Tuesday, July 15, 2008

When to buy....

As most of you know, I'm saving up to buy property here in Sunnyvale. Thanks to a loan from a good friend, I'll have enough to make the minimum down payment. Housing prices around here have also fallen into my range (< $500k) and are still falling (~ $450k). My original plan was to buy near the end of this year since my lease runs through this December, but I've been reading online that the housing market isn't likely to bottom out until late 2009 or early 2010.

Hmmm...should I stick to my original plan or wait a bit longer? I can renew my lease as month-to-month in 2009 and that'll give me more time to save up money, but my rent is nearly as expensive as a mortgage and I think that I'm ready to live without any adjacent neighbors. Also it's hard to gauge exactly when the bottom will hit and I can always offer low-ball bids. If I wait too long then more people will be able to afford houses so there might be some competition.

I've got a few months to decide anyhow, but if anyone has any advice, lay it on me.

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