“I am just looking for either a “may be a good idea” sentiment or a “keep waiting, stay strong and saving your pennies” sentiment. Thanks.”
You haven’t put out comments about your marriage being in trouble if you don’t buy or you strongly feel that your child’s self-esteem will suffer if they learn that your name isn’t on the title of your home. With that in mind, I’m going to tell you that you most definitely SHOULD NOT buy right now and you’ll most likely regret it if you do.
When people debate whether Carmel Valley or Scripps will correct more than 20% that’s a subject in which reasonable people can disagree at this point. I don’t think most people would disagree that Temeku and its surrounding environs are in for at least another 20% hit and the way things are going right now it could well be double that.
If you can live with a $300k purchase you have nothing to lose by waiting. Who knows? Maybe that $300k will wind up buying you a really nice home within the neighborhood where you work. Or in a really nice neighborhood within a few minutes drive of where you work. It could happen.
If you’re nervous about the market suddenly swinging and jumping 10% overnight thereby cutting you off forever, you can put that fear to rest. The RE markets move at a glacial pace compared to the stock markets. You CANNOT miss you buy-point so long as you are paying attention to what’s going on.
In your place, I’d go to the 30-day plan. Instead of worrying about whether now is the time on a daily basis and having that hang over your head as a daily stressor, make a don’t-buy decision today and then mark your calendar for 30 days from now to revisit that decision. If in that 30 days the market completely reverses (which won’t happen) then you’ll have plenty of time to decide to jump onboard the property ladder expressway. If the market continues to deteriorate you can rest assured that your first decision (today) was a good one, which will reinforce your confidence in making the same decisions going forward.
As long as you’re paying attention to what the market is doing you’ll be able to see your entry point coming from a mile away. You can become your own informed opinion and not have to rely on anyone else’s.