Wednesday, April 18, 2007

Are We Making A Mistake?

We love the house, it is easily within our price range, and is in the school district we want our children to grow up in. However, since I discovered the fact that we were on the edge of a housing crisis the like our country has never seen back in September when I stumbled on the Casey Serin story in USA Today I have been concerned about buying a home.

We aren't investors. We aren't out to get rich out of the deal. We just want a place of our own to raise our kids in and to be honest a place to call our own.

I don't claim to be an expert on the housing bubble, in fact I probably just know enough to be dangerous LOL but what I do know is enough to scare the hell out of me. J. thinks my concerns are ridiculous. He feels like Oklahoma escaped the bubble for the most part (all though I doubt he's ever delved more into it than what USA Today has to say about it) and that I am worried over nothing.

He says his job is stable, our loan is within our price range, and that it is way past time we bought a home. Well, I truly hope he's right but I can't quite quell the fears that we could be making a terrible mistake. He does have a great job with incredible stability (people only leave when they retire for the most part), we have gone over the numbers on how much house we can afford so many times he gets pretty irritated if I even bring up going over them again, and he is 35 and I am 33 so we really do need to buy if we are going to. If we didn't pay any extra on the loan (we are planning on making at the very least 2 extra payments a year) that means this thing won't be paid off until J. retires so he does have a point.

Of course all this is probably moot considering how deep we are into the purchase but I thought I would share my concerns here and see if anyone has any thoughts on the subject of buying right now.

So any advice? Am I overreacting? Or are my fears valid?

1 comment:

Sprezzatura said...

People get into trouble when they buy more home than they can afford or take out a loan that they do not understand (like those horrible interest-only and/or variable interest rate cesspools).

If you've done your homework and are sure that you're not one of them, then relax and enjoy.