There’s a big sale going on out there and everyone is missing it!!! In many instances properties are half off from what they were two years ago and no one is buying them because everyone is paralyzed by all of the negative press surrounding the current market. Let’s imagine a car dealership announced that everything on its lot was half off. Can you imagine no one buying??? Further imagine a little man with horn-rimmed glasses stopping everyone on their way into the dealership saying, “But wait everyone…don’t buy now…..the cars might go down to 60% off.” Can you imagine anyone listening to him??? No…it would absurd. People would trample him on their way into the dealership. But somehow everyone does listen when it comes to real estate.
Everyone is waiting for the market to bottom out. But this is a bad strategy because once the market does bottom out, the sale is over. It’s too late. Prices will start rising as everyone jumps back into the market and competes for the same piece of property. Not to mention that the media won’t get wind of the fact that the market has turned until 3 to 6 months AFTER it’s happened, so it will really be too late. Think about it. How are we going to know when we’ve hit bottom?? You’ll know we’ve hit bottom when the market starts going back up, and at that point it’s too late.
The time to buy is NOW. You get to pick from a large number of properties and interest rates are at an all time low. Granted prices might drop a little bit further, but who cares. If you’re going to hang onto the property for more than two years, you’ll be fine. The market will rebound, and you’ll get a good return on your investment. You just can’t plan on flipping the property in the immediate future. That would be a bad plan. I would rather buy on the downward side of the market because I know it’s going to go back up. The people that bought at the height of the market are the ones that in trouble now, because their property is worth less than when they bought it.
I say ignore the negative press and get into the market now so you don’t miss one of the biggest sales in history!!!