LogFAQs > #966584908

Buy a house that you absolutely love or you absolutely love the price. It is rare both will happen.

Entry level homes getting cheap is unlikely short to medium term IMO. The replacement cost is too high. Entry level homes are rarely getting built anymore because there is so little profit on them. You are getting $100-150/square foot construction costs before it makes sense to build anymore. And that's not counting lot improvements.

I think "2nd home" level homes could get a correction. Like a $1M 3000 square foot home dropping to $800k isn't unrealistic to me. But a $400k home dropping to $300k is unrealistic to me.

Rents aren't getting any cheaper and in any decent employment market there are still tons of cash buyers.

For entry level homes to get cheap I think you will need a foreclosure crisis. If you get 1:5 homes purchased between 2020 and 2022 defaulting, THEN stuff will get cheap really quick. But that would require a recession blood bath on par with 08 to happen. A run of the mill 2000-01 recession, I don't think you will notice any appreciably change.