“I’d say, wait till about Jan or Feb, the market will probably have cooled as much as it’s going to, and buy before the spring market spike.”
That’s a dangerous bet, are you willing to put your own money on the table here?
This is just the beginning. If you think I’m wrong, buy a 400k McMansion in the spring, and tell me how you’re doing in a year.
I'd never buy anything in the spring, no matter what the market. You can bet that you'll pay the highest price of the year at that time. That's when people are most anxious to buy.
You can talk to me in the summer though, and I'll bet the market will be holding around Feb prices. We won't see much movement up or down for a while. Other than a few hot spots here and there, but not the national averages.
Unless there are a lot of job losses all of a sudden, and the entire economy goes sour, people are going to hang on and pay down debt.
Don't forget, the entire nation didn't go run out and buy new houses, only a small percentage of it did. they are a lot of people who are sitting in good poitions, have their houses almost paid off, or paid off, and will be spending cash as normal.
There are ways to look for homes that you can buy at $0.70 on the dollar, on today’s prices and you’ll be OK even if the market drops more.
Just have to know where to find them. It’s maybe 1 in 100 homes that fit this criteria, but they do exist.
If you don’t want to expend the effort, then rent.