As others have pointed out, there is an emotional cost to not owning a home for a very long time when all along you really want to own one. Now you won’t have that emotional cost any more. And you get lots of time to do things other than watch property prices. Time is extremely valuable.
I don’t know your purchase price, but let’s suppose that it’s $600,000, and let’s assume a worst case of a further 33% price drop that you end up realizing when you sell 10 years from now. That’s a loss of $200,000 over 10 years, or $20,000 a year. (I am assuming you choose not to walk away then. If you did, your loss might be much less.) Isn’t your time and your emotional wellbeing worth $20,000 a year?
I will miss your informed and objective househunting posts.
