Hi! I posted this earlier as a response in a different thread...then I was thinking it actually might make for a good conversation and to get some idea of what others are thinking about the subject....
So please read, and feel free to respond, ask questions or move on
We are all wondering how low it can go here. We have gotten to the point of sellers coming to escrow with cash to close just to save their credit and prevent forclosure. So, how much lower can it get?? Most people can't sell for less than they owe. It is unfortunate for the sellers but it does make for a perfect market for buyers. There may be room for some older homes to come down but the market as a whole here is LOW and there are MANY homes on the market that are for sale for just what they owe plus closing - that's it. They are even willing to loose their down payment from when they bought it. There is no more room to come down on many of the homes....
So, sure you could wait and see what happens but I think some people will be missing the boat if they don't pick up on something that has bleeding sellers willing to net zero - right now. We haven't had any luck with short sales with the banks so even the forclosures are asking the same as many of the current sellers..... Who knows what interest rates will be like 18 months from now too....If everyone waits to buy when everyone else is buying they are sure to pay a higher price. Just my thoughts....