[quote=briansd1] . . . There are cyclical trends and there is location, location, location. Each market is different.
Oh, another thing about the long run, people in their 50s who bought at the peak who still holding on are pretty much screwed. Chances are they will die before they see a return.[/quote]
The first part you are correct on, brian. Each (micro)market is different.
If in this second paragraph, you are referring to me, you are in error. I bought an exceptional property in my forties in a very convenient location 11+ years ago with a 30%++ downpayment and am not underwater … by any stretch of the imagination.
I never took “cash out” in the interim and have never had a need to refi as the interest rate on my purchase-money mtg (1st and ONLY TD) floats with the current mtg market.
“Emotions” have nothing to do with it. I have never purchased RE on “emotion” in my life and never will. Due to my extensive RE education, I knew better than to do that since “day one.”
I’m looking forward to selling in a couple of years at a substantial profit or renting it out … again … at a substantial positive cash flow.
