Anybody with view property experience want to chime in?
Since the question was asked, I had a similar situation, and did buy in 2007. I agree with the point made that in a depressed market the house may not come up at all. Perfect house for me and my family, fantastic view, 11,000 sq ft flat lot.
I can afford it, plan to be in it for 10+ years. I got what I consider to be a great price because previous owner had to move (I am self employed, so it won’t happen to me). It may go down in price over the next couple of years, but hopefully it will go back up by 10 years. Even if it does not, it is still worth it for the lifestyle change.
There are other solutions to the housing problem than just trying to time the bottom. My choice was to work on my career, which has enabled me to live where I want. I see others posting on this list doing the same. Persistence pays off!
