The actual numbers are somewhat idiosyncratic but my main point is that in the process of investigating the numbers most people don’t evaluate downsides because they don’t occur to them. Once these costs are taken into account the marginal buyer will flip on the decision. In extremely hot markets you are much more likely to be like the marginal buyer rather than the average buyer.
The actual numbers are somewhat idiosyncratic but my main point is that in the process of investigating the numbers most people don’t evaluate downsides because they don’t occur to them. Once these costs are taken into account the marginal buyer will flip on the decision. In extremely hot markets you are much more likely to be like the marginal buyer rather than the average buyer.