Bought my first house in 1991. Old Victorian in a college town that had been divided into apartments. I lived in one apartment and rented out the rest. Not long after, I obtained my real estate license and worked as an agent, and then a broker, for the next ten years.
When I bought my first house, it was common to pick up The Real Estate Book (yes, that's what it's called). Week after week the same houses would appear for sale, which wasn't unusual since typically real estate agents would ask seller's to sign listing contracts that lasted 180 days.
As an agent, I would drive buyer's around and show them houses for sale. Sometimes for days. When they finally decided to make an offer, it was usually considerably below list price and they weren't competing with other buyer's.
Which brings me to why I unsubscribed from r/REBubble.
There was nothing unusual about the real estate market in the 1990's, and there's nothing unusual about the real estate market today.
My anecdotal experiences with the purchase and sale of real estate (I've acted as a principal in over $3,000,000 of transactions, and an agent in significantly more than that) have no bearing on an individual purchase and sale. A willing seller and a willing buyer each have their own motivations bringing them to the closing table. Nobody was holding a gun to anyone's head in 1991, and nobody is holding a gun to anyone's head today. If you need to buy or sell a house, then proceed with caution regardless of "market conditions".
The horizon shows no sign of legislative changes surrounding the purchase and sale of real estate. The government continues to insure loans, the mortgage interest deduction isn't going away, and the exclusion of capital gains from your personal residence is here to stay.
Real estate isn't a way to easy money, but it is a great way to build wealth over time.
Don't ask me anything, but I'll chime in when I see a comment worthy of a reply.
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/nnkg30/why_i_unsubscribed_from_rrebubble_ga_usa/
Comments
Post a Comment