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by Elaine VonCannon
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It is June, 2005 and the media has initiated a doom and gloom campaign for the real estate market. Major national news sources are reporting that the ‘housing bubble’ will inevitably burst. These sources also speculate that this bursting real estate bubble will cripple the real estate market and adversely affect the economy of the entire United States.
I am a REALTOR in Williamsburg, Virginia, a market with a high growth potential for real estate investments. There are similar markets to Williamsburg, such as Silicone Valley in California, Washington D.C. and the suburbs of Maryland and Northern Virginia, and I could add numerous others to this hot list. The closer a home is to metropolitan and populated areas and desirable places to live, the higher the cost of real estate. The chances of turning a profit in a shorter amount of time on real estate investments increases in these types of areas.
Real estate prices in one state or even areas within the same state are not tied to each other. But the U.S. media might like to make us think they are all related because extreme stories sell newspapers and add value to advertising time. Real estate is still the most stable investment a person can make with their money, and it will be for decades to come. In my opinion, the media is also tied to the stock market, which loses investors when people choose the security, safety and high return of a real estate investment over an investment in stocks, bonds, or mutual funds.
The media helped stimulate a similar fall f |
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