Theories of Value and Markets are disagreeable environments in which as many practitioners will find as many different opinions. Each will have their pet spin upon a particular School of thought and the expert's are often as segmented as the Markets they purport to "Predict".
Prediction is of course a very difficult thing , especially predictions about the future. Rather than make any hard and fast predictions I have applied the Logic of the Market Clearing price. That is a level below which Prices would not sensibly fall, as prices at a certain level would represent a price which is below the Economic Replacement cost of what is being sold.
The above graphic and the following Table provide us with our Average Home to which we apply the Average Economic Replacement cost price to arrive at our notional Return to Mean average price. ( This is arbitrarily arrived at, just applying the artistic side of "Valuation Feel" based upon the key variables according to one's own Taste and Opinion . This is our own feel for the direction of the market and what we consider to be a middle of the road logical approach to where logically an overvalued market would settle based upon an economic replacement cost argument.