[Chocaholic]

I'll make it brief:

Married with three kids (9, 12 and 14)...management job with a large Medical company. Times are tough and, although I'm in good standing, I am somewhat concerned about corporate decisions as we approach our fiscal year-end in the spring. When changes are made...that's typically when it happens. No one is secure these days.

As the RE market began to tank last fall, we thought we'd take advantage and buy a house in Greenville to live in full time and keep our lake-house (where we're living now) for weekend use in the summer. Better schools, more job opportunities for my wife if times get tough, etc.

During our search we came across a new development in a great area. About 45 custom homesites with only three 'spec' homes built so far to seed the project. We stopped and looked at the most desireable of the three. Absolutely gorgeous and far above our budget for this effort. Asking price had just been reduced to $405k. We told the agent it would take a "steal" situation for us to swing it. It's in the best school district near I-car, BMW, etc. Very nice area. Well, we put it out of our mind...kept looking for a while and ultimately tabled the entire idea over fears of job instability, etc.

The plan was to put about 50% cash down and use HELOC or a new mtg to finance the rest. Affordable for us if things stay stable with my job. Idea was to find a $300k house and try to buy it for $225 - $250k. With times getting tougher, we decided to stay put and went about our lives.

Well....the agent at that new sub contacted us saying that it's time for our 'steal'. The builder is eager to get at least one or two houses sold and prospects are bleak right now. Get this....$280k! It really is an incredible opportunity....3400 square feet, granite, hardwood, crown moldings, stack stone, etc., etc.

Would you do it in the current environment? I'm normally very conservative...hence my apprehension. Wife is employable in the medical field if needed and has even begun working part time in case we need some back-up in come. Interested in your thoughts. . .