By the way, the lending standard is tightening. So if you don’t have 20%+ down, good credit score etc, you theoretically will be “priced out forever” soon. So for some people, it does make sense to jump in while they still can. In real estate, a lower price does not always mean affordablity will improve.
We’ll qualify for any mortgage, but our thinking is now this – since the market will likely still have a way to fall and this will be our first place, we’ll get a 3% FHA loan anyway, so we’ll only lose the $10-15k down. As long as the payment is less than it would take to rent an equivalent place, I’ll be happy. I think there will be a lot of those to choose from next year.