Carol Bromm

I wouldn't recommend a co-op unless you were planning on staying there for a long time as in downsizing, or remaing single, In your case, you would probably want something larger as soon as you start opening your wedding gifts.

You got some good advice in the other comments about going FHA. They do not have the stringent requirements that they had in the past. If you put 3% down, it would give you some money for remodeling. Get yourself a buyers broker, one that has the CBR or ABR designation after their name. They will work in your behalf to get you the best deal and they can give you advice. They help you buy a home, not just sell you a home.

Your buyer's broker might recommend estate sales. These homes have lots of paneling and wallpaper which you have to look past, but are in established neighborhoods. In most cases the sellers has plenty of equity and are more motivated because they are carrying an empty house. The taxes are usually lower too. Once you are in a great location, you have the option to sell or stay and expand in the future

Go to the local home improvement store to get an idea of what it would cost for remodeling. Many people are under the impression from TV shows that it cost much more to improve than it really does. Do you need an entire new kitchen, or can you just reface the cabinets and put on a new countertop? Your local appliance store puts on sale "the package". It includes a stove, refrigerator, dishwasher and microwave in stainless steel from $1400 to $2400.

You definitely want to take advantage of the historically low interest rates that are offered NOW. Once they go up, you'll have to look at cheaper homes. - Tue Apr 29 2008, 14:55

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

Is the house priced correctly? The reason for pricing a home at a certain level is to attract the right buyer. If the house is a standout for that price it will attract multiple offers. If it doesn't measure up to the other homes priced at the same amount, it will remain on the market and have to go through numerous price changes until it receives the attention it deserves. It really isn't the homeowner or the Realtor who sets the actual price, but the buying public.

As a buyer, if you like the home, then go for it. When your lender appraises the home, it will not grant the mortgage if you are paying too much. You will also have the tax advantages that come with home ownership.

You cannot sharp-shoot the bottom of the market, With lot's of inventory and low interest rates, it really is a great time to buy a new home. - Tue Apr 29 2008, 08:31