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Thanks emilybh.....I have come to that conclusion....even though the market is so miserable, I am going ahead with selling my home and moving to my favorite vacation spot to retire, since there is no way to know if and when things will improve....while I will not lose any money with the sale, it will not bring what it once would have of course, so not a very "good investment" after all.
I don't think a home should be considered just 'an investment' either. It should be a place that belongs to the whole family that invokes pride of ownership and a love for the place. When it is only a financial stepping stone, this is when people find it easy to walk away when the going gets rough....instead of fighting for it. Hard to put into words, but I do understand the difference.
Realtors better start beng honest about home ownership just like TimeShare salesmen were forced to be. Buying a home is a lifestyle choice period.That is all it has ever been except for during the bubble period.
This is from an old lecture of Peter Schiff's author of Crash Proof; How and Economy Grows and Why it Crashes and Little Book of Bull Moves in a Bear Market. He predicted the Real Estate bubble long before anyone else did and he is a regular guest on CNBC; has his own investment firm Euro Pacific Capital YouTube - Peter Schiff bursting the myth House = Investment
Of course, people refuse to read any farther. The man is spot on:
"They should be thinking of it as a great place to live."
If only people bought a home to live in it, we won't be in this mess today. Instead, a million folks got greedy and they fed the greed of their bankers and brokers.
I think he's been taken out of context (the usual media spinning, sensationalist headlining baloney). Nothing is good to invest in right now, except some BRIC ETF.
Here's further clarification by Peter Schiff of Real Estate that would be an investment . By the way, he ended up buying the home he was renting for lifestyle reasons though.
Oh and here is one of the many many YouTube clips that people have made showing that Peter Schiff was right and all the "experts" that thought he was a Kook were DEAD WRONG. http://www.youtube.com/watch?v=OFXkqGvd3gY
Thanks emilybh.....I have come to that conclusion....even though the market is so miserable, I am going ahead with selling my home and moving to my favorite vacation spot to retire, since there is no way to know if and when things will improve....while I will not lose any money with the sale, it will not bring what it once would have of course, so not a very "good investment" after all.
After selling my home of 18 years at the end of 2007 and moving to where I thought I would want to retire, I'm still renting..and glad I haven't bought as I can't deal with the climate. However, I miss being able to make the changes and upgrades I want and I expect to buy my next place but I don't have any visions of making a killing on it when I, if I ever sell it.
Here's further clarification by Peter Schiff of Real Estate as an investment . By the way, he ended up buying the home he was renting for lifestyle reasons though.
Peter Schiff did not write the original article that was misquoted in the thread title to make a point that is not supported in the article.
(Written by a real estate agent and REALTOR® from a perspective of intellectual curiosity, integrity, and ethics, none of which are admissible characteristics to some folks if their "facts" do not support their agenda.)
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