| Don't Sit On The Sidelines! | ||
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Note: If you don't see my picture at the top left of this page, Sitting on sidelines can be riskier than getting into housing game! A friend of mine used to tell me that the reason phrases and corny sayings became trite was because generally they were true. Such is the case with the old real estate adage that what sells real estate is "location, location, location." That’s been the longtime mantra of developers, investors and Realtors —— so much so, we have you all believing it. But, is it true? Let me ask you this: In today’s accelerating market, is it "location, location, location" that matters, or is it "timing, timing, timing"? My answer: Right now, timing is what is most important. Before you start ranting and raving, don’t begin to think that I’m suggesting that an investor, developer or, for that matter, a homeowner, buy in a knowingly poor or depressed neighborhood or a bad location backed up to a freeway, railroad tracks or high-tension power lines. Nothing could be further from what I’m saying. What I do mean to say, however, is that time is of the essence. If you’re sitting on the sidelines hoping for prices to go down, you’re making a big mistake. Let’s turn the clock back just one year. If you bought a Laguna Niguel house for $475,000, it’s now worth about $650,000. A home in Aliso Viejo that went for around $300,000 now costs $500,000 or so. What was $1.2 million in Coto de Caza 12 months ago is now roughly $1.7 million. So now what’s important? Unless you’re buying a home in one of the aforementioned problem locations, what has mattered is timing. Sure, whitewater views, ocean and mountain panoramas, and certain neighborhoods and zip codes are still a prize to some, but many homeowners are getting wealthy just making monthly payments. Some have used this newfound wealth to upgrade to the locations they’ve always coveted; more power to them. Some have purchased more property. Don’t spend your time on the sidelines. Get in the game, because the worst location you can be in is on the bench watching prices go and stay out of reach! | ||
