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A freind once told me "When you buy a house, you are only buying a mailbox".
In many ways, I believe this is true.
Now that real estate has gone up and down, nothing has really changed. Good neighborhoods are still good, bad neighborhoods are still bad and most of it is somewhere in the middle.
One tip I was told when buying my first home was to buy it knowing that I may be there the rest of my life...even if I thought it would only be my "starter" home. You can never plan for the unexpected.
One tip I was told when buying my first home was to buy it knowing that I may be there the rest of my life...even if I thought it would only be my "starter" home. You can never plan for the unexpected.
This is absolutely correct. I bought my "starter house" at the end of 1988. I can tell you the exact day that the real estate market peaked in the 80's - it was the day that I closed! During the early 90's I was underwater on the house, I couldn't sell it for enough to pay off the mortgage (sound familiar?). Anyway, twenty years and two kids later, we are still in our "starter house" and I couldn't be happier.
One tip I was told when buying my first home was to buy it knowing that I may be there the rest of my life...even if I thought it would only be my "starter" home. You can never plan for the unexpected.
very true. Just one more thing you have to keep in your head while making such an important and sometimes stressful decision...lol.
Fannie/Freddie Mac limit is $417K. The higher limits are temporary and really just for designated high cost areas - for obvious reasons, Long Island qualifies . At this time, the higher limits are expected to be in effect for 2009, but who knows? Could be over sooner, or if we're lucky, be extended into next year
Thanks Elke
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. At this time, the higher limits are expected to be in effect for 2009, but who knows? Could be over sooner, or if we're lucky, be extended into next year 
