Staying put... for now...

After careful re-examination of the real estate market, my wife and I have decided to renew our lease for another twelve months.  

Why?    

In looking at the market, we've made a few key observations:

Prices are still falling

This is really the most critical point of waiting.  Buyers still do not feel secure about purchasing at the current "reduced" market prices.  The fear is, you buy today, and the same house is available a year from now, at a substantial discount (See "A Good deal, today...").

Interest rates aren't favorable

Although the FED has lowered the FED Funds Rate and the FED Discount Rate, banks are still not passing on the savings to consumers; opting instead to replace some of the money they lost in the Credit Crunch.  So although the rates aren't what most would consider high, they are likely not as low as they eventually will be.

We're in a recession

Although most politicians aren't willing to admit it, we're in a recession.  And the severity of the recession still has yet to be seen.  I believe the picture may be clearer within the next six to twelve months, and see no urgency to reconsider buying before then.

Conclusion

For all of the reasons above, we're staying put... for now...

Disclaimer

The statements above are based on my personal observations.  You must do your own research to determine whether you agree with these observations, and whether or not they may affect you.