Buffie Purselle is a personal finance expert as well as one time star of Bravo’s Married to Medicine who wrote the book Crawl Before You Ball about having personal financial responsibility. She regularly makes Instagram posts about how to build wealth giving advice from the viability of investing in small homes to common sense tips like how $1,000 hair braiding is ridiculous. Purselle recently opined on today’s housing market saying this isn’t the time to invest in buying a home.
Now’s the time to fix your grandmother’s house and not fall for the okie doke getting tricked into buying an overpriced home being that the market is manipulated to the point that it is right now, she says. She went on to say that for those without jobs, they need to be the babysitters and to pick up the kids, make lunches, etc. so that they can have room and board. She wants the public to know that now’s the time to get back to the basics. And while she’s not opposed to buying land, because we know that that’s something that doesn’t depreciate, she stands steadfast in saying not to buy a house, at least not now.
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In recent months I’ve read pieces stating that it’s okay to still buy a house but I’ll add that those of us who have lived through recessions, we’ve seen how long it took people to get any equity in their home from the last recession. There are plenty of people I knew who walked away from their homes post 2008 because of the severe value drop they took that felt they would never recover. They’re just now seeing some value in their properties. And some of them bought those homes closer to the start of this millenium. While rather extreme, that isn’t all that abnormal of a story. But as for Purselle’s commentary, given the fed interest rate hike, you’d have to be pretty determined to still go through with a home purchase right now. So she definitely has a point.