Well yes, someone with >1M of extra cash on hand is going to be not hurting too much. That’s at least 35k of interest alone if they they don’t buy a house and

Well yes, someone with >1M of extra cash on hand is going to be not hurting too much. That’s at least 35k of interest alone if they they don’t buy a house and put it in a treasury bill. If the interest rates continue to raise, which they might suspect or a recession happens, then house prices would drop and their 1M house may be a 950k house in a year. A net loss of 85k versus safe treasury bills. Maybe if they rent they can only be out 50k in that scenario. This isn’t definite but people comfortably sitting on piles of cash do have reasons to pause too. (I’d love to be in that situation)