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 picking up again, sellers staying put and interest rates bouncing all over the place, many first time home buyers are wondering when is the right time to buy a house? In this video, we discuss what you need to consider in the current housing market along with housing affordability to help you in deciding if you should buy a house in 2024.

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Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty

#housingmarket #firsttimehomebuyer #realestate

[Mmira]

Just want to share our experience...

We brought a house this year despite the inflated house price and interest rate. Closed on feb 9, with 6.625 interest rate (we didnt buy points), with 20% down.

We have been waiting since 2020 for the market to simmer and its getting worse and worse... inventory is getting less and less. Prices getting higher and higher.

People should always note---Real estate is local, and in my area (connecticut), houses are still selling like hotcakes.

We decided to just buy, and got lucky that we actually love our house & property. And we can see our family living there for 10 yrs or more.

Totally agree with jeb, you buy for the long haul.

[McNelisG]

I don’t see a big “crash” happening. Homeowners are not willing to accept less for their homes. Most of them locked in extremely low interest rates. My guess is homeownership with become harder to become a reality for most people as years go on. Now might be a great time to buy, you really never know.

[trumphaterforever]

Really? 😂😂😂😂😂😂 Are you really telling people that is ok to buy a house right now? Let me tell you something, I am a MLO, I make money when people buy a house and I say this is the worse time ever to buy a house, never before was this bad, stop just STOP deceiving people because most people don’t or can’t understand how bad it is.

[calebkang]

My friend had a fortune of buying his home in 2006 when the RE peaked and went through the crash in 2008. He had to wait for 12 years to recover the price point of 2006. If he delayed the purchase for just 3 years, he could've bought 2 same houses for the price of one he got. If it doesn't make sense, it's because something is off...

[.Slomaro]

I just closed on my home feb 16 2024 at 6.15%. Bought it for $20k under listing. I started home searching December-January when the interest rate peaked. It scared away a lot of competition. I was even looking at homes over $500k, at that price point competition is a lot lower than $400k which is the median.

I’ve had an opportunity to buy a house back in 2016 but I backed out cause I was afraid to have a mortgage. One of my biggest regret and I think that’s what motivated me to buying a home this time. That FOMO is a real thing and it goes both ways.

[nickimillennium]

I bought this year at 6.9% because I got a 90 days notice after 5 years in my apt in December and decided that I didn’t wanna hop to another apartment and let someone else decide if I was going to live in my home or not by not renewing my lease. An emotional decision I admit but I don’t regret it.

[jessywanders]

I've been looking for a house since 2020. Houses have only gone up and so has interest rates. I'm not afraid of buying a house. Because every now and then in my area houses do drop to about 400, 000. I'm still looking and hopeful I'll be able to snatch one up. Houses in my area have always been about 350, 000 and up. So I am grateful if I can get something for 400, 000 because most prices are $600, 000 plus.

[YGthmaKK]

Buying the house I'm currently in would cost me $1k more if I were to buy. Instead I'm investing that extra money and gaining exponentially more interest vs all the cost of owning while the house hiccups are the owners problem 🤷🏾‍♂️

[profitmix]

I’ll wait and make the perfect purchase. Don’t buy a home cause it’s a house buy something you love

[calebkang]

You can control whether you buy or wait. Now is the time to rent!! I own home for myself. My monthly mort. payment is $1700 at 2.75%. Now the same house if bought today's price and rate is gonna be $4900. If renting, it would be $3200. My house peaked 2 years ago and has been stagnant up and down since. Patience will win the day. Do not get suckered in by realtors who make a living out of pushing the sales like dave ramsey. They are done with you as soon as they pocket their commission.

[cainmendez]

lol, love how you Segway “things you can control” to “hitting the like button”😂

[peterkoncz]

Great Advice! Buying a house is not just a financial consideration. We are everyday people and not investors. If your life and location is stable, then even 2024 can be a good time to buy.

[moneyguy]

These times are actually one of the worst times to buy a house in history. Most people should wait. Renting a house for a year or two for 30% less than buying will allow someone to save more money to buy a potentially better house in the future. There is a risk in buying a house right now that is at a peak that hasn't been seen in a while. There is a risk in waiting, but in my opinion, the risk of waiting is far less than the risk of buying. For years the market has been going up up up and you could confidently say that house prices will continue to go up so buy it now and you have an immediate appreciating asset. No one knows where housing will turn in the next year, 2 years, even 3 years. You should only buy if you absolutely have to. If you do buy, expect to be in that house for the next 10 years. housing is expensive and unaffordable to the majority of Americans and that's not just because of the interest rates. Even if interest rates go down to 5%, most people can not afford to buy a house at that price. They will qualify, but affordability will only go up slightly. One of the main reasons prices are still high and there is no "crash" is because supply is down. If you tell me the main reason my home I'm about to buy is at this price is because there are not that many right now, I would not be confident that it will be going up in value in the near future.

[danielrowles]

Such a great video. We have waited 2+ years saving up money and we kept having our rent increase and cost of living increase. We said no matter the market we are buying so long as we can afford the payment and in the area we want. Closed in April, We went 3.5% down FHA at 7.125% rate. I don't like the payment and rate but I am comfortable with it and we understand this is our long term home (at least 5 years but probably longer). If a crash happens and we end up under water on the home, well we wont move for awhile like the plan is and wait it out, if interest rates go up or hold steady- then we are fine, if interest rates drop (which I think will happen too) then inevitably home prices will go up due to more buyers in the market with not enough supply (depending on the kind of home you want)- and refinance.

[matthewphillips]

Buying a home makes no sense right now. Rents are way cheaper almost everywhere. And the whole "fixed costs" mean nothing if the costs are fixed at rent rates 10 years from now.

[KARMAticSAGE]

Agree with Logan’s concept: if you have to ask, you should not.

If you’re ready, then you should.

[ounkavy]

Why in most vids I see not yours specifically but in general, someone is doing a break down on how much you need to make to afford a 500k house and they’re alway using FHA 3.5% Conventional 3% or 5% but never Conventional 20%? It is cause most Americans can’t afford a 20% down?

[SarahKaufman]

Thumbs up on the video, thank you for keeping us informed. In my area, everybody’s getting Home insurance cancellation notices. They are canceling home insurance for everyone one by one. This is another thing to consider. In case of another big fire, people will be by their own. Everything burns, and there is only the land left and then some investors buys the land and we know the rest….

[davidnoticiero]

I've commented before on our buying experience so I'll save the backstory, but we tried to "wait out" what we thought were overinflated home prices in 2018 only to watch them skyrocket over the next 3 years before we bought. At the time we had zero debt, and money in the bank and a screaming good deal on rent, so we decided to continue renting and building up our savings, but our decision resulted in us paying about 30% more than if we had bought when we first started looking. I also wanted to comment about the credit score, like I stated earlier, we had ZERO debt and my credit score dropped down about 50 points within a few months of being debt free. Now with a mortgage and some credit card debt (less than 5% of available credit lines), my credit score is higher than it's ever been well past 800. Go figure.

[dallaswashington]

This video is the video I needed ❤
He spoke without bias.