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[quote=Anonymous][quote=Anonymous]Obviously prices are crazy right now and mortgage rates are rising, but with that said it’s hard to predict if and when there will be a major correction because it would likely be caused by a recession, which nobody can pinpoint. If you are looking for a short term starter home, it’s riskier, but if you’re looking for a ten-twenty year plus “forever home” it won’t really matter in the long run if you overpay initially- appreciation will cover it. As long as you’re not house poor, would look at this as a place to live versus solely an investment. [/quote]

A lot of people talk about forever homes, and staying in your home at least 10 years, but that’s not at all practical for many of not most people in the DMV, which is one of the most transient areas in the country. People need flexibility because most people come here for work, not to settle down forever. Professional opportunities may evaporate here (changes in administration, changes in military appointments, promotions, etc). Asking people to only buy if they are pretty sure it’s their forever home (or their 10 year home) is at best wishful thinking for many people here. It would be better to buy in a more moderate cycle when things were slanted so strongly in favor of sellers, because otherwise it’s just a gamble for most people and they’d be better off renting. [/quote]

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