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Lived in So Cal since the 70s, every real estate cycle we hear "it's different this time", but things always come down or crash. The annoying thing is these cy
by gedy 3y ago
Lived in So Cal since the 70s, every real estate cycle we hear "it's different this time", but things always come down or crash.
The annoying thing is these cycles are so long that they can stretch longer than people's lifetime events like marriage, kids, etc.
It sucks but for example I was like 40 before I bought my first place, but it was worth it since it was in a down cycle.
- pixl97 3y agoI mean it sounds great, until you spend everything you have on rent so you can't actually save up 20% to put down on a house during a crash (remember those times when prices fall and banks tighten up and stop giving out loans). Oh, and those same crashes are the times that people tend to lose jobs in mass, so getting a loan for a house would be impossible. Anecdotes are cool and all, but they don't work when you apply them to mass population trends. In the meantime you have to have somewhere to live.
- gedy 3y agoYou seem to be implying that buying during bubbles/peaks is cheaper than renting. I haven't seen that at all in my areas.
- pixl97 3y agoI'm saying that figuring out how long a peak is going to last, and how low the low actually gets is an effort that has bankrupted a lot of people. When it comes to housing it appears that time in market is more effective than timing the market in most places.