don't wait for a crash to act!!

In the past year or so we've seen some craziness in the Real Estate world. People have paid tens of thousands and in some cases hundreds of thousand of dollars over the list price of a house just so they don't loose out on getting the one they want. At best, it's not healthy.

The other day a friend said "I'm going to wait until the market crashes before I do anything". I have overheard and been part of several conversations where this was the topic. Last night I set everyone straight when I asked "If the market crashes, what will happen first; prices drop or rates go through the roof?" The obvious answer is that rates will rise way before people start dropping prices on sales. I believe it will take years to see a significant decline in home prices but the interest rate could potentially shoot up overnight if things go south.

Moral of the story, don't speculate on what tomorrow will bring. If you want to sell, then sell. If you want to buy, buy. If you overpay a little now to get what you want and the prices drop in 5 years, be happy that you are in the house you wanted. Don't second guess yourself or your decision and forget the what-ifs.

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Legacy DFW Real Estate

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