Wednesday, June 27, 2012

What Does The Future Hold for Me?

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!

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