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Real Estate
Reply to "Who can afford 800K-1M homes? Genuine Curiosity!"
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[quote=Anonymous][quote=Anonymous]Even without buying and selling at peak, simple year over year inflation provides quite a boost to the balance sheet. My inlaws live in buttfuck nowhere in Virginia, bought their house for 20K in 1969. Worth over 300K now (never was a bubble in their town). They paid it off sometime in the early 80s. If they sold now, that's a ton of cash to plop down on a new home. We've had a few years of down prices, but no one can seriously argue that housing inflation is over. It isn't, in fact it's up--look at rental inflation. One of the smartest things you can do for your personal balance sheet is lock in your housing costs with a fixed rate mortgage, especially now. [/quote] But its not smart IF inflation rises considerably (15% 30 years ago) making home loans unaffordable, forcing down housing prices again. Then if you are sitting on a $500,000 at 4% and can't sell for $200,000 at 8+% - that's your debt to shoulder.[/quote]
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