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You are exactly correct. Any Broker or Loan Agent with an HP12C calculator can produce monthly payments instantly. The reality is anyone in the business does not need to go to that 30 second trouble. They know you cannot put someone in a home that will carry a $4K/m payment when their monthly income is the same (or very nearly).

Yes there are higher levels of responsibility, but; Brokers (real estate and loan) are quick to present themselves as a "highly qualified professionals.

Buyers of course might realize that making an offer 10 percent over asking price might be a sign of insanity (or greed as you state).

Lastly if wages on average were increasing by a few percent a year, while home prices by 20 percent or more, this was a classic pyramid scheme. Did any perspective buyer recall having far too much cash around ten years earlier (after paying a mortgage they could actually afford).

— Peter F-548644

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