OC Scam I think yours is actually an example of getting a good deal in a depreciating market. Additionally your motivation for buying the home you now live in falls into one of the more common reasons that people buy. You did it for your family, you did it because you believe (or I shall say I assume you believe) that this home will be a home that you and your family will be leaving in for many yeasrs to come.
125 trying to figure out the depth of the depreciation cycle is quite difficult. A 600k to a 400k drop off is 33% and while that is a large drop off it is not inconceivable. Hard to believe but not impossible. We have already seen 30% drops in some areas here in San Diego County. I cannot say that it will happen in the areas you want to live in but…. well ya never know.
Again, given your salary, your single and as far as I know, you do not have any children I believe that you may be able to position yourself very well by waiting at least a year if not longer. Consequently with enough cash savings you may be well positioned not only to purchase a primary residence but perhaps an investment property as well.
Again, if you feel that you HAVE to buy now then at least drive a hard bargain, shop around…lowball take your time.
