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- Dec 10, 2007
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I sent this out to my clients and JV partners the other day. I thought maybe some people on here would like to do the same. It is from a book called "The 106 Common Mistakes Homebuyers Make":
Among all the lessons history teaches, none is more certain that the fact that home prices will go up. Regardless of how high you think prices are today, they will be higher 10 years from now. And much, much higher 20 or 30 years into the future. Don`t make the mistake of believing home prices have reached their peak. Before you put faith in the naysaying of economic "experts", take a quick trip through some of their faulty predictions from years gone by:
Among all the lessons history teaches, none is more certain that the fact that home prices will go up. Regardless of how high you think prices are today, they will be higher 10 years from now. And much, much higher 20 or 30 years into the future. Don`t make the mistake of believing home prices have reached their peak. Before you put faith in the naysaying of economic "experts", take a quick trip through some of their faulty predictions from years gone by:
- "The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline." (Time, December 1, 1947)
- "Houses cost too much for the mass market. Today`s average price is around $8,000-out of reach for two-thirds of all buyers." (Science Digest, April 1948)
- "If you have bought your house since the War...you have made your deal at the top of the market....The days when you couldn`t lose on a house purchase are no longer with us." (House Beautiful, November, 1948)
- "The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs about $28,000." (Business Week, September 4, 1969)
- "Be suspicious of the `common wisdom` that tells you to `Buy now...because continuing inflation will force home prices and rents higher and higher.`" (NEA Journal, December 1970)
- "The median price of a home today is approaching $50,000...Housing experts predict that in the future price rises won`t be that great." (Nations Business, June 1977)"The era of easy profits in real estate may be drawing to a close." (Money, January 1981)"In California...for example, it is not unusual to find families of average means buying $100,000 houses...I`m confident prices have passed their peak (John Wesley English and Gray Emerson Cardiff, The Coming Real Estate Crash, 1980)"The golden-age of risk-free run-ups in home prices is gone." (Money, March 1985)"Financial Planners agree that houses will continue to be a poor investment." (Kiplinger`s Personal Financial Magazine, November 1993)."A home is where the bad investment is." (San Francisco Examiner, November 17, 1996)