The big problem with the mortgage meltdown was that people bought house in just the short term. Now that the market has dropped a lot of people have lost money. It might not be the time to buy a property.
Don’t buy a house because it’s cheap, buy a house because you want to live in it. But is the economic down turn going to last for ever?
Home shoppers should only purchase a home this year if they plan to live in it for at least three to five years. The real risk is that prices continue to deflate, so do you want to get in front of that bus? Colorado mortgage advises that you don’t buy a home this year unless you are planning on staying for the very long term.
You have to remember for one thing, that nobody can say what the real estate market is going to do. The market is always going to be changing. Even if the market was great now it might not be that way in just a few years.
Does it make sense then to spend a few thousand dollars now to make hundred thousand later. Yes it might not have been a good investment the last 5 years. But is it going to stay that way forever?
That is way you need to be in the home for an extended period of time. The home will generally be a great investment if you give the investment time. A home should always be a long term investment.
Is their a better investment in the long run than real estate? Have you ever met anyone that had owned real estate for longer than 10 years that has lost money? Real estate is a good investment if you are in it for the long haul.