June 2nd, 2009 2:31 PM by BILL WILBANKS
I had someone throw this one by me just the other day when they saw that rates jumped up last week after being relatively stable and below 5% for quite a while at that point and they missed it. They made the comment that they 'may have guessed wrong again on rates in the short run' and should have gone with what they knew they had and not tried to squeeze that last little bit on a rate. Rates jumped .50% in two days.
The old 20/20 rule again right?...hindsight is...well you know. That's an old story that we see several times every year with market fluctuations. Folks waiting on a rate and if they see it, continue waiting because, "It's going to go lower." This person put a slightly different angle on it however. They had been out of work for a little while this year and compared it to the 'salary' question on a employment interview. You know the one, "So, what salary are you looking for...?" If you get the position, you may wonder if you asked for enough. If it's a job you did want and you don't get it, you may wonder if you stepped over some magic number. I thought that was an interesting comment on human nature. I'd bet we've all felt that way one time or another.
I thought more about it a little later and came up with this. It doesn't matter whether you guessed right on a rate or made the right moves on the interview. All you could do in either case was to be prepared to take advantage of opportunities when and if they were offered. My customer related just how happy he was in this economy when a position was offered and that maybe next time a rate came available he'd be ready then too.