Think we have all seen the history of real estate these past few decades, talk about timing the market correctly. But homes are never like stocks, think that is why I like staying in cash over the weekend.
But a home is more than just a investment, it is your identity, a place to hold your stuff, (as George Carlin would say,)but unless you are wealthy, it is also a place that you pay off slowly over a lifetime.
I have always liked 15 year mortgages, they cost more per month, but from the first month you are building equity. A 30 year mortgage is cheaper, but serves the banker who made the loan, all that interest must be paid.
You also mentioned those tax rolls, oh how the rise in real estate benefitted all of those towns and cities. The increase in taxes was amazing. Another reason why I like Tennessee, low taxes on real estate.
In New York, this same home would cost me a fortune in taxes. I keep asking my buddy to sell his home and move south. Between his commercial, and residential properties he pays out almost $ 20,000.00 a year what a waste. But each piece of property means a different sale. One home is in the city, and he rents it out, his home is in the county, and his business is something no one wants. When they built the new road, it made his old road almost obsolete. So his business does not have the greatest location anymore.
Demograhics can change any piece of real estate from something desire able into one that is not so valuable.
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