Wait, that's not NEW. Of course not! So why does it seem like it is? At times like these, it's easy to forget the simple rules we've always done business by. "Buy low, sell high." Nothing about this nugget has changed... but sometimes we like to confuse it with its less-classic cousin, "Try to predict the zenith of the financial slump months in advance, wait to buy at that exact moment, and sell high." Very catchy, but I don't remember getting any pearls of wisdom like that from my grandpa. Do you?The hairpieces on TV fuss about the date and time the recession will end. That's what they're paid to do. Fuss. They're like NBA studio heads... they don't play the game, they just talk about the stats. Yes, the real estate market involves plenty of educated guesses. And factoring the market's return into your deals is a wise consideration. But waiting for the world to change (like John Mayer) instead of snagging the gifts all around--right now--is a waste.
Buy NOW, Sell High?
According to any numbers that anyone can chop up, Manhattan real estate is low. Some New York neighborhoods might get lower. Some might hold steady. Some might bounce back sooner than we think. The point is, Buy low. Nobody's saying go crazy and start playing Monopoly out there... We can even call it "Buy SLOW, sell high." All we're saying is there has to be at least one New York condo that you've got an eye on. And that's a good instinct to follow. Sell high.