You are experiencing buyer's remorse, which really is quite common. Buying a home is a vey rare and very high value occurrence, and many people have second thoughts after the initial euphoria of getting an accepted offer. It doesn't help having national headlines screaming about the demise of Real Estate, even though every market is local. Buyer's remorse also occurs in every type of market, (buyers or sellers).

From the price and location it sounds like you purchased a Linwood cape. The home that was sold 6 months prior, was really sold 9 months ago, because it takes about 90 days to close and that is when the price would have been negotiated. That was a different market than this one. There may have also been a sellers concession in that price for closing costs which would reflect as a higher sales price.

Unless you are an investor, the investment value for the home should be secondary. Your primary reason for buying a home should be for your enjoyment and a place to live On average, Real Estate goes up 4% per year. If you put 10% down ($35,500), and the value of your home went up 4% each year, after 5 years the value of your property would be almost $432,000. That is a $77,000 return on a $35,500 investment. if you put down less than 10%, your return would be even greater. Not only will you get the tax advantages over the next few years, you were also fortunate enough to purchase when interest rates are at historic lows. It gives you something to think about while you are relaxing in your hot tub in your new home.

Tue Apr 29 2008, 13:37

"Remember, this is a home purchase you will live in, not a car you are trying to get a good deal on. Stop kicking tires. If you don't purchase it now, in 6 years you will be kicking yourself. "

-- Gail, your first sentence contradicts your 2nd. This is a home purchase, not a car, it can send you into foreclosure and destroy your finances for 10+ years. People don't go into bankruptcy and foreclosure over a car. Not only should you be kicking the tires, you should have the car taken apart and reassembled with all the pieces properly verified.

"Real Estate history shows no matter how many times we have corrections in the market, it continues to rise over the long haul. Buy the house and enjoy your new home!"

According to the case-schiller index of the top 10 markets, if you bought a house in 1987 and sold it 2000, you would've made less than 3% versus inflation in 13 years (see graph below). So history shows that Real Estate basically goes up like any consumer product, with inflation.

Case Schiller graph:
http://bp0.blogger.com/_pMscxxELHEg/R-k6W9DCIVI/AAAAAAAABwo/…

Sat Mar 29 2008, 05:36

Are you being represented by a Realtor? If so, have your Realtor show you comparables in the area. If not, why don't you have a Realtor representing your interests?

Remember, this is a home purchase you will live in, not a car you are trying to get a good deal on. Stop kicking tires. If you don't purchase it now, in 6 years you will be kicking yourself.

Real Estate history shows no matter how many times we have corrections in the market, it continues to rise over the long haul. Buy the house and enjoy your new home!

Fri Mar 28 2008, 15:27

Will a 3 BR/1 bath cape be available in 6 months or a year? Almost surely. Probably a number of them. Making financial decisions with your heart is the reason foreclosures are up all over the country and the reason we have the current state of housing. If that is, quite simply, the only question you ask yourself, you are a fool.

Fri Mar 28 2008, 10:01

Yes! As long as you will decide to be in this home for atleast 5 years, it will make very little difference if the market changes down within the next 6 months to a year. Will the home your "heart" is telling you to buy be there for another 6 months to a year? That is quite simply the only question you need to ask yourself!

Fri Mar 28 2008, 09:26

Anthony, Nice home. Nice South Shore village. Good price. It seems to me that you've done well. Will area prices dip more in the next few months? Possibly. However, as a long-term investment, which I suspect your purchase is, you'll be fine.

Congratulations, and welcome! GerryV

For other home-buyers in the region, think about Long Island's South Shore--especially the Town of Babylon--for a large selection of lovely homes (capes, colonials, condos, etc.) for sale at GREAT PRICES!

Call me for more information.

GerryV (631.338.7392)

Fri Mar 28 2008, 08:48