I've been following this story very closely for 18 months now, via: Housing blogs by various data-driven analysts (conscious of possible bias), Popular news (C

I've been following this story very closely for 18 months now, via: Housing blogs by various data-driven analysts (conscious of possible bias), Popular news (CNBC, Bloomberg), Industry news (housingwire, therealdeal), Visits to many dozens of homes, Watching listings on realtor and other places, Some YouTube commentators (yes, I know I know), Talking to a couple of agents (one in the city, one in the place-where-people-from-the-city escape to. Here's what I think so far that's talked about: - It's gotten too expensive with the interest rates. Even people who can afford it are raising eyebrows - if you do the math, on a 500K loan you're paying 600+ more a month in interest alone. Next, many people cannot afford it anymore. - People lost a hella lotta money in the stock and crypto markets. I know I did. People feel poorer. Even worse if a fraction of your income is in stock (looking at you, FAANGies). That's less down payment money. - Sellers have ridiculous expectations. I heard a phrase recently, there are two types of sellers, those who know there's a downturn and they better price accordingly and lower prices, and those who haven't realized it yet. Here's what isn't often talked about but I believe is true: - Many, many people bought second homes. Some of these people take advantage of hybrid remote, some of them are taking advantage of Airbnb profits. Alas! Companies are calling people back to the office (there is ENORMOUS pressure from government and business groups due to the economic effects of people not being in the office -- NYC has a ~ 7 percent unemployment rate!). Next - inflation is eating into desire for renting Airbnbs. Next - people who lost a lot of money in the markets may sell those homes. - If you're thinking about selling in the next year or two, you better list Now. That's the bottom line, and people are realizing that. - The "historic low inventory" I think is media propaganda. Yes, it's technically true, but inventory isn't all inventory, it's for sale inventory. There's nothing endemic about that. - The crash appears to be gestating in a few boom-and-bust "remote work is here to stay" hotspots like Phoenix, Austin, Boise... And there are the institutional investors. Some think they're in it for the long-haul (private equity funds are for 10+ years, right). Some think they're going to dump at the first sign of trouble (appreciation is no longer happening, and yield-wise there are alternatives like bonds now). Conclusion - I think buyers will have a lot of relief coming up, especially if you're a buyer with a good down payment and a lot of cash cushion. Edit - I've been here long enough, I should learn better list markup etiquette.