[quote=rent4now]I think waiting right now is a good thing. Its hard to find a good house in the mid to lower price range. Its amazing how quickly a good house goes even in this environment!

Of the people who have bought in the last 2yrs how many of you had 1+yrs of cash reserve?[/quote]

Definitely I don’t think you will lose anything waiting on the sidelines for another year or so. Prices should remain soft while unemployment and the economy is in the tank.

So unless you find that “perfect house” then I think it’s worth it to wait.

As to good houses going quickly. Good houses are only going quickly if they are priced fairly/intelligently. I’ve seen good houses sitting on the market for over a year because the sellers are still dreaming about bubble prices and won’t get it. The trend seems to be for their realtors to keep it on the market at the price, refusing to advise to lower. Their realtor will pull it off the market a while then re-list it at the obscene high.

So not all good houses are going quickly. Only the ones that are priced fairly. There isn’t so many great houses on the market. We just bought last month and we looked for a while and the inventory wasn’t so great.