How worth it to buy or invest during Economic Recession

The economic recession is a topic that has garnered much attention and concern, especially among those considering buying or investing in real estate. To shed light on the matter, Nathan Strager of Luxury States International interviewed Tony Medina, the head of Town Square Mortgage in Las Vegas, who has over 30 years of experience in the real estate business.

Tony emphasizes that owning a home is not only an investment but also a place of comfort and a sanctuary for families to build memories. He also points out the differences between the 2008 financial crisis and the current economic recession. In 2008, lending practices were relaxed and easy, but today's lending programs are more strict and based on common sense. This means that borrowers need to qualify for the mortgage they apply for.

Tony also touches on the fear of the market crashing, as happened in 2008. He explains that the circumstances are different now, as most homeowners have equity in their homes. This means that even if something happens and they need to sell their home, they will still receive a good return on their investment. In Las Vegas, there are only a few foreclosures and short sales, further proof that the market is stable.

In conclusion, Tony believes that it is worth buying or investing in real estate during an economic recession. However, he cautions buyers to start small and build their way up, rather than trying to keep up with the Joneses. He also suggests that they avoid getting caught up in buying the biggest house possible, as this could result in being "house poor" and unable to enjoy life's pleasures.

In summary, Tony's expertise and years of experience in the real estate industry have provided valuable insight into the worthiness of buying or investing during an economic recession.