Quote:
Originally Posted by Realtor 1
So what do you suggest I tell these early 20s buyers. There is a chance that the market slides for the next 10 years so do not buy?
The market does not have to spike for them to be successful in their investment. Real Estate is one of the safest investments (for its return) available to people.
I guess those who say it is not a good idea for these early 20's university graduates working in land mgmt or other stable industries need to tell me what they think is smart. I understand everyone has a take however sacrificing a few bar nights per week or vacations per year is a small price to pay to own a place.
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You are simplifying that waaaay too much.. A few bar nights a week? Who's going to the bar a few nights a week?
YOU don't tell those buyers anything because you are trying to make money, and it's not your job to make life choices for people.
What should be told those early 20's buyers is to save money for a proper down payment. However I do understand that a proper down payment in this market is not going to happen because prices are too high, and 5 - 7 % is likely the most they will be able to save.
This is not about whether the market slides. This is about someone entering the workforce, without really knowing their job security situation. Get into the workforce for a couple years first, get a feel, save some money, (obviously at least 5%).
I know this is not likely for most (prob mysefl included), but this is how it
SHOULD be.
You said in a previous post not to over-extend yourself. Isn't 5% down 35 yrs, over extending in a way? If they have to cut out activities to make ends meet, maybe they can't really afford it?