I've heard that we should have waited until early next year but I don't know why. I'm sure I was able to get the house for less than it's market value but I'm still concerned that I made a mistake. Did I just screw up the rest of my life?
2007-10-21 07:57:57 · 9 answers · asked by fold_em83 3 in Business & Finance ➔ Renting & Real Estate
Did you take an adjustable rate mtg you won't be able to afford once it adjusts?
Did take a 100% loan & plan on selling in less than 3 yrs?
Did you qualify with a partner who might bug out on you?
Is the payment more than you can afford and you hope you will grow into it?
If "none of the above" then you are most likely OK!
2007-10-21 08:18:51 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A very general answer is probably not. The reason people are saying to wait is because the housing fair market prices are dropping so you could end up with little or no equity. The other reason is because there is a possibility that interest rates on loans could go down. Chances are if you wait until the market bottoms out, you've waited too long. The longer you stay in your house, the better chance you have of having made a good deal. If you like (or love) your house then be happy there!
2007-10-21 08:06:58 · answer #2 · answered by ? 6 · 1⤊ 0⤋
No, you didn't screw up - if the price is good and you can afford it, and you're planning on staying put for at least 3 - 5 years, you should do ok.
The rest of your life? If it's a major mistake, you can sell, perhaps you'll take a loss, but nothing you can't recover from.
Buyer's remorse is common - but it's a buyer's market, so you should have done ok financially.
Who did you "hear" from on not buying until next year? If you got a fixed rate mortgage, rates are going up, so you'll save money in interest now - don't worry about the "experts" - every situation is different.
2007-10-21 08:04:09 · answer #3 · answered by Anonymous · 1⤊ 0⤋
The answers I've seen so far all talk about price and market and such, but nothing about quality of life. You want to get a good deal, naturally, but mainly you want to fall in love with the house you are buying. If you got what you wanted and plan on living there, forget market value. Everyone needs a place to live and owning is better than renting.
2007-10-21 08:11:09 · answer #4 · answered by curtisports2 7 · 1⤊ 0⤋
You very seldom make a mistake when you purchase property. While the housing market is down now, it will recover.
If you got the house for under market value, and can afford the payments, you did not make a mistake.
2007-10-21 08:04:26 · answer #5 · answered by Squat1 5 · 2⤊ 0⤋
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2016-10-04 07:23:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
nah you are ok , even if the value goes down you havent lost anything unless you plan on selling soon. so with that said you will get tax deductions for this year , if you waited to last year you wouldnt have seen that , and the difference is going to be less that what you will get back im sure so it will be ok , you will be better off in the long run
2007-10-21 08:06:41 · answer #7 · answered by weslaf0313 3 · 1⤊ 0⤋
You only made a mistake if you only plan on keeping the house for the short term or try to "flip" it. Real Estate is always a good investment when held for long periods of time.
2007-10-21 09:20:27 · answer #8 · answered by Anonymous · 1⤊ 0⤋
No, you did great! Prices are low, interest is low and you can claim your costs on your taxes for this year. You did the best thing for yourself.
2007-10-21 09:58:55 · answer #9 · answered by Landlord 7 · 4⤊ 0⤋