Buying now

You know, I was in a financial position to start looking about a year ago, but I just see no reason to move forward. My first step in the process was research, which brought me to street easy, and that's as far as I've gotten. Not a single open house, although I do read the updates to my searches. I'm someone who has been saving for quite a while for a down payment, not someone who is jumping in because it seems like everyone else is.

On the bright side, I pulled out of the stock market in the first week of January. Haven't really gotten back in yet, so at least I haven't lost any savings.

(er, excuse the terrible grammar in those posts... had a couple (couple) beers watching the jets game)

I am helping a friend look for an apartment aince I love real estate so much and I seem to be better informed than most of the brokers we meet. In any market there are always deals to be found due to circumstances in life..divorce, illness, inheritance, relocations, etc.

While I am still moderately bearish, if a great opportunity is presented- my friend is ready to pounce on it. The challenge, of course, is to be able find these rare opportunities and to be well positioned to move forward quickly. As far as the more general NYC market is concerned, interest rates have declined in recent weeks putting less pressure of prices (although I have no crystal ball to know if it's substainable). Obviously the Merrill, AIG, Lehman, Wa Mu issues are huge...so I would generally be reluctant to make any moves with the exception of the exceptions I discussed. I seem to recall a saying- "If there is blood in the streets, buy real estate" ...but the question remains, is there enough blood yet to start moving forward.

given lehman is in bankruptcy.....i think the blood has hit the water now.