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I saw this on Today. My frustration with media like this is it is your home. and historically, your home appreciated about 4% to 5% YOY. And just like stocks, sometimes it is larger in a year and sometimes is less in a year. You can be a day trader in stocks, but most folks lose their shirts playing in the day trading. We buy stocks for the long term and look for a 10% appreciation per year.
When did we stop looking at our home as our home? It is a place to raise our family, paint the way we want, and know that your money would appreciate. Not huge killings, but you got the tax break throughout and the stability of knowing this is yours. It is a long term investment. the alternative is to pay rent, and have nothing but rent slips in your hand after 20 years.
I'm sorry, this guy should not be taken seriously w/anything he says. Its financial "porn" at its best. He is great for ratings, but substance? yuck...
I'm sorry, this guy should not be taken seriously w/anything he says. Its financial "porn" at its best. He is great for ratings, but substance? yuck...
I agree. After Cramer's recent meltdowns, he's become the "shock jock" of the cable news channels. Think of his advice like relationship advice from Howard Stern.
The NAR rep just reminded him this is buying a home, and that real estate is LOCAL and individual. Jim Cramer was saying NO ONE should by a home, period!! Anytime anyone uses the words NEVER, ALWAYS or SHOULD in a sentence, I run the other way. There are gray areas. IMHO it just shows ignorance.
If he in fact said no would should buy a home, that is one of the most
irresponsible things I have ever heard and another example of the verbal
diarrhea coming from the media.
I am glad there are forums like this one to counteract the lies.
He did IN FACT say that no one should buy a house this year. As for cramer himself, I used to watch his show until I looked at an independent study on his accuracy when it comes to investments. Using the data he was "willing" to release it was ambigous at best. They then dug deeper and used all public data that was released by CNBC and found you could do as well or better investing blind. To put it bluntly his track record bites! His explination is that he is there to "educate" people on basic investing and to encourage newcomers to not be afraid.
Bottom line, good theatrics and showmanship but I would no more take his advice than I would take it from someone on the street corner.
Remember, the advice he gives is equal to what you paid for it!
I'm trying to recall the time frame, here, but I think it was about 6 months ago, that Jim Cramer said it was an excellent time to buy a house. He related it to buying stocks saying that you always want to buy when prices are low, and not wait for the market to turn.
Anybody else remember that? Talk about doing a 180!
Personally I love Cramer, I don't buy stocks on his advice, but I think he's great! It's entertaining as heck to watch his show, and his book "confessions of a street addict" I found to be a great read. (the story of his personal life, not how to invest in stocks)
That being said, What is Cramer? Is he an Economist...NO, Is he a Real Estate investor...NO, Is he a licensed agent....NO, is he a former Hedge fund manager...YES. So take his opinion as heavily as you would any other non-expert with a mouth.
I always like to look at the raw data, and make my own conclusions based on numbers and my experience. I learned long ago the only opinion I can truly trust is my own.
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No one should buy a home?
