I’m in the same boat as you are – and my assessment is that prices won’t go that lower, or the extra inventory (and the downward pressure) won’t come fast enough. I see a LOT less entries in foreclosureradar.com. REO’s are not coming out – it’s trickling. I don’t expect Fed to raise interest rates in any meaningful way in near future. Most of the new houses still come with 10-15% more than it would have been 6 month ago. There are still buyers out there writing offers.
The good thing is, that these days after the tax credit expiration, I’m now getting counter offers 🙂 But one of the counteroffer I received yesterday is so outrageous that I lost all interest in the house.
Let’s be patient – no point in jumping in when you’ve already missed the boat. Take your time, keep your horizon out like year or two. Something will show up – or maybe a job outside CA 🙂
