Quote:
Originally Posted by ijusluvit
... Barring another deep recession, home prices will continue to rise. The baby boom demand should continue to spike growth for at least five more years... The big question is, can you afford to buy a place now? If you can afford it, ask yourself if that money is better placed in a solid investment fund so the expected gains at least match the higher costs of buying here later. The answer to that is more elusive.
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To emphasize this point: I know of a couple who bought a designer in St James for $354K in 2011. A market analysis done earlier this month indicates that they could list the property for $409K, and should expect a relatively quick sale at or near that price.
I am told that TV is currently selling over 420 new/pre-owned homes per month.
There are 79 million US baby boomers, generally divided into Early Boomers (born 1946-54) and late Boomers (born 1955-64). That suggests that the demand should last into the 2020s.
If only one-tenth of 1% of Boomers want to move to TV, then 79,000 people will be looking to buy here. And that does not take into account the number Gen Xers who will retire early.
I have a neighbor whose spouse was 2 yrs away from retirement. They bought a home, but chose not to rent it out. They use it for vacation and long weekend get-aways when possible.
So, even if you choose not to rent your home, buying now could be a wise investment, if it fits your financial comfort-zone.