I remember the years 2003 to 2008, when the Real Estate market was going up. Those were the days when getting your offer on a home accepted was a big deal, buyers were offering $3,000, $5,000 and up to $20,000 over listing price to buy a home. The economy was booming, people kept buying, everybody was making money … but nothing lasts forever. In around 2008 the Real Estate market crashed, home owners were under water with their homes, which means that they owed more to the bank than what they could sell their home for. This brought a huge avalanche of foreclosures, bankruptcies and divorces.
The home owners affected by the crisis were devastated, seeing so many years of hard work just slip through their fingers like water.
Ten years have gone by since that crisis, and we are back to a very profitable Real Estate market. Prices keep going up, buyers want to buy before it becomes almost impossible for them to afford a house, but some sellers want to keep waiting for prices to keep going up so they profit the most amount of money in their pocket.
This is the problem with procrastination: The Real Estate cycle. Historically, real estate cycles tend to last about 10 years. Today, we already reached the housing prices we saw in 2008, which was the last cycle downturn. If you add 10 years to that you get 2018. The prices that we are seeing today, will not last forever and if you are thinking about selling, you should be seriously considering doing it today or you may have to wait other 10 years to see the value of your home at what it is today.