wait until fundamentals somewhat make sense, i.e. median income can qualify for a 20% down, 30yr fixed at the tried and tested 28/36 ratios and rents are somewhat in line with mortgage payments. I’m not saying you should try to time the market and wait for the absolute bottom but somewhere near it where things start making sense economically is good enough 🙂 Currently it means waiting for roughly a 50% drop in the median price to around $300k or so. Trust me it will happen because the economic fundamentals only support that price point and sooner or later equilibrium has to be reached.
Yes, the upcoming crash is going to send shockwaves through the economy but I recall Newtons law here – every action has an equal and opposite reaction, we have had tremendous boom times without any justification for it, now we have to endure the hangover of an equal magnitude.
