History Repeats Itself: Golden Moments for ... - Kona Real Estate Now

When I purchased my first home there were many similarities to today?s housing market. A bubble had burst, prices were down, many were afraid to invest in real estate and many more had been burned or were waiting to see if prices had really hit bottom. Headlines from that year read like this:

?No one is buying; housing is an investment that no one will touch.?

?Desperate political efforts being made to encourage house buying.?

?Rock bottom prices and lower mortgage rates encourage little purchasing.?

Kind of sounds familiar huh? Only then interest rates were not anywhere near as low as they are today. But I was ready to own my first home and I forged ahead.

I selected a new subdivision and had a home built. It was a moderately priced neighborhood but well located. It had an exclusive feel to it and my gut told me it was an up and coming neighborhood. I chose a lot that I liked and carefully selected upgrades. I opted not to spend money on things I could do myself later and rather chose those things that could only really be done while the home was being built? Things I felt would add value.

Well the market did recover, like it always does, and when I decided it was time to upgrade I sold the place for almost twice what I originally paid for it. A number of years later I discovered that one of my partners colleagues had purchased the home and paid nearly three times what I paid for it. They sold it a few years later for close to quadruple what I originally paid for it.

I began thinking about this story the other night and comparing it to my current situation. The real estate market is very eerily similar to the one we were in when I purchased my first home. This time, like last, we bought in a modestly priced, well located, new construction neighborhood that we feel is up and coming. We were smart about the options we added during construction and have done a lot of finishes such as landscaping and interior paint and finishes ourselves.

The real estate market goes in cycles. There are some really great times to buy and some really bad times to buy. Right now I feel strongly that we are in one of those golden moments that is perfect for investing in real estate.

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Source: http://konarealestatenow.com/2012/10/10/history-repeats-itself-golden-moments-for-buying-a-home/

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