Janet, be glad you found a home you can afford and visualize your family living in. Bogota is a nice small town, good location for commuting, etc. My other colleagues are correct, though -- NO ONE CAN REALLY PREDICT HOW MUCH THE MARKET WILL INCREASE. Economists and politicians around the country are busy debating that on every cable business and news show. What I can tell you is this: based on my experience selling real estate in the last "down" market in the early 90's, you are in an excellent position to see some increase, especially if you hang onto it for at least 5 years or more. Enjoy your new home!

Hi Janet,

Your guess is as good as ours. Nobody knows. Prices could double in seven years, or they could be less than today. Make your decision based on personal needs, not on property values, because you cannot depend on values to behave as you would hope. People who purchased in 1985 are intimately familiar with how long a bad market can last. Not to say that will happen this time, but it can.

-Marc

WITH THIS MARKET IT WILL BE HARD TO PREDICT THE FUTURE. THE PRICE IS DETERMINED ON RECENT SALES SO IT WILL HAVE TO WAIT. I DO BELIEVE THAT THE MARKET GOES UP AND DOWN AND IN THE NEXT FIVE YEARS IT SHOULD BE UP AGAIN AND YOU WILL BE ABLE TO GET A GOOD RETURN ON YOUR INVESTMENT. OTHER FACTORS ARE TO BE TAKEN INTO CONSIDERATION AS TO AT WHAT PRICE YOU PURCHASED THE HOME, HOW MUCH EQUITY ? AMOUNT OF DOWN PAYMENT, IS IT A DESIRABLE AREA, HOME IMPROVEMENTS ETC. ARE YOU PLANNING ON UPDATING YOUR HOME A LITTLE EVERY YEAR. GOOD LUCK ! THERE ARE GREAT DEALS OUT THERE THIS IS A GOOD TIME TO BUY.