Perry pretty much nailed it, so I don’t have much to add, but I am curious. You say you’ve been patient, but now you sound like you’re done with that and ready to buy. Why?
I mean, sure, prices are better now than when you first started following things, but they’ve got more to give. You say you’re ready to commit to a place for 5 years or more, but do you really mean that? You better, because there’s an outstanding chance that you won’t be able to sell it for what you paid for it for a number of years to come. You think you feel trapped in a condo/apartment…
Even worse, consider the possibility that you’ll see the $100K you worked so hard to earn get slowly eaten away if prices continue their downward slide (and there’s really nothing to indicate that they won’t).
If it’s a nicer house you want, do like Perry says, check out what’s out there, maybe pay a little bit more in rent, and let that $100K work for you for a while.
