I think the public deserves to know what we tell those nearest and dearest to us. My girls are 20, 22 and 24. My 24 year old has a 3 year old. My 22 year old is pregnant. I don’t recommend that either of them buy real estate right now.
Tina, my 24 year old, will finish school in November or so. Then she’ll get a job in her chosen field. Where will that be? Anyone’s guess really.
Jacquie, my 22 year old is the one who wanted to buy a condo or townhouse with Peter here in Kirkland or somewhere on the Eastside. Even though she will likely continue work in Seattle, she prefers living on the Eastside. They can well afford to purchase, but I recommended against it. Told her to rent for 6 – 12 months first. Jacquie equals “Jacquie and Peter”. To the best of my knowledge, Peter has only visited Seattle and has never lived here. He has at least a year of school left in CA and is coming to spend the summer here with Jacquie, either in a rental or a place that they purchase. Where is Peter going to work when he is finished school?
If you don’t know where you are going to work, if you don’t have a good year at your current job so as to know if you are likely to stay working there, if you aren’t confident at the job you have right now and are thinking about leaving that job…don’t buy real estate. Not unless you are prepared to hold it as a rental if you decide to move on.
Would I have counseled them differently in 2004 or even 2005? Yes, I think I would have.