Not that it matters, but yes we have a lease until late spring, after which we’ll go month to month. Right now we are going when we have time – a couple days a month – to advertised open houses or to explore different neighborhoods. We’ll start looking more actively very soon though and if we find something that we like and it’s a good deal, we may break the lease a couple months early, no more. As a matter of fact I am still wondering if we should continue to rent for another year or two- and save more (if we put now 20% down we won’t have any cash reserves) and have a sweet commute in the mean time – and let the house market dust settle. I believe that the housing market will be lower in a couple years, even if rates will be higher. I am not trying to argue this or connvince anybody, just my gut feeling. I am wondering if I should be waiting for a true bottom, not necessarily for the lowest rates, which I believe we’ve seen already. Not that I want to time the bottom, I’d rather have the housing bottom behind us rather than possibly ahead, that’s all. On the other hand, we got to get on with our lives, settle in a nice house with yard and good schools, risks and stretching be damned. And who know with all this government intervention if the true bottom will even be reached in a couple years, if it’s not there already. It could be a slow decline over 10 yers.
But, to your point, in a few months we will be ready to pounce on a good deal that we LIKE as well. So far we haven’t seen something that we both loved as a deal as well as a home. Quite a few ok, but they weren’t calling our names.[/quote]
Over the years, I’ve looked at plenty of houses in the bay area and here and finding a place you actually want to live in is incredibly hard.
I’ll just add that this issue will probably be the biggest problem so if you are lucky enough to find that place, I’d jump on it since there are plenty of “regret” messages here already for those who missed their dream home.
In regards to when the bottom is, again no one knows, but enough piggies have bought already to make me feel it’s close enough and I’m sure plenty of the folks here are smarter than me.
I’m sure after looking at a ton of homes, you sorta know within 1-3 minutes of walking into a place if you can even consider a place home so if you’re ready, start looking now and just find a place you really like for the long term.
