I've heard that about EVERY boom and bust for the last 35 years. Real estate WILL go back up; it always does. Folks want to own their own homes, and will buy, when they're ready. Folks who want to sell, will do it at a time that they perceive as the most advantageous for their financial situation. If they're not forced to sell because of personal reasons, they're likely to stay put until they see the prices going back up. Seems wise to me.
I completely agree. But people are funny. They don’t seem to be able to see very far beyond their current pleasure or pain. People are too easily duped into thinking “it is different this time”. They were convinced the dot.com bubble was due to some “new economy”. But it was just cyclic. Same with the collapse of the housing bubble. I can just about guarantee before 2020, we will see another huge big boom in housing, and I would guess it would come somewhat sooner than that.
The region I am commenting on is Fairbanks Alaska.