Jan. 29, 2008 - Don't Wait Too Long Before Buying!
We are in a Strong Buyers Market, as you know. You always make your money when you Buy. If you don't Buy at the right time, when you sell your gains will be reduced.
What most Buyers seem to be concentrating on right now is waiting for the absolute bottom before they buy. I think this strategy can cost a Buyer a lot more than buying before prices bottom out, and here's why. There are plenty of people who have the financial resources to buy real estate, and there are still plenty of strong sources for funds. But capable buyers are waiting for still lower prices. Prices have already dropped substantially, and in some areas will come down some more. But there is still that portion of the market that will be buying because they have to move, for what ever reason - job, family, etc. Thus there is a strong demand pressure on real estate which will make itself known at some point. And prices will rise quickly! Once you see this happening, it will be too late to act! You will have already missed the price bottom, and prices will be rising much faster than they came down.
So, Buying now, when prices may drop another few points, is better than buying later, after the bottom when prices have risen 8-10% or more before you notice and can act. As a result, you have lost maybe 8-10% by waiting, versus possibly losing 1-2% by buying now. The choice is yours. Which seems better to you?
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View & opinions of the Real Estate Market in Georgia's Golden Isles.
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