For years I heard it from almost every side: You can’t lose! Real estate is continuing to escalate. You buy a house for an investment! Look at the money you can make. And on and on and on.
Part of this was me being in Montana and seeing the unbelievable price of homes there. I also spend a bunch of time in CA and see the unbelievable price of homes there, too. I was pretty torn about possibly moving to MT but the housing market is primary what kept me away. Everyone in my company kept telling me to buy, buy, buy. They are all from CA and see the value of homes on the rise. The same was true of MT. But it was not to last and I saw this a long time before it happened.
But these people didn’t live in TX. I did. I saw that TX stayed undervalued by approximately 10% compared to the national average. I saw that my home value only increased by very small percentage over a ten-year period – roughly the rate of inflation. This was not new to me.
Well, here we are now with the bubble still collapsing. Foreclosures are at an all-time high. Housing prices have plummeted. And it’s not over, yet. Here is an interesting article about one little house in CA that had a 68% drop in value within one year. Click on the house for the link.
Part of this was me being in Montana and seeing the unbelievable price of homes there. I also spend a bunch of time in CA and see the unbelievable price of homes there, too. I was pretty torn about possibly moving to MT but the housing market is primary what kept me away. Everyone in my company kept telling me to buy, buy, buy. They are all from CA and see the value of homes on the rise. The same was true of MT. But it was not to last and I saw this a long time before it happened.
But these people didn’t live in TX. I did. I saw that TX stayed undervalued by approximately 10% compared to the national average. I saw that my home value only increased by very small percentage over a ten-year period – roughly the rate of inflation. This was not new to me.
Well, here we are now with the bubble still collapsing. Foreclosures are at an all-time high. Housing prices have plummeted. And it’s not over, yet. Here is an interesting article about one little house in CA that had a 68% drop in value within one year. Click on the house for the link.
Sometimes I really want to go back to all these people out in CA that kept telling me to buy and ask them how they feel about it now.
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