In a market upswing, crying over missed past buying opportunities can lead to even more tears


In a market upswing, crying over missed past buying opportunities can lead to even more tears
By Scott Rogers • August 20, 2012
In the fictitious value trend graph above, the best opportunities were yesterday (or some time before now). As a housing market starts to improve, some buyers have a tendency to get stuck on the fact that they just missed out on the lowest prices seen during a market downturn. It is important for those tearful buyers to remember, however, that there will likely be more tears and larger tears tomorrow (or some amount of time into the future) when prices have recovered even further. For example.... Houses in neighborhood X were selling for $300K in the market boom. They came down and down and sold for as little as $250K a few months ago. Now they're all selling for $260K and I'm sad because I missed out on a $250K buy. If I wait longer, I'll get to cry even more to be buying at $270K! A few notes and disclaimers.... Has our local housing market recovered? Not necessarily, and not in all price ranges and property types --- but there are a lot of encouraging signs. You might recall the opposite dynamic occurring with sellers as they watched their home decline in value over time. Did I really miss the boat? Are prices only going up from here? Maybe, maybe not -- we'll only know 6-12 months from now looking back, but we are definitely starting to see stabilization in many price ranges, and buyers are finding less room to negotiate. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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