I am not trying to start an argument here. This post is purely for educational/informative purposes only.
I have regularly seen posts that some say that real estate prices will only go up, that it is never going to go down; land is the best investment, etc. I am not trying to argue that point, but I do shake my head with the naivety of those statements. Some here were either not around in the 80's or were two young to have been aware. As former banks in those days, I remember all too well that some people bought at the top of the market, both land and houses.
Check out this info:
Average land prices took 18 years to recoup what the sold for in 1985. Sure, there are/were exceptions, but it happens!
Again, I am not trying to discourage anybody from buying land; just be aware that it is not as guaranteed (in the short term) as some think. Long term...different story.
I have regularly seen posts that some say that real estate prices will only go up, that it is never going to go down; land is the best investment, etc. I am not trying to argue that point, but I do shake my head with the naivety of those statements. Some here were either not around in the 80's or were two young to have been aware. As former banks in those days, I remember all too well that some people bought at the top of the market, both land and houses.
Check out this info:
Average land prices took 18 years to recoup what the sold for in 1985. Sure, there are/were exceptions, but it happens!
Again, I am not trying to discourage anybody from buying land; just be aware that it is not as guaranteed (in the short term) as some think. Long term...different story.
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