Quote:
Originally posted by sebastian_dangerfield
Have you looked at housing prices lately?
I just looked at a home my friend sold for $250 two years ago. It is now selling for $360. No improvements have been made since he had it. You think if I buy that piece of shiiite I'm going to get my cash back out of it???
If I wait for the market to crash, I can buy a home like that for $270-280K.
Now I'm high why?
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Dunno about the housing market in Philly, but around here, the last few times that the market crashed, prices didn't really go down so much as they merely stopped increasing at a geometric rate. And houses were on the market longer.
Of course, I'm sure that there are parts of the country where house prices actually decline when the R/E market crashes. But from what I have read, even formerly red-hot markets that went ballistic during the tech boom (I'm thinking of SF and TCOTU) have not seen prices go down.
I guess it depends upon your view of a house -- is it an investment that you expect to appreciate at 5-10% or more annually, or is it a place to live?
