Opportunity is most easily and least effectively recognized by reflecting on ones past. For instance, there aren't many folks who haven't observed that the best time to buy a new home was last year or the year before. Some seized the opportunity and are now enjoying their great new lifestyle. Others hesitated and are now looking at real estate prices and the cost of financing a home purchase that are significantly higher.
The same indecision and fear that kept folks in their apartments when prices were dropping is keeping them in their apartments now. Is taking action to make the largest financial commitment of your life scary? Of course it is. That's why thorough preparation and enlisting expert advice is so important. You also need a fair amount of self-confidence and a little bravery too. I hope and trust that some of you measure up to the challenge, but I fear that many of you do not. Many will be Forever Renters, and there is a lot of corporate money committed to capitalizing on the plight of non-homeowners.
Much of today's current new construction consists of apartment buildings, and several corporations are buying foreclosures in bulk to rent out to Forever Renters at a substantial profit. In case you haven't thought about it, that profit will not be realized because owning costs more than renting. Forever Renting is like getting on one of those wonderful roundabouts and doing nothing but turning left. Eventually you'll run out of gas, and you'll be right where you started out.
Today's housing market is higher priced, and financing rates don't seem to be going anywhere but up. Ask me tomorrow, and I'll probably say the same thing. If you are not planning on being a Forever Renter, today is the best day to begin an action plan, and tomorrow is second best. Call me now if you want to talk.
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