By the time housing is 20% off the peak, unemployment will be raging and those people will have lost a lot of their life savings in crypto and the stock market. Without jobs and saving they won't be stepping into the market to buy. Meanwhile forced selling by people who were overly leveraged will cause a supply glut.
Either smart money or inflated prices, pick one
The definition of demand is quantity demanded at every given price level. With mortgage rates rising, the size of loans any individual can take out at every level of wealth/income is dropping significantly.
At the end of the day, you can want to buy all you want, but unless you have or can get the money, it’s a moot point.
Prices were 10% lower before last year and were was this massive amount of young people then ? Waiting for a 10% drop too
I’m wondering if we might see more houses go up for sale, but not necessarily a drop in prices simply because the demand will be there to soak up the supply for a long time.