Folks who tell me they are waiting to buy real estate are inspirational. Here’s why — this inspires me to reassess the current real estate climate.
The house that you buy today does not have to be your forever home. Instead, you could use it to create another stream of revenue by leasing it out, with or without a purchase option, or make it a short-term rental if there is no owners assn. i.e. HOA. If real estate does what it usually does, which is appreciate, after a year, you can sell it and profit by tens of thousands, just by owning it for a year or so. You might decide to just keep it, continue to rent it, and also vacay there.
In a thriving real estate market, waiting to purchase means you’ll pay more for the same type of house when you do buy. This is because in a thriving real estate market, real estate does what it is supposed to do — real estate generally increases in value to the benefit of the current owner.
