Sorry to be so late to this post. It’s been a busy couple of days. I can certainly relate to your situation and your feelings. My wife and I bought a little over a year ago, mainly because I really couldn’t keep saying “just wait”. We’d had so many knockdown drag out fights about home ownership over the last 4-5 years that I just didn’t think we’d survive many more of them.
So has it been worth it? I’d have to say yes. Sure the value of our place has probably gone down some (maybe even 10%, who knows) but we aren’t planning on selling any time soon, and we can afford what we bought without struggle. On the up side, my wife is thrilled, and my step son is pretty happy too. Lots of little things can add up to a good bit of positive.
In the end, I’ve come to realize this isn’t really about making a successful investment, or buying at the bottom. It’s about getting on with my life as best I can under the circumstances.
Being the housing junkie for so long, I can tell you that I still watch the real estate listings every day, and while I’ve seen some other houses that are probably comparable to what we bought, nothing that knocks me over and says “oh wow! should have waited.” Yeah, there have been nicer places, but they’ve been more money than we wanted to spend. Yeah, there have been cheaper places, but honestly not nicer than what we bought. I suspect you too will watch the housing market, but whatever happens don’t let it get to you.
As to what will happen from here on out? I’m of the opinion that between the fed printing money and the banks playing games, the housing market doesn’t collapse much more. I could easily see five to ten years of gradual dwindling of prices, but just how long is it worth it to wait if prices are only dropping a couple percent a year? And what if we start to get inflation?
And bottom line to all this? You got a happy hubby, and a place to live. Go cherish that. Besides, even if the housing market tanks, I bet you don’t lose nearly as much as most of Bernie Madoff’s investors did. So, look on the bright side. (cue monty python stage left)
