What can I say? I own a condo in the DC area. I’m totally freaked out. But then again, I have a pretty modest place. It’s not new construction. It isn’t luxury. It’s just a solid place to live that’s convenient for my commute. It’s clean, safe and affordable. It will probably desirable for a while since folks are having a hard time finding any place under the $200K price point in this area.
Boy, am I glad I got a place I could afford. Kudos to my realtor and mortgage banker both for steering me to a 7/1 ARM at a fairly low rate. Yeah, I could have gotten a lower rate if I went with an interest only 3/1 ARM, but I figured at these are some of the lowest rates I’ll ever have in my entire lifetime. I bit the bullet and signed for the longer ARM that is interest and principal. I’m building equity with each payment.
The second article is focused on the SF Bay Area, but I found the WaPo link at the bottom, where they’ve collected news links from around the country. It’s worth noting to me since half my family in the US lives around the bay. Generationally speaking, all us younguns went West during the Internet boom years. I was one of six that moved there, one of three that left. I would love to move back, but I would definitely rent out there. I fantasize about keeping my NoVA condo as a rental since I could own nothing in San Francisco. I just couldn’t rent it at market rates and cover the mortgage and HOA fee. I’d lose money unless I rented it as a furnished unit which has its own problems. But we’ll see.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
