In a post a few months back, I wrote about patience being my word for the year. You can read it here to see what spurred it, but I have been working hard to keep the word in my mind. As you may or may not know I am a fairly active real estate investor. I like buying regularly building up my portfolio of hold properties and flipping when the opportunity arises. Of late though I have tempered my regular buying habits and replaced them with patience.
Over the last couple years, the market has trended from a seller’s market to a market so hot that it makes the last boom look slow. This has created an environment where nearly any listing is drawing at least multiple offers if not creating a bidding war. The pace at which homes are appreciating and the frenzy in which homes are being purchased has caused me to give a moment of pause and consider how to operate in the current market. It is not that I have totally stopped buying but instead of what I would describe as an aggressive approach I am resisting temptation and implementing my word of the year.
I don’t have a crystal ball and I am not an economist but when it is this good to be a seller I do have to question just how good it is to be a buyer. I will continue to hunt and jump when the right opportunity presents itself, but I have this nagging feeling that patience now is going to pay dividends later.