This paragraph in today’s Wall Street Journal’s front page article “Housing Slump Proves Painful For Some Owners and Builders” reminded me of this thread:
In April 2005, Jennifer Bloom paid about $229,000 for a condominium in Yarmouth Port on Massachusetts’s Cape Cod, where her son planned to live. After his plans changed, Ms. Bloom, a software specialist for a computer company, decided early this year to sell the condo. She initially listed it at $229,000, and then gradually shaved the price to $199,000 as the market weakened. Earlier this month, she gave up on finding a buyer at a price she could bear to accept. Instead, she is renting out the condo for $1,000 a month, which she says is more than $200 below her monthly costs for mortgage payments, insurance, taxes and other items. She says she intends to hold off on selling it until the market improves.
We 20-somethings are a flighty bunch. Not necessarily a deal breaker, just something to include in the analysis.