Part of teaching economics is preparing your students for being good at managing their money today, and tomorrow. Part of this is real estate. Now, according to this infographic, it is a good idea to go ahead and buy today, if you are able. Unfortunately, it is doubtful that any of your students are in the position to do such a thing. But it would still be a good idea to go into the basics of what is involved in purchasing a home, so that students are familiar with it when the time comes.
This infographic begins by saying that this is the best time to buy a home. The market is projected to continue a slight decline and stabilize, and then begin going back up next year. Interest rates are in the same boat. It said that interest rates should be between 4-5%. Unfortunately, most of your student’s won’t be in a position to purchase for another 10-15 years, when the market is supposed to be high again.
As well as this information, it goes into the 5 most, and least promising markets. With your students, discuss why these changes are going to occur, and why the markets are projected as such. Do a mock home buying experience as part of a mock life. Look on websites like Zillow and Realestate.com and search for properties. If anyone you know is purchasing a home, or you have recently, go through the inspection. Ask an inspector, real estate agent, and mortgage agent to come in and talk about what needs to be considered. Ask your students to create wish lists, and see where they break with their lists. And finally, see what the final outcome is. Did they get the home of their dreams? Did they get a fixer upper? Most importantly, are they happy?