For you a low ball might be OK. For the aerage person who is looking for a first home my advice would be to focus on your carreer so that you can build saving and increase earning potential. Second eliminate waste. Spend 10 Minute s in the sunday paper cutting a coupon or 2. Thinking that there is some Magic Fairly powdder taht is going to allow you to pick up a home ion La Jolla for 300 K is a pipe dream.
My guess is that by the time home prices do come down interest rate will have adjsuted upward. Net result, I save on the taxes but I end up with a similiar monthly payment. Then I wait for rates to come down and refinance and the cycle starts over again.
