January 29, 2006
-- by Thomas Leavitt
80% of us Pacific Coast residents think there's a housing bubble. Almost as many of us expect it to burst within a year, or sooner. Around 50% of us would advise a young person to "rent until the market slows or drops".
... I wonder: who is still buying, and why?
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"I wonder: who is still buying, and why?"
People who don't read the news.
Because they think housing prices always go up.
Posted by: Dave Johnson at January 29, 2006 8:12 PM
I think that I do inded\e\\
I think I understand the reluctance on the part of people to actually step up to the plate and purchace anything.But...I have to tell you from personal experience, well. I'm getting older, still I'm not sure people get this.So I'll give it a shot.The first house we bought only gave us dividends.My husband was the one that insisted we would buy.I was fine with renting.But he had watched his parents never own anything until he was almost 20.He said, no we will buy or nothing.We almost doubled our investment in 3 years.I was convinced.We moved here in the mid 70"s...huge interest rates.Awful.Wasn't sure myself that he had made a good choice.I can say alot of things about those years.It was difficult sometimes.Scrapeing the bottom of the bucket.Now...wish we had bought a whole lot more land,believe me.We had a 15 year loan.That seems like a long time ago and the sacrifices were well worth it and the payments we made then seem like pittence now.I'm just taking a guess but am betting that 20 years from now someone else could tell the same story. I will add that in that time, and even at that time, the houseing bubble burst a few times and I would not be too surprised to see it do so a few more times befor we're ready to sell.In the mean time...I would never ever give up the choices we can make here.This is ours,we decide what we're going to do with it or not do with it.We decide.To me that is it.It's ours and we decide....Well, that is to a point I guess. At any rate. I would just say, yep it's gonna burst, take a shot at it, batten down the hatches and live through it, you will not regret it.I'm not sure who say's all houseing has to be resold in a year or two.If you are willing to stick it out...maybe indefinately,you will see a gain monitarily.In the meantime, you have ahome.It's yours.I can't imagine ever feeling quite the same about a rental.
Posted by: Kay at January 29, 2006 8:15 PM
Oops, thought I erased that first line.Sorry.
Posted by: Kay at January 29, 2006 8:19 PM
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