You will REGRET Buying A House in 2024

Buying Right Now could be the worst decision of your life. Buying a house isn't about trying to do everything right but more trying not to do anything wrong. In this video, we discuss why 93% of american regret buying a home and how you can avoid it.

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

#housingmarket #firsttimehomebuyer #realestate

[marilynchamber-it]

Back in the days, when I purchased my first home to live in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[michaelschiemer]

In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

[ArchieJohnsonh]

In August 2022, I paid 685k with a 4.375 interest rate for my second property in San Diego. The property is currently worth $895k. I've already increased my ownership by over 30% in less than two years. There's no need for me to sell because I'm making over 90k in rental income from my two ADU studios, which pays my mortgage each month. In addition, my rate is ridiculously low, which I view as a benefit.

[SCOTTDisick-ycx]

I’m 35 and I have about $250k liquid in savings which I plan to put towards becoming a homeowner but based on the current high prices on real estate, do you suggest I hold from buying or do stocks for now?

[DementedView]

I bought a house 2023 and don't regret it but its because my wife and I took our time and really searched the market. We also didn't settle with any house and made sure it was within our financial means along with hitting our desired needs. And we were willing to back out after inspection when things weren't looking right.

But to be honest I think we also got lucky, our home warranty ended up covering a replacement for a furnace and ac which helped a lot. And I should also stress that regardless I made sure that after closing costs I still had a decent amount in savings in-case something came up.

[atech]

pressured to offer is the dumbest one, the agent is your employee, u tell them what to do not other way around

[alucard]

Thanks for the refresher and easing my mind that it’s okay to rent and continue to save. I have less then a year to move and was getting flustered about trying to find a house near where I work since houses in Utah are overpriced by a good 30-40%.

[daveblackman]

In a good or bad market, you should only buy the house that fits your needs and is affordable to where your entire monthly pay isn’t going to a house. So many people make that mistake.

[BREEZYM]

I bought a townhome in September of 2023. It's been a good decision thus far.

[scoobieamg]

We bought our house Feb 2024. I dont see things changing anytime soon and we wanted to get in the game. Our rate is 6.25%. I LOVE my house.

People forget that once you have money to buy you need to be selected by the seller. Thats also the hard part.

[parthpatel]

Thanks for this video, I’m a 28 year old who has saved nearly everything since I graduated college and it’s sometimes tough to see everyone around you buying helps me understand how to plan.

[dpdistribution]

We brought in 2023 and now our home is 200k more. Even so, we have had a plethora of phantom cost!

[ryanrusco]

Closing on a duplex in San Diego in two weeks, first time home for my fiancé and I. - our reasons were that with a duplex it cuts out mortgage to about what renting a 2br is in San Diego, with the other half str or ltr.

Somewhere to live in a city we love + cashflow as an investment.

I couldn’t imagine just buying a SFH rn.

[stepheniecovey]

What kind of homes rent for US$3032/ mo in Beverly Hills? Also, how do high-income earners like a lawyer and a USC professor get subsidized housing? I want to know because I want to get subsidized housing too in Beverly Hills.

[bigg]

I'm sorry Jeb, but this story of this woman getting her rent subsidized so she can live in Beverly Hills is absolutely nauseating. And to top it off, she's saving 7000 dollars a month! This is simply outrageous when you have people who can't make ends meet. This woman doesn't count except as an example of the inherent unffairness in progressive policies. I would love to live in Beverly Hills but I can't afford it and I don't qualify for rent subsidies. This story is sickening.

[davidnoticiero]

Great candid content. We bought at the height of the pandemic craziness and your advice about buying a home that fit our needs is so important. We had lost out on no less than a dozen offers and we began looking at houses that were too small or didn't have what we wanted simply because we didn't want to go above our price range, our realtor sat us down during a showing of a house that frankly was the absolute bare minimum of everything we wanted and she asked us, if we loved the house, and we said it was okay, (we were up against it we had 60 days to find a place to live because our rental was being sold, and we had been saving for years and were in a position to buy), our realtor said, if we didn't love it, don't buy it, better to rent an apartment or live with a relative for a few weeks or even months until we find the right house than be stuck with a house we quickly outgrow or aren't fully pleased with. Keep up the great work

[coolc]

Well im still renting and i can buy a house decided to stay on the sidelines and continue to rent people try to shame renters but according to the numbers of people regret their house and property taxes and homes owners insurance went up i think i will wait this out

[AJfromLA]

I’m a first time home buyer and purchased a brand new dream home in LA last year, when everyone said I was crazy cuz the interest rates are so high, and were still going up when we were in escrow! Because I did everything right having watched so many YouTube videos I have no regrets. Because the market was so bad I ended up being the only offer on the house, so I was able to get my move-in- ready under asking (compared to the year prior when the market was super competitive with multiple offers on new homes paying upwards of 50k+ over asking)! Paid the 15% to avoid the PMI, Bought down a point to reduce my interest rate, and made sure I still had 6 months salary savings which I needed to pay for furnishings and unexpected maintenance. I bought in the area I was renting so I knew the area, it’s close to family. I also budgeted so even if my mortgage is more than I would have rented, I still am saving every month. I’m looking forward to future reductions on the interest rates to refinance, but I don’t need it to survive, so when it does I will be saving so much more!

[ftrdrvr]

Great advice, plenty of people bought a home and settled and regret it even when rates were low.

[franciscomcmxc]

The issue with housing is that it's not a luxury; it's a fundamental human need. If you can't afford an iPhone, there are cheaper alternatives available. However, if you can't afford a home, you're left with renting or living with others, which delays important life milestones like starting a family. I've experienced this firsthand. I graduated last year as a civil engineer, earning about $80K with an 800 credit score and some savings. My fiancée earns around $50K as a waitress while pursuing her nursing degree. Over the past three years, monthly home payments in South Florida have more than doubled, alongside rising living costs. This makes it impossible for us to afford our own home, so I'm still living with my parents, saving up for a home that I hope to afford one day. I can't imagine the challenges faced by other young couples with lower incomes and children right now