Davidpeace,
I’m totally new to this site — as a matter of fact I just ran across it today for the first time. Some observations that I have made while reading through this thread:
– It appears that you’re looking for validation, not advice. There were “polite” comments before your first response, yet your only reaction was to get defensive about your decision to buy.
– Your decision to buy seems to be based on sound reasons (non-financial) until you mention wanting to sell at a 10% to 15% profit in five years. That’s speculative, and is certainly subject to a LOT of risk, especially given recent news (as in yesterday’s home sales figures)
If you can afford to buy, then by all means, buy. But know that this website seems to be dedicated to the research of the real estate “bubble.” I’m here (as I’m sure is the norm) because I am hoping that there is a bubble and that I can get in when it bursts. You’re not going to find a lot of validation here. Sure, some of the “regulars” may have strong opinions, but if you can’t stand the heat… well, you know the rest.
Why not consider some of the advice that you’re getting to back out of the contract now so that you can rent and save the difference? Buying a house is a BIG investment, and if you were so certain about your decision, you wouldn’t be posing this question here. You’ll get the $$ that you’re looking for from the house if you just invest the difference in an ING Direct or an Emigrant Direct account.
I think that you already knew what to expect when you asked, “Are we screwed?”
