Sunday, December 30, 2012

Time Is Important

Everybody agrees that time is valuable. People may immediately respond to say that is why efficiency is critical. They try not to waste their time. Since the emergence of personal computer age, making a quick decision, swift actions, and rapid movement became almost virtue of high-tech industry. Making quick decisions, however, may or may not be the right answer to be successful in business.

There were a couple, husband and wife. They were immigrants from Asian countries. They married and worked hard to save money. Early part of 2000, they felt that they have enough money to buy a house. House prices were soaring. Their friends bought their own houses and looked truly satisfied with their decisions.

It was the year 2005 when they looked for houses. They had a saving, which could be mortgage for buying a condo. They thought one-bedroom or two-bedroom were too expensive for their savings. They looked for a studio. Even a studio was expensive that time. The cost of a studio, which they liked, was almost $200,000. They could find a bank they could get their loan. It looked that they could get it with a bank loan for 30 years.

They calculated monthly installment for paying back. It was well over the rent they were paying for two-bedrooms. All their payment will be to pay back interest for first 10 years. Despite they liked the studio, they gave up to buy the studio. They thought it did not make sense.

They continued to work for other 5 years. They saving became more than doubled in comparison to 5 years ago. The market situation was quite different in 2009. There were lots of houses available in affordable price range for this couple. Now they could afford not just to a condo. They could afford to a house with their budget, depending on the area they could move.

They bought a house with three-bedroom. They have a large kitchen and a living room, and three bedrooms, one of which the husband could change to be his office. They have 2 full baths, so that they do not have to wait to take a bath in turn. In 2010, the market is still soft. They are considering buying a condo for rent for their retirement.

Major news media reports that the worst part of foreclosure storm is not over yet. This year records 4 million foreclosures, according to a media. They expect the year 2011 will be worse. Even this couple keeps seeing their neighbors vacate their homes and disappear. Houses with "Foreclosure Sale" signboard is getting more in number as they walk their dog in the neighborhood. They thank God that they were not in this foreclosure storm.

Readers, consider one moment. What would have happened to this couple if they bought the condo in 2005? They might have lost the condo by now. They did a right decision to wait and see how the market goes. Sometimes, it is the right decision to take a long time to make a decision. One can evaluate "time" this way, too, instead of making quick decisions all the time. It would not be procrastinating if it is a part of ones decision. Remember; Haste makes waste.

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