If you bought 3+ years ago, and don’t plan on selling – a 10-30% price drop probably puts you back at your original purchase price if not still above.
If you bought in the last year, and plan on selling right away – bad.
“Long term” means just that, whatever it is to you – but lets just say 20 years. Of course its best to buy at the down turn of the cycle there is no argument there.
When will UTC condos go town to 180k? I wouldn’t count on it for the good ones. Sure if the whole market takes a 65%+ hit that might happen, but I doubt it seriously. Even downtown San Diego, which I think will get hit the hardest – I don’t think you’ll find anywhere near that type of drop.
My mortgage + HOA is cheaper then renting. My place could drop in “value” ~$1300 a month and it doesn’t really matter much because that’s what rent would cost me anyhow.
Odds are, in the next 20-40 years the market will go up and down a bunch more times. One of those, most likely will be for more then purchase price. In the meantime, I get a place to live. 🙂
