You'll REGRET Waiting For Lower Mortgage Rates

Right now is the BEST time to buy a house! Waiting for lower mortgage rates likely means paying a higher house price in the future. In this video, I discuss why you'll regret waiting for lower mortgage rates.

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Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Real Broker

#housingmarket #firsttimehomebuyer #realestate

[TinaMyles]

It's time to acknowledge that a return to 3% mortgage rates may be unrealistic. If homeowners are forced to sell, we will likely see a drop in home prices, leading to lower property valuations. I know I'm not the only one who shares this outlook.

[MagarethWoods]

Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.

[lorenzorocco]

Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments...

[marcelrodriguez]

Its not about regreting dude we simply cannot afford to buy a house with these prices and rates because the bank simply wont approve it with the average income 😂

[yolarock]

We just purchased our 1st home in the US a few months ago with a 6.6% interest rate. We didn't think it was that bad as we used to have a 10% rate in Mexico 😂 We are just hoping to refinance in the future in case the rates come down 😢

[stefanforest]

Buying now or later? One of the biggest factors is location. In some cities, prices have come down a lot, but the supply of available homes is still very high in terms of historical numbers.
In other cities, builders are inactive, and prices may go up soon.

Let's take Austin as an example: Rents fall like a stone here. Great 2-bedroom apartments are available for under $1500, and they are falling by 10% per year.
The city has a massive oversupply of options for rent. There are thousands of options to choose from.
Buying a slightly larger home?
--> You would pay $800 to $1500 on property tax alone!
With all costs, owning a home is at least 3 times more expensive than renting.

In each city, this math looks different.

[ronaldpearson]

Basically your screwed either way. High rates or High prices. But to voluntarily enter into both is crazy.

[alkarim]

As Washington Dc region resident, Everyone knows how it’s the rent market nowadays instead of buying a home ! All signals are here for massive layoffs on the way to then blast home foreclosures … invest on yourself for a profitable side hassle to have a big percentage on your dream home down payment.

[TienMeyer]

We bought our house on the last day of December 2023 for $305k with $5k credit from seller, interest rate at 6.9% (a little high but waiting for refinance). Now the houses with same sq ft on sale for ~$400k in same neighborhood...

[davidnoticiero]

Jeb’s message hasn’t changed, buy when you can afford it instead of holding off and waiting in hopes of buying at the bottom of the market.

Unfortunately the bottom was almost 15 years ago and pre-pandemic prices are a thing of the past, the population has only grown and the supply of housing hasn’t kept up over time. Housing prices may not go up every year and in some markets might fall a but, a large scale crash in prices just isn’t happening short some full on economic calamity.

[nrbaknrbak]

👎 Ultimately, the decision to buy a house with interest rates at 6.84% depends on your individual circumstances and priorities. It's crucial to weigh the pros and cons, consider your financial situation 👍

[FarCry]

As a loan officer I totally agree with you. I have had some clients agree with you and have started to buy, with the intent to refinance when rates get better. Get what you want now and refi later, otherwise there will be too many buyers out there. Prices will increase again, and people will complain about it, they do think we are doing it for our own good.

[maitruong]

Yes. This is truely about real estate education. As a broker, I've been telling people the same, trying to educate them when it comes to buying a home. They just keep thinking about interest rate too high and waiting for housing drops. They stuck on that and not making a move when they in need of home for family.

[MICAHtheKILLER_]

So my situation is crappy. My landlords are selling their house and think it is worth way more than what I got the CMA on it. Needless to say I decided to expand out and look at other homes. We found a newly constructed home for $298, 100. But they are doing a rate buy down because I’m getting the $25, 000 incentive from the builder making our payment for the first year $1, 600.

Can anyone help me? Should I just pull out and get an apartment?

[plixie]

My house, across from a state prison. Went from 345k to 528k Tax Appraisal.
We know that homes sell above taxed appraisal. In fact, they are still building my model house in my subdivision and are selling it for 560k+ on the low end.

If we had waited we would of missed our forever home, couldn't afford it now and not even close. Like 2k more a month at these rates and higher prices.

[powerfuld]

God bless you for this nice video
I really appreciate you for your sincerity. You are highly knowledgeable in this field. Thanks 🙏 ❤

[KeithWagner]

You talk as if you have never made an amortization table at rates this high 🤦. Buying a home is absolutely NOT worth it right now. At these rates you would never make any money off of the home if you were to sell in any of the 30 years of the loan term. You actually lose a significant amount of money and end up paying over double the initial cost of the house over 30 years. The house won't even appreciate to over the amount you paid even assuming a 3% growth.
Yea, you could refinance, but you suspiciously didn't even mention LTV requirements. So even if rates went down in the next 5 years, these buyers probably would not even be able to take advantage of it!


You are absolutely pushing a irresponsible purchase on people and you know it.

[mzelaya]

Austin Texas CLOSED IN NOVEMBER 2024 4.75 30 year fixed, 25% down HOME PRICE 565K (Mortage principal taxes and insurance $2900 mo) =]

[joeconstan]

Appreciate the video, but I would expect an agent to advertise in a down market. No regrets on taking a risk to see what happens in next few years.

[powerfuld]

God bless you
You are highly knowledgeable and i appreciate your sincerity.