Over recent years, a favorite past time of most real estate shoppers, watchers, and pundits, has been to make multiple guesses as to when the market bottom has arrived, will arrive, or is arriving. Buyers who seek to time a market and purchase at the exact summit of the decline appear to be most interested in identifying the market bottom, and the rest of us who make a living off of such undulations in market prices work to understand the pitches and heaves to best represent our clients.
It is obvious that buyers are anxious to recognize a market bottom, but there’s one key group that is in such a hybrid state of panic sprinkled optimism it makes the Red Bull chugging, market timing buyers look downright lethargic: Sellers.
I’ve gone to great lengths to dissuade buyers from holding their breath until they pass the sign that reads “Market Bottom Ahead”, largely because when they do reach that sign, it will almost certainly read “For Market Bottom, Please Go Back 7 Months”. There will be buyers who purchase during the exact quarter that the market bottom was left behind, but those buyers will have purchased at that time through either coincidence or divine intervention, not intelligent surveillance.
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