Now that’s a really loaded sentence so let’s break it down piece by piece and see what it really means.
1) Lack of distressed properties – on the surface this might seem pretty ridiculous. Last we checked there’s a ton of distressed properties just waiting to be dropped and then snatched up again. So is this a load of nonsense? Not entirely. You see, median home prices are up 7.9% from a year ago. This means less homes are underwater. This means there’s more incentive to keep up payments which leads to less distressed properties. So in a sense, this is true.
2) A drop in existing home sales – so this one is a little more cryptic but also basically true. What you’ve got to remember is investors make up 17% of the buyers market. So if they’re scared off by higher prices or got spooked for any other reason, they might hold off buying for now. This would look like a drop in existing home sales.
So what this boils down to is that higher prices means less opportunity. And what we are trying to tell you is that you’ve almost run out of time. If you’re waiting for the deal of a lifetime to land in your lap, then go back to sleep. But if you’re ready to land a great bargain, even when you see 100% clearly that prices are rising, then the time to get in the game is now.
Are you ready to play? If so, leave a comment and tell the world!