If a person sees their dream home and are going to live there for a very long time, then they should buy. My husband and I almost made an offer recently on a house because the supply in that neighborbood with that view is very small (only about 8 houses). However, there were a few negatives with the house. In the end, we took the emotion out of it and did not make an offer because we think the price is going to drop significantly and the property was not perfect.
There is another variable that few people talk about that may affect prices. Are we in for a recession? Everyone talks about how jobs are good in SD. Well, they are good RIGHT NOW. What happens if we slide into a recession because of a steep retreat in spending? What will happen to the job market? The current prices are built on a house of cards. All it will take is a stiff wind.
