The Best Time To Buy A House According To Dave Ramsey

Dave Ramsey will have you living in the ghetto for 5 years hoping not to get shot.

Some loans ask for a 1% down, and some lenders promote reverse loans, targeting seniors. I understand that is for creating more business, but when that is too easy to get a loan, no one could have said that another crash in 2008 wouldn't be seen.

Thank you for saying it, I thought I was the only one who thought this about Dave, I agree with everything Dave says except the advice about buying a home and paying no more than 25% of you take home pay, my question is, where are these houses at??? The reality is, they don't exist anymore, easy for him to say when he is rich, what about the rest of the working class??? They will never own anything, hell, Rent is more than 40% of my take home pay and it goes up every year, what good advice does Dave have for me, and the answer is, never buy a home, rent until I die, own nothing and be happy I guess!!!

Covid caused this we were shut down too long

If you bought a 400k house right now with a payment of 3k, taxes and insurance go up the next year ( like they always do! ) your escrow becomes short and your payments skyrocket to 4k! The cherry on top is that house prices go down and you’re still on the hook for 400k, with no equity to refinance if and when interest rates go down! The icing on the cake is no one will pay what you paid for it if you needed to sell it, because of job loss, or any other major event! Lose lose situation for the average family if you ask me!

Jeb, for a person that lacks appropriate education, and experience, I find it embarrassing for you to to critique Dave Ramsey! Further, trying to build a following by bad mouthing
Dave exposes your lack of ethics and transparency. Don't quit your day job!

Interest rates will remain high till 2046 if the rate chart cycle stands the test

Dave Ramsey apparently doesn't understand leverage. He claims to be worth many millions of dollars. There's no way he could have amassed the fortune that he claims to have on his OWN without using leverage.

Ramsey is a fraudster.

No one can afford these home prices at these interest rates, except people with significant home equity, and why would they want to throw away tons of their money on interest payments. Why would anyone think buying right now makes sense.

Hi handsome. Great channel and topic. More videos on "Dave's investments vs reality."

Its the inflated home prices that piss me off more than the interest rates

Don't be homeless - buy what you NEED - everyone NEEDS housing. The question is where: The ratio of high income jobs to the cost of a bedroom bathroom suite is HIGHEST in the DC metro area. Do a search for a quarter acre, within 16 miles of the White House, 4 bedroom 3 bathroom, with 5+ great schools score.
Buy whatever you see renovated at the lowest costs. Don't even think about it.

Yeah , go buy a house that you can accord & hope that rates go back down .. but what if rates stay at 7-8 % for 2-3 yrs and u lose your job & have to , let your house go .. cuz u can’t afford it .. great advice Ramsey

25% of take home pay is correct. Get a 30 and pay it like a 15. The problems most people don’t see is retirement , when you have a payment that’s 35-45% of take home pay you won’t have enough money to retire.. save to buy cars in cash.. upgrades to the house in cash.. that’s why so many people are in so much credit card debt because they buy to much home.

Yes, Dave Ramsey advise of getting a home for 15 year fixed with 25% after tax monthly salary is the most redecules thing ever. To by a median home in larger Dallas-Fortwoth area with that logic, you'll have to have a Salary of 250k+. For a median home. 😂

Good video but you can tell he doesn’t watch Ramsey. Alot of minor details wrong. A) Dave doesn’t say first time homebuyers have to have 20% down. B) doesn’t say payment should be 25% of pay after deductions, only taxes. I personally based mine on after deductions because I think health insurance is a must have but that’s me. Also, if you want to get a house for 40% of your pay because math doesn’t work in Cali, good luck when the AC unit and the roof go.

We're seeing the end of first time home buying. As a 34 yr old native Tennesseean no one I know can afford the $3800 per month unless both people are making 6 figures a year.

Ramsey and Zillow were dead wrong in May 2022 (he told everyone is was a great time to buy).
In May, June, July 2022, Zillow said 85302 and surrounding zips would go up 14-17% in one year (to mid-2023). Those zips are all DOWN 2-3-4% (y-o-y).

Zillow (and Ramsey and all realtors) say it ALWAYS a good time. They have to say that. They sell houses.

They are wrong a lot.

Forget the overpriced home and elevated interest rate it is time to buy, come on get with the program people.

Dave Ramsey is not a genius! Every first-time homebuyer in the market for the last 2 years knows it's not the interest rate. It is the price of the home! They are inflated! You can always refinance the rate. You cannot refinance the price of the home!....lmao

Realtors are desperate all over at this point...Don't buy folks. Sorry Jeb

Jeb, who caused this housing mess? What happened? How did it get so screwed up? How is it going to be fixed?

For those folks living in places like CA.

The number of people in California that can afford a median priced home currently stands at only 16%. Back 10 years ago 56% of people in California could afford the median priced home. One of two things has to happen going forward, either the income of people living in California has to increase (inflationary) or the price of homes needs to come down (correction/crash?). What do you think is more likely?

Be very careful about buying a home right now. If you get qualified for a loan make sure you are not stretching yourself. Take under consideration maintenance, increases in insurance premiums and employment. Right now the FED is trying to cause a resesion and many more people could lose their jobs. Be aware of predatory lending as well. Some loans are asking for 1% down!!!!

My advice is to wait this market will come down I am betting on uncle Joe mess things up some more.

We are going to buy a house but we waiting to see because this market is crazy. We don’t want to buy we don’t want and regret it .

Unbelievable I always watch this channel but to buy not and the refinance? Are you kidding me? prices are going down or stable you can not refinance unless you have equity come on. If I’m wrong please explain it to me your equation.

In reality 65% of Americans are living paycheck and getting absolutely destroyed in this economy

It's not that people don't believe Dave Ramsey or Jeb , it's that for the majority of the population it is unrealistic what it's being said.

I purchased my condo at 7.5% interest rate. However, the crash happened, and I modified it down to 3.8. Now it's a rental. I purchased low, and now it's worth 150,000 more now. However, this is a different market. Make sure you have a savings, and no debt like Dave Ramsey said.

Best time to buy is when prices and rates are at the highest. Buy high sell low

Jeb hit the nail RIGHT on the head. Ramsey, I have been saying for YEARS. Will give you super outdated advice. Dude did the wise thing don't get me wrong. And built himself a decent empire. But he did it at a time when it was feasible. If he was to start all over today with his own advice, he would be homeless. And I mean, home-less. Not a hobo.

High rates and high prices for first time buyers in OC. Tough spot.

So baisically Dave is telling us that 95% of the population should NOT be buying a home.😅 These prerequistes are impossible to acomplish for anyone in todays economy. Unless your making 150k+ annually.

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I moved into my new home 1.5 years ago, I put 37% down on it. It's my only bill outside of living cost. I bring home about 7500 a month and my mortgage including taxes and insurance is 2300, I remember I almost backed away from the house when I seen that payment 😂 yet here in Colorado that's cheaper than a two bedroom apartment. Needless to say things are relative you need to get into situations where you need to look at things realistically. I remember my realtor and her loan officers telling me I could comfortably afford a 3600 dollar a month payment. Luckily I'm grown enough and I know what I can afford. Housing is extremely important but so is investing for retirement and having money to go out for dinner or some beers.

Just wasted 9 min/40 sec. Ugh! Why go into debt when you essentially have no or little debt? Just another realtor trying to push people into debt by paying the highest rate for the mortgage and the price of the home. It’s as simple as when you know that there will be a sale coming-up and one says to themself “No, I have no debt. Let me foolishly pay full cost before the sale comes”. Absolutely ludicrous!!!!! There should be rules/regulations in place to stop the sharing of inadequate information.

I tried following Dave Ramseys advice and drove an old Corolla because I wanted to buy my next car with cash. But after I had my second baby, I decided to take out a loan and financed a bmw x5. We got into a severe car crash the following year and I think the x5 saved my family from severe injury/ death. Sometimes you gotta take on debt to address immediate, real world needs and ignore financial gurus

That is crazy, so Dave wants me to make 240k with a years worth of salary in savings to buy a 500k home? The only thing that mattered to me was whether I could afford the monthly cost if I kept a good budget. Side note I am pretty much the person you are telling not to buy a home, using the builder's money with not much left over in savings and a 3% down payment. If things go sideways they now will go real sideways for me and that is a risk I am ok taking. Essentially the housing market has to fall in prices while interest rates climb even higher and I have to lose my job within 2 years, that really is the reality of the risk and in that situation, the last thing I will really be worried about is my ruined credit due to bankruptcy. For anyone curious I make 110k and purchased a home with a 440k loan at 6% bought down rate. That means my housing cost is around 50% of my net income.

Yahoo, kardashians, Trump, Ramsey. If you are showing up on Yahoo something is amiss.

Less competition but you need to have cash

Dave Ramsey presumes you have complete following:
- debt free - no 💳
- 6 months emergency fund
- saved 20% down payment
- mortgage payment <= 25% take home pay
- 15yr mortgage only
But in California that look 👀 like a $400,000 income.

69th like

Ramsey carters to the wealthy money, begets wealth.

Renting is way more affordable than buying right now. Fact interest rates will come down when we are in an economic turmoil or recession back.

Why are inventory levels low? We need to stop all the other talk right now and ask that question we need to take a deep dive into it. I think we will find it. It’s because the market is bad.

Small down payment is still losing money. That is the same BS that realtors are spinning in my local market.. always change your interest rates. You can change a lot of things, but what you can’t change is once you sign on the price of the home. Prices need to come down for 1 million reasons and I don’t need to go up for practically any reason.

Those who have the money to buy don’t need someone to tell them to do so…if u found yourself thinking “should I or shouldn’t I please don’t buy”….you can’t buy a home where 80% of your mortgage goes to interest and less than 20% goes to your principal….work on your down payment for now..goal 40-50% and don’t make anyone make you buy now