I think it’s still a bad time to buy expensive primary residence properties. But I think rentals that have a solid positive cash flow could be a decent time to buy. It may get better, but now is probably not bad.

I’m not sure why anyone would want to put say $300k down to buy an expensive property in SD though. That $300k you put down could be only $150k in 5 years. Why would you make such a bad investment? And only to have a house payment higher than rent and all the maintenance duties of owning a house. And lock yourself into ownership for years and years without being able to sell w/out losing money. AND high income/high mortgage people may lose the mortgage interest deduction. AND Fannie Mae lowering the max mortgage to $625k in October. I would not want to own high end property.