In Gambling, Trends Dominate:
In Gambling, if something happens it’s more likely to happen again than the opposite.
Have you ever been to a casino? You see people at the roulette table and red comes in. Then red, then red, then red. They bet on black because they think black is due to happen. Black isn’t due to happen. They’re supposed to follow whatever is happening. Other people sit at a blackjack table. They lose, lose, lose...then they increase the amount of their bet because they think that the opposite of what is happening is about to occur. They are 1 billion percent wrong. In gambling, trends dominate.
In Real Estate, Trends Dominate:
In the Real Estate market, if something is happening today then it’s more likely to happen again now than the opposite.
When you find a home on the market that offers the lifestyle and amenities you want, then the way to get that home is to follow whatever’s happening in the market without losing it to other buyers. In todays market, Minnesota homes will consistently see contracts of 98-100%. Homes sell very close to or right at the asking prices. This never ever deviates. Those buyers get the nice homes. The lookers who wish for a “deal” never get a home. We see buyers who put in below market offers over and over. They lose, lose, lose...then they think the market should change and they should get their low offer accepted. Well that’s not due to happen. You should follow whatever’s happening. In Real Estate, trends dominate.