For me and DW it was easier just to come up with a price point for what we want and be ready for it if it comes.
As we see it there are only 3 possibly outcomes:
1.) The price point will arrive we will buy and just happen to have timed the bottom (extremely unlikley)
2.) The price point will arrive we will buy and the prices will continue to decrease or stay flat.
3.) Our price point will never arrive.
Our criteria are:
1.) Great Schools
2.) 2500+ ft single level 3000+ ft if double level
3.) price : 600-650k
4.) 4+ BR
5.) Good lot (decent size, quiet, no power lines)
After that we have a whole list of “like to haves”.
Rather than trying to predict the market, we based these
criteria on what it would take for us to move away from our current situation and be happy about it. We will be paying cash so are immune to financing issues.
Some areas we are looking at are probably 20% apart from us in price …
Frankly timing the bottom (or top) just isn’t something we are very good at.
