Welcome to the channel of Jeb Smith, a seasoned Real Estate Broker Associate with over 18 years of experience in the Orange County, CA area. Subscribe for expert advice on buying and selling properties, industry insights, and personal experiences in the real estate business. Let's demystify the real estate process together!
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I had an undisclosed kitchen celling roof leak show up a month after I bought a house. The inspectors did notice what looked like moisture marks in a spot of the ceiling. but all their tools said it was dry. Well, the leak was dripping on the exact spot that did catch the inspectors attention. I decided to place a bucket up there, until I have time to repair it. In the attic I had to cross over the living room vaulted ceiling framing. Every single spot where I had to sit the bucket down, to climb the structure, already had a bucket imprint on the insulation. I was expecting to find a bucket already there. When I got to the other side of the ceiling structure there was no bucket there, but there was a bucket imprint on the insulation right were I needed to place the bucket. The inspectors even checked the attic. It turned out to be an easy fix, the corner edges on the plastic vents where leaking, so i filled them in.
Buy now people and try live forever you will see your house appreciate to $1000B end of the year 2000B! Guaranteed! Only if youtubers paid the viewers instead of making money, you won't have so many weed hahaha!
Don’t expect a crash, but do expect to price drops, which are already happening. A lot of data ignores the fact that salaries have not increased to the same degree and so there will be many priced out buyers and fewer first time home buyers. If people cant buy, you can’t sell. Home buyers are over the inflated prices set by sellers and desperate buyers. Normal people don’t offer 50-100k above ask. This is like when covid happened and people went nuts for toilet paper. New constructions are also seeing significant price cuts. But this definitely depends on location and area etc as well i agree
Definitely some merit to this but also consider larger macro events, election year, closures, less jobs, wages not increasing, sadly Biden ruined this country over the last 4 years and handled the economics very poorly forcing higher interest rates to bring things back in line
Definitely some merit to this but also consider larger macro events, election year, closures, less jobs, wages not increasing, sadly Biden ruined this country over the last 4 years and handled the economics very poorly forcing higher interest rates to bring things back in line
Love all your advice and agree with most of it. A lot of us though around the US love working on fixer uppers. I just bought my home a year and a half ago 2.2 Acres, 22 trees, perfectly manicured yard. The house is 2800 square feet, three bedrooms three bathrooms and a massive Farm style kitchen. We got the house for $178,000. We signed it with knowing inspection since he held the house for 6 months while we sold our current house. Buying this house we knew the bones were good but after that we had not much knowledge. Nothing really expensive came up except we had pipes freeze and break so we had to move to PEX quickly. Now we have remodeled all three bathrooms and the kitchen. This House in almost every other location in the US it's probably a $400,000 house. Most houses in the US are not worth the price they are. Look for the bargain and yes get an inspection by an independent inspection person. Do everything that he told you to do in this video. Don't be afraid to get a fixer upper and make it your own. Today we would probably not sell her a house for less than $350 to 400,000.
Jeb, I simply loved this video. You are 100% right. I would like to know what I need to do to be in your referral list of agents. I am in Athens, GA where I've lived for the past 25 years and believe I have a lot to offer when it comes to our local market. Thank you.
House prices had rises 50% just in the last 3 years. Huge bubble . Pop pop.
A single piece of legislation could change the entire housing market. So there is no point in listening to anyone
I’m going to buy a house from an investor for 60% off just to be a dick
Bro I think you missed the memo- people can’t afford to buy homes and they still won’t be able to afford them if interest rates drop either You guys really need to get with the program bc the amount of denial is astonishing. We thought TX FL and TN were bad Denver has the highest inventory since 2013. This isn’t a regional problem. This is a worldwide problem. No one will be immune.
If you are priced out you are priced out.
Another lying charlatan whistling by the graveyard
Are airbnbs fireproof ?
I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?
Compared to real estate you dont invest everything all at once. You pick your stocks, funds and indexes and make them recurring purchases to help average out
Our housing market in Redlands CA still has no inventory, almost no new construction and the prices are sky high, which leads to way high taxes, plus mortgage rates. A small house of 850 sq ft can be priced as high as $600k, which means we need to put down around $120-130k and still pay $4000+ monthly! This is way too much! Especially with no wage raise and inflation rates. So, yes, we are sitting and waiting for changes.
How do you get a lender credit?
I'm looking forward to a potential housing crisis to make affordable purchases when I sell some properties in 2025. Additionally, I'm considering investing in stocks as a backup plan. Any suggestions on the optimal timing for making these investments? I've been noticing significant trading earnings, but there are concerns about the market being unstable and going through a dead cat bounce. Could you shed some light on why this market phenomenon occurs?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not making mistakes; you just don't have the know-how to profit in a tough market. In such challenging times, only highly experienced individuals who went through the 2008 financial crisis can anticipate making significant profits.
Lately, I've been thinking about reaching out to consultants for advice. I'm at a stage where I could benefit from some guidance, but I'm uncertain if their services would truly be beneficial.
Desiree Ruth Hoffman, my CFA, is well-respected in her field. I suggest delving deeper into her qualifications. With her extensive experience, she serves as an invaluable asset for those seeking guidance in the financial market.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
I'm in the process of buying a home. Nevertheless there will be, just like previous booms, at the very least a sizeable correction. When? we little people dont know. The big boys probably have an idea.
Thank you. You guys are amazing!
Jeb, thank you for your video. I appreciate your point that real estate is local. I believe that here is South Texas right at the border prices are pretty affordable compared to most of the U.S. Hey, I have a question for you. Do you think home prices will sky rocket again as soon as the Fed cuts? I’ll go first! I believe that the Fed will do one small rate cut this year (25 basis points) and will have little effect on the market. I would to hear what you think! We are thinking of makes a move on buying our dream home. Ideally, December will be the right time for us to avoid PMI but we are frightful that a rate cut before then might have prices explode on our faces. Thanks man!
The 80s were practically similar. High inflation, low inventory. Except the income to house price ratio was better then. If you factor in that they had a peak of 18% vs 7% now, it’s very similar ratio.
Just it's a very similar time as you explained...........Do you remember what happened to house prices following that period?
@@JebSmith sales dropped 50%and prices dropped by an average of 7%. I just don’t know if it’s identical situation. The economy back then didn’t shut down over night back then. I think there are more unknown factors that we haven’t identified yet. There’s always a dang curveball. Lol
Its over... Affordability is in the toilet and property taxes are rocketing... If you have a house great but the taxes are climbing so fast that you will need a part time job just to cover taxes and inflation. We are all getting screwed.
lol now this is delusional. No one is buying this that house prices are rising or going to rise.... are you seeing the majority of comments all over social media? Prices are dropping left and right all over the Nation. Sure, there might be a few markets it's steady, it's only a matter of time. It's when, not if. It's coming. It starts in Florida, Texas and Cali and then hit's the smaller regional areas. Just give it more time. The problem RE agents are having is now with social media, the word spreads more quickly. People are being educated daily. When you see someone paid 400k for a home in 2020-2023 (viewing price history on Zillow) and now try and sells for 1.2million, it's not going to fly. Also, not once in all the homes I have purchased throughout the years did a buyer agent ever get a home reduced because of comps lol it's a joke and the gig is up. I will never use an agent again. RE attorney for $1500.00 bucks is the way to go.
For everyone who say they can't afford to buy a home but their rent payment is almost as high or as high as a mortgage payment, you cannot afford to not buy a home!
The Dunning Krugger Effect. People dont know what they dont know and when they dont know they interpret the data based on what they know. Listening to a Realtor interpret housing data is like listening to a Vegan talk to you about Meat.
Buy if you found a house you like and able to afford the payments. After that, stop following real estate and live your life.
@@007_pewpew lol… so true. I bought last summer in Vegas and if I followed the Crash Bros advice back then I’d be f-ing screwed today. Of course anything can happen and in X months or years I may experience negative equity… but right now and the past year has been nothing but zen on my mind.. absolutely no regrets. I can afford the mortgage and love living in my home..
Great advice.
Great advice from a disgruntled recent homebuyer lol
@@stevenap4594 🤔 what makes you think that I’m disgruntled???
@@stevenap4594 what makes you think that its from someone disgruntled???
We are waiting for rates to drop we are renting the home we are wanting to buy with a contract on a price but until rates are 5% we can't buy due to not wanting to be house poor.
Homes prices have never been more expensive in US history vs personal / household income and the MSM still trumpets that it is a great time to buy. Date the rate🤣 etc. That's why people are on KZread looking for info, because what they are being told doesn't sound right. If what you are saying is correct why do 90% of buyers in 2023 have buyers remorse? Do you think buying stocks right now is a good move as well?
Quick question, was this example based off a 15 yr loan agreement or a 30 yr loan agreement? If this was for 15 yrs, could we see the numbers for a 30 yr loan agreement 🤝 📝
This is very true, am in mn and waiting for the interest rates to drop but prices are high too
Exactly!
People sitting on the sidelines expecting a crash in prices are going to be waiting a long time. The only crash we are seeing is the buying power of the U.S. Dollar.
Agreed…….💯
Only reason it didn't crash was because of all the money that was printed and free money during covid
Yall can agree with each other all you prefer. This market is in trouble.
More trashy realtor bs. Housing is in the biggest speculation bubble in history. You guys are some Ponzi schemers
Whistling by the graveyard
When sales are down and nobody buys real estate, realtors panic and say anything at any cost to get you to buy a house. It's still the worst time to buy in our lifetimes
I thought last year was the worst time to buy and the year before that and the year before that and the year before that and the year before that and the year before that and the year before that, you see where I’m going here? Next year will likely be the worst year to buy too, right?
@@JebSmith considering home prices and interest rates are the same as two years ago not much has changed. Saying that last year was the worst time to buy and this year is the worst time to buy aren't mutually exclusive. We are in an extended period of the worst time in history to buy a house. People aren't making more money, so how do you think people can magically afford these houses?
How long can scumbag flippers and investors keep playing hot potato to the detriment of millions of people?
@JebSmith people don't say that every year though. And legislative changes can make a huge difference. We are in an election year. Waiting is probably a good idea
Great advice. I bought my current home in 2008. I was told by many people not to buy then. Since then, it has doubled in value. I was also told to unload my rental property in 2008. Since then, it has doubled in value. We bought, because we needed a place to live and we met all of the qualifying financial requirements like sufficient down payment, affordable mortgage, tax, utilities and insurance, and we also planned to stay for a long time (at least 7 years) in one location.
Exactly, you don’t buy because you think property values are going to increase. You buy because you need a roof over your head and you can either choose to rent or own. You can either pay your own mortgage or someone else’s.
@@proudliberal24-sv1wo didnt the housing market already crash in 2008? They were peak in 2007 which means you bought at the right time.
@@JM-kn9dhit didn’t matter he didn’t sold it and more likely it doubled the value.
@@House_hacker_619 well yeah cause he bought at a low price, which is the point. Realtors are going to try to convince you that its always a good time to buy.
@@House_hacker_619 well yeah, because he bought when the home prices dropped, which is the point. Had he bought a year prior, he most likely would have bought at a significantly higher price
Such a relief to hear someone speak the truth based on logic. Those doomers are hurting, and are going to continue to hurt people further, and a lot worse. The rates are going to start falling in September and continue to fall through the end of the year/into 2025. That 1.3 million inventory, which is still historic lows, will more than likely dry up very quickly. 87% of would-be-buyers, are only not purchasing right now because of the Interest Rate Barrier, once that barrier starts coming down slightly, demand will surge, meanwhile, 80% of would-be-buyers, will still be priced out and still won't be able to afford a home, and this next price jump may permanently lock people into renting as we will see prices truly elevate to actual unaffordability levels. Scary stuff for people who are just trying to survive and better their situation. Those doomers are absolutely are influencing the vulnerable people's decision's, even though they claim to not be financial advisors (That would probably be a really good deep dive video that could potentially help a lot of people man, just awareness and the dangers of watching people who obviously are "selling fear" ). Thanks again Jeb!
Agreed, something to keep in mind is inventory is about half of the 1.3M that you mentioned…… on top of that, I don’t understand the idea of selling fear. I don’t understand what anyone gets out of it. Yes, I understand that those videos get virality, but after several years of being wrong, you think you would realize you’re an idiot and don’t actually understand how the market works, but I guess not…..
@@JebSmith 1.3M is definitely including things it shouldn't, like condos and new home starts. But you are correct, actual active listings is only 800k. In my opinion, the doomers know they are wrong, and continue to do it anyway because, unfortunately, fear sells. Classic example of prioritizing Greed over Quality; Quality always wins in the end.
Max FOMO bro logic
Or is it just being logical and looking at the data?
@@JebSmith the data that shows inventory is growing nationwide, that home sales are at record low levels and affordable is at record low levels? What about the data that shows unemployment has risen every month for over a year? Home builders are already offering 5% interest rates on homes and people aren't buying them. The Fed would have to cut ten times before we saw below 5% mortgage rates. Not going to happen guy.
@@nitroneonicmandidn’t you watch and listen to his video. If you’re seeing builders are offering 5% rates it’s because it’s way overpriced than what you think. like he said real estate is local. I’m not seeing any in my market. As a matter of fact it’s totally the opposite of your market.
Utah is priced 48% over the national average. There is a shortage of homes and cities aren't offering land to home builders but are instead selling to apartment developments which have 60% occupancy.
@@House_hacker_619 active listings in San Diego are at least at 10 year highs. There is no inventory shortage in San Diego. Utah inventories are also approaching ten year highs and well above 2020 levels. The low inventory narrative is just wrong. The national average of housing inventory is growing rapidly, not dropping, meanwhile no one and I mean no one is buying houses. Mortgage applications are literally at record lows.
Agreed - But yes not until Mortgage rates drop below 5%
I think if mortgage rates drop below 5% you see the number of transactions pick up substantially. I even think a rate in the mid fives would cause buyer demand to grow quite a bit from these levels.
Mark my words: Dropping interest rates isn’t going to drive demand.
Smashed the thumbs up good stuff
🙏🏻🙏🏻🙏🏻
@@JebSmith smashing the thumbs up and posting a comment really helps to promote your channel it's the least I can do for all your knowledge and guidance you provide
Mortgage rates is the reason why mostly.
💯
my husband and I own single home family rentals. we have $200,000 left on mortgages. We are now the possibility of maintaining $70,000 annual income by selling and investing in stocks and bonds. How does this work out?
I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.
I disagree with this video, I’ve seen houses for sale but people just aren’t buying so why not.?? Probably waiting for that 6% commission lawsuit to take effects. There are homes for sale.
@jeb i got my first home from fha loan since 2016, can i buy another home from fha again
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What are your thoughts on Navy Federal's "Homebuyers Choice" option?
I feel like we have made a new mistake with each house we've bought. Some of it was definitely driven by time and financial constraints. Our first little place backed up to a major highway, with just a sparse line of trees between it and us. We sold it for just less than what we had purchased it for, 9 years and many renovations later. Our second place had basically been flipped. It was old and in bad shape, and the original owner had hired some folks to fix everything up before selling it. They literally painted over SO many problems. The slab foundation was leaching up groundwater into the structure of the house, and it was slowly rotting/molding underneath our feet. Five years ago, we went in for a new build. We thought we had learned from our mistakes and were much more careful. Only problem is that at 40 years old, I have lost almost all of my mobility, and I can no longer climb our stairs. They turn twice so a custom stairlift will be around 17k. We are looking at moving again rather than throwing all of that money into something that brings no value to the house. Live and learn, I guess.
I bough my house in 2009 for $310k still owing $200k but the market price of my hose is around $700k How much can take ?
De did that to me , they do with my dad taxes I tell him that my dad was only one year in that job
We no longer have a mortgage, my husband is retired and wants to travel to Thailand. We don’t splurge, but inflation has hit hard, and I want to relocate while DCA-ing into his TTSA, which is less than $400k. I'm cautious with rising costs and have discouraged the idea due to current insecurities.
Roughly how much do you have in the RRSP? A financial advisor can help grow and budget your money for travel. My spouse and I always delegate our excesses.
Hiring a financial advisor means getting help with cash flow, investments, risk management, estate planning, and legacy.
An advisor can help you visualize how your RRSP fits into your overall plan and determine the best investment strategy.
The ones I find are young and charge 1%, which I’m not comfortable with.
Our FA emphasizes creating "worth-living assets" like memories, pursuing interests, and family trips, while growing finances.
HI EVERYONE! Do you need an open line of credit to purchase a house?
Nope.