Real Estate has always been a long term investment. Playing the market is for experts only. Unfortunately, everyone who has ever watched “Flip That House” now thinks that they are an expert. They have been proven wrong.
The only thing that works almost 100% of the time (in Real Estate) is to BUY when prices are down and hold for 7-10 years. When prices hit bottom (no one knows when that will be) smart buyers will have already found a place they want to live in. When prices begin to drift upwards, there will be bidding wars. Don’t count on getting the best deal if you wait that long.
I’ve been through several real estate cycles. The doom and gloom always sounds the same, though the reasons for a down cycle are usually different.
