I think they want a garden you can walk out into from the house.
Any time since about 1945 has turned out to be a good time to buy a house except in a few places at a few times. For example, buying in Boston about 1982, I think it was, got some people into trouble. But that does not mean that this is an eternal truth. A lot of people who bought houses in the period 1921-1928 lost ownership, and others found themselves living in greatly depreciated real estate until the 1950s.
I lived in rented rooms, apartments, and a rented house for nearly twenty years, and it didn't do me any damage. I now live in a free-and-clear house, having put down 40% on the original mortgage, and I just spent an unborrowed $145,000 putting it into better condition than when it was built in 1923. Rewired the entire house myself and always did all my own plumbing and much else.
The big question about home ownership right this minute is whether we can trust our government to preserve economic stability and the purchasing price of the dollar. If you think that the goverment has lost control, then the best thing is still to get hold of a house using a 30-year mortgage. Millions of people instinctively realize this and that's why house prices are jumping.
If you think our government has the intelligence and resolve to raise interest rates and put an end to inflationary credit creation, then waiting for a break in the housing market might be a good idea.
What is NOT a good idea is to get into a mortgage, especially an adjustable mortage, to "buy" a house with little or no money paid down. |
