What does the Future hold for me?
Housing Fear may be over for most Americans....The housing market will slowly start to recover in the years to come.
For me however, I have had a heartbreaking 2011, and I am going to have a very rough year ahead of me as I begin my year long internship at a local hospital.
I still own a condo that appraised for 60,000 (it is really only worth 35,000) and I paid 87,000 dollars. Do the math, but either way you look at it I have a huge paper loss right now on my books.
I am still trapped in this place, and I have to much skin in the game to walk away at this point.
In one year I should be making enough money where I can take advantage of lower interest rates, and lower housing prices and purchase a second home. I will have missed the very bottom of the market by next summer, however, I think I can get in before a full recovery has taken place and still get a good deal.
My total mortgage payment, taxes, insurance, and association fee on the condo are roughly equivalent (maybe even a little lower) then what comparable units are renting for in my complex. So I think I can rent this place out and be in a good position. The 15 year mortgage helps because a large percentage of the potential rent money will be going to equity.
While I am still currently trapped in my condo, and "Housing Fear" continues... I see a bright future beginning next summer for me.
I have accomplished pretty much everything I wanted to do with this blog...
...almost all of my economic predictions have come true (read 2007/2008 posts for a good laugh, and maybe even a little bit of awe of how spot on I was). I feel like I entertained readers, provided some information and insight and maybe even brought some joy to some people during a tough economic time.
The truth is I did this for me....It felt good to vent some steam, and share my thoughts with over 100,000 people during the past 5 years.
Next summer when I start my house search, and rent this place, I will be sure to come back and give everyone an update, and then make an official end to my "Housing Fear" Journey.
Thanks for reading my blog, and I want you to know that if you guys never came, I would not have had the motivation to share my story with all of you.
I want to leave you with the video below that I watched back in September of 2007 that inspired me to write this blog. Thanks to Keith@HousingPanic, all the bubble bloggers, and everyone who saw this coming way before the media did in October of 2008....Enjoy...
See you later....and Go Ron Paul!