Well I did it, I bought a house last week. It was in a great location, the size I wanted, and I got it for 10% less than comparables last summer. I know it's a falling knife but it is what I wanted and location, location. I can cover my mortgage and tax's with rent if I need to and it is in move in condition so I won't have to sink any money into it. I plan on keeping it for many years ahead so unless something happens I will be OK.
I planned on renting for some time but when the perfect house came on the market I decided to go for it. I didn't settle, I wasn't pressured to buy, and I was able to bargain the price down. I know if I waited longer I could save a bit more money. But would I be able to get into the neighbourhood I wanted and the house I wanted??
I want to thank all the Housing Blogs out there for opening my eyes to the other side of the housing industry that the RE Community and Media have failed, until recently to tell. I have learned a lot. If it wasn't for the Housing Blog's I would have bought last Fall and paid more for a house that I wasn't really happy with.
I made some good money on my last house and I have room to take a loss. I still agree that Real Estate is going to correct over the next few years. I don't think BC is going to see the same loss' as the US just like we haven't seen the same gains. I am anticipating a 90's style correction.
My advice to any first time home buyer is to wait. It looks like things are starting to change and public opinion is following. The Media is starting to take notice and even my RE Agent agrees as well. Don't over pay for something just because you are feeling pressured. Wait for the perfect house to come along. While you are waiting prices should be coming down so you are in a win, win situation.
I was going to close this Blog down, but I have decided to keep it going for others to view the feeds I have on the side bar.
Enjoy and good luck in your house hunting,