How to Buy a House in 2024

Should you Buy Now or Wait until 2024? With the housing market picking up steam and mortgage interest rates headed lower ,many first time home buyers are wondering when is the right time to buy a house? In this video, we discuss the things you should focus on as a homebuyer preparing to 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

[REALSPXK]

If you’re breaking even each month, your budget shouldn’t be a dollar more than your current rent, regardless of what lenders and agents tell you.

[Riggsnic_co]

I think a housing crash will happen because all those people who bought homes over asking price, although it was at a low interest rate, they are over their heads. They have no equity if the housing prices continue to go down, and if for whatever reason they cannot afford the house anymore and it goes into foreclosure because even if they try to sell, they will not make any money. I think this will happen to a lot of people especially with the massive layoff predicted for the future and the cost of living rising at a high speed.

[ryanwilliams]

I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[markeisharobinson]

Thanks for the information! Is this course still up to date for 2024?

[JessNV]

Thank you so much, this is so helpful. I’m not ready to buy just yet, but I’m doing the prep work. Raised my credit 150 points, started routing part of my check to savings, but that’s as far as I’ve gotten. The Arizona market is so crazy right now I’m willing to wait, but I want to be as proactive as possible. Definitely need to speak to someone because I have questions about my particular situation. (I own a paid off condo, not in my name but a trust. And I can rent it or sell… and can I use it as income if currently living in it?) Anyway, thanks for the tips, really appreciate it.

[The_Mortgage_Angler]

Great info jeb. Im a 10 yr former underwriter and now a mortgage consultant . budget talk is so important. Weird thing is some people dont want to hear about their budget or like to go over it in the consultation. some realtors don't necessarily like it either The Realtor sometimes can bad mouth loan officers when the buyer changes there mind after a budget analysis or considerably lower there buying power. Wish there was prerequisites to entering both the realtor and loan officer side other than just a simple test. Keep up the great content

[michihunter]

Great video ! My wife and I plan to buy this year, any suggestions for us prior to choosing a lender for a VA loan? We still want to put 30k down (10%), just looking to get the lowest possible rate. Are rate buy downs appropriate in 2024? Have u seen lower rates and fees with VA loans/lenders? Thank you for your time

[Chew]

There are exactly zero SFH in my zip code under $1M. There used to be a small handful of tract homes built in the 70s and 80s under $1M, but they all got bought last month. New construction is either a townhouse or a McMansion monstrosity.

[nonexistent]

As someone who thinks about buying a home to live in, My thought process on budgeting is comparing ITI (interest, taxes, insurance) to rent since you never get either of those back. But ITI should be accounted for on a net basis given the preferential tax treatment (very challenging to write off rent). Cool think is ITI goes down over the amortization of your loan while rent goes up alongside inflation. I think this approach to analysis is really important to share with first time buyers. The principal component of the mortgage payment is more like a highly illiquid savings account.

Didnt factor in repairs/upgrades which is another discussion but also worth mentioning. Just treat it separate from this consideration for simplicity's sake. Because its a bit of a mix between depreciating upgrades/repairs and an investment in the quality and liquidity of the property.

Thanks for the video!

[Mile.HighMoto]

Step 1- be a millionaire.
Where I live the only homes selling are 600, 000$ +. Since the new year, the only homes sold are $1, 000, 000+. There’s not a middle class anymore. You either got it or you don’t. I work 60 hours a week. My fiancé works even more. We are making money don’t get me wrong, but not enough to buy a home. I’m 25, she’s 29. We want to start a family and do stuff our own without living with roommates. All we can do is be positive that everything is in a cycle including the housing market and that our time will come. Times are tough and I’m praying for everyone out there. The American dream is dying.

[Muriel-]

Considering the current trend buying a house in 2024 seems like a strategic move for building wealth.

[vnessluvzzombiez]

How does student loan debt count in your DTI if you are on the new SAVE plan? My monthly payment is $0 but my total loan debt is pretty high.

[Shotime]

How long does the mortgage approval last? My broker told me that running your credit can ding your FICO, so I don’t want to do that too early in the process if I’ll have to do it again later

[roselineliana]

Hi Mr. Jebsmith, I really like your advice for who wants to buy a house 2024. My husband would like to buy a house and sale all his apartments. I am currently pregnant and not working. But the house in new York city is expensive. It’ll be a wise decision for my husband to buy a house right now ? God knows!

[existandlive]

Hi, I haven't seen any of your videos about about down payment assistance programs

[noy]

Jeb, have you ever heard about lender offer RATE Rebounce after buying a home and also allow to Re fi for the next 5 yrs without lender charges refi fee? just courious

[FusunTumsavas-cqtp]

I anticipate a housing market downturn due to the numerous individuals who purchased homes above the asking price, even with favorable interest rates. Despite the low rates, many are now at risk because they lack equity. If housing prices continue to decline, they may face difficulties selling or even risk foreclosure if they can no longer afford the property. This scenario is likely to impact a substantial number of people, particularly with the anticipated surge in layoffs and the rapid increase in the cost of living.

[pinkorganichorse]

Do you know Jennifer Beeston of Guaranreed Rate Loans?

[quangvu]

Jeb I just did like you I sold my small home and bought a bigger home in ca.
But I have to pay for 7% interest rate my question is, should I sell another home that I owned and pay off my new home

[kevinhobbs]

the clickity clacks sound effects with each animation is very annoying… otherwise i really like your videos