Can I Stop Kicking Myself Now?
Yes.
Everyone has those moments where they regret not taking the chance that presented itself or for letting a great opportunity just pass them by. We often find ourselves in an endless loop of 'what ifs' that keep us up at night. And though very human, these regrets are useless – no amount of wishing will bring you back in time or make up for lost opportunities.
A lot of people are beating themselves up over not becoming a homeowner by buying in 2021 before the most recent boom in housing prices and the skyrocket that was interest rates. Those were scorching rides! They feel they missed the boat! And they did! There is no doubt that that opportunity has sailed. Housing prices in the Denver Market are not coming back to 2021 levels and those interest rates are gone for good. (Of course one should never say never but I don’t think we’ll see 2.5% interest for a while).
Ok, so what’s the good news for those who have been feeling all that pain and remorse of not acting a year or two ago? First, you can stop kicking yourself! You’ve paid the price and it’s time to come up for air and take a good look around.
All the while you’ve been on the sideline time has been marching on. The realities that made homeownership a good idea in 2021 and 2001 and 1981…you get the point…are still sound as ever. The house you buy today will be a great investment, if history has anything to say about I, for all the tomorrows to come. You already know all the reasons, Owning vs renting, Appreciation of Value, Stability, Roots, all the things!
Somebody once asked two questions, the first was, “What is the best time to plant a tree?” The answer was of course “Twenty Years ago”. The second question was “What is the next best time?” That answer will always be “Now.”
Let’s consider the last 20 years. Compared with renting, would you be in better shape if you had bought at any time during that period? I believe the answer is yes. Would there be times to buy that were better than others during that time? Yes, of course, but at even the worst times, a buyer in Denver would be better off than a renter over time.
The roadblock to owning a home was never “It’s not a good investment, I’m better off renting. Thank you very much!” The roadblock has always been that people couldn’t qualify for a loan. They would love to buy and so would you…all the reasons are in place. Still!
Now is the best time, it could also be the best time for a long time. I’m not talking about today or this month or this season necessarily. My idea is that now is better than later. Now is the time from when you can start building equity.
You can try to hold off and hope pick the right time. Maybe you will be the one to pick it perfectly. That is not something you can count on, but you can count on time passing and another rent payment being made.
So, stop the kicking and take heart. It is worth focusing on the control over our actions that we do have rather than worry about moments from the past that can never be undone; every new moment is another chance to move forward and invest in ourselves for a better future.
Cheers,
Neil