I always feel there are lots of people with money and people who are buying million dollar places aren’t sweating since they have a lot of cash on the sides or lots of other properties.
Income isn’t as much of a concern since their asset base is very large and they aren’t trying to really qualify for a home mortgage IMO…
Until rents stop going up, I don’t think ANYTHING will stop prices from going up honestly.
As someone else posted, rents are insanely high/feels wrong at times already.
Unlike the previous bubble, rents were much much lower than home prices so it all collapsed. If people are still willing to rent for 4,200/month in my hood, then there is no reason for anyone pressured to sell if their mortgage is around 2k/month.
If no one wants to buy at your price, you can always rent and cash flow positive so easily…
