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However, we dont want to buy in a dead market if in the event we need to sell in 5-7 years, we want to walk away ok with a few bucks, which is how we have always been able to do. Whats the consensus?
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If you are takling strictly about investing in a home for profit, I think that would be a hard call for anyone to make, especially with out seeing the specific house in question and with out much knowlege of the local economy. If you need a home, like Eric said, there are a lot of personal factors to consider. I built a house last year and everyone was telling me I was crazy due to the high price of copper and wire. My reply was "when do you expect it to go down - if ever?" I built a very nice house with a nice home theater.
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Granted, the sky still hasn't fallen, but does anyone think it is possible that the U.S. could in the not too distant future, or is on the verge of suffering some kind of very significant financial collapse? For example, with energy the way it is, I feel that another Katrina scenario could have some very severe economic ramifications. Am I the only one who feels this way? I'm not an expert in this type of thing so I would be interested to hear some other opinions
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My house foreclosed in 1995 after loosing job that moved south. In 2001, my retirement was wiped out due to the economic downturn. Yet, still here I am in a nice new house and the family is well. The high price of gas has to have a big effect on all of the economy. I don't understand why the media is not making this a really big issue this election, but thats a different story. I don't think it will be a "very significant financial collapse" though. In general I think the majority of americans will dine out less, or by fewer toys, or car pool
, but our way of life will continue. The economy will always have downturns that we need to live through, but I don't live in fear of them.