Saiine I would urge you to try to rent for at least another year if you can. So far condos have bore more of brunt in price declines then single family homes. I believe that trend will continue through this year at the very least. Also I don’t believe you we will experience any substantial rate hikes in the next year. As an experiment go to any mortgage calculator on line and and plot the difference in monthly payments for different rates, use .25% increments. I think that given how fragile the market is, if there are rate hikes, I believe they will be offset by price declines. Again, measure the risk factor. Are the odds higher or lower that the market will reverse itself and appreciate over the next year. IMO I bet on it going lower.
The hardest part about waiting is psychological. Many people have already started looking, searching the MLS, going out of weekends, etc… You don’t have to stop doing that, but you may want to do things like learn about foreclosures and/or other things that may enable you to take advantage of distressed sellers. Of course as others wrote in this thread… TRY TO SAVE STOCKPILE CASH.
