Hey – I think that the good long term strategy is to wait at least 2 more years, if not 3. 2010-2012 is the target for me, the only problem is that the kids are 11 and 13, and I don’t want to wait till they are 15 and 17. It’s a tough deal, but we aren’t exactly unhappy where we are renting in La Jolla.
Still it’s nice to own your own home, I am just too risk adverse to buy a long term asset in the midst of all this turmoil. I guess I need to wait it out…
I am concerned, however, at the statistics which currently exist in the market. When my wife sees that prices have stayed even since this time last year (in coastal central where I am), it’s tough to keep explaining about medians and that mostly the good properties are selling, not the dogs, which were overpaid for.
I would love to see a good local analysis on a property by property basis. I also know it’s hard to actually find out about the secret stuff – the new kitchens, the paying points for the buyer, and if the foreclosure sales are even considered in the regular numbers.
Where are the good price / sq. ft numbers? The removal of the 4M$+ properties (which are in another sphere from us), etc? I am still haunted by a lack of hard data, a lack of analysis, and a dearth of reporting numbers which are superficial at best.
