I don’t think asianautica or myself were advocating getting into a mortgage where an equal property rents for less. Rather, simply that once a house pencils out, plan B is then available. Plan B being that one can rent out the house if you need to move and it will not be a financial disaster.
I’m planning on buying sometime next year, I doubt it will be the bottom, even for the hardest hit areas. However, once you pass fundamental price support levels (rents for an equal house IMHO), whether to the upside or the downside, it is anyone’s guess as to where prices will go in the short-term.
In the mean time I will continue to watch inventory levels, sales, etc… to help with the decision. In Mira Mesa inventory is starting to rise again, so maybe we’ll see another nice leg down.
