M2C. If you find a house you like and you can afford and plan on being there 10-15+ years, then just buy it. It sounds like your mind is almost made up. You want to be in that area. You found some homes that have reduced significantly.
My question to you: If you bought a house for 280/290k and end-of-year or next year it fell to 200k, would that ruin you? What if in 20 years it went back up to 250k?
Next question: You buy for 280k. But end of year your dream house that was 400k fell to 280k. Are you going to be okay w/the place you bought?
I know most people are against buying right now and that is my sentiment for the most part. I get tempted when I see some deals, but there’s always something that keeps me from buying, reasons/excuses, not nice enough, big enough, no garage, not in the area I really want to be, etc.
I will tell you this. If I found a house I could afford that I reallly liked in the area I want to be in, I would buy it, regardless if the price continued to decline. I don’t plan to flip. I’m not buying it for investment purposes or even tax write-off. I want to buy a place and do what I want w/it, as you say, the freedom to put a pole, or paint it zebra stripes, whatever.
Not an issue for me really because my area is still a little high. I could afford it, but then I’d be a mortgage slave and like you, I want extra $$$ for fun or whatever, in your case, kids.
