Keith Burkhardt-President
Active member
It's interesting that buyers tend to absolutely lose their minds in a hot market. Making very aggressive offers, waving all sorts of contingencies, etc.
Real estate markets won't effectively go to zero. So if you're an individual that has decided you prefer home ownership over renting, why not get out there and get moving when the market's down 10, 15, 20% and everybody's telling you not to buy? No one can predict a top or a bottom, however, my preference is always to buy real estate in a falling market, if you have the opportunity.
I bought one house in Florida in 2011 when people were sending their keys back to the bank. Interestingly, I remember I was mostly bidding against investors, not primary homeowners at the time. They knew something civilians didn't. Wish I would have bought more than two. At the time most people in Florida and New York City were very bearish on real estate, not too many people were advocating purchasing a home in either New York or Florida (see Streeteasy threads for reference).
I think Miami, Palm Beach County or any hot suburb would be the last place I'd want to buy right now or over the previous 6 months.
The New York Times: Burned by Hot Housing Market, Some Buyers Back Off.
Real estate markets won't effectively go to zero. So if you're an individual that has decided you prefer home ownership over renting, why not get out there and get moving when the market's down 10, 15, 20% and everybody's telling you not to buy? No one can predict a top or a bottom, however, my preference is always to buy real estate in a falling market, if you have the opportunity.
I bought one house in Florida in 2011 when people were sending their keys back to the bank. Interestingly, I remember I was mostly bidding against investors, not primary homeowners at the time. They knew something civilians didn't. Wish I would have bought more than two. At the time most people in Florida and New York City were very bearish on real estate, not too many people were advocating purchasing a home in either New York or Florida (see Streeteasy threads for reference).
I think Miami, Palm Beach County or any hot suburb would be the last place I'd want to buy right now or over the previous 6 months.
The New York Times: Burned by Hot Housing Market, Some Buyers Back Off.
Burned by Hot Housing Market, Some Buyers Back Off (Published 2021)
Tired of sky high prices and losing out in bidding wars, some buyers are giving up and putting their house hunt on hold.
www.nytimes.com