You will REGRET Buying A House in 2024
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- Опубликовано: 16 июн 2024
- Buying Right Now could be the worst decision of your life. Buying a house isn't about trying to do everything right but more trying not to do anything wrong. In this video, we discuss why 93% of american regret buying a home and how you can avoid it.
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Jeb Smith (huntington beach Realtor/orange county real estate)
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I bought a house 2023 and don't regret it but its because my wife and I took our time and really searched the market. We also didn't settle with any house and made sure it was within our financial means along with hitting our desired needs. And we were willing to back out after inspection when things weren't looking right.
But to be honest I think we also got lucky, our home warranty ended up covering a replacement for a furnace and ac which helped a lot. And I should also stress that regardless I made sure that after closing costs I still had a decent amount in savings in-case something came up.
Congrats.............sounds like you made the right choices for where you were at that time. Good stuff.
In a good or bad market, you should only buy the house that fits your needs and is affordable to where your entire monthly pay isn’t going to a house. So many people make that mistake.
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I'm sorry Jeb, but this story of this woman getting her rent subsidized so she can live in Beverly Hills is absolutely nauseating. And to top it off, she's saving 7000 dollars a month! This is simply outrageous when you have people who can't make ends meet. This woman doesn't count except as an example of the inherent unffairness in progressive policies. I would love to live in Beverly Hills but I can't afford it and I don't qualify for rent subsidies. This story is sickening.
you don’t have to like it, but it was the truth and an example where renting makes more sense over buying. Each person situation is a little bit different so that’s why the answer isn’t always the same.
@JebSmith I believe you. In her case banking 7000 a month for a 100K goal in a year all while getting her rent subsidized is definitely better than buying. Kids in school, 7000 a month to save and subsidized rent while living in 90210 is nauseating while people are struggling to pay rent in Toledo, OH but such is life in America in 2024.
@@bigg368 lol that story really is crazy.
If you ever saw the part of Beverly Hills that is where the apartments and other rentals are, you wouldn't be impressed, except for the zip code, crowded, no parking, unending traffic, rampant burglaries, etc. It's not the "hood" but don't get it twisted, Beverly Hills subsidized housing isn't much better than the ones LA has just across the city limits
So true! Who is paying for these subsidies to live in California. Living in paradise on the public dime!
We brought in 2023 and now our home is 200k more. Even so, we have had a plethora of phantom cost!
I’m a first time home buyer and purchased a brand new dream home in LA last year, when everyone said I was crazy cuz the interest rates are so high, and were still going up when we were in escrow! Because I did everything right having watched so many RUclips videos I have no regrets. Because the market was so bad I ended up being the only offer on the house, so I was able to get my move-in- ready under asking (compared to the year prior when the market was super competitive with multiple offers on new homes paying upwards of 50k+ over asking)! Paid the 15% to avoid the PMI, Bought down a point to reduce my interest rate, and made sure I still had 6 months salary savings which I needed to pay for furnishings and unexpected maintenance. I bought in the area I was renting so I knew the area, it’s close to family. I also budgeted so even if my mortgage is more than I would have rented, I still am saving every month. I’m looking forward to future reductions on the interest rates to refinance, but I don’t need it to survive, so when it does I will be saving so much more!
Congrats! Nice work Anthony!
I'd love to know where in LA you purchased your dream home. I can't find a decent home in the LA area for a million bucks. I've looked in reseda, wenekta, encino, woodland hills, even down near san diego in Vista and fallbrook. Paying rent while simultaneously paying for all other expenses and then saving for a huge down-payment is virtually impossible for most people in the LA area. Can you give specific numbers like salary, bills, rent etc?
@@bigg368 I purchased a 1900 sq ft three-story townhome/condo in the west San Fernando Valley with a beautiful Mountain View. It’s the perfect size for me, my partner and small dog. It’s a great neighborhood that’s clean and safe
Me on my way to go close on a deal in less than 2 hours 😳
Thanks for the refresher and easing my mind that it’s okay to rent and continue to save. I have less then a year to move and was getting flustered about trying to find a house near where I work since houses in Utah are overpriced by a good 30-40%.
You have to do what's right for you! ALWAYS!
Closing on a duplex in San Diego in two weeks, first time home for my fiancé and I. - our reasons were that with a duplex it cuts out mortgage to about what renting a 2br is in San Diego, with the other half str or ltr.
Somewhere to live in a city we love + cashflow as an investment.
I couldn’t imagine just buying a SFH rn.
Yikes! Our tax dollars are subsidizing people in Beverly Hills who can save $100,000 a year... I have a family member with physical disabilities that will prevent his ability to drive and impact his reading (but not intelligence), yet he is struggling to get any aid as a young adult. This is a messed up system...
Yes, it makes me sick. I assume she has a car, needs to buy food, buy health insurance, spend on her kids, etc and she still saves 7000 a month and she pockets tax money to pay her rent?! It's outrageous. This just makes me sick.
Let me make a correction, rent controlled, not subsidized.............I misspoke.
I used to live in Marina Del Rey for about ten years and when I left I was paying 3700.00 a month for a nice one bedroom apartment. There were several people living there that were always around no matter what time a day walking the dog , one guy working on a motorcycle etc. I found out that Marina Del Rey has a law that every rental community had to have a certain percentage of their units for low income housing . So I was paying 3700.00/month so someone else can pay a unrealistically low rent. I left CA during Covid and despite that I love the weather and natural beauty of CA I will never live there again.
@@JebSmith Not as bad as subsidized housing but still unfortunate government interference. The homeowner still has to pay Beverly Hills taxes and home repair prices on a home he/she is forced to rent well below market value. I think some government likes to push rent control because it aligns with the "You will own nothing and will like it" philosophy from the WEF. It messes with supply and demand and market prices. If a landlord inherited her mom's house but cannot rent it out for enough to pay taxes and repairs on rent control prices, she will have to sell Mom's home and corporations are scooping up real estate.
@@eurekahope5310great points!
I bought a townhome in September of 2023. It's been a good decision thus far.
Good stuff guys stopped by a little late but still smashed the thumbs up 👍
Thanks for the visit
Thank you so much 🎉
You’re absolutely right you’re a good agent 😊
The issue with housing is that it's not a luxury; it's a fundamental human need. If you can't afford an iPhone, there are cheaper alternatives available. However, if you can't afford a home, you're left with renting or living with others, which delays important life milestones like starting a family. I've experienced this firsthand. I graduated last year as a civil engineer, earning about $80K with an 800 credit score and some savings. My fiancée earns around $50K as a waitress while pursuing her nursing degree. Over the past three years, monthly home payments in South Florida have more than doubled, alongside rising living costs. This makes it impossible for us to afford our own home, so I'm still living with my parents, saving up for a home that I hope to afford one day. I can't imagine the challenges faced by other young couples with lower incomes and children right now
I bought a 2 bed, 2 bath townhome in Las Vegas in September of 2023 on $60K a year. I understand that a condo or townhome isn't going to be an option for a lot of people due to their small sqft but if you don't need a lot of space then consider one of those.
Your voice is so comforting. You could be a good counseling psychologist 😊
Great candid content. We bought at the height of the pandemic craziness and your advice about buying a home that fit our needs is so important. We had lost out on no less than a dozen offers and we began looking at houses that were too small or didn't have what we wanted simply because we didn't want to go above our price range, our realtor sat us down during a showing of a house that frankly was the absolute bare minimum of everything we wanted and she asked us, if we loved the house, and we said it was okay, (we were up against it we had 60 days to find a place to live because our rental was being sold, and we had been saving for years and were in a position to buy), our realtor said, if we didn't love it, don't buy it, better to rent an apartment or live with a relative for a few weeks or even months until we find the right house than be stuck with a house we quickly outgrow or aren't fully pleased with. Keep up the great work
Sounds like you had a great Realtor...........that was wise advice. Glad it worked out.
Great advice , plenty of people bought a home and settled and regret it even when rates were low.
Agreed!
I just found your channel and I subscribed cuz you are so cute! I’m too old for you but thought it might make your day!😊❤🎉
🫣❤️
If you’re on a fixed income, buy one of these cheap homes online where there’s no more jobs left
Interesting how the most sensible comments get no response. That is exactly what I did. And got away from the " wicked" city metro area too. 70k!
Largely, the price of homes is not going to fluctuate much. Those waiting out for the prices of homes to go down, will not see it happen. The rates will drop, then the "hold outs" will flood the market and keep the prices up. This will not change for a very long time. The cost of a home is where it will stay I'm afraid. Buy now and refinance, if you can.
I totally agree,unless people are in over-priced market,I don't see see prices coming down 40 or 50%.
Right on point, unfortunately most non-homeowners don’t want to believe it.
I'm more/less on the same page. I feel like prices are somewhat stuck for the time being in most markets out there.
@@JebSmith You said the magic words “for the time being”
@Uss997 and even if we have a crash and it does drop 40 to 50 history has shown if it hits rock bottom it will go back up
We bought our house Feb 2024. I dont see things changing anytime soon and we wanted to get in the game. Our rate is 6.25%. I LOVE my house.
People forget that once you have money to buy you need to be selected by the seller. Thats also the hard part.
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California market truths
@@PostprandialTorpor NJ housing market truths also lol
I bought my house in Los Angeles in 2008 with 6.825% rate and PMI on top of it. My down-payment was just $15K. I bought a Camry at the same year for $18K. Was I under a little financial pressure? Yes, of course. Did I regret it? Hell no. The same house is now 3 times more in 16 years. I didn't have a home at that time and was wasting my money in rent.
My interest has been 3.5% since 2016 (8 years later).
I think you did the right move if you had money and were in need of a home to live in.
Hopeful you still feel that way after a 30% correction.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
I just bought 2 homes in the last 4 months
I’m just going to keep renting a small apartment and stack savings. I figure prices will stay roughly sideways (or at least, not increasing faster than I save) with the ways things are.
Its true you are “paying the owners mortgage” when you rent, but the “owners mortgage” is much much cheaper than what I would get if I bought today (the interest alone would dwarf if unless you have a massive down payment). Theres also a lot of competition among landlords right now with many rental complexes built where I am, so they can’t just easily raise prices to capture inflation profits.
The biggest advantage of homeownership is fixing your housing cost. Typically with rent, it continues to increase annually, but if rent stays the same or you’re able to move and save money on rent, then that’s a pro for renting at least in the interim.
My niece was doing Uber and she wouldn’t get any tips from wealthy communities and got all her tips from middle or low class communities. Some I guess think they’ll go broke or straight out stingy.
The problem with Uber is that it was originally set as a platform where there was no tipping and then like everything they wanted to charge more and give drivers less and now have switched the platform where it's the passengers responsbility. On top of that, a lof of the cars these days are dirty both inside and outside but the costs are just as expensive. I myself tip most drivers but at the same time uber is now just as expensive as taking a cab in many areas out there so a lot of the benefit has been lost. I realize this has nothing to do with your niece, just went on a tangent because the platform isn't nearly what it was 3 years ago.
@@JebSmith yes absolutely agree 👍
They should also ask, if you had the chance to revert your decision, would you?
Who waives a house inspection?
You do not need to own a home DO NOT BUY A HOME NOW! We have been in a bubble it started in 2014 .
Wait, what? This lady is in subsidized housing in … Beverly Hills? Amazing.
I mispoke...........not subsidized but rather rent control.
What about property taxes and insurance? Costs do go up sometimes.
What about rent increase 10% every year, no tax breaks and paying your landlord mortgage
@@House_hacker_619 I agree. I just think it's a bit misleading to say you lock in your housing costs.
Ive been waiting for a home for over 4 years but ive spoken to several real estate people and they all have told me to stay where im at im in a 4 bedroom apartment and its subsidizing housing and dont pay that much in rent but most of my kids have left got only three at home two adults one younger in school. My reason for buying is a more peaceful environment and for my child to have more space to atleast have a yard to play in and a place where we dont have to do inspections and having to recertify every year is a pain. We lost our last house in 2010 with my ex husband and i want to leave my kids a house so they dont have to worry in the future and have a home to call their own.Also here where i live most old homes cost just as much as a new home and new homes are offering an interest rate at 4.9 way lower than what it is plus a new home sometimes offer incentives but my thing is i worry if we can afford a house i dont want to purchase a home for later ending up losing it after losing a home in the past it's my main worry. I had a question is it a must to give 10 percent down on a new home? Arent there first time home buyers programs that my husband can qualify for and does he have to pay that money back ?
Hello @susievidal4134,
The fears you have are completely valid. Purchasing a home, especially after experiencing loss, can be stressful. Regarding your question about the 10% down payment; it's not always a must. The down payment can even be as low as 3.5% in some cases and there are many first-time home buyers programs that may be available to your family. Some of these programs do not need to be paid back, while others operate as a second, low-interest mortgage. I would suggest speaking to a financial advisor or a mortgage broker who can help navigate these programs and determine the best course of action for your specific circumstances.
@@JebSmith thank you and I wish my real estate agent was familiar with these programs because I don't want to use all my savings towards a down payment I'd like to keep it in the bank for mortgage payments and any emergencies
Jeb, do you mean the BH woman lives in a rent controlled apartment and not subsidized housing? Subsidized means she has to qualify based on income and if she did - she and her attorney hubby are engaging in serious housing fraud. I see to work in BH and lived in LA for many years. Also, if she is saving 100k per year she will need it for her kids tuition because all her savings will count against her kids financial aid (unlike owning a house - where equity is excluded from fin aid awards). If both her kids get into USC, that’s $800k tuition. $100k per year now. I think this is an important financial mistake most people overlook - how your assets fare in financial aid decisions vs. equity in your own home (which does not count most of the time).
Yes, sorry...........it should have been rent controlled not subsidized.
Good points.
I'm stuck on the husband being an attorney and the wife a professor. No way they qualify for subsidized housing, especially if they're able to save $7K per month. What am I missing?
in certain areas in la county they are held to local renting and landlord laws which say you can’t raise rents prices above a certain percentage. imagine if they moved in 15 years ago in 2009, since they have high school kids it might have been, then they would have been locked into a rent control area where they are not legally allowed to shock raise rents, in an effort to prevent to gentrification, and be considerate to all residents of the area. they could be paying dirt cheap if they have been there a while, and rents have only went up $100 bucks every other year or so often
In 5 years, a lot of them home buyers who regret their purchase are going to look back and feel fortunate to have bought when they did. Even though their mortgages would have been less if they bought a few years ago. I certainly can’t speak for every market, but I’m confident that I can speak for the north east.
The north east is bananas right now...........Sounds like you feel like it's going to continue? Why?
@JebSmith north east is definitely a crazy market.. I'm in NJ looking to embark on the home buying process in the next 6 months and it's wild. I can absolutely see it staying like that for awhile too unfortunately
@@JebSmith I can only speak for NJ here, but every county in the state has real estate appreciation for Q2 2024 between 9-12% on an annual basis. Every county only has half the amount of new listings as opposed to 2021 and 2022, and even 2021’s numbers are historically lower than normal. My friends throughout the state are showing up to open houses with lines wrapped around the corner, and going to private viewings with 20 other people at the same time as them.
Wow
@@colinsmyers6264 yup in nj also... craziness here
I'm selling and moving out of state. Hate it here! The house I'm getting has over 8 acres!
congrats..............where ya moving?
I feel like I have heard this bucket story before
you probably have if you've been on my channel as I mentioned it a few weeks ago.
😮😮😮
click bait probably lives in his mom's basemen
We bought an entry level home in norther CA in October 2023. Our home has increased by $90k over the last 7 months…
So did ours in 2007! In fact, we refinanced a year after purchase and were offered a HELOC because our modest home increased $70,000 in that first year. Thank God we didn't take it because we were underwater for nearly a decade when home prices crashed. We were stuck in our twenties and early thirties as we began our family and quickly outgrew the starter home. We still love the land and location, but it was depressing being stuck during our early careers and young children. I doubt that type of crash will happen again, but these prices are unsustainable. Best of luck, but please don't leverage on your home until you have significant equity (or ever).
That's awesome but really means nothing until you go to sell!
Thank you for the tips we don’t ever plan to take out a HELOC. We bought below market price so I believe that’s partly why such a large increase so quickly. We had a new roof included as well…Anyways, we love our home and plan to be here for several years with plenty of room to grow. Even if we see a correction in prices the market always recover’s, history has shown that. A crash would likely give us opportunity to refinance. At that point our monthly payment would be less than renting. My opinion is becoming a homeowner will get harder over the years.
@@JebSmith it means prices are still going up in my area. I don’t plan on ever selling. Would keep and get another If opportunity presents itself.
isn’t that a bad thing? won’t you pay more in taxes or insurance?
Who is making that kind of dough
lol living in subsidized housing and saving 7K a month????
whats with this new rapid fire presentation,I preferred the the original presentation ,it was more personable.
I don't understand, what's the original presentation?
I don’t know any wealthy people who is a long-term renter.
I have a buddy who is wealthy, probably worth more than 10M and doesn't own Real estate and hasn't in a very long time.
@@JebSmith is he renting from his LLC?
Not sure why you’re discouraging home buying. There are people out there that need to sell and this is hurting people with a very general and false narrative
Did you watch the video or just comment? The video isn’t discouraging anyone from buying a home but rather telling them what to pay attention to if they’re planning on buying a home so that they don’t have regrets.
lol 93%%%%% where the helll do you pull these stats... out of the bum hole?
There's a 97% chance he completely made that up on the spot
Maybe people really are not as smart as I thought. Doesn't most of whats on these realestate channels just seem like common sense to me, and you, no? Caveat emptor, no one is going to look out for you, better than you. Research, research, research.
I love how the story have changed. For last 3 years I've been preaching that you should not buy a house but you'll thought I was an idiot...😂 LoL. Zillow is starting to change their story also. PS when they all start preaching that you should not buy that's when you can go and buy it. 😂
My thoughts havent' changed! Clearly you just commented without watching the video. Pretty Typical.
Oh I forgot to mention for the last 3 years you've been horrifically wrong as well