I fail to realize how individuals buy into the frenzy. If prospective home buyers just stopped shopping for home for several months the inventory would likely catch up driving the prices of homes down.
To say It’s not for the faint of heart is not how I would pit it. It’s for the emotionally uneducated unwilling to be smarter about their real estate investment needs. If 50% pooled to boycott housing the prices would come down due to the very frenzy that drives home prices up.
I make calls every day to real estate agents and not only are buyers paying exuberent amount of money for homes, they don’t even do a home inspection because of multiple offers. It’s crazy.
That already happened in early 2020, things went completely quiet for 2 to 3 months, right after I renewed licensing, Assoc membership & other expenses. Then it was like the flood-gates opened and all that pent-up energy drove home prices through the roof. I often hear of prices being bid up hundreds of thousands over asking (one went $ 850k over), to the point of many no subject /no inspection sales. This is happening in so many areas. Not a good time for buyers… It’ll be a real mess if /when interest rates start climbing.