Is The Boom Getting Quieter?
Last week I spoke with a friend of mine from Colorado, he enthusiastically told me about his plan to retire in 5 years with more money than he will ever be able to spend. He plans to get rich through buying and selling homes in the St. George and Cedar City areas. He is not alone in this housing frenzy of Southern Utah. I recently found an article that may possibly let some of the air out of my friends inflated plans. According to many industry analysts, the housing market on the east coast and California is beginning to slow considerably. Many economists have predicted that the bubble would burst, but the market would only slow down for a short time and then would begin to accelerate again. With gas prices near $3 a gallon, and house prices higher than their worth, analysts say that this slow-down may be the real thing. Will the market slow-down cross the Sierra Nevadas and reach our small protected valleys in Southern Utah? Will those individuals banking on the real-estate market become as rich as their dreams dictate? Personally, I feel that the boom in this area will continue for a relatively short time. Certain people will make enough money to retire in 5 years, but most won't. Real-estate is a great investment, but to be safe, generating income from some other source seems very wise.