You would still end up as one of the biggest losers if the prices and/or rates do crater though, would you not? Who knows how long it would take for the value to climb back to what you paid for it.
Not that I'm blaming you, we all need a place to live and raise a family, and I'll probably be in the same boat in a year or two.
Who knows how long it would take for the value to climb back to what you paid for it.
I'm living in it, happy in it, and it fulfills all the needs my family has in terms of space. That value is peaked without much sign of changing. I can afford it, and we have enough afterwards to not be struggling.
Obsessing over the monetary "value" of it is how our entire country ended up in this state. Sure X years from now I might end up having paid more than I had if I bought it then, but that's also X years my family would have been living cramped and less happy elsewhere.
When the rates crater I'll refinance and save a solid chunk then, which I'm already in the pipe to do, and since I don't plan to sell the value otherwise is only relevant to the taxes/insurance I pay on it, of which the value dropping benefits me. I'm sure its more complex than that and guys deeply knowledgable about all this will yell about my idiocy, but living in paranoid fear of "what if I get screwed later" keeps you from too much in life.
You would still end up as one of the biggest losers if the prices and/or rates do crater though, would you not? Who knows how long it would take for the value to climb back to what you paid for it.
Not that I'm blaming you, we all need a place to live and raise a family, and I'll probably be in the same boat in a year or two.
I'm living in it, happy in it, and it fulfills all the needs my family has in terms of space. That value is peaked without much sign of changing. I can afford it, and we have enough afterwards to not be struggling.
Obsessing over the monetary "value" of it is how our entire country ended up in this state. Sure X years from now I might end up having paid more than I had if I bought it then, but that's also X years my family would have been living cramped and less happy elsewhere.
When the rates crater I'll refinance and save a solid chunk then, which I'm already in the pipe to do, and since I don't plan to sell the value otherwise is only relevant to the taxes/insurance I pay on it, of which the value dropping benefits me. I'm sure its more complex than that and guys deeply knowledgable about all this will yell about my idiocy, but living in paranoid fear of "what if I get screwed later" keeps you from too much in life.