My issue with this advice is that more often than not "waiting out the market" simply hasn't worked. History shows that real estate prices trend much further upward in the long term than any downward trends or adjustments in interest rates have made housing more affordable in short term events in the past. Even during 2008 Boston had very resilient housing prices compared to the rest of the US. Waiting for the next major crash could mean missing out on decades of price appreciation. For those that buying now or in foreseeable future is impossible for, this reality simply sucks and we as a society need to address it, but waiting for a crash to fix this for them is not a realistic option.
Walden_Walkabout t1_ja8ufbc wrote
Reply to comment by Quirky_Butterfly_946 in ‘A housing market for almost no one’: Rising prices and interest rates have made home buying feel impossible - The Boston Globe by uxd
My issue with this advice is that more often than not "waiting out the market" simply hasn't worked. History shows that real estate prices trend much further upward in the long term than any downward trends or adjustments in interest rates have made housing more affordable in short term events in the past. Even during 2008 Boston had very resilient housing prices compared to the rest of the US. Waiting for the next major crash could mean missing out on decades of price appreciation. For those that buying now or in foreseeable future is impossible for, this reality simply sucks and we as a society need to address it, but waiting for a crash to fix this for them is not a realistic option.