Patience: Real Estate

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.

4 thoughts on “Patience: Real Estate

  1. I totallly agree, Tony. Opportunities are limited to purchase right now, but it continues to be a good time. The right property now will still be the right property in 10 years. Waterfront and view properties are the Interest rates have no place to go but up so leveraging now is a good thing in my opinion. Good post.

    Liked by 1 person

    • Thanks Scott! we are in agreement that a good property now will be a good property in 10 years and yes interest rates are a critical factor right now. That being said with as competitive as the market is it can be easy to get caught up in the excitement and buy the first piece that presents itself as opposed to being patient and buying the correct property that will appreciate and not end up being a huge liability.

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