Well, we are both. We are out there like the herd is but may be recognizing that the herd has caused pricing to go way higher than perhaps to our liking so we are either backing off and sitting on the sidelines altogether completely or just perhaps looking into markets that perhaps we never really did before (the Vallejos, the Bayviews of the world). Since most of us own to a certain extent already, we all obviously love that the market is continuing its heady ways but realistically we should expect some leveling or plateauing soon, no?
Case Shiller SF chart:
Peak of last cycle is 2006/7, and UMich chart Sell>Buy first appeared in 2005/6.
Going back to dot-crash, peak of Case-Shiller is early 2001. UMich Sell overtook Buy in mid 2000.
So if you absolutely want to use this as a timing device, I say we have another 6 months to a year before the peak.
Housing boom continued in 2000-2005 without interruption nationally