Derrick Rose got injured, again, over the weekend and it’s just brutal for him. I was thinking of all the hard work he has done after his ACL injury. Then, because it’s what I do started thinking of the parallels to the current mortgage & real estate market. The thought I had was “you gotta make hay while the sun shines”.
Sports provide us a great metaphor for life, we all know this and it’s one of the reasons we love sports. But sometimes, it’s the story of lost opportunity that is the lesson. Think about the Bulls last few years. In 2011 they lost to the Miami Heat in the conference finals and then everyone presumed that the Bulls would be playing for the championship in the near future. They told themselves. a little more hard work, a couple of breaks and they will be championship winners. But then Derrick Rose had an injury filled season that finished with a blown out ACL in the first round of the playoffs and now what is likely to be two almost entirely lost seasons to serious knee injuries. The path that to that championship is no longer a clear one.
In sports the easy view is the champions lessons that hard work & perseverance win. However, for every victor there is at least one, if not multiple contenders left behind wondering, what if, maybe, or if only I/we would have…
…and that’s where the parallel comes in. As the Real Estate and Mortgage market move along, too many people figure that the status quo will stay in place. The window of opportunity with low rates and good prices on houses will here for the foreseeable future. Buying a home, or refinancing is something you can patiently get to.
The Fed is much more likely to pull back the stimulus in the market, or have the current amount of stimulus stop working. Prices of houses have already started going up and rates have had a couple of spikes already and are still attractive but are off of their lows.
There are tens of thousands of dollars in opportunity available in personal financial savings available. Get that home purchase or refinance moved up your priority list before like the Bulls, you are left wondering what might have been and wishing you did something when you had the chance.
