Sam Chandan
speaker
50 appearances
1 recordings
1 series
first heard Apr 2023
last heard Apr 2023
Sam Chandan’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · How to Avoid the Most Common Mistakes Made by Homebuyers · 21 Apr 2023
podcast
It can be heartbreaking for a prospective home buyer, particularly for a young family that's buying a home for the first time.
You've worked very hard to bring together the financing to make sure that you have the savings in place as you're approaching that closing date to get an inspection report back or an appraisal back that doesn't quite fit.
Delighted to be here.
The first thing that we see is that buyers may misjudge where we are in the real estate cycle.
And for most households, this is going to be the most significant investment that they'll ever make.
And so understanding fully that
where we are in that real estate cycle, whether or not there's the potential for prices to decline significantly over the course of the coming months, over the coming years, and what importantly may happen with the cost of financing, the mortgage rates, both very, very critical for
prospective buyers, particularly first-time buyers, to be thinking about when they're entering that market.
But overall, we can reasonably expect this is a long-term investment.
And so timing it correctly becomes terribly important, not only when we're thinking about our timing in the real estate market, but also in thinking about where we are in our household's life cycle.
It may be the case that a change of job in the next couple of years will require that we relocate to another city.
It could be that we're expecting a significant change in terms of the size of our household.
It could be that as an early stage household, I'm expecting to start raising kids.
It could be as a late stage household that I'm expecting to find myself as an empty nester.
at some point in a couple of years.
But thinking about these two life cycle issues, where are we in the real estate cycle?
And what does that mean for prices?
What does it mean for borrowing costs, given that this is a long term investment?
But on the other side of it, also thinking about where I am as a household, and what my long term needs are going to be buying in a way that anticipates those long term needs.
The most important thing for buyers to keep in mind is that they should remain within their budget.
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