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Economics, Real Property PodcastsPodcast: It’s back to basics for real estate
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PAR’s consulting economist Dr. Austin Jaffe says price stability and reduced foreclosures are contributing factors needed to stabilize the economy. Jaffe says it’s time to get back to basics. Although home prices won’t increase, they will stabilize in time. Jaffe believes we will be heading toward a time of low rates of appreciation and moderate borrowing, “View housing as a place to live instead of a place to trade up to,” Jaffe said. “That may be the concept of the housing market in the next decade.”
Duration: 2:58
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Samantha Elliott Krepps was the Communications & Media Relations Manager at the Pennsylvania Association of Realtors®. |
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I think Melanie (and Austin of course) hit the nail right on the head. Like in the past…., it’s time to start thinking of the “home” as a place to live, a place for life and not a short term income stream that many came to believe it was in the previous 10 years.
It’s time to get back to solid, rational thinking like our parents and grandparents did and not the “Live above your means because you neighbor does” type of thinking.
solid information! I agree!
I think we should heed this advice and concentrate on the intrinsic value of owning a home–providing stability for your family, having a place where you can do what you want; working toward owning a home “free and clear” as part of a retirement plan of security in old age.