Planning to buy a house amid recession?

By | December 7, 2008

It’s a surprise when you look at the prices of the house around your locality.

The same house which the person was not ready to sell at even $x is ready to sell it at even $y (obviously y is less than x).

So, do you think it is high time to invest in real estate or purchasing a house? Well this may seem good decision. But can you afford to buy one?

Assume that the conditions are going to prevail for more days (or probably months or years), what are you going to do then? You cannot sell your house at the same price, because prices will still be lower and you will be home poor if you retained the house without selling it.

Already I have come across many people, who have sold their house for a big loss.

When I consulted a financial advisor, he said that it is better to rent a house instead of buying one. Because the real estate is in such a volatile situation these days, any thing can happen tomorrow. Risk only if you are ready and have planned for it.

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