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An investment in real estate is a bet on the economy To be sure, most investments implicitly count on the health of the overall economy to succeed But when dealing with a stock or corporate bond, you are also making a wager that the underlying company you are investing in can nd a way to thrive in both good times and bad In other words, you are considering the microeconomic circumstances of the rm in addition to the macroeconomic conditions that surround it When it comes to residential real estate, however, it s all about the macroeconomy Your land and home are what they are not a business, but a piece of property While you can make improvements to the house itself by updating the kitchen, renovating the bathroom, or building a swimming pool in the backyard you can t single-handedly create a market for your house If the job market is bad or if interest rates are high you might not be able to get the price you want for your home Or you might not get any buyers, period The bottom line: You can t force people to take the property o your hands While stock market investors can at least count on market makers ultimately to take unwanted shares o their hands, there are no such guarantees in the housing market An investment in real estate is a bet on your local economy, since real estate, like politics, is local At the end of the day, the economy could be booming nationally But if you happen to live in a town where the main employer picks up and leaves, your investment may lose value nonetheless So in addition to the national economic scene, you also have to worry about the local economy Unlike stocks, which are traded among investors around the globe, the real estate market is generally limited to the buyers who live within a certain radius of the property (There are also areas where people have weekend homes and their primary residence is not in the immediate vicinity) This adds an additional layer of risk to real estate investing versus stock investing: In real estate, you not only have to know when to buy or what to buy, but where to buy The worst case scenario is to be forced by personal circumstance to buy high and sell low An investment in real estate is a bet on your personal economy A stock or bond portfolio is mobile No matter where you live, you can maintain the same basket of securities you choose at the brokerage you choose The same isn t true for a home Since most of us actually have to live in the home we purchase, we require a certain level of con dence that our.

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jobs are secure for the foreseeable future If you lose your job or if you re forced to relocate, then your ability to succeed as a home investor may dramatically decline To be sure, a wealthy investor can own multiple homes and sell the one he or she wants at will But typical home investors will have to sell their existing property to buy new ones This means you may be forced to sell your house at an inopportune time if your job situation changes So before you enter into such an investment, be sure you re relatively con dent about your own economic outlook Having said that, let s talk about the pros and cons of investing in the real estate market

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