During this market I hear a lot of buyers saying, “I am going to wait until till prices drop even more and hit rock bottom.” The thinking is that they can time the market and buy at the absolute lowest prices possible. This is basically gambling since no one and I mean no one can time the market to know when the bottom truly is. What this often does is fuel reluctance and creates a waiting syndrome, meanwhile great deals pass them buy each day. The great real estate guru Gary Keller says in his book Shift there are two types of buyers, those who think they can time the market and those who think timing will find them. What he means by timing finding them is that by staying in the market they will find their great deal. If the buyer waits to long they will see the market surge past them.
With interest rates plummeting down to the low 5s again we should see a rise in sales, which in turn will shrink inventory and cause prices to stabilize and potentially creep back up. The key is not to be greedy and be a realists. Realists understand that now is a great time to buy especially in South Texas. Values will rise over the long haul. The idea is to buy smart and not buy greedy.
Greed can lead to missed opportunities.
Have a great week,
Joseph Cortez
Joseph Cortez 