So I decided to lower my price point. Maybe I could find something for less $ and narrow the increase a bit.
You obviously have a better understanding of finances than most and congratulations on your savings habits. Please allow me to interject several additional views. As a renter you are paying someone else mortgage as was stated by David. Also consider that the home mortgage interest write off is one of the few write offs that remain for reducing you income taxes. You also get to write off the real estate taxes and insurance. For most people this represents a considerable savings but consult your tax expert to see how this could impact your situation.
One of the positive aspects of the housing market in Metro Atlanta is that our market is primarily fueled by jobs and relocation verses other areas of the country who's market was fueled by speculation, which resulted in 30 to 40% reduction in property values. While overall the property values in metro Atlanta have decreased over the last 2 years, many professionals believe that this market has bounced off the bottom and has begun it's recovery. What this means for you is that you are able to enter into the housing market at the most opportune time. By taking advantage of the low purchase prices available in the market and couple that with historically low interest rates then add an up to $8,000.00 tax credit for first time buyers (the $8,000.00 tax credit is scheduled to go away 12-1-2009) and BINGO you have the making of a very sound financial decision.
I live in Gwinnett County and my office is in Duluth. I would appreciate the opportunity for us to sit down together and discuss this to see if it actually does make sense for you to enter into home ownership.
RE/MAX Around Atlanta