I have been renting for three years now, and I don’t plan on catching any knives any time soon. When I feel the bottom is in, perhaps in late 2010, I think the bargains will be plentiful and very few will be wanting to buy. That’s when I’ll make my move. I don’t care what the interest rates will be, as I’ll be paying all cash. I have two other friends that also are sitting on the fence with all cash. I can’t believe we are isolated examples. Unless we enter another Great Depression or some other geo-political disaster, I think the next cycle up will be a strong one with so many people waiting with lots of cash. But I don’t think there will be any hurry to catch the knife, as when there is a true bottom, like I said, everyone will be thoroughly disgusted with real estate.
