Here’s why now may be the best time to invest in real estate.
Is now a great time to purchase a home or invest in a property? It all depends on time. How long do you plan on keeping that property? If you’re going to sell it again in a year, now may not be the ideal time to buy. However, if you plan on living in that home or hanging onto that investment for the next decade or two, it is a fantastic time to invest.
I know this from personal experience. I bought my first house in 2002 for $177,500. Fresh out of college, I was lucky to have an excellent seller who gave me a great deal on the home. Fast forward to 2007—the bank said my property was worth $250,000. I decided to get a home equity line of credit and max everything out.
“It all depends on time.”
In hindsight, this was not a good idea. When 2009 hit, we lost our family car dealership, and I owed almost double on a house whose price dropped to $150,000. I had no choice but to hold onto the property. Today, my home is worth $450,000.
Here’s an apt adage: The best time to plant an oak tree was 200 years ago; the next best time to plant an oak tree is today. If you’re thinking about buying or investing right now, it’s a great time.
If you’d like to know more about buying now, reach out to us at highperformancerealestate.com. We’ll see you at the closing table.