If you’re thinking of buying a home—> DON’T
Are you thinking that NOW might be a good time to jump into to real estate price appreciation? Consider keeping your impatience in check, as THIS IS NOT the market bottom.
You will become what is unpopularly known as a knife catcher.
Supplied by “fog a mirror” loan qualifications, an army of market shills fraudulently inflated home prices. Many people rushed to buy a home during the peak years (2004-2007) or “risk being priced out of the market foerever,” and so irrationaly excused themselves for overpaying on a property.
The bubblicious rise in home prices was driven by irrational reasons.
Anyone thinking they are being “smart” to take advantage of the recent price declines is getting in far too early, and subjecting themselves to becoming a victim of the flip-side of the very same Wall St.-USGummint-NAR-Realtard scam that drove prices up in the first place.
OCRenter has posted that prices today are starting to reach 2003 levels- and buyers should counter-offer at 2001 levels (or even lower- 1999).
Others have suggested that reversion to the mean will cause prices to go BELOW those levels.
A severe economic downturn will add additional weight, bringing prices down even further.
Deflation will add still more weight.
However hyperinflation will mean your sugar shack might soar a million +!
Not if lunch at McDonalds costs you $700.
“Our gummint has no qualms about protecting the guilty and sentencing the innocent to the poorhouse.”