STOP WAITING: THE BEST TIME TO BUY A HOME IS NOW!

Michael Zuber (0:01)

Hopefully by now, you know that I believe that this is a great time to buy a rental property. Now, of course, it is not for everyone. Most folks will not do the work. But if you are in my community or around me at all, you know that the deal is to go out, find a motivated seller, long days on market, write disrespectful offers, 30 year fixed rate debt, cash flow day one. What I thought was awesome is another voice has joined the party. Sometimes I feel like I'm all alone, telling folks to wake up, that this is a buyer's market in much of the country. But the one and only Graham Stephan, yes, Mr. Four Million Subs himself, put out the following tweet that I will read for you, because it is exactly what I have been trying to communicate. He's just a lot more eloquent than I am. So here we go, Graham Stephan on Twitter or X. This might sound absolutely crazy, but now might be a good time to buy a house. Almost no competition, check. Very little demand.

Rising inventory, yep, more options. Seven percent rates, all why sellers are approaching a slow holiday season. Low ball offers might get accepted here for those who are patient and play the numbers game.

Folks, that's a fact. Right now, across the country, in most markets, we have rising inventory. We have demand pulling back in some markets in a huge way. We are obviously heading to the slowest part of the calendar, winter. So why not do the work? Why not get a buy box? Why not write 20, 25, 30 percent below list and go get that cash flow right now? If you could be like Jacob, who we talked about the other day, where he got something, I think it was right around 25 percent off at today's interest rates. What happens in five years or three years or eight years whenever rates come down?

A 30-year fixed rate mortgage that cash flows day one is like the golden ticket. If rates go up, you don't care. If rates fall or fall enough, you refi and you just squeeze out more cash flow. So again, folks, this is the story. I do want to thank Graham Steffen for kind of stepping in and saying what I've been trying to say for quite a while. It's good to know I'm not all by myself, so I appreciate that. Well, let's go through some housing stats, because again, it's easy to be scared if you want to. But again, every time you hear a scary housing number, all I want you to do is smile. That's all I want you to do. Smile and thank them. Thank you for scaring people. Thank you for being a doomer. You're making my job really, really easy. Well, let's talk about Las Vegas, the market I am currently in right now, talking to you from. Fact, fact, as of yesterday, and I assume today as well, there are now 10,344 active listings. Now again, without any context, right, you don't know what that means. So you should be asking yourself, compared to what? Well, 10,344 active listings are actually above the GFC. So, for the first time, Las Vegas has more active inventory than the peak of distress in 2008 That is important to understand. Next up, pending home sales in Las Vegas have dropped five months in a row. They have dropped, they were down, I think they were down 5% last month. Prices, prices, yes, the do-mers can never get this right. Prices are still at all time highs. What gives? Well, even in a market like Las Vegas, Nevada, most people are buyers and sellers. So again, you have a listing, you're selling, you are likely to be a buyer somewhere else. Also, there is very limited distress. I know there are people talking about this foreclosure wave, and August was supposed to be this tsunami. Hint, it wasn't, they're wrong again. You know, I think we talked about yesterday, foreclosures or bank repossessions were like 5,000, where historically during the peak of distress, it was 250,000. So, you know, 2%. Ooh, scary, scary, must be Halloween. I'm scared, 2%.

So again, there is no distress. Now, there are people that want to move, there are motivation, and back to what Graham Steffan and what I have been trying to communicate, take your shot. Now again, please don't write crazy offers on first day listings. In fact, if you don't know the average days on market for your buy box, go figure it out. If I were to ask one thing, is get the average days on market for your buy box, and then write crazy offers on anything above the average days on market. Let's, let's at least do that, right? That's going to increase your opportunity of getting a yes answer. Okay, folks, I don't know about you, but I've been seeing a lot of people tell me that right now is worse than the GFC. Again, when you hear these idiots, please just smile because they're just feeding most of us poison, and you and I are too smart to catch it. But let me give you some facts that you can lean on. Did you know in 2010, 2010 was the year we had the most foreclosures? 23, 23, almost one in four houses were underwater.