Episode•February 29, 2024•21 min

2024 Housing Market Trends and Common First-Time Homebuyer Blunders | Ep. 307

In this episode of Money Talk with Tiff, host Tiffany Grant sits down with special guest Dave Ball from House Rich. They dive into the 2024 housing market and the top mistakes that homebuyers make. Dave sheds light on the uncertainty of future interest rates and the impact on the housing market. He emphasizes the importance of budgeting before embarking on the home-buying process and outlines the significance of interviewing realtors and lenders. Tune in to gain valuable insights and tips, and find out how to connect with Dave for more expert advice. About Our Guest David is a Navy veteran and graduated from the US Naval Academy with a degree in Econ. He also has seven years of experience in the mortgage industry as a loan officer and underwriter. He saw a lack of accurate and detailed home buyer education online and decided to fill the void through his platform @coinsnculture. His goal is to break down the sometimes-complicated mortgage process into layman's terms and help people buy their 1st home strategically. David also hosts House Rich: The Real Estate Show on YouTube and all podcast platforms. There he breaks down a mortgage topic weekly and also interviews a subject matter expert in various aspects of real estate. Connect with Dave Website: https://www.houserichshow.com/ Facebook Group: https://www.facebook.com/groups/fthbschool Instagram: @houserichdave YouTube: House Rich - The First Time Homebuyers Show Connect with Tiffany Website: https://www.moneytalkwitht.com Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant YouTube: Money Talk With Tiff Pinterest: @moneytalkwitht TikTok: @moneytalkwitht Timestamps [00:00] Rates likely to drop to around 6%. [04:46] Market timing is impossible, refinancing is an option. [10:04] Tips for finding affordable homes and property taxes. [10:45] Calculate monthly payment based on property cost. [16:07] Larger lenders have community perks and grants. [18:37] Podcast on home buying guidelines and mortgage. Key Themes 2024 housing market trends Interest rates and inflation impact Budgeting for a home purchase The importance of interviewing realtors and lenders Understanding real estate markets within markets First-time homebuyer mistakes Where to find more home-buying tips Support this Podcast Copyright 2024 Tiffany Grant This podcast uses the following third-party services for analysis:...

Apple Podcasts Spotify YouTube Overcast Amazon Music

Key Takeaways

1
No one knows exactly where interest rates will go in 2024; normalize 6% as the likely floor.
Headlines vary wildly from 'Fed holds until July' to 'four cuts in 2024.'
Fed’s priority is inflation (target 2%), not housing; rates follow data, not predictions.
Reliable forecasts (Fannie Mae, Morgan Stanley) point to 6% range as the best-case scenario.
2
Start with the monthly payment you can afford, then work backward to home price.
Using a mortgage calculator, test loan amounts until the principal & interest hits ~60-70% of your target payment.
Add property taxes (divide annual by 12) and insurance (use Zillow estimate) to reach a realistic total.
Avoid browsing homes first; you’ll mentally move in and justify stretching your budget.
3
Interview multiple realtors and lenders—don’t rely solely on a friend’s recommendation.
Key realtor questions: years in business, price-range expertise, specific neighborhoods served.
Key lender questions: hours of availability, loan programs they actually close, down-payment-assistance eligibility.
Large lenders may offer $5k–$15k grants via the Community Reinvestment Act in targeted neighborhoods.
4
There are 'markets within markets'—the bottom price tier in any city rarely crashes.
In Dallas, homes $200k–$300k still see dozens of offers even at 8% rates.
Inventory shortages persist (1.5–6.5 million homes nationally); supply/demand math favors sellers at entry level.
5
Refinancing later is always an option; don’t wait for the 'perfect' rate to buy.
Tiffany refinanced during the pandemic after buying in 2017 at ~5%.
Market timing is impossible; focus on personal readiness and budget instead.

Intro

Tiffany Grant welcomes mortgage veteran and Navy Academy grad Dave Ball to break down 2024 housing-market realities and the two biggest mistakes first-time buyers make.
Dave Ball is a former loan officer/underwriter turned real-estate educator and host of the House Rich YouTube/podcast show; he translates complex mortgage guidelines into plain language for first-time buyers.

Website Instagram YouTube

– 2024 Housing Market Outlook

Dave opens with the honest answer: nobody knows for sure. Headlines conflict, but the Fed follows inflation data, not housing forecasts.

Most likely worst-case scenario is that they hold rates... rates will be in the 6% threshold throughout 2024.
– Dave Ball

Inventory remains critically low (1.5–6.5 M homes short); no data supports a crash.

– Markets Within Markets & Refinancing Option

Even inside one metro, price bands behave differently. The entry-level tier never truly crashes because wages lag home-price growth.

You cannot time a market. I don’t care what market it is. It’s impossible.
– Tiffany Grant

Tiffany reminds listeners that refinancing is always available later if rates fall.

– Mistake #1: Budgeting Backward from Home Price

Buyers mentally move into Zillow listings before knowing the payment, then rationalize stretching their budget.

Start with a monthly payment in mind and work your way back from the home price.
– Dave Ball

Use Google mortgage calculator to test loan amounts until P&I ≈ 60-70% of target payment.
Pull taxes from Zillow, divide by 12.
Add insurance estimate from Zillow.
Adjust until total monthly cost fits budget.

– Mistake #2: Not Interviewing Your Realtor & Lender

Biggest financial decision of most people’s lives, yet few conduct interviews.

How long in the business?
Which price ranges & neighborhoods do you specialize in?

What are your weekend hours?
Which loan programs (FHA, VA, USDA, etc.) have you actually closed?
Which down-payment-assistance programs am I eligible for?

– Where to Learn More

Dave’s podcast & YouTube series 'House Rich – The First Time Homebuyer Show' releases weekly mortgage breakdowns and 2024 loan-program deep-dives.

Resources

Mortgage Calculatortool
House Rich YouTube Channelvideo

Topics

2024 housing marketinterest ratesfirst-time homebuyer mistakesbudgeting for a mortgageinterviewing realtorsinterviewing lendersdown-payment assistancerefinancingmarkets within marketsinventory shortage

2024 Housing Market Trends and Common First-Time Homebuyer Blunders | Ep. 307

0:00

Related Episodes

2024 Housing Market Trends and Common First-Time Homebuyer Blunders | Ep. 307

Key Takeaways

No one knows exactly where interest rates will go in 2024; normalize 6% as the likely floor.

Headlines vary wildly from 'Fed holds until July' to 'four cuts in 2024.'

Fed’s priority is inflation (target 2%), not housing; rates follow data, not predictions.

Reliable forecasts (Fannie Mae, Morgan Stanley) point to 6% range as the best-case scenario.

Start with the monthly payment you can afford, then work backward to home price.

Using a mortgage calculator, test loan amounts until the principal & interest hits ~60-70% of your target payment.

Add property taxes (divide annual by 12) and insurance (use Zillow estimate) to reach a realistic total.

Avoid browsing homes first; you’ll mentally move in and justify stretching your budget.

Interview multiple realtors and lenders—don’t rely solely on a friend’s recommendation.

Key realtor questions: years in business, price-range expertise, specific neighborhoods served.

Key lender questions: hours of availability, loan programs they actually close, down-payment-assistance eligibility.

Large lenders may offer $5k–$15k grants via the Community Reinvestment Act in targeted neighborhoods.

There are 'markets within markets'—the bottom price tier in any city rarely crashes.

In Dallas, homes $200k–$300k still see dozens of offers even at 8% rates.

Inventory shortages persist (1.5–6.5 million homes nationally); supply/demand math favors sellers at entry level.

Refinancing later is always an option; don’t wait for the 'perfect' rate to buy.

Tiffany refinanced during the pandemic after buying in 2017 at ~5%.

Market timing is impossible; focus on personal readiness and budget instead.

Intro

Tiffany Grant welcomes mortgage veteran and Navy Academy grad Dave Ball to break down 2024 housing-market realities and the two biggest mistakes first-time buyers make.

Dave Ball is a former loan officer/underwriter turned real-estate educator and host of the House Rich YouTube/podcast show; he translates complex mortgage guidelines into plain language for first-time buyers.

2024 Housing Market Trends and Common First-Time Homebuyer Blunders | Ep. 307

Key Takeaways

Intro

00:00:45 – 2024 Housing Market Outlook

00:04:46 – Markets Within Markets & Refinancing Option

00:07:39 – Mistake #1: Budgeting Backward from Home Price

00:12:22 – Mistake #2: Not Interviewing Your Realtor & Lender

00:18:37 – Where to Learn More

Resources

Topics

2024 Housing Market Trends and Common First-Time Homebuyer Blunders | Ep. 307

Related Episodes

Too Busy for Budgeting? 3 Money Habits That Survive Chaos

From Scarcity to Stewardship: How I Cut 96% of My Expenses in Jamaica

The Pivot: How Stewardship Got Me Through 6 Months of Silence | Ep. 394

Shifting from Scarcity to Abundance with Scarlett Stanhope

2024 Housing Market Trends and Common First-Time Homebuyer Blunders | Ep. 307

Key Takeaways

Intro

00:00:45 – 2024 Housing Market Outlook

00:04:46 – Markets Within Markets & Refinancing Option

00:07:39 – Mistake #1: Budgeting Backward from Home Price

00:12:22 – Mistake #2: Not Interviewing Your Realtor & Lender

00:18:37 – Where to Learn More

Resources

Topics

2024 Housing Market Trends and Common First-Time Homebuyer Blunders | Ep. 307

Related Episodes

Too Busy for Budgeting? 3 Money Habits That Survive Chaos

From Scarcity to Stewardship: How I Cut 96% of My Expenses in Jamaica

The Pivot: How Stewardship Got Me Through 6 Months of Silence | Ep. 394

Shifting from Scarcity to Abundance with Scarlett Stanhope

– 2024 Housing Market Outlook

– Markets Within Markets & Refinancing Option

– Mistake #1: Budgeting Backward from Home Price

– Mistake #2: Not Interviewing Your Realtor & Lender

– Where to Learn More

– 2024 Housing Market Outlook

– Markets Within Markets & Refinancing Option

– Mistake #1: Budgeting Backward from Home Price

– Mistake #2: Not Interviewing Your Realtor & Lender

– Where to Learn More