[quote=jstoesz]To pick a side, you have to pick your goal. Is it to own a home, or is it to not get sold down the river.
Deadzone, ventures nothing and loses nothing. your position has mostly a high percentile chance of downside with little hope of a monetary up side. So if you are willing to risk much and gain little to own your house, then I would side with you. If you are content renting and waiting, you are probably in economically safer territory.
There is huge potential downside imo, and few possibilities for burgeoning gains. Now if you don’t care and just need to own…you better look hard and carefully.
I don’t think west of the 5 is all that safe. I would bet it is ripe for some serious losses, but that is just me.[/quote]
Unless you’re living in a home you bought awhile ago and just looking to move up, you do you something to lose, it’s called your rent.
How did you come up with high chance of downside and little hope of upside from sdr’s post? Are we reading two different posts here?
If I continued to rent a comparable house as I bought 2 years ago, I’d be down about $20k by now. So, by buying, I saved myself $20k. So, how can you make a blanket statement that renting would put you in a more economically safer territory? I’m not going to make the same blanket statement that you should buy now at any price or you’ll miss the boat. However, if you can find a place at 1999-2001 price or a place that would make it cheaper for you to buy than rent, then there is a risk of downside for renting. That risk gets bigger every month that you rent.
