You need to be prepared to wait. Look at your expenses on an after tax basis, once it becomes cheaper or even to buy a home then do it. You exited the market at the exact high, so great move there. The renters vs own is ego. I can tell you this, I would much rather have close to 2 million in the bank like I do, and be renting in Coto De Caza for 2900/month, than have the McMansion I had in Newport Coast and a 6000/month nut on it. (It was that cheap because I bought it in 1998) The people that bought it from me have an over 10k per month nut on it.
The time will come when a good buying spot will develop, and just be ready at that time. Unfortunately, even though your income is not low, it is far from comfortable in today’s OC market.
I have learned over the years, that you have to be patient for the good opportunities in life. They are not there everyday, and that is a fact that most impatient people seeking immediate gratification in everything they do just cannot handle. This is why most people never get ahead.
I am if I had to categorize myself I am an investment advisor, and have my clients in cash right now. Many are getting impatient and want action. Some have gone against my advice and been burned in the last few months, then called for help. I have told them to wait for the fall when good stock buying opportunities will exist. It is the same for RE. Good Opps will present themselves, but not for a few years.
