Housing is center stage in the news and around the water cooler again, with newspaper and magazine stories dissecting minute fluctuations in home prices and questioning if this is the right time to buy a home or whether Americans should ever own real estate again.
The experts and economists quoted in these pieces are smart thought leaders who do important work that impacts lots of people and places.
But don’t listen to them.
If you are Ms. Smith in Heartland, USA trying to figure out whether to rent or buy, you shouldn’t care what they think.
The thought process on homeownership has veered off track in post-crisis America. People overcomplicate the pros and cons, and try too hard to factor in things they hear on TV or read in news stories like “risk profile,” “cost benefit” and “adjusted for inflation.” “How much will your house be worth in 6 or 7 years, adjusted for inflation?” is a common refrain. (Answer: NO ONE knows).
Forget about all that and go back to the basics: Buy if you can responsibly afford it, if you will be in one place for a while and if you don’t want anyone else to tell you can’t paint the walls burnt orange.
That’s it. That’s the list.
Continue reading at US News & World Report.
