This time around, appreciation and depreciation are going to be very location specific. Condos in Vegas, Hawaii, and Manhattan will take years to hit bottom. Affordable suburban homes in boring communities with a solid economy may not drop at all. Better to buy a $150,000 home in Des Moines rather than a $300,000 condo on the strip in Vegas. Get rich slowly.
What happened in 2008 was a fluke thing for the real estate market. We had a crash in RE prices because of a total lack of liquidity and financing options. The banks didn't have any money to lend at the time. Yes, that was followed by a recession, but the recession was did not really cause the prices to drop. Yes, the people that purchased property in 08 and 09 probably doubled their money over the next 10 years. But that was a very unusual event. As Mark94 said, real estate prices move very slowly. Think about what that area will be like in the next 10 years.
lol commercial RE...the majority of people that work in the service industry are probably renters that would not qualify for a mortgage. After the bubble 2008 lending got harder, and i used to joke that it was a matter of time before banks would start asking for a stool sample.
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