@Costin I. Refreshing to see someone else that understands the “greater fool” strategy does not always pan out but it works until it doesn’t right? I am always reminded by Warren Buffet quote “ be greedy when others are fearful and fearful when others are greedy”. That said, I am focused on buying distressed properties from distressed sellers. They are few and far in between right now because of the market hype due to extremely inflated bonds (low interest rates) and government moratoriums on evictions and foreclosures but those conditions cannot go on forever. If you buy a deeply discounted property, it does not really matter all that that much what the market does but if you are buying close to market... when markets go down they take you with it! In 2011 I was in such a rush to buy as much as I could afford because it was a buyers market and I just knew it would not last forever. So there is always a time and place for everything. Buying at market prices in a buyers market is not exactly a bad thing but buying at market prices in a sellers market....not so sure that’s a great long term strategy.
Will a buyers market ever exist again in Austin? Of course it will. But no one has a crystal ball and can say when that change will occur. I don’t care how attractive Austin is, if interest rates go up significantly we are in for a rude awakening.
Be diligent and remember patience.
