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> Decreasing the value of nearby homes People often overlook this point way too quickly, they don't consider people with mortgages, if you saved up for a house
by PlasticTank 7y ago
> Decreasing the value of nearby homes
People often overlook this point way too quickly, they don't consider people with mortgages, if you saved up for a house and purchased with a mortgage then when the flood gates are opened and your house value drops, you now owe more than your house is worth, not a good position to be in.
- sneak 7y agoPoor investment decisions should not be insured by your neighbors and local government.
- ryanmercer 7y agoHistorically, homes weren't meant to be purchased for life for the vast majority of people. In the past few decades people have got in the mindset "I'm going to live here for at least 2 years, I'll buy a house" and then buy, sell, buy, sell, buy sell "Hey, property values are up 30%, time to sell and buy a bigger house!" or "Oooh such and such city/neighborhood sounds cool I'm bored with this city/neighborhood, time to sell!" type behavior. If people would go back to purchasing homes with the full intention of staying there for decades, this wouldn't be an issue for most people.