Long term thinking

August 12, 2008

what does the future hold for Charleston real estate prices

Last week when the stock market was as volatile as I can ever remember, I started thinking about the many comments regarding the housing market. There is no doubt that many people are postponing the purchase of a home because they are quite simply scared that prices may go down.

While sharp price declines have not really been the case in the Charleston real estate market, all the attention by the national media can’t help but impact your thinking.

But I wonder, why is it seemingly OK for stocks to go up and down by 2% or 3% in a day causing the value of your stock portfolio or your 401k to go up or down accordingly but everyone seems to hate the idea that the value of your home might go down by 2% or 3% in the next year.

Nothing goes up or down in a straight line and both stocks and housing have gone up over the long term. It requires long term thinking when buying either stocks or a home. And the best thing is … you can actually live in your home, you don’t even get a stock certificate to paper the walls in your home any more.

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