I decided a while ago that i won't buy a house/condo, or anything... until i have a 20% downpayment...
now while that seems crazy daisy to some, especially with people trying to "get in" on the housing market since its "never been better for a buyer"... its also smart business because i don't want to pay for PMI... and this should insure that i have some equilty if the market goes worst or i end up moving after a couple of years.
I went looking [ie using the net] and a 1 bedroom condo was low listed for $199,000 in an area i would be happy to move to... its a bit farther from work, but a nice area still.
Now were looking at $40,000 for a downpayment.
Once a month i'll be re-evaluating how much of a downpayment i'll need... i'm also keeping track of how long some of these units stay on the market as well. The one i was considering last month is still there....
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