Short Explanation of Housing Market Troubles
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Also, if it was an apartment complex that you purchased - that would be an actual investment as you are providing shelter in return for rent. You are taking on the risk and providing a service. That is always different than a personal home.
PTR91K 3 months ago
@MrTurdFurgeson - Homes 'create' shelter in the same way that eating out 'creates' food. Both are just consumption choices. Owning offers real benefits, they just cost money. Still...they are not great investments - they provide no cash flow, they are indivisible so can only be sold whole, and usually they depreciate. Certainly possible to make a good purchase - THAT is where you made your money. On the front end, had you not done that you would be upsidedown like most recent buyers.
PTR91K 3 months ago
@PTR91K
Depends on how you look at it. Homes do create something - shelter. The problem is that (as your video states), prices were vastly over-inflated because people thought they created wealth. If you haven't watched the video, Peter Schiff explains it very well. A value of a house is in rents - what a person is willing to pay to live there for. Its why I bought an apartment complex in 2007 for $65,000 is now worth $170,000 while most houses did the inverse.
MrTurdFurgeson 3 months ago
@congal42 - Certainly a better buyers market than existed in 2006, but being able to have your pick of overpriced homes is not that great of a deal. The prices of homes are continuing to slide, despite trillions of dollars of federal "stimulus" (welfare/socialism).
Stable home values are approximately 2-3x income. So unless everyone starts getting massive raises, who is it that it is going to buy the home you overpay for in order to make it an "investment?"
Homes create nothing.
PTR91K 4 months ago
buyers market now
congal42 4 months ago
@congal42 - A home is where you live with your family, and have your friends over. Whether this is an apartment, a townhome, a co-op, a highrise, or single family - and whether it is purchased or rented.
If you are buying a home as a lifestyle choice, and not worried about the costs - you are always making a good decision. But buying a home right now (always) is a money losing decision.
A family makes a home, not the other way around.
PTR91K 4 months ago
buy a house to make it a home, the gathering place of family and friends.
congal42 4 months ago