Thanks to Tish Lloyd for this post. We would all like to make our purchases at the lowest possible price, but unfortunately, you can't define the bottom until prices have risen.
Via Tish Lloyd Real Estate Agent Wrightsville Beach, NC (Prudential Laney Real Estate 910.547.1446)
"I'm going to wait for the market to hit bottom before I buy."
Are you now? And when exactly will that be? Are you the one who hijacked my crystal ball? Hope that thing's working better for you than it did for me.
How will you know when the market has hit bottom? Will there be a memo sent out to let us all know it's on a certain date? Who is going to let you know? Will your Uncle Cecil's wife's, brother's, cousin-in-law's, niece's friend tell you?
Really. I want to know. How will you know when the market has hit bottom?
I know the answer. Are you ready for it? Can you handle the truth?
We'll know the market has hit bottom AFTER it's happened.
Yep. Simple as that. This is one of those things that cannot be predicted accurately. By anyone. Even me, and I've been doing this, well, lets just go with, long enough.
If you would like to buy a home it's a great time to do it. It's possible that it will be a better time in a couple of months. It's just as possible it won't. Is that a chance you can AFFORD to take? When those interest rates and home prices start ticking up and your payments jump a couple hundred dollars -- will having waited really be a benefit?
I'm fine if you choose to wait. You need to do what's best for you. But if you're banking on buying when the market hits bottom -- well, at a minimum, you'll be a day late and a dollar short.
I'm just sayin'. . .
Tish Lloyd, REALTOR®
NC Real Estate Lic. 269076
Prudential Laney Real Estate
527 Causeway Drive
Wrightsville Beach, NC 28480
Everything's better at the beach . . .