First timer - When to buy?

[Novice]

Advice Please!

I am a long time resident of Seattle and a renter. I am currently spending $700 / month to live on a tiny boat - I have to move out on June 1. I am 40 years old, I made the mistake of NOT buying in Seattle 15 years ago and now I feel that the bursting bubble has given me another opportunity to buy a home in this city. (where there are still homes and not condos that is)

My questions are: Should I buy? When should I buy?

Here is some more information:

I can afford to pay $2k / month - but I would prefer to pay less.

I can put 20% down on a $300K home (let's say this is my max price)

I can qualify for a 30 yr fixed rate mortgage.

This would be my first home.

I would intend to hold the property for at least 5 - 10 yrs and rent it out it if I am not living in it.

I am in no rush to buy - I do need to live somewhere but I work from "home" and I can find temporary living quarters / sublet / leave town for some time etc...

I would buy the small / dumpy house on the nice street in the nice neighborhood - this is what i am looking for...


So, Do I buy? When do I buy? How will I know when the time is right?

Another question - I saw a beautiful cottage in a fantastic neighborhood that I would love to live in - it was priced at $280K - price lowered 10K from 6 weeks ago when it was first listed. The same property sold for $255K in 2005 and for only $150K in 2000. How can one determine the "real" value of the property?

Any advice would be much appreciated.

[gameboy]

You shouldn't do anything until you read this first.

http://seattlebubble.com/blog/2009/02/2 ... he-bottom/