Asians are hard working, save alot, but blind sighted when it comes to real estate. They just want a house to settle down and start a family regardless of the cost. They also consider that a long term investment (as well as commitment to their sprouse by providing them with a roof over their heads). They generally believe real estate never go down. Even if it does, it’s a short term thing. In a long run, it always go up.
Also, Asians hate the stock market because they heard too much bad stories of the 98 stock crisis in Asia, the great depression of 1929, the tech bubble burst of 2000 etc…
So, in general, Asians considered themselves conservative by investing in ‘real’ items, like buying houses, instead of buying stocks/bonds. Every young Asians are taught to buy a house before getting married. It’s like a requirement of marriage. It’s like: “If you don’t have a house, you probably are not financially secured enough to marry.”
Anyway, they are stubborn and, when it comes to houses, they suddenly become ‘bad’ in math. They fall in love easily with their ‘dream house’ because a nice house is considered a luxury from where they come from (China, Japan, Hong Kong). So, whenever their financial situation allows, they buy the biggest, nicest house they possible can afford, at all cost. That’s stupid, in my opinion.
I am Asian and I am not racist. I am just telling you guys how the majority of the Asians think. Hope that helps.
