Monday, September 29, 2008

The Beginning of the End

Watching today's market, and Congress, I am sufficiently freaked out right now. Enough to call off our home search until I feel we have a reasonable indication that our economy has found its footing.

Until today, we had renewed interest in the housing market, with lower interest rates, and some attractively priced homes. Now, I think it would be prudent to save our down payment for a rainy day (decade) fund. For me, renting in times of turmoil is also preferred. In case one of us looses our job, then we can look for a cheaper place to rent nearby or where ever we find work.

Of course I often change my mind, so if we do get serious about a home in the near future, it would have to be one we could afford on one salary.

Along the lines of economic survival, I also will be resuming a full-time work schedule with the start of the new fiscal year, so posting activity on Average Buyer is likely to suffer.

P.S. Does anyone know if the Sac Bee posted the DQ Sac metro sales by zip this month? I never saw them.


Deflationary Jane said...

We didn't buy either so we're sitting on cash waiting to see what happens, along with many of my friends.

Jacob said...

Wait and see. I would rather miss the first 5% on the upswing then jump on board for the next 25% down.

Husmanen said...

Yes, I too am very concerned and get a 'black swan' feeling from the recent turn of events. Scary, scary, scary.

Also, my wife and I discuss homes meeting our criteria and get a positive feeling going, then we listen to the news and it evaporates. Only to start again the next day.

We have convinced ourselves that we continue to look and keep abreast of the market to be prepared for the right house. But, boy, even if that came this week I am not sure we would move from the fence. To much going on and too many unknowns.

biosurfer1 said...

Maybe I'm in the minority or its just wishful thinking, but I think things are leveling out and will start to rebuild from here on out. I don't expect any overnight recovery by any means, but quite a few bottoms have formed after big drops close together.

Here's to hoping!

Cmyst said...

Target is making brilliant commercials that focus on living within your means.
I've done the unthinkable several times lately, and shopped at Walmart for the smaller stuff that I can't get at Costco. Never thought I'd do that.
Truthfully, if I am able to buy the house we've put an offer on, I will have no hesitation. It's got land, and I could put the entire clan on it if need be. But I don't think that deal will happen because at this point, I doubt very much if the loan I was pre-approved for will materialize.

I keep telling my grandkid that she is witnessing history, and that one day she will be telling the story of this time to her own grandkids so she better pay close attention.

sacramentia said...

I was fine until I went to the bank today and tried to pull out some cash. The counting machines were humming in the back and everyone in front of me was leaving with stacks of cash. They were out of 100's and the manager looked stressed, so I left with a tall stack of 20's. I'm a little worried now.