Will I break even? (Alexandria: for sale, 2011, condo)

[laurenm]

I bought a 1BR condo towards the end of 2007 in the West End/Landmark area of Alexandria, VA. Paid just under 200 (plus had them pay closing costs).

With all of the talk of the market and general panic about the economy, I've been obsessively worrying about about my decision to buy and the prospect of loosing the value of my home. I don't anticipate needing to sell until 2011 or 2012, (I will be in the condo at least five years) but will I loose my money?

I'm within the beltway, close to an exit on 395, have an amazing view and am really close to DC... I didn't buy my place hoping to make a profit, I bought it because I loved it and it was a great location for me. I just want to break even. Is that still realistic?

I know no one has a crystal ball, but any insight would be really appreciated.

[HEATHER72]

Stop obsessing over it. Worry about it when your home is actually on the market for sale.

[twinmma]

I wouldn't worry about it. Typically when you stay in a home for 5 years or more you see a return on your investment...with this being a bad market, you will probably at least break even. Keep the place nice and it will be fine. Besides, if you had rented you would have been throwing money away...at least with a home you have a CHANCE (usually a give-in) of making a profit AND you get the tax breaks that come along with home ownership.
You made the right choice that was good for you at the moment and you still need a place to live, right? You did the right thing. (And, even if you didn't it isn't like you went into it to make a mistake...But, I really think you are good)
If it makes you feel any better we just bought a home in Ashburn for $525K in January and I think today (just less than 2 months later) it would be worth $475! But, that is the way it goes. We needed a place to live and I love it here. We plan on staying here a long time. What goes up must come down and what comes down usually goes back up!

[FatherOf2]

If you're waiting til 2011-12, the opinion of most everyone I've spoken to and everything I've read is that the local market will have picked back up by then. It may not reach what it was at it's 2005-06 peak, but if you bought at the end of 07, I bet your value will have gone up by the time you move.

But as was mentioned above, worrying about it now won't do you a lot of good no matter where the market goes, but I hope the responses put your mind at ease.

[irwtfybb]

There are so many myths about advantage of owning a home. Actually home is not a good investment as brag about by Realtors. Please see this article for more information
This article and more available at Investopedia.com

[5stones]

5+ years..you'll be fine.
you have a great location and you love it....STOP worrying.

[VRE332]

Originally Posted by 5stones

5+ years..you'll be fine.
you have a great location and you love it....STOP worrying.

You just earned some + points

[bangorme]

I just sold a house I bought a year ago (in Portland, Maine) and broke even. Now don't laugh, the point is not the location of the house, but the market when you bought it. You bought in a down market, therefore short of the housing market tanking for many years, you are fine. Not to say it couldn't happen, but very unlikely. The people that are suffering now are those that bought before the market went down.

Now, enjoy your house!