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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Lazarus who wrote (168867)	12/3/2008 8:54:55 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 306849

Most of the people buying now are buying as investments. Many are hoping to unload on the "imminent turnaround" (brain dead greed), not stopping to think that many distressed home owners are also hoping to get out on any pop in prices. In addition the average person lives in their home for an average of about 8 years before moving again. The 30 year mortgage is a great deal for the banks because of this. They get most of their profit in the first 8 years, and can then relend the money again when you move and pay off the mortgage. If someone is going to hold the home for 30 years then the statement doesn't necessarily apply but that person would still probably be better off by waiting. Too much competition for homes now by "investors". I'll wait until the current crop loses their shirt and wants out at any cost. It's going to happen. There are way too many homes out there for the current population. We might even go through the down cycle another time after this one.