[quote=weberlin]
You asked about predictions for the bottom of the PQ market. Have you considered the shape of the curve at the bottom? Even if you find your perfect house at the ‘bottom’ of the market, how much have you saved?
My advice: It’s going to be a buyer’s market for a while. I can tell you really like the home, but I don’t think your should feel pressured to buy because of the artificially ‘hot’ market. Remember 8K is 1.6% of 500K, so I doubt the tax credit is a serious factor.[/quote]
I believe you mean, it is a seller’s market in PQ? Because of the scarcity of inventory, buyers are competing for the few good ones that appear, and this house has already couple offers. I am not aiming to buy at the very bottom, but sure as hell I don’t want to buy if there would be another significant leg down (>10%). There is some point where the raise in rates will compensate drop in price.
Are you implying that most of the price drop has already occured in PQ and it probably will stay relatively flat or very slow decline? I don’t qualify for tax credit anyway. 2010 (or 2011 or 2012 or whenever) could prove to be an interesting year if the government stops messing with the housing market, banks dump foreclosures on the market and rates rise. That’s what I am afraid of.
