A group of children smiling with their arms crossed dressed in office suites in a business office.

 

I can’t wait until my girls are old enough to buy their first home. Whether they like it or not, I’m going with them to Open Houses just so I can ask all the Realtors, “Is the price negotiable?” This will be the ultimate dad joke, and they’ll be so embarrassed. Aside from that, hopefully I can give them some good advice. Here are 6 things I would tell them when they are old enough to buy their first home. 

1. Don’t buy a new house just to get a low interest rate. 

I saw a builder advertising 1.25% interest rates. That builder has disclosed their average incentive on sales is 13.3%. What that means is people are paying $500,000 to get a $450,000 house. That’s fine if you’re going to stay in the home for 10 years but otherwise, you’re upside…

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A clip from the Wall Street Journal article about President Trump contemplating firing his own appointed Federal Reserve Chairman Jerome Powell

This morning, I saw a video of a Realtor in Dallas telling people that President Trump is going to fire Fed Chairman Jerome Powell and replace him with someone who will cut interest rates immediately. She indicated that buyers should buy before that happens and sellers should hold off on selling.

I’m not trying to get political, and nobody is a cheerleader for lower interest rates more than me. For the last 3 years, I’ve been pretty clear that I don’t know what is going to happen with rates. Over that time, a lot of people have been angry with me because I don’t give them an overly optimistic predictions.

In fact, back in January, 2024 someone came to one of my home selling seminars and told everyone to hold off on selling because rates would be…

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