Related to encouragement to wait. It seems like there are various ideologies regarding the “bubble correction” expressed on this blog. Some people seem to assume the correction will follow all historical economic norms. Some believe times are different now and there won’t be much of a correction at all. And some INSIST that a bust in the range of 50%-60% is also a sure thing.
I don’t see a problem with holding any of those opinions or even more extreme views.
What I wonder about is the lack of a commitment to “wait and see attitude” on the part of some posters/buyers.
We are almost all sure that the gears are slipping and equity and down payments will dissappear.From there the real deal to come is unpredictable. I think we might take that too lightly! The nature of what is happening doesn’t fortell stability in the slightest. Why not wait until the nature of what is happening shows a glimmer of hope for stability at least? How many people believed property could go up 200%,300% and even more in some cases, in a matter of less than a decade? How can we rule out something like only in reverse.I am sure the tone and content on this blog will be very different when it is a good time to buy or at least when the signs show that it is safer to enter the water,so to speak. I don’t think that topic will only last a nano second. We will probably be at it for months. Real estate is easy to time historically speaking, and compared to other market priced assets.The cost is poor liquidity.If you are liquid now it seems a bad time to pay that cost. IMHO
