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Real estate has a long way to correct. Don't jump in now. Rates are only going to increase (which will bring housing prices down much lower). Plus, interest on a mortgage is tax deductable anyway and as you pay more towards interest on a less expensive home, you get a better write off on your taxes. It's going to get much uglier from here.
This is not sound advice for everyone in the country. It is specific to everyone's location and individual situation. Thanks for the spreading the doom and gloom though.
Real estate has a long way to correct. Don't jump in now. Rates are only going to increase (which will bring housing prices down much lower). Plus, interest on a mortgage is tax deductable anyway and as you pay more towards interest on a less expensive home, you get a better write off on your taxes. It's going to get much uglier from here.
I don't get it...It is a local thing as the previous person pointed out.
Are the people who are spreading this doom and gloom the people who just can't afford to do it themselves so they decide if they can't have it, others shouldn't? I am not asking this of the OP, just asking as so many are ascting like the sky is falling. Yes, prices are down and the market isn't what it once was but it will come back...and then it will go down and then come back again.
I agree, real estate is VERY local. When I'm asked if "Austin" is in a buyer's or seller's market, the first question is, "Which part?" Then, that established, the next question is, "Which price range?" Because it can be a buyer's market and a seller's market in the same part of Austin depending on price range.
It's really a lot more complex than the OP indicates.
Tell that to Donald Trump. Seriously, I've had my eye on a certain something and given the right time, I'm prepared to pull the trigger. When to buy is an individual (or family) choice. I found the OP both generic and lacking in substance.
Rates are going to rise nationwide. Thanks to our monetary system, the "federal" reserve dictates market rates. With all of this money printing they are printing, rates will rise whether the fed wants them to or not. As unemployment continues to rise and more people lose thier jobs, more homes will be forclosed upon. The rising costs of every day items like food and energy are going to have people renting and downsizing. Consumers don't have the money to pay for these over inflated homes. More inventory on the market plus the cost of borrowing getting more expensive equals lower house prices. Don't listen to these joker real estate agents here. Take off the rose colored shades. Things will get cheaper and we are no where near a bottom.
So you're saying one should keep pumping money into stocks, stuff it in a mattress?
keep a grand at home in case SHTF, and invest in commodities. I'd also own some physical precious metals. Another round of bank failures is on it's way. I'll be suprised if they can hold it together until the election.
Location: In the North Idaho woods, still surrounded by terriers
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When someone posts something like TexianPatriot did, I always wonder what his or her agenda is? Why add to the simmering pot with a load of doom and gloom prophecy. What does he or she have to gain from this? There are areas near me that are doing just fine in sales, other areas that are not. People who want to buy homes will buy homes. It's dooms-day prophets like the OP that causes much of the trouble in the first place.
Yes, the term "self-fulfilling prophecy" springs inevitably to mind, having watched this kind of thing happen over the years to things real estate-related and not. You spout gloom and doom long enough to get enough people scared, you can actually make it happen and then pat yourself on the back for "predicting" it.
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