"Should I wait for Real Estate Prices to hit Rock Bottom?"

By
Real Estate Agent with eXp Realty RS-82566

"Should I wait for Real Estate Prices to hit Rock Bottom?" This is always on of my favorite questions I get asked by the buyers I work with.  In this ever changing market everyone is wanting a deal and no one wants to buy "too early".  Lets take a moment and really discuss what could potentially happen if a buyer waits too long to make a move. 

 - First of all, loan programs are changing every day.  If you wait too long, you may not qualify for the same loan you did three months ago.

- No one can predict the future, and while the buyer is waiting for "rock bottom" what happens if interest rates go up?  You may end of spending more on the house you waited for to hit "rock bottom" all because the loan terms changed.

- While you were patiently waiting for the price to drop yet again on your dream home, someone else scooped it up... and they got it for a deal might I add.  Now we're back at square one.

 As I said above, no one can predict the future, and more times than not,  we can't see rock bottom until we are staring at it in the rear view mirror. 

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Ambassador
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Bob Haywood
McGraw Realtors - Owasso, OK
BobHaywood.com

Staci,

I hear this too.  However, we must remind our clients that interest rates are low and it's a good tme to buy a house.  Predicting the bottom is like fortune telling. Good post!

May 02, 2008 01:10 AM #1
Rainer
61,519
n d
Naoma Doriguzzi - Virginia Beach, VA
Staci - how do you know when "rock bottom" is?  Right now prices on homes are good, interest rates are good and by the time they realize that it is rock bottom...doesn't it start to go back up? 
May 02, 2008 01:27 AM #2
Rainer
135,795
Michael Shankman
Award Realty - Las Vegas, NV
Selling Las Vegas 702-498-3383
hi- I agree with you...if you wait for the bottom, you will miss this opportunity. now is the time to buy- prices are back to where they were 3 years ago....fantastic opportunity- now we just have to convince the buyers!!!
May 02, 2008 01:43 AM #3
Rainmaker
111,050
Nancy Brenner
Referral Associates of Georgia, Inc. - Roswell, GA
Roswell Georgia Real Estate Agent
Hmmmmm, let me look into my crystal ball.  :-)
My answer to those who ask...   Home prices are at the lowest they've been in years.  Interest rates, too.
Better to buy something now - even if the value was to drop a bit after you buy, it will go up, up, up in the long run!
May 02, 2008 01:44 AM #4
Rainer
136,295
Bill Exeter
Exeter 1031 Exchange Services, LLC - San Diego, CA
1031 Tax-Deferred Exchange Expert

Hi Staci,

You are so right.  I always ask them what is rock bottom and when is rock bottom.  They always ponder that as I tell them that you only know rock bottom once you've missed rock bottom otherwise you will never know if it is rock bottom. 

May 02, 2008 01:44 AM #5
Rainer
8,415
Dan Tucci
dddd - Boston, MA

Hi Staci, I have a few potential buyers that I am working with and they all say the same thing. "I am waiting for the market to plunge to its lowest point." Now us Real Estate agents have a convincing job to do and let the buyers know that we are in a great market to buy right now and you may miss the perfect opportunity by waiting.

 

May 02, 2008 01:50 AM #6
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Staci Wolff

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