Sometimes, I’m Sort Of Glad I’m Renting

Joe Marier, on July 30th, 2008 Said:

A few more drops like that, and I’m buying in!

Just kidding. I need to spend the next twenty years scraping together a down payment first.
Michael Hebert, on July 30th, 2008 Said:

Nope. you’ve missed the point. Stock traders have an old saying, “buy low, sell high.” By that logic (and it really is sound logic), now is the time to buy. The market will bottom out in the next few months and then turn around. The worst time to invest is always when the market is hot, and yet, that is exactly when the fools swarm.

Never been a better time to buy. Interest rates aren’t bad, and you can get an excellent house for a song. In ten years it will be double the price, and you’ll feel like a genius.

You have to remember that the U.S. population is increasing and no one is making new land. In the long run, housing prices have to recover, and they will. We may not see the unsustainable growth we have in the last 7 years, but that’s fine. Nothing wrong with a 7% annual return, and you will see that after this slump is over.
Steve Skojec, on July 30th, 2008 Said:

Michael,

I agree. That’s my plan if I can do it. I’m locked into a lease until February, but the predictions seem pretty constant that we won’t see a big shift until mid-to-late 2009, so hopefully I still have time.

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