[lazide]

It takes years for existing sellers to wake up to market shifts, unless they’re desperate is why.

If it’s a nicer area, many can ride it out through an entire bust cycle.

Most folks can get 30 yr fixed rates, so any area where most owners have stable employment and/or strong capital reserves, can cruise with zero movement for years if conditions aren’t favorable, barring estate sales, forced sales from divorces, etc.

[c0nsumer]

Your second sentence is the position we're in. We were very fortunate to buy a house in a nice area a year ago. Right at the peak, but it was a fixer-upper from a friend, so we got a good deal and skipped a lot of fees/commissions. Even with what we've put in to fix it up, we should still be above water post-dip.

And that sweet, sweet 2.375% mortgage...

[lazide]

It's a good place to be in! Pretty much only secondary to the folks who did it a couple cycles ago and paid everything off, and managed to not explode things/screw it up.

Enjoy, and hopefully no one comes around to give you grief about it.

[c0nsumer]

Thank you! We're incredibly fortunate, and did everything fully permitted and whatnot to try and avoid all those wrinkles. Fingers crossed it all goes well.