While there is no guarantee that a home anywhere will always appreciate, here in the bubble you have a better chance of not falling as far in a recession.
The home I own now has 'supposedly' (per neighborhood comps, not Zillow/Trulia/Etc.) appreciated 55% since I bought 5 years ago.
Since this is the last of 9 homes I've purchased in my lifetime, it doesn't really matter to me though....as it is something my children will deal with.
If a person knows, without a doubt, that they want to retire here and they can swing it financially...buying now may be a very good option for them.
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