One of my theories on investing - and it is my no means an original theory - is buy when everyone sells and sell when everyone buys. One article like this won't make me rush to the auction house. A steady stream of them will.
Money shot:
The consequence for anybody who owns a home is that the reigning turn-of-the-millennium assumption that you could count on your house not only maintaining its value but providing a nice cushion that you could cash out for a comfortable retirement is no longer in effect.
It's almost as if the author is saying buying a home is a piss poor investment today. and that you would be wise not to buy anything for a long time. The time to sell real estate was right around when Time Magazine had a smiling doofus hugging his house on the cover. This was back when housing was going to double every 28 seconds and everyone would retire a la Donald Trump by the time they were 33 after flipping 18 Miami condos.
The time to buy will be when Time's cover will have that same doofus taking a dump on his house. That will be the best buy signal you will ever have.
We're getting close. Not there, but getting close.
2 comments:
I think the best thing to do right now is save, save, save! It will definitely give you more options in the future, especially when it comes time to buying your first home. But sometimes saving up for large life-purchases can seem daunting, if not endless, right? This is exactly why PNC Bank designed the new Virtual Wallet (URL). This online money management tool gives you a high-def view of your finances. You get a full calendar view of money that you’ve scheduled to come in, like paydays, and money you’ve scheduled for bills you pay online. So you have more control of your money. Plus saving money is easy and fun. You can even punch a little “piggy” icon whenever you want to automatically stash a pre-set amount into your high yield savings. So why be overwhelmed about saving for the large purchases in life? Virtual Wallet by PNC helps make it a little easier.
Written on behalf of PNC Bank, Member FDIC
An example of why I have comment moderation on.
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