Let’s see, my choice is to continue renting my 2 bedrooms in a friend’s house for $600/month, coping with a smelly washing machine and his dirty dishes, but saving up $1000/month and with the option to move at any time since I am renting month-to-month…
Or to buy a skeevy apartment conversion in a neighborhood with too much crime, paying $1000+/month for the privilege, and pretty much locked into it for years if not decades because (1) if prices go up again I can afford nothing better in this area and (2) if prices go down I will be upside-down in said skeevy condo with no chance to sell out and get into anything better.
These are my choices with my current finances.
“Courage” in this case looks like leaping off a cliff without a bungee cord. If this market does not go down any further and it is clear I will be priced out forever, I can always pack up my savings and move to the MidWest. I have a BSME, I should be able to find some job to live on, and I for damn sure will be able to find something decent to live in.
And if the decent housing does ever go down further, I am sitting pretty.
The trick is trying to see through all this fog of BS the legislators/banks/et al are blowing through this market. When both Rich and the regular Pigg realtors here on the board are confused, I know it’s bad. So I’m just marking time on the side of the road for now.
