San Diego Housing Market News and Analysis
make my first time home purchase
User Forum Topic
Submitted by davidpeace on August 23, 2006 - 2:15pm
First of all, this site is very informative, and I'm glad it exists. It talked me out of buying a condo last year, and FHEW I really dodged a bullet there.
Anyways, my wife and I have wanted a house for a while now (we got our first boy on the way) and since the housing market has took a turn, we thought this would be the perfect time to get our feet wet.
We started looking, and found a great house in Escondido, put an offer in...demanded our terms, and we eventually got our way. We got a 1 year old, 4 bedroom, 3 bath house for 485k (with them paying all our closing costs!) This is a great deal!!!
Well we are in escrow now, and after reading some articles here, I'm getting worried. Financially, the 3,500$ payment isn't going to be a problem at all. We both have great, stable jobs. Her job is even letting her work from home 3 days out of the week. ANYWAYS, my question is, am I screwed?
We plan on staying in this home for roughly 5 years. We wanted to sell at that time, and have 50-75k worth of equity to use as a nice down payment for something in Denver. Is this just not going to happen? Am I going to lose money on the deal?
Either way, we need a house, we need more space, and we need something we can customize (meaning, not a rental) But I'm scared, and I guess I'm just looking for some positive words... haha. (if there are any)
So....did I shoot myself in the foot? Are we screwed?
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