I guess we are just arguing semantics now, details over substance. I find 14 SFR’s 350 or less, you find 20. The point is they are there and there are alot of them. Everyone agrees this area is going down, and hard. If it falls like I think it will (1-2 years), 250k will be ~25% BELOW todays bottom of the market prices, which are already 25%ish below the market peak, if not more. All the lurkers here need to keep that in mind as they consider that great deal they are eyeballing.
I try not to project myself into the market. I dont think I am a good example of buyers today. I kinda doubt most people on here are. The median or average (or whatever you wanta use to denote the normal buyer) isnt as well off and isnt as understanding of the market today. Their wife wants a house and they want her to shut up, so they buy when they shouldn’t. Those are emotional not rational reasons to buy and while they influence the market alot, I dont want them to influence me to the greatest extent possible. It is these buyers that will drive this market, not the financially prudent one’s who work off economic reality. So I price things in their terms and gage it against inventory and rents. Everything I see says it is gonna fall. And if the true bottom is 240k, and I miss it and have to buy at 255k, eh! Atleast I didnt buy at 510K!
