How to Buy a Home

David Sidoni

Looking for answers - Can I buy a home? How do I even do this? When should I start planning? Where should a first-time home buyer start? Right here. Real information from a real expert with clear answers to end your confusion. Guidance from industry insider, me, David Sidoni, the #HowtoBuyaHomeGuy. I’ll give you the playbook on the do’s and do not’s of buying your first home. From planning for the big step even years ahead of time, all the way to the nitty-gritty of getting your keys. If you’ve felt clueless about where to start, you are not alone because the real estate industry has either ignored first-time home buyers or handed them off to novice agents with little training or expertise – and that sucks for you. So get the info, including the dirty little secrets of real estate that will help protect you; as well as the crucial tips to help you plan for the entire process step by step. Tools, tips, and techniques, from my personal experience working with over 115 successful first-timers (as of July 2021), and hear success stories from some of the over 500 listeners all over the country that used this podcast to guide them to their dream.

The real estate industry thinks first-time buyers suck, but I don’t. Get the ultimate “How To” that nobody with a clue is giving first-time home buyers. You deserve the truth. You deserve to be treated like the valued consumer that you are. If you’re sick of high rents, listen and you may find out you don’t have to be a renter as long as you think. Cut through the BS and end your confusion. You can do this!



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Episodes

Ep 215 - That ADU Guy Interview - The Ultimate House Hacks To Make Buying Affordable
6d ago
Ep 215 - That ADU Guy Interview - The Ultimate House Hacks To Make Buying Affordable
Being a first-time homebuyer doesn’t have to be daunting. Let this episode show you as David Sidoni interviews none other than That ADU Guy, Derek Sherrell, who shares the ultimate house hacks to make buying affordable. Together, they talk about the concept of Accessory Dwelling Units (ADUs) and their role in making home buying more accessible, especially for first-time buyers. From the historical context of ADUs to understanding local codes and legal considerations, Derek provides a great view to help you navigate the housing market. Get a glimpse as well into Derek's background, his motivation rooted in personal experiences, and his commitment to giving back through valuable resources. Learn about the "ADU goggles" mindset, viewing properties as opportunities for value addition. Plus, discover retirement strategies and the transformative potential of ADUs in building wealth and achieving financial security. Do not miss Derek's unique perspective and practical advice for affordable homeownership today! For more insights and the latest on How to Buy a Home, visit our socials below:www.HowToBuyaHome.com@howtobuyahomepodcast on Instagram@howtobuyahomepodcast on YouTube@howtobuyahome on TikTokThis podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome
Season 2 E214 2024 Housing Market Forecast and Predictions - Part 4 MORTGAGE RATES
Feb 15 2024
Season 2 E214 2024 Housing Market Forecast and Predictions - Part 4 MORTGAGE RATES
Believe it or not, mortgage rates may actually go down next year - but will that really make homes more affordable? David reveals the builders' "magic number" that had buyers flocking to purchase inventory.You'll also learn why becoming a homeowner sooner rather than later has huge financial benefits long-term. And get this - institutional investors are slowing down, leaving more opportunities for regular folks like us.If you want insider info on how to navigate the crazy market, listen to the final episode of David's forecast series now. The housing revolution starts with your next move - will you join in?Here are some key topics from today’s conversation:Mortgage rate predictions for 2024Builders' "magic number" for selling inventoryLong-term impacts of owning a home on paymentsEpisode Highlights:[11:57] The Magic Mortgage RateThe home builders figured out the perfect mortgage rate to get people off the fence and into their empty homes. By slowly dropping the rates a little at a time, they noticed things didn't really move until they dipped below 6%. But once they hit 5.99%, buyers came out of the woodwork! In no time at all, the builders' unsold homes were scooped up as people jumped to snag those ultra-low interest rates. This showed the builders exactly how sensitive home shoppers are to that interest rate - even a small tweak could be the difference between moving or not moving those houses.[21:29] The Forced Savings of Home EquityYour mortgage is like a hidden savings account! With each monthly payment, you're slowly paying down the loan principal and building up equity in your home. Over 30 years, this adds up - you could end up with hundreds of grand in value just from making your regular payments. And best of all, you can use that equity later on however you want. Need cash for a new car or kitchen reno? Just tap into your home savings. Ready to upgrade to a bigger place? Your equity can cover most or all of the down payment. Talk about a sweet deal![25:05] Who's Paying the Realtor Fees? There are currently hundreds of lawsuits working their way through the courts that could impact who pays realtor fees when buying a home. Currently in most areas, sellers cover at least part of the buyer's agent commission.But if these lawsuits are successful, that standard may change. Plaintiffs want to pass the full cost of the buyer's realtor onto home purchasers rather than having sellers foot the bill. This could mean buyers having to come up with an extra 2-3% on top of other closing costs, a significant amount on high-priced properties.This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome
Season 2 E213: 2024 Housing Market Forecast and Predictions - Part 3 INVENTORY
Feb 13 2024
Season 2 E213: 2024 Housing Market Forecast and Predictions - Part 3 INVENTORY
Ready for more real estate revelations? In this latest episode, David pulls back the curtain on the housing market. He dives into the ongoing inventory issue plaguing buyers and explains what it could mean for prices down the road. With his trademark straight-shooting style, David shares more shocking stats and insider scoops on the true drivers of affordability. Tune in to find out what you aren't hearing from other so-called experts and get a glimpse into what may lie ahead for 2024. This is required listening for anyone looking to join the property party!Here are some key topics from today’s conversation:The one big thing affecting home prices (low inventory)15 years of housing underbuildingFactors that may increase home listings in 2024Challenges facing home buildersExpert analyses of 2024 housing trendsEpisode Highlights:[09:43] The Locked-In EffectDavid explains the concept of the "locked-in effect" where homeowners have been reluctant to sell because they didn't want to give up their low mortgage rates of 3-4%. However, the massive $300k average increase in home equity over the past few years means many homeowners now have substantial wealth built up in their homes. This equity could motivate some to list their homes, even if it means obtaining a higher mortgage rate on their next home purchase. With $300k more in equity, the higher rate may not seem as significant of a financial burden.[11:32] Silver TsunamiAs many Baby Boomers reach retirement age, David explains this group is dubbed the "silver tsunami" and will be incentivized to downsize from large family homes to more manageable properties. Boomers trading spacious multi-level homes for single-story ranches or smaller cottages represents a major opportunity for new listings. This influx would offer much needed relief to buyers currently facing bidding wars due to limited options.[18:44] Building Barriers While regulations aim to make homes greener and safer, they've also slowed the pace of new construction and created a lot of variability between states. David wonders how builders can ramp up the number of homes they put on the market each year without compromising environmental and safety standards. There's probably a sweet spot where innovation helps increase supply in a more sustainable way.This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome
Season 2 E212 2024 Housing Market Forecast and Predictions - Part 2
Feb 8 2024
Season 2 E212 2024 Housing Market Forecast and Predictions - Part 2
In this episode, David dives straight into the action by recapping his bold predictions from the prior episode. Then we'll be traveling across the country and five years into the future as David taps into reports from all the top analysts. Prepare to get an exclusive inside look at emerging trends in climate change, technology, and the fundamental forces shaping our future housing landscape. Strap in as we go in depth on this timely topic - the 2024 housing market is shaping up to be one for the record books.Here are some key topics from today’s conversation:US News predicts trends influenced by climate change and AI through 2028Total cost of ownership becoming a key metric for homebuyers More buyers joining forces with friends/family to purchase homesHousing market trends and potential price changesEpisode Highlights:[03:21] Climate Change Impact on Home ValuesClimate change and AI adoption could impact home values over the next five years. One report predicted that as environmental hazards increase due to global warming, certain areas may become more vulnerable than others. Coastal communities face threats from rising sea levels and intensifying storms. At the same time, cities and states begin implementing new technologies like smart infrastructure and autonomous vehicles. David stresses that these macro trends are well worth watching closely as they have the potential to upend traditional housing market assumptions in the coming decades.[05:01] Rising Insurance PremiumsSkyrocketing insurance costs are becoming a major factor in total homeownership expenses, with some policyholders seeing massive rate hikes that are simply unsustainable. David warns that the housing insurance market is in dire straits. Hinting out that rising premiums may soon rival mortgage payments for many, David clearly feels homeowners need to pay close attention to this troubling market shift. As costs eat into affordability, insurance burdens could end up pricing out some would-be buyers or forcing current owners to make difficult decisions. [07:35] Pent-Up Housing Demand Persists  Analysts estimate up to 4 million homes of pent-up demand due to underbuilding after the recession. Even with increased construction, this shortage won't be solved until late this decade as inventories remain tight.[27:12] Property Price Predictions: What Experts Foresee for 2024David quotes Chief Economist Danielle Hale of realtor.com, who believes a full crash is unlikely due to strong economic factors, but cautions that a deteriorating job market could push more homeowners to sell, upping supply and potentially causing prices to dip. Rising property taxes offsetting high home values could create supply and demand imbalances leading to price drops. Overall, most experts think modest single-digit price increases are most probable. That said, homebuyers need to look at inventory levels, mortgage rates, and the broader economy as key drivers of home appreciation in the volatile year to come.This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Instagram @DavidSidoni Tik Tok @howtobuyahome
Season 2 E211 2024 Housing Market Forecast and Predictions - Part 1
Feb 6 2024
Season 2 E211 2024 Housing Market Forecast and Predictions - Part 1
As real estate moves at breakneck speed, David hits the brakes to analyze where the market is headed in 2024. With bidding wars already heating up, David's insider research has given buyers and sellers an edge for over a decade. In this episode, David cuts through the noise with never-before-seen data on inventory, rates, and what to expect for prices deep into next year.  From millennial homebuyers entering the scene to economic factors that could shift at any moment, those in the market for a new home won't want to miss these exclusive predictions. Strap in as David races to break down all the need-to-know numbers and storylines that will shape your housing decisions for the next 12 months! Here are some key topics from today’s conversation: Episode Highlights: [04:07] 2024 Housing Boom Ahead David predicts a banner year for real estate in 2024. With massive Millennial demand meeting pent-up buyer interest once rates fall, inventory won't keep pace. Early 2024 will see continued bidding wars and record prices. But when mortgage rates dip later in the year, even more buyers will flood the market just in time for spring. Taking action now before the stampede offers the biggest advantage – so heeding David's forecast and moving sooner is wise to avoid future cutthroat competition. [13:46] Fed to the Rescue? Strong GDP growth in 2023 could force the Fed's hand to cut rates by summer's end. And when borrowing costs fall, the housing market will certainly feel the effects. David forecasts a resulting cooldown of inflation paired with lower mortgage rates that inject new life into the market. But will it be enough to offset shrinking inventory?  [34:17] Millennial Wave Approaches Shore With over 45 million members of the largest generation entering their prime homebuying years, David warns the tsunami is near. Between ages 27-35, these Millennial first-timers will bring unprecedented demand to a market already on edge. And as today's low inventory faces this tidal surge head on, the next two years may see the most cutthroat conditions yet. But the wave also brings opportunity - by acting now, forward-thinking buyers can snatch the best real estate before this massive cohort crashes ashore. Those who wait to ride the Millennial swell may find themselves swamped by the competition coming in 2024-2025.
Season 2 E10 STEP TEN - You Must Know the CURRENT Market
Jan 11 2024
Season 2 E10 STEP TEN - You Must Know the CURRENT Market
Congratulations! You’ve made it to STEP TEN in David’s How to Buy a Home series. If anyone knows that you’re buying a home, it’s likely that they’re going to offer you all kinds of advice. Unfortunately, most of it is just dead wrong. This episode is all about learning the market so you can cut through the bull crap advice and feel confident in what you’re doing.  Here are some key topics from today’s conversation: Episode Highlights: [02:06] Location, Timing, Timing The most important step to buying a home is understanding the timing. Does this mean that you should “buy low and sell high?” Absolutely not. As David always says, there is no better time than right now to buy a home. But, having a good understanding of the market means that you can get the best deal based on how the current market is going. While buying a home is different every single time, David’s rule is to buy your first house based on the current market conditions when you are ready to buy.  [10:44] What You Need to Know There are certain market changes that you should be aware of that can affect when you buy a home. David makes it simple by distilling it down into a list: This is just the tip of the housing market iceberg. There are so, so many market factors that will affect your ability to buy a home or what homes are available to you.  [17:16] More Resources to Check Out There’s a lot to buying a home, but it’s a very doable process. This whole series is just a snapshot of the information available. Check out the “How to Buy a Home” podcast library for more informational episodes like this one, or get plugged in with a unicorn realtor and lender if you’re ready to take those next steps.
Season 2 E09 STEP NINE - Practice Makes Perfect
Jan 9 2024
Season 2 E09 STEP NINE - Practice Makes Perfect
The thought of becoming a homeowner can be very overwhelming, but have no fear! In Step Nine of David Sidoni’s How to Buy a Home series, he gives you some practical advice on how you can practice being a homeowner before you actually become one. Following this step gets you on the right track financially and gives you the confidence you need to jump into your new chapter of home ownership.  Here are some key topics from today’s conversation: Episode Highlights: [01:21] The “B” Word Let’s start with the money - a.k.a. your budget. There are lots of different ways to attack your budget, but you need to focus on being able to save while also paying your expenses. When you’re still renting and saving for that down payment, that percentage of your income you need to save might need to be higher. But, many folks report that they get so used to saving, they still follow a very similar process after they’ve purchased their new home, just at a smaller percentage than before! Saving is a habit that you need to get into when you’re preparing to buy a home and there’s no better time than the present to start. A great way to get started is by talking to your unicorn lender and estimate a PITI payment that aligns with the amount you’re approved for then saving that each month. You’re practicing your payment. [09:37] Play the Long Game Your home will never feel more expensive than it does in the first three years. The mortgage will feel the highest in these first three years because you are used to paying an increasing rent. While the rent might be lower than a mortgage payment, it will stay the same. So, pull out a spreadsheet and start planning how you can play the game. Yes, spreadsheets can be intimidating. But, having a concrete plan can make all the difference when planning for your future.
Season 2 E08 STEP EIGHT - Do Your (Online) Research!
Nov 15 2023
Season 2 E08 STEP EIGHT - Do Your (Online) Research!
If you’ve been listening to David for a while, then this step might come as a bit of a surprise. Over and over again David has warned first-time home buyers about the dangers of perusing the Internet for real estate advice so Step Eight might be confusing to you folks. BUT, stick with him because he explains it all in this episode.  Here are some key takeaways from today’s conversation: Episode Highlights: [02:18] Get Ready to Research Okay, keep in mind that this episode assumes that you already have a unicorn team set up to help you out. It’s important to remember that researching and researching without any professional guidance puts you in the danger zone for misinformation, so it’s vital to have your team so you know where to spend your time. So, now it’s time to exercise your stalking skills!  [06:04] Start Looking for Neighborhoods Your unicorn support team can help you with all the financials and real estate lingo, but only YOU can decide where you’re going to feel the most comfortable. So, before your realtor takes you out to look at homes, it’s important to research and find some neighborhoods that align with what you’re looking for in a community. Now, when it comes to looking for these neighborhoods, you need to be aware of where you’re getting your information. Are you on the Chamber of Commerce’s website? Is it a place that’s trying to sell you something? No matter where you get your info, take the time to cross reference what you find with information from lots of other websites to make sure you’re looking at the real best neighborhoods. Do research on safety, schools, and all the other things that will make the neighborhood a winner to you and your family.  [18:05] Check Out the Homes Alright, you’ve looked at neighborhoods and now you have an idea of where you want to look for a home. Now it’s time to look at the homes themselves. You hop on Google and start looking at homes for sale, but realtor sites are only going to show you the pictures of the house, not necessarily the entire neighborhood. This is where Google Earth comes in. Get on Street View and start looking at the curb appeal, the neighbors, the walkability of the area, how close you are to a major highway… all those important things you can’t get just from an online listing. This is helpful, but the best approach is to talk to your unicorn realtor because they can talk to other realtors who are familiar with the area, they can go check out the neighborhood for you, or they might know some hard-to-find facts about the region. Talk to them! They have your best interests at heart and will make sure you’re getting the best info.
Season 2 E206 - STEP SIX - Setting Your Goals
Nov 2 2023
Season 2 E206 - STEP SIX - Setting Your Goals
While you did a lot of the heavy lifting in Steps 1-5, Steps 6-10 are still vital parts of the process. In this episode, David discusses the importance of setting clear goals throughout this home-buying process so you can be on your way to home ownership success. Check it out and learn some insider tricks along the way. Here are some takeaways from today’s conversation: Episode Highlights: [02:05] How to Get Started With This Step There are two major factors when it comes to setting your goals. We’ll call them Goals 1 and Goals 2: When you and your partner decide on unified goals, it makes the rest of the planning process MUCH less stressful and allows you to actually enjoy the journey of buying your first home, either by yourself or together.  [04:55] Goals 1 This factor addresses the big picture behind buying a home and sets a strong foundation for Goals 2. When you’re figuring out your goals for buying a home, you’re not just looking at a page out of the paybook - you’re creating the whole freaking personal manual. When you’ve decided with your professional guides what your best dream scenario is, then you can start home shopping with your personal manual to help you. Remember, some of these are emotional goals, but a lot of them are financial. You need to decide how you’re going to set yourself up and your family up for the future. Does this mean buying a home that you’ll turn into a rental? Does it mean that you’re buying a home that you’ll update and resell? These are all important questions you need to ask. [36:55] Goals 2 This step is a lot more straightforward than Goals 1 and we’re kind of stepping back for this one. Talk to your professional to get these three numbers: Once you have these three numbers, then you can start planning. Share them with your unicorn team to start setting your goals (this helps you with accountability, too). AND don’t forget that setting smaller goals along the way allows you to celebrate your victories because, guess what, buying a home is stressful. In fact, it’s one of the most stressful things you’ll do in your life. So, taking time to celebrate the small wins will keep up your morale even when the going gets tough.
Season 2 E205 - STEP FOUR & FIVE - Managing Debt & Creating Savings
Oct 26 2023
Season 2 E205 - STEP FOUR & FIVE - Managing Debt & Creating Savings
David combines steps FOUR and FIVE in his series that shows you how to buy a home. Balance and budget are the key words when it comes to these steps. Why? Because they can be done at the same time. Get ready as David dives into these important steps and also shares some real-life stories of first-time home buyers who experienced this firsthand. Also, listen to get the insider scoop on debt management from David’s unicorn lending team and get tips you can’t find on Google. Here are some power takeaways from today’s conversation: Episode Highlights: [04:59] DEBT There are some important things to consider when it comes to tackling your debt. David breaks it down into six points: Ultimately, your debt can be broken down into three categories: good debt, bad debt, and workable debt. Knowing which is which can make all the difference in tackling it. Don’t just take David’s word for it. There are countless stories of How to Buy a Homies in unique situations who learned this knowledge and successfully bought their first home.  [01:15:57] SAVINGS Okay, now we’re on to savings. Doing this at the same time as managing your debt means one thing: you need some professional guidance here to make sure you’re on the right track. The bank has very specific criteria and having everything paid off is NOT a part of it. Here’s what you need to consider when saving according to David: If you’re terrible at waiting for answers, David does give you a VERY GENERIC low standard to shoot for when saving for a home: 8%. That means 5% for the down payment and 3% for closing costs. However, there are 1000 other factors to consider which is why having a professional guide is key. David shares some saving success stories from real How to Buy a Homies so you can get a real-life perspective on these all play together.
Season 2 E204 - STEP THREE - Credit Score
Aug 9 2023
Season 2 E204 - STEP THREE - Credit Score
David is onto step THREE in his series that shows you how to buy a home. Credit scores can feel overwhelming and David gets it: yes, they can be hard to navigate. Thankfully, David is going to tell-all in this latest episode where he talks ALL things credit so you are armed and dangerous when it comes to prepping to buy your first home. Here are some power takeaways from today’s conversation: Episode Highlights: [04:44] Don’t Rush It The most important thing you need to know about building your credit score is that it takes time. We’re at the mercy of the financial system and we can’t change it, so there’s no point in getting all anarchal about it. It’s how it is. BUT, we can learn how to beat the system so we can use these systems to our advantage and still get the best deal. The key to it all? Being patient, especially if you or your partner are starting with a lower score. And remember, it’s not fun, it’s not sexy, but it’s very rewarding, so find a way to celebrate when you’ve built it up to your goal! [18:44] Hard Pull vs. Soft Pull The only way that you can get a full approval for a loan is to get a hard credit pull, which does give your credit score a hit. While you might have been warned to avoid this from other people, you have to remember that they need to pull your credit score for a full approval and if you don’t get this done it’s possible you could even lose the home. But, if you’re early in the process, you can get your credit pulled and then have time to build up your score again. Having the right team means that they can guide you through this process and make sure that you are on the right track. [30:54] What Happens When Your Score Looks Rough When you’re qualifying together, sometimes you’ll need both incomes to buy a home. However, it’s not an average that they use - they use the lowest the mid score. So, if your credit is 800 and their score is 620, well, they’re going to use the 620 score. But, there are some ways that you can boost a bad credit score and jump even a tier or two. According to credit pros, exceptional scores are 800 to 850, very good scores are 740 to 799, good scores are 670 to 739, fair is 580 to 669, and anything lower is not so hot. If you want to jump a tier, then you can do some things such as strategically managing your debt, asking for more credit, getting credit for paying rent, and dealing with your negative marks first.
Season 2 E203 - STEP TWO - Find Your Guides
Aug 4 2023
Season 2 E203 - STEP TWO - Find Your Guides
David is onto step TWO in his series that shows you how to buy a home. If you’re worried about being able to afford a home in this market, well, don’t be. With the right team behind you, this process can be made leaps and bounds easier and can make your goal of buying a home all the more attainable. Surrounding yourselves with experts is the key.  Here are some power takeaways from today’s conversation: Episode Highlights: [01:15] Pick Your Unicorn Success Team Okay, so you’ve decided that you’re ready to buy a home and you’re ready to hear the next steps. Great! The next - and second most important - step is picking your team to help guide you to your goal. And yes, this guy didn’t say “Get pre-approved!” Having a team in place can happen before you get pre-approved and should happen beforehand. The earlier you get them into the process the better because they can help you set yourself up for approval. Maybe you’re in a sticky situation. Perhaps you need some help navigating student loans. Whatever it is you need, having a team can help you overcome those challenges and get on the right track ASAP. BUT, you need to be on guard against the “turn ‘em and burn ‘em” part of real estate and, oh boy, does it exist. Make sure you are getting a lender and realtor who want to help you and not just capture a sale.  [18:30] Finding the Right Realtor Most realtors are not trained on how to work with first-time home buyers, so the experienced folks usually end up sending you over to the newbies. So, you’re their guinea pigs! Yay! Not really. When you’re passed off like this, it means that you’re less likely to get the screaming deal you were hoping for because you’re working with a realtor who doesn’t know their stuff. Oh, and another little dirty secret? Realtors only get paid at the end - the sale. So, they’re less likely to give you that call back when you ask for help because it doesn’t make them money. Yeah, I know. It’s twisted, but it’s the truth. A unicorn realtor doesn’t operate that way. Their goal is to help you, not get the paycheck. They’re in it because they’re passionate and knowledgeable and David is willing to have them help anyone.  [40:42] Do What Works for You David doesn’t expect you to use his unicorn lenders and realtors, because maybe you know someone who can help you or you want to try to take what you’ve learned and apply it out in the real world. The bottom line is that you need to do what feels right for you. That could look like anything. Just make sure that you feel comfortable and that you’re in touch with a team who will look out for you.
Season 2 E202 - STEP ONE - How to Buy a Home
Aug 2 2023
Season 2 E202 - STEP ONE - How to Buy a Home
David jumps right into the first step in his 10-step must-do list for first-time home buyers. Before anything else, deciding that you’re ready to buy a home is the necessary catalyst in leading you to all the other steps and, ultimately, a home. Check it out. Here are some power takeaways from today’s conversation: Episode Highlights: [01:15] Don’t Fall to Analysis Paralysis The first - and most important - step in the home-buying process is deciding that you want to buy a home. You can research all you want, but nothing will actually happen until you make that commitment that you want to be a homeowner and you’ll do what’s necessary to get there. So, don’t waste time cruising the Interweb for months on end - just decide whether or not you’re ready to take that step! When you’ve decided, then you can start assembling your unicorn team and get some REAL answers on how to move forward, no matter how far in the future you’re prepared to buy. And remember: buying a home is not a crazy big expense. It's a rent replacement strategy. [15:10] Trust the Process The decision starts with you. And in order to make the decision to buy a home, you need to trust the home-buying process and have CONFIDENCE that this is the right choice for you. When the going gets tough, which it probably will, you need to have unshakeable confidence that this is what you want so you can keep pushing through. That means you shouldn’t buy a home if it’s what you feel pressured to do, but it also doesn’t mean that you shouldn’t buy a home because you don’t want to “conform.” Do whatever you want, but make sure it’s actually what you want. Note, too, that the first step has nothing to do with getting pre-approved. That comes in the next step. The most important part of the journey is making sure it’s the right one for you.  [22:53] Believe! The bonus step within step one is that you have to believe in this process. Believe in the numbers. Believe in your experts. You don’t have to have the perfect credit score, or $20,000 in the bank, or have paid off all your student loans. You have to be able to ignore the myths and trust that when you see the numbers and develop your plan, it’s going to get you where you need to go.
Season 2 E201 - HOW TO BUY A HOME - Step by Step
Jul 31 2023
Season 2 E201 - HOW TO BUY A HOME - Step by Step
Now that we’re into a new season of the How to Buy a Home podcast, David is giving a step-by-step look at how to buy a home in a 10-part series. This series is going to help you figure out what you need to do to be able to buy a home, so David is going to cover everything from debt and student loans to picking the right team and finding the right home.  In today’s episode, David kicks it off by giving you a brief overview of what to expect in this series and how you can start TODAY. Here are some power takeaways from today’s conversation: Episode Highlights: [02:00] New Series Forecast There were 1.5 million first-time home buyers in 2022 and the average age of this home buyer was 36 years old! Well, that’s just crazy. David spent years watching first-time home buyers get jilted in the process and this data proves it. That’s why he left his brokerage and started a podcast to help revolutionize real estate by empowering first-time home buyers with the knowledge and resources they need to successfully leave renting in the past and buy their first home. A successful first 200 episodes of home-buying education leads into a 10-part series where David will take a lot of the information from the previous episodes and combine them into a step-by-step that allows home buyers to feel more prepared. Learn about everything from tackling debt to navigating closing in the new series. [10:25] You’re All Special Every first-time home buyer is SO unique! You all have different stories, circumstances, and finances that will influence your decision. And guess what, Google can’t totally help you. Even David can’t hand out one-size-fits-all plans for buying a home. You need a specialized team that understands your situation and can offer the advice you need to make smart choices. Yes, Google can help you on some things, but it doesn’t know you well enough to be your end-all be-all influence throughout the process. You need to start preparing as soon as possible to buy a home because the market is constantly changing and you need to be able to roll with the punches. That’s why a specialized team - who knows the industry - can help you get there. [17:09] Who Is David Sidoni? David is your guy for this series. Why? Because he left the industry for YOU. After years of watching first-time home buyers get handed off to rookie realtors and subsequently get screwed, he was fed up. He knew that first-time home buyers are just as valuable as second- or third-time buyers and knew that something needed to change. So, he left his brokerage to start his passion project: How to Buy a Home. His goal? Revolutionize the industry by empowering first-time buyers with the knowledge and resources to help them be successful.
E200: Forecast and Predictions 2023 and 2024
Jul 20 2023
E200: Forecast and Predictions 2023 and 2024
Welcome, folks, to the 200th EPISODE! This one is going to be all about predictions for the rest of 2023 and 2024. The bottom line? Um, David has been right so far about these predictions and many economists are following right along. But, he’s going to give you all the facts so you can follow along and make some of your own predictions along the way. Here are some power takeaways from today’s conversation: Episode Highlights: [04:15] A Quick Recap Despite high interest rates and high home prices and high mortgage rates, it’s all going even higher this summer. Patterns indicate that the numbers will steadily increase through 2024. If you’re hoping that they drop, well, they did drop. And you missed it - sorry! The only time home prices dropped month over month was from July 2022 to January 2023. Now, we’re right back where we started - that steady increase. And what’s the cause of that? Well, How to Buy a Homies, you know the answer. Say it with me: “LOW INVENTORY.” Because of this, David predicts that there will continue to be a steady increase with very little evidence showing that there could be a decrease. [15:45] Will There Be a Housing Crash? Well, probably not. According to the research David did, there are a few folks out there who think there could be, but the majority of sources say, “No, there won’t be one.” As David says, a housing crash, or a housing bubble, is financially and physically impossible when you break down the data. A crash can only happen when the number of homes outweighs the demand, but as we’ve said over and over and over again, inventory is low. There aren’t enough homes to keep prices down, so we’re going to be stuck in the slowly rising prices here for a little while. [34:34] Recessions Aren’t Always Bad for Housing As in many cases, our trusty friends the Feds like to jump in and get involved with the banking process. According to some experts, inflation occurs when the Feds raise the bank rates too fast and lower them too slowly. This can cause a recession, but not always a big one. In today’s economic climate, it appears that we’re in a mini recession. But, typically in recessions (besides that crazy time in 2008), house prices go up. However, even in recessions, housing is a safe and stable investment. Resources: 2023’s Housing Correction Could Be The Largest Since Post-WWII  4 Signs That a Housing Market Crash Could Happen in 2023  Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again?  Housing Market Predictions for 2023  US Housing Market in Trouble: Moody's Predicts Home Prices Will Fall in 2023 and 2024  Buffini & Company Housing Market Predictions: The Forecast for the Next 5 Years  Could Housing Market Become Affordable Again by 2025? New Report Makes Shocking Prediction
E199: Boomer’s Homes Were CHEAPER – Plus Credit Pull Myths!
Jul 12 2023
E199: Boomer’s Homes Were CHEAPER – Plus Credit Pull Myths!
David is back to help explain a couple important things. First, everyone is complaining on social media (as they like to do) about the price of homes and how they “can’t buy a home the way the Boomers did because the prices are out of control.” Second, he’s going to (again) talk about why it’s so important for you to get your credit pulled months before you’re ready to buy a home. So, buckle up as David dispels even more real estate myths in this episode. Here are some power takeaways from today’s conversation: Episode Highlights: [01:35] Don’t Miss the Facts The wage gap and number of people living paycheck to paycheck definitely makes buying a home difficult. But, when it comes to housing, the math shows that there is another problem. In 1980 the average home price was $50,000 which translates to $184,000 in today’s economy. Well, we know you can’t get a house for that price pretty much anywhere today, but ten years ago, you could. So, here’s the biggest difference: in 1980 the average rent was $300. Today, the average rent is $2,000. This number shows the real disparity between the generations. So, it’s not the wage gap that’s the problem, it’s the crazy inflated rent prices. The key variable is the mortgage to rent ratio - how doable is it to swap a monthly rent payment for a mortgage payment?  [11:23] Look at the Numbers! Interest rates are also a huge factor. In 1980, you could pay $300 for rent, or you could pay $700 a month for a house with 5% down. That would be an over 250% jump in your monthly housing payment! In 2023, you can do the same thing where you change from paying $2,000 a month in rent to $3,200 in a mortgage payment. That’s only a 60% increase, not a 250% increase like it would have been in 1980. So, is housing affordability unfair right now? If you’re just looking at home prices, yes. If you look at the whole picture, then the answer is more complicated.  [17:34] Pulling Credit Scores One of the biggest myths David is dispeling today is that your credit score will get hurt by having it pulled before buying a home. Well, nobody needs to pull your credit score to help you plan. There’s something called a “soft pull” that will help you and the right lending team will use this strategy to help you. This will get you an idea of what you should do to prepare to buy a home. And, yes, you SHOULD get a soft pull months in advance of buying a home so you know how to properly prepare. This myth makes people wait to start planning out of fear, causing them to miss out on more time and more money.
E198: PMI Is a Privilege
Jul 3 2023
E198: PMI Is a Privilege
If you’ve talked to a Boomer about buying a house, it’s likely that they’ve given you some bogus advice: “Don’t pay for private mortgage insurance! It’s a scam!” Well, David is here to tell you that they’re just WRONG. You should definitely not avoid PMI because, as a Gen Zer or Millennial in this economy, it could save your bacon.  Here are some power takeaways from today’s conversation: Episode Highlights: [05:27] What Is PMI? Now that rents are going up and up and up, the old-timey math that makes Boomers think that PMI is not important is no longer relevant. Yep, these Boomers are out-of-date with their real estate knowledge and this is one situation where you should ignore Grandma’s advice. PMI, or private mortgage insurance (can also be known as MI), is a monthly fee that you pay on top of your PITI that makes up your monthly payment. This is required if you paid less than 20% down on your home. It’s an insurance policy that’s for the bank, not for you. That’s because they want to be assured that if you don’t pay the loan, the house goes back to the bank and they have less of a chance of losing money. So, you are paying extra, which sucks. But when you look hard at the math, are you really paying extra? [13:49] Paying PMI Isn’t Forever Now, here’s what the Boomers don’t tell you: you don’t pay on PMI every month forever until your house is paid off. No! Instead, you only pay until you’ve paid past that magic 20% mark. So, eventually, you won’t be paying it all. Also, remember that because you’re paying off some of the interest and the principal each month, your equity position grows stronger each month. So, it’s a temporary extra payment that you pay because you earned the privilege of being in a position where people trusted you with their money to buy a home and so you don’t have to throw $2,000 away on rent.  [22:24] The Benefits of PMI Not all loans require you to pay a PMI, but most do. So, you need to factor in $75 a month for a brief period of time. But, only $75 a month to be able to afford even more home faster? Sounds like a win. So, if you pay 10% down on a $400,000 home, you have to save $40,000. If you save $1112 a month, it would take you three years to save that amount. That’s quite a chunk of change and this is all while you’re still paying rent! So you’re avoiding $75 a month because you don’t want to pay a PMI, then you are saving $1112 while also paying $2000 in rent. That’s a lot of money.
E197: Buying in 2023 feels like climbing Mt. Everest
Jun 28 2023
E197: Buying in 2023 feels like climbing Mt. Everest
The United States only has about 1 million homes for sales nationwide. While that sounds like a lot of homes, it’s actually 40% less than the average number of homes you usually get to pick from. That even includes the crash around the pandemic! So, fewer options means for more competition, which means first-time home buyers are going to have a tough time. Today, David talks about some tips to help make the process easier as well as dispel some misconceptions about the market floating around.  Here are some power takeaways from today’s conversation: Episode Highlights: [04:12] Credit Score Lore First misconception is that you can’t buy a home if you have a bad credit score. Well, that’s simply not true. Even if you have a 580 score, you can still buy a home. But here’s the real question you should be asking: should you buy a home with that score? So, yes, you can buy a home with a low credit score. But you can save a lot more money in the long run if you take some time to build it up. That’s because if you have a better score, you can buy way more home for way less money. Here’s another big misconception: Many people believe that talking to a unicorn team can hurt your credit score because they have to pull it in the process. However, talking to a team is VITAL in making the process go smoother and you could miss out on so much more money by avoiding this step. [15:27] Overcoming Mortgage Rate Challenges Now, there are rising interest rates and that’s no surprise. But, it doesn’t mean it’s any less possible to buy a home. Yeah, it makes it a little more challenging, but that’s okay because there are so many ways to help get around that. Listen to any of David’s other episodes where he talks to other How to Buy a Homies about all the creative ways they dealt with this. Of course, the best way to start on that process is by consulting a unicorn team!  [18:30] Savings, Debt, Credit Score  After getting some help, which is the first most important step, there are three other important steps that will make your home-buying process more effective. And those include saving money for a down payment, paying off debt, and improving your credit score. We already talked about your credit score, but we can’t ignore savings and debt. These are two things you can do simultaneously while also working on your credit score. Getting some professional help to develop and savings/debt plan can help you buy a home much sooner than someone doing it on their own.