Home Prices Appreciate Slowly
Friday, October 9, 2009 at 4:37pm
Although the Echo Boomers could save the housing market in the short term, the aging population along with the decline in fertility rates (meaning less people) could impact the housing market in the long term. The positive side to this is that the home values will not increase as they have been doing since the 1940s.
Housing expert and public policy professor at the University of California-Berkeley, Robert Reich says," We can no longer assume that housing will be as good an investment for the future as it has been." Reich, who was the United States Labor Secretary during the Clinton administration added, "People in the middle class, although stressed, will still want homes, and homeownership will still be part of the American dream."
Although he warns against investing in a home, Reich is not saying that buying a home is not a good financial strategy; just that the value of the properties will not appreciate in the same way it has in the past.
Some people are in the business of investing in a home for future financial security, while others simple just want a place to call home - alluding to the American dream that Reich mentions above - but overall, buying a home is a good idea, especially in this market. If Reich is correct in predicting that home values will not rise as rapidly, getting real estate at lower prices will offset the impact of stunted values.
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