Waitingpatiently, do as your name implies and just wait and see, with markets such as those you are going to have to. You may be suprised, it might come earlier, it might be worse than you expected, both happened to my market. Before you dismiss it because of the positive things going for your chosen markets understand that historically the premium for the premium areas as a percentage is fairly constant. If it cost twice as much to live in the premium areas and all areas doubled then retreated but the premium areas didn’t retreat, then the same happened in again in the next bubble, eventually the premium areas would command ten times what the other areas do, and that is not reality, so do not lose hope, the train is a coming.
Do not set calendar goals, set price goals with fundamental verification. A while back I set price goals but with the kicker that I would combine it with declining nod’s, not’s and inventory. My price goals were reached way ahead of schedule but the kicker hasn’t kicked, the nods, nots and inventory are still rising so I keep waiting. Start making charts and spreadsheets, pick data points and track them, they will help you keep your sanity and keep you from missing out. If your price goals were met by the end of the year but nod’s, nots and inventory were double what they are today and were rising, would you buy? Don’t just pull an “I want an oompa loompa and I want one now,” make it a game and win it.
