A lot of people are looking at these crazy sky high real estate prices and they’re asking themselves: would I be crazy to buy real estate now? Shouldn’t I wait and buy when the market crashes? That’s a fair question especially because it is inevitable that the market will indeed crash at some point. So why not wait? There’s a number of reasons I could give not to wait, but instead of a well-thought-out answer, I’ll just say that the best times to buy real estate are today, and 20 years ago. I look at it like this: most real estate is paid for over time, usually a long time. In fact, right now, people are owning their homes an average of 20+ years. Making a mortgage payment is like dollar cost averaging. The stock gurus will tell you to buy stocks when the price is going up, and when it’s going down. Just keep on buying, and buying, and after years of doing that, you’ll find that you will have built up quite a fortune in stocks. The same thing is true in real estate: just buy when you need to have a house, and keep making payments, and over time, you’ll find yourself with both a) a low cost of housing and b) a significant amount of equity built up in your house.
Buying Real Estate even at Sky High Prices
The Purpose of the Earnest Money Deposit
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