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I'm going to wait for the market to hit bottom before I buy.

Reblogger Jeff Dowler, CRS

Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

October 20, 2010 07:21 AM

We would all love to be able to tell when the market hits bottom, in terms of buying.

Or, when we are at the peak when we are selling. Life should be so easy and predictable. It's sorta like knowing which horse is going to win the race - you don't, until it's over, and then it's too late to place your bets.

Tish Lloyd provides a humorous but insightful look at trying to predict WHEN the market hits bottom.

"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®

Broker Associate

NC Real Estate Lic. 269076

Prudential Laney Real Estate

527 Causeway Drive

Wrightsville Beach, NC 28480

910.547.1446

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Melissa Zavala

Broadpoint Properties - Escondido, CA

Broker, Escondido Real Estate, San Diego County

Some buyers need a rear view mirror. Nice reblog; I missed the original.

Oct 21, 2010 04:59 AM

Jeffrey DiMuria 321.223.6253 Waves Realty

Waves Realty - Melbourne, FL

Florida Space Coast Homes

lol...I talked about exactly the same thing recently. when prices and mortgage rates rise enough those buyers will have the privilege of buying a lot less house with there money.

Zorik Dadoyan

Keller Williams Realty - Sherman Oaks, CA

Residential and Commercial Real Estate

The only way we know the market has hit bottom is after at least 6 months have passed. No one sits there and says.." Hey, this is the bottom!" We only hear.. "Do you think it's going to go down anymore?" It will be too late once it's gone.

Great Post Jeffrey.

All I can say is, try to get a good deal on your house folks. If you can afford it and your family is happy you'll do great. The house will be worth more in 10 years anyway!

House prices in Sherman Oaks, Ca are still near double what they were in 2000. Same in Granada Hills and all other parts of the San Fernando Valley.

Oct 21, 2010 05:11 AM

Lola Audu

Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI

Audu Real Estate~Grand Rapids, MI ~Welcome Home!

So true! I also find that the analogy extends to real life...sometimes, when you see a great deal and you want to wait until the price is lowered again, it's gone when you come back for it. To have great selection and low prices and interest rates is not something that occurs very often in the housing industry. This too shall pass...wouldn't want to miss out on it if I was buying/investing.

Oct 21, 2010 06:40 AM

Don MacLean

New England Real Estate Center Inc. - Easton, MA

Realtor-Homes for Sale- Easton, Mass 02356

Kinda like the hot line people call for readings

They don't know who you are till you tell them

Enjoy the day

Oct 21, 2010 06:41 AM

Jack Mossman - The Nines Team at Keller Williams in Lodi

The Nines Team at Keller Williams in Lodi - Lodi, CA

The Nines Team in Lodi

Jeff: I think everyone should have a fortune-telling eightball. Alas, it does not come with instructions and many of the "answers" depend on your frame of mind .... my favorite "ask again later..." Thanks for reblogging!

Oct 21, 2010 09:21 AM

William Johnson

Retired - La Jolla, CA

Retired

Hi Jeff, I really liked this. But you have said a mouthful here in this statement. "It's sorta like knowing which horse is going to win the race - you don't, until it's over, and then it's too late to place your bets". I think you should write a post wth this as the title.

Oct 22, 2010 08:27 AM

Vicki Lloyd

The Lloyd Realty Group - San Diego, CA

(619)452-9798, Real Estate San Diego California

I remember similar discussions back in the mid-90's. A lot of buyers were reluctant to buy a house at $265K, then by 1998, they were crying the blues when similar homes were selling for $325K!

I don't believe we will ever see the ridiculous appreciation rates that happened in the 2003 - 2006 period, because the lending won't be so lax again, but there will be a time that appreciation returns and those who waited too long will be unhappy!

PS- Interesting photo! Happy Halloween! :)

Oct 23, 2010 04:59 AM

I'm going to wait for the market to hit bottom before I buy.

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