Something is going to break. It will be prices or rates. My guess is prices will fall precipitously and it will happen soon. I further posit that prices will not be "sticky" as they typically are due to the extreme nature of the imbalance. Once the alarm sounds for the exits, it will be stampede verses an orderly departure.

Having sold a home (foreclosure we bought in 2009) in 2021, I am super happy to be renting again. Owning a home is pain in the ass and I say this a person that can remodel a bathroom, install flooring, and fix my own A/C if needed. Constantly on the hook for every problem that invariably crops up is giant time, energy and money drain.

My wife on the other hand, hates renting. She wants to paint the walls and decorate... and nest? We end up spending a crap ton of our time and money on the house. It's 100% emotional for her. I understand, but I don't share those emotions. We have had lots of time to talk about it and it will be different when we buy again. She will have a budget for house stuff and I will not be on the hook for every little thing. In short, she is going to step up for maintenance if she wants to buy a house again.