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[quote=Anonymous][quote=Anonymous]
All these folks with 2.5% 30 year mortgages are going to constrain supply for a long time.

Also, how does a crash play out here…tell me what the fed will do. I bet they cut rates, which even if the economy softens will support current pricing. So while a crash is possible it seems like flattening out is more likely in a downturn.

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't think anytime soon in this area. We put in an offer on a SFH in the VA suburbs and there's 10 other offers. [/quote]

These sorts of data points really have no bearing on whether there's an imminent crash or reset. It just means that one particular house was underpriced, which is a strategy that is heavily used by agents in this area. Having many people interested in a house that is deliberately underpriced happens in any market.[/quote]

It's not underpriced. It's actually on the higher end of comps. [/quote]

Comps are always subjective. The fact remains that bidding wars don't mean much. I'm sure you could fine bidding wars that were happening in 2007 and 2008. Pricing a property isn't an exact science. I've never heard of any studies tracking the number of bids on sold properties in order to determine how the real estate market is doing.[/quote]

You don't think the existence of a bidding war with 10 bids on a property priced at the higher end of comps is inconsistent with an imminent crash? Don't be daft.[/quote][/quote]

I guess something could happen like the upcoming crash in commercial real estate could result in all that commercial space being turned into condos/residential flooding the market and bringing down prices. I mean, that’s what I would do if I had a useless commercial building on my hands in a historically tight residential housing market. Hard to believe others aren’t thinking the same.[/quote]

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