[quote=CA renter]
It’s not dependent on the market cycle (i.e.: when prices are high), but rather when they need/want to sell.
You and I have very different opinions as to the “wealth” of these local owners. Most of them are very regular families who happened to buy a home before the crazy credit bubble destroyed affordability. We know a lot of people in these older neighborhoods, and very few of them are what I would call “rich” or “wealthy.” All of them have been devastated by the lack of returns on fixed-income investments, and those who had stock have also lost a tremendous amount of “wealth.” I cannot overstate how much the Fed has decimated the financial plans of many older families (and young ones, too!).
There were plenty of homes for reasonable prices for most of our local history. What’s happened in the past decade is an anomally, it is NOT the norm.
I acknowledge that it’s a leap of faith, but it’s a bet I’m willing to make. All that’s required is lots and lots of patience.
Mind you, we’re looking in the older sections. We have no interest in the newer, “upscale” planned communities. We are seeing more and more properties lately that are getting close to what we’re looking for…and they are NOT flying off the shelf like they were just a few years ago.
Patience… ;)[/quote]
CAR, I wholeheartedly agree with everything you’re saying here. Patience . . . and “stamina” are GOOD. I, too, am not “going anywhere” and have “time.” He who is the last through the door before it closes wins :}
