There is absolutely nothing wrong with your situation. To just sell your house now to avoid this world ending financial debacle that many are calling for would be more foolish. People in here treat housing like the outcome they predict is 100% guaranteed. They are so sure that they will be able to buy the exact house they want in the exact location they desire, for 50% off. I will say this, I am just as sure they will not be able to do that. Who is to say who is right at this point.
Focus on your job opportunity and enjoy the area. You have already bought it least some off the peak, and it is possible the world will not end in RE. If we only drop another 10% you would be foolish to sell. There are only a few real experts on RE in here, everyone else is just an internet RE expert from reading about what MIGHT happen. So you cannot brag at the next cocktail party about your housing gains, big deal. I just bought a home for quite a bit more than your price, and could care less what happens to its value, I bought it to live in it and enjoy life. You should never buy a home just to make a quick gain on it.
Although it is highly unlikely that we will get into any kind of RE boom in the next few years, it is possible that prices will just drift slowly down like they are now. In that instance, you will be fine. You cannot day trade houses anyway. People in many parts of the country live for long periods being upside down or flat on their house values, and never have a thought about it because it is not an investment.
