Quote:
Originally Posted by rustyp
This makes sense to me. What I see is rapid asset inflation not wage inflation. Hopefully a housing crash does come. If not we will have a whole generation of people that won't be able to afford to buy a house. That will cause unrest. If a new home is in your near future then:
- Don't sell high and buy high now
- Don't sit and do nothing (your present house value will also go down)
- Sell now and rent (anywhere) until the crash comes then buy
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I don't see a "crash" coming anytime soon. The current real estate market is nothing like 2008. Will it level off at some point or even back down a bit? Yes. But right now demand far out paces supply, and not just in Florida.
And even though interest rates will go up some, I don't see going from 3% to even as high as 4.5% being much of a deterrent. That's still historically low.
Waitng out the market has it's own downside. Who knows when it will cool off? What if it's 5 years? That's a crapshoot in itself. In the meantime we'd be putting off our dream, and that's something we don't want to do.
Even though my wife and I are very fit and healthy, who knows what tomorrow brings. Everyday is a gift for us. So we went a ahead bought a place. You can argue whether it's a good move or not until the cows come home. Everyone's life situation is different, and nobody truly knows what will happen tomorrow.
We have many more years behind us than ahead of us. So we live accordingly. Worrying about whether our home in TV will appreciate or depriciate is something we could care less about at this point. For us it's about enjoying the years we have left. Our kids can deal with our home when we're gone. I'm sure they'll come out just fine.
All that said, it's just my opinion. lol