How to Buy a House in 2024
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- Опубликовано: 11 июн 2024
- Should you Buy Now or Wait until 2024? With the housing market picking up steam and mortgage interest rates headed lower ,many first time home buyers are wondering when is the right time to buy a house? In this video, we discuss the things you should focus on as a homebuyer preparing to buy a house in 2024.
Why You'll Regret Buying A House in 2024 ⏩Watch this NEXT ⏩ • Why You'll Regret Buyi...
HOME BUYER RESOURCES:
🏠 - First Time Home Buyer Course - www.becominghomewise.com
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral
📧 - Free Weekly Newsletter - www.jebsmith.net/newsletter
🎙- The Educated Home Buyer Podcast -
Spotify - open.spotify.com/show/3Ho4sTO...
Apple - podcasts.apple.com/us/podcast...
Connect with me 👇
Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty
➡I N S T A G R A M ➳ / jebsmith
➡T I K T O K ➳ www.tiktok.com/mrjebsmith
#housingmarket #firsttimehomebuyer #realestate 
Развлечения
🏠 - First Time Home Buyer Course - www.becominghomewise.com
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral
Why You'll Regret Buying A House in 2024 ⏩Watch this NEXT ⏩ ruclips.net/video/adPB28R7fNc/видео.html
This Tuesday I will be contacted with a lender, I currently pay 1500 a month for rent, so I guess that's my budget for a monthly payment. But I want my mortgage payment lower than my rent.
TY ✌️ I got my credit score upthere .. that's a good start. ✌️
If you’re breaking even each month, your budget shouldn’t be a dollar more than your current rent, regardless of what lenders and agents tell you.
Hi @REALSPX2K, thanks for your comment and for tuning in to watch the video! I agree with you that budgeting is an essential part of any financial decision, especially when it comes to property purchase. Staying within your means can prevent stress and financial instability down the line. As a Realtor, my role is to provide clients with information and options, but ultimately, the decision of how much one is willing and able to spend on a property lies with the client. Budgeting wisely, as you've suggested, is great advice for anyone considering buying a home. Thank you for sharing your perspective.
I think a housing crash will happen because all those people who bought homes over asking price, although it was at a low interest rate, they are over their heads. They have no equity if the housing prices continue to go down, and if for whatever reason they cannot afford the house anymore and it goes into foreclosure because even if they try to sell, they will not make any money. I think this will happen to a lot of people especially with the massive layoff predicted for the future and the cost of living rising at a high speed.
For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
very helpful thank you!
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Hi @ryanwilliams989, I appreciate you taking the time to watch the video and sharing your thoughts. It sure sounds like Ohio's housing market has witnessed quite an extreme transformation lately. This just comes to show the fluid nature of real estate where value can significantly change over time. The vulnerable position some properties currently exhibit might create an opportunity for renovation and resale market. When managed smartly, real estate can be a great asset and investment. It'd be interesting to see how the market evolves in the next couple of years. Stay tuned for more videos on property trends and market reviews. Thanks again for your insightful comment!
I'm very interested what part of Ohio are you referencing? We've absolutely seen growth in the housing market, especially in Metro areas. I've purchased several homes within the time frame you're referencing, in the Cleveland Metro area. Yes, they absolutely went up in value, but I haven't seen the type of gains you're talking about relating to poor dilapidated, small type of housing. This is coming from a wholesaler/ investor. Is there money to be made, and good ROI absolutely. The days of getting a 130k house, and selling it for about 600k are about done. Yes, it still happens but those are exceptions and not very common in the OH market. At least in the North East part. I would definitely love to hear more, and learn where those scenarios you're talking about are taking place.
Thanks for the information! Is this course still up to date for 2024?
Thank you so much, this is so helpful. I’m not ready to buy just yet, but I’m doing the prep work. Raised my credit 150 points, started routing part of my check to savings, but that’s as far as I’ve gotten. The Arizona market is so crazy right now I’m willing to wait , but I want to be as proactive as possible. Definitely need to speak to someone because I have questions about my particular situation. (I own a paid off condo, not in my name but a trust. And I can rent it or sell… and can I use it as income if currently living in it?) Anyway, thanks for the tips, really appreciate it.
Sick Beach!!!
Great video ! My wife and I plan to buy this year, any suggestions for us prior to choosing a lender for a VA loan? We still want to put 30k down (10%), just looking to get the lowest possible rate. Are rate buy downs appropriate in 2024? Have u seen lower rates and fees with VA loans/lenders? Thank you for your time
Great info jeb. Im a 10 yr former underwriter and now a mortgage consultant . budget talk is so important. Weird thing is some people dont want to hear about their budget or like to go over it in the consultation. some realtors don't necessarily like it either The Realtor sometimes can bad mouth loan officers when the buyer changes there mind after a budget analysis or considerably lower there buying power. Wish there was prerequisites to entering both the realtor and loan officer side other than just a simple test. Keep up the great content
Hi @The_Mortgage_Angler, your input is very valuable, especially given your background. You're absolutely right, budget conversation is a critical part of the home buying process. It's unfortunate that some people shy away from it, or even worse, avoid it altogether. We definitely need more professionals in our field who understand the importance of realistic budgeting, even when it might not align with what the client initially had in mind. I absolutely agree with your sentiment about prerequisites - experience and understanding of the nuances in our field really can't be replaced by a mere test. I'm glad you're enjoying the content and I sincerely appreciate your feedback. Let's keep pushing for positive change in our industry!
There are exactly zero SFH in my zip code under $1M. There used to be a small handful of tract homes built in the 70s and 80s under $1M, but they all got bought last month. New construction is either a townhouse or a McMansion monstrosity.
Step 1- be a millionaire.
Where I live the only homes selling are 600,000$ +. Since the new year, the only homes sold are $1,000,000+. There’s not a middle class anymore. You either got it or you don’t. I work 60 hours a week. My fiancé works even more. We are making money don’t get me wrong, but not enough to buy a home. I’m 25, she’s 29. We want to start a family and do stuff our own without living with roommates. All we can do is be positive that everything is in a cycle including the housing market and that our time will come. Times are tough and I’m praying for everyone out there. The American dream is dying.
Hello @BamisTrill,
Your comment really struck a chord, as you've honestly laid out the challenges many people face in today's housing market. It's truly commendable the work you and your fiancé are putting in. Keep up that positive attitude, because as you've rightly said, markets do cycle and opportunity can present itself in the least expected ways.
Remember, the path to homeownership can be unique for everyone. There are different avenues one might take, such as government subsidies, house hacking, co-ops and more. It might be beneficial to investigate these different strategies and see if there's a fit for your unique circumstances.
Stay strong, keep saving and keep exploring your options. That American Dream may feel distant, but like that dream home on the horizon, it is still within sight, and the journey can lead to significant personal growth and grander opportunities.
Thanks for watching the video and taking your valuable time to share your thoughts. It helps to broaden the discussion and that's a tremendous value for all!
Considering the current trend buying a house in 2024 seems like a strategic move for building wealth.
The decision of finance options, such as mortgage or exploring government backed loans will play a significant role
The key is not just the purchase but also how it fits into your broader financial plan. Leveraging a financial advisor’s expertise can be pivotal in ensuring you make informed decision
Indeed, With a substantial down payment saved up, my advisor gave me the best financial strategy
You can look him up, he act’s fiduciary
CHRIS RYAN STEWART
How does student loan debt count in your DTI if you are on the new SAVE plan? My monthly payment is $0 but my total loan debt is pretty high.
The "SAVE" plan, assuming you're referring to an income-driven repayment plan, is recognized by mortgage lenders. Despite your $0 monthly payment, lenders use a percentage (commonly 1%) of your total loan balance to calculate a hypothetical monthly payment. This hypothetical payment is then used in your debt-to-income (DTI) ratio. However, the actual percentage used can vary depending on the lender and the specific mortgage program. In any case, your total loan debt will play a factor in your DTI. It's advisable to talk with a loan officer to better understand your unique situation.
Hi Mr. Jebsmith, I really like your advice for who wants to buy a house 2024. My husband would like to buy a house and sale all his apartments. I am currently pregnant and not working. But the house in new York city is expensive. It’ll be a wise decision for my husband to buy a house right now ? God knows!
As someone who thinks about buying a home to live in, My thought process on budgeting is comparing ITI (interest, taxes, insurance) to rent since you never get either of those back. But ITI should be accounted for on a net basis given the preferential tax treatment (very challenging to write off rent). Cool think is ITI goes down over the amortization of your loan while rent goes up alongside inflation. I think this approach to analysis is really important to share with first time buyers. The principal component of the mortgage payment is more like a highly illiquid savings account.
Didnt factor in repairs/upgrades which is another discussion but also worth mentioning. Just treat it separate from this consideration for simplicity's sake. Because its a bit of a mix between depreciating upgrades/repairs and an investment in the quality and liquidity of the property.
Thanks for the video!
That said having a higher ITI than rent isn't inherently bad. The difference (ITI - rent) could be considered a version of "cost to carry." It's the price paid to access home ownership as an investment vehicle. If rent would be 3k, ITI would be 3.5k, but you can write off 200 from interest payments, you're "paying" $300/mo in opportunity cost to unlock home buying as an investment (rather high actually and a bit challenging to justify but hey those are basically current market conditions)
Hi , I haven't seen any of your videos about about down payment assistance programs
the main reason is I don’t talk about them a lot as they vary by location. Each state/city/county, etc…has different programs that require different things. On top of that, many of them don’t have the funds in their own programs in some cases. It’s a lot to touch on when discussing all 50 states. Sorry!
How long does the mortgage approval last? My broker told me that running your credit can ding your FICO, so I don’t want to do that too early in the process if I’ll have to do it again later
The mortgage approval, also known as pre-approval, typically lasts between 60 to 90 days. Yes, running your credit can have a small, temporary impact on your FICO score, but it's a necessary step in the homebuying process. The good news is if you have to do it again within a certain timeframe (45 days), all credit checks are counted as one to minimize the impact. Make sure to plan and consider this timeframe in your home buying process.
Jeb, have you ever heard about lender offer RATE Rebounce after buying a home and also allow to Re fi for the next 5 yrs without lender charges refi fee? just courious
Yes, I've come across such offers before, they are typically marketing strategies by some lenders to entice customers. But just as with any loan agreement, it's important to closely examine the terms and ensure there are no hidden fees or clauses. In my experience, they are making money somewhere to be able to offer a ‘free’ refinance. Nothing is ever really free. Work with professionals and don’t get caught up in the marketing gimics.
@@JebSmith thank you for good advice. i know they tried to be creative during this high interest rate to get customer. one thing i realized with all the incentives they gave me, do i need to stick with them for next 30yrs or can i switch to other lender if i m not satisfy down the road.?
I anticipate a housing market downturn due to the numerous individuals who purchased homes above the asking price, even with favorable interest rates. Despite the low rates, many are now at risk because they lack equity. If housing prices continue to decline, they may face difficulties selling or even risk foreclosure if they can no longer afford the property. This scenario is likely to impact a substantial number of people, particularly with the anticipated surge in layoffs and the rapid increase in the cost of living.
Predicting the housing market in 2024 is challenging because it remains uncertain how swiftly and to what extent the Federal Reserve can reduce cost surge and borrowing costs without negatively impacting buyer demands, including homes and automobiles.
Accurate asset allocation is crucial, and some individuals use hedging strategies or allocate part of their portfolio to defensive assets for market downturns. Expert guidance is vital for achieving this. This approach has helped me stay financially secure for over five years, yielding nearly $1 million in returns on investments.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
'Christine ann podgorny ' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.
Do you know Jennifer Beeston of Guaranreed Rate Loans?
yes
Jeb I just did like you I sold my small home and bought a bigger home in ca.
But I have to pay for 7% interest rate my question is, should I sell another home that I owned and pay off my new home
It depends on a variety of factors such as your financial situation, the market value of the other property, and its potential for income if rented out. If you can afford to keep it, I would keep it in most cases.
@@JebSmith thank u . I will just wait and refinance then. Thank u
Can I buy a multi family as a 21 year old as my first home with little to no income showing future rent from other 3 units as income? I have great credit.
It depends.....they will only use 75% of those rents so you have to be able to qualify for the remainder with your current debts
@FahmeedRokon, Hey can I borrow 10 grand from ya? I don't have a job right now to pay you back but I plan on investing that 10 grand to earn money to pay you back. I dunno bro, you tell us how does that sound? Now imagine how it will sound to the lender lol
@@JebSmith I just got back from mortgage broker’s office. I met with 4 today. I am allowed to show 100% of the future income as my income through Freddie Mac and FHA. I would have to put up 5% and 3.5% down payment respectively. All I would need is 2 years of 1099 or 1 year of W2. If I graduate from college all I need is an offer letter from a company showing a minimum of 85K job. (Wink wink you don’t need to actually have the job, you must be able to provide paystubs when requested though). They said all this is possible, and no Fannie Mae or down payment assistance for me since it’ll be a multi family.
@@ChristianC-gy1ym see my other comment.
the clickity clacks sound effects with each animation is very annoying… otherwise i really like your videos
Hi @kevinhobbs3543, I appreciate your feedback and thank you for your kind words about the videos. It's always great to hear from viewers! I understand the animation sounds may be a mild distraction for you, and I'll definitely take this into consideration for future videos. Thanks again for taking the time to share your thoughts and for being a valued viewer!
People have said the housing market will crash since the last crash. With years of experience please hear me, it will NEVER be like it was 2008-2012. [That opportunity is gone]. Pivot and learn with videos like this and others.
Hi @StarSnow1101,
I appreciate your perspective and insight into the matter! You're absolutely correct that the market has changed significantly since the previous crash, and continuous learning and adaptation are key to understanding the constant evolution of the real estate world. Thanks for the support to the channel.
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im·per·a·tive
adjective
1.
of vital importance; crucial.
"immediate action was imperative"
Similar:
vitally important
of vital importance
all-important
vital
crucial
critical
essential
of the essence
a matter of life and death
of great consequence
necessary
indispensable
exigent
pressing
urgent
required
A prequalification or preapproval letter is a document from a lender stating that the lender is tentatively willing to lend to you, up to a certain loan amount.
I Want To Moved A Home In 2024
That's great, Isaiah. Start planning early! I suggest to start researching neighborhoods you're interested in and establish a budget. It's also a good idea to get your credit score in order to have a smooth process once you're ready.
@@JebSmith How Do I Budget To Make That Much Money
Found your RUclips channel and thoroughly enjoyed your content! I'm interested in connecting and exploring potential opportunities. Would you prefer a direct message, or is it more suitable to reach out via business email?
Hi @JEARICK, I'm glad you've enjoyed my content! For business discussions, please reach out at youtube@jebsmith.net
If you dont know your budget dont buy a house. Its better to be house rich then house poor
Absolutely, knowing your budget is indeed crucial before making a house purchase. It's important to balance property investment with overall financial health. Just ensure that the property you're acquiring won't give you unnecessary financial stress in the long run.