I’m not assuming a V pattern. Prices most likely will bottom and stabilize until inventory is worked off.
Price stabilization doesn’t mean every one who wants a home will get one. Only those those who act will get what they want for a reasonable price. Those who don’t act may get nothing at all.
Yes, Temecula Guy may be able to buy another of the same model down the street. It may even sell for less. However, at some point, and it’s not that far away despite what you read here, he will not be able to buy any of those homes. They will be gone.
Lastly, no one is going to be able tell you when the bottom hits or when to act. It just happens and then everything is gone.
I looked at and some bought property in Telluride a number of years ago. I was out there for only a week and looked at about 8 properties. A week later they were all sold and nothing in that price range was available. Even during this downturn I was bid triple what I paid for that property.
Reading this blog I am concerned that many here who want an affordable home don’t understand that they can miss out. You don’t want to let this opportunity to buy a home at a reasonable price(compared to recent pricing and other investments)without getting the home many here seem to desperately want.
