[quote=socrattt][quote=bob2007]Opinions will vary widely. Stay 5-10 years, probably ok. Have to sell in less than 5 years, maybe a 10%ish type loss. To me, even if it costs me 10%, if my quality of life goes up (meaning I am happier overall), its worth it.[/quote]
Bob, this is speculation at its best. Do yourself a favor and try not to throw numbers out. A higher than 10% decline is much more likely and the chances are if the banks were forced to release inventory there would be a much greater decline in many areas.
I had a meeting with some bankers at Chase on Friday and we discussed the issue of inventory. Chase alone currently has over 350,000 homes off the market. Sounds like anyone trying to predict the market could be off by a large margin if you ask me.
If you are looking at a home purchase at any point as a financial investment do yourself a favor and rent. The market (real estate and economic markets) will change dramatically in the next 12-18 months, so just be weary of the potential issues when contemplating a purchase.[/quote]
Socrattt, thank you for this information. This is the value of this dialogue and this forum. I was beginning to believe that there was no “shadow inventory” and that I had missed the boat and would be sorry one day.
