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We will buy because I can't seriously see having 3 children and ourselves in a small apartment after owning our own home for the past 6 years - I'm already going nuts. I need to have a home for my own sanity. Now that being said, we won't be buying anything here until our home in Texas sells, so who knows, by the time that happens we may have hit bottom here.
We purchased a home in December. We weren't sure if it was the right time to buy or not, but we thought we don't know when things will change. We thought we had a really good deal with a 5.85 % interest rate, we got cash back at closing, and had a monthly mortgage just a little more than what we were paying for rent. We are glad we bought our house when we did- yes the prices in our new development have dropped a substantial amount, but we sure wouldn't get the same interest rate, or closing deal as first home buyers that we had then. I guess we sneaked in before the big collapse. There are times that I see the prices of homes now and think, "I wish I would have waited..." But, we don't know if we would have been approved then. As for the job market, our jobs are pretty stable for now. Hopefully it stays that way- if not, we will deal with it then.
Interesting thread. I just bought a condo in downtown Charlotte in Sept. The asking price was fair and the sell did pay all the closing costs but I basically paid asking price. I'm still wondering if it was a good decision to buy. But I'm happy, being downtown is soo convenient as I'm able to walk to work. I plan on being here for 5 years, so I keep reminding myself that I shouldn't worry about what's going on. But it's hard.
I am 30 and didn't know anything about this until someone mentioned it a few years ago and I had to do some research. 10-15% interest on a house with a substantial downpayment required? Wow, how times have changed.
Those changing times helped cause the inflation and bursting of the housing bubble.
I don't think or consider what is going on around me when I decide to purchase a home. I am selling the 4th home in 10 years right now in Huntersville, and just contracted on a New home in Austin TX. If your house, so to speak, is in order, then you should not be affected by outside circumstances. What is it worth to you? That is the question, not what did Joe Bob down the street buy for, or what rate did he get...
The market has tightened a bit, but Charlotte is still stronger than most. I may not make any money off this one, but I don't care, I lived in it for almost 2 years, received the tax benefits of owning, and it is mine. What more can you ask for.
As the original poster stated, If you have the "means".then go for it...
I am not rich by any means, just smart with my money..Don't smoke it away, don't have to come out of Walmart with 3 times more than I need, and I invest... You have to be smart with your money at this point in time, if you don't need it, then you don't need it...LOL..Better yet, if you can't afford it, then you don't need it..
Home ownership is not a Right,,,it is a privilege..That lesson should have been learned decades ago...There would not be a crises right now had it been followed. Thanks Bill, Freddie, and Fannie...You took folks for a ride! But folks have to be smarter than that...or it will happen again...
My sympathies to those who need to sell now. Realtors? Not so much. Realtors made out like bandits as home prices shot through the roof.
Yeah thanks! Hope you do not have to cut back or get laid off!
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