Jimcav I have a question, are you trying to find a price you can afford or are you trying to find the bottom or near bottom of the market?
I am consistently puzzled by queries of what the price points will be when the market is at or near the bottom? If you are looking for what will be affordable to you then I guess trying to find the ideal price point is the way to go. Otherwise I would look at it another way. That is, try to identify when the depreciation risk has been unwound. To me you don’t do that by looking at a particular price point, rather look at other metrics such as volume leveling off, sales rates leveling off, looking at loan resets to see how much of them are bled off, keep an eye on foreclosure rates… All of these factors together are what we all looked at to conclude the market eventually had to go down. Once these indicators start to and at least stop increasing then you can make an assessment of where pricing is at and thus start to select neighborhoods that fit your school selection, pocketbook, etc…
