Dec 28 2008
What is the “housing bubble?”
One thing Jon and I have always agreed upon is real estate. We don’t always agree on things and we both have strong opinions about many things but real estate is one of the few things we have always been on the same page. We’ve always felt that once we bought a house or a piece of real estate we would always hold on to it as much as possible. When we bought our first house in Cypress over 8 years ago, we really didn’t know what we were getting into. We had just gotten out of college, just gotten married and just bought a house — all within a year for me. We basically did everything you shouldn’t do at the same time, AT THE SAME TIME. But it was very exciting for us and a big transition. We we’re grown up. We had a house, a job, and we were married. Time past, we had a kid, then another one. Then we really started thinking about buying a new home again. We wanted to find a place that was in a good school district and that had a big lot. When our kids where born, the housing market was sky rocketing. We couldn’t afford to even think about buying another house, as much as we would have like to. Now 2 years later, we’re actually looking for a new house.
So what changed? The housing market dropped. And now it’s buyer’s market. The proverbial “bubble” popped for the sellers and now it’s on the buyer’s side. But we can’t help but wonder, what is this “bubble” that everyone keeps talking about? We know prices are going down, but so is the economy. We keep looking for those good deals, but can’t seem to find them. So where is this “bubble”? What is the “bubble”? Is there only a “bubble” for sellers? Is there a “bubble” for buyers?
Unfortunately, it’s not going down in the areas we want to buy a house. Does that mean there is still a “bubble” for sellers over there? If so, when is it going to pop? I keep hearing that we should wait until 2009, 2010 and that will be the bottom. How do you know you hit the bottom? Only when you start to go up can you see the bottom. So I guess we’re not at the bottom yet since it’s still going down. But you can’t predict the bottom until you’ve passed it. So what are we doing? We’re waiting and watching and looking for the house that fits us and our budget. I’m sure we’ll find something. It’s finding the patients that can be trying sometimes.
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