Source: The Street —
For the vast majority of Americans, a home stands as the largest purchase you will ever make. That’s scary in a normal economy, but in one where the housing market has been on an upward tear (although it appears to be slowing in some markets), and mortgage rates have been higher than they have been in a very long time, it’s downright terrifying.
Buying a home comes with risk. You don’t know what problems your buying that won’t show up during an inspection and everyone worries that they’ll end up overpaying and end up with an asset that’s worth less than the purchase price.
The good news is that American history has generally shown that given time, housing prices go steadily up. Housing, of course, varies by market, so location matters as do population trends and whether more, the same, or fewer people will want to live where you buy a home.
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