People buying now are buying top of the market

This is pretty much 2008 right now.

In the best case when interest rates rise, the home prices will really stall and not go down. In the worst case a correction (or maybe a crash) will occur

For me personally, I only had an interest in buying a home at a lower interest rate.
Now that is no longer the case I think there is no rush. We will wait until there is more inventory, I don't think we will pay anything significantly more in a few years than we pay now.

Prices are at an all-time high and will all these new constructions coming up, it is really not sustainable to sell a 1960 home at roughly the same price as a 2022 home.

so People who bought homes now buckle up for high property taxes and those who got left out or priced out take a chill pill. There is no housing shortage(at least no one talked about one pre-covid. It is not like the population increased in 2020).You will get a house eventually.

In the worst case, you will buy a home that you like with fewer property taxes but with higher downpayment, eventually reducing your monthly payment to lower than what people are paying now.

edit:

actually only bay area and few other areas recovered shortly after. Not every house has had the double-digit growth that sold in 2008.

for eg, look at this home
https://www.redfin.com/NJ/Edison/11-Ten-Eyck-Pl-08820/home/36807658

It is a modest 3 % growth year on year at 825K price tag but still no one buying it because the owners bought it at 645K in 2007

#mortgage #housing