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So a friend was telling me of his hypothesis that if one waits until mid-summer or fall that the prices for homes will be much lower b/c they are generally falling and will continue to fall b/c so many subprime lenders are out of biz and cannot make the loans to many people anymore. He also noted that in Cali, the folk with homes probably won't want to move b/c you will have taxes way beyond what they pay now and cannot get the same house for their money.
As a result, he thinks that if one waits until summer or fall to place a contract on a place, that the real estate market will be near the bottom and with no where to go but back up but that sellers will be desperate and one can get a good price.
Has anyone heard of these ideas? What do you think?
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