why would anyone buy today when they can wait for a year and get a lower priced house??
Why would anyone get married if they know there’s a greater than 50% chance of divorce ?
Why does anyone buy lottery tickets when they know the odds are against them ?
The truth is we do not know the future, but we can asses the chances of what might happen and take calculated risks. Right now the probability that prices are lower at some point in the next 12 months is significantly greater than the probability that prices will be higher.
For someone with a decent cash cushion or a huge retirement account, the non-financial benefits of buying might be worth the risk. After all, 30% of the downside has already been taken out in many of the areas you are talking about. Another 10-20% down side risk might be palatable for some people depending on their financial position. To others (cash-poor first-time buyers) that kind of risk is not palatable for the non-financial benefits they might receive.
