So, the early 2000s taught Millennials that investing in real estate wasn't a sure thing, who knew? We had been raised thinking that buying a home was the safest place to invest your money, and renting was equal to throwing money down the drain. This advice worked for decades upon decades-- until greedy banks ruined a good thing. Too many home loans inflated home prices, leading to loan defaults and foreclosures by pinched consumers. This was especially pervasive when I was in Atlanta, and the whole ordeal left many people upside down on dream homes that became nighmares.
The real estate bubble burst re-defined the Millennial housing value system. Suddenly, indefinite renting wasn't so shabby, the flexibility was liberating against a fickle job and financial market. Today, real estate confidence is returning, but Millennials are still waiting longer to get in the game. Revitalization efforts in major cities, flipping homes or holding income properties are trends that are drawing Millennial consumers in whi are seeking rapid equity that can help right some of the false starts we experienced starting out. I'm hoping later this year that me and Mr. FinLit can be among those late real estate bloomers. Like they say, good things come to those who wait...and wait...
Did you purchase your first home before the bubble pop? What did you learn after that experience? How do you view the real estate market today? And for late bloomers like myself what did it take to get your confidence up to take the plunge?