I love reading the "gloom" emitted from sages of Masters on Housing.
Death becomes them :) It makes the end of the world inconsequential
Granted, Housing took in the neck from the bubble market ...but you never realize market gains at the top of the market...It's always at the bottom.
Here is the skinny on why this is the time to buy.
#1. It can't go much lower. Try not wait for the "ultimate timing". You will miss it. Some homes are selling so low, that you can't even buy the materials required to construct a home ... let alone finish it it.
#2. We all need a roof over our head. Even cavemen had homes. Does anyone think we will all start living in tents as a way of life. NOT !
(unless they are tent makers)
#3. The Cost of home ownership is at a 20 year low. Interest rates are at a 55 year low. Flash ! It's definitely going up.
#4. In the "Long Term", people will always want to live here in the U.S.
(Heck even in the short term). The " Housing inventory" will be extinguished at a higher rate from present values. The present absorbsion rate means nothing to the long term vision.
#5. In the last "bubble" market , only the "smart" buyers survived today unscathed.
( because they bought their property at Historic lows)
Just wait until Inflation hits, and you look at rents or mortgage rates go through the roof in the next 18 months.
If you have the ability, Now is the time to go long on Real Estate.
Or you can bite on a gold coin, ...to see if it's real, and then set an appointment with your dentist.
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