I know several people who made money purchasing and “flipping” homes over the past couple of decades here in Orange County. But I know more people who bought a home, lived in it for many years, and made money. I have always viewed a home purchase as a long-term investment. Home-flipping was never for me. I love the idea of purchasing a home, living in it and growing your family there and then selling. A home can represent security and consistency in a world full of change and inconsistency.
Even if you are an investor, now is still a good time to buy if you are thinking more long term than short term. Home prices are so reasonable here in Orange County, and if you purchase a distressed property, you may stand to make a decent return on your investment sooner rather than later.
But my mother and several of her neighbors in the area where I grew up in Westminster were original owners in 1961 and stayed in their home for decades; many are still living there still! They are reaping the rewards of their long term investment with stability, security and financial freedom. So don’t be afraid of making a home purchase right now, especially if you are planning to stay put for several years.