Forget about “flipping” a house to turn a profit within a year or two after buying it.
Jaren L. Davis, regional vice president for the National Association of Realtors, tells me that homeowners who buy now should plan to live in their homes for about seven years. By then, he estimates, you’ll see significant appreciation. And he points out that seven years in a home is average. If you’re planning to move to a new place, plan to make it your home. Even if your property appreciates slower than you’d like, it will eventually be worth more than you paid for it, particularly if you buy your home while the prices are at rock bottom.
