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Should you buy a house now or WAIT till 2023. Housing market forecast 2022 - YouTube
Channel: Entrepreneur Extraordinaire
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my neighbors actually because we're on聽
vacation were calling me and texting me saying聽聽
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what is going on in your house there's people聽
in a line down the block i feel bad for the聽聽
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people that bought homes over the past year聽
because they're the ones that paid the very聽聽
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elevated prices so for someone i mean housing聽
more broadly do you believe it's in a bubble聽聽
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absolutely look i think we're in a harmony bubble聽
i mean the u.s home prices is forcing thousands聽聽
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of aspiring buyers into grueling often risking聽
bidding wars raising questions about whether聽聽
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the torrid housing market could so folks why did聽
the market crash why all these gurus were talking聽聽
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about market crashing are all of a sudden wrong聽
they've been talking about it for the past nine聽聽
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months and so is the media so in this video i'm聽
going to break down and show you why and what are聽聽
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the factors that cause the real estate market to聽
go down or go up in this case and secondly what聽聽
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you should look for when you actually are ready聽
to buy a house this is the worst market to buy聽聽
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a house and why because this is a seller's market聽
folks it's a seller's market so if you're looking聽聽
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for get a deal in this market good luck to you聽
you're not going to find any deals in this market聽聽
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and i guarantee that if you look at the stats from聽
redfin and zillow you will realize they're all聽聽
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saying that the highest price of the houses have聽
already toppled right so it's not going to keep聽聽
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going higher but that's not to say you may not聽
see an increase at all you know these people from聽聽
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zillow and redfin have a lot of data so they're聽
very smart people and they're telling you that we聽聽
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can see the data we can see the trends millennials聽
are buying houses who's else is buying houses so聽聽
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they can see the strands and they're telling you聽
guys calm down market is not going anywhere okay聽聽
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if you want me to summarize the entire video in聽
one word i will tell you this is the worst time聽聽
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to buy a house right now if i was a realtor or聽
someone i would tell you this is a great time聽聽
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to buy buy right now the prices will keep going聽
higher and blah blah blah blah and the rates will聽聽
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rates are lower which is all kind of true rates聽
are lower but that's not to say that the rates聽聽
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will increase and the prices may come down so if i聽
were you i would wait but in this video i'm gonna聽聽
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convince you why you should not buy a house now or聽
in the next six months you should wait till 2022聽聽
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now if you are desperate to buy a house if you聽
have to have your kids move in a certain location聽聽
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or a schooling and vice versa and you just can't聽
wait i will also give you some of the very handy聽聽
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basic tips that you can follow to make sure聽
that you are covered in case the economy goes聽聽
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down south in case the housing market goes down聽
south if that interests you stick around for more
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if you like the content smash the like button show聽
some love prayer boy okay so to understand what聽聽
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brings down a real estate market or what causes it聽
to go up which is recently the factors of lumber聽聽
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prices going up materials going up inflation is is聽
going up so all those factors are contributing too聽聽
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and the demand is high right demand is high聽
because millennials are buying houses they're聽聽
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in their 30s all those factors but to understand聽
really what causes the real estate market or the聽聽
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house prices to go up and high you have to look聽
at more than real estate okay economic factors聽聽
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all over the world for example we have forbearance聽
in factor moratorium you know obviously ended聽聽
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recently so that's a factor uh everything is is is聽
expensive now gas is expensive eggs are expensive聽聽
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walnuts are expensive that's gonna have an impact聽
right the builders can't build fast enough because聽聽
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guess what the price of building a house is聽
doubled if you look at that factory let's also聽聽
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look at the stock market is the stock market聽
doing well you know are people spending money聽聽
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there versus in the real estate market okay are聽
investors pouring their money in the real estate聽聽
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market or not you have to also look at what the聽
government is doing are they spending in housing聽聽
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are they causing people to buy houses or they聽
have incentives and programs to promote housing聽聽
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or purchase of housing which i think biden is kind聽
of doing i think barton has also promised fifteen聽聽
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thousand dollars for first-time home buyers if you聽
look at all those factors and more to understand聽聽
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you know how real estate market will pan out聽
there's a shortage of labor if you notice you聽聽
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call chase bank or you know wells fargo or anyone聽
there is poor customer service because there's聽聽
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shortage of labor you know if you look at my聽
video and i talked about the great resignation聽聽
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why people are not working or going back to work聽
so that is also a factor in real estate prices聽聽
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being higher right now now why do i think that the聽
real estate prices will not continue to go higher聽聽
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is because i follow that data the federal reserve聽
keeps buying mortgage-backed securities but they聽聽
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can't do it forever they have finite amount聽
of money okay so that's going to stop soon now聽聽
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what's going to happen is also there's actually聽
a graph that i want to show you which shows that聽聽
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if the rates keep trickling up in future and near聽
future they're not doing right now but if they do聽聽
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then house prices will topple down house prices聽
will slowly start to readjust there will be no聽聽
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market crash let me say it again okay read my聽
lips no market crash but there will be a market聽聽
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adjustment when that adjustment happens you know聽
people may falter on their moratoriums people may聽聽
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not be able to pay their mortgages some people聽
may lose jobs if the economy goes down south聽聽
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right now the economy is great so nobody's going聽
to sell you their house for any price cheaper than聽聽
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the market rate but in future within the next six聽
to nine months that may change drastically and you聽聽
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want to capitalize on that folks you want to buy聽
a property that is a good deal like pennies on the聽聽
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dollar and those deals will be had in future once聽
the interest rate starts to go up so you want to聽聽
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follow the graph of interest rates you want to聽
look at if there any foreclosure increasing in聽聽
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your property in your in your area in your city聽
you want to follow those trends if people are聽聽
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falling behind in their taxes you want to follow聽
that you want to look at inflation then inflation聽聽
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keeps increasing or decreasing or is contained聽
those factors also affect housing prices in the聽聽
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good neighborhoods the market is is hot right聽
now and will continue to be hot it will be聽聽
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hard to find a good deal but in the not so good聽
neighborhood you can still find deals right now聽聽
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that will not be the case when interest rates聽
start to trickle up and believe me federal reserve聽聽
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cannot wait to increase the interest rate because聽
the investors who have invested that money and聽聽
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bought those securities i used to work for freddie聽
mac and fannie mae as a consultant and i know how聽聽
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the how the pools of funds will go from bank聽
to bank and all the way to the federal reserve聽聽
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and how they back up the loans and guarantee the聽
loans so all that to say is this is a bad time聽聽
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to buy do not buy a property right now then make聽
your move i promise you you can find a great deal聽聽
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in future if you do these things and you figure聽
these things out another thing to keep in mind聽聽
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folks is that americans are spending money like聽
crazy why because they're getting covert checks聽聽
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they're getting you know these extra pp ppi loans聽
and and vice versa and the market is thriving聽聽
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right now people are investing in crypto and聽
other markets and people are making money聽聽
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americans have spent 900 900 more billion dollars聽
since last year okay this is post covert folks so聽聽
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you think market is going to crash anytime soon聽
i don't think so market's going to crash it will聽聽
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never crash anytime soon because people have so聽
much money so much buying power and that buying聽聽
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power will continue so look at those factors as聽
well are people spending money are people not聽聽
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spending money when people stop spending money聽
that's when the prices also go down so keep聽聽
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that in mind now if somebody has a house right now聽
and you want to sell and you're compelled to sell聽聽
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where are you gonna go because the moment you聽
think you're gonna make a few hundred thousand聽聽
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more in your house guess what somebody else is聽
gonna tag that price and then give it back to you聽聽
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that means you will not save any money you're聽
p you're paying 200 000 more for your house聽聽
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that that you sold your house for so there is no聽
way to get out of this i am buying a 10 package聽聽
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investment deal of 10 properties up in maryland聽
but that's a whole different set why am i buying聽聽
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that because those properties are giving really聽
good rents okay that's for cash flow purposes聽聽
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that's not for me building another million dollar聽
house if you want a good deal this is not the聽聽
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market to be had folks and i keep saying that聽
because i wanted to get in your head right now聽聽
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and the reason being you know that rents聽
are going up prices are still high people聽聽
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have spending power there's no chance of crash聽
happening and the crash will not happen anyways聽聽
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market will self-correct that may happen now if聽
you are adamant at buying a house if you have to聽聽
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buy a house for whatever reason you may have to聽
have your kids go to certain school you may have聽聽
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some other financial constraints you may have some聽
money sitting in the bank and you want to use it聽聽
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and vice versa could be or maybe you may have聽
moved here from a different country and you聽聽
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must buy a house right now if you do i can show聽
you some ways and some best practices you can聽聽
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use to buy a house so number one make sure that聽
you have at least some reserve money for the next聽聽
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six months so live your lifestyle for the next six聽
months before you buy a house especially if you're聽聽
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a first-time buyer number two okay if you want to聽
buy a house in this market it's a seller's market聽聽
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be ready to pay top dollars for it okay make sure聽
that your total mortgage including taxes including聽聽
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insurance and all that is 30 of your total income聽
so if you're making 10 000 a month you can afford聽聽
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a 3 000 mortgage payment okay number three聽
also make sure you set aside some money for聽聽
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reserves for a few thousand dollars for anything聽
that's going to break in your house for example聽聽
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toilet plumbing heating electrical pipe might聽
burst that's where it may break down what are聽聽
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you going to do and those things break down every聽
10 to 15 years they have a life cycle so keep that聽聽
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in mind also home maintenance costs keep that in聽
mind especially if you're a first time home buyer聽聽
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you know home maintenance is not easy you have聽
to do cleaning okay you have to do gardening and聽聽
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those are extra costs that add up every month聽
another thing you want to keep in mind is that聽聽
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you should and i recommend highly put at least 20聽
percent down when you're buying a house why 20 you聽聽
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might ask because you could do 10 or 15 but then聽
you're putting yourself in a financial constraint聽聽
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owning a house that you really can't afford a good聽
formula is 20 another tip is to stay in the house聽聽
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as long as you can so you can offset the cost of聽
losing money in case the house prices go down and聽聽
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be ready that your house that you may buy for聽
500 000 right now may be worth 475 next year聽聽
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aha so i forgot one more important thing be ready聽
to pay hefty property taxes because the prices are聽聽
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higher and they keep going up guess what you're聽
gonna have to pay more more property taxes because聽聽
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the county is very smart they're gonna charge you聽
a lot of money for property taxes and you better聽聽
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be ready to pay that taxes so that's an extra cost聽
so if you're if you're adam and buying a house聽聽
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if you can't wait and don't want to take my聽
advice that's totally fine with me be ready聽聽
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to make sure that you can pay all these extra聽
expenses in addition to your mortgage payment聽聽
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if you like the content smash the like button聽
show some love for your boy ak and subscribe and聽聽
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like if you like the content again i'm giving you聽
honest unbiased opinion this is not influenced by聽聽
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anybody but the facts and the data and the trends聽
in the market which i love to study and read聽聽
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and i i want to present that information to you聽
so you guys can also be knowledgeable and not聽聽
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fall for these you know burning houses thumbnails聽
and people are clicking on and somebody's saying聽聽
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yesterday stiff and stephen graham was saying the聽
market is crashing you know we're all going to聽聽
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hell and today is saying oh why is the market聽
crashing now so they keep making these videos聽聽
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just to fool you and basically you know have you聽
click on their thumbnails because they know that聽聽
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the public is infected by what they watch on tv or聽
on youtube so be careful where you get your advice聽聽
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from another strategy you can also think about is聽
maybe you can rent sell your house right now the聽聽
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top dollar price maybe rent for a year or so you聽
know and see where the market goes and then make聽聽
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your move because there will be a time folks and聽
and real estate is very cyclical okay it's very聽聽
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cyclical there will be a time that foreclosures聽
start to happen short sales will happen and聽聽
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you can then snatch a deal so you want to be聽
in that position in a striking distance right聽聽
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where you can strike when the iron is hot and聽
and the iron is hot as i mentioned to you is when聽聽
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their weights start to climb so you want to catch聽
you don't want to catch a falling knife right now聽聽
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that's where we're at right now you don't聽
want to catch a falling knife you want to cash聽聽
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you know the market when the rates are聽
climbing and the house prices start to聽聽
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trickle down a little bit okay with that thank聽
you very much for your support again and uh聽聽
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much love for you guys i will see in my next聽
video thank you so much have a nice day bye
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