Of course it will finish badly, wait until interest rates go back up, how the hell are people going to buy those ridiculously expensive homes ? 70 year, 80 year 100 year loans ? ABSURD, low interest and those greedy ********* real estate agents, it's NOT normal that a year before pandemic, median house prices was around $300-$340k, TODAY they are $625-700k - People are spending that kind of bloody money on run down homes needing extensive repairs, not normal. Those ******** realestate agents are resorting to telephone soliciting and putting their flyers in mail and pressuring people who sell, pressuring people who do not want to sell their bloody homes. Imagine the SUCKERS who spent that kind of money, what if there is a crash, I cannot imagine a $700k home going back down to $400k in value, if interest rates go back up, people will have to sell for less. RIDICULOUS to see people spend $500k-$700k on condos !!! tiny cardboard box apartments where you can barely move, on top of the hundreds in monthly fees, ABSURD, people are selling their homes to move in smaller condos for practically the price of a new home !!!
The whole real estate market is a fraud - if only homes were sold based on their proper value, based on their actual condition. Is it normal to spend $600k on a home you would have spent $300k a year ago, and then spending another $100k in repairs and remodel ? No. So to all those real estate agents out there, they get 2 middle fingers - they are greedy and they are the reason why homes are becoming inaccessible to the young generation now, with such ridiculous high prices, only the wealthy can buy homes, or someone who can fancy a 100 year loan and remain in debt their whole life, basically with such loans the bank owns your house, not you, a lot of homes now are selling at 5x-7x their true value based on conditions.
It's unlikely that interest rates will go back up until 2023 or beyond, one thing for sure the Fed will scale back on its policy soon, this will drive the markets down and into correction, COVID19 is here to stay, for years and years, this is what experts officially stated, with vaccination and vaccine passports, it's unlikely economy will close down as it did in 2020, so those interest rates will go back up sooner than later, though I would not expect house prices to go down pre-pandemic, the damage is already done, but it will be far more difficult to sell a house - the opposite will happen, you will see bargain dealers. Instead of OVER inflating your value and selling to the highest bidder, you will need to sell less than the inflated value, but even so you will come out a winner. So let's say the true value of your home should be $300k, but it was inflated to $600k since pandemic, you would be selling it at $450k-$500k when everyone else is trying to sell it at $600k, you would still have sold your house at $100k-$150k above it's normal value.