecting the Federal Reserve to cut rates in the coming year, though we don't know when.
When rates move down, housing prices tend to move up.
It also frees up inventory.
But when rates go up, there's maybe more to pick from and sellers who are more willing to negotiate with you.
I have a different take on this.
I've never thought that the first step that you take to buying a house is to browse Zillow or like look at listings.
I look at my bank account because the first thing you need to learn about a mortgage is the down payment.
How much do I need for a down payment?
How much can I afford monthly?
In terms of a down payment, so I would start from there, which is save money.
Or if you have a good amount saved, I would work that way.
I would say, like, this is how much I could put down for a down payment and this is how much I can afford for a monthly.
What's my budget?
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