Something I've noticed about the housing market over the past 20 years ... in the Bay Area and counties east (Valley, Foothills) is that when there is a recession, many prospectve buyers wait on the sidelines. When things look like they are turning around, thousands of these prospects come out of the woodwork, and there is a sharp demand/price spike. When the mkt recovers, figure on a hard bounce up.
I am looking for a house here in the 'Stan as well. I cannot imagine a better time to try buying than now, while it's perceived by the bottomhunters as contrarian.
One of the big problems is that there are so many frustrated hardbitten sellers who refuse to admit how badly prices have eroded, and they're keeping the price above a certain psychological line ... hoping that a market recovery will bring a sale at their price. Imo and ironically, this is a factor keeping market forces from sorting themselves. it's like phantom supply ... a house that is technically but not really on the market. It's a game of chicken between seller and buyer. cn
