Why are people buying homes now?
I'm aware that people are buying homes now. I know an agent in SoCal who has sold 57 homes in 2008 and already has sold 10 in 2009. She tells me that these people are buying retirement homes. Most of them will rent, let them lay vacant or use as a vacation home for 5-10 years and then make it their primary home for retirement.
I wouldn't buy a home now. Why would you when you know that home prices will continue to decline another 10-20%. Why not wait for the bottom and save yourself 20 to 100K?
Does anyone have any insight into this mindset? Why would they buy now?