Well I nixed the deal. I guess I am slightly bummed but moreso relieved. The unit was really decent in both my and my wife’s eyes, but I guess there will be others. Cheaper others? Here’s hoping. I will sleep better tonight knowing that my rent is still nice and cheap and still so much cheaper then i would have paid for the mortage (and the prop taxes, and the hoa, and the pmi and on and on). So we will keep looking. Let me know if anyone finds a 2 bedroom for around $275k. I guess I will hold off for that.
Thanks again everyone. Time will tell if this was the right move.
August 17, 2006 at 9:14 AM
in reply to: Help!#32145
Thanks to everyone for the comments. When I posted at midnight, I didnt think I’d get a nice glut of responses by 7:48.
In response to powaysellers questions, I dont know that anyone could afford a 20% drop in equity. Like I mentioned, I think the place is big enough where we could wait out a downturn for 6 years, but maybe 6 years from now, we are still in the downturn? I dont know if I can hang on 14 years… you know? I dont understnad how anyone can buy a house; it seems so permanent. I dont know what I want to do tomorrow, let alone 6 months from now.
But I guess the real kicker is this. Ive put togehter some detailed spreadsheets and tried to be realistic about long terms price appreciation and salary expectations for myself and my wife and my wife when she doestn work anymore (kids). And no matter what I plug in for numbers, I always get a number that says after 30 years I will be better off having bought a house as opposed to renting for that same time period. I have to believe all first time homebuyers would struggle with this the first go round, being a bit “house poor” to start, so I dont know how to reconcile it all.
Im sold on the place itself, the location is a good mix of affordability and lifestyle, but I just dont trust the market right now. But I know I should 30 yrs from now, so i struggle.
