If I were looking to just enter the housing market, I would rent. When the bottom hits - probably around 2011 or 2013 - and then starts up again, I would buy. It would be slightly above bottom, but I would rather buy then, then by now, when the prices have JUST fallen off the cliff.
In a world where tulip bulbs cost as much as a small farm, the guy selling one for the price of a house looks like he’s offering a good deal.
He isn’t. People need to shift their price paradigm into the real world, but the prices will fall whether they do or not.
That makes sense, as homes are in reality [no pun] a HUGH liability.
Only time a home is an asset is when the renters are making the mortgage, insurance and taxes for you as that home appreciates.