I heard in southern part of China, people started a “Do Not Buy a House Now” campaign because of the ridiculous housing price.
I think we could do the same thing here, too. If all the renters refuse to buy now, you bet the inventory will increase more and more, and the price HAS to go lower and lower.
The herd mentality caused the bubble, it can also blow it to pieces. The more people are informed, the fewer the buyers. Who knows how many people have been swayed into the “wait and see before buying” category because of reading these posts?
When we sold because we thought the peak was near, we were very alone as we did not know a single person who shared our view. There is comfort in numbers.
This phenomenon in China is an outright attempt to sway people. I wonder how well it will work? I think it will work best in a conforming, orderly society.
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