I'm Getting Pre-Buyer's Remorse! Help!

Judy, I always think it is best for people to make a decision based on their current situation and long term goals.  If we could predict with any sort of accuracy the ups and downs of the market we could become rich beyond our wildest imaginations.  We can only look at trends.  I've heard multiple housing economists state that you can only see the bottom of the housing market six months after it has passed.  Might housing prices go down more, sure, and at least in my area it is fairly likely we will still see some downward movement.  Do the majority of my buyer clients really care?  Not really.  I have some clients who were completely priced out of this crazy California market a couple of years ago and they have had the opportunity to BUY when it was completely out of their reach before.  If they waited until the market turned they may have been priced out again. 

Buying a house is a very personal decision, even if it is a second home.  Maybe you haven't seen the right house yet either.  I notice when people walk into the right place, a lot of their doubts go away as they see themselves finding HOME.

Carolyn, I know we have to make the final decision.  I think part of my fear is owning a property so far away - I've never understood how people can do this (I've owned investment properties locally before).

I think the fact that we only have a short period of time to search bothers me too.  If we don't find anything during our visit we'll definitely wait.  We're not going to buy just to buy.  I'll go back out if I have to.

I'm not so worried about prices going down once we buy since it is a long-term investment.  In fact, I'm more worried about interest rates going up down the road and that's why I think now is a good time (for a long-term investment). 

My fear is some people's opinion that we're headed for another Depression.  If that's true then I might earn even less next year and after and my husband's job, which seems stable now, might be affected depending on how bad things get.  Right now we're fine.  

I'm just afraid of some people's opinions on our current ecomomic situation and I got scared.  Again, worrying about lower prices is not the issue for us, it's not knowing how bad this is going to get.  

I'm in a very different real estate market than you, I realize that.  I also know you have been selling real estate for a lot longer than me and have seen a number of real estate cycles so you have a better idea of what a downward cycle feels like.  Best way to stay positive to me would be to focus on your websites -- there will always be people who need to buy or sell.  Re-look at lead conversion methods, even if the number of leads go down work on increasing your conversion and increase your sales. 

Most of the time I'm pretty good at avoiding what-if's.  I live in California and have a pretty hefty mortgage payment. Looking back though this last move has been the best possible thing my family and I could have done and have NO REGRETS buying my current home in 2006. 

Focus on ways you KNOW will help your business (I know you already do this) and help your husband have a backup plan just in case.  Remember that there are always opportunities.  There were people who made a lot of money during the Great Depression.

When I got my real estate license in the early 80's interest rates went to 18%.  That was my intro - although I didn't jump in full-time for a few years. 

My first thought is like that of Greg Swann, the author of the post.  Yes, I've been through recessions and everything always worked out. 

But back then, and it's probably because we didn't use computers or the Internet yet, we didn't hear all of the differing opinions on each recession.  I can't imagine things getting as bad as a Depression but why do some intelligent people believe this is coming?

Although I'm not a gambler, I'm also not going to let this stop our plans, but it is weighing on my mind.  I keep thinking, "What if they're right?"  Well, we can only wait and see.  I'm gonna have to live my life right now.

As always, thanks for your kind words.  You're truly a great lady!

Judy..You post answers most all of your questions and concerns.

I have been doing Naples, Florida real estate for a number of years now and we are seeing buyers question whether we are truly at the bottom and whether the interest rates are going to go lower. As to the question of predicting the bottom, I always nicely say that if I could predict the bottom, I would be on my 150' yacht in Port Royal not having this conversation. I tell them that they have to be looking at it as a long term investment and not a short term hold. Whether the price goes down a bit more, who really cares because we live in a world-class destination and eventually the prices will rise again.

Regarding the mortgage rates, I tell tham that I'm from the Boston area and in the 80's, like you, we saw 18% to 20%, so no matter whether it is 6%, 7% or 8%, it's all pretty good to me.

I say...stay the course, go for it and don't look back!

Sorry YOUR post.

No need to say Sorry Mel.  Thanks for commentting and yes, I realize I answered my own questions.  This was a "reach out and vent" post.   That said, again, I'm not worried about price as it is a long-term investment.  My worry is how bad is this recession gonna get? 

Naples isn't recession-proof necessarily, but I have to believe that we are going to have an O.K. season!

Ah Judy - we are struggling with the same thing!  We bought a lot in the Tenn. "Smokey Mountains" area and our plans to build our modest vacation home have taken longer than we had hoped.  We made the commitment to start something in May 2009 and ya know what - we will most likely go ahead with it.  WE ARE NOT GETTING ANY YOUNGER.  We can afford it and we have worked so hard for so long - we deserve it.  Good luck with your decision.  I think you deserve it too.

Hi Judy:

I think it was Warren Buffet who said something like "look at the worse consequences that can come from your decision.  If you can live with it, go ahead with the decision." 

About 5 years ago, we bought our vacation home about 25 minutes north of Québec City.  (I live in South Florida).  At that time the US dollar was very strong.  Had I waited, I would have missed out on an opportunity that may not come back around for awhile. 

Carolyn correctly wrote it above - look at your current situation. 

Oh, yes, the posters on some of the blogs who apprently struggle with life, so they want to try to make you feel as miserable as they are. Optimism is not in their vocabulary. They cannot even enlighten themselves.  You reap what you sow.

Judy, we bought a beach home (second home) at the top of the market because it was exactly the location and style of home we wanted.  We plan to have it stay in our family for years to come.  The beach will be there no matter what the market does (assuming our area does no fall into the ocean as many doom-sayers have predicted for years!).

Do what you are comfortable doing. I am a believer in your statement, "I'm gonna have to live my life right now".  Hope you enjoy your new home as much as we enjoy ours!

I knew you guys could help me feel better!

Bob - Looks like we'll both be taking the plunge!  Best of luck on your new place - I'm sure you'll post some photos.

John - I was thinking of the statement about "buying when everyone else is too afraid."  Was that Buffet?  Now I can't remember.  And I certainly don't want to miss out on today's opportunity!

Drew - As I was searching for the above quote (looking for Warren Buffett quotes) - I found this one that I guess could have pertained to me after reading those negative comments:

"“Let blockheads read what blockheads wrote.”"