Someone asked me, "Lars, when is the right time to buy?" This question is always an interesting one with many facets. I get a unique face when I respond with the question, "Are you ready to buy?" I get responses with confusion or a clarification of their question. I don't mean to confuse people when I ask if they are ready, but that's the biggest issue, and the most important question people should ask themselves. There is always a good time to buy if you know what your getting into. Misinformed buyers become hardship sellers.
Those that buy when the market is near the lowest and slowest, they negotiate a great deal, and watch the value go up in the next cycle. It seems that people are trying to play the housing market like the lottery. They don't want to spend a dollar (ride what's left of the down) to win big (ride it up for the next cycle). Now what's different in the scenario is that the likelihood of winning the big lottery is about as likely as to be struck by lightning. The housing market, on the other hand, has many winning tickets by way of homes. There are plenty of homes for buying and selling, the mortgage rates are low, the loans are available, and some homes even appraise to allow renegotiation of price. So is it a question of when, or is it a question of how... how ready are you?
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