What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.
Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.
For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.
