In this solo video, seasoned Southern California real‑estate professional Joe Homs answers the frequent question, “Should I buy a house in 2023?” He opens by emphasizing that real‑estate is a long‑term investment, not a quick‑win like crypto. He describes the current market as largely stagnant, with home prices down roughly 10‑15% year‑over‑year but no signs of a 2008‑style crash or massive foreclosures. Homs stresses that the decision to buy hinges on an individual’s personal financial situation and life goals, illustrating with a couple expecting a baby who need more space. He shares his own investment approach, noting he only pursues flips when he can acquire properties at about 60 % of their prior value, a drop from the 70‑80 % range he saw previously. He encourages viewers to clarify their 2023 real‑estate goals—whether it’s wholesaling, flipping, or simply buying a home—so he can tailor advice. Finally, he advises stable buyers to consider purchasing now, while others might wait for the market to bottom and for the Fed to pause rate hikes, and he offers one‑on‑one consultations and a linked video on profiting during a recession.
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Today we have a great question from one of my subscribers. They're asking, should I buy a house in 2023? I've actually been getting this question a lot from either my family, friends, or people at my meetup. So I figured I'd answer it today to set the record straight. Watch to the very end because the answer may surprise you. Before we dive into this topic, I want to remind everyone that real estate is a long-term investment. It's not like a crypto overnight success story, and it's not a short-term decision. It is a decision that will impact your financial future for years to come. So it's important to take your time and make an informed decision. Hi, my name is Joe Homs, and I flipped hundreds of homes here in Southern California. I have over 40 years of experience. I've been a broker, mentor, and investor, and I want you to like, subscribe, and share this content with your friends. What is the market doing right now? Right now it's pretty stagnant, not a lot going on. Prices have gone down anywhere between 10% and 15% from last year at this time, which obviously was a crazy year and a crazy time. But it's pretty much stagnant right now. I hear a lot about the crash. I hear a lot of people talking about the crash, foreclosures, whatever it is out there, people losing jobs and stuff. I don't see a lot of that happening right now. So as far as the 2008 type of crash, I just don't see it. Do you like these type of videos? Do me a favor and hit that like button. Should I buy right now? And I would say it really, really depends on your situation. I'm working with a couple right now. They have a baby on the way. They're living in a 2-bedroom, 1-bath condo, obviously going to need more room for the baby and them. And so they're looking for a place. They're upgrading from their condo to probably a single-family residence. So it really kind of depends on your particular situation whether you should buy right now. I can tell you this, the stuff that I'm buying to flip, I'm buying at 60 cents on the dollar. I was up at 70% and 80%. It's gone, it's gone down to 60%. So I need those great deals before I move forward. What are your goals for this year? You know, do you want to get started in real estate? Do you want to learn how to do wholesaling? Do you want to learn how to flip properties? What are your goals? Please tell me in the comments below. I'd appreciate that. And I'll answer all those questions for you. Whether or not you should buy a house in 2023 depends on your personal financial situation and your goals. If you're in a stable financial position, it might be a good time to consider buying a property. But then again, if you're not, it might be best to wait until you have the clear picture of your future. Either way, this will be a great time to save your money and be ready to buy when the market bottoms out and the Fed has decided to stop raising interest rates. Unless you're a seasoned investor, you might want to wait for the right opportunity when you know you're getting a home run deal. If you'd like to discuss this further, book some time One-on-one with me, or click on this video right here. I show exactly how to profit during a recession. Until next time, feel free to reach out. I'm always here to help.
