Post # 17
I think this also depends on when you bought your house and what you purchased it for (loan amount, interest rate, money down etc).
We only bought our house 1.5 years ago, and we got a pretty good deal on it at the time. However, the market around here still is full of short sales and foreclosures that is lowering the cost of homes. If we bought our house today, we probably could have paid about $20k less.
However, we are planning to stay here for at least 4-5 more years. By then, I think the market will have turned around and we will be fine in selling our house. Also, we have put some renovations into the house that will bring big value.
Your primary home should not be looked at as an investment. Sure I would love to make money off of it, but I am not counting on it.
Post # 18
My husband also bought our house before I came along. We owe more then it’s worth, but we’re just planning on buying a new house and renting this one until the housing market gets better.
Post # 19
We took possession of our new home in June, and know we’ve already got about $45K in equity in it after having done nothing (our builder offered is $25K more for the home before we even moved in, kinda cool!). Once we start to finish it (lanscaping, paint, fence, deck, finished basement), and pay down our mortgage more, we’re hoping to take a lot from this one for our next move in 4 years or so.
Great idea now that wedding is over to start putting more $ down on principle. We already do a fixed payment (on a variable mortgage, but we pay a payment just over what the fixed it to hack down principle more) and once the wedding is over we are going to try to max what we can put on to it per year to hack it down as much as possible before adding dependants to our family!