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Bear with me with this long post. I've gone back and forth about what RE will do in this area for quite a while and we finally decided to go ahead and take a calculated risk and buy now. We just found out yesterday that our offer on a home in the CH school district was accepted. We're super excited but I am (but not my husband) nervous too. Came out and told my neighbor that we bought and he said "Well you do realize that homes in CH will drop another 20% right? You'll have to watch homes drop in price for the next two years around you drop."
Well....on this single family home, it's built in 2002, close to the new Winmore, and Claremont communities, priced about 150K less than similar square footage in those new communities, close to the new elementary school being built on Eubanks, and we got it for about 40K less than the same model home which closed about a month ago. We also plan to live there for at least the next 10 years.
What do people think? Did we make the biggest mistake of our lives? Or are we smart to buy now while people say not to?
Bear with me with this long post. I've gone back and forth about what RE will do in this area for quite a while and we finally decided to go ahead and take a calculated risk and buy now. We just found out yesterday that our offer on a home in the CH school district was accepted. We're super excited but I am (but not my husband) nervous too. Came out and told my neighbor that we bought and he said "Well you do realize that homes in CH will drop another 20% right?" You'll have to watch homes drop in price for the next two years around you.
Well....on this single family home, it's built in 2002, close to the new Winmore, and Claremont communities, priced about 150K less than similar square footage in those new communities, close to the new elementary school being built on Eubanks, and we got it for about 40K less than the same model home which closed about a month ago. We also plan to live there for at least the next 10 years.
What do people think? Did we make the biggest mistake of our lives? Or are we smart to buy now while people say not to?
If you're planning on staying for a considerable amount of time, I would say yes. Otherwise...a gambling person might suggest otherwise as the odds would not be in your favor. You mentioned 10 years. That's about how long experts agree that bear markets in housing last, so you should be fine.
Did you put a down payment on this house? If you didn't, think of the possibility (the likelihood rather) that you'll be upside down when the time comes to sell and you'll have to pay to leave the house. If you put a sizable down payment, the flexibility of leaving the CH area will be available to you. The last thing you'd want to do is mail the keys back to the bank and take a 7 year credit hit. Shop around for a bargain, shop long, shop hard. Bargain harder. Don't let anyone tell you that you can't get a good price on a Chapel Hill house.
I understand that a lot of people don't like this kind of news spread around, that covering one's ears and singing out loud will make bad news not happen.
i dont think you made any mistake. it seems you got a good deal, and you are not buying the house just to sell it in a couple of years. the market will go up and down in the next 10 years. in the end you will most likely make a profit. but the important thing is that you are buying a HOME>
take people's opinions with a grain of salt. this is about your family. be excited that you found a nice place to live with good schools and a good location. enjoy!
I think if you plan to hold onto a home for that long, it's never a bad idea to buy. Just don't despair if you see homes selling for less in the next year or two and keep your eye on the prize. I know lots of people view real estate only from an investment perspective, but there are lots of emotional reasons to buy as well (especially if you plan on being here for that long...)
congratulations! I love being a homeowner--even though it seems every little thing in my house needs replacing right now. It's given me a real sense of community and "groundedness".
Nobody knows what is going to happen in the real estate market in the coming years - not even your nosey, insensitive neighbor. Is there a chance that prices may go down in CH? Maybe, but I haven't heard any strong arguments that indicate that prices are destined to drop so drastically. It sounds to me like you've bought a lovely house at a very good price in one of the most desireable areas in the region. So relax! And enjoy your new home.
Bear with me with this long post. I've gone back and forth about what RE will do in this area for quite a while and we finally decided to go ahead and take a calculated risk and buy now. We just found out yesterday that our offer on a home in the CH school district was accepted. We're super excited but I am (but not my husband) nervous too. Came out and told my neighbor that we bought and he said "Well you do realize that homes in CH will drop another 20% right? You'll have to watch homes drop in price for the next two years around you drop."
Well....on this single family home, it's built in 2002, close to the new Winmore, and Claremont communities, priced about 150K less than similar square footage in those new communities, close to the new elementary school being built on Eubanks, and we got it for about 40K less than the same model home which closed about a month ago. We also plan to live there for at least the next 10 years.
What do people think? Did we make the biggest mistake of our lives? Or are we smart to buy now while people say not to?
Then we both are what ever we are. I am very confident in going to settlement in a couple of weeks. I have participated much like you in the Real Estate debate in here. I will be the first to say that I PUT MY MONEY WHERE MY MOUTH IS AND BOUGHT. That being said I say congratulations to you and you done well my friend. I say that not from a distance but from being right along side you in the buying process. I should also add that when I sold my house up north when the market was starting to decline I was told to wait for late spring 07- spring 08. I ignored their conventional wisdom and looked at the metrics of my given area. Yes I am the one they now say had the wisdom. You have participated, discussed, listened and shared. You have examined your relevant data and made your decision. You made your decision based on the wisdom your specific situation. Good luck and I look forward to sharing new home experiences in here with you and others sharing the joy of their personal experience.
Everyone has a little bit of buyer's remorse. Prices in CH could drop or you could have made a great deal. Only time will tell if you made the right decision so there is no use wringing your hands over it now.
At least with a mortgage, you'll get to claim your interest as a tax deduction.
Does anyone KNOW that prices in CH will come down? NO! Have they EVER COME DOWN IN CH? Absolutely not.
Buy a house because you need a place to live and a place to raise your family and don't look at it like its simply an investment.
The interesting thing is even as a Realtor, in all the years that I've owned my home and in all the years that I've bought and sold homes, I've NEVER concentrated on the investment side of it. I bought a home to live in. When it was time to sell it, the profit was simply icing on the cake.
And for those that are STILL waiting for the prices ITB to come down...yhea, keep waiting!!!
Go with your instincts and your knowledge. Don't second guess yourself and please don't listen to ANY OF US on here...we don't know your personal situation nor do we know your financial situation!
Look on the bright side.
You'll be getting a new neighbor.
It is not an "either-or" situation. If you like the home and location, and expect to put down roots, it seems to me this guy could have said, "How nice! Congratulations!"
But he gave you unsolicited advice. The sourpuss.
It is impossible to eliminate risk from any real estate transaction.
But, I predict you have NOT made the biggest mistake of your lives, if the home is a sensible affordable purchase for you.
Here's hoping you enjoy your new home.
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Greetings Partner
