Richmond BC Realtor, Owen Bigland, blogs about an experience he had with 2 very successful business people last month "Be greedy when others are fearful and be fearful when others are greedy". Those are the words that Warren Buffet has always lived by. Owen had 2 experienced buyers last month pull the trigger on million dollar plus properties. They both had a lot in common. They saw value in the current price that these homes had been reduced to. They were not concerned about trying to buy at the bottom of the market. And they understood that markets go up and down (IT'S NORMAL). Most importantly, a well purchased property if held for good periods of time say 10, 15 years or more will always appreciate. In other words don't try and time the bottom. These homes had both been reduced substantialy from there original list prices, one had been reduced twice in the past 70 days. If they waited another month or two or three would the price have gone down more?...maybe. Do these guys care...NOPE! They've seen this movie before just as Owen has over the past 20 years. These properties were both sitting on large lots in areas that have very few homes come up for sale in any given year. So, they also recognized that if they waited another opportunity like this might not appear again for some time. They were both perfectly comfortable with the fact that a year from now the property could be worth less. Just goes to show that people can make smart investments even when markets are trending lower. Warren Buffet likes to buy when things are on sale not when there going up and when you’re in competition with other buyers… and so did these two clients.
This entry was posted on October 19th, 2012 by Owen Bigland | Posted in Video Blog