In the real estate world, patience is sometimes a virtue and occasionally a curse. During a "hot" market, patience can cost you a great deal of money when buying a home. Typical real estate marketing need not be overly creative as there are more willing buyers than there are homes for sale. Prices rise quickly and steeply. Patience in buying a house can cost you thousands of dollars.
However, patience during a rapidly rising market can also make you thousands of dollars if you exercise it until the market turns down, as it inevitably will. During a down market, prices decrease, sometimes rapidly. If your patience lasted throughout the inflated market of the early 21st century, you will now be rewarded if you want to buy a house.
If you've been living in rental properties for at least the past three years, your reward will be even greater than depresssed real estate prices. The Federal Housing Stimulus Bill offers new homebuyers, like you, an $8,000 direct tax credit if you buy a home before December 1, 2009. To receive this credit, don't extend your patience past the deadline, of course.
As you can see, patience is not always a benefit, as it sometimes comes with a cost. However, properly exercised, patience in the real estate market can be highly rewarded. Understand that patience is not merely standing on the sidelines and watching the market pass you by. Patience involves staying under control, evaluating the market, ignoring real estate marketing focused on "buy it immediately" sales, building your knowledge base regarding both real estate and rental properties, and knowing what type of property you want.
Using patience as a tool, you should not only make better decisions when buying a house, you may also save and/or make more money. Impulse buys in the world of real esate can be quite risky, whether you are buying a home as a principle residence or for investment. While patience may mean you may miss an occasional opportunity to purchase a good property, long term success often depends on your patience quotient, even in a good market.
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