They were hesitant to buy Encinitas homes for sale and were leaning towards renting. Interesting because they planned on retiring in Encinitas. As an Encinitas Realtor, who prided himself on guiding clients towards prudent decisions, I wanted to make sure Mrs. Smith made a fully educated one.
These comments by this nice lady, who was elated at having finally escaped her cold winters, are common among buyers. Where did Mrs. Smith gain this wisdom of the housing market? She simply read the paper. There had been four years of data that proved the market has been in a general decline since late 2005.
Certain levels of Encinitas real estate, like the most affordable Encinitas condos for sale, had already rebounded, but most other levels, especially the higher ones, had an undetermined bottom. Was Mrs. Smith making an easy decision? Or, was she accidentally ignoring some other obvious truths?
First, the Smiths will need to take out a small mortgage to buy a property. How long will rates be near the historic lows they are at today? We don’t know. Not forever though.
Second, they are seeking a single story home, an MLS category with fewer options. Are they sure there will be one serendipitously listed at the exact same time they plan to start their search? Does a prolonged search provide any inconveniences?
Finally, how will the Smiths know when the market has reached bottom at their price point? The reality is they won’t know it’s reached the bottom until it’s behind them. And, the buying activity will likely become more competitive like it already has been at the lower price points.
I told Mrs. Smith what I tell all of my buyers, “Southern California is on sale right now. I don’t know how long the sale will last. Think of how upset you will be if you miss it.
The author is a Encinitas Realtor that specializes in Encinitas homes for sale and condos.
