Nice point. By and large people do tend to be blissfully unaware of larger economic trends. An agent tells them it’s a “buyer’s market”, they find they can suddenly afford the home that was out of reach 6 months ago, and they pull the trigger.
For some people having a home now is more important than getting the perfect price. It’s not a purely rational decision, but a lot of choices in life aren’t. I think some people buyng now will regret it. But if they’re looking at buying a home to live in for the next 20-30 years, and financing with a regular fixed rate mortgage, I think they’ll be ok.
