Many people I know are in the same situation that I am…29 years old, married 2 years, salaries well over the average SD income (double that for both of us wage earners at $100K+), however we don’t want to buy a condo for $400K (which is all we could qualify for with a 30 yr. fixed) that is smaller than the place we rent add to that the huge amount of our income for the loan plus taxes plus HOA fees, etc. We would be paying out triple our rent and not see that money ever again even in the form of a refund in April. Buying a house 2 or 3 years ago wasn’t an option because we didn’t have a down payment, don’t have parents who are willing to loan us money, wasn’t married, oh yah and didn’t have a crystal ball. Hind sight is 20/20. Yes, I could have bought with a 100% loan and make out like a bandit today… but darn it, that’s just my luck. We are sitting waiting, but choosing to do other things with our savings, like travel. Also, I have an over abundance of confidence that prices will normalize and by that I mean drop.
