For me (my family) it’s quite simple. I will wait until it makes finacial sense (GRM – gross rent multiplier) will be somewhere between 120-150 for the areas I’m looking as well as economic conditions for my family (job security/outlook). I know the later will have to suffer in the new economic conditions that are lagging.
Hence, my current townhome (currently estimated at $450k or 225 GRM will have ways to go)
willing to buy @ 120-150 GRM which would make it $240k-$300k townhouse.