Buy Now or Wait? Should You Buy A House in 2024?
HTML-код
- Опубликовано: 1 июн 2024
- Should you Buy Now or Wait until for a Housing Market Collapse? With the housing market starting to pick back up with interest rates moving off the highest level in 23 years, many first time home buyers are wondering when is the right time to buy a house? In this video, we discuss the current housing market along with housing affordability to help you in deciding if you should buy a house in 2024.
How to Buy a House in 2024 ⏩Watch this NEXT ⏩ • How to Buy a House in ...
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/sign-up-for-m...
🎙- The Educated Home Buyer Podcast - @TheEducatedHomebuyer
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
![DRAGON BALL: Sparking! ZERO - Fused Warriors Trailer [BUDOKAI TENKAICHI Series]](http://i.ytimg.com/vi/84p4Lvyfyes/mqdefault.jpg)
⏩ How to Buy a House in 2024 - ruclips.net/video/pPzK5gzlOg8/видео.html
🏠 - First Time Home Buyer Course - www.becominghomewise.com
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral
As a fellow second time homebuyer, I can honestly say that as long as the house was right and the payment was what I could comfortably afford, I was good. I closed on my home yesterday and glad I didn’t wait. I found the right house for the right price in the right location and couldn’t be happier with my decision.
Jeb is spot on in that no one can tell you when the right time to buy is unless you’re investing for passive rental income or flipping.
The thought of buying a house gives me crippling anxiety
Thank you for sharing your experience and much needed wisdom. Same scenario here, waited 5 yrs to buy a friends house that’s right for my family. Unfortunately mortgage rates are higher and not too happy about that. Will refi when the time is right. Great video!
Great Job Thanks for the Honesty!!!!
Congrats on the new home Jeb!
Thank you!!
Second video I watch and I’m subscribing. I like the information and the honesty you present. I’m so tired of all these crash bros with their click bait video.
Thank you. I really appreciate the support.
Good speech 💞
Wow great talk
I appreciate your kind words, @gsanjeevkumar! It's fantastic to know that you found the information valuable. Be sure to stay tuned for more informative content.
Straight facts!!! It's impossible to time the market - one should ONLY consider buying (or selling), when it's the right time for their lives! Thanks for sharing, Jeb.
I appreciate your feedback, @dariuscincys! I couldn't agree more. The most suitable time to buy or sell a home is indeed when it aligns best with one's personal life circumstances, not just market trends. I'm glad you found the information I shared valuable, thanks for your support!
Purchasing in 5 months using your guide, thanks so much for the videos!
I think real estate and other financial quantity investors should exercise caution with their exposure and when considering new investments, particularly during periods of inflation. It is safe to seek guidance from a professional advisor in order to achieve potential high yields.
This is true. However, it gets quite difficult to handle all of this, and staying informed is a major cause. How do you go about this, are you a pro investor?
I’m not a pro investor, but I have been guided by one. I’ve watched the Real Estate and Stock market blossom over the years and I have been a huge benefactor.
I have been in touch with a Financial advisor. With a startup of $ 100 k, my advisor chooses the entry command of my portfolio which has grown to approximately $ 450 k in some weeks.
An experience like this is sure to shed light on why experienced traders are able to generate substantial returns even in lesser-known markets.
I’m intrigued by your progress. Could you share some insights into your trading strategy or perhaps recommend any specific resources or mentors that have led to your success?
No one thinks the market will crash. If the average mortgage is around 4,500$ a month it only takes one disaster in your family or job loss and you will lose your home. Once the layoffs start, and the economy crashes the housing market will follow a year later.
Nobody knows the future, but if you don't have savings, the ability to keep saving money after buying a home, or a stable career/job skillset then you shouldn't be buying a house period. It's not about where prices are or where they are headed but whether or not you can afford to buy, keep and maintain your home.
you just contradicted your statement, by saying no one thinks it will crash and then saying crash will follow year later?
Wrong!! If you don't think people are predicting a market crash, you are not paying attention! RUclips is loaded with videos with warnings of just that. The dollar is losing its purchasing power. We are headed for a gold backed currency. Gold and silver are sound investments.
A number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. As I'm aiming to create a portfolio worth no less than $850,000 before I turn 60, I would appreciate any advice on potential investments.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $130k in a little over a year, my adviser chooses entry and exit orders.
Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
My advisor is Graciela Lynne Schriewer
She's a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
When slow economies come, large business buy smaller companies and wages get cut cut in half or layoff, people are not prepared for wages to be cut or layoffs
People ask this question because they want to hear different opinions. It doesn’t mean that you or whoever they asked are making decisions for them.
Hi @chloejin5343, you make a great point!
People often seek a plethora of views to thoroughly understand all the angles of a situation. This is especially true in real estate, where the decisions are multifaceted and have long-lasting effects. It is always my goal to equip each individual with the knowledge they need to make an informed decision. I appreciate your thoughtful comment and for tuning into the video. Your participation is what makes this community thrive.
It is a Personal decision but definitely do your own Due Diligence and make your own inform rational logical decision.
Absolutely, @lavoisier2815! Buying a home is indeed a personal decision that requires careful consideration and due diligence. Making informed and rational decisions is key to getting the home that satisfies your needs and fits your budget. Thanks for watching and sharing your thoughts. Your perspective adds value to our community!
yup, be careful not to pull the trigger on buying a house when you can't actually afford it, meaning almost all your income is going to paying off the house. Then you are stuck in that lifestyle for the future, ESPECIALLY since you won't have equity to refinance if the interest rate ever goes down. It's a hopeless situation. And unfortunately, it's a hopeless situation for home buyers in the orange county.
was in same situation as you and closed on our forever home. will take a seat back and enjoy the ride while everyone scrambles when rates drop
That's a great position to be in, @royjohnson9043. It's always best when you can sit back and watch the market fluctuations without the direct impact on your own situation. Enjoy your forever home!
The only crash in real estate has been in commercial office space. Home offices have only increased demand for space in residential housing.
Interesting advice. The details that make this good or bad advice is…
*his net worth
*the actual monthly/yearly $ increase at it cost him to make the move.
All of that info isn’t given.
Andddd… the advice leans in the direction of a brokers interest (which is “buy a new house” please bc the stagnation is killing us)
But it is a personal decision but the personal details aren’t given (just the ones that got them to buy)
Do you see demand increasing, staying similar to last year, or declining this year?
❤ great advice! I'm buying now, because inflation is eating my down-payment and prices are down 30% in the area I'm looking at in an upcoming part of town. With a great and secure job I'm able to purchase the house and remain renting while I pay it down and fix it up. It's about security for me. I want a home I can retire in and not worry. I'm 35. I've got 15- 30 years of work left in me. Better now than never I suppose
It seems like you've really thought this through! It's a smart move to invest in an upcoming neighborhood, especially when prices are down. And having a home to retire in brings a lot of peace of mind. All the best with your purchase and your future renovations!
Well, my lease is up on my townhome in July. I’m so stuck between trying to apply now because the loan I want (USDA) is somewhat lengthy considering what I heard about it also wanted to look into DPA. Should I start now considering their rates are low anyway? Or be greedy and wait to see how the interest rates are going to look🤔.
I would recommend starting the process now. Applying for a USDA loan can be lengthy, and you can never start the process too soon. Also, depending on the DPA program, there can often be a waiting list, so getting your application in sooner would be beneficial.
@@JebSmith Great, thanks for the advice!
Great topic today Jeb I myself going through the same issue I am stuck with a 3% rate on my house my kids are out of the house and I really like this house but keep going back and forth because of interest rate
Definitely not an easy scenario but at least you have options, many don't in this market. You're already a step ahead.
I made choices years ago that greatly helped me. In 1990s bought cheapest house i could find that was livable, for $45k, sold it in 1999 for 100k, then bought new tripple wide manufactured home and put it on 1/2 acre in a up and coming area. Area boomed, in 2021 sold it and profit let me buy a home on 1.5 acres without a mortgage for $420k. Last time i had a house payment was 1999. I would be struggling if i had to buy home now with a mortgage. I feel sorry for all the people now trying to buy a house around here in Wa State. Minimum you are going to pay 400-500k, rent on apt is 1300 1 bed, 1500 2bed min.
Area I bought latest house on the 1.5 acres is rare in this area to have land, so already went up 50k. I did not make a lot working, only a couple dollars over min wage, so helped me by buying early. Just my property taxes are around $450 month, is crazy. My thought, stay here, when I retire, possibly move to cheaper state and buy home and bank rest, I am only 5 years away from 62.
Jeb, with all due respect, buying a home does not "fix your housing cost" You will only have a fixed principal+interest. Let's not forget about rising property taxes every single year on top of possible escrow shortages every year after escrow analysis.
All that is true, but using my parents as an example, they bought a little house in LA during the 80's, insurance, taxes (though capped by Proposition 13) went up modestly you cannot fathom how much they saved by buying instead of paying current market rent for 30 years. I think when they paid off the entire housing payment was less than $575 a month, you can't rent a room ANYWHERE in LA for $575. Again, the key is you have to buy with a goal of staying for the long term, especially at these high prices. Do you think rents where you are are going to be cheaper than what the payment is 10 years from now? Do you even want to live in that area 10 years from now?
@@davidnoticiero6728 I agree with you on all accounts. Great points. I am a homeowner myself and believe with all the difficulties it is 100% worth it in long run. What I just wanted to point out is the term "fixing your housing cost" there which is not by Jeb himself but by many realtors and lenders are thrown out there while not mentioning the caveats most of the time. No offense to anyone but if we truly want to educate homebuyers we need to consider all aspects. This one is what I wish I had known before before getting a $2,600 escrow shortage bill after a year into mortgage!!
@@tadehaloian5747 ouch! I'm sorry to hear about that, but yeah, I think a better term might be fixing your "mortgage" payment but of course that's not the entire housing expense, though it is by far the largest component of it.
Heya,
I live in Perth, WA 🇦🇺.. and the housing market is absolutely f'd here. There's little to no rentals anywhere... homes that used to be $300k are now $500k..
My partner and I have a good downpayment, no debt, no car payments, no credit cards etc.
However, down south, there are bigger homes with bigger yards for $350-$450k... but the weather isn't as great as Perth, not as many job opportunities, more family and a few friends.
Even with the positives, I'm still not sure if we should buy and settle there... for some reason I'm feeling that it is the wrong decision...
What should we do 👁👄👁
Stick with buying where the jobs are. Don't give up security.
@1bluegreen2 , that the conclusion we came to. We are sticking with Perth as Albany's job market is a bit of a hole 🕳.
Its like buying a car. Do you buy when the price of the car and the rate is high? Do you have the luxury to seat back and wait for better conditions. Its strictly a decision based on your personal finance, desires and need.
To be successful in markets, traders should understand the crossover between asset classes & liquidity flow. Evelyn Infurna focuses on Multi-asset trading, a single strategy to manage risk, profit, and the code or the actual decision-making across multi-asset classes. Her skills set is top notch.
Run a quick online research with her name.
Evelyn Infurna
I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience.
The fact that i got to learn and earn from her program is everything to me. think about it, it's a win win for both ways..
will I be able to rent a single family home even if I bought it with high interest? since its a high payment, who would want to rent it
Yes, Ramon, you can definitely rent out a property regardless of the interest rate on your mortgage. The rental price would ordinarily be determined by the market demand and comparable rental rates in your area, not just your mortgage payment. However, you would need to ensure that the rental income is able to cover your mortgage payment as well as other costs linked to rental properties like insurance, property taxes, and maintenance.
@JebSmith yeah moved from orange county and bought a new construction home in victorville at 7.5 interest rate payments is like 3750, I've seen rental rates less than 3k
People expecting financing or real state expertise advise. We all know if we want to buy and is the right time based on our needs.
You're absolutely correct, @andresosa8842. Everyone's real estate needs and timing are different, it's all about aligning them with current market conditions. While a realtor can provide valuable guidance, it's ultimately the buyer who makes the decision based on their situation.
imo home prices will be crashing soon, my household income is over 160k and i see alot of people who i know cant afford it buying 👀
Wondering if you could give some advice. My wife and I (we are 28 and 31 respectively) have our house paid off. We have enough saved for an emergency fund and a good down payment on an investment property. We still have our vehicle to pay off (just 2.5 APY) but otherwise no debt. Would now be a good time to buy an investment property, or would you wait? Since mortgage rates appear to be going back down, you think real estate is about as low as it will go?
Thanks!
Given your current financial situation with a fully paid house, suitable emergency funds, a decent down payment saved, and minimal debt, it might be a good time to consider investing in a property. While mortgage rates are decreasing, it's difficult to predict the exact bottom of the real estate market. One strategy could be to explore the market for potential bargains due to the pandemic. However, also consider the rental market and vacancy rates in your chosen area, especially with the current unpredictable economy. At the end of the day, it all comes down to the numbers and whether it makes sense to you. With real estate being local, some areas may be a bit different but I believe there’s a better chance of housing increasing than decreasing in most markets. Just my thoughts.
Thanks so much for the advice, and for your content!
Have you list your house yet? Thank you
Yep, already sold.
Wow! That fast. You didn’t give your subscriber a chance to check it out. 😢 @@JebSmith
You told me you live in HB. A couple weeks ago, you had a mini tsunami. Are you worried living in HB that one day you might have a big one? Thanks
its stupid to get one now. they sale junk to high right now over price , its crazy to get 0ne right now.
I bought a townhome in September of 2023. Relationship stability? Who needs that? I'm stable being single. 😂
Thanks Jeb. I was in the scenario in 2020-21 if I should buy or not since my area was out of reach due to high prices. I ended up moving about 2 hrs from my hometown and I think it was the best decision ever. There are more expenses as a homeowner but I would not change that at all. Since moving from my old place, rent has gone up an additional $500 a month due to a bunch of work that was done such as roofing, painting, upgrades etc and I would have been paying that same amount for rent as I am doing now and would have been getting more rent raises due to owner hiring a corp. management company. Locked in at 3% and not going anywhere.... suck for those that listened to those crash bros.. I have a few in my family who have been waiting for a crash since the 90's.
Thanks for sharing your story, @bernitup6492. It's great to hear that you made a decision that works for you, despite the challenges you had to face. You've definitely highlighted some important factors that others can consider - namely the hidden costs of renting versus the stability offered by homeownership. Congrats on locking in at that 3% rate! Everybody's situation is unique, and it's crucial to make informed decisions that best benefit one's current scenario and future goals. Keep enjoying your new home!
I love how you started it bluntly. I think we’re all trying to figure out what’s happening and everyone obviously wants to buy at the bottom.
Hi @Dr.Weed8,
Thanks for the positive feedback and for watching the video. Yes, you're absolutely right, knowing when to make the best investment can be a bit of a puzzle, especially in real estate. It's always important to do research and stay informed to be able to catch that 'bottom'. Let's remain hopeful and patient! All the best.
so 2008, 2012, 2018 all those years were a perfect scenarios....2.99% for 7% ? unless you pay off in full, then its a not a wise trade in my opinion, of course if you can afford it, then thats a different story.
Yes I should have bought a house in 2008 instead of being born
😂
Indeed it’s a personal decision. Found a a couple of properties no HOA (thankgod) that suite my lifestyle. Price is bit on higher end but every month I’m putting another 1k to a downpayment for one of these potentials. Excellent credit score with no debt. Just seeing if rate will go down….or from what’s coming down the vine. May actually increase. If all else fails renting for another year or two will be on table.
Feel free to shop around and take your time-especially if you're in a position where you're able to continue saving for a larger down payment. However, keep a close eye on the market trends. With your excellent credit score and no debt, you're poised to lock in a good rate. But predicting interest rates is always a bit uncertain, particularly in today's economic climate with potential inflation due to pandemic recovery efforts. Reach out to a mortgage professional who can guide you based on your financial situation and the current market trends.
Canada 🇨🇦 house 🏠 room very small 😢😢😢😢
Just have to make sure you can afford your dream house first 😅
Absolutely, financial feasibility is paramount when it comes to purchasing a house, not only the initial costs but also ongoing expenses. I always recommend being pre-approved for a mortgage as a first step to determining what you can comfortably afford.
I am sure 90% can’t say yes to all those questions !
I understand your concerns, Sunil. However, part of a realtor's job is to guide buyers and sellers through this complex process. The more informed you are, the closer you get to making safe and sound decisions in property transactions.
The amount of Crash Bros that screwed people over.
💯
2025
Mistake, buying anything for any amount in California. The whole state is quickly descending down, into Hell. Taxes thru the roof. Rights for criminals. Lack of punishment for criminals. Lack of prosecutions and arrests. Horrid government. Costs of insurance and gas and whatever else thru the roof. Jobs being taxed too hard, laying everyone off and/or moving out of state. So ridiculous. Good luck is about the best I can say to you.
But we have the best weather, you couldn’t pay me enough to leave San Diego 😊
Rent now, buy later 😂
That’s definitely an option
But then you lose all that money renting
6:02 lost me right there . Your video is professional and you seem great but you’re a real estate agent . I don’t want advice on the housing market from a real estate agent . Your career depends on you keeping a poker face while this housing market is a mushroom cloud explosion in the near background
The term good/bad credit is so horrible. why do ppl think having a so called good credit score is a good thing. all tht means is tht ur good at barrowing money and being in debt. Dont understand why ppl dont listen to Dave Ramsey. ppl just love being in debt. Im not a heavily religious but as the Bible says in Proverbs 22:7 "The borrower is slave ro the lender.
Prices can't increase forever, salary is not keeping up with inflation, at some point it will all crash, 2023 was the slowest buying year, 2024 will be even worse (even if they cut down rates, i don't think there will be much difference in ppl buying houses) we see lot of price cuts everywhere, stagnation is growing.
Hi @ia6980, you bring some very thoughtful points to the table, and you are right, the market does have its ups and downs. Different factors such as inflation, interest rates, salaries, and other economic variables make the real estate landscape dynamic. However, every hurdle can be seen as an opportunity to strategize and adapt. Regardless of the conditions, there are always ways to navigate the market. History shows us that even in the challenging times, homeownership continues to be a key component of wealth-building. Having professionals guide through these changes can help manage these fluctuations and make valuable decisions. Thanks so much for watching the video and sharing your insights.
This video is an oxymoron. It's presented as real-estate advice and brings up alot of things that you should be concerned with (market peak, fixed vs. adjustable rate, rate change and re-fi) when making an investment decision, but basically says that sometimes you make purchase decisions for non-financial reasons.
The advise you provided needed completely different framing, and the people who would benefit from your advice are so financially secure that they can afford to make poor financial decisions for personal reasons, so no need to seek out financial advice on youtube to begin with.
Hi @jfezz1726, thank you for your thoughtful comments. The nature of real estate investment indeed incorporates a myriad of factors, including those you've mentioned. Our intention was to emphasize that each individual's decisions may be influenced by elements that extend beyond purely financial considerations. We appreciate your perspective on the framing of the content and will take it into account for future videos. Whether financially secure or not, we believe that all kinds of potential buyers can benefit from diverse advice. We're here to offer insights and aid in any way we can. Thanks again for tuning in and sharing your views, your feedback makes us better!
Selling a home right now is good. Buying a home right now is bad. Look at when Trump was in office 2.5 to 3.2 vs. 7% today. Regardless of your personal life, it's all based on the market. If you have a crap administration, you're going to get a bad deal, little guy. Yes, that's right, the middle class. I could not disagree more with this video. If your a regular buyer and you're a guy making a video about the market and ignoring the market at the same time, that is bad. For everyone watching, its selling is good right now, and buying is bad. Sell your home now, and I can guarantee you that when Trump comes back in, the rates will drop right back close to where they were. It is such a joke to ignore past and current market. Government and leadership are connected to every part of the economy. TRUMP 2024!!! FJB AND THE LEFT!!!