Danthedart. Maybe a milestone to look for in buying the condo is when you are pretty sure the detached market has bottomed. No offense to anyone who actually prefers condos, but many see them as an affordable second best alterantives to detached. This causes me to theorize that they won’t bottom first even though they started to fall first and fastest.Of course competing theories could be pertenant.
In the last downturn I saw foreclosures that the owner could have rented positive, even with the major problems in the rental market.I guess this is because many people are not ready to manage a rental.I have not looked for examples of this recently but I think many people buying now will lose houses that could rent positive for the same reasons.Once they are distressed again they , with likely worsening resale and rental markets, they will probably sell lower, bringing comps down. I would take the buy vs. rent metric with a grain of salt from a “best buying point” outlook.On the other hand, many people for various valid reasons, even investors, don’t care so much about the perfect timing.
This is just conjecture.Maybe things will go this way, maybe not.
