Buying real estate is more like a marathon than a sprint.  It’s going to take a while – from the search process to the escrow process, it may be months before you get the keys to your first property.

In this episode, I want to share a few things with you to make the process a bit easier and less stressful.

1.       Assemble your team before you start making offers:  Agent, Lawyer, Lender.  A great agent usually has a great team already, so ask them for recommendations.  

a.       Get pre-approved before you start looking.  That will help you narrow down your search.

b.       Choose a real estate attorney with experience in the area you are targeting.  Knowing which lawyer you will use before making offers allows you to start attorney review as quickly as possible once your offer has been accepted.

2.       Start with the right mindset.  In a competitive market, with historically low mortgage rates coupled with extremely low home inventory, expect to make lots of offers before you get a deal under contract.  Expect to lose out on homes you really liked.  Remain grounded and try not to let emotions cloud your judgement.  Buying real estate, especially if you’re a first-time buyer, is an inherently emotional journey.  You’ll probably ride the rollercoaster of human emotions – frustration, fear, doubt, anger, anxiety, and hopefully, joy.

3.       Set your expectations.  If you’re in a seller’s market, where the number of buyers is greater than the number of sellers, don’t expect to find a “great deal”, because everyone else is looking for one too.  On the flip side, don’t get so sucked into the bidding process that you bid more than you can afford or are comfortable with.  Know your “max” and stay within your limits, even if that means losing out on some homes.  It’s better to lose out on homes than to get under contract on a home you can’t really afford.

a.       “Max, I want to find a deal where I can get a property 20% below market value.”  Not happening when everyone and their grandma is looking to buy real estate AND any sensible seller can just pull up their property on Zillow and at least get a ballpark idea of what it’s worth by looking at the Zillow estimate and expected price range.

Now for some transactional nitty-gritty:

1.        Don’t get too excited about an accepted offer.  Your offer was accepted!  That is exciting.  But curb your enthusiasm, because a lot can happen between your offer being accepted and you closing on your first property.  In fact, a lot can happen between your offer being accepted and you getting under contract.  

a.       For example, in NJ, a seller can accept a better offer while you’re in attorney review, since the buyer and seller are not legally bound to each other until attorney review is concluded.  I’ve seen this happen many times, working with buyers.  It happened to al client of mine a couple weeks ago in Hoboken.  We saw a nicely renovated one-bedroom condo in Hoboken that he really liked, which was listed at 449k.  He initially offered $438,000, with 15% down.  The seller’s agent countered 447k a couple of days later.....(check out the episode to learn more)

Theme music excerpted from:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/

In this episode, I delve into whether newbie investors should try to time the market.  As we approach year-end, I encourage everyone to carve out time to listen to this one.

Show notes:
A great video clip of Warren Buffett and Charlie Munger talking about their philosophy about buying companies rather than trying to guess where the stock market is heading:
Warren Buffett says he never tries to 'time' stocks (cnbc.com)

Nassim Nicholas Taleb books on Amazon.com


Theme music excerpted from:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/

Buying a home or investment property isn't easy.  There are many hurdles between making an offer and getting to the closing table.  And arguably the most important is the home inspection.  In this episode I take a deep dive into the home inspection process -- what's involved, what's covered, what to look out for, what questions to ask, big red flags vs. relatively minor issues, and what protections and options you have as a buyer.

If you're an aspiring home owner, investor, or house-hacking looking to get into real estate and purchase your first property soon, this is an episode you absolutely do not want to miss.

And be sure to listen to the end, even if that means listening to it in segments, because this episode contains a lot of useful info to give you the confidence and knowledge you need before making offers on properties.

If you enjoy the episode, please share it!  And don't forget to subscribe to the podcast, if you aren't already a subscriber.  If you're listening to this on Apple Podcasts, please take a minute to leave me a rating and short review -- that helps others discover this podcast.

Thank you for tuning in!

And don't forget to follow me on Instagram @max.vishnev.

- Max V.
Agent | Investor | House-hacker | DIYer | Podcaster | Writer 


Theme music excerpted from:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/

Real estate is not rocket science.  Yes, you can get super fancy with the data and analytics, but at the end of the day, like anything else in a free market, the price (of homes, in this case) ultimately comes down to supply and demand.  And right now, at least in Northern New Jersey, demand has been exceeding supply, despite everything that's going on politically, socially, economically, and health-wise in our country.  

On the demand side, a lot of renters are looking to buy their first homes, driven largely by historically low mortgage rates and the desire for more space (both indoors and out) in the era of COVID-19, remote learning, and work from home arrangements.  Many of these renters are coming from NYC for obvious reasons.

The supply side is a bit more complicated.  Some sellers may still be uncomfortable listing their homes during a pandemic.  Other owners may not want to sell & have to look for another home in a competitive market.  Yet others who may have considered moving out of state may be delaying that decision until things settle down a bit.

The reality though is this (as of August 2020 versus August 2019, according to NJ Realtors):

Hudson County -- median price of single family homes was at $452,500, up 16% from last August, while inventory was down 18%.  On average, these homes sold at 101.4% of list price (versus 96.5% last August), suggesting that broadly speaking, single family homes across Hudson County receive multiple offers and sell slightly above asking price.

Bergen County -- median sale price of single family homes was $589,000, up 14% from last August, while inventory was down a whopping 40%!  These homes sold at 99% of list price, up from 98.2% last year.

Essex County -- median price was $604,500, up an impressive 21% from last August, while inventory was down 38%!  Homes sold at 103% of list price, up from 100.4% last year.  Can you say "highest and best"?!

Union County -- median price was $460,000, up 20% from last August, while inventory was down 42%!  Homes sold at 100.1% of list price, up from 99.3% last year.

These stats speak for themselves.  Until the supply vs demand tug-of-war changes direction, buyers should continue to expect multiple-offer situations and "highest and best" auctions.

Of course, that is not to say there aren't good opportunities to be found.  And it's never been this cheap to borrow money to buy a home.  You just have to be ready, quick to act, and have a good team on your side (agent, lender, and lawyer).

Tune in for a detailed look at these stats and how the supply and demand picture could shift.

And if you enjoy what you hear, please don't forget to hit the "Subscribe" or "Follow" button and take a minute to leave a rating and review on Apple Podcasts.  That would help in a big way in getting this podcast in front of more people.  Thank you!

Stats provided in this episode are available at: http://njar-public.stats.10kresearch.com/reports (shout-out to Mark M. for sharing the link!)


Theme music excerpted from:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/

This morning, while I was making my coffee, I had a little "light bulb" moment.  I've been trying to reconcile in my own mind the obvious discrepancy between all of the anxiety, uncertainty, and devastation in the United States, with how hot the real estate market has been, at least here in NJ (and I know it's true in other markets in the NYC Metro Area as well), and it hit me -- during times of great upheavals, unrest, and volatility, people flock to what they know and what they understand.  They flock to what's real.  And what's more real than real estate?

In this episode, I dig deeper into this concept.  I also discuss mortgage rates and the Fed's recent announcement about its revised policy on inflation, so be sure to listen to the end.

This episode is a short one (for me), clocking in at just under 10 minutes.  Just long enough for you to enjoy your morning (or afternoon) coffee.


Theme music excerpted from:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/

Becoming a property owner has transformed my life in many ways, so in this podcast episode, I wanted to focus on the many benefits of owning real estate, including pride of ownership, the opportunity to learn and develop new skills, the many tax advantages, as well as real estate allowing you to diversify your portfolio, hedge against inflation risk, and pass on a financial legacy to your children in a tax-advantaged way.  I cover that and more, so be sure to listen to the end.

If you would like to get in touch with me directly, whether it's to share feedback, ask questions, or just to say hello, the best way to do that would be via email ([email protected]) or via text (718-306-2687).  

Please follow me on Instagram @Max.Vishnev!
And don't forget to hit Subscribe/Follow and leave a rating/review on your favorite podcast player.

Thanks for tuning in!
- Max
Realtor | House-Hacker | RE Investor | DIYer | Podcaster | Writer | Coffee Lover

Theme music (excerpted) by:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/

The pandemic has changed our lives in many dramatic ways, and it's also had a huge impact on the NYC Metro real estate market, including many parts of NJ.  As a busy buyer's agent, I'm seeing "highest and best offer" situations all over the place.  The market is very competitive, especially for well-priced properties.  Demand is very strong, despite the steady stream of scary national headlines.  This is largely driven by historically low rates (30 yr average mortgage rates are now below 3%!) combined with the twin goals of getting out of crowded cities and neighborhoods and finding more indoor and outdoor personal space.  Throw in the fact that inventory remains low, and you end up with a lot of multiple-offer situations and bidding wars.

So in this episode, I discuss important ways to make your offer stand out in this real estate environment.  If you're hunting for your first property, this is an episode you cannot miss!

Thanks for tuning in!

Your host,
Max Vishnev
NJ Realtor + real estate investor

Compass RE | The VIP Team

c: 718-306-2687

[email protected]

Please follow me on Instagram @max.vishnev

Theme music copyright:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/

In this episode, I share my thoughts on what I've been seeing in the Northern NJ market lately, in terms of buyer demand and competition, how long properties are sitting on the market, and the latest on prevailing mortgage rates and what that means for real estate prices.

Other important topics discussed or questions answered include:
- Will foreclosures spike and should I wait around for more bargains?
- How much more home someone can afford today vs. same time last year
- Why prospective first-time buyers shouldn't be afraid to make offers (the 3 key contractual provisions that provide buyers important protections)
- Can I put down less than 20%, and what is PMI?
- What two key players you need on your team before you start making offers

Be sure to hit Subscribe, so that you don't miss future episodes.  And if you like what you hear, please share it with colleagues, friends, and family members you think can benefit from the content of this podcast.  

To reach me directly, please email me at [email protected].
You can also follow me on Instagram @max.vishnev.


Theme music info:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/ 

This is episode is a "must-listen" for anyone looking to purchase their first home.  I dive into the top reasons why it's critical to work with a great buyer's agent when looking to buy a home, especially if you are a first-time home buyer. 

The reason this topic is important is because a great buyer's agent brings a ton of value -- from the search process to negotiations to closing -- while costing the buyers nothing!  That's right -- buyer's agents get paid by the seller (from the total commission split between the seller's and buyer's agents). 

So why don't more prospective home buyers start their search by first finding and forming a relationship with a professional, reputable, top-notch real estate agent to represent their best interests?  Because we live in a world of instant gratification: we can order (almost) anything we want with one click, stream endless entertainment without getting off the couch, and browse limitless properies on Zillow.  And there is nothing wrong with Zillow.  It's a great, free resource.  But when it comes getting serious about your search, don't revert to the "easy" option of just calling the listing agent for a particular home listed on Zillow.  Instead, start by finding a great agent to be on your side and help you with every step of the way. 

The home-buying process is a long and complicated one, full of various hurdles (both expected and unforeseen).  A great agent on your side can guide you skillfully from narrowing down your search to helping you make offers and negotiating a deal to managing every step of the escrow process to get you to your ultimate goal -- keys to your next (or first) home.

Reasons to Use a Buyer's Agent:

1.  It's free (to you as the buyer)! 
2.  Local market expert on your side - Some information is only available to licensed agents
3.  A guide through the (often complex) home buying transaction
4.  You get a team - A great agent can recommend trusted professionals for every step of the transaction
Bonus #5.  You get a calm, experienced advisor through an often emotionally charged and drawn out process

How to Find One?

- Get recommendations from people you know.  Use your social networks.
- Bigger Pockets agent search (https://www.biggerpockets.com/agent/match)
- Facebook/Instagram/LinkedIn
- Interview agents so you make sure you have the best fit to align with your needs, goals, and objectives 

If you enjoyed this podcast, please take two minutes to leave a review.  It would really help me spread the word and reach more people interested in home ownership and real estate investing, especially those in the NYC Metro Area.

Thanks so much for listening!

Yours truly,
Max Vishnev
Host & podcast creator

Full-time NJ Realtor with Compass RE | Long-time NYC renter turned NJ house-hacker & landlord | Catskills property owner | Happy husband | Proud father of two | Avid reader & coffee drinker | Lifelong learner

Check out my real estate articles on BiggerPockets

Let's connect on LinkedIn | Instagram | YouTube  

Intro and Outro music (excerpted) copyright:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/

In this episode, we discuss 5 ways the pandemic will impact NYC Metro real estate market. 

1.  The desire for indoor and outdoor personal space - Home office, home gym, etc.
2.  Health reasons - Avoiding crowded hallways, elevators, and common areas
3.  Work from home flexibility - More people have the option to work anywhere, without such heavy consideration given to commute time
4.  Mortgage rates are at or near historic lows, meaning buying can be cheaper than renting
5.  Polls show 40% of people are considering leaving cities (Should you flee your city? Almost 40% have considered it during the pandemic - The Harris Poll)

Thanks so much for listening!

Yours truly,
Max Vishnev
Host & podcast creator

Full-time NJ Realtor with Compass RE | Long-time NYC renter turned NJ house-hacker & landlord | Catskills property owner | Happy husband | Proud father of two | Avid reader & coffee drinker | Lifelong learner

Check out my real estate articles on BiggerPockets

Let's connect on LinkedIn | Instagram | YouTube  

Intro and Outro music (excerpted) copyright:
Feelin Good by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3744-feelin-good
License: http://creativecommons.org/licenses/by/4.0/