I hear gloom reports, I hear never ending bull reports….
What I believe is something somewhere in the middle, houses WILL drop at least another 10% and then the market will stagnate, until incomes catch up. To me that means mid 300k’s. Rents are at a mortgage payment of around 300k and when prices come down to where(mid 300k’s) they are close to renting/and it pays to buy rather than rent, that’s when the market will turn around. I think that time is what the SD realtor’s have been saying, FALL ’08. However, everyone is different and your needs are not mine. I will buy when I can get what I want and it makes sense, with a VA loan, fixed for 30 years.
It doesn’t make sense to me to wish for anything more, houses have always been a little more than we’d hope for.
In other words NOT cheap. I don’t expect miracles. I don’t expect to steal from some poor slob who can’t afford his house anymore. I expect to buy what I can afford at a fixed rate. I expect to get what I pay for.
