I was recently having a buyer’s consultation with Mr. & Mrs. Smith, a senior citizen couple who just moved here from Minnesota to be closer to family. Early in the consultation, Mrs. Smith remarked, “We’re timing the market. We think there’s more room for correction. We’re waiting for it to bottom out.” I respected that she was confident in her thoughts.
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.
This was not the first time I had heard these comments recently. It had been often. All it took was for someone to pick up a local newspaper to learn our housing market had been in a general decline for four years now.
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?
I first asked Mrs. Smith, “Do you need a mortgage, and if so, are rates important to you?” “Rates are at historic lows,” Mrs. Smith answered. “But for how long?” I asked. “And if rates do go up, would you rather be giving that extra money to the bank or saving it for your retirement?”
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.
If you plan on living in Encinitas for the investment-safe long haul, take advantage of today’s rates and start your search today. Especially, if you are seeking a property that is not commonplace, like a single story. I concluded with her, “Mrs. Smith, you moved here to improve your quality of life and be with family. Let me help you find a home now that will be perfect to visit with them in.
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