Monday, December 14, 2020 / by Ernie Arrizza
I hear this every year. Every year I hear this and I say to myself, I've only seen the market fall twice in 20 years, and basically those were due to one financial crisis in the US (we were not hit that bad) and in 2017 April when the Wynn Government came up with some ridiculous rules that trashed the market in one month. While this may happen again, with some new rules, it will not happen very soon due to the pandemic. Real Estate has been the only thing keeping this economy from totally zeroing out.
The problem with waiting for the market to fall is that when you have this mentality, you never know when it is at its lowest and will bounce back. By the time you start looking for a property the prices probably already have started to climb.
Let's use the Condo market right now as an example. The market has been its lowest we've seen in many many years. If you read my other articles you will know why this market has tanked. So If you are using this mentality you are waiting for the market to continually go down. By the time you act many other people will also start to jump on these low prices further increasing the prices.
Which means you missed the boat on the lowest point.
Real Estate does go up and down every year, and at certain points during the year. The best thing to do if you are a speculator, is to look at those trends, and see when the lowest point may be, and in particular when you see a steady decline in an area make your purchase.