Quote:
Originally Posted by skudr248
Really in a tough spot with this market, and what could potentially happen. I just had a seller agree to a 5% discount on a home I am wanting to purchase, now with the uncertain future with my job (contractor) in this market and the risk of losing a crap load of equity if the housing market dips a lot. Ugh... been looking to finally purchase my first home, and been lurking and waiting 2 years, and now this. My heart saids its time to purchase, my mind is all over the place, my conscious said's wait but this place is my dream place and don't want to let it slip away. ####.
|
Your job uncertainly is the biggest issue, but wanted to comment on the rest of it.
I've seen people wait for drops before buying many times before, and many end up sitting on the sideline forever.
They won't buy in an increasing market, cause they're awaiting the impending doom.
But when prices do drop, they still sit on the sideline because they're trying to time the absolute bottom. Won't buy at 5% down, cause it might go to 10%. Won't buy at 10% down, cause it might go 15%.
Next thing you know, it rebounds quickly and they missed out on the down market while it was there and they spend another 3 years waiting for the next down cycle.
My 2 cents: Don't drive yourself crazy trying to time the exact bottom and top on all cycles. Buy in down cycles, and sell in up cycles and you'll generally do very well in the long term. Not to mention owning the right home for you at the right time, which has value in itself.