[quote=4sranch_buyer]I am more worried about prices going more than 8-15% down. However, considering I pay rent of $2000 per month, waiting another year is like spending $24000 on rental which can offset up to 5% fall in the prices.
I will definitely keep you guys posted about what happens eventually. Thanks for the info though![/quote]
If I understand you properly I think you have the wrong idea wrt to protecting your downside by not being a renter anymore.
Since you are paying primarily interest in the first year it doesn’t offset the price like that. Looking at it another way,if you rent and pay 24k at the end of the year you are out 24k. If you buy and spend that 24k in interest payments and the house drops 5% your “rent” money is gone and you are 5% upside down, minus what little principal was paid and the little amortization benefit you gained by that year of payments.
If you are paying cash it’s a different story, of course.
