this post was submitted on 30 Aug 2023
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I agree with you about the pricing. Interest rate hikes should have provided the cooling off period to slowly bring prices down. But we don't have the supply to allow for a buyers market to take over. I watch coworkers who are late twenties and early thirties signing $900,000 mortgages. They are desperate. So the small number of people who can actually afford homes are taking the small supply even at these interest rates. I made a post up earlier about a way to free up supply, which of course was met with more anger. This whole situation sucks.
Prices are already down over 20% and it IS a buyers market at the moment. The problem is that people don't have the funds so even though prices are down significantly there are now fewer buyers because people can't borrow. The elephant in the room is that wages need to come up.