Do you own a house/condo?

Just compiling some more.

Stanley Johnson:

I voted No I am a renter but I sold my condo back in 2003.

who is stanley johnson? i don’t understand the poll options.

He’s the guy in deep debt (in a commercial)…he has everything, but will lose it very soon.

MS has loaded his poll so that there are no options for one to be an intelligent homebuyer.

Microsoft sucks! Har!

That would be the pre-2001 option.

I have owned a condo for a little over 3 years now. The hardest adjustment was the relative depletion of my bank account to make the purchase and the subsequent adjustment to my spending habits. Took me about a year before I finally reigned myself in and started budgeting smartly.

It’s great, smart, etc. having my own place. But sometimes I sure do miss the stupid amounts of disposable income when I had a roommate and an apartment. I know I could rent out to a roommate right now but I’m too old for for that shit.

MS’ poll options leave much to be desired for those of us who bought post 2001 (or bought the most recent house post 2001) but didn’t get silly money loans. Or, in my case, got a good deal on a silly money loan which I can afford for the next 8 years (at which point the rate changes and I’ll probably end up refinancing).

Agreed. It’s such a loaded poll. I bought after 2001, and got a traditional mortgage that had a great rate, as I plan to stay in this house for atleast 10 years. No points or teaser intro rates.

I’m saving up money and renting. Hoping that the housing market locally here in Reno will continue to slide down.

That would be the pre-2001 option.

How’s that? We bought in 2005 and got a fixed rate mortgage. There is no poll option I can select.

This is only because you didn’t start a poll insinuating you were the master evil genius.

I bought my home with a 5 year fixed ARM in 2004 and sold it 20 months later. Damn did I miss the tax break this year.

I bought in November 2002, got a 30 year 5.5% fixed rate loan (no points) at about as of our mid-2003 refinancing (which we did at THE low point for rates). So I picked option #1 as it most closely resembles our actual situation. We kind of beat the untenably high prices (if we’d waited another six months, we’d have been a lot worse off).

Our main goal was to own a place we could afford on my salary alone (and I mean afford, we’re still saving for retirement etc.). So my wife’s salary (she works halftime on average, leaving time for our kids) goes towards savings and education for our kids. We want to keep that lifestyle forever, it really works for us.

Silly poll. I bought (and sold my prior house) in 2001, and got a great deal with a low, fixed-rate 15-year mortgage.

OK, you’re missing an option:

  • I bought post-2001 and actually can afford what I got, because interest rates were stupidly low and got a fixed-rate mortgage.

Because none of the above apply to me.

We bought in 2005. Got a 30 year fixed rate loan at 4%. Refinanced six months later and used the extra 100K to pay of more expensive dept as well as buying a much needed car and are now improving the house. The new loan was a 30 year fixed rate loan at 4%.

If we refinanced now and got a fixed rate 6% loan, we’d shave of 20K from the debt right away (apart from the increase in value of the house, which is only 50K this time around)… but there’s no knowing for how long we’d pay the extra 2% interest, so we’re waiting till we a) need the money, b) think interest are going to fall again (something most professionals can’t predict, so how should we) or c) know we’ll sell the house soonish.

No bubble over here, just a normalization of the market.

So let me see if I understand this correctly. Your house went up 100k in value in 6 months?

We moved out of our house the minute things looked shaky… little julie had to go live with my mom and we killed the cats… Now we live in van down by the river. But the minute housing prices drop 1% in our area, we are back in with running water! Booyah! WE ARE SMRT!

Chet