NeetaT, I’m within a hair’s breadth of doing what you’re doing. I’ll check in a year just because I have to move then anyway, but it’s too frustrating to see miniscule movements, if any, in places I’d actually want to buy.

For other people seeing your post, though, I’d add that the market really is different and more promising for buyers than at any time for many years. The effects of the credit contraction haven’t spread yet, but they probably will. Maybe we won’t get 40 or 50% off, but you should get 5-10%.

Good luck in 2 years!

Patient renter in OC

“I’m really tired of all the excuses such as give it more time.”

Housing downturns take many years to play out. Pointing out this historically verifiable fact is not an “excuse.” What is it that you think people are trying to excuse, anyway?

You can dictate what you think is “more than enough time” for the correction to end, but it doesn’t amount to much if you just pull a number out without basing it on any logic or historical precedent.

Neeta, I think most people here agree that the market is in a decline, and that it will not turn around for several years at least. Therefore, your decision to put this to rest for a couple of years is a very realistic approach. There is no reason to keep checking on this daily, especially since you’re not planning on purchasing any time soon.

I’d suggest though, that when you’re getting close to moving back, that you again take a deep, thorough look at the market, to make sure you’re not buying at the wrong time. Even if you have to move back by a certain date, there’s nothing to keep you from renting for the short term.

Klingons don’t believe in luck, thus I bid you success!

NeetaT,
I hear you. IMO, one way or another RE ends up being worth some percentage less than it was at the peak, relative to our economy overall,regardless of what happens to prices which I think will go down nominally. By participating in the collective experience here on Piggington’s, I will know what happened and where the market is and have info on a bunch of other interesting related topics. I certainly don’t fault you for lacking motivation to hash it out on a daily basis. I definitely want to see how the resets and other issues play out as reported here.
Best wishes

Sounds like an ultimatum… that darned market better behave itself.

SD Realtor

Two years is a good guess but I wouldn’t ignore things during those two years, nor would I commit to buy on 07-08-09. Check the prices every six months and stay liquid. The market hasn’t been behaving itself in recent years and there’s no guarantee it will fall back in line with past patterns or projected ones. Things could go to hell in handbasket next year and stabilize the year after that, you just can’t tell. Or worse, it could come down 10% over the next two years and then after you buy it doesn’t stop going down.

Neeta,

Rather than thinking in terms of time limits, it’s better to think in terms of affordability.

If you are planning to buy a house to live in, simply buy a decent place you like when you can actually AFFORD it. If you do that then it doesn’t matter if the market goes up or down because you can still afford it and go about your life, like you say.

BTW I also share your frustration with the slowness of the down turn. I would like to buy, but I refuse to commit financial suicide when I can rent for 1/2 to 1/3 of the cost of “owning.”