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housing market doesn't care that you're impatient. it'll correct when it corrects. it's an incredibly slow process.
you have all the power. you decide if you'll buy now, or wait for the market to come to you.
most people buy as soon as they can because they want instant gratification and lack discipline.
i prefer to be the last one to buy after everyone else. i like investing (not houses but stocks/bonds) and know how important it is to be patient.
LAO
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2012 Feb 21, 9:27am
i prefer to be the last one to buy after everyone else. i like investing (not houses but stocks/bonds) and know how important it is to be patient.
Why don't you just invest in a deluxe coffin.. Because you'll be spending far more time in that then your home if you are hoping to be the "last one to buy"! :)
i prefer to be the last one to buy after everyone else. i like investing (not houses but stocks/bonds) and know how important it is to be patient.
Why don't you just invest in a deluxe coffin.. Because you'll be spending far more time in that then your home if you are hoping to be the "last one to buy"! :)
maybe i should've clarified: last one to buy after all the bubble heads bought...
everything
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2012 Feb 21, 12:34pm
If your waiting for the 1% to lose their homes, you be waiting quite a long time. With that kind of money/backing you should be able to wheel and deel.
EastCoastBubbleBoy
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2012 Feb 21, 12:39pm
Timing the market is difficult. My advise is rather than try to forecast when (or if) prices will drop –know what you can spend and stick to it. Try to find value, but be realistic – the price the market will bear may be more than your personal “valuationâ€. You can’t compete with stupid. Rates are still low and prices aren’t going up rapidly any time soon so as of right now, time is still on your side. Heck I’ve been waiting for over ten years – no exaggeration.
At some point personal circumstances may necessitate you make a move – even if it is reluctantly. So long as you are in the game for the long haul (ten plus years) and don’t stretch to the limit of your means, you should end up fine no matter what.
JodyChunder
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2012 Feb 21, 1:34pm
Way I see it if you got millions to spend on a house, you shouldn't worry about bubbles.
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We're looking for a $1.4-2.2M house in the Los Angeles area, and although the prices have come down a little, it's taking much longer than the rest of the housing market. I always see homes on the internet where the buyer purchased it at the height of the bubble, and is now trying to get out without incurring a loss, or better yet is trying to make a profit. I'm assuming the only thing to do is wait for these homes to go into foreclosure or sell as a short sale?
I was hoping to buy in 2012, but maybe 2014 will be better? I've been waiting for years for this whole mess to unfold, and it's infuriating that we can't speed up the inevitable.
#housing