Greetings from the Bay area. I enjoy this blog community and read everyone’s contribution every morning. What a fascinating group of people who enjoy this most infromative website. I believe I am reading opinions from very educated investors, some weary speculators and some enthusiastic buyers who have been driven out of the market for years and have been looking forward to the predicted demise (like myself).
I believe that if most of us who have been on the “side lines” are even more patient, more cognizant of the market conditions, and saving more cash, then we will prevail to cash-in at a time most adequate to our needs and desires. If however, individuals start to see prices at a comfort level that they believe they can afford, and if the financing is available, then the market will stop falling and the demand will rise. Take for example a house that sold for $250k in 1999 and is now priced at $750k. Would you want to buy it at $500k? Or would you rather see the price of that house fall, let’s say to $300k or $350k. My point is that prices will fall and level to realistic pricing if we all pull together and don’t get to anxious to jump right in. Especially if we see gradual price reductions and unbelievable incentives. Time is on our side now, be as pateint as possible.
