This wait until next year sentiment is getting old. If everyone was so in tuned with market why didn’t everyone buy in a few years ago before the upturn? My take is that people like to only predict trends after the fact. Its easy to look back now and scoff and say ha you shouldn’t have purchased last year. Then those that are all saying wait a year, next year will all still be saying wait a year. Seeing undesirable areas go down in price doesn’t mean a bubble has popped. Seeing a bubble pop would be homes in areas like Rancho PQ that were $300k 4 years ago that are sitting at $800k go back down to $300k level. Even with inflation they would be at $400k but they are not. People are still buying these homes at the high prices.
