How much worse will it get? Freaking out and need to hear other's thoughts.

I'm freaking out and can't stop. We're about to put an offer in on a house. One minute I feel we're about to get a great deal and the next I imagine the house being worth half as much in a year. I believe we've only seen the tip of what is to come in this economy and I worry that it might be better to wait and see how much lower prices go.

I know this is the chance you take with buying a home and you've got to be in for the long haul and blah blah. We are viewing this home as an investment first and home second and we've got time on our side. Should we be waiting?

I'd love to hear your thoughts!

Re: How much worse will it get? Freaking out and need to hear other's thoughts.

What if the economy changes faster than expected, and the home that you passed on today is worth $50k more in a year or so?

Houses will always increase in price over the long term. No matter when you buy, it is a gamble, but the gamble always pays off if you are patient enough.

Also, your house is never worth less than you paid for it until you sell it, or get it appraised for a loan.