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One commenter yesterday challenged my statement that this is a good time to buy new construction because resale homes are selling; interest rates are low; the price of new homes is at an all-time low; and builders are including many upgrades in their standard spec package
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30 Comments on Real Estate Is A Long Term Investment....It's Not Day Trading!!
Bobbie....many have lost sight of that....
Jennifer.... families use to buy a home and stay in it until the mortgage was paid.... then it was 3 to 5 years..... I think we'll be somewhere in between....ma
Barbara,
I think people should start appreciating that they have a home. We have gotten way off track in the last few years, maybe decades.
Pamela.... I think you're right..... we need to take a step back and realize that a home is long term investment and not something we can buy and sell every two years....
Why is it so difficult for some folks to grasp this concept? I don't know how much clearer you could be!
Peggy.... I know....it's unbelievable..... this is such a good time to buy a new home....
Barbara, I tell a lot of my first time buyers that making a home purchase is like making an investment in themselves, and that if they purchase right not only will they have shelter, but down the road it will be their largest source of revenue.
Ed.... they need to stay there and live in it....maintain it and make some improvements that will give them a good return in the future.... but they need to stay there for many years....
Exactly Barbara and suggested. I tell my buyers all the time, if you are looking to sell quickly, you will not make any money. That is not how Real Estate works. It's a long term investment. Buy a home first to be a home, worry about resale later.
Especially in this market a buyer better be prepared to hold their home for a long time.
Some people in my area can afford to buy a resale but not new construction. You are right though if you are buying a resale or new construction staying in it for a very long time is key. Sorry I am not making much sense tonight.
Barbara, what I like about this is that a commenter spurned you onto writing a thoughtful and pertinent post. Good points, well put, and not too long in making it!
Barbara, I do hope that buyers are getting it...many times at open houses I hear them say that they are ready to move up and only bought their home a year or so ago and have little equity...again understanding the tenets of home buying and finances is still a '101' course that most have not taken! Great post.
Hi Barbara...so True. The Press fuels this type of thinking, they would like the public to think of Real Estate(There Home) as a commodity, so they can announce Daily Real Estate Values.
Cheeers
It's not always about the interest rate. I really don't think that all reluctant buyers are non-committal because they think the can't make a buck on a home sale ina few years. It's more that they are realisitc about the real estate market that they know from the past few years. They may not have been adults when the market was stable and you could buy knowing that just owning the home for a length of time would increase the value.
I've owned a home since 1985. Made a profit on the sale of our first and second home. This home - 14 years and going. We have no plans to move or sell. We know the value dropped, but it doesn't matter because we are settled and can ride out home value fluctuations. We just want to pay off our mortgage as quickly as possible.
I know plenty of potential home buyers who are financially ready to buy, but they have other factors that cause them to hesitate. They could just buy an investment property rather than their "home" so that it won't matter if they are relocated out of state. An investment property at the current interest rate, owned long term. Now THAT is a smart buy :0) Tell my two adult children for me please!
Congrats on being featured on Linkedin! I normally don't click on those but I recogized you and it was like seeing an old friend!
I forwarded the email to you.
Hi Shanna.... I received it and responded....thank you so much....
Another short, succinct, accurate statement.
thanks, Lottie.....