Article CNN ... Did you pay to much for your house? A question on my mind lately!

Thought this article would also be interesting to you ladies ....

Did you pay too much for your
house?
You worry you bought at the top and will rue the day.
Here's how to tell if you overpaid.

http://money.cnn.com/2002/10/29/pf/yourhome/q_overpaid/index.htm

I dont think I want to Know
But of course Ill read it.

I know Fran ... I felt the same way. I researched this bubble theory going around. It's really a 'toss of a coin' at this point ... who really knows what the market will or will not do.
My husband is a rip though ... he's the one who has been sending me the articles that I have been posting. He is so indecisive lately (after we put our down payment, had our title search, inspection, signed the contracts, and locked the rate). I think he's trying to make sure if he got a good deal. Did I mention that he is a financial planner and it's driving me up the wall! It will all work out - I'm excited and he is too. He's just a lot more stressed about it then I am!
I'll keep passing on any information I find helpful! Let me know when you want me to stop!

Our closing should be sometime this month ... probably in a few weeks. We are going to redo some rooms of the house (bathroom, kitchen) so we probably won't move in until mid January.

I think our worst fear is that, the prices of homes will spike downward and as a result, our house would be worth a lot less. I know for a home, you shouldn't think that way, but I think everyone in today's market is paying a lot of money for these houses. I know that the rates are great -- so if the market declines we will have the counterbalance of getting such a great interest rate. But, what discourages my husband the most is that if we lived in another state, we could afford so much more then what we are getting in NY. If you look at the median income of the towns we are buying, we are probably making 1.5 to 2x's that - if not more. It's just ridiculous if you think about it.

Oh well, the price you pay to stay near family.

I honestly do not think that this will be our house forever, but I can't predict the future (although I've been to psychics hoping that they can :-) ). Rob loves splits and I do think that oneday we will live in one. Plus, my psychic did say that we will move out of state one day

We are buying a wideline cape right now!

When are you expected to move in? Did you lock in on a rate yet. Sorry for going on and on ... it's just a crazy time thinking of all this!

We dont have a closing date yet. We are purchasing from an estate and they dont have all the paperwork through. I am locked in at 5.75 until December 31 and I have to be out of my place by them so I am keeping my fingers crossed for early December. I hate the idea of moving over the holidays but what are you going to do.

Its great that you are able to get in and do the work you want before you move. That makes life much easier. We dont have anything major to do, just cosmetic stuff - basicly rip down wallpaper, panneling, carpeting and paint. I hope to do most of it ourself but we will see.

I'll keep my fingers crossed for you too Fran!