Yes, we were fortunate (and were planned ready) to take advantage of the market at the end of 2011.
We stepped into a short sale and waited out the bullying by the bank(s) as the market kept slipping more and more into our favor. And as you say, the interest rates were at historic lows.
We were ready to buy in the early 2000’s, but an adviser counseled us to wait. We did. And the market started up and further up and eventually priced us out.
In hindsight, we would have made the same financial mistakes so many others made by buying beyond our means. A very smart and dear friend saved us from ourselves.
Now, my wife works 3 days a week and I run a non-profit in a house that is one of, if not THE largest home in our neighborhood. Canyon/mountain views on an 8ooosqft level lot.
Not only are we benefiting, but so are 5 of our friends that stay in the house with us. (we in the granny flat-they in the main house)
Our very low mortgage is paid for by our ‘guests’ with very low (under market) rent. So it is a win-win for everyone here.
And if/when we get tired of having ppl on our property, we can either send them on their way or move out ourselves. raise the rent to match the market and have them pay for our ‘more private’ living expenses (house or condo).
The market seems to go in cycles. With each having separate factors that play into them making them unique.
Not all home owners are rejoicing, and not all renters are cursing.
