Fletch, Yes, I remember you now. Smart move you made!
My reasoning is based mostly on historical evidence. Market forces are almost impossible to deny. Delay, yes, but not deny. But all this aside, unemployment is really gaining momentum at this point. And unemployment is a killer for RE. How will the govt save people that have no income? I am sketical, to say the least.
Are you in a hurry to buy? Sounds like it’s a little better than renting for you. Financially speaking. Are you concernced about missing the “bottom”?
Think about what the world is going through right now. We’ve just seen a world coordinated interest rate cut. When’s the last time that happened? The last 6 years saw every asset class rise to incredible levels. When was the last time that happened? These are historical events that are exremely rare. The down-side for this is really bad.
Massive bank failures and zombifications. State and local govt starting to go BK. Now GM,Ford and all auto makers are in serious do-do.
My advice to anyone in this evironment is to stay liquid and reduce all costs. Eliminate debt. Have cash ready for the future.The more, the better. This is a major contraction in the works. I dont even think that govt jobs may be safe.
