I have read comments on other peoples blogs about how it could take years for the real estate market to bounce back.
Bounce back to what? Values of a couple years ago? People buying again? More financing available?
Real estate can be purchased for personal residency or investing in any market if you know what you are doing. This is a fantastic market to buy or invest in because everything is so discounted.
- Anyone can purchase a residence for none of their own cash or credit in this market.
- Anyone can also purchase or invest in real estate without tradtional financing in this market.
- Anyone can grow their retirement accounts in this economy via real estate investing in this market.
- Anyone can grow their equity in this market.
Everyone needs to stop relying on appreciation for long term wealth building in real estate. Relying on appreciation alone is speculation. Long term wealth is built through long term buy and hold in which other people are building your equity or you as the personal resident staying in your home for 30 years and not using it as a cash machine.
There are many ways to purchase real estate in today's market. Do not expect instant wealth (unless you inherit it) because it does not happen that way. Do not rely on appreciation alone.
Real Estate bouncing back is in the eye of the beholder. When you know various ways to purchase real estate or invest in it, the market bouncing back is irrelevant because you can still be successful and grow your wealth in any market!
Then again, this is coming from the mind of an investor.
Tony
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