The smart buyer who never buys

I recently came across a couple that I met back in 2019 while marketing a property.  I vividly remember that they liked the property but informed me that they were just researching. Fast forward to 2022, and they are still on the hunt for a home. Surprised, I asked what happened.

They indicated currently are and have always been pre-approved for home loans but just can’t seem to find the right property. I was in disbelief. I queried a bit more and discovered the following: 

They did not buy 2020-2021 despite being pre-approved for a decent amount of loan because they believed the market was overpriced. What is even more interesting was that they finally found a house that they both like and would be able to settle in this year if they compromised on a few things. 

Naturally, I asked if their offer was accepted. As it turns out, they did not make an offer at all as they think the market will continue to decline and it will be a better time to buy next year instead.

Unless you are in the same rank as the likes of George Soros or Elon Musk, there is a great danger in trying to predict the market.  I wish this couple all the best and hope they will eventually find the perfect house in a fair-priced market.