Yep. The only thing holding up prices now is that there is no inventory on the market. People don’t want to sell knowing the replacement cost is going to kill them and investors haven’t been willing to bite the bullet and admit they missed the bus.
Sooner or later the sellers always lose this game of chicken. Sometimes it takes a long time though. Eventually though for personal reasons or because they got a job in another city, people have sell. When that happens, prices will collapse quickly.
I get 1-2 offers a week to buy my house. Companies, investment entities, realtors, I have no idea who they are. Of course, they never give a price. Kind of wish I had a 5th wheel that I could live in between now and after the market slide. But I don’t.