Everyone wants to buy a house at the bottom of the market, but it is impossible to know when is the best time to buy a house. Instead of comparing your status to the market, focus on you. The best time to buy a house is when it is the best time for you financially to buy a house. If you don’t want to buy, continue renting. If you buy and the market crashes, you can continue to live in the asset while the house appreciates in value.
- It quite impossible, according to the author, to know if the time is right to buy a house. It all depends on the situation.
- A great scenario that happens often is that some people buy a house for reasons of status but then when the market crashes they are nowhere.
- Some people make themselves victims of their stupidity when they contend that they never wanted to buy a house but their parents pressured them into it.
“The market is like a referee, but it’s not ‘on the pitch’ because if you make a good or bad choice the market doesn’t care. So in that respect it’s not like a referee either — a bad analogy!”