Dear Tyler, I'm waiting for home prices to go down in Los Angeles before I buy. How long do you think that'll be?
Waiting for prices to go down is a terrible strategy for buying a home, but I get it... buy low, sell high, right?
Well, aside from the Obvious issues of getting a decent loan when you try to "buy low", and where you think you're going to move after you "sell high", owning real estate is not the same thing as owning a piece of stock.
Don't believe me? Try raising a family inside a couple shares of Apple stock, and let me know how that works out.
Especially in Los Angeles, the concept of real estate becomes more & more precious every single day.
In fact, it's pretty common for people in L.A. to see their homes appreciate by about 8% over long periods of time. I know people who bought their home for a couple hundred thousand in the 90's, and now they're worth well over a million dollars.
With that kind of perspective, do you think it really matters if they bought their house at the bottom of the market?
My challenge to you...
Find ANY homeowner in L.A. who bought their house at least a year ago, and ask them how much they paid for their house... watch them brag about the deal they got.