Is Your Crystal Ball Accurate?

This is a great article about how timing the real estate market doesn't work. The following statement holds a lot of truth to it.

"If you're a buyer waiting for mortgage interest rates to stay low, you bet on the wrong horse. According to Realty Times' own David Reed, mortgage interest rates shot up this past week at the fastest pace in 20 years taking homebuyers and refinancing homeowners by surprise."

I tell my buyer clients that if they are in the market to buy a home to live in then they have nothing to worry about because buying a home is a long term investment that has never lost it's value over 1o years. But this line says it a little better.

"...there are only a few things that matter when you're buying a home: getting the home you want, at the price you want, at an affordable monthly payment. If you get all three, you've made a good deal."

And finally,

"The housing crunch won't last forever, and when it turns, think about where you want to be -- with first choice or the leftovers?"

I basically said the same thing back in October of 2007. Which means I think I'm kind of a big deal.