First I am not trying to tell people to buy when they are able to. Because people may have a different standard of affordability, and there are still lots of buyers waiting to buy. Once the so-called affordability level reach certain number of buyers, they will start to offer. Yes, indeed there are inventory increase and a lot of them are must-sell. But don’t forget that most of the must-sells in this market are REOs or short-sale (not as many). Most of the REOs are in poor quality that one needs to spend a lot of money to repair. Those that did not have a “knife catcher” will continue to fall in price but will you buy an extremely poor quality REOs when it becomes affordable to your level. I have been searching for houses to buy for 3 years in PQ. I had the same affordability mentality like yours and I believed they should continue to drop. They do but those are broken houses and you don’t want to buy. I have never seen anything with a good price range and good quality. House hunting is quite frustrating. In the end, I gave up. Just my personal experience.
JohnAlt91941, what I meant is that there are always people who are having a higher affordability than you. When you see a house you like and you low ball or you wait until it hits your affordability level. The house will be taken. Well, there are still some fixer-upper that may cost a lot less but you cannot tell how much you will have to invest to fix the problems before you move in. One good example is the one on Sparren in PQ (I forgot the street number). It was reduced to the $300k range but it has foundation problem and a lot of broken pieces here and there. Will you buy it? I heard that those who bought it were civil engineer. But there were still a number of offers. Do you get what I mean?
