Buy Now or Wait? Should You Buy A House in 2024?
Buy Now or Wait? Should You Buy A House in 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…
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⏩ How to Buy a House in 2024 – https://youtu.be/pPzK5gzlOg8
🏠 – First Time Home Buyer Course – http://www.becominghomewise.com
✅ – Get a Referral to a Mortgage Lender or Realtor – http://www.jebsmith.net/referral
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)
The thought of buying a house gives me crippling anxiety
Wow great talk
❤ 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
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
Canada 🇨🇦 house 🏠 room very small 😢😢😢😢
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.
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.
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.
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.
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!!!
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.
Congrats on the new home Jeb!
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!
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.
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.
I bought a townhome in September of 2023. Relationship stability? Who needs that? I'm stable being single. 😂
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.
its stupid to get one now. they sale junk to high right now over price , its crazy to get 0ne right now.
I am sure 90% can’t say yes to all those questions !
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 👁👄👁
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
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.
Just have to make sure you can afford your dream house first 😅
Good speech 💞
A useless video. I learned absolutely nothing besides what you’re looking for in your own house with your family.
This guy is a moron
Do you see demand increasing, staying similar to last year, or declining this year?
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 $850,000 before I turn 60, I would appreciate any advice on potential investments.
Great Job Thanks for the Honesty!!!!
I think real estate and other financial quantity investors should exercise caution with their exposure and when considering new investments, particularly during periods of inflation. It is safe to seek guidance from a professional advisor in order to achieve potential high yields.
No one thinks the market will crash. If the average mortgage is around 4,500$ 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.
Man the American dream is no longer obtainable crazy the average American needs a duel income to have purchasing power …
house poor is real and that means you are 1 fup away from being homeless on the street
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.
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.
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.
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!
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.
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.
2025
It is a Personal decision but definitely do your own Due Diligence and make your own inform rational logical decision.
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🤔.
We tried "timing the market" because we believed prices were too high back in 2018, we thought prices would come down in Sacramento but they only accelerated and during COVID they exploded. It's important to note that we had gotten out of debt (Thanks Dave Ramsey) were prequalified, and had both down payment and savings at the ready with long term steady work histories so when our landlord decided to sell the home we were living in in 2021 (at the height of the housing frenzy), we were ready to buy and actually submitted our first offer within 36 hours of being served our papers to vacate the rental. It was about 4 years of hard work paying off debts and building savings to get to that point, but I think the error a lot of people make and that you and Josh point out so well is you have to prepare ahead of time to buy.
When I see the some of the comments from some folks on the topic of housing I get the sense that they aren't prepared and are waiting for prices to "crash" because they hope they can pick up a bargain and supply will be plentiful. It's like living in your parents basement and waiting to get an education, land a steady job, dress well, and practice good personal hygiene until AFTER you meet the girl or guy of your dreams, Sorry life doesn't work that way, hope is not a strategy but being prepared is.
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.
The only crash in real estate has been in commercial office space. Home offices have only increased demand for space in residential housing.