Hoping that people who have been sitting on the sidelines, wait for a dip to buy are the ones that clicked on this thread. We see a new thread every week about how now is not a good time to buy because prices are too high. Now interest rates are going up, which usually (with many other factors) has an inverse relationship on price.
So, if you've been waiting to buy, what are you going to do? Are you finally going to buy in?
There is no crash, I’ve been buying the whole time, you need to find your deals, sitting on the sidelines means you were a second pick in draft or injured. Not in my case, I’m out there making touchdowns! Weather up or down markets.
@Arsen Atanasovski I preach the same thing. I'm a new investor, bought my first 5 rentals between December 2019 and now. Don't wait for the perfect market conditions, make your own path!
@Tucker Cummings yes, rates are going up, but it's not like they are skyrocketing. Rates are still extremely low, and the real shortage of housing is at the entry level market where there are still grants and legislation on the table to give tax credits to first time home buyers.
Rates going up from 2.75 to 3 is a significant jump; but at least most of my residential clients still look at it as they want to move quick before they go even higher. Not long ago, rates were above 4%. If anything, I would hope that prices would stabilize with rates increasing. The past two weeks alone, the average sale price in Chicago is up over 6%.
So with all that said, the same thing I tell new investors about timing the market...there is no such thing. Deals are individualistic and need to be evaluated as such. In any market, any property has a price that makes sense, and there is nothing stopping anyone from offering that price.
@Tony Angelos exactly. I hope the satirical nature of the OP was understood. I made this forum because it seems like every day or at least once per week some guru is saying not to buy because a crash is imminent. I keep saying to people that there are plenty of deals out there, just have to look for them.
@Tucker Cummings oh no I got it haha, I agree wholeheartedly too. I have the conversation regularly with others