Don't Let Worry Paralyze You
Market Timing.
We're not market timers. No one can say when we'll hit bottom or when prices will improve. But history teaches us the importance of staying invested in good times and bad, and if appropriate, adding good investments to your portfolio when prices are down. Historically, real estate has always rebounded, stronger and with more gusto, after every bear market.
Having a well thought-out plan and the discipline and courage to stick to it are tantamount during this time. What is a "well thought out" plan? In my opinion, location is cricical. Condition is secondary because you can always improve or remodel. Buying a piece of property that you can enjoy immediately and with a time horizon of 5-7 years. Buy and hold and build wealth. Trying to "time" the low is rarely successful; by the time the media reports a market rebound is usually well behind the turning point.
Interest rates are amazingly low, inventory is up, there are deals to be had. Isn't this the climate that every real estate buyer dreams of? Don't wait for everyone to get back on the bandwagon before making a decision. Some of the best opportunities are precisely right before your eyes.
Yes today is scary. Yes it's normal to be worried. Yes we face big challenges. And YES we will get through this as we always have. Maybe we should all stop worrying and start investing.