Wednesday, November 3, 2010

If only...

The great lament among people is that they would be rich or better off "If only I had bought when..." Yet the very same people who make this claim also fail to recognize opportunity when it faces them. What if some one said, at the height of the housing boom, that they could roll back time to let you get in on the ground floor? That you could invest in a home for your family for the future at prices that were still reasonable?

While many don't realize it, that is exactly what the latest correction in housing prices means. Depending on the market you are in, the market has corrected housing prices back to as far as 2001 according to this article from the Calculated Risk Blog, citing housing consultant John Burns.

Case-Shiller: House Prices have corrected to what year?

In New York, where the housing boom was not in as big a bubble, housing prices have returned to 2005 levels. If ever opportunity were ever so clear, this would be the gilded envelope the invitation comes in. Buy in 2010 at 2005 prices and be one of the people who can proudly say "The best decision I ever made was having bought when..."

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