Re: Pros and cons of owning Condo\'s
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I personally think this whole housing bubble is overrated, I think it's like trying to time the stock market. I wouldn't be too worried about a bubble, but do your research of course because it can happen in some areas, but I think thats an exception not the standard. Normally when housing drops that a big indicator of a recssion, but you just can't time that, as land becomes scarce in hot places to live the house prices have no where to go but up. We could be in this "bubble" for another 5 years, who knows. I think people are mad they missed the tech bubble in the stock market and insist this housing bubble is going to happen. I am a firm believer that the market always corrects it's self, but it's a simple supply and demand here with housing. If this "bubble" does pop, it will most likely be followed by a recovery period followed by more expansion. Am I the only one who isn't really concered with a big housing bubble?
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I think there is a clear argument that if you are going to live there for more than five years, you shouldn't worry about the "bubble". Long periods of ownership will negate overpaying, to a certain extent.
But that's only if rental cost is similar to ownership cost, if you can rent for signficantly less than buying, you should probably wait.
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