@SammyReal estate, like most things, is subject to the laws of supply and demand. The pandemic kicked off a major supply shock in housing, which combined with ultra low interest rates, resulted in a step function move up in prices. In the US, we currently have about 39% of homes owned by people with no mortgage, and the rest have rates of 2.5%-3.5% on average…given the current rates of 6.5% and likely heading higher, most people that have a mortgage are pretty much “stuck” unless some external force makes them move. Why would anyone want to make a “move up” house purchase if they have to give up a 2.5% loan and replace it with a 7% one? Well, if they don’t have to, they won’t. Downsizing has the same problems. On the other side of the supply coin, we are likely now heading into a global recession. If this happens, we will see many job losses which will in turn increase forced selling and along with it supply. It will be interesting to see how this all plays out. Home builders have started to cut prices and are adding rate buy downs to lure people in…this will put pressure on the resale market. Given that overall America has actually been short on constructing new housing units to meet our needs ever since the GFC of ‘08…there still could be an overall supply shortage and help put a floor under prices at some point…where that floor is is anyone’s guess. I know if something happens in my life that forces me to move, I’m never giving up my 2.5% mortgage as we head into a hyper-inflationary world. I’d convert my current home to a rental. Good luck whatever you decide to do. If it were me, I’d get the hell out of CA as soon as possible, before they try and pass some sort of exit tax