Is real estate a smart buy right now?
Let me ask some better questions: Do you prefer to pay full price for a purchase at the store or would you rather get it on sale? Phrased another way: Is it better to pay top dollar for something when there is a lot of demand for it or is it better to buy when supply exceeds demand and you can obtain a discount?
Chris McLaughlin writes "Gold can – and has – dropped significantly in the past. Like all recent investments, gold has seen highs and lows. Real estate has experienced 20 percent drops in price but so has gold. Looking back at the late 70’s and early 80’s, gold momentarily reached a high of $845 per oz only to steadily decline for the next 20 years when it finally bottomed out at approximately $250 per oz…NOT adjusted for inflation! On the other hand, while real estate also experienced a sharp price increase during the late 70’s and early 80’s it then remained stagnant for approximately a decade – barely keeping pace with inflation (but still managing to hang on). Those who held gold rather than real estate – lost.
Remember, those who don’t learn from history are doomed to repeat it. Learn the lesson from Weimar Germany, the United States in the late 70’s and early 80’s and even man himself…men steal gold but go to war for land."
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