Your views on real estate facts and myths?

Question

Over a year ago, I wrote on Agentsonline.com about real estate values heading lower, and was met with bitter criticism.

It turns out I was right.

If you are open minded and have real estate esperience like I do, then I want to clear the air, once and for all, on several much bandied about real esate quips...like..

1. They're not making any more land. (False...so much vacant land in terrible places around, and technology can build anything on surface, under ground, in the oceans or in air)

2. Property located near water (lakes, streams,coast, etc.) much more valueable and desireable than other property. (However, if earth cliamate changes as expected, what will these properties look like and how desirable????...and what about those sitting twenty miles inland that will be the new coastal areas????)

See, I've heard advice here about buying now, even with falling prices going on, because it will shoot right back up soon.

What do you think?

Smudge...I don't know what to believe with climate change, because I keep an open mind. When they feed me images of starving polar bears and melting ice, I still can't totally believe until the oceans expand...then I'll believe.

...because falling skyscapers still didn't make a believer out of me.

...and I'm not about to jump into buying real estate now because I do BELIEVE they overbuilt...which is what capitalism tends to do...too much in excess...you know, supply/demand.

Answer 1

I think we should start over and in this new beginning we will allow each family (extended) to settle on a piece of land. When this land gets to full then those people should realize that we are running out of room and appropriately adjust.

Answer 2

You, your children, your grandchildren, your great-grandchildren will not be around to experience changes in the coastline. This is a buyers market & if you have the money to invest in realestate, you will be very happy in a few years. Historically, real estate is by FAR your best investment if you buy in a desirable area. The real risk is when you looking to turn a profit in a short amount of time. Have you ever heard of someone complaining that a house they bought 20yrs ago isn't worth what they paid for it? I dont think so.

Answer 3

Make anymore land ???!!! Thats not really possible. I think you mean release anymore land for further development. I also think that it depends on the country and area you're in.

As for climate change, if you believe that crap then don't buy on the coast, simple.

Property will always increase in value in the longer term. It always has and it always will. Short term fluctuations are not really an issue if you're serious about investing.

Answer 4

I think a huge real estate upturn will happen soon.