And then I strike.
That's my hope. If I'd have had the financial ability to keep my house when I got divorced in 2016, I'd be sitting on a good $600K+ of equity right now. I could sell and buy a house for cash next door to 94 and not even worry about a mortgage.
Instead, I sold, and once getting my finances in order post-divorce, the market went thermonuclear and now I can't justify getting into it, despite the fact that I'm in a MUCH better financial position to buy.
Right now prices are insane because there's very little supply. People who own don't want to sell (especially here in CA) and reset their property taxes due to Prop 13. Selling a house they've got $600K in equity for $900K, to buy a slightly better house for $1.2M, might be something they can afford on the mortgage rate. But to see their property taxes triple makes it a much harder thing to justify.
But if you hit a tipping point... A recession, high interest rates, or both, there might suddenly be a glut of supply because people need to sell, and prices shoot down.
Affordability is, and always was, the key. I don't see the current market as affordable if we hit ANY tipping point...