Where’s the top and where’s the bottom? Logic says you can’t predict either one.
Which type of buyer are you? Do you believe you can time the market, find the exact bottom or top? Or since you are always in the market you believe timing will find you? History supports the latter. If you are paying attention, you will buy right and do well over time.
Why is it when prices were going up so fast buyers were buying gulf front property like it would never be available ever again? Price didn’t matter. Value wasn’t even considered. No one seemed to think, I wonder if we are at the top..they just kept buying. Look what happened, the music stopped and too many people got “stuck” holding something they couldn’t keep.
Now, we are at a time where buyers can buy value. Prices in our area have declined since the top and substantially enough where the buyers who got priced out of the market can afford a condo at the beach. So here’s the moment of truth…you cannot predict the exact bottom of any market…real estate or the stock market. The smart ones play it safe and know this. The “safe zone” is where the smart people plan to buy and sell.
People who buy in a buyers’ market are the smart ones. They are not looking for the “quick buck” because they know that’s luck, not planning. They are looking for a sound decision with a predictable result. They ask themselves this question: “Has the market dropped enough, now, to make a sensible purchase?”
Real estate has always been a long-term hold. Many millionaires have been created because of real estate. Not because they are short term “flippers” but because they are in it for the long term. What you must remember is that you make money when you buy and realize it when you sell. You may be ready and able to buy, but are you willing? Will you be one of the smart ones?