The real bottom of the market isn’t hours, days, weeks or months away. It is YEARS.
The people that are “tired of waiting” just do not understand market cycles, which will be part of the problem of getting to a true bottom. They will be too anxious, afraid of missing out.
Because $500K is less than $600K, some people think it’s a bargain and buy in. IF they were patient, it might have gotten to $300K.
Dot com stocks didn’t fall overnight $300 became $260 then $225 some eventually became $1 or less. Pity those that buy that close to the top.
It’s all supply and demand OR fear and greed.
Those are the forces that defy explanation.
A very high % of SD county has equity and a decent mortgage.
Prices go up or down, most people aren’t selling or moving.
The supply will be limited to what it will be.
If homes drop 50%, many people will still not be moving and will still have equity in their homes.
Those that are tired of waiting don’t have an entitlement to buy a house at what they can afford. What is it exactly that they are waiting for ???
