Fel Wrote:Haha.... I'm looking at buying my first home in the next year or two.... I couldn't be happier.
As the house values drop so donââ¬â¢t the tax revenues. So you might be able to buy a cheap house but will it be in a community that has horrible schools, a depleted fired department over worked cops. Add to that shitty roads and shitty neighbors because immigrants are snatching up these cheap houses and living in them 20 deep. A lot of them hard working people, a lot of them selling drugs.
Now the Starbucks and Subways start moving out of the community because they canââ¬â¢t make a buck, what comes in to replace them porn shops and strip clubs if your lucky. Most likely bodegas, bars and Korean markets will replace them.
5 years latter you want to get the hell out of the neighborhood because youââ¬â¢re sick of your house being broken into on a weekly basis and walking through junkies and hookers to get to your house. You refuse to put bars on your windows and live in a prison like your neighbors, you just want to get out.
But you canââ¬â¢t sell because they people that bought in cheap with you 5 years ago brought down the housing values another 30%. Real estate doesnââ¬â¢t always go up.
Real estate is speculation, just like the stock market some areas go up some go down and never truly come back. My old neighborhood never bounced back, now the same thing is happening in Gatorââ¬â¢s old neighborhood across town. The city we grew up in is now a cesspool and it all happened pretty much as described above.
Good luck on buying a new home keep in mind tings are cheap for a reason. I am actually looking at new houses my self right now it is a buyers market.