Temporary Insanity

I've been mulling over my home buying idea, and I've decided I need to push it out of my head. I need to focus on my priorities (namely, paying off my credit cards and reaching the goal for my emergency fund) before even beginning to think about buying a house.

In 6 months, I'll re-assess my job and financial situation, and take a peek at the market again. I know I'll have my Visa mostly paid off by then, my credit score will be better, I'll have a tax refund, and I'll likely be working full-time. Maybe my bf and I can shoot for a house that's around 200k by December '09.


Shtinkykat said...

I think you made a good choice.

With the current economy being the way it is, it's more important to eliminate "bad debts" and to have a sufficient EF before you delve into a big, long-term purchase like a house.

Don't let the declining housing price pressure you to buy something you can't afford. Many people facing foreclosure now were "pressured" into buying a house they couldn't afford because they were afraid that they were going to be priced out of the housing market unless they bought when they did. Well, clearly they were wrong.

Remember: the price is never a reason to buy. Price is only a function of affordability.

Anonymous said...

I think you have a good plan. Get rid of the debt first. I'm not the type to worry but with the economy I honestly don't know what direction were going.

Miss M said...

Yay, good choice. Seriously my home has been nothing but stress, I bought it right after I bought a new car and I had student loan and credit card debt. It was tough and I got into more credit card debt as a result. I think the home market will be depressed for awhile, don't worry about missing that boat. I suggest you go into pre-home buying mode, work on your credit score, pay down your debts etc. Keep looking on redfin so you have a good idea what's out there, it will help when you start seriously shopping.

Anonymous said...

Hope I didn't rain on your parade, but it's so expensive. If I didn't move in with my boyfriend's house I would still be renting a dinky apartment and saving money.

Sunflowers said...

@moving on up: No, I needed a reality check! ;)

Thanks everyone for your comments!

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