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.
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You're absolutely right. On a national level, prices hardly ever fluctuate, even in recessions. Instead, volume takes a big hit. If someone is looking to sell a house for $200k, and the "bubble" pops and its now worth 100k, they're not going to sell unless they absolutely have to. They'll just sit on it. There can be bigger price volatility in local regions, but on the national level there really is no such thing as a housing price bubble.
I can support this with exact numbers if anyone cares.
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