The Risk Of Waiting | Should You Buy Now?

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Should You Buy Now Or Wait for The Housing Market To Improve? What are the risks of buying a house in 2024? What is the risk of not buying a house in 2024? In this episode, we discuss why right now might be the best time to buy a house in the 2024 housing market.
⏩ Do NOT Buy A House In 2024- • Do NOT Buy A House
✅ - Need to get connected a real estate or mortgage expert local to your market? Please reach out at www.theeducated...
📩 - info@theeducatedhomebuyer.com
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Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty
➡I N S T A G R A M ➳ / jebsmith
➡Y O U T U B E ➳ / jebsmith
Connect with me 👇
Josh Lewis (Huntington Beach Certified Mortgage Expert)
NMLS ID: 234220 | CA DRE: 01209148
United American Mortgage | NMLS ID: 1942
➡I N S T A G R A M ➳ / borrowsmartjosh
➡Y O U T U B E ➳ / buywiseborrowsmart
🙏 If you found any value today, please be sure to like, share rate and review us - Follow us on social media - Thanks for listening.

Опубликовано:

14 окт 2024

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Комментарии : 51

@TheEducatedHomebuyer 7 месяцев назад

⏩ Do NOT Buy A House In 2024- ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-5x_Dmmir5ac.html ✅ - Need to get connected a real estate or mortgage expert local to your market? Please reach out at www.theeducatedhomebuyer.com/expert

@Zeus-mu1oo 7 месяцев назад

IF YOU DON'T HAVE THE MONEY, DON'T BUY... DON'T BE HOUSE POOR

@TheEducatedHomebuyer 7 месяцев назад

1000% correct. We had a lady on the live show last week considering buying a home but when we asked a few questions, it was clear she wasn't ready. Always work on your income and finances so you are in a position to become a homeowner but never get pressured into making the decision when it's not right for you. Thanks for watching.

@buildingbuildercip8292 7 месяцев назад

If you are in the top 20% or less…you should be able to find a house that you can afford and not lose any sleep at night worrying about whether or not you can afford your next payment. Everyone else should either look for something that they can easily afford. Do not spend more than 35% of what you earn. But If you can’t afford to…then you should Just take it on the chin and continue rent.

@nonexistent5030 7 месяцев назад

especially if you can rent for cheaper than a mortgage or the ITI!

@TheEducatedHomebuyer 7 месяцев назад

Rent inflation will flip that within 10 years. If rates drop and homeowners get to refinance, it looks more like 5. If you can't afford to purchase, that fact is irrelevant. If you can afford and choose to rent, aggressive saving needs to be a part of the equation as you won't benefit from fixing your housing cost.

@migmanzana1 7 месяцев назад

Why would anyone buy an overpriced home when is a lot cheaper to rent?. We are in a bubble .

@TheEducatedHomebuyer 7 месяцев назад

Because there's no 30 year fixed rent. And people have been screaming about a bubble since 2017 or so with no understanding of the economic dynamics that have led us to this point. Unless rates stay above 7% permanently moving forward, anyone expecting a major decrease in home prices will continue to be disappointed.

@jamesosteen09 7 месяцев назад

Whether you agree with everything they say or not at least be appreciative for the data and information these two are providing so in the end you can make the best and most informed decision for your life and situation which after all is exactly what they are preaching. Thanks guys!

@TheEducatedHomebuyer 7 месяцев назад

TY, sir....we appreciate you taking the time to watch. As far as the negative commenters, facts don't matter when you want/need a specific outcome.

@MaddieBr 7 месяцев назад

The home you live in isn't an investment. Trying to time the market based on tiny theoretical appreciation % doesn't make sense. Buy the house you can afford and meets your needs

@TheEducatedHomebuyer 7 месяцев назад

💯. Buy when it's the right time in your life and you have job and income stability, want to be in an area long terms and buy what you can afford that meets your long term needs. Home ownership is important. Too important to rush or overextend for.

@Highside713 7 месяцев назад

This is what I thought in 2008. Then the market crashed and I had to move. The bubble is worse now than in 2008. It is stupid to buy now.

@TheEducatedHomebuyer 7 месяцев назад

We're sorry you lost your home in 2008. The current market looks nothing like 2008. The good news is everyone gets to research, analyze and decide what's best for themselves and their families. Thanks for watching!

@cryptodiscgolf2243 7 месяцев назад

Tiny theoretical appreciation?? We've just experienced over 100% in a few years. This bubble will pop soon, and most people buying now will regret it. The most unaffordable in history by a long shot.

@MaddieBr 7 месяцев назад

@@cryptodiscgolf2243 I was referring to the studies they were describing between 14:30 - 17:00 marks,, that statistically more of the current year's appreciation occurs during certain months of the year. There is a difference between those months, but IMHO it is not too significant over the years I will own the house, so I wouldn't try to "market time" with buying my primary residence.

@wreckim 7 месяцев назад

I've been following you guys for a couple of years now, and Jeb himself, longer than that. You guys are awesome, and I've come to the conclusion that A LOT of folks that have been on the sidelines make 2008--2010 part of a 'cycle'....it was no cycle. I've learned that much from Jeb...that was awesomely weird, and thousands of folks benefitted from the misery of perhaps tens of thousands etc...but that's life. Buying a home is almost always a solid choice, thanks for bringing some sage advice to the masses guys.

@TheEducatedHomebuyer 7 месяцев назад

Thanks for the support! There are definitely cyclical markets in the US but the "cycle" doesn't often end in a 2008 style crash. Since that memory is still a fresh wound for so many people, it's an easy one for people to prey on. We'll be here following where the data leads and if signs start pointing down, the subject won't be ignored.

@edgarsalinas8977 7 месяцев назад

I love how jovial this guys talk about a mess up housing market…

@godsson8035 7 месяцев назад

Lol

@nonexistent5030 7 месяцев назад

Currently, I am seeing in various markets (including So Cal and Florida) that according to Zillow listings, 10-20% of current listings are listed as in preforeclosure. IDK how many of those listings have already been auctioned off or not. I would LOVE to see you do a video on that! I even looked in ya'lls area (Orange County) and discovered the same pattern. Feel like it would be a great value added service for folks who are trying to understand the housing market given the access ya'll have to that sort of information. Thanks for all you do!

@TheEducatedHomebuyer 7 месяцев назад

There is literally no data supporting that. I searched Zillow, all of Orange County, with the only filter being Pre-foreclosure. Nothing comes up under that search. If you choose the tab "By Owner & Other", there are 465 homes. In a county with just a hair under 1 million single family residences, that would equate to .048% of homes which is well below the most recent national figures showing 3.8% of homes in delinquency. With that, I have no idea how Zillow is categorizing properties to come up with that number. It's too low to be accurate but nowhere near 10-20% you're coming up with which is 3-6x the current national numbers.

@nonexistent5030 7 месяцев назад

Yes it is the By Owner and Other tab I noticed the spike in. I thought perhaps they were banks listing them? I'm just not sure how the process works. I see some of them have foreclosure auction dates tagged but are still listed. I'm just trying to understand the nature of the listings I'm not trying to speculate on the effects of such a situation on price action if it were true. Thought since you guys were the experts and im looking to enter the market you could help out hopefully. Help educate me possubly. Just seems really weird that so many pop up. Not really sure where they're coming from, and why some have been posted for such a long time.

@nonexistent5030 7 месяцев назад

The 10-20% number I calculated was based off current listings only, not the total number of houses. Obviously since inventory is so squeezed that drives up the size of any delinquent listings as a percentage of for sale inventory since the denominator is so small.

@nonexistent5030 7 месяцев назад

I think what I should have said is 10-20% of active listings, not inventory.

@TheEducatedHomebuyer 7 месяцев назад

If it is a "spike", it's on Zillow's side in terms of what data they are adding on that tab. Multiple industry sources track delinquencies and there has been no spike. A slight uptick but still well below pre-pandemic norms. It's odd that they would dump that data there without being clear where they are getting the data and what it means.

@joelballard4955 7 месяцев назад

Should you buy now.. yes. If you can get 30-40% under the current listing price. If you can’t? Then no. Only realtors and mortgage people want you to buy. All the smart money and financial planners say hoard cash, stop spending and save for 9-24 months. I think most buyers agents are idiots and it’s a massive conflict of interest for the buyers agent to get paid from the seller. The buyers agent should get paid from the buyer, and the sellers agent should get paid from the seller, and those transactions should never ever be on the same sheet.

@TheEducatedHomebuyer 7 месяцев назад

2 very different issues. 1. No one is selling under market when home prices are likely to appreciate 3-7% this year so that's not really a strategy. 2. The change won't be instantaneous but it's trending in the direction you want to see it. Everyone should look beyond the obvious and realize there will be pros and cons to the change. It will be interesting to see how it shakes out over the coming years and what the new regime ultimately looks like for buyers and sellers.

@joelballard4955 7 месяцев назад

@@TheEducatedHomebuyer exactly. It’s a massive conflict of interest for a buyers agent , who gets commission from the sell of the house based on the sale price. I have put on paper, that a buyers agent will get an extra 500 of cash commission for every 10000 dollars the negotiation under the current listing price. I hope the whole place burns to the ground. But will see. All of the smart money is waiting, and I’m waiting.

@TheEducatedHomebuyer 7 месяцев назад

You are aware that negotiating the price down reduces the commissions paid, right? So a $10k reduction in prices would REDUCE the gross commission (split between both agents, one representing the seller, one the buyer, with clearly opposing incentives...) by $500 on a listing with a 5% total commission.

@TheEducatedHomebuyer 7 месяцев назад

With the lawsuits, we are moving toward buyers paying for their own representation but real estate is a free market with TOO MANY agents, aka excess supply, which puts downward pressure on pricing. This is Josh. In 28 years as a lender, I've never witnessed 2 agents colluding to move the price up or down. I've seen listing agents keep far more than 50% of the total commission (which would be disclosed in the listing agreement) but never working together to the detriment of a buyer or seller. I don't think the current system is what you imagine it to be.

@joelballard4955 7 месяцев назад

@@TheEducatedHomebuyer yes. I know how all of the system works. I’ve been a realtor along with several other posters on the wall. The commission paid to the sellers broker should be negotiated and paid exclusively by the seller. And the buyers commission to their buyers broker should be paid exclusively by the buyer. Those funds should never ever cross. The current system sucks Because buyers agents are not following their fiduciary obligations in getting the buyer the best deal because it affects the commission of the buyers agent. I am 100% on board with the lawsuit here in Missouri to bankrupt the NAR and change house buying to the stated intention.

@buildingbuildercip8292 7 месяцев назад

Man… the Crash Bro’s have ruined it for these guys on the sidelines, over the past 4 or 5 years. They’ve been screaming the sky is falling for too long now. I feel bad for the people who are now priced out.

@TheEducatedHomebuyer 7 месяцев назад

Absolutely. Especially those who were too young to take advantage of the pre-pandemic prices or the ultra low interest rates.

@NeoSoulCrew 7 месяцев назад

Buy if it makes sense for you. To think guys like Jeb and Josh care if you stop being a lifelong renter is egotistical.

@TheEducatedHomebuyer 7 месяцев назад

People's perspectives can be funny. If someone is a woodworker and has a channel about making furniture, no one says they're trying to "talk people into buying furniture." Jeb and I have both been in the business for over 20 years. Our skill set is in helping people buy, sell and finance their real estate to optimize their financial futures. We would love for everyone to become a homeowner. That's not realistic for everyone or all people, at all times. In a bad year 4 million existing homes will sell in the US. In a year with high rates, about 1 million properties will be refinanced. There is plenty of business for professionals focused on helping people, even in a bad market. Everything on this channel is designed to help those 5 million or so buyers and borrowers in the market this year make the best decisions for themselves....

@Daniel____DiJ 7 месяцев назад

TLDR: I closed on a new build in Las Vegas July ’23 and had I delayed buying the exact same model with Lennar with the exact same terms today, February 27th, I would’ve paid 13.5% more for my place. I decided I was going to move to Las Vegas (from Orange County, CA) Spring '23. I was ingesting all your sensible content and listening to all the regular Crash-Bro content too, for many, many months prior.. I knew in the end I had to do what was right for me. The main thing above all else, housing predictions aside, I simply asked could I (comfortably) afford the payment and using my very own crystal ball, taking in bits of Crash-bro logic/emotion and sensible logic from Jeb and Josh, how would it look like in 12 months if I sat on the sidelines and rented for a year? The latter just seemed too risky for me. I thought why spend $24k+ in rent (Summerlin area) when I knew I wanted to live and stay in whatever place I was going to buy. I’d rather that money go to the purchase of my place… Of course, if the market crashed, would it crash by 3%? 5% 10% or more????? The crash bro’s would’ve called me insane for buying in Las Vegas last summer.. Wasn’t I aware of how that market faired back in the ’08 crash??!?!??! I’m nuts apparently.. and you know what, they may be right…eventually. But I’m enjoying my place every single damn day and sleeping peacefully at night. The fact Lennar is charging 13.5% more than what I paid

@TheEducatedHomebuyer 7 месяцев назад

Thanks for sharing your story. At the end of the day, that is exactly what everyone needs to do. Determine your goals, needs and current situation. Do your research and make the best decision for you if you are able to qualify and feel comfortable with the monthly payments. Thanks for letting us be a part of your journey. We appreciate you watching.

@edmund2j 7 месяцев назад

buy now while the housing market crash is not here yet? huh?

@TheEducatedHomebuyer 7 месяцев назад

We're going on 5+ years and 50%+ appreciation while that story is being sold....do the research. Follow the facts and data. Make the right decision for your family. Sadly many who've been waiting to "buy the dip" after "the crash" are never going to own a home. No one should buy a home due to FOMO or extend beyond their means but praying for a crash to fix affordability hasn't, and won't, work out well.

@kylerooney89 7 месяцев назад

I can sit out the housing market forever. So I'm never buying until sellers wake up from the dream of an easy paycheck. Im not going to buy a mobile for 250k near Nashville. You're delusional if you think you'll ever get that. Worse case is i look somewhere that isn't crazy.

@TheEducatedHomebuyer 7 месяцев назад

That's the beauty of the market. No one HAS TO do anything. Sellers don't dictate the prices of homes, the market does. So, if they are delusional, which some are, the market will tell them they don't understand the value of their home. But, if another buyer comes along and agrees this is a good home at a fair price and decides to buy it, then the seller was absolutely right to price their home as they did. They weren't greedy, or delusional, they just knew the market value of their home. If you are unwilling to pay that price, that's a perfectly valid choice and you have many options from renting to "buying somewhere that isn't crazy." We agree it's a tough market, and it didn't have to go this way, but it did and it is. We hope you find an answer that works for you! Thanks for watching.

@kylerooney89 7 месяцев назад

@@TheEducatedHomebuyer After you get places like BlackCock buying up all the affordable housing. You make the average person not able to start families when you suck away people's means of growing wealth. It's killing off the middle class. I can afford a house right now because of the field I'm in, but I'm not going to play the game if I have cheaper better options. So buy a house right now. You'd have to be stupid and/or desperate at a 7% interest rate. Just live at home and save and invest into BTC or use a high interest savings account. I just live out of AirBnB's for $800 a month. Then live rent free May-Nov. paying 1700/month for 30 years is ridiculous to think the average person to handle with a family.

@agentcrypto7741 7 месяцев назад

Buy now! Perfect time to buy. If you don’t get in now you’ll regret it!

@TheEducatedHomebuyer 7 месяцев назад

It's fun reading comments from people who watch 2 seconds of the video and then reply to what they imagine would have been said in the video versus the actual content...