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Lets Recap About Yesterday’s Real Estate Today
7/15/05
I remember about 5 years ago I would always browse those real estate magazines that you can take for free on the way out of the supermarket. Homes in my area and further north were so inexpensive compared to today’s market rates. Currently I still pick up those free real estate magazines and imagine all the great investments I would have made if I just had purchased 2 or 3 properties. Today I still browse the magazines in my car after I leave the supermarket and I find myself looking in my car’s rear view mirror asking myself why, why didn’t you buy something, buy anything. Everything that I see now has gone up at least 50% in price. Old looking condos in my area were selling in the high 150’s low 200’s are now close to half a mill. And if that was not bad enough, after you buy one of these dumpy places, you got to invest another 100G to fix them up.
Wake up call, this is not a dream, these are today’s market prices and as high as they seem, they probably wont fall back down that much. I know of lots of individuals that are running around trying to buy something and get in on this real estate action. The problem is where can you buy real estate that’s affordable? Every area is expensive, even homes that look run-down in neighborhoods that you would not want to be walking through at night even with a big dog at your side, have price tags that send you gasping for air.
If you ask me, I would suggest if you can afford to purchase some kind of real estate then go for it. If you can’t purchase any real estate, just remember your not alone. Also there are other things you can still invest in without burning a hole in your pocket. How about the stock market? Hey, you can always put it in a CD account at your bank. I heard CD accounts today have interest rates of up to 3.4%.
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