Matt, I’m chomping but I’m also willing to wait for what I wan’t at the price I wan’t. I have my target price, product and location decided. The real bit chomping will happen when those three things align and I don’t think it will be years, there are more than enough indicators that show the decline accelerating with the next twelve months being very exiting for this area in particular, San Diego may have to wait longer but the inland areas will fall faster and harder.
My goal, 250-300k for 2000 sq ft. in Redhawk or Wolf Creek. Right now the cheapest is about 350-400k for new and 25-50k higher for resale. If it comes to pass sooner, then great, if later, I’ll wait. When the time comes that I can buy a house that I will keep for years and it’s sales price is between 2x and 3x my annual income, then I’m done waiting. I don’t need the market to crash in order to buy, I just think it will. I can afford it today but I want to take a 15 or 30 fixed and have it be close to what rent would be and not have the payment exceed one week’s gross pay, then I’m happy.
