The 10-year rule

Our home search has been longer and more arduous than we imagined. And I think a big reason is the buyer's market we've been in.

Huh? Lots of inventory, falling prices, houses selling for huge sums under asking price...what’s not to love? I'll tell you what: the very market conditions making it so tough for sellers also create a hidden problem for us.

Buying amid a market decline is daunting. Although some communities have weathered the storm better than others, all signs point to continued price declines through at least next year. And real estate markets usually see years of stagnating home values even after prices stabilize.

With that firmly in mind, we've been extremely selective in shopping. Our rule was simple: Is this a place we'll love living in for at least 10 years? Because it could well be that long -- or worse -- before we can sell without taking a loss (even if we sell slightly higher than we pay, transaction overhead eats up 6% or more).

That ruled out starter homes, communities we didn't love, noisy streets – you get the picture. Other buyers must be on the same track, because despite the price dives and lackluster sales, we’ve seen competition for the really good houses – the safer bets.

We finally found one of our own (closing in 3 weeks!), but only after seeing well over 75 homes with our broker. Some buyer’s market.