- Feb 21, 2008
- Reaction score
And I have ZERO sympathy for people who saw no problem with buying at the peak of an overheated market.
i did. i just got out of school and bought a 1800 sq ft townhouse. What I paid is definitely reasonable for the area I live in. And I also took out a conventional mortgage- none of that interest only, no money down, liar loans non-sense. I locked in a 4.8% interest rate and the payment is comfortable.
My problem is that now I am upside down because the bubble popped. But the good news is that I am able to rent it out. Which in turn has allowed me to buy a new house. And builders are hurting, so they're throwing in crazy incentives. When the market recovers, you won't be able to buy a 2 story, 3 car garage home with a full finished basement for $240k. And if I go tits up? Well, they can repossess the rental. Sure my credit will take a hit, but that can be rebuilt. But I'll never get another house with the same features for the same price.
Time to take advantage.