Hi,
I recall your previous question. Have housing prices ballooned in the
area? More so than in other the rest of New England urban areas? It
is always popular to talk about real estate prices being inflated, and
it does happen that they decline, but more so in the non-housing
market because most people buy houses for their own long term use and
are sensibly financed, so if there is a down-turn in the economy, they
just keep on living in them.
I know that in some areas of Upper New York State and New England, the
population has declined in the last 50-100 years with the decline in
agriculture, but this has probably bottomed out, but the population
continues to grow and no one can make more land.
Around the world - and I have lived in the States, Australia and
Germany, the key to realestate is "location, location, location!"
Water and vistas just can't be duplicated.
But back to your question about the bubble: and if it doesn't burst?
If it isn't just a bubble? If prices remain stable or even continue
to rise?
You could pay rent for a year or two before you decided to buy, have
to move again with all that entails (more for you as person with a
special position in the community you live in and might move away
from).
It's an old joke, the picture of a man with a long beard who waited
for housing prices to drop, but there is some truth in it.
Good luck. |
