FWIW – which is exactly what you’re paying for it (nothing) – a couple of observations.
One, the low end went nuts first and is shitting the bed first and it will bottom out first. The high end followed the low end during the ascent and it is lagging the low in during the decline. I’d assume another 20% decline from here for $750K+ properties. Just a guesstimate, of course.
Having said that… (a) A lot of folks can live with a 20% decline due to their situation, and (b) rates are so low that if you’re going to stay in the place for a LONG time, the lower interest rate will offset a large portion of a 20% decline.
If you really like the place and the potential “loss” is a very small part of your net worth, then why not buy it… Don’t get me wrong, I like my money as much as the next person, but sometimes waiting for that last nickel (in relative terms, of course) just isn’t worth it to me (personally). Life’s too short.
