“even after it goes down another 20% (I expect that, but hope it’s not a lot more than that), I’m still doing not so bad with a $1,500 monthly payment”
So you expect to pay $1200 a month instead of the $1500 if you bought now and waited. Depending on location and current rents 20% lower at current interest rates would not be realistic unless you are talking about Hemet. Next time you look at it take a camera with a camcorder option so you can view it over and over during escrow. I did that on many places I was serious about. If you like the place, can afford it, and its around what you are paying for rent then buy it. If not ditch it and move onto another one later. My freind bought a place a few weeks ago because he was just sick and tired of waiting. After many many years I do not blame em. At least you know you are buying while everyone knows we are in a housing bust and that we did have a bubble instead of knowing about one while everyone else didnt and bought anyways.
PS. lol I went from 1200 sqft to a 2200sqft and I am already used to the extra space. You will fill it with ease. Good luck on any decission you make.
