You Should Have Bought Your Home Yesterday

Dated: October 26 2021

Views: 131

If you were looking for the perfect time to buy, it may have passed.

I’m not going to sugarcoat this. I have bad news. Have you been looking for the best time to buy a house? It was yesterday.

All joking aside, the best time to buy a house in the Triangle was probably March 2012. Since then, homes have gone up 84% on a price-per-square-foot basis. In parts of the Triangle, it’s even higher than that. In Durham, prices have gone up by 119% in that same time period.

I want you to remember that there’s an old Chinese proverb that says something along the lines of, “If you want wood, the best time to have planted a forest was 20 years ago. The second-best time to plant a forest is today.”

Waiting for the market to turn is a fallacy. If you're renting, you could be using your rent money to build your own wealth instead of continuing to pay it to your landlord.

"The second-best time to buy a home is today."

People who started to wait for a downturn in 2017 are still waiting, and they’re starting to think they made a mistake. You may be sorry five years from now if you don’t take advantage of your ability to buy a home in the Triangle today.

If you have any questions about the market or you’re interested in buying or selling, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

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