Considering pulling the trigger

[mercedes7]

Have waited over 3 years to buy and am now considering finally pulling the trigger. Found a place (twinhome) that meets my needs, close to work, affordable and is fairly nice inside. It is not my dream home as I really wanted a sfr, but since it has a small back yard it might give me the best of both worlds (I can still “dig in the dirt” a little). I really thought I would wait till late this year or next to see what happens with interest rates/option arms and the economy in general, but am beginning to feel like I am throwing my money away renting and am getting almost nothing for my money in the bank (pathetic).

Can anyone give me a best guess potential “worst case scenerio” as far as homes moving down further? 5%? 10%? I know it depends on a lot of factors. Should I hold off until summer selling season to see how things sell? Or does it look like we are going to end up with another buying frenzy with prices moving up again? Inventory is rediculously low right now, so am worried that prices will continue to appreciate despite all the head winds.

BTW, my payments would be much lower than my rent even with the HOA so I would be saving money. Just don’t want to get caught in a second downturn. Am I missing something obvious? Not quite as nervous as Scaredycat, but close.

[outtamojo]

Umm, how long do you think you will be staying there if you were to buy?

[outtamojo]

Umm, how long do you think you will be staying there if you were to buy?

[outtamojo]

Umm, how long do you think you will be staying there if you were to buy?

[outtamojo]

Umm, how long do you think you will be staying there if you were to buy?

[outtamojo]

Umm, how long do you think you will be staying there if you were to buy?

[mercedes7]

No plans on moving any time soon, but you never know, the unexpected does happen.

[mercedes7]

No plans on moving any time soon, but you never know, the unexpected does happen.

[mercedes7]

No plans on moving any time soon, but you never know, the unexpected does happen.

[mercedes7]

No plans on moving any time soon, but you never know, the unexpected does happen.

[mercedes7]

No plans on moving any time soon, but you never know, the unexpected does happen.

[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.

[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.

[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.

[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.

[Author]

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