Obviously you can pay more monthly than you are doing.

Here is what you do. Put the condo back on the market. Condos are the place to be so ask twice what you paid for it. When a newby from California finds it and buys it you will now be able to buy your dream home for $750,000 with a little creative financing.

You should be able to sell that should you so desire for over a million bucks next year.

Don’t be dragged down by all of the doomsdayers that post here. They missed the boat and are just sour graping.

You are young and need to learn to take risks without looking back over your shoulder. Worst case scenario is that if it does not work out as planned you get to live out of your car for a few years. Not the worst thing unless you like to watch TV a lot. Every meal is a barbecue!

Nice work. It seems you are living within your means.

You are in a situation where you can weather a downturn. Almost everyone else I know who bought in the last few years is stretched to the limit. They will crack when the going gets tough. (which it eventually always does.)

“Congratulations! When is the house warming party?”

Some people learn by reading, some people learn by seeing and some people have to piss on the electric fence themselves. Whataya goind do?

a person who wants a tat. They don’t know where to go so they get inked by a rookie. The tattoo looks very “so-so”at best…below…and now…he’s asking his friends…”what do you think of my new tat?…Did I go to the right guy?”

What do should this persons friends say in this situation.

“Dude…you should have come and asked our advice FIRST”

By coming later…you weren’t so much looking for advice…but were hoping that the people in this *particular* forum would pat you on the back and tell you good job.

I can’t in good conscience give the “if you can afford it and want it and it won’t ruin you, then go ahead” response…because that runs afoul of the “more $ than sense”

Best of luck.

I see the blog as more of a consumer advocacy PSA than anything else, and it seems most people who ask for advice seem to have a level head about them (or they probably wouldn’t be asking, would they?)

I think much of our consumer ire derives from people who haven’t even heard of a ‘bubble’ at all, those that recklessly weild option-only ARM to sit on flipper properties at the expense of the educated folks wanting to pony up to a home purchase for traditional purposes (to live in), They’re what I call bubble-amplifiers.

Its these insaniacs and their REIC enablers that truly need a wrench thrown in their proverbial machinery. My scorn and ridicule is directed at them, not the mindful and cautious.

So, I think Tim’s advice is measured. If you can afford your payments using a traditional product with some down payment, plan to live in the place as your primary purpose for purchasing, have a diversified investment portfolio…. then who cares?

You may kick yourself for paying too much, but if it doesn’t cause financial ruin and permenantely reak havok on your credit rating, then c’est le vie.