I think everyone in this community realizes the housing market has boomed since the beginning of COVID and most young adults/ first time home buyers are having a really hard time buying.
When I ask this question I always get these answers; -because of the pandemic -because interest rates are low -because people can work remotely and are moving out of the cities.
But I’m really trying to understand this in more detail. Maybe it really is as simple as the answers above but I’m hoping that this community with the experience in real estate can shine some more light on the topic. Please explain like I have no real estate experience.
And please be honest… will this bubble burst anytime soon?
Edit; I definitely used the wrong terminology when saying “bubble burst”. What I am trying to ask is, will the buyer competition decline, and will prices decline?