we have waited since last June. The prices of the houses we’re looking at have dropped about $100K since then. The prices are still $60K more than what we expect from a reasonable market. Wife wants to move to our own house in late summer this year. Her reasons are convincing to me.
–One cannot always buy at the bottom.
–The rent is close to would-be monthly house payment. If we wait until summer next year, the price might be $40K less, but in the meantime we’ll have to pay for rent, part of which could have been used for principal payment.
— we think the biggest yearly drop in price in this cycle has happened. It’s painful to wait for slow price depreciation over the coming years, and we do not wait anymore, plan to say there long enough to ride it out.
