I'd rather a lender be overly cautious than be so loosey goosey that there's trouble down the road for potential buyers. 

Many of the sellers who  are staying put have no mortgage.   Not a plethora of options available for them in my market. Others are happy where they are.  

Our median home price is $750,000.  Hard to qualify if your household income is less than $200,000.

Lenders are cautious because government policies burned them badly in 2008. Some did not survive. Those who did were subsidized by the government. Many political insiders made huge money at taxpayers expense. You think we need a reset? We need new leaders from local, to state, to national office. And they need to be competent. 

Wages have not kept up with inflation, so everything is unaffordable to most people.  It's very tough for buyers these days with prices continuing to rise and interest rates being high compared to the super low rates everyone became accustomed to.

A reset, the size of which you're advocating, would cause such a severe loss of wealth/value that we could find ourselves in a depression that would make 1929 look like a picnic.

Be careful what you ask for.

The average home in San Diego will cost you $1,000,000 not $400K Richie Alan Naggar and the kind of reset you're suggesting must come from our cities incentivizing builders to put something up that is truly affordable housing for the civil servants and blue collar folks that support our economy and infrastructures. Don't get me started.

OH, we're getting a reset. My mortgage is less than 1% of annual income. I did not want or need a bigger or more expensive house to keep up with the Joneses, I love mine and my neighborhood and community, and pray in gratitude for them daily.

Been through 2 big booms and one big bust. The nature of markets is cyclical. It's almost time.

Tick tock.

I am not so sure as reset will happen here at the beach.  It definitely not affordable for most folks.  Buyers need to adjust and buy value, the days of the monster homes are gone for most. 

We must be willing to learn and KNOW the TRUTH.

We must ALL set Hate and Divide aside, and cast our Votes WISELY. 

Richie Alan Naggar as Sargent Schultz says on Hogan's Hero's "I know nothing". Today's economy is tough on everyone.

We really cannot be in charge of forcing people to live within their means.  Far too many people insist on buying homes that are a few steps beyond what they really should be buying.

Maybe incomes have just increased to the point where people can actually live on the sixty percent that is left over after paying for shelter.

The low inventory and high prices make this a very challenging market for home buyers.

     Maine is the fastest growing New England state for population increase. Seeing folks in too expensive and overcrowded out of state areas with high crime and traffic cashing in and pulling up stakes.

     It's not just the high cost of living elsewhere and high house prices but other factors fueling the move to Maine. The pandemic got people thinking "we can't stay here" and hey, what about Maine? It was fun on all those vacations Richie Alan Naggar.

I have a buyer right now, right on the end of qualifying.   Hope nothing happens in the next two weeks to derail it.

Our mortgage is about 15% of our income.  

I can understand why lenders are being cautious. I believe we need to approach the problem very delicately.

The Fed is due to reset the rate in September; stay tuned. Some buyers need to wait out this phase and not overspend. Inventory and prices will change. 

Insurance is also a huge issue. Lenders do not even come  close to what insurances require these days in some Los Angeles hoods. 

The buyers having to pay the commission now isn't helping matters any either.