Decisions, Decisions . . .

We are now serious. We went house hunting with our agent and saw six properties this past Saturday. Many of them were very nice, meaning that they are beyond our budget. It’s too bad that we don’t live in a less expensive area, as I think owning our home would be beneficial to us and our financial future. Honestly, I am hesitant to jump right in to buying something soon because some experts believe the housing market will continue to decline for the next year or so. Yet, unlike the rest of the country, New York is a unique market and should hopefully not be too affected by the so-called housing slump. My fear is that by buying a house we overburden ourselves with a monthly mortgage, lose much of our savings on a down payment and have to take out a bridge loan to cover closing costs only to see the overall value of the home decline when we set foot in the door. Not to mention the annual taxes (New York taxes are high!), community fees (some of the properties are townhomes or condos that require additional monthly fees) and maintenance. 

We have been renting here for over three years and we will never see that money again. But a house will tie us down to being in New York for perhaps many more years. I’m not opposed to staying in New York, but I do want to have some flexibility in the event that a great opportunity arises someplace else. We still have the rest of the year in our apartment under our current lease, but the question of the last few weeks has been, “Then what?” Decisions, decisions . . . . 

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One Response

  1. A housing slump is actually great, Jerry, especially if it’s not localized. What this means is that you can take advantage of the market. Realize that people who are worried about this so-called housing slump and decide not to wait out will probably sell now before the trends reverse, which is a good thing for buyers.

    I’d say take a chance and buy when you see a great deal, just use good judgement.

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