By now most people know there is no perfect ride in the real estate market. There are up’s and down’s in real estate, some more protracted than others but overall, the average “market” moves in approximately 4 year cycles.
NAR (the National Association of Realtors) has tracked statistics and tells us that the average home nearly doubles in value every 10 years. I believe that statistic is for the last half century, so it is not a snap shot. And, we all know that over the long term, real estate shows to be a great investment. Plus…think of the tax advantages and peaceful enjoyment of home ownership.
July 2008 showed buyers returning to the marketplace despite facts that show us the “crisis” (be it financial or housing, or both) may not be over just yet. What that shows is the yearning to own a home outweighs the predicament of trying to guess the “bottom” and wait to own a home. July sales were at the 2003 pace in Southern California…and 2003 was a very good year.
Barron’s magazine said recently “Home prices are about to bottom”. The chief economist for the California Association of Realtors (Leslie Appleton-Young) said recently “Anyone who tells you they know what the next 2 years look like, really doesn’t know…Nobody really knows”.
So, it’s safe to say there is no perfect ride in real estate. But it is great to come home to a home you own. Think long term and think home ownership. History still shows it’s a great way to live! Your comments are welcome.
Thank you for making me Your Orange County Real Estate Connection.
Best regards, Michael Caruso Broker ABR ABRM CRB CRS GRI
2007 President, Orange County Association of Realtors
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