Absolutely it will simmer down and likely decline, the question is how many years from now that will be. People have been clamoring for about 6 years now that “prices this high are not sustainable”, and markets have a tendency to continue a trend for much, much longer than people believe is reasonable.

Plus real estate has the added complication of you having to live *somewhere*. So you are likely either paying rent and throwing money away or continuing to pay a mortgage on a place when you know you would be happier somewhere else. In those circumstances, happiness-wise, it’s usually best just to bite the bullet.

Real estate moves slow. If an economic crash happens tomorrow, it would still be 1-2 *years* before prices would potentially decline significantly, and only then if the economic recession would continue for that long.