There are those who are saying that if you want to see a glimpse into what is likely happening in the North American real estate market then you just need to look at what happened in Japan in the 1990s. While we have not yet reached that level of a real estate bubble when you're looking at local homes for sale or properties in Texas, the picture of our real estate statistics are starting to look closer to what happened there twenty years ago. This is why it might be smart to look at past and present real estate costs in Japan.
What started the bubble was a steady rise in the cost of real estate in Japan in the 1980s. When you're currently looking at local listings you might notice that it is currently a toss up over whether it is smarter to buy or rent, depending on your personal financial situation. At the beginning of the 1980s in Japan it was definitely a better idea to rent because of the low market values. By the 1990s things had changes and more people were looking to buy.
This is when everything flipped. You will now notice that when looking at pre-construction condos that prices are still around where they were a few years ago. But this is not the case when you go to many cities in America. The mortgage crisis that happened in 2008 drastically changed the value of many homes and in some places it continues to fall. The real estate bubble lasted sixteen years in Japan and prices have just started going back up about five years ago. It is still too early to tell if it will last this long for things to go back to the way that they were across America.
Today, you will find that real estate prices are not cheap in Japan and if you're looking to move to a home in Tokyo then you might suffer from a little bit of sticker shock. The less expensive apartments that you can buy are around $600,000 USD and it is not rare for properties to sell for over a million. This is why many foreigners who are coming in from other countries and are putting up their house for sale find that it is better for them to rent instead of buying a home. If you're planning on moving to a less populated city in Japan, like Kyoto, then you will be able to find single-family homes and apartments for prices closer to those at home. Many of them sell for about the $150,000 range and there are condos in places like Osaka for around $250,000.
This real estate information was put together by professionals in the industry: Housemaster home inspection of Boca Raton FL